CFD

CFD's on equities are negotiated at market prices +/- 0.10% integrated in the quote price.

We offer special conditions for active clients :

• For traders with a montly volume above CHF 10'000'000, CFD's on equities are negociated at market prices +/- 0.09% integrated in the quoteprice.

• For traders with a montly volume above CHF 20'000'000, CFD's on equities are negociated at market prices +/- 0.08% integrated in the quoteprice

If no contrary agreement exists, you will be charged the highest price category in the table. Contact Synthesis Bank to apply for another price category if you are applicable based on previous trading volumes. Moves to different price categories takes place at the discretion of Synthesis Bank and always takes effect from the beginning of the following month without any adjustment in commissions already paid.

No additional fees

Applicable tariffs are doubled when orders are submitted by telephone regardless of their execution and thus represent a minimum of CHF 60 (USD 50, EUR 40 or equivalent).

CFD interest and accrual rates

For margin products, fees are incurred if the position is held beyond the trading date.

When you purchase a CFD, you are required to pay financing costs at the interbank offer rate for the currency in which the equity is traded (for example, LIBOR), plus 3%.

However, you will pay no interest fees if you open and close a CFD position on the same day.

Conversion of profits and losses

All conversions take place at the prevailing exchange rate + 0.5% . This includes conversions of profits and losses from trading activities.

Consult CFD margins

CFDs are offered under a number of margin groups with margin requirements that depend on the Market Capitalisation, liquidity and volatility of the stock.

Synthesis Bank reserves the right to deviate from these guidelines and may, at any time, require additional margin if the nature of your position is deemed more risky than the initial margin would indicate. E.g. if the size of your position is large in relation to the three above-mentioned parameters or your deposited collateral.

You will be able to see the new individual CFDs' margin required on the Tradingfloor platform under "CFD trading conditions" in the Account Summary menu, by clicking on the concerned stock exchange.

You must maintain funds in your account that covers the margin required on your CFD underlying exposure, depending on the stock you trade at all times. If the funds in your account fall below this margin, you will be subject to a margin call to either deposit more funds to support your positions or close positions - normally you will be notified through our trading platform. If your margin situation is not remedied, we may close positions on your behalf.

Dividends on CFD Positions

Holders of long CFD positions will, when dividends are paid on the underlying share, qualify for a proportional payout. Holders of short CFD positions will have to pay an amount equal to the full (gross) dividend paid on the underlying share.

The amount will be credited/debited on your trading account on ex-date, unless the dividend rate is unconfirmed in which case the dividend is paid on pay date (e.g. ADR's).

Dividends on CFD positions are paid and debited by the Bank and not by the underlying company. Dividends paid or debited are cash adjustments reflecting corporate actions in the underlying share and as a result will not take into account special dividend taxes that may be applicable. CFD dividends may therefore differ from the dividends payable on the underlying share. Holding a CFD does not confer the rights to any dividend imputation credits.

Partial fills

Partial fills may occur on limit orders and the remaining amount stays in the market as a limit order and may be filled within the order duration.

Market orders can be filled at numerous levels, the price paid will be the volume weighted average price of all the fills.

Short Selling CFDs

When short selling a CFD directly on an exchange (that we do not market-make), you will be affected by the rules for the stock market in the country itself.

For example:

• For US CFDs, an up-tick rule applies where you can only short sell on an up-tick.
• For Australian CFDs, you may experience limitations on the amount of CFDs you can short trade in a single day due to limited borrowing availability in the underlying market.

When short selling CFDs, you can experience forced closure of a position if your CFDs get recalled. The risk is particularly high if the stock becomes hard to borrow due to take overs, dividends, rights offerings (and other merger and acquisition activities) or increased hedge fund selling of the stock.

Market orders

Certain exchanges* do not support market orders. If you place a market order in these markets, Synthesis Bank will automatically translate the order to an aggressive limit order within a certain percentage limit "in the money"**. It is the clients own responsibility to check if the order is traded in the market after order entry. If you experience or suspect any errors with your order you should contact Synthesis Bank immediately.

Some of our execution brokers may choose to translate market orders on various markets into aggressive limit orders 3% in the money. This is due to their internal compliance and is set to protect clients from "bad Fills". Synthesis Bank will not be responsible for missing fills due to this.