CFD Rates & Conditions

 

 

CFD Rates & Conditions

Immediate Changes To Short-Seing In CFDs

Due to market conditions, a number of financial authorities are announcing rule changes that affect short-selling of physical Stocks. These rule changes are put in place to protect the integrity and quality of the securities market and strengthen investor confidence. As a consequence, the changes will affect the short-selling of related CFDs. Read about the latest announcements regarding restrictions in short-selling. Saxo Capital Markets recommends that clients check this website on a frequent basis for further announcements.

Please note, it will not be possible to open new short CFD positions in effected companies during this period.  Existing short CFD positions will be permitted and do not need to be closed.

CFDs On The Johannesburg Stock Exchange

Saxo Capital Markets is pleased to announce the launch of Single Stock CFDs from the Johannesburg Stock Exchange enabled for trading on the 17th of October. This is the first African exchange offered by Saxo Capital Markets. Due to regulatory issues, South African Single Stock CFDs and Stocks are offered to offshore clients only.

Reduced CFD Margin Requirement On The First EUR 50,000 of Collateral

When trading Category 1 and 2 CFDs with Saxo Capital Markets , margin requirements are halved on the first EUR 50,000 (or equivalent) collateral. This includes index-tracking CFDs. Tier 1 CFDs will therefore require a margin of 2% and Tier 2 CFDs will require a margin of 4% on the first EUR 50,000 of collateral. Normal margin rates will apply to all investment collateral over EUR 50,000 (or equivalent) and to CFDs rated as category 3 or higher. For a full list of applicable CFDs, refer to Category 1 and 2 CFDs on the CFD Trading Conditions page in the trading platform or on the website.

NOTE THAT WITH REDUCED CFD MARGIN REQUIREMENTS, CLIENTS HAVE AN INCREASED EXPOSURE TO RISK.
 

Saxo Capital Markets CFD Markets

Saxo Capital Markets currently offers CFDs on the following exchanges:

 

REGION​ EXCHANGE NAME​ COMMISION​

MINIMUM

COMMISSION​

CFD FINANCING

(LONG/SHORT)​

South Africa​ Johannesburg Stock Exchange (JSE)​ 0.25%​ 100 ZAR​ 4.5pp/-3pp​
North America​ American Stock Exchange (AMEX)*​ 3 cents per share​ USD 18.00​ 3pp/-2.5pp​
North America​ NASDAQ Global Markets (NASDAQ NM)​
3 cents per share
USD 18.00​ 3pp/-2.5pp​
North America​ NASDAQ Capital Markets (NASDAQ SC)​ 3 cents per share​ USD 18.00​ 3pp/-2.5pp​
North America​ New York Stock Exchange​ 3 cents per share​ USD 18.00​ 3pp/-2.5pp​
North America​ NYSE ARCA (NYSE_ARCA)​ 3 cents per share​ USD 18.00​ 3pp/-2.5pp​
North America​ Toronto Stock Exchange (TSE)​ 3 cents per share​ CAD 25.00​ 3pp/-3pp​
Europe​ Athens Stock Exchange (AT)​ 0.50%​ EUR 12.00​ 3pp/-2.5pp​
Europe​ Euronext Amsterdam (AMS)​ 0.25%​ EUR 12.00​ 3pp/-2.5pp​
​Europe Euronext Brussels (BRU)​ 0.25%​ EUR 12.00​ 3pp/-2.5pp​
Europe​ Euronext Lisbon (LISB)​ ​0.25% ​EUR 12.00 ​3pp/-2.5pp
​Europe Euronext Paris (PAR)​ ​0.25% ​EUR 12.00 ​3pp/-2.5pp
​Europe Frankfurt Stock Exchange - Xetra (FSE)​ ​0.25% ​EUR 12.00 ​3pp/-2.5pp
​Europe London Stock Exchange (LSE)​ ​0.25% ​GBP 10.00 ​3pp/-2.5pp
​Europe ​London International Exchange (LSE_INTL) ​0.25% ​USD 20.00 ​3pp/-2.5pp
​Europe ​Milano Stock Exchange (MIL) ​0.25% ​EUR 12.00 ​3pp/-2.5pp
​Europe ​OMX Copenhagen (CSE) ​0.25% ​DKK 65.00 ​3pp/-2.5pp
​Europe ​OMX Helsinki (HSE) ​0.25% ​EUR 14.00 ​3pp/-2.5pp
​Europe ​OMX Stockholm (SSE) ​0.25% ​SEK 65.00 ​3pp/-2.5pp
​Europe ​Olso Stock Exchange (OSE) ​0.25% ​NOK 65.00 ​3pp/-2.5pp
​Europe ​Sistema De Interconexion Bursatil Espanol (SIBE) ​0.25% ​EUR 12.00 ​3pp/-2.5pp
​Europe ​Swiss Exchange (SWX + VX) ​0.25% ​CHF 18.00 ​3pp/-2.5pp
​Europe ​Vienna Stock Exchange (VIE) ​0.25% ​EUR 12.00 ​3pp/-2.5pp
​Europe ​Warsaw Stock Exchange (WSE) ​0.35% ​PLN 65.00 ​3pp/-2.5pp
​Asia Pacific Australian Stock Exchange LTD. (ASX)​ ​0.25% ​AUD 10.00 ​3pp/-2.5pp
​Asia Pacific ​Hong Kong Stock Exchange (HKEY)** ​0.30% HKD 100.00 ​3pp/-2.5pp
​Asia Pacific Singapore Exchange Secirities Trading Limited (SGX-ST) ​0.25% SGD 17.00 ​3pp/-2.5pp
​Asia Pacific Tokyo Stock Exchange (TYO) ​0.25% JPY 1,000.00 ​3pp/-2.5pp
 

 

*Due to limited liquidity in the exchange order book, market orders are not supported on this exchange as the fill price can vary considerably from the indicated market price. Use Limit Orders instead to guarantee the minimum price for your order.
 
**Automated trading from 09:30-16:30 with a break between 12:00 - 13:30.

 

 

 

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place conditional If Done and One Cancels Other (OCO) orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price. 

 

 

Stocks

Stock CFD Margins

Stock CFDs are offered under a number of margin groups with margin requirements that depend on the Market Capitalisation, liquidity and volatility of the stock.
 
Refer to CFD Margin Groups for which margin group a particular stock is currently traded under.
 
You must maintain funds in your account to cover your CFD exposure at all times.

 

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Stock Index

Index CFDs

Index CFDs are over-the-counter products with a price established by Saxo Capital Markets . Index CFDs aim to reflect the fair value of the underlying index, but the actual bid and ask price may differ slightly from the actual index level

Index CFD spreads

 Index CFDs are traded on the index level with the following bid/ask spreads.

 
Stock Index               ​bol code   Spread*​Trading Hours**​CFD Financing  (long/short)​
Netherlands 25​AEX.I​0.3​08:01-21:55​3pp/-2.5pp​
Australia 200​ASXSP200.I​4​​10:10-16:25​3pp/-2.5pp
​France 40​CAC40.I​3​08:01-20:55​3pp/-2.5pp
​Germany 30​DAX.I​2.5​08:01-21:55​3pp/-2.5pp
​Denmark 20​DEN20.I​2.5​09:10-16:55​3pp/-2.5pp
US 30 Wall Street​DJI.I​​5​19:00-16:00​3pp/-2.5pp
UK 100​FTSE100.I​1.5​08:01-19:55​3pp/-2.5pp​
Spain 35​SPAIN35.I​8​09:01-17:30​3pp/-2.5pp​
Germany Mid-Cap 50​MDAX.I.​​15​09:10-17:30​3pp/-2.5pp
​US Tech 100 NAS​NAS100.I​1​19:00-16:00​3pp/-2.5pp
​Japan 225​NI225.I​14​09:01-15:25 &
16:15-00:30
​3pp/-2.5pp
​Switzerland 20SMI.I​3​​08:01-17:20​3pp/-2.5pp
​US SPX500​SP500.I​1​19:00-16:00​3pp/-2.5pp
​Italy 40ITALY40.I​​14​09:10-17:25​3pp/-2.5pp
​EU Stocks 50​STOXX50E.I​2.5​08:01-21:55​3pp/-2.5pp
​Sweden 30​SWE30.I​0.65​09:01-17:25​3pp/-2.5pp
​Belgium 20​BELG20.I​14​09:10-17:30​3pp/-2.5pp
​UK Mid 250​FTSE250.I​44​08:10-16:30​3pp/-2.5pp
Norway 25​NOR25.I​​1.1​09:01-17:20​3pp/-2.5pp
​Germany Tech 30​TECDAX.I​4.5​09:10-17:30​3pp/-2.5pp
​Hong Kong​HSI.I​12***​09:31-16:00****​3pp/-2.5pp
 

 

* Normal market conditions. If the underlying future trades at a spread that is larger than the minimum spread, the Index spread will be increased with the additional spread from the future. Example: Dax.I normal spread is 2 index points if the future spread is 0.5 indicating normal conditions. If the liquidity is low in the future and the spread is 1, the Index spread will be 2 + (1 - 0.5) = 2.5.

 

 
** Please note that times noted are local exchange times.
 
***Available for trading from 1st March 2011.
 
 ***Mid-break 12:30-14:30.

 

CFD Financing Credit/Debit Rates

As CFDs are a margined product, you finance the traded value through an overnight credit/debit charge. When you hold a CFD overnight (i.e. have an open CFD position at close of market on the Stock Exchange or 17:00 New York Time for Index CFDs) your CFD position will consequently be subject to the following credit or debit:

  • When you hold a long CFD position, you are subject to a debit calculated on the basis of the relevant Inter-Bank Offer Rate for the currency in which the underlying share is traded (e.g. LIBOR) plus a mark-up (times Actual Days/360 or Actual Days/365).
  • When you hold a short CFD position, you receive a credit* calculated on the basis of the relevant Inter-Bank Bid Rate for the currency in which the underlying share is traded (e.g. LIBID) minus a mark-down (times Actual Days/360 or Actual Days/365).
The credit/debit is calculated on the total nominal value of the underlying stock(s) at the time the CFD contract is established (whether long or short).

If you open and close a CFD position within one trading day, you are not subject to these credits/debits.
 
* Should the relevant Inter-Bank Bid Rate minus the mark-down result in a debit as opposed to a credit, then you will pay the finance charge

Borrowing Costs on Short CFD Overnight Positions

A borrowing cost will be applied to short CFD positions held overnight. This borrowing cost is dependent on the liquidity of the stocks and may be 0 for high liquidity stocks.
 
The specific borrowing rate for a stock can be seen as the "Borrowing Rate" under "Account > Trading Conditions > CFD Stock/Index Instrument List" in the trading platforms. When selling a CFD, the borrowing cost for holding the position overnight is shown in the CFD Trade module in the "Est. borrowing cost per day" field.
 
The borrowing rate will be fixed when the position is opened and will be charged on a monthly basis.
 

Currency conversions

Currency conversions of trading costs as well as profits and losses from trading activities are done using the prevailing close rate as of 17:00 New York time, plus/minus 0.5%.
 

Short Selling CFDs

When short selling a CFD directly on an exchange (that we do not market-make), you will be affected by the rules for the stock market in that country. For example:

  • For Australian CFDs, you may experience limitations on the amount of CFDs you can short trade in a single day due to limited borrowing availability in the underlying market.
When short selling CFDs, you can experience forced closure of a position if your CFDs get recalled. The risk is particularly high if the stock becomes hard to borrow due to take overs, dividends, rights offerings (and other merger and acquisition activities) or increased hedge fund selling of the stock.
 

Dividends on CFD Positions

Holders of long CFD positions will, when dividends are paid on the underlying share, qualify for a proportional payout. Holders of short CFD positions will have to pay an amount equal to the full (gross) dividend paid on the underlying share.
 
All cash dividends for CFD positions are settled on pay date. Cash dividends are booked on ex-date to reflect the market price movement on the ex-date, but the actual value of the payment is settled on pay date.
 
Dividends on CFD positions are cash adjustments paid or debited by Saxo Capital Markets and not by the underlying company. Dividends paid on CFDs are not eligible for any preferential withholding tax rates sometimes associated with dividends paid on physical stocks and may therefore differ from the dividends payable on the underlying share.
 
Each booking will be issued a reference number for the related positions. You can find each booking in the Activity Log in the Account Menu in SaxoTrader.
 

Partial Fills

Partial fills may occur on limit orders and the remaining amount stays in the market as a limit order and may be filled within the order duration.
 
Market orders can be filled at numerous levels, the price paid will be the volume weighted average price of all the fills.
 

Market Orders

Certain exchanges* do not support market orders. If you place a market order in these markets, Saxo Capital Markets will automatically translate the order to an aggressive limit order within a certain percentage limit "in the money"**. It is the clients own responsibility to check if the order is traded in the market after order entry. If you experience or suspect any errors with your order you should contact Saxo Capital Markets immediately.

 

*Exchange       ​ **Percentage Limit​
Athens Stock Exchange (AT)​ 2%​
Australian Stock Exchange (ASX)​ 2%​
OMX Copenhagen (CSE​ 2.50%​
OMX Helsinki (HSE)​ ​2.50%
​OMX Stockholm (SSE) ​2.50%
​Oslo Stock Exchange (OSE) ​1.75%
 

Some of our execution brokers may choose to translate market orders on various markets into aggressive limit orders 3% in the money. This is due to their internal compliance and is set to protect clients from "bad Fills". Saxo Capital Markets will not be responsible for missing fills due to this.

US Stop & Market Orders

For US markets, Saxo Capital Markets uses sweep algorithms to add liquidity from more venues than the primary exchange. This implies that orders can be filled before trading commences on the primary exchange.
 
CFD market orders placed after 09:30 ET will not be filled before the stock is crossed on the primary exchange.
 
CFD stop orders are triggered on the primary market price feed and follow the routing rules listed above for market orders. As some stops are handled manually delays can sometimes occur.
 

Nordic Markets

Orders traded in the Nordic markets (Denmark, Sweden and Norway) are split into an "Even lot" which will be traded, and a remainder which will be routed to the odd-lot book.
 
When part of an order is routed to the odd-lot book, limit orders will be filled if possible or left on the book until a fill is possible. A market order will be filled immediately if possible, and will otherwise be cancelled (fill or kill principle).
 

Warsaw Stock Exchange

Broker’s market orders may be submitted to the exchange only during the continuous trading phase, except when balancing occurs. For any such order to be accepted, at least one opposite limit order must be awaiting execution.
 

A broker’s market order shall be executed at the price of the best opposite buy or, as the case may be, sell order awaiting execution.

Where any market order is partly executed, the unexecuted portion shall become a limit order at the last price.
 

The commission and margin rates referred to above may vary from time to time especially for very active or inactive customers. Saxo Capital Markets reserves the right to amend the commission rates, brokerage fees, margin rates and interest rates referred to according to the General Business Terms or Trading Agreement covering the client relationship between Saxo Capital Markets and the Client.

Saxo Capital Markets South Africa is an authorized Financial Services Provider and regulated by the Financial Services Board, registration number 40983. Registered address: The Place, 1 Sandton Drive, Sandown, Johannesburg, South Africa.  

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