Fees for Trading Warrants and Structured Products on Euronext

Overview:

Euronext's fee thresholds on structured products and how it impacts clients' trading, for both fixed and tiered commission models

Background:

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.

为何美国期权的佣金收费各有不同？

IB的期权佣金费用包含两部分：

1. 归于IB的执行费用。 对于智能传递定单，该费用为每份合约\$0.70美元，给定月份超出100,000份合约的定单，每份合约可低至\$0.15美元（参见网站了解直接传递定单费用、低价期权优惠费率和最低定单费用）；

2. 第三方交易所、监管和/或交易费用。

IB有义务将适销的期权定单传递至提供最佳执行价格的交易所，且如果出现多个最佳报价，智能传递在决定将定单传往哪个交易所时会考虑流动性消耗费用（即会将定单传递至费用最低或无费用的交易所）。 因此，只有在提供的价格优于市价至少\$0.01时，智能传递才会将市价定单传递至收取更高费用的交易所（鉴于标准期权乘数为100，会产生\$1.00的价格改善，大于最高流动性消耗费用）。

添加/消耗流动性

Overview:

1. 对于适销的买入限价定单，限价等于或高于卖价。

2. 对于适销的卖出限价定单，限价等于或低于买价。

XYZ股票当前卖价尺寸/价格为400股/46.00。您输入一个买入限价定单，即以46.01的价格买入100股XYZ股票。由于定单马上就能执行，其将被视为适销定单。如果交易所会对消耗流动性收费，则客户将需缴纳该费用。

1. 对于非适销的买入限价定单，限价低于卖价。

2. 对于非适销的卖出限价定单，限价高于买价。

XYZ股票当前卖价尺寸/价格为400股/46.00。您输入一个买入限价定单，即以45.99的价格买入100股XYZ股票。由于定单将被作为最佳买价发布至市场，而不会立即执行，其将被视为非适销定单。

1. 所有交易期权的账户均需就消耗/添加流动性缴纳/享受期权交易所费用或返点。
2. 根据IB网站，消耗/添加流动性费用表下只有负数才是折扣（返点）。

https://www.ibkr.com.cn/cn/index.php?f=2356

中华通—沪港通/深港通

 交易货币 人民币 定单类型 盈透提供多种定单类型，但会以限价定单的形式执行交易。详情请参见我们的网站。 最低上落价位/价差d 统一为人民币0.01元 每手单位 100股（仅适用于买盘） 碎股 仅限卖盘（应只在一个定单中出现碎股） 最大买卖盘 100万股 价格限制 前一日收盘价的±10%（对于被纳入风险警示版的股票，即ST和*ST股票，则为前一日收盘价的±5%） 日内（回转）交易 不允许 大宗交易 不支持 非自动对盘交易 不支持 定单修改 盈透会取消并替换定单 结算周期 证券：T 沪港通/深港通交易的现金款项：T+1 外汇*：T+2

*由于结算周期不同步，交易离岸人民币的客户应于股票交易的前一日（T-1）执行外汇交易，以避免不必要的利息（在不涉及假日的证券结算程序下）。

 上交所/深交所交易时段 交易时间 开市集合竞价 09:15 - 09:25 连续竞价（早市） 09:30 – 11:30 连续竞价（午市） 13:00 – 14:57 收市集合竞价 14:57 – 15:00

 情境 持股 单个境外投资者 大于等于挂牌公司已发行股份总数的10% 所有境外投资者 大于等于挂牌公司已发行股份总数的30%

 内地 香港 是否开放北向交易 第一天 工作日 工作日 开放 第二天 工作日 工作日 不开放，款项结算日当天香港市场不开市 第三天 工作日 公共假日 不开市，交易日当天香港市场不开市 第四天 公共假日 工作日 不开放，内地市场不开市

Hong Kong - China Stock Connect

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

*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).

 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
Note: SSE and SZSE will not accept order cancellations from 09:20 to 09:25 and 14:57 p.m. to 15:00.

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

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.

Shares subject to the Italian Financial Transaction Tax

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

• Transfer of shares issued by Italian companies
• Transfer of securities representing the above (ADRs and GDRs) irrespective of the issuer
• Companies with an average market capitalization lower than EUR 500 Million in the month of November of the previous year will be exempt

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.

Information Regarding the French Financial Transaction Tax

Overview:

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.

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.

Shares Subject To The French Financial Transaction Tax

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

• Listed on a French or foreign regulated market
• Issued by a company whose headquartered in France and whose capitalisation exceeds one billion euro on 1 December 2016 (reviewed annually)

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.

Why Do Commission Charges on U.S. Options Vary?

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.

Handling procedures for fractional fees

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