Commissions Options

Notes:

1. European Index Options are considered part of the Futures pricing scheme. Volumes are combined with the Futures and FOP trading volume for the tier break consideration. They will not be combined with the monthly volume of stock options when determining commissions. Clients wishing to receive the Tier commissions for European and Asian Index Options must select tiered pricing for Futures & FOPs through Client Portal.
2. 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
3. Exchange fees for Swedish options are not used to determine the minimum per order. Exchange fees are passed through in addition to the stated IBKR commissions.
4. 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.
5. Stamp duty on option exercise (UK=0.5%) is directly passed through to the customer.
6. For EUREX/KRX Linked products, the standard South Korea Commissions applies.

• 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.
• Commissions apply to all order types.
• 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.
• Volume breaks are applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade. Contract volumes for advisor, separate trading limit, 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 12,000 European stock options contracts in a month, your execution costs would be:
  8,000 contracts at EUR 1.00
  4,000 contracts at EUR 0.70

• Effective March 1, 2013, certain Italian stocks will be subject to a transaction tax. For additional details regarding the calculation of the tax, please see the IBKR Knowledge Base.
  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 see the IBKR Knowledge Base.

• 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.
• 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.

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

Notes:

1. Asian Index Options are considered part of the Futures pricing scheme. Volumes are combined with the Futures and FOP trading volume for the tier break consideration. They will not be combined with the monthly volume of stock options when determining commissions. Clients wishing to receive the Tier commissions for European and Asian Index Options must select tiered pricing for Futures & FOPs through Client Portal.
2. The cost for exercise/assignments of ASX options will be 0.275 per contract for stock options and 0.75 per contract for index options.
3. For all exercise and assignments standard stock commissions apply plus Stock Exchange Options Clearing House (SEOCH) fee of HKD 2.00 per exercised stock option contracts.
4. The fee for an exercise or assignment of the monthly Nikkei contract is 6 bps with a maximum limit of JPY 420 per contract.
5. Introductory rate. This rate is subject to change.
6. The fee for an exercise or assignment of the monthly Nikkei Mini contract is JPY 15 per contract.

• 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.
• Commissions apply to all order types.
• Commissions are not charged for exercise and assignment, except in Australia and Japan.
• All exchange and regulatory fees included except for Hong Kong stock options.
• 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.
• 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.
• 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.

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