Source: Interactive Brokers
Interactive Brokers (U.K.) Limited (IBUK) a group company of the Interactive Brokers Group, announces a new flat fee of GBP 6.00 (this includes brokerage, settlement, exchange, PMT levy and regulatory fees) per online transaction to trade United Kingdom shares i.e., up to a trade value per transaction of GBP 50,000, via IB's Smart Order Routing.
IB's Smart Routing searches for the best firm price available at the time of your order, and seeks to immediately execute your order electronically.
Trades executed via IB's Smart Order Routing exceeding a trade value greater than GBP 50,000 will be charged with a .05% surcharge for the portion exceeding GBP 50,000, with a maximum charge of GBP 29 per transaction.
NOTE: UK Stamp duty will apply for all purchases and the aforesaid flat fee of GBP 6.00 only applies to FTSE shares denominated in GBP.
For example:
- A Smart Order routed transaction up to 22,000 shares of BT priced at GBP 2.25 will cost IBUK clients GBP 6.00 only (22,000 shares x GBP 2.25 = GBP 49,500 transaction value, therefore it is less than a trade value of GBP 50,000 so it will only cost = GBP 6.00).
- A Smart Order routed transaction for 26,500 shares of BT priced at GBP 2.25 or less will cost IBUK clients GBP 6.00, plus GBP 4.81 = GBP 10.81 total cost for transaction.
IBUK will charge 0.05% of the value of the transaction for directed trades to the London Stock Exchange, with a minimum of GBP 6.00 and a maximum of GBP 39.00 per transaction.
According to Gerald Perez, Managing Director of Interactive Brokers (U.K.) Limited, "Today's announcement is not a promotional introductory offer rather the real deal. And it is another indication from IB that we are committed to being the trader's choice to electronically access world markets at less cost coupled with the industry's best trading platform."