CFD Rates & Conditions​​

Find details on Saxo Bank's CFD product universe, pricing, commissions, trading conditions, margin and other operational services and fees. 

 

Prices to institutional clients are negotiable and dependant on volumes. Contact us to find out more. 

 

CFDs are available on the following multiple assets:

  • Stock Indices CFDs ​ - on 22 leading stock indices

  • Single Stock CFD & ETF CFDs  - 8,700 Single Stock CFDs available with live streaming prices from 29 exchanges. Can also be traded on a DMA setup. More than 450 ETF CFDs available.
  • Commodity CFDs - on oil, grains, softs,
    ener​gies, gold and other​ precious metals

  • Forex CFDs​ - Trade currencies commission free with low collateral requirements

  • Bond CFDs​ - available on several Government Bonds ​

Stock Indices CFDs​​​​

Pricing and list of Stock Indices CFDs

At Saxo Ban​k Index-tracking CFDs are traded at a minimum spread, which is defined as the spread you will see under normal market conditions.

 

Volatile market conditions may affect the spreads shown on these instruments.


Stock Index Tracker Name
Trading hours*​ Minimum Spread**​ Margin required Value of one contract
US Tech 100 NAS​ 22 hours (18:01 - 16:00)​ 0.5​ 2%​ USD 1​
US 30 W​all Street​ 22 hours (18:01 - 16:00)​ 3​ 2%​ USD 1​
US SPX500​ 22 hours (18:01 - 16:00)​ 0.9 2%​ USD 1​
Germany 30 08:01 - 21:55​ 1.5​ 3%​ EUR 1​
UK 100​ 01:01 - 20:55*​ 1​ 2%​ GBP 1​
France 40​ 08:01 - 21:55​ 2​ 3%​ EUR 1​
Australia 200​

09:51 - 05:55

17:10 - 05:55​

1.4​ 2%​ AUD 1​
​Portugal 20 ​08:10 - 16:25 ​15 ​10% ​EUR 1
Switzerland 20​ 08:01 - 21:55​ 2​ 4%​ CHF 1​
Italy 40​ 09:01 - 17:25​ 12+0.02%​ 5%​ EUR 1​
Spain 35​ 09:01 - 19:55​ 5​ 5%​ EUR 1​
EU Stocks 50​ 08:01 - 21:55​ 2​ 5%​ EUR 1​
Japan 225​

08:46 - 15.20

16.15 - 22.55*​

12​ 3%​ JPY 1​
Hong Kong​ 09:16 - 16:10*​ 10​ 5%​ HKD 1​
Netherlands 25​ 08:01 - 21:55​ 0.25​ 3%​ EUR 1​
Sweden 30​ 09:01 - 17:25​ 0.5​ 5%​ SEK 1​
Norway 25​ 09:10 - 16:15​ 0.9 5%​ NOK 1​
Belgium 20​ 09:10 - 17:25​ 12​ 5%​ EUR 1​
Denmark 20​ 09:10 - 16:55​ 2​ 5%​ DKK 1​
UK Mid 250​ 08:10 - 16:30​ 40​ 5%​ GBP 1​
Germany Tech 30​ 09:10 - 17:25​ 4​ 5%​ EUR 1​
Germany Mid-Cap 50​ 09:10 - 17:25​ 12​ 5%​ EUR 1​
* Trading hours are stated in the local hours of the underlying exchange - please note that the Hong Kong trading session has a mid-session break between 12:00-13:00 and the trading session in Japan between 3:20 pm and 4:15 pm. For UK100 there is a trade break from 07:50-08:01.    
 
** Spreads: the spreads indicated are minimum spreads and depend on the spread of the underlying futures contract. If the underlying future trades at a spread that is larger than the minimum spread, the Index spread will be increased with the additional spread from the future. Example: Dax.I normal spread is 1.5 index points if the future spread is 0.5 indicating normal conditions. If the liquidity is low in the future and the spread is 1, the Index spread will be 1.5 + (1 - 0.5) = 2.
​​
 

US2000 Index-tracking CFD contract details

 
Stock Index Tracker Name​ Min. Trade size​ Margin​ Minimum Spread​ ​Trading hours Expiry Date​
US2000​ 1​ 4%​ 0.4 20:00-16:00 EST​ ​LTD -2
  

No Minimum Ticket fee

When trading Stock Index Index Tracker CFDs with Saxo Bank there is no minimum ticket fee charged.

Overnight Financing​

As Index Tracker CFDs at Saxo Bank are margined products, you finance the traded value through an overnight credit/debit charge.If you open and close a CFD position within the same trading day, you are not subject to overnight financing.

When you hold an Index Tracker CFD position overnight, your CFD position will consequently be subject to the following credit or debit:
 
Holding Long CFD Stock Index Tracker positions after 17:00 EST (New York time) incurs a financing charge which is calculated as follows:​
Index Value * Number of CFDs * (relevant Inter-Bank Offered Rate + 3%) * (Actual Number of Days/360 or Actual Number of Days/365)
 
Holding Short positions after 17:00 EST (New York time) creates a financing credit which is calculated as follows:​
Index Value * Number of CFDs * (relevant Inter-Bank Bid Rate – 2.50%) * (Actual Number of Days/360 or Actual Number of Days/365)
 
If the financing credit is negative it will be debited your account.

No Overnight Financing on US2000 Index Tracker

As the price of the US2000 Index Tracker CFD tracks the price of the underlying Futures Contract no overnight financing apply.

 

Single Stock CFDs and ETF CFDs​

Single Stock CFD Commissions

​Region​ ​Exchange name ​Institutional Commission ​Minimum Commission ​CFD Financing (Long/Short)
North America​ NYSE MKT (AMEX - American Stock Exchange)​ 1.5 cents per share​ USD 10.00​ 1.5pp/-1.5pp ​
North America​ NASDAQ​ 1.5 cents per share​​ USD 10.00​​ 1.5pp/-1.5pp​
North America​ NASDAQ (NSC – Small cap) 1.5 cents per share​​ USD 10.00​​ 1.5pp/-1.5pp​
North America​ New York Stock Exchange (NYSE) 1.5 cents per share​​ USD 10.00​​ 1.5pp/-1.5pp​
North America​ New York Stock Exchange ARCA (NYSE Arx) 1.5 cents per share​​ USD 10.00​​ 1.5pp/-1.5pp​
North America​ Toronto Stock Exchange (TSE)​ 2.25 cents per share​​ CAD 15.00​​ 2pp/-2.5pp​
Europe​ Athens Exchange (AT)​ 0.25%​ EUR 6.00​ 4pp/-3.5pp ​
Europe​ ​Budapest Stock Exchange (BUX) ​0.15% HUF 4,000​ 1.5pp/-2pp​
Europe ​ NYSE Euronext Amsterdam (AMS)​ 0.05%​ EUR 6.00​ 1pp/-1pp ​
Europe​ NYSE Euronext Brussels (BRU)​ 0.05%​ EUR 6.00​ 1pp/-1pp ​
Europe​ NYSE Euronext Lisbon (LISB)​ 0.05%​ EUR 6.00​ 1pp/-1pp ​
Europe​ NYSE Euronext Paris (PAR)​ 0.05%​ EUR 6.00​ 1pp/-1pp ​
Europe​ Deutsche Börse (XETRA)​ 0.05%​ EUR 6.00​ 1pp/-1pp ​
Europe​ Istanbul Stock Exchange (IST)​ 0.18%​ TRY 35​ ​2pp/-3.5pp
Europe​ London Stock Exchange (LSE_SETS)​ 0.05%​ GBP 4.00​ 1pp/-1pp ​
Europe​ London Stock Exchange (LSE_INTL – IOB) 0.05%​ USD 10.00​ 1pp/-1pp ​
Europe Borsa Italiana/Milan Stock Exchange (MIL)​ 0.14%​ EUR 8.00​ 1pp/-1pp ​
Europe​ NYSE OMX Copenhagen (CSE)​ 0.05%​ DKK 50.00​ 1pp/-1pp ​
Europe​ NYSE OMX Helsinki (HSE) 0.05%​ EUR 7.00​ 1pp/-1pp ​
Europe​ NYSE OMX Stockholm (SSE) 0.05%​ SEK 50.00​ 1pp/-1pp ​
Europe​ Oslo Børs/Oslo Stock Exchange (OSE)​ 0.05%​ NOK 50.00​ 1pp/-1pp ​
Europe​ Prague Stock Exchange (PRA)​ 0.20%​ CZK 350​ 1.5pp/-3.5pp ​
Europe​ BME Spanish Exchanges (SIBE)​ 0.05%​ EUR 6.00​ 1pp/-1pp ​
Europe​ SIX Swiss Exchange (SWX + VX)​ 0.05%​ CHF 9.00​ 1pp/-1pp ​
Europe​ Wiener Börse/Vienna Stock Exchange (VIE)​ 0.08%​ EUR 6.00​ 1pp/-1pp ​
Europe​ Warsaw Stock Exchange (WSE)​ 0.22%​ PLN 60.00​ 1pp/-1pp ​
Asia Pacific​ Australian Securities Exchange (ASX) 0.05%​ AUD 5.00​ 1pp/-1.5pp​
Asia Pacific​ Hong Kong Exchanges (HKEX)​ 0.21%​ HKD 80.00​ 1pp/-1.5pp​
Asia Pacific​ Singapore Exchange (SGX-ST)​ 0.15%​ SGD 8.50​ 1pp/-1.5pp​
Asia Pacific​ Tokyo Stock Exchange (TYO)​ 0.10%​ JPY 500​ 1pp/-1.5pp​
Africa​ Johannesburg Stock Exchange (JSE)​ 0.15%​ ZAR 90​ 3.5pp/-2.5pp​

Margins

 

Click on the button below to see CFD margin requirements on local stock.

 

VIEW INDIVIDUAL SINGLE STOCK CFD MARGINS   ​​​

Overnight Financing

As Single Stock CFDs at Saxo Bank are a margined product, you finance the traded value through an overnight credit/debit charge.If you open and close a CFD position within the same trading day, you are not subject to overnight financing.

 

When you hold a Single Stock CFD position (or an ETF/ETC CFD postion) overnight (i.e. have an open CFD position at close of market on the Stock Exchange, your CFD position will consequently be subject to the following credit or debit: 

 

When you hold a long CFD position, you are subject to a debit calculated on the basis of the relevant Inter-Bank Offer Rate for the currency in which the underlying share is traded (e.g. LIBOR) plus a mark-up (times Actual Days/360 or Actual Days/365).

 

When you hold a short CFD position, you receive a credit calculated on the basis of the relevant Inter-Bank Bid Rate for the currency in which the underlying share is traded (e.g. LIBID) minus a mark-down (times Actual Days/360 or Actual Days/365). 

 

The credit/debit is calculated on the total nominal value of the underlying Stock(s) at the time the CFD contract is established (whether long or short). 

 

Should the relevant Inter-Bank Bid Rate minus the mark-down result in a debit as opposed to a credit, then you will pay the finance charge.

 

In the Single Stock CFD Commissions section above you can see the overnight financing charges we use for each exchange.​

Borrowing costs on short overnight positions

A borrowing cost may be applied to short Single Stock CFD positions held overnight. This borrowing cost is dependent on the liquidity of the underlying Stocks and may be zero (0) for high liquidity Stocks.

The specific borrowing rate for a Stock can be seen as the 'Borrowing Rate' under 'Account' > 'Trading Conditions' > 'CFD Stock/Index Instrument List' in the trading platforms.

 

When selling a CFD, the borrowing cost for holding the position overnight is shown in the CFD Trade module in the 'Estimated borrowing cost per day' field.

 

The borrowing rate will be fixed when the position is opened and will be charged on a monthly basis. Please be aware, that for certain corporate action events, the borrowing rate on the short position may be reset to the current rate in the market, upon the execution of the corporate action. 

 

​If you open and close a CFD position within the same trading day, you are not subject to borrowing costs.​

Live Exchange Data fees

All equities trade on actual market data from the stock exchanges. To receive and trade on real-time market data, you will have to subscribe to the individual exchange.

 

A subscription to live price data from an exchange gives you access to live prices on Stocks, Single Stock CFDs, ETFs/ETCs and CFDs on ETFs/ETCs from the particular exchange.

No custody fees

When trading Single Stock CFDs with Saxo Bank you are not charged a custody fee.

DMA Commissions

Region​Exchange name​​Institutional Commission​Minimum Commission
North America​NYSE MKT (AMEX - American Stock Exchan​ge)​

3 cents per share (>10 USD share)

2 cents per share (<10 USD share)

USD 12
North America​NASDAQ ​3 cents per share(>10 USD share)
2 cents per share (<10 USD share)​​
USD 12​​
North America​New York Stock Exchange​ (NYSE)3 cents per share (>10 USD share)
2 cents per share (<10 USD share)​​
USD 12​​
North America​Toronto Stock Exchange (TSE)​3 cents per share​​CAD 15​​
Europe​Athens Exchange (AT)​0.25%​EUR 15​
Europe​​Budapest Stock Exchange (BUX)​0.15%HUF 4,000​
Europe ​NYSE Euronext Amsterdam (AMS)​0.07%​EUR 15​
Europe​NYSE Euronext Brussels (BRU)​0.07%​EUR 40​
Europe​NYSE Euronext Lisbon (LISB)​0.07%​EUR 15​
Europe​NYSE Euronext Paris (PAR)​0.07%​EUR 15​
Europe​Deutsche Börse (XETRA)0.07%​EUR 15​
​Europe​London Stock Exchange (LSE_SETS)​0.06%​GBP 10​
Europe​London Stock Exchange (LSE_INTL – IOB)0.06%​USD 10​
EuropeBorsa Italiana/Milan Stock Exchange (MIL)​0.07%​EUR 15​
Europe​NYSE OMX Copenhagen (CSE)0.07%​DKK 50​
Europe​NYSE OMX Helsinki (HSE)​0.07%​EUR 10​
Europe​NYSE OMX Stockholm (SSE)​0.07%​SEK 25​
Europe​Oslo Børs/Oslo Stock Exchange (OSE)​0.07%​NOK 50​
Europe​Prague Stock Exchange (PRA)​0.20%​CZK 350​
Europe​BME Spanish Exchanges (SIBE)​0.07%​EUR 15​
Europe​SIX Swiss Exchange (SWX + VX)​0.07%​CHF 23
Europe​Wiener Börse/Vienna Stock Exchange (VIE)​0.10%​EUR 25​
​EuropeWarsaw Stock Exchange (WSE)​​0.23%​PLN 80
Asia Pacific​Australian Securities Exchange LTD. (ASX)​0.07%​AUD 7​
Asia Pacific​Hong Kong Exchange (HKEX)​0.23%​HKD 125​
Asia Pacific​Singapore Exchange (SGX-ST)​0.18%​SGD 20​
Asia Pacific​​Tokyo Stock Exchange (TYO)0.12%​​JPY 700
Africa​Johannesburg Stock Exchange (JSE)​0.23%​ZAR 90​
​​

Updated 27 January 2014

Commodity CFDs​

Pricing

Commodity CFDs are over-the-counter products with a price derived from the Futures market spread plus a fixed mark-up.

 

The mark-up can be seen below under Contract details for Commodity CFDs and is always available in the Trading Conditions in the trading platforms.
 
This derivation means that whilst the CFD prices track the underlying Futures contract they are not exactly the same.

List of Commodity CFDs and Contract Details

​Instrument Name Symbol​ Minimum Spread​ Min. trade size​ Margin​ Trading hours​ Expiry date​
METALS​ ​ ​ ​ ​ ​
Gold​ GOLD​ 0.5​ 1​ 2%​ 18:00-17:15 EST​ FND -2​
Silver​ SILVER​ 2.5​ 25​ 4%​ 18:00-17:15 EST​ FND -2
Platinum​ PLATINUM​ 1.1​ 1​ 4%​ 18:00-13:05 EST​ FND -2​
Palladium​ PALLADIUM​ 1.05​ 1​ 4%​ 18:00-17:15 EST​ FND -2
US Copper​ COPPERUS​ 0.45​ 500​ 4%​ 18:00-17:15 EST​ FND -2​
ENERGY​ ​ ​ ​ ​ ​
US Crude​ OILUS​ 0.03​ 25​ 1%*​ 18:00-17:15 EST​ LTD -2​
UK Crude​ OILUK​ 0.03​ 25​ 1%*​ 01:00-22:15 BST​ LTD -2​
Heating Oil​ HEATINGOIL​ 0.25​ 500​ 1%*​ 18:00-17:15 EST​ LTD -2​
Gasoline US​ GASOLINEUS​ 0.17​ 500​ 1%*​ 18:00-17:15 EST​ LTD -2​
Gas Oil GASOLINEUK​ 0.75 1​ 1%* 01:00-22:15 BST​ LTD -2​
US NAtural Gas​ NATGAS​ 0.011​ 200​ 8%​ 18:00-17:15 EST​ LTD -2​
CO2 Emissions​ EMISSIONS​ 0.05​ 25​ 8%​ 07:00-17:00 BST​ LTD -2​
AGRICULTURE​ ​ ​ ​ ​ ​
Corn​ CORN​ 0.75​ 200​ 5%​ 17:00-14.00 CST​ FND -2​
Wheat​ WHEAT​ 1.75​ 200​ 5%​ 17:00-14.00 CST FND -2​
Soybeans​ SOYBEANS​ 1.25​ 200​ 5%​ 17:00-14.00 CST FND -2​
SOFTS​ ​ ​ ​ ​ ​
NY Sugar No. 11​ SUGARNY​ 0.03​ 5,000​ 5%​ 03:30-14:00 EST​ LTD -2​
NY Coffee​ COFFEE​ 0.35​ 1,000​ 5%​ 03:30-14:00 EST​ FND -2​
NY Cocoa​ COCOA​ 5​ 1​ 4%​ 04:00-14:00 EST​ FND -2​
Orange Juice​ ORANGEJUICE​ 0.65​ 1,000​ 5%​ 08:00-14:00 EST​ LTD -2​
MEATS​ ​ ​ ​ ​ ​
Live Cattle​ LIVECATTLE​ 0.125​ 2,000​ 2%​ 09:05-13:00 CST​ LTD -2​

FND= First Notice
LTD= Last trading

 

* The margin applies to the first EUR 50,000 (or account base currency equivalent) of combined CFD margin collateral. On collateral over the EUR 50,000 the required margin will double.

No overnight financing

Trading Commodity CFDs will not incur any overnight financing charges. All costs are factored within the trading spread.
 

No Commissions

When trading Commodity CFDs with Saxo Bank, a commission is not charged, but there is a bid/ask spread included in the price Saxo Bank derives for each CFD.

 

Bond CFDs​​​

List of Bond CFDs and Pricing

Bond CFDs are over-the-counter products with a price derived from the Futures market plus a fixed mark-up. 

 

The mark-up can be seen below under Contract Details and is always available in the Trading Conditions in the trading platforms.

Contract details

​Instrument Name Symbol​ Spread
Minimum
Min. trade size​ Margin​ Trading hours​
BONDS

German Government
10 year Bund

BUND 0.02 50 CFDs​ 1% 08:01-21:55 CET
German Government
5 year Bobl
BOBL 0.02​ 50 CFDs​ 0.50%*​ 08:01-21:55 CET​
German Government
2 year Schatz
SCHATZ 0.01​ 50 CFDs 0.50%*​ 08:01-21:55 CET​
Italian Government
10 year BTP
10YBTP 0.03​ 50 CFDs​ 2%​ 08:01-18:55 CET​
French Government
10 year OAT
10YOAT 0.03​ 50 CFDs​ 1%*​ 08:01-18:55 CET​
* This leverage is available for the first EUR 50,000 (or equivalent) of combined CFD collateral. For collateral above this the required margin doubles.​​

No commissions

Trading Bond CFDs with Saxo Bank does not attract exchange fees or commissions.​​​​

No overnight financing

The swap costs for trading Bond CFDs with Saxo Bank are already included in the price of the underlying Future, hence Bond CFDs positions are not charged overnight financing. 

All trading costs for Bond CFDs are included in a small mark-up added to the spread.​​

​ 
​ 

Forex CFDs​

Pricing

Forex CFDs are over-the-counter products with a price established by Saxo Bank as the Futures market spread plus a fixed mark-up.

 

The mark-up can be seen below under Contract Details and is always available in the Trading Conditions in the trading platforms.

 

Contract details for Forex CFDs

​Instrument name​ Symbol​ Minimum Spread Min. trade size​ Margin​ Trading hours​ Expiry​ Expiry Time​
CURRENCIES​​ ​ ​ ​ ​
Euro / US Dollar​ EURUSDEC​ 0.00018​ 5,000​ 0.5%*​ 17:00-16:00 CST​ FND -3​ 10:00 CST​
Euro / Janapese Yen​ EURJPYRY​ 0.02​ 5,000​ 0.5%*​ 17:00-16:00 CST​ FND -3​ 10:00 CST​
Euro / Swiss Franc​ EURCHFRF​ 0.0002​ 5,000​ 4%​ 17:00-16:00 CST​ FND -3​ 10:00 CST​
Euro / British Pound​ EURGBPRP​ 0.0002​ 5,000​ 0.5%*​ 17:00-16:00 CST​ FND -3​ 10:00 CST​
British Pount / US Dollar​ GBPUSDBP​ 0.00025​ 5,000​ 0.5%*​ 17:00-6:00 CST​ FND -3​ 10:00 CST​
Australian Dollar / US Dollar​ AUDUSDAD​ 0.0002​ 5,000​ 1%​ 17:00-16:00 CST​ FND -3​ 10:00 CST​
USD Index​ USDINDEX​ 0.008​ 100​ 0.5%*​ 20:00-17:00 EST​ LTD -2​ 11:00 EST​
FND= First Notice
LTD = Last trading

No overnight financing

The swap costs for trading Forex CFDs with Saxo Bank are already included in the price of the underlying Future, hence FX CFDs positions are not charged overnight financing.

 

All trading costs for Forex CFDs are included in a small mark-up added to the spread.

No Commissions

Trading Forex CFDs with Saxo Bank does not attract exchange fees or commissions.


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