Our Prices

Online Rates	Brokerage
Online rates are only available to clients with sufficient cleared funds in their Cash Management Trust (CMT) account to fully cover the purchase of securities prior to submission of the order. This includes the sale of securities settling to the CMT, otherwise there may be additional fees (see our Non-Funded Rates section below) if your CMT is not fully funded.
For trades for New Zealand listed securities (other than debt securities) with a trade value of up to NZ$15,000	NZ$29.90
For trades for New Zealand listed securities (other than debt securities) with a trade value exceeding NZ$15,000:
(i) for the first NZ$15,000; plus	NZ$29.90
(ii) for the portion of the trade value exceeding NZ$15,000	0.20%
Trades for Australian listed securities with a trade value of up to AU$30,000	AU$29.00
For trades for Australian listed securities with a trade value exceeding AU$30,000:
(i) for the first AU$30,000; plus	AU$29.00
(ii) for the portion of the trade value exceeding AU$30,000	0.30%
Non-Funded Rates	Brokerage
Non-Funded rates apply to clients without sufficient cleared funds available in the CMT account. Non-funded rates also apply to clients who have a pre-arranged direct debit.
Trades for New Zealand listed securities (other than debt securities)	NZ$29.90 plus 0.30%
Trades for Australian listed securities	0.70% or AU$40.00 (whichever is greater)
Pre-arranged Direct Debit
For trades for New Zealand listed securities (other than debt securities) with a trade value of up to NZ$10,000	NZ$29.50
For trades for New Zealand listed securities (other than debt securities) with a trade value exceeding NZ$10,000:
(i) for the first NZ$10,000; plus	NZ$29.50
(ii) for the portion of the trade value exceeding NZ$10,000	0.30%
Trades for Australian listed securities with a trade value of up to AU$10,000	AU$29.50
For trades for Australian listed securities with a trade value exceeding AU$10,000:
(i) for the first AU$10,000; plus	AU$29.50
(ii) for the portion of the trade value exceeding AU$10,000	0.30%
Telephone Rates	Brokerage
Trades for New Zealand listed securities (other than debt securities) with a trade value of up to NZ$50,000	0.80% or NZ$30.00 (whichever is greater)
For trades for New Zealand listed securities (other than debt securities) with a trade value exceeding NZ$50,000:
(i) for the first NZ$50,000; plus	0.80%
(ii) for the portion of the trade value exceeding NZ$50,000	0.40%
Trades for Australian listed securities with a trade value of up to AU$30,000	0.70% or AU$40.00 (whichever is greater)
For trades for Australian listed securities with a trade value exceeding AU$30,000:
(i) for the first AU$30,000; plus	0.70%
(ii) for the portion of the trade value exceeding AU$30,000	0.50%
One-off Sale Rates	Brokerage
Trades for New Zealand listed securities (other than debt securities)	1.25% or NZ$100.00 (whichever is greater)
Trades for Australian listed securities	1.25% or AU$100.00 (whichever is greater)
Fixed Interest Investments - Telephone Rates	Brokerage
Bonds, Capital Notes, Redeemable and Perpetual Preferences Shares.
Trades for New Zealand listed and unlisted debt securities with a trade value of up to NZ$50,000	0.50% or NZ$30.00 (whichever is greater)
For trades for New Zealand listed and unlisted debt securities with a trade value exceeding NZ$50,000:
(i) for the first NZ$50,000; plus	0.50%
(ii) for the portion of the trade value exceeding NZ$50,000	0.35%
Trades for Australian listed and unlisted debt securities with a trade value of up to AU$50,000	0.50% or AU$30.00 (whichever is greater)
For trades for Australian listed and unlisted debt securities with a trade value exceeding AU$50,000:
(i) for the first AU$50,000; plus	0.50%
(ii) for the portion of the trade value exceeding AU$50,000	0.35%
Fixed Interest Investments - Internet Rates	Brokerage
Bonds, Capital Notes, Redeemable and Perpetual Preferences Shares.
Trades for debt securities listed on the NZDX with a trade value of up to NZ$50,000	0.50% or NZ$30.00 (whichever is greater)
Trades for debt securities listed on the NZDX with a trade value exceeding NZ$50,000:
(i) for the first NZ$50,000; plus	0.50%
(ii) for the portion of the trade value exceeding NZ$50,000	0.35%
NZ Trade Fees	Trade Fee
A trade fee applies to all trades where NZX telephone orders are given to Direct Broking, and to all Fixed Interest Investment orders. The trade fee is in addition to brokerage and other fees and charges.
NZX Telephone Rates - Trades for New Zealand Securities that are listed on the NZX	NZ$5.50 per trade
Fixed Interest Investments - Trades for listed and unlisted debt securities issued in New Zealand.	NZ$5.50 per trade
US Custodial Trading Rates	Brokerage
Approved NYSE and NASDAQ Listed Securities
US Telephone and Internet Rates, per trade for each trade	0.60% or US$69.50 (whichever is greater)
An order, if filled completely, must result in a custodial position either worth greater than US$500.00 (for both buys and sells) or worth US$0.00 in the case of a sell.
UK Custodial Trading Rates	Brokerage
Approved LSE Listed Securities, trading in GBP, EUR and USD.
UK Telephone and Internet Rates, per trade for each trade.	0.60% or £69.50 (whichever is greater)
Orders for listed securities denominated in currencies other than GBP on the LSE will be charged as follows: - For Euro denominated securities, €95 per trade; and - For US denominated securities, US$140 per trade; or - 0.6% of the trade value, in each case whichever is the greater amount
Stamp duty will apply on all UK buy orders. UK stamp duty is currently 0.5% of the value of any transaction resulting in a change of beneficial ownership.
An order, if filled completely, must result in a custodial position either: - Worth greater than £500.00, €500.00 or US$500.00 depending on the currency the security is traded in (for both buys and sells); or - Worth £0.00, €0.00 or US$0.00 (in the case of a sell)
Custodial Administration Fees	Fee
Custody fees, charged on aggregate holdings. Value calculated in relevant currency daily and charged in NZD following the end of each month. NZD amount calculated by reference to a notional foreign exchange rate sourced from an independent market data provider.	0.25% per annum (total holding)
A minimum administration fee of NZ$5.00 is charged each calendar month on aggregate holdings.	NZ$5.00 per month
Electronic transfer of securities into Direct Broking Custody	No charge
Electronic transfer of securities out of Direct Broking Custody	NZ$100.00 per security
Foreign Exchange Charges
Foreign exchange charges will be incurred on all transactions that require funds to be converted to or from another currency. For the purposes of conversion into or from one currency to another, the exchange rate used by Direct Broking will be a midpoint rate with a currency conversion margin of an amount up to 1.50% of the overseas currency amount. The midpoint rate is derived from wholesale buy and sell rates quoted by foreign securities exchange market participants and which are compiled by a supplier of financial market data. The exchange rate or rates for a particular transaction will be those applicable at the time at which and on the date at which the contract note for the trade is generated. The exchange rate displayed here is an indication of the midpoint only and is refreshed from time to time throughout the day. The exchange rates displayed below are indicative of rates applicable only to share trading transactions that require funds to be converted to or from another currency. To view the exchange rates that are applicable to currency transfers within the Cash Management Trust Account, click here.
Foreign Exchange	Rate
Current midpoint NZDAUD	0.9604
Current midpoint NZDUSD	0.6760
Current midpoint NZDGBP	0.5407
Current midpoint NZDEUR	0.6031
Foreign Exchange Margin	Currently up to 0.89%

Cash Management Trust account