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Fixed Income & Bonds: Commission Pricing and Exchange Fees
How to save money when you buy sell or tradeFixed Income & Bonds - Commission Pricing Structure
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| 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 |
| Example
<= 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 |
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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 |
| Example
USD 1,000,000 Face Value: USD 1,000,000 Face Value = $ 5.00 |
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United States - External Fees
External fees are passed through at cost. Click on an exchange (below) to see their fees.
United States - Transaction Fees
| Fees | |
|---|---|
FINRA Trading Activity Fee |
USD 0.00075 * Quantity Sold 3 |
Please Note:
- What is a Basis Point? 1 basis point=$0.0001 How much is a break Point?
- 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%.
- 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.
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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.
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:
- 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 - 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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|---|---|---|---|---|
| Flat Rate | Minimum Per Order | Maximum Per Order | ||
| Government Bonds | 0.08% of trade value | HKD 18 | None | |
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|---|---|---|---|---|
| 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 | |
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|---|---|
| Hong Kong Stock Exchange (SEHK) | |
Please Note:
- Exchange and regulatory fees are not included.
- 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.
- 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.
Stock Commissions:
Asia-Pacific Europe North America
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*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.
