Commissions

Options - Europe Pricing Structure



Fixed

Fixed plans charge a single flat rate per contract that includes all commissions and all exchange, regulatory and other third party fees, plus VAT (also referred to as consumption tax or goods and services tax) where applicable.


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Tiered

Tiered plans charge our low broker commissions, decrease based on volume, plus exchange, regulatory, and clearing fees, plus VAT where applicable. In cases where an exchange provides a rebate, we pass some or all of the savings directly back to you.


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Fixed Pricing Structure

In the Fixed commission structure, you will be charged a single flat rate per contract that includes all commissions and all exchange, regulatory and other third party fees. VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.



Belgium
Commissions Minimum Per Order
All EUR 1.50 per contract EUR 1.50

1 Contract = EUR 1.50


France
Commissions Minimum Per Order
Index Options EUR 1.50 per contract EUR 1.50
Stock Options (Multiplier >=100) EUR 1.50 per contract EUR 1.50
Stock Options (Multiplier < 100) EUR 0.20 per contract EUR 0.20

1 Index Option Contract = EUR 1.50


Germany
Commissions Minimum Per Order
Stock Options EUR 1.10 per contract EUR 1.10
All Index Options not listed below EUR 1.50 per contract EUR 1.50
DJ200 / DJ600 EUR 2.00 per contract EUR 2.00
DAX EUR 1.70 per contract EUR 1.70

1 Stock Options Contract = EUR 1.10


Italy
Commissions Minimum Per Order
Stock Options EUR 2.00 per contract EUR 2.00
Index Options EUR 3.00 per contract EUR 3.00

1 Index Option Contract = EUR 3.00


Netherlands
Commissions Minimum Per Order
USD-denominated Options USD 2.00 per contract USD 2.00
Mini-AEX Options EUR 0.30 per contract EUR 0.30
All Other EUR 1.50 per contract EUR 1.50

1 EUR-denominated Contract = EUR 1.50


Norway
Commissions Minimum Per Order
Index Options NOK 12 per contract NOK 12
Stock Options NOK 15 per contract NOK 15

1 Index Option Contract = NOK 12.00


Spain
Commissions Minimum Per Order
Stock Options EUR 0.90 per contract EUR 4.50
Index Options EUR 0.80 per contract N/A

1 Contract = EUR 0.90


Switzerland
Commissions Minimum Per Order
Stock Options CHF 1.70 per contract CHF 1.70
Index Options CHF 2.80 per contract CHF 2.80

1 Contract = CHF 2.80


United Kingdom
Commissions Minimum Per Order
All GBP 1.70 per contract 1 GBP 1.70

1 Contract = GBP 1.70


Notes:

  1. Stamp duty on option exercise (UK=0.5%) is directly passed through to the customer.
  • Commissions apply to all order types.
  • All exchange and regulatory fees included.
  • Commissions are charged for exercise and assignment.
  • 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 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.

  • Effective March 1, 2013, certain Italian stocks will be subject to a transaction tax. For additional details regarding the calculation of the tax, please refer here.
    Effective September 1, 2013, derivatives on those Italian securities subject to the transaction tax will similarly become subject to a transaction tax. For additional details regarding the derivative transaction tax, please refer here.

Tiered Pricing Structure

Our transparent Tiered pricing for options includes our low broker commissions, plus exchange, and clearing fees. VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.



European Stock Options – Single Tier
Product Commissions Minimum Per Order
Swedish options 0.35% of trade value,
minimum 0.50 per contract plus external fees		 SEK 10.00 2


European Stock Options – Volume Incentive Tiers 4, 5
Contract Volume (per month) EUR GBP CHF Mini Options Euronext Paris EUR 6
<= 8,000 1.00 1.00 1.35 0.15
8,001 - 40,000 0.70 0.70 0.95 0.10
40,001 - 80,000 0.40 0.40 0.60 0.05
> 80,000 0.25 0.25 0.35 0.03


European Index Options 3
Contract Volume (per month) USD EUR GBP CHF SEK NOK
<= 1,000 1.05 0.90 0.60 1.40 10 10
1,001 - 10,000 0.65 0.60 0.45 0.90 8 8
10,001 - 20,000 0.45 0.40 0.30 0.60 6 6
> 20,000 0.25 0.25 0.15 0.35 4 4


Exchange and Regulatory Fees
Belgium
 Euronext.Liffe
France
 Euronext.Liffe (Monep)
Germany
 Eurex
Italy
 IDEM
Netherlands
 Euronext.Liffe | TOM
Norway
 EDXNO
Spain
 MEFF
Sweden
 Stockholm Derivatives Exchange (OMS)
Switzerland
 Eurex
United Kingdom
 Euronext.Liffe


Notes:

  1. Stamp duty on option exercise (UK=0.5%) is directly passed through to the customer.
  2. Exchange fees for Swedish options are not used to determine the minimum per order. Exchange fees are passed through in addition to the stated IB commissions.
  3. Note, index options traded under the cost+ model are combined with futures and option on futures trading for volume tiers. They will not be included with the monthly volume of stock options when determining commissions.
  4. Index and stock options will not be combined for the determination of the monthly tiers. Index options will continue to be combined with the monthly volume tiers for future and future options.
  5. The minimum per order for European stock options traded under the cost plus volume tier model will be:
    • EUR 1.00 per Order
    • GBP 1.00 per Order
    • CHF 1.35 per Order
  6. For the purpose of determining the monthly volume tier, each mini stock option contract traded on Euronext Paris will count as 1/10 of the volume of one standard size stock option contract.
  • IB’s Tiered commission models are not guaranteed to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IB’s Tiered commission schedule may be greater than the costs paid by IB to the relevant exchange, regulator, clearinghouse or third party. For example, IB may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IB may be less than the rebates IB receives from the relevant market.
  • Commissions apply to all order types.
  • Commissions are charged for exercise and assignment.
  • Cost-Plus Tiered pricing available for index options with the exception of index options in Sweden. See futures commissions for more information.
  • 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 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.