South African Markets

Instrument Group Trade Charge Margin Rate Minimum Trade Charge
Top 40 Shares* 0.30% Commission N/A R 150 Commission
Outside Top 40 Shares* 0.30% Commission N/A R 150 Commission
ALSI-CFD** (CFD) R 20 per contract 6-8% No Min Fee
ALMI-CFD** (CFD) R 10 per contract 6-8% No Min Fee
Top 40 Shares*** (CFD) 0.20% CFD Premium 5-25% R 50 CFD Premium
Outside Top 40*** (CFD) 0.20% CFD Premium 5-25% R 50 CFD Premium

* Excludes Strate and FSP Levy, excludes Securities Transfer Tax (STT) and VAT
** Includes VAT, Clearing and Settlement
*** Includes Strate and FSP Levy

International Markets

Equity CFDs CFD Premium Margin Rate Minimum Premium
US Stocks 4 cents per share 5% USD 15
UK Stocks 0.10% 5% GBP 10
Australian Stocks 0.10% 10% AUD 10
Canadian Stocks 4 cents per share 5% CAD 25
French Stocks 0.10% 5% EUR 12
Irish Stocks 0.10% 5% EUR 12
German Stocks 0.10% 5% EUR 12
Hong Kong Stocks 0.30% 10% HKD 100
Italian Stocks 0.10% 5% EUR 10
Japanese Stocks 0.20% 10% JPY 1,000
Spanish Stocks 0.10% 5% EUR 12
Index CFDs Margin Rate Spread
US30 (DJIA) 1.00% 2
US500 (S&P) 1.00% 1
USTEC (Nasdaq) 1.00% 3
US2000 (Russell) 1.00% 2
UK100 (FTSE 100) 1.00% 2
UK250 (FTSE 250) 1.00% 44
STOXX50 (EutoStoxx) 1.00% 2.5
DE30 (DAX) 1.00% 2.5
FR40 (CAC) 1.00% 3
ES35 (IBEX) 1.50% 8
IT40 (MIB) 1.50% 14
SWI20 (SIX) 1.50% 4
AUS200 (ASX) 1.00% 2
N25 (AEX) 1.50% 3
Commodity CFDs Margin Rate Spread
BRENT 3.00% 7
GOLD 1.50% 1
SILVER 1.50% 7
WTI 3.00% 10

*Note: Important information regarding the trading of BRENT and WTI:

BRENT and WTI CFD instruments are futures contracts that expire on a monthly basis. Clients holding these instruments on expiry dates will have their positions rolled over into the new contracts.

New contracts have different prices from the expired contracts they are replacing. Clients holding the CFD will therefore experience a shift in their positions’ value at the time of the roll relative to the difference in contract value. These positions will then be readjusted accordingly to their natural pre-expiry value within 24 hours of contract renewal via an adjustment of the account cash balance.

FX (Most Traded) Margin Rate Spread
EUR/ZAR 1.30% 70
USD/ZAR 1.30% 40
AUD/USD 1.30% 3
EUR/AUD 1.30% 2
EUR/GBP 1.30% 22
EUR/USD 1.30% 3
GBP/USD 1.30% 3

NB. Non-equity instrument spreads are affected by market liquidity which varies throughout market trading hours.

Statutory Fees

Fee or Tax Type Cost
STRATE 0.005459% (excluding VAT) based on the value of the share transaction: · The minimum is R10.92 for trades with a value up to R200,000 · The maximum is R54.59 for trades with a value over R1 million. This fee is for the electronic settlement of your share transactions through STRATE,the electronic settlement authority.
FSB Investor Protection Levy 0.0002% (Excluding VAT) on all trades
Custody 0,0015% per annum (Excluding VAT), levied monthly on an account by account basis: · minimum of R50 per month · maximum of R200 per month
SAFEX & Clearing Safex fees are based on a percentage of the closing price of the Index future. Trade fees quoted are ALL inclusive of commissions, VAT and Safex and Clearing fees.

JSE Market Data

Clients are required to nominate the market data types they require when applying and can adjust this at any time on request.

Variable Fees Cost (Ex Vat) Frequency Notes
Live Level 1 Terminal – Non-Professional End User R69.00 Monthly
Live Level 1 Terminal – Professional End User R210.00 Monthly
Live Mobile Device R61.00 Monthly Charged per mobile device*
Live Terminal – Professional End User Equity Derivatives R76.30 Monthly Refer to Derivatives Pricing Policy*
Live Mobile Devices Equity Derivatives R15.30 Monthly Refer to Mobile Device Policy*

JSE Policies can be found on the JSE website.

Administrative Costs

Service Fee (Ex VAT) Description
Withdrawals R20.00 - R150 Per single withdrawal from trust account
Partial Portfolio Transfers R100.00 The fee to transfer only certain shares to another broker per share holding.
Full Portfolio Transfers R50.00 The fee to transfer to another broker per share holding.
Interest on Account Equity Base Rate less 2% The interest earned on funds in your account.

Financing

If you keep a Cash CFD position open overnight (after 10pm GMT) we will make an interest adjustment to your account, to reflect the cost of funding your position. The interest adjustment is based on the interbank funding rates. We debit your account if your position is long, and credit your account for a short position – if the interbank funding rate is greater than 3%.*

For nearly all our markets, this is calculated in the same way for CFDs. For forex, the funding cost is calculated differently as explained below.

Daily Funded CFDs
Long Positions Short Positions
We charge 3%* above the relevant interbank rate, eg SAFEY.

Eg. If the relevant interbank 1-month rate is 0.5%, you would be charged 3.50% (annualised).
You receive the relevant interbank rate, minus 3%*.

If the interbank rate is greater than 3%,* we credit your account; if the interbank rate is less than 3%,* your account is debited.

Eg. If the relevant interbank 1-month rate is 0.5%, you would be charged 2.50% (annualised).

*3.5% on international CFD contracts

Forex Positions
For CFD FX positions we apply an adjustment overnight, which reflects the interest rate differential between the two currencies.