At Saxo Bank all equities trade on actual market data from the stock exchanges. To receive and trade on real-time market data, you will have to subscribe to the individual exchange. 

A subscription to live price data from an exchange gives you access to live prices on Stocks, Single Stock CFDs, ETFs/ETCs and CFDs on ETFs/ETCs from the particular exchange.

An Online Subscription Tool is available in the trading platform. In the tool, you will find a list of available exchanges and news services alongside the applicable monthly fees. You will be able to subscribe and unsubscribe to services of your choice. Further information can be found in the Subscription Tool guide, which is also available on the trading platform. 

Level 1 or Level 2 data

Level 1 price data refers to the first level of the order book on the exchange. With a Level 1 subscription you can see live, streaming, bid and offer prices.

With a Level 2 price data subscription you can see live, streaming prices as with Level 1 but on top of this you can see the market depth of bid/offer prices and the amounts available at each price point.

North America & Canada

Exchanges - CFDs and Stocks		Level 1 - Private	Level 1 - Professional	Level 2 - Private	Level 2 - Professional
	NASDAQ	7.00 USD	29.00 USD	n/a	n/a
	Nasdaq TotalView and Last Sale (NYSE and Nasdaq)	n/a	n/a	20.00 USD	128.00 USD
	New York Stock Exchange	7.00 USD	54.00 USD	n/a	n/a
	NYSE (AMEX and Arca), Bats	7.00 USD	28 USD	n/a	n/a
	Montreal Futures Exchange	8.00 USD	50.00 USD	n/a	n/a
	Toronto Stock Exchange	n/a	n/a	25.00 USD	110.00 USD
	Toronto Stock Exchange (incl. Venture)	14.00 USD	73.00 USD	n/a	n/a
	Bats U.S.	7.00 USD	14.00 USD	n/a	n/a
	S&P 500 Index	7.00 USD (Delayed)	7.00 USD (Delayed)	7.00 USD (Level 1)	7.50 USD  (Level 1)
	Dow Jones Industrial Average Index	7.00  USD (Delayed)	7.00  USD (Delayed)	7.00 USD (Level 1)	7.00 USD (Level 1)

Europe / Middle East / Africa

Exchanges - CFDs and Stocks		Level 1 - Private	Level 1 - Professional	Level 2 - Private	Level 2 - Professional
	Nasdaq OMX Copenhagen Stockholm Helsinki	7.00 EUR	45.00 EUR	10.00 EUR	84.00 EUR
	Athens Exchange	7.00 EUR	14.00 EUR	10.00 EUR	16.00 EUR
	BME Spanish Stock Exchange	7.00 EUR	42.00 EUR	18.00 EUR	73.00 EUR
	IBEX Indices	8.00 EUR	8.00 EUR	n/a	n/a
	Borsa Italiana/Milan Stock Exchange (Stocks and Futures)	7.00 EUR	21.00 EUR	10.00 EUR	69.00 EUR
	Budapest Stock Exchange	7.00 EUR	18.00 EUR	10.00 EUR	30.00 EUR
	Deutsche Börse (XETRA)	7.00 EUR	90.00 EUR	24.00 EUR	109.00 EUR
	Deutsche Börse DAX Indices	7.00 EUR	13.50 EUR	n/a	n/a
	Deutsche Börse Xetra ETFs & ETPs	1.00 EUR	7.00 EUR	n/a	n/a
	Euronext Commodities Derivatives	n/a	n/a	22.00 EUR	22.00 EUR
	Euronext Equity & Index Derivatives	7.00 EUR	n/a	50.00 EUR	50.00 EUR
	Euronext Stock Exchange	7.00 EUR	99.00 EUR	7.00 EUR	140.00 EUR
	Euronext Stock Indices	7.00 EUR	27.00 EUR	n/a	n/a
	STOXX Indices	7.00 EUR	20.00 EUR	n/a	n/a
	Euronext Dublin	7.00 EUR	29.00 EUR	7.00 EUR	29.00 EUR
	Johannesburg Stock Exchange	16.00 USD	63.00 USD	23.00 USD	87.00 USD
	London Stock Exchange	7.00 GBP	62.00 GBP	8.00 GBP	226.00 GBP
	London Stock Exchange (IOB)	6.00 GBP	34.00 GBP	n/a	n/a
	Oslo Børs/Oslo Stock Exchange	7.00 EUR	44.00 EUR	7.00 EUR	44.00 EUR
	Prague Stock Exchange	7.00 EUR	19.00 EUR	10.00 EUR	31.00 EUR
	Prague Stock Indices	Free	7.00 EUR	n/a	n/a
	SIX Swiss Exchange	8.00 CHF	38.00 CHF	113.00 CHF	113.00 CHF
	SIX Swiss Stock Indices	8.00 CHF	8.00 CHF	n/a	n/a
	Warsaw Stock Exchange	30 PLN	270 PLN	218 PLN	292 PLN
	Wiener Börse/Vienna Stock Exchange	7.00 EUR	48.00 EUR	10.00 EUR	60.00 EUR
	Wiener Börse/Vienna Stock Indices	7.00 EUR	18.00 EUR	n/a	n/a
	MEFF Spanish Futures	7.00 EUR	20.00 EUR	9.00 EUR	30.00 EUR
	European Stocks All Markets	n/a	40.00 GBP	17.00 GBP	88.00 GBP
	European Stocks BE FR NL PT	n/a	n/a	6.00 GBP	n/a
	European Stocks CH ES IT	n/a	n/a	6.00 GBP	n/a
	European Stocks DE AT	n/a	n/a	6.00 GBP	n/a
	European Stocks DK FI NO SE	n/a	n/a	6.00 GBP	n/a
	European Stocks UK IE	n/a	n/a	6.00 GBP	n/a

Asia / Pacific

Exchanges - CFDs and Stocks		Level 1 - Private	Level 1 - Professional	Level 2 - Private	Level 2 - Professional
	Australian Securities Exchange	n/a	n/a	24.00 AUD	154.00 AUD
	Hong Kong Stock Exchange (HKEX)	150.00 HKD	150.00 HKD	250.00 HKD	250.00 HKD
	Stock Connect (HK-Shanghai)	n/a	n/a	12.00 USD	29.00 USD
	Stock Connect (HK-Shenzhen)	n/a	n/a	12.00 USD	29.00 USD
	Singapore Stock Exchange	15.00 SGD	15.00 SGD	75.00 SGD	75.00 SGD
	Tokyo Stock Exchange (Stocks and Futures)	835 JPY	2875 JPY	n/a	n/a

For clients who trade equities and subscribe to real time market data, Saxo Bank has introduced a refund scheme where fees are refunded per exchange should clients trade a minimum of four (4) times across stocks, ETFs or CFDs on the exchange during each calendar month.

For the Australian Securities Exchange the minimum is six (6) trades.

Refunds are only applicable for non-professional clients subscribing to level 1 data, except for the Australian Securities Exchange where the refund applies to level 2 data.

The definition of non-professional and professional subscribers may vary by exchange. Refunds are calculated on a monthly basis but paid out on a quarterly basis.

All clients have access to delayed market data on futures exchanges on which they are enabled to trade. To receive real-time market data for Futures or Contract Options trading, you will have to subscribe to the individual exchange. An Online Subscription Tool is available in the trading platform. In the tool, you will find a list of available exchanges and news services alongside the applicable monthly fees. 

You will be able to subscribe and unsubscribe to services of your choice. Further information can be found in the Subscription Tool guide, which is also available on the trading platform. 

Level 1 or Level 2? 

• Level 1 price data refers to the first level of the order book on the exchange. With a Level 1 subscription you can see live, streaming bid and offer prices. 

• With a Level 2 price data subscription you can see the depth of the prices and the amounts available at each price point. 

When you subscribe to live prices from a derivative exchange, if the exchange offer both Futures contracts and Contract Options, live prices on both are included in the subscription. 

By default, clients have access to delayed market data on the equities and futures exchanges on which they are enabled to trade. 

To receive real-time market data for stock, CFD or futures trading, clients will have to subscribe to the individual exchanges. Clients will incur monthly subscription fees for the data they elect to receive in real time. 

An Online Subscription Tool is available on the trading platform. In the tool, clients will find a list of available exchanges and the applicable exchange fees. 

Clients will be able to subscribe and unsubscribe to services of their choice. The exchange subscription agreements can ONLY be submitted via the Subscription Tool.