Stock Index Tracker CFDs

Competitive Bid/Ask spreads

When trading Index-Tracking CFDs with Saxo Capital Markets, you do not pay a separate commission. The only cost you will incur is the bid/ask spread.
 
See minimum spreads for each Index-Tracking CFD under 'Contract details' here.

Fixed Spreads on CFD Index Traders

Index Tracker NameSymbolTrade amount (contracts)*
​North America
US US 30 Wall StreetUS30.I​15
US US 500US500.I​100
US US Tech 100 NASUSNAS100.I25
​Europe
EU EU StocksEU50.I​100
France France 40FRA40.I​10
GermanyGermany 30GER30.I​10
ItalyItaly 40ITALY40.I​10
Netherlands Netherlands 25NETH25.I​10
Spain Spain 35SPAIN35.I​20
Sweden Sweden 30SWE30.I​100
Switzerland Switzerland 20SWISS20.I10​
UKUK 100UK100.I​20
Asia / Pacific​ ​ ​ ​ ​
Australia Australia 200AUS200.I​10
Japan Japan 225JPY225.I1,000
Hong Kong Hong KongHK50.I​25
​ ​ ​

Expiring Index-trackers

Saxo Capital Markets currently offer trading in the US2000 expiring Stock Index Tracker CFD, which gives exposure to 2,000 small-cap US Stocks.

The US2000 Index-Tracker CFD tracks the price of the underlying Futures contract and is traded with the Futures' market spread with a small mark-up. There are no other fees or commissions applied, however, a small minimum trade size apply.
 
The US2000 Index-Tracker CFD expires quarterly similar to the Futures contract. Once expired, it is cash settled on the expiry date. Any positions still open at the time of expiry will be automatically closed at the market price.
 
Manual roll of a position from one expiry to another may be done until the time of expiry occurs (i.e. 17:00 New York time).

Trading Hours

With Saxo Capital Markets you can trade the most popular indices in the trading session timeframe up to 22 hours.

See trading hours for each Index-tracking CFD under 'Contract details' here.

Short Selling

Short selling of Index-tracking CFDs is fully supported with Saxo Capital Markets.

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place conditional If Done and One Cancels Other (OCO) orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price. 

Bond CFDs

Futures Market spread

Bond CFDs at Saxo Capital Markets are priced as the underlying Futures contract spread plus a fixed mark-up

Minimum Trade size - fraction of a Future contract

Bond CFDs are denominated in smaller lot sizes than the underlying Futures contract.

For example, one Bund Futures Contract imposes a EUR 10 tick value for each increment of the Futures price (0.01). As an alternative, you can choose to take your tick value down to EUR 1 with the Bond CFD for the same price increment (0.01).

50 CFDs is the minimum trade size for Bond CFDs 

Expiring CFD

Similar to Futures Contracts, Bond CFDs expire and will be cash settled on the expiry date. Any positions still open at the time of expiry will be automatically closed at the market price.

Manual roll of a position from one expiry to another may be done until the time of expiry. The specific expiry date and time for individual Bond CFDs can always be found in the trading platforms under CFD on Futures Trading Conditions.

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place If Done and One Cancels Other (OCO) conditional orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price.

Short selling

Short selling of Bond CFDs is fully supported with Saxo Capital Markets.

Cash Settlements

Bond CFDs give clients exposure to the underlying instrument without the confusion of physical settlement. Bond CFDs transactions will be cash settled.

Commodity CFDs

Tracks the price of the underlying Futures contract

When trading Commodity CFDs with Saxo Bank a commission is not charged, but there is a bid/ask spread included in the price Saxo Bank derives for each CFD.

This derivation means that whilst the CFD prices track the underlying Futures spread will be slightly wider.

Commodity CFDs at Saxo Bank are priced as the market spread on the underlying Futures contract plus a fixed mark-up.
 
See a full list of Commodity CFD Spreads under 'Contract details' under the Prices menu.

Minimum Trade size - fraction of a Future contract

Whilst all Commodity CFDs are priced in single units, often a minimum trade size will apply.

Commodity CFDs are denominated in smaller lots than the underlying Futures contract. For example, the US Crude CFD is 25 barrels of oil, rather than 1,000 barrels. Each CFD is quoted as 1 unit of the underlying contract (e.g., 1 barrel), but there will be a minimum trade size.
 
You are also able to reduce an open CFD position to below the minimum trade size. Should you be left with such a position then it should be closed via either the Account Summary or by contacting the dealing desk. 

Greater leverage

Commodity CFDs margin requirements are lower than those for the underlying Futures contract, offering more exposure for less. Take advantage of trading Commodity CFDs up to 100:1 leverage.

See full list of margin requirements.

Margin Trading carries a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors.

Ensure you fully understand the risks involved and seek independent advice if necessary.

See our Risk Warning

Expiration monthly

Like Futures, Saxo Bank’s Commodity CFDs will expire each month and will be cash settled on the expiry date of the underlying future. Front month (current contract) and back month (following contract) will be offered to enable clients to manually roll positions from one contract to the next.

The specific expiry date and time for individual Commodity CFDs can be found in the trading platforms on either the Trade or Order tickets plus the Instrument Information pages.

Trading will cease at the specified time listed in the Contracts Specifications table for each contract. You should pay attention to when the Last Trade Day will take place as it differs contract to contract and month to month.

Any positions still open at the close of trading on the Expiry Date will be automatically closed at the closing price set by Saxo Bank and cash settled.

For trading purposes, Saxo Bank will quote both the current expiring month's contract and the following contract, where availability and liquidity allow.

Order Types

Limit, Market, Stop, Stop Limit and Trailing Stop orders are supported. In addition you are able to place conditional If Done and One Cancels Other (OCO) orders.

A Stop Order to sell your position is triggered on the bid price and Stop Orders to buy are triggered on the ask price.

Cash Settlements

Commodity CFDs give clients exposure to the underlying commodity without the confusion of physical settlement. All Commodity CFDs transactions will be cash settled.

Short Selling

Short selling of Commodity CFDs is fully supported with Saxo Bank.

Trading example

Below is an example to illustrate trading using Commodity CFDs.

Long Position in US Crude - Buy 100 barrels of US Crude CFDs

Day 1 – the trader is bullish and therefore wants to be long US Crude CFDs.​
​TradeBuy 100 CFDs at $59.90 ​​
Nominal value ​$5990​​
Margin required (5% margin for first €300k
collateral on account, otherwise 10%)​
$299.50​
 
Day 5 – the price has risen and the trader wishes to close their position for a profit.​
​Trade​​Sell 100 CFDs at $61.50
Profit​$160
Moving in the underlying commodity​​($61.50 - $59.90) / $59.90 = 2.7%
  
In summary the trader took advantage of the leverage that comes with Commodity CFDs.
 
The opening trade was valued at $5990 but the trader had to only provide a margin of 5% or $299.50.
 
The closing trade generated a profit of $1.60 per barrel and whilst that translated to a 2.7% rise in the price of oil, the client realised a profit of $160.
 
Clients should be reminded that while trading leverage products like Commodity CFD can bring increased profitability, they can also increase a trade’s potential loss should the market move against you.
 

See our Risk Warning

Updated 31 July 2012

Exchange Traded Funds /

Exchange Traded Commodity CFDs

Volume-based commission

Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETC) CFDs are trading identical to Stocks with Saxo Capital Markets.

These are priced as an exchange commission in percentage (%) charged on the notional value of the trade with a minimum for small trade sizes.

For North American exchanges commission is calculated as cents per contract.

Free Live Exchange Data

Trading ETF CFDs on live streaming prices with Saxo Capital Markets requires a subscription to the relevant exchange data.

To benefit from trading ETF CFDs on live streaming prices for free, you have to make at least four (4) CFD or Stock trades per exchange on your account monthly.

Note this is valid for non-professional traders only. Read more about data fee refund for active equity trading.

Order Types

Order types supported for ETFs and ETCs are similar to Single Stock CFDs.

Single Stock CFDs

Stock Bid / Ask spreads & Commissions

Single Stock CFD follows a price of an underlying Stock, hence the bid/ask spread of the CFD equals the spread of the underlying Stock.

When trading Single Stock CFDs with Saxo Capital Markets a fixed commission in percent is charged on the notional value of the trade with a minimum for small trade sizes. For North American exchanges commission is calculated as cents per contract.

Live Exchange Data

Trading Cash Stock CFDs on live streaming prices with Saxo Capital Markets requires a subscription to the relevant exchange data.

To benefit from trading Single Stock CFDs on live streaming prices without a delay for free, you have to make at least four (4) Cash Stock CFD trades on your account monthly.

Note this is valid for non-professional traders only. Read more about data fee refund for active equity trading.

Order Management

Market, Limit and Stop orders are supported. Stop Limit and Trailing Stops (the order moves in line with the market) are also available. You can place conditional 'If Done' and 'O.C.O.' (One Cancels Other) orders as well.

Market Orders

Saxo Capital Markets may choose to convert Market orders into aggressive Limit orders. This will be to comply with exchange restrictions and internal compliance.

Market orders may also be subject to a conversion by our executing brokers for the same reasons.

Please note that it is the client's responsibility to check if the order is filled in the market after order entry. Saxo Capital Markets will not be responsible for missing fills due to this.

Exchange​
NYSE MKT (AMEX – American Stock Exchange)
Australian Stock Exchange (ASX)​
Athens Exchange (AT)
London Stock Exchange (LSE_SETS)
Oslo Børs/Oslo Stock Exchange (OSE)
NASDAQ OMX Copenhagen (CSE)
NASDAQ OMX Helsinki (HSE)
Singapore Exchange (SGX-ST)
BME Spanish Exchanges (SIBE)

 

Poland - Warsaw Stock Exchange (WSE)

Broker's Market orders may be submitted to the exchange only during the continuous trading phase, except when balancing occurs. For any such order to be accepted, at least one opposite Limit order must be awaiting execution.

A broker's Market order shall be executed at the price of the best opposite buy or, as the case may be, sell order awaiting execution.

Where any Market order is partly executed, the unexecuted portion shall become a Limit order at the last price.

US - American Stock Exchange (AMEX)

Due to a limited order book on the American Stock Exchange (AMEX) Saxo Capital Markets does not support Market orders on this exchange. Clients should use Limit orders instead.

Should you experience or suspect any errors with your orders, contact Saxo Capital Marlets immediately.

Limit Orders

A Limit order is an order to buy a Stock at no higher than a predefined price or to sell a Stock at no less than a predefined price.

For example, a Buy Limit order can only be executed at the Limit price or lower. A Sell Limit order can only be executed at the limit price or higher. The advantage here of course is that a trader is able to put a minimum control on the order.

Stop Orders

A Stop order is by definition an order to get out (sell stop) or into a position (buy stop) of a position immediately.

Saxo Bank uses the Smart Order Routing process for CFDs to execute these emergency orders with access to the best available liquidity across venues at the time the order is sent.*

Stop orders are commonly used to exit positions and to protect investments in the event that the market moves against an open position.

​Stop orders are placedStop order to SELL​Stop order to BUY​
Stops on Single Stock CFDs are executed​the stop price is traded​the stop price is traded​

*Please refer to the Best Execution document for further details.

US Stop (and Market) orders

For US markets, Saxo Capital Markets uses sweep algorithms to add liquidity from more venues than the primary exchange. This implies that orders can be filled before trading commences on the primary exchange.

Market orders placed after 09:30 EST will not be filled before the Stock is crossed on the primary exchange.

Stop orders are triggered on the primary market price feed and follow the routing rules listed above for market orders.

As some stops are handled manually delays can sometimes occur.

Partial Fills

Partial fills may occur on Limit orders and the remaining amount stays in the market as a Limit order and may be filled within the order duration.

Market orders can be filled at numerous levels, the price paid will be the volume weighted average price of all the fills.

Algorithmic orders

Algorithmic orders are available for both Cash Stocks and Single Stock CFDs.

Essentially, Algorithmic orders provide clients with the opportunity to trade through various strategies with larger ticket sizes that may otherwise impact the market price.

They can also break down an order in smaller bites to avoid showing the full size of their order. This may be of particular interest for clients trading Stocks and Single Stock CFDs outside of the most liquid names.

At the moment Saxo Capital Markets places the 'Algos' for the client per request. You can see the position in the trading platforms and are able to cancel it.Initially the following 'Algo' order types are offered:

  • Reload
  • Implementation Shortfall
  • With Volume
  • VWAP
  • Smart Dark
  • Iceberg
Algorithmic orders are supported on the following exchanges:​
All US exchanges (not Pink sheets and Bulletin Board)​
London Stock Exchange (LSE_SETS)​
London Stock Exchange (IOB)​ (LSE_INTL)
NYSE Euronext Paris (PAR)
NYSE Euronext Lisbon​ (LISB)
BME Spanish Exchanges (SIBE)
SIX Swiss Exchange (Blue-Chip) (VX)​
Deutsche Börse (XETRA) (FSE)
Oslo Børs/Oslo Stock Exchange (OSE)

Short Selling CFDs

When short selling a CFD, you will be subject to the rules for the Stock market in that particular market. For example, when short selling CFDs, you may experience forced closure of a position if your CFDs get recalled.

This may happen if the underlying Stock becomes hard to borrow due to corporate events such as take overs, dividends, rights offerings (and other merger and acquisition activities) or increased hedge fund selling of the Stock.​

Local Short Selling Restrictions

Due to market conditions, a number of financial authorities are announcing rule changes that affect short-selling of physical Stocks. These rule changes are put in place to protect the integrity and quality of the securities market and strengthen investor confidence. As a consequence, the changes may affect short-selling of related CFDs.

It is the client’s responsibility to keep informed about what markets imply restrictions in short-selling. This can be done by contacting local authorities. List of CFDs available for short-selling is available under CFD Trading Conditions on Saxo trading platforms.

Australian CFDs

For Australian Single Stock CFDs, you may experience limitations on the amount of CFDs you can short trade in a single day due to limited borrowing availability in the underlying market.

Spanish CFDs

Effective November 1st, 2012, the Spanish regulator, CNMV has extended the ban on short selling of all equities or indices, including cash equities transactions, derivatives in regulated markets or OTC derivatives. This will remain in effect until the close of business, January 31st, 2013.

Greek CFDs

The following could be included: Greece: As of October 25th, 2012 'the Board of Directors of the Hellenic Capital Market Commission (HCMC) decided to extend the prohibition on short sales on the Athens Exchange for a three month period from 1st November 2012 until 31st January 2013.

Borrowing costs on Short CFDs

A borrowing cost will be applied to your short Cash Stock CFD positions held overnight.

This borrowing cost is dependent on the liquidity of the Stocks and may be zero (0) for high liquidity Stocks.

More details on the borrowing cost are available under Prices, Single Stock CFDs.

Corporate Actions

Even though clients owning Single Stock CFD positions do not own the underlying Stock, the value of their positions is still affected by corporate actions. In general, positions and prices are automatically adjusted to reflect corporate actions. 

Details on all corporate actions applied to CFDs by Saxo Capital Markets can be found in the Corporate Actions menu.

Financing overnight debit / credit

As Single Stock CFDs at Saxo Capital Markets are a margined product, you finance the traded value through an overnight credit/debit charge. Details are available under 'Overnight Financing costs' under Prices, Single Stock CFDs.

Trading example

Long Single Stock CFD trade

When you expect the price of a stock to go up, you can choose to take a long position in a Single Stock CFD.

In this example you expect the Barclays Bank share price to RISE from its current mid-price of £1.72. You have £10,000 to place on margin. With Saxo Capital Markets you have a 10:1 leverage on this instrument, meaning you only have to place 10% of the trade amount on margin.

You decide to buy 50,000 CFDs at the offer price of £1.73 which gives you a position of (50,000*£1.73) £86,500 in notional value.

Each day you hold the long position open you pay financing cost on the notional opening value of the position.

The interest rate used is LIBOR+3% (0.27144%+3% = 3.27144%). 10 days later, the Barclays price has risen and you sell the 50,000 CFDs at £1.85. 

The trade details are: 

​Opening the position How to calculate​ Amount (GBP)​
Margin Available​ £10,000 x 10​ 100,000​
Notional Transaction Value​ 50,000 x £1.73​ 86,500​
Margin used​ £86,500 x 0.10​ 8,650​
Commissions on the trade​ £86,500 x 0.10%​ -86,50​
Stamp Duty​ n/a​
Financing of position:
Financing of margin​ 3.27144% x 10 days x £86,500 / 360​ 78.61​
Borrowing costs​ n/a​
Closing of position:
Notional Transaction Value​ 50,000 x £1.85​ 92,500​
Commission on the trade​
£92,500 x 0.10%
-92.50
Profit / Loss:
Profit on trade​ £92,500 - £86,500​ 6,000​
Total Cost​ £86.50 + £78.61 + £92.50​ 257.61​
Total Profit​ £6.000 - £257.61​ 5,742.39​

 

Short Single Stock CFD trade

When you expect the price of a Stock to fall, you can choose to take a short position in a Single Stock CFD.

In this example you expect the Barclays Bank share price to FALL from its current mid-price of £1.72. You have £10,000 to place on margin. With Saxo Capital Markets you have a 10:1 leverage on this instrument, meaning you only have to place 10% of the trade amount on margin.

You decide to sell 50,000 CFDs at the offer price of £1.71 which gives you a position of (50,000*£1.71) £85,500 in notional value.

Each day you hold the short position open you receive financing cost on the notional opening value of the position.

The interest rate used is LIBID – 2.5% (0.26561%-2.5% = -2.23439%). Since the rate is negative you effectively have to pay 2.23439% overnight financing. 10 days later, the Barclays price has fallen and you sell the 50,000 CFDs at £1.65.

The trade details are:

Opening the position How to calculate​ Amount (GBP)​
Margin Available​ £10,000 x 10​ 100,000​
Notional Transaction Value​ 50,000 x £1.71​ 85,500​
Margin used​ £85,500 x 0.10​ 8,550​
Commissions on the trade​ £85,500 x 0.10%​ -85,50​
Stamp Duty​ n/a​
Financing of position:
Financing of margin​ 2.23439% x 10 days x £85,500 / 360 53.07​
Borrowing costs​ No borrowing costs on Barclays​ n/a​
Closing of position: ​ ​
Notional Transaction Value​ 50,000 x £1.65 82,500​
Commission on the trade​
£92,500 x 0.10%​
-82.50​
Profit / Loss: ​ ​
Profit on trade​ £85,500 - £82,500 3,000​
Total Cost​ £85.50 + £53.07 + £82.50​ 221.07
Total Profit​ £3.000 - £221.07​ 2,778.93

 

Local Trade Restrictions

Local trade restrictions may apply to CFDs. If you are unsure of local restrictions in your region please visit your local language website (select from the menu at the top of this page) or Contact Us for more information.