Tariffs

The Tariffs section allows you to customize markups, commission conditions and spreads for existing instrument groups.

The DEFAULT tariff is used in technical accounts of the Nominal type.

To create a new tariff setting - click ADD TARIFF under the list of available tariffs. To edit an existing tariff - select one from the list and click EDIT MODE button.

Click Add new to add a new instrument group and settings for it to one of the tariff categories.

General

In the General section, you can set the name of your tariff.

Price markups

Price Markup is a markup on the incoming price and is set for a group of instruments. You can set markups on a group of instruments for quotes, swaps and netting.

Please note! The markup value that is set here is applied to both bid and ask.

To set markup for a quote, enter Edit mode, click the Add new markup button, and in the sidepage select an instrument group and choose the way it is calculated: percent/pips/point/absolute value.

The procedure is similar to markup settings for swaps and conversions.

Please note! Conversion means only automatic conversion, the parameters of which are set in the netting settings.

Swap settings

Duplicate external swaps is an option to duplicate external swaps that the external provider provides to the client. If this option is enabled, the swap passes through the real accounts first and then the system applies rates to client accounts with a markup. Even if you select this option, it is still recommended to fill in the interest rates.

There may be a situation when your overall external position at the provider is long, and inside the provider some clients also have long positions and some short. So the long swap will apply to those positions which are long, and the short swap will be free if the interest rates are not filled because the system can only duplicate existing positions. If the total position is long, and some of the clients have shorts, then there is nothing to duplicate, and it will take the rates in Interest rates.

Invert swap rates - there are different swap rates for long and for short in the system. This function allows to take long and vice versa for short.

Zero swaps - when enabled will be held at the current day's zero swap rate.

The Markup percent on swap price option allows the markup to be applied to the swap rate instead of the swap cost. For example, if the provider's swap rate is 10 points, and a 20% markup is specified, the client's swap cost will be 12 points.

Please note! For this option to work, the swap markup must be specified in the unit of Percent per year.

Swap markup is charged on the value that is set in Interest rates. If swap rates are not set in Interest rates it will not work.

To set markup for a swap, enter Edit mode, click the Add new markup button, and in the sidepage select an instrument group and choose the way it is calculated: percent/pips/point/absolute value.

Commission conditions

The commission for a trade is set on a group of instruments (Instrument group) and is charged in one separate transaction with type Daily PL and subtype Commission. The commission is calculated at the moment of the trade execution and, at the same moment, the Current balance of the account is reduced by the commission amount. Until the moment of commission charging transaction, the commission amount is displayed in the Future cash flow section.

Click ADD NEW COMMISSION to open a side page that allows you to create and configure a new commission in the current tariff. To add a new commission, you have to specify the group of instruments to which the commission will be applied, commission volume and its measurement:

• Percent,
• Amount per contract,
• Amount per unit,
• Pips (pip size is set in the instrument),
• Points (MPI is set in the instrument),
• Fixed.

Amount per unit is calculated per unit of asset in the lot, as opposed to the Amount per contract, which only takes into account the number of lots.

When selecting the Fixed type, regardless of the trade volume, a specified commission in quoted currency of the asset is applied to the instrument group.

Please note! The additional commission value is in any case calculated based on the instrument volume in the trade.

Click ADD COMMISSION to add it to the current Tariff.

A side page will open to fill in the commission details:

Field Name	Description
Instrument group	The group of instruments to which the commission will be applied.
Commission	The commission amount (can be specified as a percentage, an amount per contract, an amount per unit, in pips, or in points).
Min order commission	The minimum commission that will be applied to an order or trade.
Min price	The minimum instrument price at which the commission is charged.
Additional value	An extra commission charged if the trade price is lower than the value specified in the Min price field.

The Enable external commission multiplier checkbox allows you to multiply the commission amount specified in the associated external trade (on real/provider account) by the value specified in the field. If the checkbox is enabled, the client will be additionally charged an external commission, that is, the one that you (the broker) pay to your external provider. If this value is used, then you must fill out the tariff for the real account so that the system knows what commission is charged to the broker.

When a commission is added - it will be reflected in the common list of commissions. If necessary, it can be edited or deleted. The commission amount will be taken into account when making a transaction. The system will check if there are enough funds to charge the commission for the trade.

The variability of commission calculation is also implemented, depending on the specified conditions. Commission calculation procedure:

• Min Price check - If it is necessary to charge different commission depending on the instrument price, when setting the commission for a group of instruments the instrument price is set, in relation to which the system checks the trade price:
• If the trade price is less than Min Price, the conditions set in a separate line in the tariff are applied. If the tariff for the given instrument group is not set in a separate line, the commission is not charged.
• If the trade price is greater or equal to Min Price - the conditions set in this line of the tariff are applied.
• Calculation of the main commission for the trade according to the value set in the Commission field.
• Calculation of additional commissions for a trade. In addition to the main tariff it is possible to set the following additional commissions:
• • Additional value - additional tariff, the fields are selected in the same way as the fields in the main tariff
• • External commision multiplier - the commission amount specified in the linked external trade (trade on Real account) will be multiplied by the specified value.

It is possible to set either one or both external commissions per trade, as well as only External commision multiplayer without setting the main/additional tariff.

• Summing up the main and additional commissions and checking the summed value against the Min order commission set for the instrument group. Min order commission is set in the calculated currency of the instrument.
• • If the sum of commissions is less than or equal to Min order commission - Min order commission is applied.
• • If the sum of commissions is greater than Min order commission - then the sum of main and additional commissions is applied.

It is also possible to set up charging of an external commission (i.e. the commission specified in the related trade on Real account) by a separate transaction (Netting settings - Promote external commission). In this case there will be two transactions of writing off the commission:

• with type Daily PL and subtype Commission - for the amount of commission calculated according to the above described procedure
• with type Daily PL and subtype External - for the amount of external commission.

Commission calculation

Commissions are calculated based on the selected measurement.

For percent:

instrument amount * multiplier * trade price * commission value / 100

For amount per contract:

instrument amount * commission value

For amount per unit:

instrument amount * lot size * commission value

For pips:

instrument amount * multiplier * commission value * instrument pips value

For points:

instrument amount * multiplier * commission value * intstument MPI

Calculation of instrument multiplier

The multiplier is calculated depending on the Price unit and Lot size specified for the instrument in the Instruments section of the system:

Price unit	Multiplier
Currency per unit	Lot size
Percent per unit	0,01
Pence per unit	0,01
Currency per lot	1

Spreads

Click ADD NEW SPREAD to add a spread markup to a group of instruments.

After selecting a spread group you can set Session type, Min spread and Max spread.

The Min. spread setting allows to protect the broker from losses, if incorrect prices are received from the liquidity provider. Setting Max. spread in similar situations allows to protect the client from losses.

Please note! The spread specified in the setting is not summarized with the raw spread, but replaces it.

Session type can be:

• Offline
• Main
• Pre market
• After market

Click Override bands to add volume bands and Extra spread to the market depth.

Click SAVE to save your spread settings.

Custody fees

Custody fee is the fee for holding securities. The following types of investments have custody fees:

1. Debts Securities and Structured Notes
2. Exchange Listed Securities

The Min month custody fee amount field allows you to specify the minimum custody fee amount. If the amount of custody fee in an already executed monthly transaction is less than the specified amount, the system will use the specified amount. The Min month custody fee currency field specifies the currency of the minimum custody fee amount.

Custody fee starts to be calculated from the moment the asset is placed in custody. Calculation is also stopped at the actual completion of the custody period. I.e. the value date of the instrument is used instead of the trade date.

Click ADD NEW CUSTODY FEE to set up a new custody fee. Click SAVE to save your сustody fee settings.

Custody fees are set up per group of instruments. Asset is a currency in which volumes are specified in the customization. By default, volumes are calculated in USD. The percentage of the custody fee is adjusted from the portfolio value. The Volume field specifies the upper trading volume of assets in the portfolio. Custody fee charge (Custody fee %) is specified as an annual percentage.

Settings example: In the example, for a portfolio with a volume up to 10,000 - 3% is charged, from 10,000 to 100,000 - 2%, for higher volume - 1%.

For correct calculation of custody fee, it is recommended to leave an empty volume for the last setting in the list. Thus, all volumes above the set volume will be charged the commission percentage specified in the last setting. If the commission percentage for such a setting is not set, then no commissions will be charged for the volumes over the specified ones.

Please note! If several volumes that correspond to the client's portfolio volume are specified in the setting, the system uses the first suitable one in the list for charging. In this regard, if an empty volume is specified for the first setting of the list, commissions will not be charged for the group of instruments, because the system will use the first setting as a suitable one for any volume.

If the percentage in the setup is specified and the volume is not, the portfolio value will not affect the charge percentage:

Please note! For equities, the commission is charged daily based on the market value of the portfolio at the end of the day. If the price of the portfolio at the end of the day has changed, the level of accruals for it may also change.

Example: Two volumes are specified in the setup - 100,000 with 10% commission and 200,000 with 5% commission. If a client has a portfolio price of 99,000 today and 102,000 the next day, the commission percentage will be 10% today (according to the first volume in the setup) and 5% tomorrow (according to the second one).

For equities, the market value of equities in the portfolio at the end of yesterday's day (yesterday's closing price in Daily operations ➝ Summary ➝ EOD rates) is used to calculate the total portfolio volume to be charged.

For bonds, the total nominal volume is used (i.e. Amount, not the market value indicated in Portfolio value).

Custody fee calculations

Calculation of the equity custody fee is as follows:

Percentage specified in the tariff (Custody fee %) * Days of holding / 365 After calculating the fee, it is rounded to the sixth digit.

The resulting fee is rounded to the absolute value, multiplied by the closing price of the day, then multiplied by the Price Multiplier specified in the Instruments ➝ Assets section.

Calculation example:

Custody fee set in the tariff for the volume up to 1000 = 15%

Trading volume of equity in portfolio (Portfolio value) = 535

Difference in days between open and closed = 1

Rounded commission percentage = 15 * 1 / 365 = 0.041096%

Commission value in Quote amount = 0.0410959% / 100 * 535 * 1 ~ 0.22 (In the table the number is displayed with a minus sign, because this is a debit operation)

Calculation of bond custody fees:

Percentage specified in the tariff (Custody fee %) * Days of holding / 365 After calculating the fee, it is rounded to the sixth digit.

The resulting fee value is rounded to the absolute value and multiplied by Revaluation Multiplier' (nominal value of the bond, specified in Instruments ➝ Assets` section).

Assets in the account

It is possible to see the existing assets in the account and determine whether a payment will be made on a particular day in the Assets ➝ Value section of a particular account in the Current balance column.

Please note: The amount of assets on which the commission will be charged in the current day can be seen in the Current balance column of the previous closed day.

Other settings

Manual orders are allowed - this function is not used in the current version of the system, it is a setting for trading with manual orders.

Swap markup cost calculations

Please note! The Last price specified in the formulas below is the last saved tick on the swapped instrument. Prices are saved every 5 seconds.

Swap markup in pips

Interest rate in points, swap markup in pips:

Swap markup cost = Interest rate + Markup * Instrument MPI / Instrument pip size * sign.

Interest rate in absolute, swap markup in pips:

Swap markup cost = Interest rate + Markup / Instrument pip size * sign.

Interest rate in percent and swap markup in pips:

Swap markup cost = Last price * (Interest rate / 100) / instrument pip size / (days in swap / days in year) + markup * sign.

Interest rate in pips, swap markup in pips:

Swap markup cost = Interest rate + Markup * sign.

Swap markup in percent

Interest rate in points, swap markup in percent:

Swap markup cost = Last price * (Swap / 100) / Instrument MPI / days in year + markup * sign.

Interest rate in pips, swap markup in percent:

Swap markup cost = Last price * (Swap / 100) / Instrument pip size / days in year + markup * sign.

Interest rate in absolute, swap markup in percent:

Swap markup cost = Swap + Last price * (Swap / 100) / days in year * sign.

Interest rate in percent, swap markup in percent:

Swap markup cost = Swap + Markup * sign.

Swap markup in absolute

Interest rate in pips, swap markup in absolute:

Swap markup cost = (Interest rate / Instrument pip size) + markup * sign.

Interest rate in points, swap markup in absolute:

Swap markup cost = (Interest rate / Instrument MPI) + markup * sign.

Interest rate in percent, swap markup in absolute:

Swap markup cost = Interest rate + Last price * (Interest rate / 100) / days in year * sign.

Interest rate in absolute, swap markup in absolute:

Swap markup cost = Interest rate + Markup * sign.

Swap markup in points

Interest rate in pips, swap markup in points:

Swap markup cost = Swap + Markup * (Instrument pip size / instrument MPI * sign).

Interest rate in percent, swap markup in points:

Swap markup cost = Swap + Last price * (Swap / 100) / Instrument MPI / days in year * sign.

Interest rate in absolute, swap markup in points:

Swap markup cost = Swap + Markup / Instrument pip size * sign.

Interest rate in points, swap markup in points:

Swap markup cost = Swap + Markup * sign.

If Interest rate is none

Interest rate is none, swap markup in percent:

Markup * sign.

Interest rate is none, swap markup in points:

Markup * sign.

Interest rate is none, swap markup in pips:

Markup * sign.

Interest rate is none, swap markup in absolute:

Markup * sign

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Click CREATE to finish with the tariff setting and save it. By clicking DUPLICATE you can create a copy of your current setting.

To save your new or edited setting click SAVE in the bottom right of the screen, CANCEL to cancel the changes and SHOW USAGE to view on which accounts this setting is used.