Euronext's fee thresholds on structured products and how it impacts clients' trading, for both fixed and tiered commission models
Clients that place orders and trade for more than EUR 6'000 in Warrants and Structured Products will be charged a 2.5 basis points fee with a maximum of EUR 20.
The table below displays the exchange fees for warrants and structured products when trading on Euronext:
Product Group |
Fee |
Minimum per Trade |
Maximum per Trade |
Warrants & Structured Products – trade value up to EUR 6’000 |
0.00 |
N/A |
N/A |
Warrants & Structured Products – trade value more than EUR 6’000 |
2.50 bps |
N/A |
EUR 20 per Trade |
Calculations:
For Cost Plus (Tiered) Clients:
Example: Client wishes to trade structured products on Euronext for a total trade value of EUR 10’000.
Scenario A:
Trade value = EUR 10’000
Fee = 2.5 Bps
As the trade value is above EUR 6’000, the fee of 2.50 bps applies and therefore an additional EUR 2.50 will have to be paid for the trade.
Scenario B:
Order 1:
Trade Value = EUR 5’000
Fee = 0.00
Order 2:
Trade Value = EUR 5’000
Fee = 0.00
As the trade value of each trade is below EUR 6’000, no additional fees apply.
Note: This calculation does not impact clients on the Fixed commission schedule.
Hong Kong – China Stock Connect (“China Connect”) is a mutual market access program through which Hong Kong and international investors can trade shares listed on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) via the Stock Exchange of Hong Kong (SEHK) and their existing clearinghouse. As a member of SEHK, IBKR provides you with direct access to trade with eligible listed products on the Shanghai and Shenzhen Stock Exchange. IBKR clients with China Connect trading permissions will be eligible to trade SSE/SZSE securities through Shanghai and Shenzhen - Stock Connect.
Among the different types of SSE/SZSE-listed securities, only A shares (shares in mainland China-based companies that trade on Chinese stock exchange) are included in the Shanghai and Shenzhen Stock Connect.
Shanghai Connect includes all the constituent stocks of the SSE 180 Index, SSE 380 Index and all the SSE-listed A shares that have corresponding H shares listed on the SEHK.
Product List and Stock Codes for SSE
Shenzhen Connect includes all the constituent stocks of the SZSE Component Index, the SZSE Small/Mid Cap Innovation Index that have a market capitalization of not less than RMB 6 billion and all the SZSE-listed A shares that have corresponding H shares listed on SEHK.
Product List and Stock Codes for SZSE
IBKR Commission for Trading SSE/SZSE Securities
Same as trading Hong Kong stocks, IBKR charges only 0.08% of trade value as a commission with a minimum CNH 15 per order. Detailed fee rates can be found in the Hong Kong – China Stock Connect Northbound fee table.
Daily Quota
Trading under Shanghai Connect and Shenzhen Connect is subject to a Daily Quota. The Daily Quota is applied on a “net buy” basis. The Daily Quota limits the maximum net buy value of cross-boundary trades under Shanghai Connect and Shenzhen Connect each day.
If the Northbound Daily Quota Balance drops to zero or the Daily Quota is exceeded during the opening call auction session, new buy orders will be rejected. Or if it happens during a continuous auction session or closing call auction session, no further buy orders will be accepted for the remainder of the day. SEHK will resume the Northbound buying service on the following trading day.
SEHK will also publish the remaining balance of the Aggregate Quota and Daily Quota.
For details, please refer to HKEX Stock Connect FAQ or HKEX Stock Connect Rule 1407
Trading Information of Shanghai and Shenzhen Connect
Trading currency |
RMB |
Order Type |
IBKR offers various order types but will stimulate the order into limit order for execution. More information can be referred to our website.
|
Tick Size / Spread |
Uniform at RMB 0.01 |
Board Lot |
100 shares (applicable for buyers only) |
Odd Lot |
Sell orders only (odd lot should be made in one single order) |
Max Order Size |
1 million shares |
Price Limit |
±10% on previous closing price (±5% for stocks under special treatment under risk alert, i.e. ST and *ST stocks) |
Day (Turnaround) Trading |
Not allowed |
Block Trade |
Not available |
Manual Trade |
Not available |
Order Modification |
IBKR will cancel and replace the order for any order modification |
Settlement cycle |
Securities: Settlement on T day Cash from China Connect trades: Settlement on T+1 day Forex*: Settlement on T+2 day |
*Due to the unsynchronized settlement cycle, clients who exchange CNH themselves should execute the Forex trade one day prior to the stock trade (T-1) to avoid the extra day’s interest payment (considering normal settlement without involving holidays).
Trading Hours
SSE/SZSE Trading Sessions |
SSE/SZSE Trading Hours |
Opening Call Auction |
09:15 - 09:25 |
Continuous Auction (Morning) |
09:30 – 11:30 |
Continuous Auction (Afternoon) |
13:00 – 14:57 |
Closing Call Auction |
14:57 – 15:00 |
Half-day Trading
If a Northbound trading day is a half-trading day in the Hong Kong market, it will continue until respective Connect Market is closed. Refer to the exchange website for holiday trading arrangements and additional information.
Disclosure Obligation
If client holds or controls up to 5% of the issued shares of China Connect, the client is required to report in writing to the China Securities Regulatory Commission (“CSRC”) and the relevant exchange, and inform the Mainland listed company within three working days of reaching 5%.
The client is not allowed to continue purchasing or selling shares in that Mainland listed company during the three days notification period. Visit the IBKR Knowledge Base for more information.
Shareholding Restriction
A single foreign investor’s shareholding in a Mainland listed company is not allowed to exceed 10% of the company’s total issued shares, while all foreign investors’ shareholding in the A shares of the listed company is not allowed to exceed 30% of its total issued shares. Visit the IBKR Knowledge Base for more information.
Forced-sale Arrangement
Each IBKR client is not allowed to hold more than a specific percentage of the China Connect listing company's total issued shares. HKEX requires the client to follow the forced-sell requirements if the shares exceed the limit:
Situation |
Shareholding (in a listed company) |
A single foreign investor |
> = 10% of the company’s total issued shares |
All foreign investors |
> = 30% of the company’s total issued shares |
Margin Financing
Margin trading in China Connect securities will subject to restrictions and only certain A shares will be eligible for margin trading. Eligible Securities, as determined by SSE and SZSE from time to time, are listed on the HKEX website.
According to the relevant rules of SSE and SZSE, either market may suspend margin trading activities in specific A shares when the volume of margin trading activities for a specific A share exceeds the prescribed threshold. The market will resume margin trading activities in the affected A share when its volume drops below a prescribed threshold.
Stock Borrowing and Lending (SBL)
SBL in China Stock Connect Securities is subject to restrictions set by the SSE or SZSE and stated in the Rules of the Exchange.
IBHK does not offer this service at the moment.
Eligible Short Selling Securities
SBL for the purpose of short selling will be limited to those China Stock Connect Securities that are eligible for both buy orders and sell orders through Shanghai and Shenzhen Connect (i.e., excluding Connect Securities that are only eligible for sell orders).
IBHK does not offer this service at the moment.
Trading Shenzhen ChiNext and Shanghai Star shares
Trading Shenzhen ChiNext and Shanghai Star shares are limited to institutional professional investors.
Holidays
Clients will only be allowed to trade China Connect on days where Hong Kong and Mainland markets are both open for trading and banking services are available in both Hong Kong and Mainland markets on the corresponding settlement days. This arrangement is essential in ensuring that investors and brokers will have the necessary banking support on the relevant settlement days when they will be required to make payments.
The following table illustrates the holiday arrangement of Northbound trading of SSE/SZSE Securities:
|
Mainland |
Hong Kong |
Open for Northbound Trading |
Day 1 |
Business Day |
Business Day |
Yes |
Day 2 |
Business Day |
Business Day |
No, HK market closes on money settlement day |
Day 3 |
Business Day |
Public Holiday |
No, HK market closes on trading day |
Day 4 |
Public Holiday |
Business Day |
No, Mainland market closes |
Severe Weather Conditions
Information on the trading arrangement available under severe weather conditions can found on the HKEx website.
Where to Learn More?
Please refer to the following exchange website links for additional information regarding Hong Kong China Stock Connect:
If you have any questions regarding Hong Kong-China Stock Connect, please contact IBKR Client Services for further information.
The following table lists the companies included in the scope of the Italian Financial Transaction Tax as of January 2016. Based on information provided by the Ministry of Finance, the FTT is applicable to
The list of companies provided below is being done on a best efforts basis and may be subject to change at any time without prior notification.
Symbol | Description |
A2A | A2A SPA |
AEMMY | A2A SPA-UNSPONSORED ADR |
ACE | ACEA SPA |
SAVE | AEROPORT DI VENEZIA MARCO POLO |
KRS | AION RENEWABLES SPA |
AZA | ALITALIA |
AXN | AMPLIFON SPA |
ANIM | ANIMA HOLDING |
STS | ANSALDO STS SPA |
ASDOY | ANSALDO STS SPA-UNSPON ADR |
AP | ANTICHI PELLETTIERI SPA |
ASC | ASCOPIAVE SPA |
G | ASSICURAZIONI GENERALI |
ARZGY | ASSICURAZIONI GEN-UNSPON ADR |
GASIN | ASSICURAZIONI GENERALI |
ASG | ASSICURAZIONI GENERALI |
AST | ASTALDI SPA |
ATL | ATLANTIA SPA |
ATASY | ATLANTIA SPA-UNSPONSORED ADR |
AGL | AUTOGRILL SPA |
ATGSY | AUTOGRILL SPA - UNSPON ADR |
AT | ATM SPA |
MLALZ | AZ LEASING |
AZM | AZIMUT HOLDING SPA |
CRG | BANCA CARIGE SPA |
CRGR | BANCA CARIGE SPA-RSP |
BGN | BANCA GENERALI SPA |
IF | BANCA IFIS SPA |
BIM1 | BANCA INTERMOBILIARE SPA |
BMPS | BANCA MONTE DEI PASCHI SIENA |
AMDPY | BANCA MONTE DEI PASCHI SIENA UNS ADR |
BMDPY | BANCA MONTE DEI-UNSPON ADR |
CVAL | BANCA PICCOLO CREDITO VALTELLINESE SCARL |
BPE | BANCA POPOL EMILIA ROMAGNA |
BPXXY | BANCA POPOL EMILIA-UNSP ADR |
PMI | BANCA POPOLARE DI MILANO |
BPSO | BANCA POPOLARE DI SONDRIO |
BPMLY | BANCA POPOLARE DI-UNSPON ADR |
BP | BANCO POPOLARE SCARL |
BPSAY | BANCO POPOLARE SCARL-UNS ADR |
BNS | BENI STABILI SPA |
BRE1 | BREMBO SPA |
BC | BRUNELLO CUCINELLI SPA |
BCUCY | BRUNELLO CUCINELLI SPA UNS ADR |
BZU | BUZZI UNICEM SPA |
BZUR | BUZZI UNICEM SPA-RSP |
BZZUY | BUZZI UNICEM SPA-UNSPON ADR |
CEM2 |
CEMENTIR HOLDING SPA |
CERV | CERVED INFORMATION SOLUTIONS |
CIR | CIR SPA |
COPN | COSMO PHARMACEUTICALS SPA |
CQ1 | COSMO PHARMACEUTICALS SPA |
CE | CREDITO EMILIANO SPA |
DAS | DANIELI & CO. |
DANR | DANIELI & CO-RSP |
DNIYY | DANIELI & CO-UNSPONSORED ADR |
DAL1 | DATALOGIC SPA |
CPR | DAVIDE CAMPARI-MILANO SPA |
DVDCY | DAVIDE CAMPARI-MI-UNSPON ADR |
DLN | DE'LONGHI SPA |
DLC | DELCLIMA |
DIA | DIASORIN SPA |
DASOY | DIASORIN SPA-ADR |
EIT | EI TOWERS SPA |
EGPW | ENEL GREEN POWER SPA |
ENEL | ENEL SPA |
ENLAY | ENEL SPA - UNSPON ADR |
ENELN | ENEL SPA |
ENG | ENGINEERING SPA |
ENI | ENI SPA |
E | ENI SPA-SPONSORED ADR |
EN | ENI SPA-SPONSORED ADR |
ERG | ERG SPA |
MLEBX | ESSERE BENESSERIE SPA |
EXO | EXOR SPA |
EXON | EXOR SPA |
EXP | EXOR SPA - PRF |
FIM |
FIAT INDUSTRIAL |
F | FIAT SPA |
FRM | FIAT SPA-RSP |
FIATY | FIAT SPA-SPONS ADR |
FCT1 | FINCANTIERI SPA |
FBK | FINECOBANK SPA |
FNC | FINMECCANICA SPA |
FINMY | FINMECCANICA SPA-UNSPN ADR |
FSA | FONDIARIA-SAI SPA |
FSAR | FONDIARIA-SAI SPA - RSP |
FSRB | FONDIARIA-SAI SPA B SAVING S |
GEO | GEOX SPA |
GXSBY | GEOX SPA-UNSPONSORED ADR |
GN3 | GNM - GOOD NEWS MEDIA GROUP |
GPEDY | GRUPPO EDITORIALE L-UNS ADR |
HER | HERA SPA |
MLHTT | HIGHTEL TOWERS SPA |
IGD | IMMOBILIARE GRANDE DISTRIBUZ |
IPG | IMPREGILO SPA |
IPGR | IMPREGILO SPA-RSP |
IMPJY | IMPREGILO SPA-UNSPON ADR |
IMA | INDUSTRIA MACCHINE AUTOMATIC |
INW1 | INFRASTRUTTURE WIRELESS ITAL |
IP | INTERPUMP GROUP SPA |
ISP | INTESA SANPAOLO |
ISPN | INTESA SANPAOLO |
ISNPY | INTESA SANPAOLO SPON ADR |
ISPR | INTESA SANPAOLO-RSP |
IRE | IREN SPA |
IRDEY | IREN SPA-UNSPON ADR |
IT | ITALCEMENTI SPA |
ITR | ITALCEMENTI SPA -RSP |
ITALY | ITALCEMENTI SPA-UNSPONS ADR |
ITM | ITALMOBILIARE SPA |
ITMR | ITALMOBILIARE SPA |
ITPG | ITP ENERGY CORP |
CRE | LA GIOVANNI CRESPI SPA |
MLLB | LUIGI BOTTO |
LTO | LOTTOMATICA GROUP SPA |
GTKYY | LOTTOMATICA SPA-SPON ADR |
LUX | LUXOTTICA GROUP SPA |
LUX | LUXOTTICA GROUP SPA-SPON ADR |
3OY | MAIRE TECNIMONT SPA |
MARR | MARR SPA |
MS | MEDIASET SPA |
MDIUY | MEDIASET SPA-SPONSORED ADR |
MB | MEDIOBANCA SPA |
MDIBY | MEDIOBANCA SPA-UNSPONSOR ADR |
MLMCE | MEDIOCREDITO EUROPEO SPA |
MED | MEDIOLANUM SPA |
MDLAY | MEDIOLANUM SPA-UNSPONSOR ADR |
MONC1 | MONCLER SPA |
MTV | MONDO TV SPA |
NTZ | NATUZZI SPA SP ADR |
OVS | OVS SPA |
PLT | PARMALAT SPA |
PRF | PARMALAT FINANZIARIA |
PIA | PIAGGIO & C. S.P.A. |
PIAN | PIAGGIO & C. S.P.A. |
PC | PIRELLI & C. |
PCP | PIRELLI & C.-RSP |
PST | POSTE ITALIANE SPA |
1913 | PRADA S.P.A. |
PRP | PRADA S.P.A. |
PRDSY | PRADA S.P.A.-UNSP ADR |
PRAM | PRAMAC SPA |
PRY | PRYSMIAN SPA |
PRYMY | PRYSMIAN SPA-UNSPONSOREE ADR |
RWAY | RAI WAY SPA |
REC | RECORDATI SPA |
REY | REPLY SPA |
SFL | SAFILO GROUP SPA |
SAFLY | SAFILO GROUP SPA |
SFLN | SAFILO GROUP SPA |
ALWOO | SAFWOOD SPA |
SPM | SAIPEM SPA |
SAPMY | SAIPEM SPA-UNSPON ADR |
SPMR | SAIPEM-RCV |
SALR | SALINI IMPREGILO SPA-RSP |
SFER | SALVATORE FERRAGAMO SPA |
SFRGY | SALVATORE FERRAGAMO SPA |
SRS | SARAS SPA |
SAAFY | SARAS SPA-UNSP ADR |
MLSMP | SEMPLICEMENTE SPA |
SII2 | SINTESI SOCIETA DI INVESTIME |
SNMRY | SNAM RETE GAS-UNSPONSOR ADR |
SRG | SNAM SPA |
SRGN | SNAM SPA |
CASS | SOCIETA CATTOLICA DI ASSICURAZIONI SCRL |
SIS | SOCIETA INIZLATIVE AUTOSTADALI E SERVIZI SPA |
SOL | SOL SPA |
SORN | SORIN SPA |
RIJ | SORIN SPA |
SPNV | SPAZIO INVESTMENT |
TIP | TAMBURI INVESTMENT PARTNERS |
TEW | TE WIND SA |
TIT | TELECOM ITALIA SPA |
TI A | TELECOM ITALIA SPA-SPON ADR |
TI | TELECOM ITALIA SPA-SPON ADR |
TIN | TELECOM ITALIA SPA-SPON ADR |
TITR | TELECOM ITALIA-RSP |
TRN | TERNA SPA |
TEZNY | TERNA SPA-UNSPONSORED ADR |
TOD | TOD'S SPA |
TDPAY | TOD'S SPA - UNSP ADR |
UCG | UNICREDIT SPA |
UCGR |
UNICREDIT SPA-RSP |
UCGN | UNICREDIT SPA |
UNI | UNIPOL GRUPPO FINANZIARIO SP |
UBI | UNIONE DI BANCHE ITALIANE SCPA |
BPPUY | UNIONE DI BANCHE ITALIANE SCPA |
UNIP | UNIPOL GRUPPO FINANZIARI-PRF |
UFGSY | UNIPOL GRUPPO-UNSPON ADR |
US | UNIPOLSAI SPA |
URH | UR HOLDING SPA |
VAS | VITORIA ASSICURAZIONI SPA |
WDF | WORLD DUTY FREE SPA |
YOOX | YOOX SPA |
YXOXY | YOOX SPA-UNSPON ADR |
ZV | ZIGNAGO VETRO SPA |
This document is designed to provide an overview of how the French Financial Transaction Tax will be handled by Interactive Brokers.
Effective August 1, 2012, a new tax will be implemented on the purchase of certain French securities.
Tax Rate
The initial announced tax rate was to be 0.10%; however based on updated information the applied tax rate is intended to be 0.20%.
Effective January 1, 2017 the rate will increase from 0.20% to 0.30%.
Scope
The FTT will be applied to shares of companies whose head office is located in France and whose market capitalisation exceeds EUR 1 billion. The French authorities will update a list each December with the names of companies which meet these requirements. At its launch, 109 French companies will fall under the scope of the FTT.
The purchase of a derivative contract is not subject to the FTT; however the acquisition of the underlying stock upon exercise or delivery of the derivative instrument will be subject to FTT. Similarly a convertible instrument will become subject to the FTT upon conversion or exchange into the stock.
American Depsitory Receipts (ADRS) are similarly subject to the FTT however the implementation date has been delayed to December 1, 2012.
Corporate action events which result in the acquisition of a French security subject to the FTT regulation, will have tax applied at the processing date.
Under the present rules, you can trade CFDs on French shares without incurring FTT in the same way as you are able to trade UK share CFDs without incurring stamp duty. All shares affected by the French FTT are available to trade as IB CFDs.
Please click here for for detailed information and frequently asked questions about our CFD offering.
Calculation Method
The legislation allows for the application of FTT based on the daily net purchase per final beneficiary. As an Investment Services Provider (ISP), Interactive Brokers will report FTT to our various clearing agents. As such, transactions will be eligible for netting if the shares settle at the same location. For instance, purchases and sales in France may be netted; however a purchase in France will not be netted against a sale in Germany.
The following table lists the companies included in the scope of the French Financial Transaction Tax as of January 2017. Based on the French declaration, companies meeting the following qualifications would fall within the scope of the FTT
The list of companies provided below is being done on a best efforts basis and may be subject to ammendments at any time and without notification.
The list of ADRs which will become subject to the French Financial Transaction Tax are detailed at the bottom of this page.
Description | Symbol |
ACCOR SA | AC, ACCN |
ADP | ADP, ADPN |
AIR FRANCE-KLM | AF |
AIR LIQUIDE SA | AI, AIN |
ALSTOM | ALO |
ALTAREA | ALTA |
ALTEN | ATE |
ALTRAN TECHN. | ALT |
AMUNDI SA | AMUN |
AREVA |
A9RB |
ARKEMA | AKE, AKEN |
ARTOIS NOM | ARTO |
ATOS | ATO |
AXA SA | CS, AXAN |
BENETEAU | 3GD |
BIOMERIEUX | BIM |
BNP PARIBAS | BNP, BNPN |
BOIRON SA | BOI |
BOLLORE | BOL, BOLNV |
BOUYGUES SA | EN |
BUREAU VERITAS SA | BVI |
BURELLE | BUR |
CAP GEMINI . | CAP |
CARREFOUR SA | CA, CAN |
CASINO GUICHARD PERRACHON | CO |
CFAO | CFAO |
CHRISTIAN DIOR | CDI, CDIN |
CNP ASSURANCES | CNP |
COLAS SA | RE |
COMPAGNIE DE SAINT-GOBAIN | GOB, SGO |
COMPAGNIE DU CAMBODGE | CBDG |
CREDIT AGRICOLE SA | ACA, ACA1 |
DANONE | DAN, BN, BNN |
DASSAULT AVIATION SA | AM, DSY |
DBV TECHNOLOGIES SA | DBV |
DIRECT ENERGIE | DIREN |
EDENRED | EDEN |
EDF | EDF |
EIFFAGE | FGR |
ELIOR PARTICIPATIONS SCA | ELIOR, ELINV |
ELIS SA | ELIS |
ENGIE | GSZ, ENGI |
ERAMET | ERA |
ESSILOR INTL. | EF, EI. EIN |
EULER HERMES SA | ELE1 |
EURAZEO | RF |
EUROSIC | ERSC |
EUTELSAT COMMUNICATIONS | ETL, ETLN |
FAIVELEY TRANSPORT | FAI |
FAURECIA | EO |
FFP | FFP |
FIMALAC | FIM |
FINANCIERE DE L'ODET | ODET |
FONCIERE DE PARIS SIIC | FDPA |
FONCIERE DES MURS | FMU |
FONCIERE DES REGIONS | DREG |
FONCIERE LYONNAISE | FLY |
FROMAGERIES BEL | FB |
ORANGE |
FTE, ORA |
GAZTRANSPORT ET TECHNIGA | GTT1 |
GECINA SA | GFC |
RAMSAY GENERALE DE SANTE | GDS |
GROUPE EUROTUNNEL SA - REGR | GET |
GROUPE FNAC | FNAC |
HAVAS SA | HAV |
HERMES INTL | RMS, RMSN |
ICADE | EMGP |
ILIAD SA | ILD |
IMERYS SA | NK |
INGENICO | ING2, ING |
IPSEN | IPN |
IPSOS | IPS |
JC DECAUX SA | DEC, DECN |
KERING | PP, KER, KERN |
KLEPIERRE | LI |
KORIAN-MEDICA | KORI |
L.D.C. SA | LOUP |
LAGARDERE S.C.A. | MMB |
LEGRAND SA | LR |
LISI | FII |
L'OREAL | OR, ORN |
LVMH MOET HENNESSY LOUIS VUI | MC, MCN |
M6-METROPOLE TELEVISION | MMT |
MAISONS DU MONDE SA | MDM |
MERCIALYS | MERY |
MICHELIN (CGDE) | ML, MLN |
NATIXIS | KN |
NEXANS SA | NEX |
NEXITY | NXI |
SFR GROUP SA | SFR |
ORPEA | ORP |
PERNOD-RICARD SA | RI |
PEUGEOT S.A. | UG, UGN |
PLATIC OMNIUM | POM |
PUBLICIS GROUPE | PUB, PUBN |
REMY COINTREAU | RMC, RCO |
RENAULT SA | RNO |
REXEL SA | RXL |
ROTHSCHILD & CO | PAOR |
RUBIS | RUI |
SAFRAN SA | SAF |
SANOFI | SAN |
SARTORIUS STEDIM BIOTECH | DIM |
SCHNEIDER ELECTRIC SA | SU, SUN, SNE |
SCOR SE | SCR |
SEB SA | SK |
SOCIETE BIC SA | BB |
SOCIETE GENERALE | GLE, GLEN |
SODEXO | SW |
SOMFY SA | SO |
SOPRA STERIA GROUP | SOP |
SPIE SA | SPIE |
STEF | STF |
STE IND & FIN DE L'ARTOIS SA | ARTO |
SUEZ ENVIRONNEMENT CO | SEV |
TARKETT | TKTT |
TECHNICOLOR | TMS |
TECHNIP SA | TEC, TECN |
TELEPERFORMANCE | RCF, RCFN |
TELEVISION FRANCAISE (T.F.1) | TFI |
THALES SA. | HO |
TOTAL SA | FP |
TRIGANO SA | TGO |
UBISOFT ENTERTAIN | UEN, UBI |
UNIBAIL-RODAMCO SE | ULA |
UNIBEL | UNBL |
VALEO SA | FR, VALOFN, FRT |
VALLOUREC | VK |
VEOLIA ENVIRONNEMENT | VIE |
VICAT | VCT |
VILMORIN & CIE | RIN |
VINCI SA | DG |
VIRBAC SA | VIR |
VIVENDI | VIV |
WENDEL | MF |
WORLDLINE SA | WLN |
ZODIAC AEROSPACE | ZC, ZCNV |
The following is a list of ADRs which are subject to the French Financial Transaction Tax in 2017. ADRs became subject to the FTT effective December 1, 2012.
Description | Symbol |
ACCOR SA-UNSPON ADR | ACRFY |
AIR FRANCE-KLM-ADR | AFLYY |
AIR LIQUIDE-UNSPONSORED ADR | AIQUY |
ALSTOM SA-UNSPON ADR | ALSMY |
ALTRAN TECHNOLOGIES - SP ADR | ALTKY |
AREVA CIP-UNSPONSORED ADR | ARVCY |
ARKEMA-SPONSORED ADR | ARKAY |
ATOS ORIGIN SA - UNSP ADR | AEXAY |
AXA -SPONS ADR | AXAHY |
BNP PARIBAS-ADR | BNPQYN |
BNP PARIBAS-ADR | BNPQY |
BOUYGUES-UNSPONSORED ADR | BOUYY |
CAPGEMINI SA - UNSPONSOR ADR | CGEMY |
CARREFOUR SA-SP ADR | CRRFY |
CASINO GUICHARD P - SPON ADR | CGUSY |
CHRISTIAN DIOR SA-UNSPON ADR | CHDRY |
CIE GEN GEOPHYSIQUE-SP ADR | CGV |
CNP ASSURANCES-UNSPON ADR | CNPAY |
COMPAGNIE DE SANT - UNSP ADR | CODYY |
CREDIT AGRICOLE SA-UNSP ADR | CRARY |
DANONE-SPONS ADR | DANOY |
DASSAULT SYSTEMES SA-ADR | DASTY |
DBV TECHNOLOGIES SA - SPON ADR | DBVT |
EDENRED DA - UNSP ADR | EDNMY |
EDF-UNSPON ADR | ECIFY |
EIFFAGE-UNSPON ADR | EFGSY |
ENGIE - SPON ADR | ENGIY |
ERAMET - UNSPON ADR | ERMAY |
ESSILOR INTL-UNSPON ADR | ESLOY |
EUTELSAT COMMUNICAT-UNSP ADR | ETCMY |
ORANGE (FRANCE TELECOM SA-SPONS ADR) | ORAN |
ORANGE (FRANCE TELECOM SA-SPONS ADR) |
ORANN |
FAURECIA SA - SPONSORED ADR | FURCY |
GROUPE EUROTUNNEL SA - UNS ADR | GRPTY |
HERMES INTL-UNSPONSORED ADR | HESAY |
ILIAD SA - UNSPON ADR | ILIAY |
INGENICO-UNSP ADR | INGIY |
IPSEN SA-SPONSORED ADR | IPSEY |
KERING - UNSPONSORED ADR | PPRUY |
LOREAL-UNSPONSORED ADR | LRLCYN |
LOREAL-UNSPONSORED ADR | LRLCY |
LVMH MOET HENNESSY-UNSP ADR | LVMUY |
MICHELIN (CGDE)-UNSPON ADR | MGDDY |
NATIXIS - UNSPONSORED ADR | NTXFY |
PERNOD-RICARD SA-UNSPON ADR | PDRDY |
PEUGEOT SA-SPONSORED ADR | PEUGY |
PUBLICIS GROUPE-ADR | PUBGY |
REMY COINTREAU UNSP ADR | REMYY |
RENAULT SA - UNSP ADR | RNLSY |
REXEL SA - UNSP ADR | RXEEY |
RUBIS - UNSP ADR | RBSFY |
SAFRAN SA-UNSPON ADR | SAFRY |
SANOFI-ADR | SNY |
SCHNEIDER ELECT SA-UNSP ADR | SBGSY |
SCOR-SPONSORED ADR | SCRYY |
SOCIETE GENERALE-SPONS ADR | SCGLY |
SODEXO-SPONSORED ADR | SDXAY |
SUEZ ENVIRONNEMEN-UNSPON ADR | SZEVY |
TECHNICOLOR - SPON ADR | TCLRY |
TECHNIP SA-ADR | TKPPY |
TELEPERFORMANCE-UNSPON ADR | TLPFY |
TOTAL SA-SPON ADR | TOT |
TOTAL SA-SPON ADR | TOTN |
UBISOFT ENTERTAIN - UNSPON ADR | UBSFY |
UNIBAIL-RODAMCO SE-UNSP ADR | UNRDY |
VALEO SA-SPON ADR | VLEEY |
VALLOUREC SA-SPN ADR | VLOWY |
VEOLIA ENVIRONNEMENT-ADR | VE |
VINCI S.A.-UNSPONS ADR | VCISY |
VIVENDI SA-UNSPON ADR | VIVHY |
ZODIAC AEROSPACE-UNSPON ADR | ZODFY |
IBKR's option commission charge consists of two parts:
1. The execution fee which accrues to IBKR. For Smart Routed orders this fee is set at $0.65 per contract, reduced to as low as $0.15 per contract for orders in excess of 100,000 contracts in a given month (see website for costs on Direct Routed orders, reduced rates on low premium options and minimum order charges); and
2. Third party exchange, regulatory and/or transaction fees.
In the case of third party fees, certain U.S. option exchanges maintain a liquidity fee/rebate structure which, when aggregated with the IBKR execution fee and any other regulatory and/or transaction fees, may result in an overall per contract commission charge that varies from one order to another. This is attributable to the exchange portion of the calculation, the result of which may be a payment to the customer rather than a fee, and which depends upon a number of factors outside of IBKR's control including the customer's order attributes and the prevailing bid-ask quotes.
Exchanges which operate under this liquidity fee/rebate model charge a fee for orders which serve to remove liquidity (i.e., marketable orders) and provide a credit for orders which add liquidity (i.e., limit orders which are not marketable). Fees can vary by exchange, customer type (e.g., public, broker-dealer, firm, market maker, professional), and option underlying with public customer rebates (credits) generally ranging from $0.10 - $0.90 and public customer fees from $0.01 - $0.95.
IBKR is obligated to route marketable option orders to the exchange providing the best execution price and the Smart Router takes into consideration liquidity removal fees when determining which exchange to route the order to when the inside market is shared by multiple (i.e., will route the order to the exchange with the lowest or no fee). Accordingly, the Smart Router will only route a market order to an exchange which charges a higher fee if they can better the market by at least $0.01 (which, given the standard option multiplier of 100 would result in price improvement of $1.00 which is greater than the largest liquidity removal fee).
For additional information on the concept of adding/removing liquidity, including examples, please refer to KB201.
It should be noted that certain exchange fees as well as IB commission rates are established at levels beneath that of the smallest increment by which a given currency is defined (e.g. $0.01 in the case of the USD). In the event a customer incurs a fee having an extended value below this minimum increment, the fee will be calculated at its extended value and then rounded up or down to the nearest whole minimum increment of that currency.
This rounding process may result in occurrences where the aggregate rounded commission charge as reflected in the cash balance section of the Activity Statement on a given day is $0.01 higher than the sum of the rounded charge reflected on a line item basis in the trades section. An example of this may occur for a sample series of option trades for a given day is provided below.
EXAMPLE:
Action | Calculated Fee (extended) | Statement - Trades Section (rounded at a line item level) | Statement - Cash Balance Section (rounded at an aggregate level) |
Customer buys one U.S. securities option, incurring a minimum commission charge of $1.00 plus an exchange Option Regulatory Fee of $0.014 | $1.014 | $1.01 | N/A |
Customer buys one U.S. securities option, incurring a minimum commission charge of $1.00 plus an exchange Option Regulatory Fee of $0.014 | $1.014 | $1.01 | N/A |
Totals | $2.028 | $2.02 | $2.03 |
IBKR currently offers a Tiered pricing commission structure for select European and Asian exchanges. Customers may take advantage of reduced commissions based on the volume traded on a monthly basis across eligible exchanges.
European Tiered Commission
Currently IBKR offers the Tiered commission structure for stocks in Belgium, Denmark, France, Germany, Italy, Netherlands, Switzerland, Norway, Sweden and the UK.
IBKR maintains the EUR-equivalent, CHF-equivalent, DKK-equivalent, USD-equivalent, GBP-equivalent, NOK-equivalent and SEK-equivalent trade values of all executions traded under the Tiered model. Conversions are done using the prior day's exchange rate. This accounting allows for a customer whose primary trading is on the Swedish stock exchange to easily compare statement information to the tier breaks on the IBKR website and still receive the benefit of a reduced tier when trading a EUR-denominated stock eligible for Tiered pricing.
Asia/Pacific Tiered Commission
Currently IBKR offers the Tiered commission structure for trades in Australia, Hong Kong, Japan and Singapore. IBKR maintains the AUD-equivalent, HKD-equivalent, JPY-equivalent and SGD-equivalent trade values of all executions traded under the Tiered model. Conversions are done using the prior trading day's exchange rate. This accounting method allows for a customer whose primary trading is on the Hong Kong stock exchange to easily compare statement information to the tier breaks on the IBKR website and still receive the benefit of a reduced tier when trading a JPY-denominated stock eligible for Tiered pricing.
General
Tier breaks and the applicable commission rates are provided on the IBKR website. In general, volume/value tiers are calculated once daily, not at the time of the trade. As such, execution reductions will start the trading day after the threshold has been exceeded.
Example
Assume an account has executed trades on the Hong Kong stock exchange on August 1 against a trade value of 15,100,000 HKD. The account's monthly trading value will be tracked as follows:
HKD value = 15,100,000
SGD value = (15,100,000 x 0.16048 exchange rate) = 2,423,248
JPY value = (15,100,000 x 10.075 exchange rate) = 152,132,500
The following day, for an execution on the Tokyo stock exchange commissions will be based on the month to date trade value as expressed in JPY, which in the example is 152,132,500. This month to date trade value exceeds the Tier 1 threshold therefore the trade will be commissioned at the Tier 2 level, or 0.05%.
Note that the above may lead an account to be charged commissions on two different tiers on the same trade date due to exchange rate fluctuations. Traders should take note of this possibility when trading across multiple venues.
Please be aware that examples provided above are for instructional purposes only and may not reflect current commission rates. Please always refer to the IBKR website for the most updated commission and fee rates.
The goal of this article is to provide proper understanding of exchange fees and add/remove liquidity fees for the Tiered commission schedule.
The concept of adding or removing liquidity is applicable to both stocks and stock/index options. Whether or not an order removes or adds liquidity is dependent on that order being marketable or non-marketable.
Marketable orders REMOVE liquidity.
Marketable orders are either market orders, OR buy/sell limit orders whose limit is at or above/below the current market.
1. For a marketable buy limit order, the limit price is at or above the Ask.
2. For a marketable sell limit order, the limit price is at or below the Bid.
Example:
XYZ’s stock current ASK (offer) size/price is 400 shrs at 46.00. You enter a buy limit order for 100 XYZ stock @ 46.01. This order will be considered marketable because an immediate execution will take place. If there is an exchange charge for removing liquidity, the customer will be charged that fee.