Futures trading conditions
These Futures Contracts are available for online trading through the SaxoTrader platform:
Futures Contract Specifications
Note: The schemes are quoted in local exchanges' time.
Order types and Order handling
Stop and Stop-Limit orders are subject to support by the exchange on which the contract is traded. The order types available are noted in the pop-up details for each contract. When Stop orders and Stop-Limit orders are not supported by the exchange, Saxo Bank offers the possibility to execute stop orders through synthetic stop orders where your order is triggered if the underlying is traded at least for one lot.
Please be aware that a Stop order on any of the CME group exchanges will change duration to a Day Order if triggered. If not filled by end of day, the order will expire.
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.
With Saxo Bank you avoid physical delivery of the underlying asset on expiry of a futures contract, which is not supported. Therefore, we advise you to take note of the expiry and first notice dates (FND) of any futures contracts in which you have positions and ensure they are closed before the appropriate day, as described below.
For some contracts, the FND which Saxo Bank utilises could be several days earlier than the FND provided by the relevant exchange. Please always refer to the trading conditions displayed on the contract in the trading platform as well as the trade ticket to see specifications for each contract before trading.
- If the expiry day is prior to the first notice day (FND) as utilised by Saxo Bank, the contract will be closed on the expiry day.
- If the FND as utilised by Saxo Bank is the same or prior to the expiry day the contract will be closed the trading day prior to such FND.
If futures positions are not closed before the relevant date, Saxo Bank will close the position on your behalf at the first available opportunity at the prevailing market rate. Any resulting costs, gains or losses will be passed on to you.
Special market conditions
Market orders
Market orders are not accepted on all contracts. Please use limit orders to hit the bid/offer.
Limit orders
A BUY Limit order cannot be higher than the current offer and a SELL Limit order cannot be lower than the current bid. If the market is moving at or around the time at which the order is placed, this order may be rejected by the exchange. Please repeat the process of placing the order again.
Stop Limit orders
Stop orders without Limits are not accepted.
The limit price specified within a Stop Limit order cannot be more than the below specified values away from the stop price.
Base Contract | Description | Ticks |
|---|---|---|
| AP | SPI 200 Index Future | 4 |
| BB | 90 Day New Zealand Bank Bill Futures | 2 |
| IB | ASX 30 Day Interbank Cash Rate | 4 |
| IR | 90 Day Bank Accepted Bills | 2 |
| XT | 10 Year T-Bond | 4 |
| YT | 3 Year T-Bond | 2 |
In case of an order that was placed where the limit price is greater than the above acceptance criteria, the order will appear as being accepted by the platform.
However, please note that upon the trigger price being touched/breached, the order will NOT be executed.
In such cases, the order will be removed from the system afterwards.
For Milling Wheat, Corn, Rapeseed & Malting Barley Saxo Bank must follow Exchange Rules with effect up to 5 days prior to expiry. As a consequence:
- Short positions may be forced closed within five days from the expiry day with a cut-off time of 16:00 CET daily.
- All open positions will be forced closed one day prior to expiry, where circumstances apply.
The tax will be applied to all Italian Derivatives whose underlying assets are equity instruments issued by Italian companies
The Italian FTT for Derivatives applies irrespective of the location of the client or the jurisdiction of the transaction, so everyone trading Italian Derivatives will have to pay new Italian FTT for Buys and Sells.
Summary of Italian FTT for Derivatives
| Notional Value of the Transaction (Euros) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Product | 0-2.5k | 2.5-5k | 5-10k | 10k-50k | 50-100k | 100-500k | 500-1,000k | Over 1,000k |
| Futures and Options | 0.00375 | 0.0075 | 0.015 | 0.075 | 0.15 | 0.75 | 1.5 | 3 |
The indirect clearing regime enables indirect clients the same protections as direct clients of clearing members (such as Saxo Bank) have on the CCP, e.g. counterparty risk on the CCP. The indirect clearing rules further extend CCP backed counterparty risk mitigation to the indirect clearing client through a segregated net or gross omnibus account held at the CCP.
Pursuant to Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, indirect clearing is not a requirement pursuant to EMIR; it is optional for “a client” (Saxo Bank) to offer indirect clearing to “indirect clients” (You).
Saxo Bank holds client positions in a segregated omnibus account in the name of Saxo Bank. This does not provide the same protections for indirect clients that hold positions in an indirect segregated omnibus account (Net or Gross) at the CCP.
From a trading and execution perspective, a client of Saxo Bank trading Futures and/or Options is trading on the exchange and orders are being routed to the regulated venue for execution. Hence, all benefits subject to the rule book of the exchange would still apply. However, the transaction between Saxo Bank and the WLC is not a cleared transaction that is recognized by the CCP (Central Counterparty Clearing House). This also means that the WLC does not have the same level of protection in the case of default within the clearing chain and is exposed to counterparty risk towards Saxo Bank A/S.
For EUR denominated power futures different pricing applies.
These commissions apply for each contract and for each trade (buy, sell or at expiry), and exclude exchange fees which are listed under the contract specifications.
| Contract | Exchange | Classic (per lot, EUR) | Platinum (per lot, EUR) | VIP (per lot, EUR) |
|---|---|---|---|---|
| Nordic Electricity Base AV Month Future (ENOFUTBLM) | NASDAQ_COM | 30 | 20 | 10 |
| Nordic Electricity Base Quarter Future (ENOFUTBLQ) | NASDAQ_COM | 90 | 60 | 30 |
| Nordic Electricity Base Yearly Future (ENOFUTBLY) | NASDAQ_COM | 360 | 240 | 120 |
Holiday Overview
During holidays, markets and exchanges around the world are closed at certain times. Upcoming holiday schedules will be posted below.
