CFDs Rates & Conditions

CFDs on stocks
Saxo Bank currently offers stock CFDs on the following exchanges:

Region Exchange Name Commission Minimum commission Overnight Financing mark-up/mark-down (long/short)
North America NYSE MKT (AMEX) 2 cents per share USD 20.00 +3.50%/-3.00%
North America NASDAQ (NASDAQ & NSC) 2 cents per share USD 20.00 +3.50%/-3.00%
North America New York Stock Exchange (NYSE & ARCA) 2 cents per share USD 20.00 +3.50%/-3.00%
North America Toronto Stock Exchange (TSE) 3 cents per share CAD 25.00 +3.50%/-3.00%
Europe Athens Stock Exchange (AT) 0.30% EUR 12.00 +4.50%/-4.00%
Europe NYSE Euronext Amsterdam - AEX (AMS) 0.10% EUR 12.00 +3.50%/-3.00%
Europe Budapest Stock Exchange (BUX) 0.50% HUF 6,000.00 +3.50%/-3.00%
Europe Irish Stock Exchange (ISE) 0.10% EUR 12.00 +3.50%/-3.00%
Africa Johannesburg Stock Eschange (JSE) 0.25% ZAR 100.00 +5.00%/-3.50%
Europe NYSE Euronext Brussels (BRU) 0.10% EUR 12.00 +3.50%/-3.00%
Europe Prague Stock Eschange (PRA) 0.25% CZK 500.00 +3.00%/-5.00%
Europe NYSE Euronext Lisbon (LISB) 0.10% EUR 12.00 +3.50%/-3.00%
Europe NYSE Euronext Paris (PAR) 0.10% EUR 12.00 +3.50%/-3.00%
Europe Deutsche Borse - Xetra (FSE) 0.10% EUR 12.00 +3.50%/-3.00%
Europe London Stock Exchange (LSE_SETS) 0.10% GBP 8.00 +3.50%/-3.00%
Europe London Stock Exchange - IOB (LSE_INTL) 0.10% USD 20.00 +3.50%/-3.00%
Europe Milan Stock Exchange (MIL) 0.19% EUR 15.00 +3.50%/-3.00%
Europe NASDAQ OMX Copenhagen (CSE) 0.10% DKK 65.00 +3.50%/-3.00%
Europe NASDAQ OMX Helsinki (HSE) 0.10% EUR 10.00 +3.50%/-3.00%
Europe NASDAQ OMX Stockholm (SSE) 0.10% SEK 65.00 +3.50%/-3.00%
Europe Olso Stock Exchange (OSE) 0.10% NOK 65.00 +3.50%/-3.00%
Europe BME Spanish Exchanges (SIBE) 0.10% EUR 12.00 +3.50%/-3.00%
Europe SIX Swiss Exchange (SWX & VX) 0.10% CHF 18.00 +3.50%/-3.00%
Europe Vienna Stock Exchange (VIE) 0.10% EUR 12.00 +3.50%/-3.00%
Europe Warsaw Stock Exchange (WSE) 0.25% PLN 65.00 +3.50%/-3.00%
Asia Pacific Australian Stock Exchange (ASX) 0.10% AUD 8.00 +3.50%/-3.00%
Asia Pacific Hong Kong Exchanges (HKEX) 0.25% HKD 90.00 +3.50%/-3.00%
Asia Pacific Singapore Exchange (SGX-ST) 0.20% SGD 17.00 +3.50%/-3.00%
Asia Pacific Tokyo Stock Exchange (TYO) 0.15% JPY 1,000.00 +3.50%/-3.00%

Stock CFD Margins

Initial margin and maintenance margin are designed to protect you against adverse market conditions, by creating a buffer between your trading capacity and margin close-out level.

1. Initial margin: a pre-trade margin check on order placement, i.e. on opening a new position there must be sufficient margin collateral available on account to meet the initial margin requirement for the entire margin portfolio.

2. Maintenance margin: a continuous margin check, i.e. the minimum amount of cash or approved margin collateral that must be maintained on account to hold an open position(s). Maintenance margin is used to calculate the margin utilisation, and a close-out will occur as soon as you do not meet the maintenance margin requirement.

The initial and maintenance margin of a single stock CFD is based on the stock rating. Saxo defines 6 different stock ratings. This rating is derived from the market capitalization, liquidity and volatility of the underlying asset.

A stock with rating 1 has an initial margin of 20%. This means that this stock can be traded at 5:1 leverage.

Saxo Rating Initial Margin Maintenance Margin
1 20% 10%
2 20% 15%
3 25% 20%
4 35% 30%
5 55% 50%
6 110% 100%

 Please, check the margin requirements for all stock here.

You must maintain funds in your account to cover your CFD exposure at all times.


Index CFD spreads and margins
As with stock CFDs, initial and maintenance margins apply to Index CFDs as well. An Index CFD with an initial margin of 5% can be traded at 20:1 leverage.

Stock Index Symbol code Spread* Initial Margin Maintenance Margin
Netherlands 25 NETH25.I 0.25 10% 5%
Australia 200 AUS200.I 1.5 5% 2.5%
France 40 FRA40.I 2 5% 2.5%
Germany 30 GER30.I 2 5% 2.5%
Denmark 20 DEN20.I 2.5 10% 5%
US 30 Wall Street US30.I 3 5% 2.5%
UK 100 UK100.I 1 5% 2.5%
Spain 35 SPAIN35.I 8 10% 5%
Germany Mid-Cap 50 GER50MID.I 15 10% 5%
US Tech 100 NAS USNAS100.I 1 5% 2.5%
Japan 225 JPY225.I 12 5% 2.5%
Switzerland 20 SWISS20.I 3 10% 5%
US 500 US500.I 0.9 5% 2.5%
Italy 40 ITALY40.I 12 10% 5%
EU Stocks EU50.I 2 5% 2.5%
Sweden 30 SWE30.I 0.65 10% 5%
Belgium 20 BELG20.I 13 10% 5%
UK Mid 250 UK250MID.I 44 10% 5%
Norway 25 NOR25.I 1 10% 5%
Germany Tech 30 GERTECH30.I 4.5 10% 5%
Hong Kong HK50.I 12 10% 5%

* Normal market conditions.

Overnight positions in Expiring CFDs are subject to a carrying cost. The carrying cost is calculated on the basis of the daily margin requirement and applied when a position is held overnight. The funding rate used for calculating the carrying cost is based on the relevant Interbank-rate + markup (150 bps).

Carrying Cost = Margin requirement * Holding time * (Relevant Interbank rate + Markup) / (365 or 360 days)


Borrowing Costs on Short CFD Overnight Positions

A borrowing cost will be applied to short CFD positions held overnight. This borrowing cost is shown in the CFD Trade module in the 'Estimated borrowing cost per day' field.

The borrowing rate will be fixed from the opening of the position and will be charged on a monthly basis. Please be aware, that for certain corporate action events, the borrowing rate on the short position may be reset to the current rate in the market, upon the execution of the corporate action.

If you open and close a CFD position within the same trading day, you are not subject to borrowing costs.