Saxo Bank - CHANGES TO EQUITIES AND FUTURES PRODUCTS

CHANGES TO EQUITIES AND FUTURES PRODUCTS

Starting 1 August 2008, Saxo Bank will make a number of changes to its equities and futures products to reflect changes in the underlying market. Each of these changes has been listed below with further information available on our website.

DATA SUBSCRIPTIONS AND FEES APPLICABLE FOR REAL-TIME DATA – 1 AUGUST 2008

Stock, CFD, CFD DMA and Futures clients will need to subscribe individually to exchanges for real-time data. Clients will incur monthly subscription fees for the data they elect to receive in real time. An online Subscription Tool will be available within the trading platforms from 1 August under the Account Menu, where clients manage their data subscriptions. Clients will have 1 week from 1 August to subscribe before current permissions are removed. All current subscribers of real-time data will need to re-subscribe using the Subscription Tool. If you do not subscribe then you will be shown delayed market data for exchanges that offer this for free

DATA FEE REBATES FOR ACTIVE EQUITY TRADING CLIENTS – 1 AUGUST 2008

For equities clients that subscribe to real-time market data, Saxo Bank will introduce a data fee rebate scheme where your fees are rebated per exchange, should you trade the minimum number of times across both stocks and CFDs during each calendar month. Rebates are only applicable for non-professional equities clients subscribing to level-1 data. The definition of Non-Professional and Professional subscribers may vary by exchange.

MOVING TO CLEAN PRICES FOR CFDs – 1 OCTOBER 2008

From 1 October commissions will be charged on a post-trade basis, similar to the way commission is charged for stock trading. That compares to the current set-up where CFD commissions are within the spread shown to clients. Commission rates will stay the same, except for US markets. See below for changes to US markets. The bid and offer prices shown in the trading platform will be direct “clean” prices from the underlying stock market

COMMISSION CHANGES TO US EQUITIES MARKETS – 1 OCTOBER 2008

Also on 1 October, Saxo Bank will change the way it charges commission for Stock and CFD trades executed on US markets. Commissions on US markets will change to a cents-per-share calculation and be charged post-trade

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