Costs

Online Trading Software

No monthly subscription fee.

Financial Index Futures

One point per contract. For the Alsi future this will be R10.00 per future contract traded, VAT inclusive, plus Safex and Clearing fees.

For clients regularly trading more than 1000 contracts per month:
R8.00 per future contract traded, VAT inclusive, plus Safex and Clearing fees.

The Safex fees are based on a percentage of the closing price of the Index future. The following table gives an indication of the total trading cost at different price levels of the Alsi:

Index Level	DWT's fee	Safex and Clearing fee	Total cost to client	Discounted Cost
27000	R 10.00	R 3.20	R 13.20	R 11.20
26000	R 10.00	R 3.10	R 13.10	R 11.10
25000	R 10.00	R 3.00	R 13.00	R 11.00
24000	R 10.00	R 2.90	R 12.90	R 10.90
23000	R 10.00	R 2.80	R 12.80	R 10.80
22000	R 10.00	R 2.70	R 12.70	R 10.70
21000	R 10.00	R 2.60	R 12.60	R 10.60
20000	R 10.00	R 2.50	R 12.50	R 10.50
19000	R 10.00	R 2.40	R 12.40	R 10.40

Agricultural Futures

One point per contract. (R1.00 per nominal) VAT, Safex and Clearing fees included

Single Stock Futures

Trading Single Stock Futures onscreen on Swordfish:

0.2% of the underlying value or minimum R50, 00 + VAT per trade plus Safex and Clearing fees. Only the aggressor (taker of the price) will be charged Safex and Clearing fees

When trading the underlying JSE Share on Swordfish (and getting the Single Stock Future allocated to your account):

The SSF price will be based on the Share price traded.

An additional market maker's fee of 0.1% is included in the price of the future.

Safex and Clearing fees will always apply.

There is a monthly JSE data fee of R171 (including VAT) for clients activating the JSE trading capability.

Examples:

	SSF price Traded	Contract Nominal	Quantity Traded	Basis Points 0.2%	Trading Fee
Normal	R 86	100	12	0.002	R 206.40
Minimum Fee	R 35	100	5	0.002	R 57.00

For the examples above the Safex and Clearing bank fees will be the following:

Only for the Price taker	SSF price MTM (Capped at R140)	Contract Nominal	Quantity Traded	Clearing Fee
Normal	R 86	100	12	R32.50
Minimum Fee	R 35	100	5	R5.51