Bonds Pricing Structure

North America

United States - Corporate and Municipal Bonds Example <= USD 10,000 Face Value: USD 5,000 Face Value = USD 5.00 > USD 10,000 Face Value: USD 20,000 Face Value = (0.1% x 10,000) + (0.025% x 10,000) = USD 10.00 + USD 2.50 = USD 12.50
	Commissions	Minimum per Order	Maximum per Order
<= USD 10,000 Face Value	0.1%* Face Value (10 bps)^{1, 2}	None	None
> USD 10,000 Face Value	0.025%* Face Value (2.5 bps)^{1, 2}	None	None

United States - Treasuries (Bills, Notes, Bonds) 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
	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

United States - Treasuries (Bonds executed via BONDLARGE ) Example USD 1,000,000 Face Value: USD 1,000,000 Face Value = $ 5.00
Commissions	Minimum per Order	Maximum per Order
$5.00 per USD 1,000,000 Face Value	USD 5.00	None

External fees are passed through at cost.

External fees are passed through at cost⁴.

Europe

Hong Kong - Exchange, Clearing and Pass-through Fees (per exchange)
Hong Kong Stock Exchange (SEHK)

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. >

1 basis point=$0.0001
Commissions are tiered. For example, for US corporate and muni bonds, the first 10K in face value is charged @ 0.1% and any remaining principal over 10K is charged at 0.025%.
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
Maximum USD 0.75 per trade.
Exchange and regulatory fees are not included.
Exchange trading fees, exchange trading tariff, CCASS settlement fees, and CCASS custody fees are included. Government stamp duty (0.1% rounded up to the nearest 1.00, applies to stocks only) and SFC transaction levy (0.003%, applies to stocks and warrants) are directly passed through to the customer.
For more information on how the monthly tiers are calculated, please click here.