Boerse Stuttgart’s fee system
Boerse Stuttgart’s transaction fee model for all asset classes conforms to the Markets in Financial Instruments Directive (MiFID). This means that even before investors place an order, they can see what fee will be incurred for the execution of the order.
The transaction fee consists of a fixed and a variable component. The fixed component does not apply to funds, ETPs and securitised derivatives. For securitised derivatives and subscription there is a cap on the variable transaction fee.
Partial executions of an order on the same day are regarded as one executed order. This means that no additional transaction fees are incurred for these partial executions.
The transaction fees for the individual asset classes are as follows (all fees are subject to VAT at 19 percent):
Table 1: Overview of fixed and variable transaction fees (net) for all asset classes
Subscription: Overview of fixed and variable transaction fees (net) for subscription
Table 2: Overview of variable transaction fees for certain debt instruments
Variable transaction fee for debt instruments issued by the German government (Bunds), Deutsche Bahn, Deutsche Post, the German federal states, Kreditanstalt für Wiederaufbau (KfW) and Deutsche Ausgleichsbank, Staatsbank Berlin, Treuhandanstalt, the European Recovery Program, ‘German Unity’ funds, Deutsche Reichsbahn, the Currency Conversion Equalization Fund (Ausgleichsfonds Währungsumstellung) as well as foundation bonds (Fundierungsschuldverschreibungen)
Table 3: Overview of variable transaction fees for other debt instruments and participation certificates
Variable transaction fees for debt instruments not mentioned in Table 2, for specific bonds (e.g. zero-coupon bonds) that are settled at market value according to this table, and for percentage-quoted participation certificates:
Table 4: Overview of variable transaction fees for funds and ETPs