Commissions

Bonds - Pricing Structure

Bonds use a Tiered commission structure. Commissions are calculated based on volume and any external fees are added on.



North America


United States - Corporate
Commissions Minimum Maximum
USD <= 10,000 Face Value 0.1%* Face Value (10 bps) 1, 2 USD 1.00 per Order The smaller of $250 and 1% of Trade Value
USD > 10,000 Face Value 0.025%* Face Value (2.5 bps) 1, 2 None The smaller of $250 and 1% of Trade Value

<= USD 10,000 Face Value:
USD 5,000 Face Value = USD 5.00

> USD 10,000 Face Value:
USD 20,000 Face Value = (0.1% x 10,000) + (0.025% x 10,000)
= USD 10.00 + USD 2.50
= USD 12.50


United States - Municipal Bonds
Commissions Minimum per Order Maximum per Order
USD <= 10,000 Face Value 0.1%* Face Value (10 bps) 1, 2 None None
USD > 10,000 Face Value 0.025%* Face Value (2.5 bps) 1, 2 None None

<= USD 10,000 Face Value:
USD 5,000 Face Value = USD 5.00

> USD 10,000 Face Value:
USD 20,000 Face Value = (0.1% x 10,000) + (0.025% x 10,000)
= USD 10.00 + USD 2.50
= USD 12.50


United States - Treasuries (Bills, Notes, Bonds)
Commissions Minimum per Order Maximum per Order
USD <= 1,000,000 Face Value 0.02%* Face Value (2.0 bps) 1 USD 5.00 None
USD > 1,000,000 Face Value 0.002%* Face Value (0.2 bps) 1 USD 5.00 None

<= USD 1,000,000 Face Value:
USD 1,000,000 Face Value = (0.02% x 1,000,000)
= USD 200.00

> USD 1,000,000 Face Value:
USD 2,000,000 Face Value = (0.02% x 1,000,000) + (0.002% x 1,000,000)
= USD 200.00 + USD 20.00
= USD 220.00


United States - Treasuries (Bonds executed via BONDLARGE )
Commissions Minimum per Order Maximum per Order
$5.00 per USD 1,000,000 Face Value USD 5.00 None

USD 1,000,000 Face Value:
USD 1,000,000 Face Value = $ 5.00


United States - External Fees

External fees are passed through at cost.



United States - Transaction Fees
Fees
FINRA Trading Activity Fee USD 0.00075 * Quantity Sold 3


Notes:

  1. 1 basis point=$0.0001
  2. Commissions are tiered. For example, for US corporate and muni bonds, the first 10K in face value is charged @ 0.1% and any remaining principal over 10K is charged at 0.025%.
  3. Maximum USD 0.75 per trade.

  • Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Cost Plus pricing structure will count towards the monthly volume. Share volumes for advisor, institution, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month.
  • VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
  • Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums. >


Europe

Commissions Minimum per Order Maximum per Order
Trade Value =< 50,000 1 0.1%* Trade Value (10 bps) EUR 2.00 None
Trade Value > 50,000 and <= 5,000,000 1 0.035%* Trade Value (3.5 bps) EUR 2.00 None
Trade Value > 5,000,000 1 0.015% * Trade Value (1.5 bps) EUR 2.00 None

Europe - External Fees

External fees are passed through at cost 2.



Notes:

  1. Trade Value = Nominal*PriceInPercent/100.
    For example:
    Nominal = EUR 8000.
    Price = 106.62 %
    Total Value = 8000*106.62/100 = 8529.60
    Commission 0.1 % = 8529.60 * 0.001 = EUR 8.53
  2. The exchange levies a charge of EUR 2.00 per order for each order over the exchange-allowed 5:1 order to execution ratio. New orders and order modifications count in the ratio, cancels do not.
    For example:
    Four orders are submitted, and each is modified one time. One execution results and the charge is EUR 6.00. The calculation is shown below:
    4 orders + 4 modifications = 8 orders compared to 1 execution, giving an order to execution ratio of 8:1.
    The difference between our order ratio of 8:1 and the exchange-allowed ratio of 5:1 is 3 (8:1 – 5:1 = 3)
    3 x EUR 2.00 = EUR 6.00

  • Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Cost Plus pricing structure will count towards the monthly volume. Share volumes for advisor, institution, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month.
  • VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
  • Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums. >


Asia-Pacific


Hong Kong - Flat Rate 1, 2
Flat Rate Minimum per Order Maximum per Order
Government Bonds 0.08%of trade value HKD 18 None


Hong Kong - Cost Plus Fees
Monthly Trade Value (HKD) 3 Fee per Trade Value Minimum per Order Maximum per Order
<= 15,000,000 0.080% HKD 18.00 None
15,000,001 – 300,000,000 0.050% HKD 12.00 None
300,000,001 – 900,000,000 0.030% HKD 8.00 None
900,000,001 – 2,000,000,000 0.020% HKD 6.00 None
> 2,000,000,000 0.015% HKD 4.00 None


Hong Kong - Exchange, Clearing and Pass-through Fees (per exchange)


Notes:

  1. Exchange and regulatory fees are not included.
  2. Exchange trading fees, exchange trading tariff, CCASS settlement fees, and CCASS custody fees are included. SFC transaction levy (0.003%, applies to stocks and warrants) is directly passed through to the customer.
  3. For more information on how the monthly tiers are calculated, please click here.

  • Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Cost Plus pricing structure will count towards the monthly volume. Share volumes for advisor, institution, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month.
  • VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
  • Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums. >