Disclosures

1. IBKR’s Tiered commission models are not guaranteed 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. Additionally, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
2. For more information on how the monthly tiers are calculated, please click here.
3. Euronext (FR/NL/BE) – EUR 0.75 per execution exchange fee passed through on ETF products only.
4. USD-Denominated products traded on the listed European venues.
5. For more information on Third Party Transaction Fees, please see the IBKR Knowledge Base.

• 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.
• 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. Smart-routed API orders can use either the Tiered or Fixed structure.
• For European stock Algo orders, IBKR 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 exchange and regulatory fees are included, except where noted above.
• Commissions apply to all order types.