Products and prices

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number +44 (0) 1332 895 070 or make use of our contact form.

Information on trading with options

• A claim for trading fees exists with each order and on all types of orders
• The trading fees shown are final prices, they include all the stock exchange and other outside expenses, if they are not listed separately
• No commission is charged for US trading or assignments
• Any orders, which are placed through accounts arranged by Agora direct, take into account stock exchange fees in the decision on where the order is routed. In order to avoid or minimise stock exchange fees when trading an option, it is possible in certain circumstances that the tradable order is routed to a stock exchange, which does not currently provide the national best bid or offer (NBBO), but is prepared to trade the order at the NBBO. Using this routing method always means a lower handling fee for the customer. In those cases, where an order is routed to a stock exchange in order to avoid or reduce the stock exchange costs, but which does not currently show the NBBO, the NBBO rate will still be guaranteed to the customer at the time that the order is routed
• If volume thresholds have an effect because of high volumes or special agreements, they are set on the basis of the accumulated monthly trading volume into which all the existing option contracts at the time of trading are included. These fees are calculated on the basis of marginal costs for the calendar month in question. For example, if 12,000 US contracts are traded in one month, the fees will be calculated as follows: 10,000 contracts at US$ 2.90 / 2,000 contracts at US$ 2.20
• A US regulatory fee for options (“Options Regulatory Fee” or ORF) may be charged by the following stock exchanges: AMEX, BATS, BOX, CBOE, CBOE2, ISE, GEMINI, MIAX, NOM, NASDAQBX, PCX, PHLX and amounts to US$ 0.0404 per contract
• US clearing fees may be due for trading procedures, which are settled in the customer account with the OCC. This basically applies to “private customers” and “professional customers”. The fee amounts to US$ 0.041 per contract, but only US$ 46.00 per transaction for 2,000 contracts or more
• Amended orders are treated as a cancellation and replacement for an existing order by a new order. At particular stock exchanges, it is possible that the current minimum commission is due for payment for amended orders in the same way as for new orders. If you, for example, place an order for 200 contracts, of which 100 contracts are actually processed, and you then change the order – in return for which the remaining 100 contracts are traded, the minimum fee for both processes of 100 contracts will be due
• In the case of combination orders, the minimum fees apply for the individual order elements in each case

Example of calculations in EUR:

You purchase 2 contracts for share options with Linde AG at a purchase price of EUR 6.35
= 2 contracts for share options x 100 individual options = EUR 1,270.00 as the trading amount
= 2 option contracts x EUR 1.90 in commission =
just EUR 3.80 in fees, including everything

Example of calculations in US dollars:

You purchase 2 contracts for index options from the S&P 500 Index at a purchase price of USD 45.50
= 2 contracts for index options x 100 individual options = USD 9,100.00 as the trading amount
= 2 option contracts x USD 2.90 in commission =
just USD 5.80 in fees, including everything

Do you need some information on the transaction fee for a particular product? Then send us an e-mail using our contact form.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number: +44 (0) 1332 895 070 or make use of our contact form.

Information for trading in futures and futures options:

• A claim for trading fees exists with each order and for all types of orders
• The trading fees shown are final prices – they include all the stock exchange and other outside expenses, if there is not special reference to additional costs. All the actual prices are currently displayed as an accumulated total in the “order preview window” before any order is placed
• If value-added tax (or consumer tax/tax on goods and services) is due, this is calculated separately for the services concerned
• No commission is charged for exercising or allocating US options
• If volume thresholds have an effect because of high volumes or special agreements, they are set on the basis of the accumulated monthly trading volume into which all the existing futures contracts and futures options contracts at the time of trading are included. These fees are calculated on the basis of marginal costs for the calendar month in question. For example, if EUR 2,500 contracts are traded in one month, the fees are calculated as follows: 1,200 contracts at EUR 1.90 / 1,300 contracts at EUR 1.80
• US holding costs accrue for each net US future contract and for each net US short call or net US short put item in US futures options on an individual base value. The fee is calculated per business day on which the relevant net US future item is held overnight. For accounts with an equity excess between the minimum amount required and three times the minimum amount, the holding fees are projected according to the table below
• When exercising or allocating futures or futures options, the standard commission is charged
• Single stock futures are not available in the volume-staggered price structure

A summary of holding costs

Example of calculations in EUR:

You purchase 1 DAX MINI future contract when the DAX stands at 9,800 points
= 1 DAX MINI future contract x EUR 5.00 x 9,800 points = EUR 49,000.00 as the trading sum
= margin (security payment freely available in the account) = EUR 5,130.00
= 1 DAX MINI future = just EUR 0.95 in commission, including all the fees

Example of calculations in USD:

You purchase 2 WTI US crude oil futures contracts at a purchase price of USD 38.00/barrel
= 2 WTI US crude oil futures contracts x 1,000 barrels = USD 76,000.00 as the trading sum
= margin (security payment freely available in the account) = USD 4,830.00
= 2 WTI US crude oil futures contracts x USD 2.50 in commission = just USD 5.00, including all the fees

Do you need some information on the transaction fee for a particular product? Then send us an e-mail using our contact form.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number: +44 (0) 1332 895 070 or make use of our contact form.

A summary of abbreviations

Example of calculating fees in EUR.USD:

EUR 46,000 at an exchange rate of 1.0896 = USD 50,000.00
0.01% of EUR 46,000 = just EUR 4.60 in trading fees (equals about USD 5.00)

Tradable currencies (Forex) – each pair can be traded in both directions.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number: +44 (0) 1332 895 070 or make use of our contact form.

Fees at FINRA, NYSE and BondDesk

1. Add an order to an order book at a stock exchange or an ECN before trading the order
2. Orders, which are immediately traded with respect to an existing sales order (bid order) or offer in an order book at a stock exchange or an ECN

Fees with MuniCenter

Fees for municipal bonds are only charged to the seller.

Fees for corporate and government bonds are charged to both sides.

Information on trading in bonds in the USA:

• Commission/fees apply to all kinds and types of orders
• As part of issuing the order, the full trading fees are always shown as final prices. They include all the stock exchange and other outside expenses.
• Any changed orders are treated as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this can create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders.
  Example: You issue an order for bonds with a nominal value of USD 10,000.00. You than adapt the current order and receive a statement covering the remaining USD 10,000.00 in nominal value. In this case, the minimum commission will be due for each of the statements involving USD 10,000.00. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day.
• Value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods and services, is calculated separately for the services concerned.

Information on trading in bonds in Europe:

1. Handling expense are currently set at 0.00 – however, changes may be introduced.
2. The stock exchange may also charge a fee of EUR 2.00 per order, which goes beyond the set permissible ratio between order and trade of 5:1. In this ratio, any new and amended orders will be taken into account, but no cancellations.
3. External fees are calculated based on the trading value. The trading value is defined as follows: the nominal value multiplied by the price in percent and divided by 100.

• Commission/fees apply to all kinds and types of orders
• As part of issuing the order, the full trading fees are always shown as final prices. They include all the stock exchange and other outside expenses.
• Any changed orders are treated as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this can create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders.
  Example: You send an order for 200 ounces, of which 100 ounces are traded. You adapt the order for the remaining 100 ounces and this order is also traded. The minimum fee is charged in this case for both trading procedures each involving 100 ounces. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day.
• Value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods and services, is calculated separately for the services concerned.

Information on trading in bonds in the Hong Kong:

• Commission/fees apply to all kinds and types of orders
• Stock exchange fees, stock exchange tariffs, CCASS handling fees and CCASS custody fees are included in the fees. State stamp tax (0.1%, rounded up to the next whole number (1.00: this only applies to shares) and SFC transaction taxes (0.003% applies to shares and option certificates) are passed on directly to the customer. Please note the details in your account statements.
• Any changed orders are treated as the cancellation and replacement of an existing order by the new order. At certain stock exchanges, this can create a situation where the current minimum commission due for changed orders is handled in the same way as for new orders.
  Example: You issue an order for bonds and receive a statement with a nominal value of USD 20,000.00. You than adapt the current order and receive a statement covering the remaining USD 10,000.00 in nominal value. In this case, the minimum commission will be due for each of the statements involving USD 10,000.00. Any orders, which remain overnight, are viewed as new orders for the purposes of calculating the minimum order on the following day.
• Value-added-tax (VAT), in many cases also called the consumer tax or the tax on goods and services, is calculated separately for the services concerned.

Example of calculations for bonds:

Trading value = nominal x price in percent ÷ 100

Example of calculations:

The nominal value = EUR 1,500,00
The price = 106.62 %
Total value = 1,500.00 x 106.62 ÷ 100 = EUR 1,599.30

Commission of 0.25 % = 1,599.30 x 0.0025 = EUR 3.99 / but minimum fee EUR 6.00

Commission of EUR 6.00

The stock exchange also charges a fee of EUR 2.00 for each order, which goes beyond the set permissible ratio between the order and trade of 5:1. In this ratio, new and amended orders are taken into account, but no cancellations.

Example of calculations:

Four orders are transmitted and each of them is changed once. Trading takes place and a fee of EUR 6.00 is charged. The calculation takes place as follows:

4 order and 4 amendments = 8 orders, with 1 trade.
This provides a ratio of orders for trading of 8:1. The difference between the ratio of 8:1 and the permissible ratio at the stock exchange of 5:1 is 3 (8:1 – 5:1 = 3).

3 x EUR 2.00 = EUR 6.00

stock exchange fee: EUR 6.00

Do you need some information on the transaction fee for a particular product? Then send us an e-mail using our contact form.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number +44 (0) 1332 895 070 or make use of our contact form.

Notes

All the information here is non-binding. The prices and details of the products on offer may change, particularly when the services offered by third parties change. These changes may be passed on to the users. The transaction fees are directly charged to the trading account by the account-managing broker when executing an order (further details available in account opening application). Agora direct and its cooperation partners receive a commission proportion as retrocession. The amount is determined by the type and scope of the stock exchange products traded.

America

1. This is an alternative NBBO, which supplies summarised data on market price listings, statements, volumes and top-of-the-book data from the stock exchange books of all the four US stock exchanges operated by BATS (BATS, BYX, EDGX, EDGA). It also contains the best bidding/selling rates (top of book quotes) and OTC markets, Dow Jones indices, CBOE market data express indices and market price listings for US bonds.
2. Contains the best bidding/selling rates (top of book quotes) for CBOT, CME, COMEX and NYMEX
3. In order to be able to access data on US futures, customers require trading permits for US futures.
4. Free for all customers, who generate commission of at least USD 30.00 per month.
5. Assumes a subscription to the benefit package for US securities and futures. Contains depth of book listings for CBOT, CME, COMEX and NYMEX and market depth data on BATS.
6. Free for all customers, who generate commission of at least USD 30.00 per month.
7. A subscription to “Network B (AMEX/CTA) Top of Book (L1)” enables customers to use smart routing for AMEX and ARCA listed shares.
8. A subscription to “NYSE ArcaBook Depth of Book (L2)” offers customers insight into ARCA book depth listings and only enables customers to gain access to the best bidding/selling rates (top of book bid/ask) if they route their offer directly to ARCA. In order to obtain the last listings, customers require a subscription to network B (AMEX/CTA Top of Book (L1).
9. Trading floor-based data normally contains only the last sales price, as bidding/selling rates are rarely available.
10. Top of book data is included in the subscription to book depth data.
11. Contains options and LIFFE precious metal futures and futures options.
12. Contains US corporate bonds and US treasuries (debt instruments of the US Treasury Department).
13. Subscription to “Network C Top of Book (NASDAQ/UTP) (L1)” data required.
14. USD 10.00 per month for IBIS individual customers.
15. Contains all the options exchanges.
16. Free for customers who generate commission of at least USD 20.00 per month.
17. The relevant CDE trading permits must be available.
18. A subscription to “Toronto Stock Exchange Top of Book” or the “Data Package for Canadian Shares” is required.
19. .A subscription to “Venture Exchange, Top of Book, Non-Professional”, “Data Package for Canadian Shares, Top of Book, Non-Professional” or “Toronto Stock Exchange, Top of Book, Professional” is required.
20. The service is specified in CAD for Canadian accounts.
21. This service may trigger fees for hosted solutions. You can find further information at http://ibkb.interactivebrokers.com/article/1852.

Europe

1. Frankfurt Stock Exchange trading floor data is only available for Level I.
2. Contains Chi-X, NURO.
3. Level I does not show any market depth (only the best bidding/selling rates).
4. Level II simply shows a market depth of 5.
5. Contains options

Asia

1. Contains derivatives and indices.
2. Chi-X Australia must see the actual NBBO for ASX-listed shares.
3. 5-second snapshot of data for the best bidding/selling rates and the last listing.
4. Last listing in real time with a 3-second snapshot of data at the best bidding/selling rates.
5. Last listing in real time with a 3-second snapshot of data at the best bidding/selling rates and market depth.
6. For customers, whose accounts are registered outside the Chinese mainland.
7. For customers, whose accounts are registered on the Chinese mainland.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number +44 (0) 1332 895 070 or make use of our contact form.

Notes

Customers are fully responsible for their own trading.

The trading fees incurred for each order are displayed in the order confirmation window of the trading access system before the order is sent. In sending the order, the customer confirms and accepts these order fees and all the stock exchange and broker regulations associated with it.

Some stock exchanges charge fees on deleted or modified orders. They are mainly those where options or futures are traded, but not normally stock exchanges. If necessary, they are offset with fee credits. We would specifically point out that the fees charged do not just have to consist of costs that are passed on. Fees may also be waived, even if the stock exchange charges fees. Agora asserts the right to demand fees or not to demand them, regardless of third parties’ fee regulations.

If third parties like stock exchanges or clearing houses, change, do away with or add fees, taxes or other levies in addition to the prices published here, they will be passed on to the customer without any additional surcharge. This may be the case, for example, if a stock exchange charges a customer fees for deleting, modifying and/or cancelling incorrect business transactions or the customer personally provides instructions for this kind of cancellation or change in trading. In both cases, they shall bear the full costs. These costs are debited from the customer’s account when they become due.

Orders are primarily accepted as a “smart routing” type of order, because this allows better bidding and asking prices to be made available. The customer may also change orders separately and therefore route them to a stock exchange of their choice. This may create a situation where the trading centre specially selected by the customer also charges its own fees. The customer is responsible for obtaining information about possible additional fees/levies and possibly taxes at the specially selected trading place. Agora direct may also be available to provide information, if requested, without providing any conclusive guarantees for this. If customers are unclear about the costs, they should consult Agora direct before issuing the order. Agora will not recognise any complaints made subsequently.

If the customer foregoes the better “smart routing” option described above, in which the NYSE is naturally also included, and the customer sends an order directly to the NYSE instead of using “smart routing”, the NYSE charges an additional processing fee on any order, which is in the NYSE order books for longer than 5 minutes, the so-called NYSE Directed Order Handling Fee. This typically amounts to a sum of USD 0.01 per share. The customer is charged this additional fee if this order is not placed via “smart routing”. Generally, it is true that if the use of the “NYSE Directed Order” transfer method accounts for five percent of the total trading volume in the account, a “specialist pass through” fee is due for payment.

If you have any questions or require some explanation, please contact us on stock exchange trading days on the following number +44 (0) 1332 895 070 or make use of our contact form.

Notes

Customers are fully responsible for their own trading.

The trading fees incurred for each order are displayed in the order confirmation window of the trading access system before the order is sent. In sending the order, the customer confirms and accepts these order fees and all the stock exchange and broker regulations associated with it.

Some stock exchanges charge fees on deleted or modified orders. They are mainly those where options or futures are traded, but not normally stock exchanges. If necessary, they are offset with fee credits. We would specifically point out that the fees charged do not just have to consist of costs that are passed on. Fees may also be waived, even if the stock exchange charges fees. Agora asserts the right to demand fees or not to demand them, regardless of third parties’ fee regulations.

If third parties like stock exchanges or clearing houses, change, do away with or add fees, taxes or other levies in addition to the prices published here, they will be passed on to the customer without any additional surcharge. This may be the case, for example, if a stock exchange charges a customer fees for deleting, modifying and/or cancelling incorrect business transactions or the customer personally provides instructions for this kind of cancellation or change in trading. In both cases, they shall bear the full costs. These costs are debited from the customer’s account when they become due.

Orders are primarily accepted as a “smart routing” type of order, because this allows better bidding and asking prices to be made available. The customer may also change orders separately and therefore route them to a stock exchange of their choice. This may create a situation where the trading centre specially selected by the customer also charges its own fees. The customer is responsible for obtaining information about possible additional fees/levies and possibly taxes at the specially selected trading place. Agora direct may also be available to provide information, if requested, without providing any conclusive guarantees for this. If customers are unclear about the costs, they should consult Agora direct before issuing the order. Agora will not recognise any complaints made subsequently.

If the customer foregoes the better “smart routing” option described above, in which the NYSE is naturally also included, and the customer sends an order directly to the NYSE instead of using “smart routing”, the NYSE charges an additional processing fee on any order, which is in the NYSE order books for longer than 5 minutes, the so-called NYSE Directed Order Handling Fee. This typically amounts to a sum of USD 0.01 per share. The customer is charged this additional fee if this order is not placed via “smart routing”. Generally, it is true that if the use of the “NYSE Directed Order” transfer method accounts for five percent of the total trading volume in the account, a “specialist pass through” fee is due for payment.