Nasdaq Dubai Fees - March 2018

Transcription

1. Nasdaq Dubai Fees Overview of fees for all Nasdaq Dubai services & products MARCH 2018
2. CONTENTS 1 MEMBERSHIP FEES 3 2 TRADING MEMBER CONNECTIVITY FEES 3 2 .1 TRADER WORKSTATION USER FEES 3 2.2 INTERNATIONAL CONNECTIVITY FEES 3 2.3 EQUATOR WORKSTATION USER FEES 3 ON-EXCHANGE TRADING, CLEARING AND SETTLEMENT FEES 4 3.1 EQUITIES, CLOSE ENDED FUNDS, STRUCTURED PRODUCTS, ETFS AND ETCS 4 3.2 DERIVATIVES 3.3 DEBT SECURITIES TRADED ON NASDAQ DUBAI AND SETTLED THROUGH EUROCLEAR BANK 4 5 3 4 CENTRAL SECURITIES DEPOSITORY (CSD) FEES 6 4.1 CUSTODY FEES 6 4.2 SECURITIES TRANSFER FEES 7 4.3 SECURITIES PLEDGE FEES - BANK MORTGAGE (PLEDGE) 8 4.4 DEAL CORRECTION FEES 8 4.5 RECEIPT INTO/DELIVERY OUT OF CSD (MARK-UP/MARK-DOWN) 8 4.6 THIRD PARTY FEES 8 5 REPORTS 9 6 SWIFT FEES - PER OUTGOING MESSAGE 9 7 MARKET DATA DISTRIBUTION FEES 9 8 INVESTOR SERVICE FEES 10 9 OTHER SERVICES 10 10 CORPORATE ACTION - CASH PAYMENT 10 11 ISSUER FEES 11 11.1 ADMISSION AND ANNUAL FEES 11 11.2 CENTRAL SECURITIES DEPOSITORY FEES (CSD) 12 11.3 ISSUANCE OF IDENTIFICATION NUMBER FOR SECURITIES IN THE DIFC 13 Page 2 of 14 Nasdaq Dubai Fees
3. 1 . 2. MEMBERSHIP FEES Fee components Fees Application processing fee $5,000 Annual fee $10,000 TRADING MEMBER CONNECTIVITY FEES Nasdaq Dubai will recover from the Member the cost of the equipment, installation and maintenance relating to their connection. 2.1 TRADER WORKSTATION USER FEES Fee components Fees per month * First connection (compulsory) $1,000 * Subsequent connection (optional) $500 ✦ ✦ It is mandatory for Members to have at least one X-Stream workstation be available as a backup connectivity should the Member face any difficulty connecting via another trading platform. Any subsequent connection will be charged according to the schedule above. * Note: Not applicable for Dubai Financial Market participants already using Trader Workstation 2.2 INTERNATIONAL CONNECTIVITY FEES Fee components Fees per month For each Member/vendor $1,100 ✦ This fee applies for Members using Nasdaq Dubai’s London infrastructure to connect to the trading platform via the London Distribution Gateway. 2.3 EQUATOR WORKSTATION USER FEES Fee components Fees per annum * Up to six users $6,800 * Each additional user $275 ✦ This fee is charged only to Members and Custodians requiring CSD system (Equator) access * Not applicable for Dubai Financial Market participants already using Equator system Nasdaq Dubai Fees Page 3 of 14
4. 3 . ON-EXCHANGE TRADING, CLEARING AND SETTLEMENT FEES 3.1 EQUITIES, CLOSE ENDED FUNDS, STRUCTURED PRODUCTS, ETFS AND ETCS Equities (USD) Fee components Fees Trading 0.05% on executed order value (min. $5) + $3 per executed order Clearing/CSD/Settlement 0.05% on executed order value (min. $3) Buy-In trades (levied on clearing Member): Buy-In Bids Buy-In Offers ✦ ✦ No fees Market fees: 0.05% on executed order value - Min. $5 CSD fees: 0.05% on executed order value - Min. $3. Trade related fees will be paid in $ only. If the order was partially executed in a trading day, then fees are charged on executed value of that trading day. Equities (AED) Fee components Fees Trading 0.05% on executed order value (min. AED 20) + AED 10 per executed order Clearing/CSD/Settlement 0.05% on executed order value (min. AED 10) Buy-In trades (levied on clearing Member): Buy-In Bids Buy-In Offers ✦ ✦ No fees Market fees: 0.05% on executed order value - Min. AED 20 CSD fees: 0.05% on executed order value - Min. AED 10 Trade related fees will be paid in AED only. If the order was partially executed in a trading day, then fees are charged on executed value of that trading day. 3.2 DERIVATIVES Futures Fee components Fees Single Stock Futures 5 basis points - Trading & Clearing Stock Index Futures 1 basis points - Trading & Clearing ✦ ✦ ✦ Fee calculation is based on “Contract Value”. Contract Value = future price * No. of contracts * contract multiplier. Trading & Clearing fees are charged at execution & on expiry date (for open position NOT closed by Members). Options Page 4 of 14 Fee components Fees Single Stock Options $0.05 per contract for trading & clearing; $0.05 for exercise Stock Index Options $0.03 per contract for trading & clearing; $0.03 for exercise Nasdaq Dubai Fees
5. On-exchange trading , clearing and settlement fees continued 3.3 DEBT SECURITIES TRADED ON NASDAQ DUBAI AND SETTLED THROUGH EUROCLEAR BANK A. Trading fees for trades executed on Nasdaq Dubai Debt Securities trading platform: Trading Members Trading Fees Price makers (refer to note 1) No fees: Refer to point B on Cash Incentive Scheme Price takers (refer to note 2) 2 basis points on trade value (refer to note 4 for calculation of trade value) B. Cash incentive scheme for Debt Securities trading platform: Trade Value (USD) in a Calendar month Cash Incentive provided to price makers Up to and including 10 million Trading fees: No fees will be charged on execution Cash incentive : Nil Trading fees: Nil Cash incentive: 0.25 basis point on value traded in a month (for trade value above USD 10 million) Above 10 million and up to and including 50 million Above 50 million Trading fees : Nil 0.50 basis point on value traded in a month (for trade value above USD 50 million) Notes : 1. 2. 3. 4. 5. 6. 7. In an executed trade, price makers are Trading Members whose orders are entered 1st in an executed trade to provide quotes on the trading platform. In an executed trade, price takers are Trading Members whose orders are entered 2nd in an executed trade to execute and lift quotes from the trading platform. Order timestamp on the executed trade will be used to decide if the order was a price maker order or price taker order. Trade Value = Trade price x nominal value x number of securities Trading fees and cash incentives will be calculated on monthly basis and relevant debit/credit will be made in the Member’s account within 7 business days of the following month. Any query regarding calculation must be raised to Nasdaq Dubai within 3 business days of crediting/debiting the cash to the Members account. Nasdaq Dubai will have the final decision in the calculation and interpretation of this scheme Nasdaq Dubai Fees Page 5 of 14
6. 4 . CENTRAL SECURITIES DESPOSITORY (CSD) FEES 4.1 CUSTODY FEES Securities held for conversion depository receipts/interests Fee components Fees Custody fees of securities held for facilitating conversions 5 basis points (0.05%) per annum * the value held calculated daily/charged monthly Fixed income bonds and Sukuk held in CSD Fee components Fees (basis points per annum) * Rates based on nominal value of debt holdings in CSD - in USD Millions Less than $100 1.10 $100 to $1,000 0.80 $1,001 to $5,000 0.52 $5,001 to $10,000 0.40 $10,001 to $50,000 0.38 $50,001 to $100,000 0.28 $100,001 to $150,000 0.27 $150,001 to $250,000 0.26 $250,001 to $500,000 0.22 Above $500,000 0.19 Fixed Income Securities issued in International CSD (i.e. Euroclear Bank SA/NV and Clearstream Banking SA, Luxembourg) and held in Nasdaq Dubai CSD Fee components Custody fees for securities from International CSD held in Nasdaq Dubai CSD via CSD links Fees 1.5 basis points per annum (0.015%) of the value held calculated daily/charged monthly Equity and structured products Fee components Fees * Annual custody fees that include custodian membership 0.25 basis point per annum (0.0025%) of average market value of products held by custodian; Min. of $10,000 and daily electronic reports * Annual custody fees for custodians (without settlement agent) holding omnibus account in their name 0.25 basis point per annum (0.0025%) of average market value of products held by custodian; Min. of $2,500 * These fees will be charged in the month of January based on the average market value of assets held in the previous financial year. Page 6 of 14 Nasdaq Dubai Fees
7. Central Securities Depository (CSD) Fees continued 4.2 SECURITIES TRANSFER FEES All transfer fees are charged to transferee unless otherwise specified below: Fee components Fees Between two investors Family transfer (marital partner, parent, child, sisters, brothers or grandparent), Inheritance or judicial transfer of securities (charged to the transferee only) 0.20% of market value of shares Min. of $7 Transfer of securities from sole proprietorship (or institution) to individual account and vice versa 0.20% of the market value of shares Min. of $7- per transferred security 0.40% of the market value securities held from both transferor and transferee; Min. of $14 0.5% of the market value of shares Min. of $82 Transfer of securities from founder to another founder of the same listed company (registry shareholder) Transfer of securities ownership from investor to another due to pre-regulated market securities assignments Transfer from company to one of partners’ individual accounts and vice versa, OR Transfer from company to another company (same owners), OR Transfer from sole proprietorship to company and vice versa (common party in both accounts), OR Transfer from joint account to one of partners’ individual accounts or vice versa, OR Transfer from joint account to another (common partner in both accounts) 0.20% of the market value of shares Min. of $7 Custodian’s/Members request for security transfer Transfers due to migration to NIN structure (Nasdaq Dubai and DFM consolidation) Fees are waived until further notice Approved transfers where this no change in beneficial ownership from one custodian to another, OR Between two client omnibus accounts held through a custodian, OR From investor accounts into client omnibus account held by custodian, OR From client omnibus account held by custodian to an investor account $82 - per security symbol charged to transferee party Approved transfers related to Cross border links $10 per transfer instruction charged to instructing Custodian/Member Approved transfers to facilitate stock lending and borrowing (For market making purposes) Approved transfers to facilitate stock lending and borrowing (for any other purposes including Repo, Sell & Buy Back, etc..) Release of transfer to facilitate stock lending and borrowing $82 per transfer request 0.20% of market value of share Min. of $28 $28 - per transfer Brokerage/Member merger Merger of Member participants $27,250 from one party Transfer to facilitate GDR/DI/ORDS conversions Transferring securities from or to CSD 0.01% of the value subject to a Min. of $100 Transfer of Debt securities within CSD or between ICSD and CSD Transferring securities within CSD or between ICSD and CSD involving change in beneficial ownership 0.01% per each side of the transaction, calculated based on a multiple of the face value of the security being transferred Note: Any other approved transfer not covered in this price schedule will be charged 0.20% of the market value of shares, min of $7 Nasdaq Dubai Fees Page 7 of 14
8. Central Securities Depository (CSD) Fees continued Transfer of Islamic Securities related to Murabaha transactions involving a change in beneficial ownership Transfers related to retail transactions Monthly value of transactions (USD million)* Fees per transactions (bps on face value of transaction) 0 to 200 20 bps above 200 up to 400 (i.e 2 bps fees rebate on value above USD 200 million) above 400 (i.e 3 bps fees rebate on value above USD 400 million) Transfers related to corporate transactions (includes all non-retail and credit card related transactions) USD 2.5 per value of USD 1 million (or part there of ) Notes: * These fees are applied only on transfers for Islamic Certificate transfers in the Nasdaq Dubai CSD. * Transaction value is the value of securities that are being transferred for the entire financing deal i.e. all Nasdaq Dubai CSD transfers between parties involved in a financing deal. * Nasdaq Dubai will issue fee invoice on a weekly basis which shall be payable within three (3) business days. Nasdaq Dubai will provide fees rebate at the end of each month if the monthly value of the transaction falls within the rebate scheme. 4.3 SECURITIES PLEDGE FEES - BANK MORTGAGE (PLEDGE) Fee components Fees For an individual investor Pledge creation (fees on basis of value of assets pledged) Equity: 0.20% of market value, Min. of $28 ———————————————————————————— Fixed income debts and Sukuk: 0.02% of nominal value, Min. of $28 Transfer of pledged securities to a broker for selling purpose $28 - per transfer Release of a pledge $28 - per transfer Preparation of pledge reports (hard copies) $55 for first 20 pages; $5.5 for every additional page with a Max. of $4,100 Preparation of pledge reports (soft copies) $0.14 per listed investor, Min. of $55 and Max. of $800 4.4 DEAL CORRECTION FEES Fee components Fees NIN Correction of deal after settlement * 0.10% of trade value, Min. of $30 per order *This is specific to correction of trades executed erroneously per published procedures 4.5 RECEIPT INTO/DELIVERY OUT OF CSD (MARK-UP/MARK-DOWN) Page 8 of 14 Fee components Fees Receipt into/delivery out of CSD instruction for securities admitted through third party links $15 - per security symbol Nasdaq Dubai Fees
9. Central Securities Depository (CSD) Fees continued 4.6 THIRD PARTY FEES For dual listed securities and depository receipts held by the Nasdaq Dubai CSD, fees levied by third party depository or any other body will be charged on actual basis.. 5.REPORTS Fee components Fees Custodians / Members Electronic reports to custodians upon request $0.14 per each data row; Min. $55 and Max. $800 File Transfer Protocol (FTP) report charge for Nasdaq Dubai standard reports* ›› Upto 5 users: No fees ›› Additonal users: $100 per user per annum Members Preparing and printing reports upon request $55 first 20 pages and $5.50 for every additional page, Max. $4,100 Generation of a daily trading report upon request $550 per annum Others Reports upon request - Electronic $0.14 per each data row; Min. $109 and Max. $4,100 Reports upon request - Hard copy $109 for first 20 pages and $5.50 per extra page; Max $4,100 Reports saved on CD $28 per CD * Effective 1 January, 2017 6. SWIFT FEES – PER OUTGOING MESSAGE Fee components Fees Domestic message $0.15 International message $0.35 SWIFTnet Fileact real-time message - per file: 7. File size smaller than 5,000 characters $1 File size between 5,000 to 100,000 characters $4 File size more than 100,000 characters $20 Notification and other fees $1 MARKET DATA DISTRIBUTION FEES For more information please contact market.data@nasdaqdubai.com Nasdaq Dubai Fees Page 9 of 14
10. 8 . INVESTOR SERVICE FEES Fee components Fees Issue letters to investors Proof of securities ownership $28 per letter Letter to whom it may concern $28 per letter Audit confirmation letter $28 per letter Issue securities balance statement to investor 9. Securities balance statement - printed $2.73 for first 10 pages and $1.37 for each extra page Securities balance statement - CD $27.25 per CD Securities balance statement - email $2.73 per statement OTHER SERVICES Fee components Fees Letters issued to official parties Issued to legal/accountants and experts $28 per letter Letters issued to brokers Preparing letters to brokers upon request $15 Power of attorney issuance Issued by DFM/Nasdaq Dubai market 10. $28 per document CORPORATE ACTION – CASH PAYMENT Fee components Fees Cash payment charges per single corporate action for bank transfer Payment within UAE (custodians) $80 - per security symbol Payment outside UAE (custodians) $140 - per security symbol Payment made directly to Investors Refer Note below Notes: Bank and foreign exchange charges on all bank transfers to be borne by the investor. Page 10 of 14 Nasdaq Dubai Fees
11. 11 . ISSUERS FEES 11.1 ADMISSION TO TRADING AND ANNUAL FEES Fee Components Fees Security type Application Initial admission Annual Primary/IPO $5,000 Refer to Note 1 below $20,000 - $50,000 Secondary/ capital raising $5,000 Refer to Note 1 below $20,000 - $50,000 Secondary/ non-capital raising $2,500 $50,000 $20,000 - $50,000 Initial admission Annual $4,500 $2,500 Initial admission For each issue under program $4,500 $2,000 Initial admission Annual Equities Debt products * Single issuance Program tranche Close ended funds, ETFs & ETCs Application Primary $5,000 Secondary $2,500 $5,000/fund, capped at $30,000/day $5,000/fund, capped at $30,000/day Refer to Note 2 below Refer to Note 2 below Structured products Single issuance $2,500 No fees $10,000 Programme approval $5,000 N/A N/A Single security under programme $2,500 No fees $10,000 Programme renewal/updates/ filing of supplementary documents $2,500 N/A N/A Note 1: Equity issuer fees are variable and will be calculated based on total securities admitted (TSA). Total securities admitted Initial admission fee Annual issuer fee Upto 100 million $70,000 $20,000 101 million to 250 million $100,000 $30,000 251 million to 500 million $150,000 $40,000 Above 500 million $250,000 $50,000 Further issuances of admitted securities will be charged according to the initial admission fee scale with a 75% discount. Note 2: Annual issuer fees for close ended funds/ETFs/ETCs are variable and will be calculated based on total securities admitted (TSA). * Prices apply to listings that took place after June 1, 2012. Nasdaq Dubai Fees Page 11 of 14
12. Issuer Fees continued Total securities admitted Annual issuer fee Upto 100 million $5,000 101 million to 500 million $10,000 501 million to 1,000 million $20,000 Above 1,000 million $50,000 ✦ ✦ ✦ For the purpose of determining the total number of fund securities admitted to trading, fund sponsors may aggregate securities admitted for all funds within the same fund family. For open-ended funds, ETFs and ETCs, the total securities admitted means the total securities in issuance. Annual fees are based on total securities admitted in issuance as of December 31st of the preceding year. Rebate for structured products - annual issuer fee rebate based on trading activity: The annual issuer fee is charged at the time of admission and at the beginning of each calendar year thereafter. There is a potential for a refund of up to 150% of the annual issuer fee based on the annual trading threshold in the admitted structured product as per the table below: Annual traded value (USD) Annual issuer fees Refund amount % Refund Up to 5 million $10,000 No Fees 0% Above 5 million to 10 million $10,000 $2,500 25% Above 10 million to 15 million $10,000 $5,000 50% Above 15 million to 20 million $10,000 $7,500 75% Above 20 million to 25 million $10,000 $10,000 100% Above 25 million to 30 million $10,000 $12,500 125% Above 30 million $10,000 $15,000 150% 11.2 CENTRAL SECURITIES DEPOSITORY FEES (CSD) Fee components Fees Corporate actions fees Equities, close ended funds, structured products, ETFs, & ETCs Page 12 of 14 Capital increase/ reduction, bonus shares issue, etc. administrative fees may be calculated when necessary $7.00 per investor in register; Min. $7,000 per action; Max. $136,000 per action Send statements of account to shareholders $2.75 per investor in the register Sending SMS messages to shareholders $0.22 per message/min fees $1,370 Disbursement of cash benefits $2.75 per records; Min.$1,500 and Max.$140,000 Security corporate action fees for secondary/dual listed companies Cash corporate action processing fees for secondary/dual listed companies $7 per investor in register; Min.$1,000 and Max.$140,000 per action $2.75 per record; Min. $1,350 and Max. $140,000 Nasdaq Dubai Fees
13. Issuer Fees continued 11 .2 CENTRAL SECURITIES DEPOSITORY FEES (CSD) CONTD.. Fee components Account transfer fees Transfer from company to a Board Member, OR Transfer between a company Board Members, OR Transfer from company’s account to employees, OR Any registry transfer Freezing securities in investor’s account with a broker/ CSD based on the official request Fees 0.004 of the market value, Min. $14 $28 Reports Electronic preparation of reports upon request Preparing and printing reports upon request Preparing and printing share book Electronic preparation share book upon request Printing letters of the annual general meeting for listed securities (company provides letter head paper) Printing labels of shareholders’ addresses Electronic storage of shareholders’ addresses $0.14 per investor in register; Min. $80 and Max. $2,750 $55 first 20 pages, $5.50 per additional page; Max. $4,100 $55 first 20 pages, $5.50 per additional page; Max. $5,500 $0.275 per investor in register; Min. $275 and Max. $4,100 $0.55 per registered shareholder; Min.$275 and Max.$5,550 $0.273 per registered shareholder; Min.$135 and Max.$2,750 $0.14 per registered shareholder; Min. $82 and Max. $1,400 Preparing a daily trading report upon request $550 per annum Annual subscription in electronic report: Daily Weekly Monthly $11,000 $4,100 $800 Fixed income bonds and Sukuk Disbursement of cash benefits Miscellaneous issuer fees Change of a name or trading symbol of listed company (charged to Issuer) Merger of companies No fees (to be announced later) $2,750 $41,000 11.3 ISSUANCE OF IDENTIFICATION NUMBER FOR SECURITIES ISSUED IN THE DIFC Fee components Fees Request for identification number (ISIN) $100 per identification number Note: From 1 January 2018, all Nasdaq Dubai invoices will include the VAT amount of 5% added to them. Nasdaq Dubai Fees Page 13 of 14
14. This information will be available on our website at http ://www.nasdaqdubai.com/listing/fees For any queries related to our fees, please contact Nasdaq Dubai Business Development team: Tel: +971 4 305 5463 / Email: business.development@nasdaqdubai.com © 2018 Nasdaq Dubai Ltd., Level 7 The Exchange Building, Dubai International Financial Centre, Dubai, UAE The information in this document is subject to change and Nasdaq Dubai Limited (Nasdaq Dubai) reserves its right to amend any information contained in this document at any time. This document is not a substitute for the relevant Nasdaq Dubai Business Rules and in the case of inconsistency, the Nasdaq Dubai Business Rules shall prevail. Unless otherwise provided, capitalised terms shall have definitions assigned to such terms in the Nasdaq Dubai Business Rules.