Currency conversions
Currency conversions are done using the close rate at New York (5pm New York time) plus/minus 0.5%.
Depositary Receipt fees
It is standard practice for US depositary receipts to charge an annual administration fee up to 0,02 USD per share depending on the issuing depositary bank. The intent of the fee is to cover costs for the banks that take on the operational processes necessary to issue and trade the depositary receipt line. Typically the fee is deducted when dividend payments are made, however, in case the depositary receipt does not pay a dividend or did not include the custodial fee in their dividend events the fee will be administered through fee-only events.
The dividend fee is stipulated in the Deposit Agreement between the depositary bank and the company based upon industry standards. The Deposit Agreement is filed with the SEC and is readily accessible by the public.
The fee per depositary receipt is not dependent on the total amount of dividend being paid.
Split Orders
In case an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason for such increase is that the minimum fee may be charged more than one time based on the number of days necessary for the total execution of the order.
How to Transfer Securities to Saxo Capital Markets
- Complete the following information for the holdings you want to transfer:
Securities transfer request Saxo Capital Markets
- Send or fax one copy to Saxo Capital Markets
Email: stocktransfer@saxobank.com
Fax number: 45 39 77 42 00 (Attn.: Back Office)
For further information, please contact your contact person at Saxo Capital Markets
- Send or fax one copy to the bank where you currently hold the securities
With effect from 1 April 2011, an administrative fee of SGD 50 per ISIN is charged for all clients for transfers of shares or a repository to another bank/broker. Changes are capped at maximum of SGD 160.
Dividends from Stock Positions
Dividend payments from stock positions will be credited to your account with any applicable standard withholding taxes deducted. We can not currently support or offer preferential withholding tax rates that may be available due to residency or legal status.
Market Orders
Certain exchanges do not support market orders. If a client places a market order in these markets, Saxo Capital Markets will automatically convert the order to an aggressive limit order within a certain percentage limit “in the money”. The Percentage limit varies between 1% and 4% depending on the exchange and the type of instrument. Please note that it is a client’s responsibility to check if the order is filled in the market after order entry. If clients experience or suspect any errors with their order, they should contact Saxo Capital Markets immediately.
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| American Stock Exchange (AMEX) |
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| Australian Stock Exchange (ASX) |
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| Athens Stock Exchange (AT) |
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| London Stock Exchange (LSE_SETS) |
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| Oslo Stock Exchange (OSE) |
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| OMX Copenhagen (CSE) |
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| OMX Helsinki (HSE) |
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| OMX Stockholm (SSE) |
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| Singapore Exchange (SGX-ST) |
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In addition, some of our execution brokers may choose to convert market orders on certain exchanges into aggressive limit orders 3% “in the money”. This is due to their internal compliance and is intended to protect clients from unintentionally moving the market. Saxo Capital Markets will not be responsible for missing fills due to this.
Pre-Opening Order Fills in US Markets
In US markets, Saxo Capital Markets consolidates liquidity from a number of sources in addition to the primary exchanges. When there is a delay in the opening of the primary exchange, orders can be filled from these other sources before trading commences on the primary exchange.
Odd Lots in Nordic Markets
Orders traded in the Nordic markets (Denmark, Sweden and Norway) may be split into an "even lot" which will be traded, and a remainder which may be routed to an odd-lot order book. For the parts of an order routed to the odd-lot order book:
- limit orders will be filled if possible or left until a fill is possible
- market orders will be filled immediately if possible, or otherwise cancelled (fill or kill principle).
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 terms of the trading agreement entered into between Saxo Capital Markets and the Client.