Commissions Fixed Income

Disclosures

1. 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
2. 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
3. 1 basis point=$0.0001
4. Commissions are tiered. For example, the first 10K in face value is charged @ 0.1% and any remaining principal over 10K is charged at 0.025%.

• 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. For certain tax jurisdictions, e.g. GST in Singapore, the commissions and fees that we charge you may be subject to GST even for services provided and consumed outside of Singapore. IBKR does not give tax advice, please consult a tax professional.
• IBKR's Tiered (i.e., commission plus external venue fees/rebates) commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IBKR’s Tiered commission schedule may be greater than the costs paid by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
• 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. >
• IBKR may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of IBKR. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

* Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.

Disclosures

1. ASX Exchange Traded Treasury Bonds are calculated with the Stock/ETF tiered rates. See rates here.
2. For more information on how the monthly tiers are calculated, please see the IBKR Knowledge Base.
3. For all products which are exclusively traded on Cboe Australia IBKR will not monitor and provide clients with notice respecting changes to the underlying instrument throughout its lifecycle, including but not limited to, potential stop loss or strike events. The client has full responsibility for monitoring for changes to any such underlying instruments and for making independent investment decisions in response. In addition, IBKR will not review any documentation relating to any of these products, and it is the responsibility of the client to fully understand the operational impact of these products and their behavior. Clients should obtain their own professional legal or financial advice, if required.
4. Exchange and regulatory fees are not included.
5. Exchange trading fees, exchange trading tariff, CCASS settlement fees, and CCASS custody fees are included. SFC transaction levy (0.003%, applies to stocks and warrants) is directly passed through to the customer.
6. For more information on how the monthly tiers are calculated, please see the IBKR Knowledge Base.

• 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. For certain tax jurisdictions, e.g. GST in Singapore, the commissions and fees that we charge you may be subject to GST even for services provided and consumed outside of Singapore. IBKR does not give tax advice, please consult a tax professional.
• IBKR's Tiered (i.e., commission plus external venue fees/rebates) commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IBKR’s Tiered commission schedule may be greater than the costs paid by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
• 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. >
• IBKR may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of IBKR. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

* Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.