Commissions

Futures and FOPs - Tiered Pricing Structure




U.S. Markets


Non-U.S. Markets

U.S. Markets

Our transparent Tiered pricing for futures in US markets includes our low broker commission, which decreases depending on volume, plus exchange, regulatory and carrying fees. 1


United States - Cost-Plus Tiered Commission per Contract
Volume (per month) 2 USD EUR GBP CAD CHF HKD AUD SEK SGD JPY CNH
<= 1,000 Contracts 0.85 0.65 0.60 0.85 0.95 7.00 0.95 6.50 1.20 85.00 5.50
1,001 - 10,000 Contracts 0.65 0.50 0.45 0.65 0.75 5.50 0.75 5.00 1.00 65.00 4.50
10,001 - 20,000 Contracts 0.45 0.40 0.30 0.45 0.55 4.00 0.55 3.75 0.65 45.00 3.00
> 20,000 Contracts 0.25 0.20 0.15 0.25 0.30 2.00 0.30 2.00 0.35 25.00 2.00


United States - Cost-Plus Tiered Commission per Contract for Globex FX E-mini and E-micro Products 6
E-mini FX Futures E-micro FX Futures
Volume (per month) 2 USD USD CAD CHF JPY CNH
<= 1,000 Contracts 0.50 0.15 0.15 0.15 15.00 1.00
1,001-10,000 Contracts 0.40 0.12 0.12 0.12 12.00 0.75
10,001-20,000 Contracts 0.30 0.08 0.08 0.08 8.00 0.50
>20,000 Contracts 0.15 0.05 0.05 0.05 5.00 0.35


United States - Carrying Fee per Contract 3
USD EUR GBP CAD CHF HKD AUD SEK SGD JPY CNH
3x Margin Requirements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2x Margin Requirements 0.05 0.04 0.035 0.05 0.05 0.40 0.075 0.40 0.10 5.00 0.325
Meets Margin Requirements 0.10 0.08 0.07 0.10 0.10 0.80 0.15 0.80 0.20 10.00 0.65


United States - Carrying Fee per Contract 3 for Globex FX E-mini and E-micro Products
E-mini FX Futures E-micro FX Futures
US USD CAD CHF JPY CNH
3x Margin Requirements 0.00 0.00 0.00 0.00 0.00 0.00
2x Margin Requirements 0.025 0.005 0.005 0.005 0.50 0.0325
Meets Margin Requirements 0.05 0.01 0.01 0.01 1.00 0.065


United States - Exchange and Regulatory Fees 4
CBOT CFE CME (Electronic-Globex)
ELX ICE US NYBOT
NFX NYMEX NYSE LIFFE


Execution Only 5

The below schedule of fees applies only to clients who execute futures trades with IB and then give them up for carrying by another broker.


IB Execution Fee per Contract
Volume (per month) 2 USD EUR GBP CAD CHF HKD AUD SEK SGD JPY
<= 1,000 Contracts 0.60 0.45 0.40 0.60 0.65 5.00 0.65 4.50 0.85 60.00
1,001 - 10,000 Contracts 0.45 0.35 0.30 0.45 0.50 4.00 0.50 3.50 0.70 45.00
10,001 - 20,000 Contracts 0.35 0.30 0.20 0.35 0.40 3.00 0.40 3.00 0.50 35.00
> 20,000 Contracts 0.25 0.20 0.15 0.25 0.30 2.00 0.30 2.00 0.35 25.00


Notes:

  1. 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.
  2. Volume tiers are applied based on monthly cumulative trade volume summed across all futures and futures options contracts at the time of the trade. Only contracts that are traded while under the Volume Tiered pricing structure will count towards the monthly volume. Contract volumes for advisor, institutions, 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. If for example, you execute 1,500 US contracts in a month, your IB execution costs would be: 1,000 contracts at USD 0.60 and 500 contracts at USD 0.45
  3. Carrying charges are applied for each net futures contract, net short call futures options, or net short put futures options on a single underlying for each business day the net futures position is held overnight. The carrying fee for accounts with excess equity in between the minimum requirement and 3x the minimum will have their carry fees extrapolated based on the table above.
  4. Non-member exchange and regulatory fees are applied, unless a client is pre-qualified by IB. Contact your sales person for more information.
  5. Exchange and Regulatory fees only apply for CFE.
  6. For the purpose of determining the monthly volume tier, each Globex e-mini FX product will count as ½ the volume of one standard size future contract. Each Globex e-micro FX product will count as 1/10 the volume of one standard size future contract, i.e. for every 10 e-micro FX Globex product traded, the monthly volume will increase by 1.
  • Commissions apply to all order types.
  • All fees are charged in the currency of the traded product.
  • 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 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.
  • The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract. Click here for details.
  • Single Stock Futures are not available for volume tiered pricing.


Non-U.S. Markets

Our transparent Tiered pricing for futures in non-US markets includes our low broker commission, which decreases depending on volume, plus exchange, regulatory and carrying fees. 11



Cost-Plus Tiered Commission per Contract (unless otherwise noted)
Contract Volume (per month) 1 USD EUR GBP CAD CHF HKD AUD SGD SEK NOK CNH
<= 1,000 1.05 0.90 0.65 13 1.25 1.40 8.50 3.55 2.25 10 10 5.50
1,001 - 10,000 0.65 0.60 0.45 0.80 0.90 5.00 2.60 1.50 8 8 4.50
10,001 - 20,000 0.45 0.40 0.30 0.60 0.60 3.50 1.80 1.00 6 6 3.00
> 20,000 0.25 0.25 0.15 0.30 0.35 2.00 1.00 0.65 4 4 2.00


Cost-Plus Tiered Commission per Contract for AEX/CAC40 Minis and IBEX Minis
Contract Volume (per month) 12 AEX/CAC40 Minis: EUR DAX/IBEX Minis: EUR 4
<= 1,000 0.20 0.50
1,001 - 10,000 0.12 0.35
10,001 - 20,000 0.08 0.30
> 20,000 0.05 0.28


Cost-Plus Tiered Commission per Contract for SPI Minis
Contract Volume (per month) 12 SPI Minis: AUD
<= 1,000 0.75
1,001 - 10,000 0.55
10,001 - 20,000 0.35
> 20,000 0.20


Cost-Plus Tiered Commission per Contract (unless otherwise noted)
JPY
Contract Volume (per month) 1 NKVI / N225 / N225M FUT 4 JGB MJ / SGXNKM / SGB TOPX MNTPX / TPXC30 / TSEREIT / JPNK400 N225 OPT 5 All Other
<= 1,000 280 / 28 350 50 280 38 12 bps 230
1,001 - 10,000 210 / 21 295 45 210 31 10 bps 160
10,001 - 20,000 150 / 15 255 41 150 25 8 bps 115
> 20,000 100 / 10 225 38 100 20 6 bps 60


Cost-Plus Tiered Commission
Monthly Traded Value (INR) 10
Plus Securities Transaction Tax, Exchange Charges, and Service Tax		 Commissions Minimum per Order
=< 50 crore (500,000,000) 8 0.012% 9 of Trade Value N/A
50 =< 125 crore (1,250,000,000) 8 0.010% 9 of Trade Value N/A
=> 125 crore (1,250,000,000) 8 0.008% 9 of Trade Value N/A


Carrying Fee per Contract 2
Product Currency US EUR GBP CAD CHF HKD AUD SGD SEK NOK INR JPY 7
3x Margin Requirements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2x Margin Requirements 0.05 0.04 0.035 0.05 0.05 0.40 0.075 0.10 0.35 0.35 0.00 5.00
Meets Margin Requirements 0.10 0.08 0.07 0.10 0.10 0.80 0.15 0.20 0.70 0.70 0.00 10.00


Exchange and Regulatory Fees - North America
Canada
 Montreal Exchange


Exchange and Regulatory Fees - Europe 3
Belgium
 Euronext.Liffe
France
 Euronext.Liffe (Matif) | Euronext.Liffe (Monep)
Germany
 Eurex
Italy
 IDEM
Netherlands
 Euronext.Liffe | TOM
Norway
 EDXNO
Spain
 MEFF
Sweden
 Stockholm Derivatives Exchange (OMS)
Switzerland
 Eurex
United Kingdom
 Intercontinental Exchange (ICEEU) | Intercontinental Exchange (ICEEUSOFT) | Intercontinental Exchange IPE


Exchange and Regulatory Fees - Asia-Pacific 3
Australia
 SNFE
Hong Kong
 HKFE
Japan
 OSE
Singapore
 SGX


Execution Only

The below schedule of fees applies only to clients who execute futures trades with IB and then give them up for carrying by another broker.


Execution Fee per Contract
Volume (per month) 1 USD EUR GBP CAD CHF HKD AUD SGD SEK JPY
<= 1,000 Contracts 0.75 0.65 0.45 0.90 1.00 6.00 2.65 1.60 7 130
1,001 - 10,000 Contracts 0.45 0.40 0.30 0.55 0.60 3.50 2.00 1.00 6 90
10,001 - 20,000 Contracts 0.35 0.30 0.20 0.45 0.45 2.75 1.50 0.75 5 70
> 20,000 Contracts 0.25 0.25 0.15 0.30 0.35 2.00 1.00 0.65 4 60


Notes:

  1. Volume tiers are applied based on monthly cumulative trade volume summed across all futures and futures options contracts at the time of the trade. Only contracts that are traded while under the Cost-Plus Tiered pricing structure will count towards the monthly volume. Contract volumes for advisor, institutions, 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. If for example, you execute 1,500 EUR contracts in a month, your IB execution costs would be:
    1,000 contracts at EUR 0.65
    500 contracts at EUR 0.40

  2. Carrying charges are applied for each net futures contract, net short call futures options, or net short put futures options on a single underlying for each business day the net futures position is held overnight. The carrying fee for accounts with margin in between the minimum requirement and 3x the minimum will have their carry fees extrapolated based on the table above.
  3. Non-member regulatory fees are applied, unless a client is pre-qualified by IB. Contact your sales person for more information.
  4. For the purpose of determining the monthly volume tier, each mini future contract will count as 1/10 of the volume of one standard size future contract, i.e. for every 10 N225M / MJ / MNTPX / JPNK400 futures contracts traded, the monthly volume will increase by 1.
  5. per Order minimum of YEN 100 applies.
  6. Special introductory fee.
  7. The carry cost on the following mini-future products Singapore-listed SGXNKM and SGB; Osaka-listed N225M; Tokyo-listed MJ, MNTPX and JPNK400 will be:

    JPY
    3x Margin Requirements 0.00
    2x Margin Requirements 0.50
    Meets Margin Requirements 1.00

  8. 50 crore represents approximately 2,000 board lots; 125 crore represents approximately 5,000 board lots
  9. IB commissions will be charged only on the opening leg in case of intra-day trades on the NSE (positions opened and closed on the same day). No commissions will be charged on the closing leg, other charges apply on both legs (such as STT, reg fees, exchange fees and etc).
  10. Volumes considered for tiers will include only those trades for which commissions are charged.
  11. 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.
  12. For the purpose of determining the monthly volume tier, each Euronext mini product will count as 1/10 the volume of one standard size future contract, i.e. for every 10 mini contracts traded, the monthly volume will increase by 1. Each mini DAX contract will count as 1/2 the volume of one standard size future contract.
  13. GBP index option Cost+ commissions will start at 0.60.
  • Commissions apply to all order types.
  • All fees are charged in the currency of the traded product.
  • 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 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.

  • The standard commission will be charged for the exercise or assignment of any Futures or Future Options Contract. Click here for details.
  • Single Stock Futures are not available for Cost-Plus pricing.
  • European and Asian Index Options are available for Cost-Plus Tiered pricing.