Stocks and ETFs Trading Conditions | Luminor
Market Orders

Certain exchanges do not support Market orders.  If a client places a market order in these markets, Luminor Trade will automatically convert the order to an aggressive Limit order within a certain percentage limit “in the money”. 

The Percentage Limit varies between 1% and 4% depending on the exchange and the type of instrument. Please note that it is a client’s responsibility to check if the order is filled in the market after order entry.

If you experience or suspect any errors with your order, you should contact Luminor Bank immediately.

Exchange
NYSE MKT (AMEX – American Stock Exchange)
London International Exchnage (LSE_INTL)
London Stock Exchange (LSE_SETS)
Oslo Børs/Oslo Stock Exchange (OSE)
NASDAQ OMX Copenhagen (CSE)
NASDAQ OMX Helsinki (HSE)
NASDAQ OMX Stockholm (SSE)

In addition, some of our execution brokers may choose to convert Market orders on certain exchanges into aggressive limit orders 3% “in the money”. This is due to their internal compliance and is intended to protect clients from unintentionally moving the market.

Luminor Bank will not be responsible for missing fills due to this.

Split Orders

In case an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason for such increase is that the minimum fee may be charged more than one time based on the number of days necessary for the total execution of the order.

Dividends from stock positions

Dividend payments from stock positions will be credited to the clients account with any applicable standard withholding taxes deducted.

Luminor Bank cannot currently support or offer preferential withholding tax rates that may be available due to residency or legal status. Only exception is securities issued by USA companies, see more here.

Use Stocks investment as collateral for margin trading

Luminor Trade allows a percentage of the collateral invested in certain stocks to be used for margin trading activities

The collateral value of a stock position depends on the rating of the individual stock - please see conversion table below.

Rating Collateral value of stock position
1 75%
2 50%
3 0%
4 0%
5 0%

Example: 50% of the value of a position in a Stock with Rating 2 can be used as collateral (instead of cash) to trade margin products such as Forex, CFDs, Futures and Options.

Please note that Luminor Bank reserves the right to decrease or remove the use of Stock investment as collateral for large position sizes, or stock portfolios considered to be of very high risk.

Stocks placed as collateral for margin trading can not be used to cover the realized or unrealized loss.

For a complete list of available stocks, ratings and collateral values, go to Luminor TraderGO > Account > Trading Conditions > Product > Stocks/ETF.

Frankfurt stock exchange

Luminor Trade gives you opportunity to trade in Frankfurt stock exchange, except instruments listed on "Xetra Stars" list. Pay attention, that subscription to live prices is not available.

Taxation on Hong Kong Stocks

For Hong Kong stocks, Stamp Duty and other charges apply: 0.108%

Note: Automated trading from 09:30-16:30 with a break between 12:00 - 13:30.

Taxation on UK Stocks

For UK stocks a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction value.

A PTM Levy of GBP 1 is applied to buy and sell transactions where the Gross Value of the trade exceeds GBP 10,000. Please note that for Irish registered stocks, Stamp Duty is 1% of the transaction value.

Taxation on French Stocks

For French large cap Stocks a Financial Transaction Tax (FTT) of 0.30% apply to all buy trades.

The full list of the affected Stocks can be found in the official application decree (in French).

Taxation on Irish Stocks

Stocks have an ITP (Irish Takeover Panel) levy charge of 1.25 Euros for stock purchases and sales, where the trade value exceeds 12 500 Euros

Ireland Stamp Duty 1.0% of Transaction Value for stock purchases only.

Taxation on Italian Stocks

From 1 March 2013 the Italian Financial Transaction Tax (FTT) of 0.10% will go live on all purchases of Italian shares and Equity linked securities (i.e. depositary receipts) in listed companies that have a registered office in Italy.

Please find here the Ministerial Decree as issued by the Italian Minister of Economy and Finance.

SEC clearing fee

US stock sales are subject to a SEC clearing fee of 0.00184% of gross execution proceeds.

Depositary Receipt fees - US

It is standard practice for US depositary receipts to charge an annual administration fee up to USD 0.05 per share depending on the issuing depositary bank.The intent of the fee is to cover costs for the banks that take on the operational processes necessary to issue and trade the depositary receipt line.

Typically the fee is deducted when dividend payments are made, however, in case the depositary receipt does not pay a dividend or did not include the custodial fee in their dividend events, the fee will be administered through fee-only events.The dividend fee is stipulated in the Deposit Agreement between the depositary bank and the company based upon industry standards. The Deposit Agreement is filed with the SEC and is readily accessible by the public.

The fee per depositary receipt is not dependent on the total amount of dividend being paid but the amount of shares held.

Pre-Opening Order Fills in US Markets

In US markets, Luminor Trade consolidates liquidity from a number of sources in addition to the primary exchanges. When there is a delay in the opening of the primary exchange, orders can be filled from these other sources before trading commences on the primary exchange.