Vladimír Urbánek (Kurzy.cz)
Czech markets  |  November 29, 2012 13:25:56, updated

Go to the Xetra bring about significant changes fees for trades - Fio aggressively attacking, Patria and Brokerjet ends with a fall speculators? Comeback RMS?


Tomorrow, on Friday 30 November. transferred to the new PSE trading system Xetra. This transition involves a number of larger and smaller changes in form and structure exchange trading, which have already been devoted some space. What has not yet spoken, the changes that the transition to the new system will bring in fees for trading. The findings are in many respects very interesting with possible far-reaching impact on the further development of trading on the stock exchange or on the activity of individual brokerage companies.

The following is a comparison of the basic fees for internet submission guidelines across business systems at Trinity largest domestic stock market intermediaries engaged in online trading systems, namely by Fio, Brokejet and Patria Direct.

Fio:
The primary change in the structure of fees is very noticeable when there was a significant simplification. Place 3 different options for AOS, SPAD and new futures prices for PSE contains only one simple computational algorithm works with 0.4% of the trade volume with a minimum of 40 and a maximum of CZK 1190 CZK then for any large volume of trade. For simplicity, it can be said that the realized trade volume of about 300 000 CZK is it does not matter if you sell the corresponding 450 or 100 000 units of CEZ. The fee per trade will still have the same 1190 CZK!
This, among other things can be inferred that the average amount of trades made through this oobchodníka is below the said limit of 300 000 CZK.

Is interesting to compare the case of fees for RMS, where there was a marked reduction maximáního possible charge mode EasyClick namely from the original 3400 CZK to 1190 CZK max, ie at the same level as in the case of PSE!! 1190 CZK limit also applies to the charges in a standard auction regime.
In this regard, it will be interesting to watch than the maximum effect of charges between the PSE and RMS on the activity of investors in both markets.

Polish director Marek client division Fio banka today stated that, in an effort to attract customers will be trading on the PSE and RMS auction (not the mode EasyClick at the rate 0.29%) received a pre-boot perpetual special discount on the current fee rate 0, 40% to 0.35% of the volume.

Old price list click HERE
New pricelist valid from November 30, 2012, see HERE


Patria:
Also at that dealer is the first visible difference in a significant simplification of the entire charging system. Instead of three options (KOBOS, miniSPAD, SPAD) from the old price list appears only a simple table describing one unified model.
The other view is a distinct continuous decline in the level of fees starting from 0.45% to below 0.3% for larger trading volumes. Literally shock, but is waiting for some catchment player still operating with lots TOP titles as ČEZ, KB, TO2 and Unipetrol. They were accustomed to 0.1% of the trade volume limited to the upper limit of 1090 CZK. This limit was completely abolished and continues to fully apply the percentage calculation algorithm.
For example, the popular CEZ lot (5000pcs) means a change in the system about threefold increase in the fee for a similar volume (from 1090 to 3320 CZK), for KB (500 pieces) then grow to 2800 CZK, HC2 (5000pcs) and Unipetrol (10000pcs) then about 2600 CZK!

Old price list click HERE
New pricelist valid from November 30, 2012, see HERE

The Fia and Patrie is required to set fees even added exchange fee of 0.01 to 0.04% of the trade volume for titles.


Brokerjet:
Considerable simplification comes in this case. Like Patrie disappears "advantage" for lots of SPAD trading, which does significantly increase the cost of disposable stores with larger volumes.Model for 5000 shares of CEZ, the client paid 1290 CZK to date and the new price list must take charge at 4550 CZK, which, while only 0.14% of the amount realized, but it is still more than 3 times more than before.

Old price list click HERE
New pricelist valid from November 30, 2012, see HERE

Fees Brokerjet in itself already contain charge exchange.



Overall, we can say that the transition to Xetra carries a "comparison" into a single fee structure simpler forms applicable without major fluctuations throughout the entire band trading volumes. Aside from Fio traders cancels charges both "injustice" when earlier trading the cost of one lot ČEZ as trading the one lot Erste despite the fact that the total volume was several times different. This advantage is preserved only Fio and will certainly be interesting to see what impact this decision will have on investor activity or how to prove their "loyalty". We can not expect that this change will not remain clients competing retailers unnoticed. It is after all the money and you are specially in securities trading definitely comes first.
Catherine Brewer of Patria Direct noted in this context that the setting of the maximum fee for a merchant trading is not viable long term and trading must then be subsidized. The question then is whether the trader will be able to subsidize the price of long-term or whether it is not just a short-term effort to attract customers.

Polish director Marek client division Fio bank said this "maximum ceiling of fee business is in the spirit of a long-term business strategy Fio offer the best market conditions. We will keep this strategy long term, we like the ceiling of fees provided for in the old stock exchange trades SPAD system."


Moving on Xetra was widely commented moribund effort to support business volumes. The new price list of fees, however, is likely to have great potential to dampen activity rather because the absence to date of a valid upper limit fee is likely to reduce the activity of speculators operating with individual lots in SPAD old, who now, in case volume similar shops will have to pay more compared to much so far working practice.


COMPLETE OVERVIEW Veche available documents TRANSITION TO VISIT at this link

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