Commissions Stocks

Disclosures

1. Volume tiers are applied based on monthly cumulative trade volume summed across all US and Canadian stock and ETF shares at the time of the trade. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institutions, 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. If for example, you execute 500,000 US shares in a month, your IB Tiered fees would be:
   • 300,000 shares at USD 0.0035
   • 200,000 shares at USD 0.002
2. Plus the applicable exchange, ECN and/or specialist fees based on execution venue.
3. Maximum USD 9.79 per trade. In the case of partial executions, each execution is considered one trade.
4. Maximum 0.5% of trade value.
5. Orders where the commission cap is applied do not count towards the monthly volume tiers.
6. In the event the calculated maximum per order is less than the minimum per order, the maximum per order will be assessed. For example, a purchase to buy 10 shares of a $0.20 stock will be charged $0.02 (10 shares x 0.005/share = 0.05 commission, minimum 1.00 per Order, capped at 10 shares x 0.20 x 1% = 0.02).
7. For orders that are immediately executed against an existing bid or offer on the exchange's order book, an exchange liquidity removing fee will be added. See the Tiered North America section for details of the exchange fees.
8. For TSX USD denominated stocks only.
9. The fees include Prospective CAT Fees (on-going fee) as well as Historical CAT Assessment Fee that will expire once the historical cost is collected. Note that FINRA CAT will reevaluate the Prospective CAT Fees twice a year to reflect actual CAT costs.
10. Fractional share trades are subject to the same commission rates as whole share trades, with a minimum commission of USD 0.01. For each fractional share trade, you will be charged the greater of 1% of the trade value or USD 0.01.
    Examples:
    • When buying 50% of a share at a full share price of USD 10.00 (USD 5.00 trade value): Commission = USD 0.05
    • When buying 5% of a share at a full share price of USD 15.00 (USD 0.75 trade value): Commission = USD 0.01

• Commissions apply to all order types.
• Tiered commissions will be capped at 0.5% of trade value
• When using IB SmartRouting^SM, clients should be aware that IB may route the order to an exchange with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).
• In the Tiered (i.e., commission plus external venue fees/rebates) commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IBKR may receive enhanced rebate payments as a result of exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise, IBKR does not pass to customers all of the rebates IBKR may receive for orders in pink sheet or other OTC stocks. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
• Please note that directed API orders cannot use the Tiered fee structure. SmartRouted API orders can use either the Tiered or Fixed structure.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• 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 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• If IBKR receives a rebate payment for a pink sheet or other OTC stock execution, this rebate is not passed to the client.
• A minimum commission of USD 0.01 per trade is assessed to non-recurring fractional share trades.
• All commissions and fees include the 10% Japanese consumption tax.
• 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.

Disclosures

1. For more information on how the monthly tiers are calculated, please see the IBKR Knowledge Base.
2. For more information on Third Party Transaction Fees, please see the IBKR Knowledge Base.
3. Euronext (FR/NL/BE) – EUR 0.75 per execution exchange fee passed through on ETF products only.
4. View tiered - direct routing commission pricing on the EUIBSI exchange.

• Commissions apply to all order types.
• 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 Tiered 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.
• IBKR's Tiered (i.e., commission plus external venue fees/rebates) commission models 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 by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• 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 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• Please note that directed API orders cannot use the Tiered fee structure. SmartRouted API orders can use either the Tiered or Fixed structure.
• For European stock Algo orders, IB will apply the commission cap as follows:
  For EUR-denominated stocks every EUR 75,000 of executed value a new per order cap will be applied
  For CHF-denominated stocks every CHF 100,000 of executed value a new per order cap will be applied
  For GBP-denominated stocks every GBP 65,000 of executed value a new per order cap will be applied
• All commissions and fees include the 10% Japanese consumption tax.
• 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.
• The Panel on Takeovers and Mergers (PTM) Levy is a regulatory charge applicable to buy and sell trades in securities of eligible companies. This flat-rate levy of 1.50 GBP per qualifying trade applies conditionally. See conditions.

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

Disclosures

1. Volume tiers are applied based on monthly cumulative trade volume summed across all US stock and ETF shares at the time of the trade. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institutions, 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. If for example, you execute 500,000 US shares in a month, your IB Tiered fees would be:
   • 300,000 shares at USD 0.0035
   • 200,000 shares at USD 0.002
2. Plus the applicable exchange, ECN and/or specialist fees based on execution venue.
3. Maximum USD 9.79 per trade. In the case of partial executions, each execution is considered one trade.
4. Maximum 0.5% of trade value.
5. Orders where the commission cap is applied do not count towards the monthly volume tiers.
6. In the event the calculated maximum per order is less than the minimum per order, the maximum per order will be assessed. For example, a purchase to buy 10 shares of a $0.20 stock will be charged $0.02 (10 shares x 0.005/share = 0.05 commission, minimum 1.00 per Order, capped at 10 shares x 0.20 x 1% = 0.02).
7. For orders that are immediately executed against an existing bid or offer on the exchange's order book, an exchange liquidity removing fee will be added. See the Tiered North America section for details of the exchange fees.

• Commissions apply to all order types.
• Tiered commissions will be capped at 0.5% of trade value
• When using IB SmartRouting^SM, clients should be aware that IB may route the order to an exchange with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).
• In the Tiered (i.e., commission plus external venue fees/rebates) commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IBKR may receive enhanced rebate payments as a result of exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise, IBKR does not pass to customers all of the rebates IBKR may receive for orders in pink sheet or other OTC stocks. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
• Please note that directed API orders cannot use the Tiered fee structure. SmartRouted API orders can use either the Tiered or Fixed structure.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• 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 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• If IBKR receives a rebate payment for a pink sheet or other OTC stock execution, this rebate is not passed to the client.
• A minimum commission of USD 0.01 per trade is assessed to non-recurring fractional share trades.
• All commissions and fees include the 10% Japanese consumption tax.
• 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.

Disclosures

1. For more information on how the monthly tiers are calculated, please see the IBKR Knowledge Base.

• Commissions apply to all order types.
• Value tiers are applied based on monthly cumulative trade volume summed across all stock 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 Tiered 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.
• IBKR's Tiered (i.e., commission plus external venue fees/rebates) commission models 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 by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
• Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.
• 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 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• All commissions and fees include the 10% Japanese consumption tax.
• 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.