Fixed Income Europe

Disclosures

1. Trade Value = Nominal*PriceInPercent/100.
   For example:
   Nominal = EUR 8000.
   Price = 106.62 %
   Total Value = 8000*106.62/100 = 8529.60
   Commission 0.1 % = 8529.60 * 0.001 = EUR 8.53
2. The exchange levies a charge of EUR 2.00 per order for each order over the exchange-allowed 5:1 order to execution ratio. New orders and order modifications count in the ratio, cancels do not.
   For example:
   Four orders are submitted, and each is modified one time. One execution results and the charge is EUR 6.00. The calculation is shown below:
   4 orders + 4 modifications = 8 orders compared to 1 execution, giving an order to execution ratio of 8:1.
   The difference between our order ratio of 8:1 and the exchange-allowed ratio of 5:1 is 3 (8:1 – 5:1 = 3)
   3 x EUR 2.00 = EUR 6.00
3. 1 basis point=$0.0001
4. Commissions are tiered. For example, the first 10K in face value is charged @ 0.1% and any remaining principal over 10K is charged at 0.025%.

• Value tiers are applied based on monthly cumulative trade volume summed across all stock, warrants and ETF shares. This is calculated once daily, not at the time of the trade. As such, execution reductions will start the next trading day after the threshold has been exceeded. Only shares that are traded while under the Cost Plus pricing structure will count towards the monthly volume. Share volumes for advisor, institution, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month.
• Value-Added Tax (VAT), Goods and Service Tax (GST) or other consumption taxes will be separately applied to commissions and services, where applicable, based on the prevailing rates.
• Our Tiered commission schedules (which cover commissions plus external venue fees/rebates) are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IBKR’s Tiered commission schedule may be greater than the costs paid to the relevant exchange or third party by the IBKR entity responsible for execution (Executing Broker), subject to applicable laws. For example, the Executing Broker may pay lower fees than the fees paid by clients to IBKR; likewise, rebates passed on to clients by IBKR may be less than the rebates the Executing Broker receives from the relevant exchange or third party. For example, if the Executing Broker receives higher rebates (or pays lower fees) for exceeding volume thresholds on a particular exchange / third party, it typically will not pass these volume-based incremental rebates/fee discounts directly to clients.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for bonds with USD 20,000 Face Value is submitted and 10,000 face value executes, then you modify the order and another 10,000 face value executes, a commission minimum where applicable would be applied to both 10,000 face value executions. Orders that persist overnight will be considered a new order for the purposes of determining order minimums. >
• IBKR may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of IBKR. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

* Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.