LJUBLJANA STOCK EXCHANGE PRICING EXAMPLES

Transcription

1 On the basis of the European Code of Conduct for Clearing and Settlement, the Ljubljana Stock Exchange Inc. Services Fee Schedule dated 26 September 2011 and in force from 1 January 2012, the Ljubljana Stock Exchange Inc. Electronic Services Fee Schedule dated 11 April 2012 and in force from 1 October 2012, the Ljubljana Stock Exchange released on 2 January 2013, the following LJUBLJANA STOCK EXCHANGE PRICING EXAMPLES In order to illustrate the Ljubljana Stock Exchange Inc. Services Fee Schedule as of 26 September 2011 and the Ljubljana Stock Exchange Inc. Electronic Services Fee Schedule as of 11 April 2012 are applied in practice and to facilitate the understanding of the related fees and charges that the Ljubljana Stock Exchange (LJSE) charges to its customers dealing in securities, we have drawn up seven pricing examples. These examples do not cover all possible scenarios, but concentrate on the most likely situations arising out of the one-off and monthly fees for using the LJSE services as well as out of the different costs directly related to security transactions on the LJSE markets. The pricing examples provided in this document display fees involved in example transactions and can vary according to different order sizes or types of order, or various trades from such orders. Given that the LJSE does not undertake the clearing and settlement of transactions nor does it administer client accounts as part of the records of dematerialized securities, costs arising out of the said services are not included into the LJSE example calculations. The fee schedules and pricing examples of charges relating to clearing and settlement of securities are available on the web site of the Slovene Central Securities Clearing Corporation (KDD, All prices are given in.

2 Fee examples for various client and order profiles Client profile Example A Example B Example C Example D Example E Example F Example G Member firm YES YES YES YES YES YES YES Proficiency examination for traders YES YES NO YES YES YES YES Communication connectivity ISDN MPLS VPN Internet MPLS MPLS MPLS MPLS Conn. of J-Trader to LJSE terminal server NO NO YES NO NO NO NO Integral access ID1 NO YES YES NO YES NO NO Integral access ID2 NO NO NO NO NO YES NO Lease of 1 J-Trader platform Lease of 5 J-Trader platforms Lease of initial FIX or API Lease of additional FIX or API Connectivity to Xetra 1 J-Trader 4 J-Traders 5 J-Traders 2 J-Traders 9 J-Traders 10 J-Traders el. interface Fee model Section 8.3 Section 8.2 Section 8.1 Section 8.4 Section 8.4 Section 8.4 Section 8.4 Minimum monthly fee 2,500 6,000 15, Liquidity provider NO YES group S3 NO NO NO NO NO Agreement on trade publication NO YES class A YES class A YES class A YES class B YES class A YES class A KDD settlement member YES YES NO YES YES YES YES KDD securities registry member YES YES NO YES YES YES YES Transaction profile Order value 10,000 10, , , , ,000 25,000 Type of account Agent D account Proprietary Agent Agent Agent Proprietary Type of trade Xetra trade Xetra trade Xetra trade block Xetra trade reported trade Xetra trade Number of trades Order size 1 8,000 10, , , , ,000 25,000 Order size 2 2, , ,

3 LJSE transaction fees Example A Example B Example C Example D Example E Example F Example G One-off fees Decision on admitting member to LJSE Decision on admitting trader to LJSE Proficiency examination for brokers Connectivity of each J-Trader platform Connectivity to FIX Connectivity of J-Trader to LJSE terminal server , Total one-off fees , , , , Periodic fees Annual membership fee 2, , , , , , , Annual communication access 1, , , , , , , Fee for conn. of J-Trader to LJSE terminal server , Integral access ID , , , Integral access ID , Lease of 1 J-Trader platform , , Lease of 5 J-Trader platforms , Lease of initial FIX or API , Lease of additional FIX or API Monthly trade publication fee Total annual periodic fees 11, , , , , , , Transaction fees Order entry/ modification/ deletion Transact. fee for trade Transact. fee for trade Liquidity provider discount Other transaction fees Total transaction fees

4 Comments Communication costs are independent of the type of communication connection. In cases when more than one connection is used, fees are charged per each connection. The total fees for using J-Trader workstations depend on how many are leased and the charges are computed under the following Sections of the Electronic Services Fee Schedule: , , , , , LJSE has introduced electronic interfaces, which cater for access to information and order management as well as enable the simultaneous use of up to 10 J-Trader workstations (example F and Section from the LJSE Electronic Services Fee Schedule). LJSE does not charge order management (entry, modification, deletion) fees. LJSE charges fees for executed trades depending on the member s fee model (Sections 8.1., 8.2, 8.3 and 8.4 of the LJSE Services Fee Schedule). There are no minimum fees, while transaction fees do have a ceiling of 100 (Section of the LJSE Services Fee Schedule). LJSE charges fees for executed block trades under Section of the LJSE Services Fee Schedule. The minimum fee is 50, while the ceiling fee for block trades is 100. The LJSE charges transaction fees to both buyer and seller. Transaction fees in the provided calculation examples only include the fees charged to one side in a transaction. For more information on the clearing and settlement costs and costs charged for keeping accounts within the KDD system of dematerialised securities, please contact the Central Securities Clearing Corporation KDD or consult their web site at For more information on the clearing and settlement costs and costs charged for keeping accounts within the system of dematerialised securities when these services are provided indirectly, by a KDD member, please contact the respective member providing such services. Detailed pricing examples Example A: The member firm is in the fee model with the minimum monthly fee of 2,500 and therefore its transaction fee for equity deals is 0.07 % of the value of the trade. For trade 1 worth 8,000 the fee is 5.60 ( 8,000 x 0.07 %). For trade 2 worth 2,000 the fee is 1.40 ( 2,000 x 0.07 %). The total fee for the executed order thus amounts to Example B: The member firm is in the fee model with the minimum monthly fee of 6,000 and therefore its transaction fee for equity deals is 0.05 % of the value of the trade. Since the member firm is a liquidity provider that trades for type D proprietary account and has met all of its monthly obligations imposed by the Instructions, it is granted a 50 % discount off the original fee for a given security. 4

5 For a trade worth 10,000 the original fee is 5.00 ( 10,000 x 0.05 %), but after being reduced by 2.50 ( 5.00 x 50 %), the total transaction fee for the executed order comes to 2.50 ( ). Example C: The transaction fee for equity deals is 0.03 % of the value of the trade. For trade 1 worth 190,000, the transaction fee is 57 ( 190,000 x 0.03 %). For trade 2 worth 10,000, the fee is 3.00 ( 10,000 x 0.03 %). The total transaction fee for an executed order worth 200,000 thus comes to Example D: The fee for executed block trades is 0.02 % of the value of the trade, or min. 50 and max For a trade worth 150,000 the fee is ( 150,000 x 0.02 %). Since this falls below the minimum fee for a single executed block trade, the transaction fee is in fact Example E: The member firm belongs to the fee model with the minimum monthly fee of 800 and its transaction fee for equity deals is 0.08 % of the value of the trade. For trade 1 worth 190,000 the fee is 152 ( 190,000 x 0.08 %). Since this exceeds the maximum fee for a single trade, the transaction fee for trade 1 is in fact 100. For trade 2 worth 10,000, the fee is 8.00 ( 10,000 x 0.08 %). The total transaction fee for the executed order worth 200,000 thus comes Example F: The fee for reporting trades in LJSE-listed shares executed off-exchange by a member firm that has committed to pay the fee for the publication of trades executed off the regulated market is 1.00 for class A. Example G: The member firm belongs to the fee model with the minimum monthly fee of 800 and its transaction fee for equity deals is 0.08 % of the value of the trade. For trade 1 worth 250,000 the fee is ( 25,000 x 0.08 %). The total transaction fee for the order worth 25,000 is