Interest and Financing

Benchmark Rates

Caucasus Capital uses internationally recognized benchmarks on overnight deposits as a basis for determining interest rates. We then apply a spread around the benchmark interest rate ("BM") in tiers, where larger cash balances receive increasingly better rates, to determine an effective rate.

Interest Paid to You or By You

When calculating rates, CCG uses a blended rate based on the tiers below. With the exception of CHF, CZK, DKK, EUR, JPY and SEK, if the benchmark rate plus the interest rate paid is less than 0 then the interest paid will be 0%. For balances held in CHF, CZK, DKK, EUR, JPY or SEK IB will apply an effective negative rate to long balances held as outlined in the table below.

Interest accrues and is payable on a daily basis, and CCG posts actual interest monthly on the 3rd business day of the following month.

The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

For the purposes of crediting interest on either long settled cash balances or short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit interest on long settled cash balances.

Interest Rates Charged to You on Margin Loan Balances

When calculating rates, keep in mind that CCG uses a blended rate based on the tiers below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, CCG will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0.

CCG accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month.

The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

CFD Contract Interest

Contract Interest is calculated daily on all open CFD positions held at the close of the trading session, and is applied based on trade volume as shown below:

Benchmark Rates

Caucasus Capital uses internationally recognized benchmarks on overnight deposits as a basis for determining interest rates. We then apply a spread around the benchmark interest rate ("BM") in tiers, where larger cash balances receive increasingly better rates, to determine an effective rate.

Follow the link below to find the current Benchmark Rates:

Current Benchmark Rates

Caucasus Capital accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month. For detailed examples on how we calculate interest, open the Interest Paid to You and Interest Rates Charged to You on Margin Loan Balances sections.

Interest Benchmark Definitions

Fed Funds Effective

(USD only) is the volume weighted average of the transactions processed through the Federal Reserve between member banks. It is intended to reflect the best estimate of interbank financing activity for Reserve Bank members and is the reference for many short term money market transactions in the broader market.

LIBOR

(Multiple currencies) stands for London Inter-Bank Offered Rate. It is a daily fixing for deposits with durations from overnight to 1 year and is determined by a group of large London banks. It is the most widely used measurement for interest rates on most currencies outside the domestic market(s).

EONIA

(EUR only) is the global standard for overnight Euro deposits and is determined by a weighted average of the actual transactions between major continental European banks mediated through the European Central Bank.

HIBOR

(HKD only) is a daily fixing based on a group of large Hong Kong banks. Similar methods and durations are set as for LIBOR currencies.

KORIBOR

(KRW only) is an average of the leading interest rates for KRW as determined by a group of large Korean banks. The benchmark utilizes the KORIBOR with 1 week maturity.

STIBOR

(SEK only) is a daily fixing based on a group of large Swedish banks. The same methods and durations are set as for LIBOR currencies.

RUONIA

(RUB) is a weighted rate of overnight Ruble loans. The RUONIA is calculated by the Bank of Russia.

PRIBOR

(CZK) is the average interest rate at which term deposits are offered between prime banks.

BUBOR

(HUF) is the average interest rate at which term deposits are offered between prime banks

TIIE

(MXN only) is the interbank "equilibrium" rate based on the quotes provided by money center banks as calculated by the Mexican Central Bank. The benchmark TIIE is based on 28-day deposits so is atypical as a measure for short term funds (most currencies have an overnight or similar short term benchmark).

Overnight

(O/N) rate is the most widely used short term benchmark and represents the rate for balances held from today until the next business day.

Spot-Next

(S/N) refers to the rate on balances from the next business day to the business day thereafter. Due to time zone and other criteria, Spot-Next rates are sometimes used as the short-term reference.

RBA Daily Cash Target

(AUD) refers to a 1 day rate set by the Reserve Bank of Australia to influence short term interest rates.

NZD Daily Cash Target

(NZD) refers to a 1 day rate set by the Reserve Bank of New Zealand to influence short term interest rates.

CNH HIBOR Overnight Fixing Rate

For the calculation of interest, IB follows market convention and will not include fixings made on a CNH, CNY or HKD holiday.

Day-Count conventions:

IB conforms to the international standards for day-counting wherein deposits rates for most currencies are expressed in terms of a 360 day year, while for other currencies (ex: GBP) the convention is a 365 day year.

Interest Paid to You or By You

Interest Paid to You on Positive (Credit) Cash Balances

BM = Benchmark Rate

Currency Tier Rate Paid
USD 0 - 10,000 0%
  10,000.01 + BM - 1.5%
AUD 0 - 14,000 0%
  14,000.01 - 140,000 BM - 1.5%
  140,000.01 + BM - 1.25%
CAD 0 - 14,000 0%
  14,000.01 + BM - 1.5%
CHF 0 - 100,000 0%
  100,000.01 + BM - 0.25%
CNY/CNH All 0%
CZK 0 - 2,500,000 0%
  2,500,000.01 + BM - 0.25%
DKK 0 - 700,000 0%
  700,000.01 + BM - 0.25%
EUR 0 - 100,000 0%
  100,000.01 + BM - 0.25%
GBP 0 - 8,000 0%
  8,000.01 + BM - 1.5%
HKD 0 - 78,000 0%
  78,000.01 + BM - 1.75%
HUF 0 - 2,800,000 0%
  2,800,000.01 + BM - 4%
ILS All 0%
INR All 0%
JPY 0 - 11,000,000 0%
  11,000,000.01 + BM - 0.25%
KRW 0 - 12,000,000 0%
  12,000,000.01 + BM - 2.5%
MXN 0 - 190,000 0%
  190,000.01 + BM - 5%
NOK 0 - 85,000 0%
  85,000.01 + BM - 3.5%
NZD 0 - 15,000 0%
  15,000.01 + BM - 3.5%
PLN 0 - 400,000 0%
  400,000.01 + BM - 3%
RUB 0 - 700,000 0%
  700,000.01 + BM - 6%
SEK 0 - 850,000 0%
  850,000.01 + BM - 0.25%
SGD 0 - 15,000 0%
  15,000.01 + BM - 2%
ZAR 0 - 150,000 0%
  150,000.01 + BM - 4%

Interest Paid to You on Short Sale Proceeds Cash Balances

For the purposes of crediting interest on either long settled cash balances or short stock collateral values, only accounts with Net Asset Value (NAV) exceeding USD 100,000 will be eligible to receive credit interest on long settled cash balances.

BM = Benchmark Rate

Currency Tier Rate Paid
USD 0 - 100,000 0%
  100,000.01 - 1,000,000 BM - 2.25%
  1,000,000.01 - 3,000,000 BM - 1.5%
  3,000,000.01 + BM - 1.25%
CAD 0 - 140,000 0%
  140,000.01 - 1,400,000 BM - 2.75%
  1,400,000.01 - 3,000,000 BM - 2.1%
  3,000,000.01 + BM - 1.9%
CHF 0 - 100,000 BM - 0.25%
  100,000.01 + BM - 2.25%
EUR 0 - 100,000 BM - 0.25%
  100,000.01+ BM - 2.25%
GBP 0 - 80,000 0%
  80,000.01+ BM - 3.25%
MXN 0 - 1,900,000 0%
  1,900,000.01+ BM - 5%
SEK 0 - 850,000 BM - 0.25%
  850,000.01+ BM - 2.25%
AUD 0 - 140,000 0%
  140,000.01 + BM - 3.25%
HKD 0 - 780,000 0%
  780,000.01 BM - 3.25%
Disclosures

1. The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further.

• Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, we recommend clients to use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management

Interest Rates Charged to You on Margin Loan Balances

When calculating rates, keep in mind that IB uses a blended rate based on the tiers below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, IB will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0.

IB accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month

The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.

BM = Benchmark Rate

Currency Loan Amount Rate Charged
USD 0 - 100,000 BM + 2.5%
  100,000.01 - 1,000,000 BM + 2%
  1,000,000.01 - 3,000,000 BM + 1.5%
  3,000,000.01 - 200,000,000 BM + 1.25%
  200,000,000.01 + BM + 1.25% See note below
AUD 0 - 140,000 4.25% (BM + 2.5%)
  140,000.01 - 1,400,000 BM + 2%
  1,400,000.01 - 140,000,000 BM + 1.5%
  140,000,000.01 + BM + 1.5% See note below
CAD 0 - 140,000 BM + 2.5%
  140,000.01 - 1,400,000 BM + 2%
  1,400,000.01 - 140,000,000 BM + 1.5%
  140,000,000.01 + BM + 1.5% See note below
CHF 0 - 100,000 BM + 2.5%
  100,000.01 - 1,000,000 BM + 2%
  1,000,000.01 - 200,000,000 BM + 1.5%
  200,000,000.01 + BM + 1.5% See note below
CNY/CNH 0 - 625,000 BM + 6%
  625,000.01 - 6,250,000 BM + 6%
  6,250,000.01 - 125,000,000 BM + 6%
  125,000,000.01 + BM + 6% See note below
CZK 0 - 400,000,000 BM + 4%
  400,000,000.01 + BM + 4% See note below
DKK 0 - 120,000,000 BM + 4%
  120,000,000.01 + BM + 4% See note below
EUR 0 - 100,000 BM + 2.5%
  100,000.01 - 1,000,000 BM + 2%
  1,000,000.01 - 150,000,000 BM + 1.5%
  150,000,000.01 + BM + 1.5% See note below
GBP 0 - 80,000 BM + 2.5%
  80,000.01 - 800,000 BM + 2%
  800,000.01 - 160,000,000 BM + 1.5%
  160,000,000.01 + BM + 1.5% See note below
HKD 0 - 780,000 BM + 2.5%
  780,000.01 - 7,800,000 BM + 2%
  7,800,000.01 - 780,000,000 BM + 2.5%
  780,000,000.01 + BM + 2.5% See note below
HUF 0 - 4,500,000,000 BM + 6%
  4,500,000,000.01 + BM + 6% See note below
ILS 0 - 80,000,000 BM + 6%
  80,000,000.01 + BM + 6% See note below
INR All BM + 4%
JPY 0 - 11,000,000 BM + 2.5%
  11,000,000.01 - 110,000,000 BM + 2%
  110,000,000.01 - 20,000,000,000 BM + 1.5%
  20,000,000,000.01 + BM + 1.5% See note below
KRW 0 - 120,000,000 BM + 3%
  120,000,000.01 - 1,200,000,000 BM + 2.5%
  1,200,000,000.01 - 24,000,000,000 BM + 2%
  24,000,000,000.01 + BM + 2% See note below
MXN 0 - 1,900,000 BM + 4%
  1,900,000.01 - 19,000,000 BM + 3%
  19,000,000.01 - 1,900,000,000 BM + 2.5%
  1,900,000,000.01 + BM + 2.5% See note below

NOK

0 - 850,000

BM + 2.5%

 

850,000.01 - 8,500,000

BM + 2%

 

8,500,000.01 - 850,000,000

BM + 1.5%

 

850,000,000.01 +

BM + 1.5% See note below

NZD

0 - 150,000

BM + 2.5%

 

150,000.01 - 1,500,000

BM + 2%

 

1,500,000.01 - 150,000,000

BM + 1.75%

 

150,000,000.01 +

BM + 1.75% See note below

PLN

0 - 70,000,000

BM + 4%

 

70,000,000.01 +

BM + 5% See note below

RUB

0 - 660,000,000

BM + 6%

 

660,000,000.01 +

BM + 6% See note below

SEK

0 - 850,000

BM + 2.5%

 

850,000.01 - 8,500,000

BM + 2%

 

8,500,000.01 - 850,000,000

BM + 1.5%

 

850,000,000.01 +

BM + 1.5% See note below

SGD

0 - 150,000

BM + 2.5%

 

150,000.01 - 1,500,000

BM + 2%

 

1,500,000.01 - 150,000,000

BM + 1.5%

 

150,000,000.01 +

BM + 1.5% See note below

ZAR

0 - 240,000,000

BM + 4.5%

 

240,000,000.01 - 2,500,000,000

BM + 4%

 

2,500,000,000.01 +

BM + 4% See note below

Note:

May be subject to a 1% surcharge applied to the spread if financing is not pre-arranged.

Disclosures

1. The applied rate may be reduced if pre-arranged. Please contact Customer Service to discuss further

• Costs for position borrowing of stocks with special considerations (for example hard to borrow instruments) are usually higher than for normal availability stocks. These additional costs will be passed on in the form of lower short stock credit interest. Please note that this may lead to a net debit short stock credit interest in the event that the costs to borrow exceed the interest earned. In order to view the indicative short stock interest rates for a specific stock, we recommend clients to use the Short Stock (SLB) Availability Tool in the Support > Tools menu in Account Management.

CFD Contract Interest

Contract Interest is calculated daily on all open CFD positions held at the close of the trading session, and is applied based on trade volume as shown below:

Share CFDs

 

Balance Cutoffs

Contract Interest Charged/Paid on Open CFD Positions

Currency

Position

Tier I

Tier II

Share CFDs
Below Tier I

Share CFDs
Between Tier I 

and Tier II

Share CFDs
Above Tier II

AUD

Long/Short 1

140,000

1,400,000

 BM +/- 2.5%

BM +/- 2.5%

BM +/- 2.5%

CHF

Long/Short 1

100,000

1,000,000

BM +/- 2.5%

 BM +/- 2%

 BM +/- 1.5%

CZK

Long/Short 1

N/A

N/A

BM +/- 4%

 BM +/- 4%

BM +/- 4%

DKK

Long/Short 1

N/A

N/A

 BM +/- 2.5%

 BM +/- 2.5%

 BM +/- 2.5%

EUR

Long/Short 1

100,000

1,000,000

BM +/- 2.5%

 BM +/- 2%

BM +/- 1.5%

GBP

Long/Short 1

80,000

800,000

 BM +/- 2.5%

 BM +/- 2%

 BM +/- 1.5%

HKD

Long/Short 1

780,000

7,800,000

 BM +/- 2.5%

 BM +/- 2.5%

 BM +/- 2.5%

JPY

Long/Short 1

N/A

N/A

BM +/- 2.5%

BM +/- 2.5%

 BM +/- 2.5%

NOK

Long/Short 1

850,000

8,500,000

BM +/- 2.5%

BM +/- 2%

 BM +/- 1.5%

SEK

Long/Short 1

850,000

8,500,000

 BM +/- 2.5%

BM +/- 2%

-BM +/- 1.5%

SGD

Long/Short 1

130,000

1,300,000

BM +/- 3%

 BM +/- 3%

 BM +/- 3%

USD

Long/Short 1

100,000

1,000,000

 BM +/- 2.5%

 BM +/- 2%

 BM +/- 1.5%

Stock Borrow Fee

An additional borrow charge is levied on short CFD Positions, determined for each stock individually based on market borrow rates. we will provide non-binding, indicative borrow rates to clients. Borrow rates may change without notice over the life of the short position based on market conditions.

Disclosures

1. For long open positions, your account will be charged interest. For short open positions, your account will generally be paid interest, except in cases where the contract interest rate is negative. When the rate is negative, your account will be charged interest.

Index CFDs

Currency

Position

Contract Interest Charged/Paid on Open CFD Positions*

AUD

Long/Short 1

 BM +/- 2.5%

CHF

Long/Short 1

 BM +/- 2.5%

EUR

Long/Short 1

 BM +/- 2.5%

GBP

Long/Short 1

 BM +/- 2.5%

HKD

Long/Short 1

 BM +/- 2.5%

JPY

Long/Short 1

 BM +/- 2.5%

USD

Long/Short 1

 BM +/- 2.5%

 

Note:

*Index CFD interest is charged at a uniform rate of BM +/- 2.5% regardless of balance. Index CFD balances are not included in the determination of the applicable rate for Share CFDs

The relevant benchmark rate used to calculate the contract interest rates above can be found on the Interest Schedule page. Contract interest rates are determined by Caucasus Capital and may be adjusted from time to time at Caucasus Capital's discretion.

Contract interest is always applied in the contract currency of the CFD, and is calculated using the formula:

Contract Interest = I x UPV x N/360 (365 for GBP

I =

The Contract Interest rate

UPV =

The Underlying Position Value, calculated as the CFD Daily Settlement Price x number of contracts.

N =

The number of days for which the contract interest is being calculated.

 

Forex CFDs

Carry interest is calculated daily on all open CFD positions held at the close of the trading session, and is applied as a blended rate based on notional balances as shown below.

The carry interest for Forex CFDs is based on a currency-pair specific benchmark and a spread. The benchmark is the difference between the IB benchmark rates for the two currencies. It is calculated as + BM Base currency - BM Quote currency. For example, April 21, 2016 the GBP benchmark rate was 0.483%, the USD rate was 0.37%. The applicable benchmark rate is:

Currency Pair

BM Base Currency

BM Quote Currency

 

Pair BM (Base BM - Quote BM)

GBP.USD

0.483%

0.370%

=

0.113%

 

 

The applicable customer rate is (Pair BM - CCG spread) for long positions, (Pair BM + CCG spread) for short positions. It is important to note that the long rate is applied as a credit, the short rate as a debit. Consequently for a long position a positive rate means a credit, a negative rate a charge. However for short positions a positive rate means a charge, a negative rate a credit. For example:

Currency Pair

Position

Pair BM

CCG Spread

 

Applicable Customer Rate

GBP.USD

Long

0.113%

-2.00%

=

-1.887%

GBP.USD

Short

0.113%

2.00%

=

2.113%


Interest is calculated on the contract value expressed in the quote currency, and credited or debited in that currency. For example:

Currency Pair

Position

GBP.USD Close

USD Value

Daily Interest Rate

USD

GBP.USD

-20,000

1.43232

-28,646.40

2.113%

-1.68

Forex CFDs*

 

Balance Cutoffs         (in Quote Currency)

Contract Interest Charged/Paid on Open CFD Positions

Currency Pair

Position

Tier I

Tier II

Forex CFDs
Below Tier I

Forex CFDs
Between Tier I & II

Forex CFDs
Above Tier II

AUD.CAD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

AUD.CHF

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

AUD.CNH

Long/Short1

6500000

65000000

Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

AUD.HKD

Long/Short1

8000000

80000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

AUD.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

AUD.NZD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

AUD.SGD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

AUD.USD

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

AUD.ZAR

Long/Short1

14000000

140000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

CAD.CHF

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

CAD.CNH

Long/Short1

6500000

65000000

Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

CAD.HKD

Long/Short1

8000000

80000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

CAD.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

CHF.CNH

Long/Short1

6500000

65000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

CHF.DKK

Long/Short1

6500000

65000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

CHF.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

CHF.NOK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

CHF.SEK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

CHF.ZAR

Long/Short1

14000000

140000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

CNH.HKD

Long/Short1

8000000

80000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

CNH.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2.5%

Pair BM -/+ 2.25%

Pair BM -/+ 2%

DKK.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

Pair BM -/+ 1.5%

DKK.NOK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

DKK.SEK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.AUD

Long/Short1

1300000

13000000

Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.CAD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.CHF

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.CNH

Long/Short1

6500000

65000000

Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

EUR.CZK

Long/Short1

25000000

250000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

EUR.DKK

Long/Short1

6500000

65000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.GBP

Long/Short1

700000

7000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.HKD

Long/Short1

8000000

80000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

EUR.HUF

Long/Short1

280000000

2800000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

EUR.ILS

Long/Short1

4000000

40000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

EUR.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.MXN

Long/Short1

17000000

170000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

EUR.NOK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.NZD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.PLN

Long/Short1

4000000

40000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

EUR.RUB

Long/Short1

70000000

700000000

Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

Pair BM -/+ 2%

EUR.SEK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.SGD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.USD

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

EUR.ZAR

Long/Short1

14000000

140000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

GBP.AUD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.CAD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.CHF

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.CNH

Long/Short1

6500000

65000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

GBP.DKK

Long/Short1

6500000

65000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.HKD

Long/Short1

8000000

80000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

GBP.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.MXN

Long/Short1

17000000

170000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

GBP.NOK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.NZD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.SEK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.USD

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

GBP.ZAR

Long/Short1

14000000

140000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

HKD.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2.5%

-Pair BM -/+ 2.25%

 Pair BM -/+ 2%

MXN.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2.5%

Pair BM -/+ 2.25%

 Pair BM -/+ 2%

NOK.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

NOK.SEK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

NZD.CAD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

NZD.CHF

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

NZD.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

NZD.USD

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

SEK.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

SGD.CNH

Long/Short1

6500000

65000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

SGD.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.CAD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.CHF

Long/Short1

1000000

10000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.CNH

Long/Short1

6500000

65000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.CZK

Long/Short1

25000000

250000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.DKK

Long/Short1

6500000

65000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.HKD

Long/Short1

8000000

80000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.HUF

Long/Short1

280000000

2800000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.ILS

Long/Short1

4000000

40000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.MXN

Long/Short1

17000000

170000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.NOK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.PLN

Long/Short1

4000000

40000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.RUB

Long/Short1

70000000

700000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

USD.SEK

Long/Short1

8000000

80000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.SGD

Long/Short1

1300000

13000000

 Pair BM -/+ 2%

 Pair BM -/+ 1.75%

 Pair BM -/+ 1.5%

USD.ZAR

Long/Short1

14000000

140000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

ZAR.JPY

Long/Short1

110000000

1100000000

 Pair BM -/+ 2.5%

 Pair BM -/+ 2.25%

 Pair BM -/+ 2%

Note:

* Interest on Forex CFD balances is calculated on a stand-alone contract basis, and not combined or netted with other currency exposures, including Spot FX. Although IB does not directly reference swap rates, IB reserves the right to apply higher spreads in exceptional market conditions, such as during spikes in swap rates that can occur around fiscal year-ends.

1. For Forex CFDs a positive rate will be paid to your account if your position is long, and charged to your account if your position is short. The reverse applies to negative Forex CFD rates.