TFSDHK
When trading bonds with Tradition London Clearing Limited via T.F.S. Derivatives HK Limited, brokerage is embedded in the executed price. The applicable rate and charging party depend on the product type and execution method. For order book trades, brokerage is typically paid by the aggressor. For matching protocols, brokerage is shared equally between both parties. The table below outlines the brokerage rates by product and trade type, effective 1st June 2025.
| Product / Instrument | Brokerage Rate (USD) | Charging | Effective Date | Remarks |
| CLOB | ||||
|
Sovereigns Ex SEA Japan China TMT China AT1 |
2 Cents | Aggressor | 1st June 2025 | Aggressor pays in price |
|
All Bonds >= 500k SEA Sovereigns High Yield |
2 Cents | Aggressor | 1st June 2025 | |
| All Bonds < 500k | 4 Cents | Aggressor | 1st June 2025 | |
| Matching | ||||
| Sovereigns | 1 Cent | Both Sides | 1st June 2025 | Aggressor pays in price |
|
All Bonds High Yield |
2 Cents | Both Sides | 1st June 2025 | |
