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Fixed Income & Bonds: Commission Pricing and Exchange Fees 

 

How to save money when you buy sell or trade

Fixed Income & Bonds - Commission Pricing Structure

      

 

Why is Place Trade the Smart Place to buy, sell, trade and invest in fixed income securities including bonds, CDs and more?

Here are just a few of the many great reasons why you should choose Place Trade before you place your next fixed income trade:

  • PT is not a markup broker! We offer extremely low cost, upfront, transparent pricing which means potentially significant savings over markup based firms!
  • We do NOT hold bonds or other fixed income securities in inventory, so there are never any trading losses to recover off the backs of our clients!
  • Direct access to bond market centers offering potentially more attractive trading opportunities and greater liquidity!
  • Awesome trading tools and scanners to help level the fixed income playing field. 
  • Experienced fixed income specialists are available if you need help!

So that we can offer some of the most competitive bond commission pricing on the street, we use a TIERED commission structure and calculate commissions based on volume. If there are any external exchange or transaction fees associated with your transaction, we will pass them directly on to you with no markup.

 
 

Verify Bond Data: EMMA TRACE

 
 

Asia-Pacific     Europe

North America

Enjoy volume discounts with our tiered commission structure. Any external exchange fees will be passed through with no markups.

 

US Flag United States - Corporate Bonds & CDs

  Commissions Minimum Maximum
USD <= 10,000 Face Value 0.15%* Face Value (15 bps) 1, 2 USD 5.00 per Order The smaller of $250 and 1% of Trade Value
USD > 10,000 Face Value 0.0375%* Face Value (3.75 bps) 1, 2 None The smaller of $250 and 1% of Trade Value

<= USD 10,000 Face Value:
USD 5,000 Face Value = USD 7.50

> USD 10,000 Face Value:
USD 20,000 Face Value = (0.15% x 10,000) + (0.0375% x 10,000)
= USD 15.00 + USD 3.75
= USD 18.75
 

 

US Flag United States - Municipal Bonds

  Commissions Minimum per Order Maximum per Order
USD <= 10,000 Face Value 0.15%* Face Value (15 bps) 1, 2 None None
USD > 10,000 Face Value 0.375%* Face Value (3.75 bps) 1, 2 None None
   

<= USD 10,000 Face Value:
USD 5,000 Face Value = USD 7.50

> USD 10,000 Face Value:
USD 20,000 Face Value = (0.15% x 10,000) + (0.0375% x 10,000)
= USD 15.00 + USD 3.75
= USD 18.75

 

 

US Flag United States - Treasuries (Bills, Notes, Bonds)

  Commissions Minimum per Order Maximum per Order
USD <= 1,000,000 Face Value 0.025%* Face Value (2.5 bps) 1 USD 5.00 None
USD > 1,000,000 Face Value 0.005%* Face Value (0.5 bps) 1 USD 5.00 None
   

<= USD 1,000,000 Face Value:
USD 1,000,000 Face Value = (0.025% x 1,000,000)
= USD 250.00

> USD 1,000,000 Face Value:
USD 2,000,000 Face Value = (0.025% x 1,000,000) + (0.005% x 1,000,000)
= USD 250.00 + USD 50.00
= USD 300.00

 

 

US Flag 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

 

 

US Flag United States - External Fees

External fees are passed through at cost. Click on an exchange (below) to see their fees.

 

 

US Flag United States - Transaction Fees

  Fees
FINRA Trading Activity Fee
USD 0.00075 * Quantity Sold 3
 

Please Note:

  1. What is a Basis Point? 1 basis point=$0.0001 How much is a break Point?
  2. Commissions are tiered. For example, for US corporate and muni bonds, the first 10K in face value is charged @ 0.15% and any remaining principal over 10K is charged at 0.0375%.
  3. Maximum USD 0.75 per trade. This is a regulatory fee and does not go to PT.

  • 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. 

 

 

 

Understanding the type of broker that you are working with and how you can verify pricing will go a long way toward helping you protect and improve your bottom line. You can verify bond pricing online by searching EMMA for munis and TRACE.for corporate bonds to see which bonds traded at what price and the difference between the prices paid on dealer trades and retail trades. The difference can be shocking!

Individual investors may also view real-time price and volume information for individual bonds on FINRA's Market Data page at www.finra.org/marketdata.

 

 

 

 

Switch to Place Trade and enjoy our award winning client service, state of the art technology and investment cost savings which could easily result in hundreds per trade over traditional markup brokers. Verify bond data here: EMMA for munis and TRACE.for corporate bonds. 

 

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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 Click on the link below to see their fees.

 

Commission 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. 

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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)

Hong Kong Stock Exchange (SEHK)
 

 

Please Note:

  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. 
  

 

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Stock Commissions: 

Asia-Pacific    Europe    North America

 


 

International Trading - View Market Centers / Exchanges Available for Online Trading at Place Trade - Global Offerings

 

 
 

 

 

All asset types and products from around the world are held and reported in a single account

 

Trade assets denominated in multiple currencies from a single account

 

Access to market data 24 hours a day and seven days a week keeps you connected to all global markets

 

 

  



*stocks directed to foreign markets may incur additional fees charged by the markets themselves.

*If our minimum commission per order is less than that of our clearing firm, then you will be charged our clearing firm's price.

 

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