Corporate Actions Calculations	Corporate Actions Information
Exchange Agreements	Trading Rates
Trading Conditions	Securities Transfer
Stocks as Collateral	FAQ

CBS Equities Trading Conditions

US residents

Please note that due to regulatory restrictions only Forex spot, Forex OTC options, CBS Managed FX funds, and Spot Gold and Silver can currently be offered to US residents.

Stock Exchanges and Trading Fees

CBS currently offers stock trading on the exchanges listed below.

View specific stocks traded on the exchanges.

Reuse of Stock investment collateral for other investments

CBS allows a percentage of the collateral invested in certain stocks to be used for margin trading activities (Forex, CFDs and Futures trading). See the percentage of collateral that can be used from each stock.

*Taxation on UK stocks

For UK stocks, a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction value. A PTM Levy of GBP 1 is applied to buy and sell transactions where the Gross Value of the trade exceeds GBP 10,000.
Please note that for Irish registered stocks, Stamp Duty is 1% of the transaction value.

**Taxation on Singapore stocks

For Singapore stocks, a Clearing Fee of 0.04% is payable, subject to a maximum of SGD 600.

***Taxation on Hong Kong Stocks

For Hong Kong stocks, Stamp Duty and other charges apply: 0.109%
Note: Continuous trading including a break between GMT 04:30 - 06:30.

Currency conversions

Currency conversions are done using the close rate at New York (17:00 New York time) plus/minus 0.5%.

Depositary Receipt fees

It is standard practice for US depositary receipts to charge an annual administration fee up to USD 0.02 per share depending on the issuing depositary bank. The intent of the fee is to cover costs for the banks that take on the operational processes necessary to issue and trade the depositary receipt line. Typically the fee is deducted when dividend payments are made, however, in case the depositary receipt does not pay a dividend or did not include the custodial fee in their dividend events, the fee will be administered through fee-only events.

The dividend fee is stipulated in the Deposit Agreement between the depositary bank and the company based upon industry standards. The Deposit Agreement is filed with the SEC and is readily accessible by the public.

The fee per depositary receipt is not dependent on the total amount of dividend being paid.

Split Orders

In case an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason for such increase is that the minimum fee may be charged more than one time based on the number of days necessary for the total execution of the order.

Dividends from stock positions

Dividend payments from stock positions will be credited to the clients account with any applicable standard withholding taxes deducted. CBS cannot currently support or offer preferential withholding tax rates that may be available due to residency or legal status.

Market Orders

Certain exchanges* do not support market orders. If clients place a market order in these markets, CBS will automatically translate the order to an aggressive limit order within a certain percentage limit "in the money"**. It is the clients own responsibility to check if the order is traded in the market after order entry. If clients experience or suspect any errors with their order, they should contact CBS immediately.

*Exchange	**Percentage Limit
American Stock Exchange (AMEX)	2.50%
Australian Stock Exchange (ASX)	1%
Athens Stock Exchange (AT)	2%
Oslo Stock Exchange (OSE)	2.50%
OMX Copenhagen (CSE)	2.50%
OMX Helsinki (HSE)	2.50%
OMX Stockholm (SSE)	2.50%
Singapore Exchange (SGX-ST)	1%

Some of our execution brokers may choose to translate market orders on various markets into aggressive limit orders 3% in the money. This is due to their internal compliance and is set to protect clients from "bad Fills". CBS will not be responsible for missing fills due to this.

US Stop Orders

In US markets, CBS uses sweep algorithms to add liquidity from more than the main exchange. This implies that orders can be filled before the main market is open, but as stops are only activated on the main market feed, clients can experience entrance into a position on sweep before the main market opens, but the stop will not be active before the main market opens.

Odd Lots in Nordic Markets

Orders traded in the Nordic markets (Denmark, Sweden and Norway) may be split into an "even lot" which will be traded, and a remainder which may be routed to an odd-lot order book. For the parts of an order routed to the odd-lot order book:

limit orders will be filled if possible or left until a fill is possible
market orders will be filled immediately if possible, or otherwise cancelled (fill or kill principle).

Transferring Stock

For information on transferring stock to your CBS account, please go to securities transfers.

The commission and margin rates referred to above may vary from time to time especially for very active or inactive customers. CBS reserves the right to amend the commission rates, brokerage fees, margin rates and interest rates referred to according to the terms of the trading agreement entered into between CBS and the Client.