Other Fees

Other Fees

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Corporate Actions/Dividends

The following represents fees charged by Venom by Cobra Trading for the processing of Corporate Actions affecting securities in your portfolio.

Universal

Type Fees
Requests to exercise Dissenter or Appraisal Rights $100 + external costs
All Other (Mandatory, Voluntary, With Options, etc) Free

Exercise and Assignment

Universal

Product Fees
Stock Options No fees
Non-US Index Options Charged standard option commissions on exercise or assignment. No charges on lapsed/expired contracts.
Futures / Futures Options Charged the standard futures or futures options commission at expiration of the contract.

Notes:

  1. Venom by Cobra Trading does not charge an option exercise or assignment fee. Certain transactions are subject to the standard commissions for the applicable product.

ADR / GDR (American or Global Depository Receipt) Fees

Various Central Securities Depositories such as the Depository Trust Company (DTC), Euroclear or Clearstream collect custody fees on behalf of ADR/GDR agents for DRs which do not pay periodic dividends. The fees are deducted by the applicable depository in standard billing and will be passed to accounts which held the ADR/GDR on the record date.

For additional information on the fee Venom by Cobra Trading recommends that you consult the ADR/GDR prospectus.

Universal

Type Pass-Thru Fee
ADR/GDR Fee Typical Range of 0.01 to 0.03 per share
Pre-Borrows
Product Fees
Stock USD 20.00 Ticket Fee

IRA Accounts

IRA customers will be responsible for the $7.50 quarterly fee charged by our trustee. This fee is charged to the account quarterly at the beginning of each calendar quarter. For new accounts, billing commences on the next calendar quarter billing date following the funding of the account for the coming calendar quarter.

DTC Position Transfers

Transfer Method Type Fee
ACATS Deposit or Withdrawal None 1
DWAC Deposit or Withdrawal USD 100 per settled transaction
DRS Deposit USD 25 per settled transaction; USD 100 per rejected transaction
DRS Withdrawal USD 5 per settled transaction; no fee for rejected transaction

Notes:

  1. While Venom by Cobra Trading does not charge for incoming or outgoing ACATS transfers, customers should consult with their sending or receiving firm to determine if there will be any applicable fees for the transfers.

Exposure Fee for High Risk Accounts

Venom by Cobra Trading imposes a daily “Exposure Fee” on a small minority of Venom by Cobra Trading customer accounts that have a very high worst-case loss risk exposure. This is to attempt to partially protect Venom by Cobra Trading and its customers from those accounts that have very risky positions that currently satisfy exchange margin requirements, but nonetheless could suffer excessive losses in the event of a significant market move (for example, accounts with high exposure to short option positions).

 

Exposure Fees only apply to a small minority of Venom by Cobra Trading customer accounts with unusually risky positions. Most Venom by Cobra Trading accounts are not subject to the fees. The fee is not a higher margin requirement. It is a fee to be deducted from affected accounts to compensate Venom by Cobra Trading for the risk in servicing such accounts. Please note that the exposure fee is not insurance against losses in your account and you will remain liable to Venom by Cobra Trading for any debt or deficit in your account even if you have paid exposure fees.

 

Each day, as part of its risk management policy, Venom by Cobra Trading simulates profit-loss scenarios for client portfolios based on hypothetical market movements of certain magnitudes (“Exposure Analysis”). The scenarios examined may exceed the parameters used by various exchanges for determination of minimum margin requirements.

 

As part of this daily process, Venom by Cobra Trading will calculate an Exposure Fee to be charged to high-risk accounts based on the potential exposure the account represents to Venom by Cobra Trading in the event of a major loss. Under the Exposure Analysis conducted by Venom by Cobra Trading, if an account would lose so much value that its equity would be eliminated and it would then additionally have an unsecured debt to Venom by Cobra Trading (i.e., negative equity), this would represent an Exposure to the firm (since Venom by Cobra Trading is legally obligated to guarantee its customers’ performance to the clearinghouse even if the customer has no remaining equity).

 

The Exposure Fee will be calculated for all calendar days and charged to the account at the end of the following trading day. Example, the exposure fee charge on Monday’s activity statement will reflect the charges for Friday, Saturday and Sunday. The results of the Exposure Analysis relating to the Exposure Fee will be made available for each account via the Account Management section of Venom by Cobra Trading’s website.

 

Please note the following:

  • Venom by Cobra Trading will calculate the Exposure Fee in its own discretion and using its own proprietary algorithms (which are subject to change without notice) to determine the exposure that an account poses to the firm.
  • The Exposure Fee may change each day based on market movements, changes in the account’s portfolio, or changes in the formulas and algorithms Venom by Cobra Trading utilizes to determine the riskiness of the account.
  • The Exposure Fee will be deducted from affected accounts on a daily basis. You should keep excess capital in your account to cover the fee if your account will be affected. If deduction of the fee causes a margin deficiency, the account will be subject to liquidation of positions as specified in the Venom by Cobra Trading Customer Agreement.
  • The Exposure Fee is judged separately account by account. If you have multiple accounts with offsetting risk exposures, you should combine them in order to reduce or avoid the Exposure Fee.
  • Accounts that are subject to both the overnight position fee and the exposure fee will be charged the greater of the two fees.
  • The Exposure Fee is not a form of insurance for your account. If your account incurs a debt or deficit to Venom by Cobra Trading you are still liable to Venom by Cobra Trading to satisfy that debt or deficit and the fact that your account may have paid exposure fees does not relieve you of that liability. Nor will your debt or deficit to Venom by Cobra Trading be offset or reduced by the amount of any exposure fees your account may have paid.

If you wish to avoid being charged an Exposure Fee, please consider the following:

  • Adding additional capital will improve the risk profile of your account and may reduce or eliminate the Exposure Fee;
  • Reducing the exposure in your account by repurchasing short positions in options may also reduce or eliminate the Exposure Fee. Venom by Cobra Trading has found that short positions in low-priced options generate the largest exposures relative to capital. You can use the Venom by Cobra Trading Risk Navigator to simulate the effects of changes in your portfolio.
Exposure fee is calculated for the following products
  • Equity with coordinated volatility change
  • Crude Oil and Refined Oil
  • Volatility

Trade Bust/Adjustments

If an exchange or other market center charges Venom by Cobra Trading a trade bust, trade cancel fee or trade adjust fee because of an order placed by an Venom by Cobra Trading customer, or because of a customer bust or adjust request, the customer is fully responsible for the fee and the fee will be deducted from the customer’s account.

In addition to fees charged by exchanges (and in cases where exchanges do not charge a fee), Venom by Cobra Trading will charge the following fees for requests to have trades busted:

  • $50 for the first bust request in a calendar month.
  • $100 per incident for subsequent bust requests in the same calendar month.

The above fees are subject to change.

Exchange Fee Additional Info
CME Group (ECBOT, Globex, NYMEX) USD 500.00 When GCC 1 busts a trade, the party responsible for entering the order into the electronic trading system that gave rise to the trade bust/adjustment shall pay an administrative fee to the Exchange in the amount of $500 for each occurrence. If a non-member customer responsible for entering an order that results in a trade bust fails to pay the fee in accordance with this section, the clearing member carrying the customer’s account shall be responsible for payment of the fee.

For additional information click the following links: CME Group Rulebooks, Rule 588, Rule 622.
NASDAQ USD 250.00 If an appeal is requested on a ruling that was previously made and that appeal upholds the original decision, Nasdaq will assess a fine for the appeal.

Additional information regarding this policy can be found on this page. Clearly Erroneous Rule changes effective October 5, 2009, can be found here. For a list of fees, click here.

Notes:

  1. GCC is the group at the CME that is responsible for reviewing ECBOT, Globex, and NYMEX executions.

Corporate Actions/Dividends

The following represents fees charged by Venom by Cobra Trading for the processing of Corporate Actions affecting securities in your portfolio.
Type Fees
Requests to exercise warrants External costs
United States – Stocks, Corporate Bonds and Munis
Trade Value (in USD) Fee Minimum
<=1,000,000 0.05 bps of trade value USD 1.00 per trade
>1,000,000 0.01 bps of trade value N/A
United States – Options
Product Fee Minimum
All USD 0.03 per contract + External Clearing Fees + Regulatory Fees1 USD 1.00 per trade
United States – Futures, FOPs and SSFs
Product Fee Minimum
CME, CBOT, ECBOT, GLOBEX, ICEUS, NYBOT, NYMEX, ONE2,3 USD 0.10 per contract + Exchange Fees + Regulatory Fees USD 1.00 per trade

Notes:

  1. External clearing fees + regulatory fees are USD 0.10/contract.
  2. Unsupported exchanges: CFE, and IPE.
  3. ICEUS FUT only.

Withdrawals

Venom by Cobra Trading allows one free withdrawal request per calendar month. After the first withdrawal (of any kind), Venom by Cobra Trading will charge the fees listed below for any subsequent withdrawal:

Currency Wires Checks ACH/EFT SEPA
USD 10.00 4.00 1.00 N/A

Notes:

  • Venom by Cobra Trading withdrawal fees do not cover third-party fees. The account holder will be solely responsible for any fees assessed by a beneficiary or correspondent bank. In addition, processing fees charged by your bank or its correspondent bank, which are not included in Venom by Cobra Trading withdrawal fees, may be deducted from wire proceeds.

Exercise and Assignment

Product Transaction Fees
Stock Options 2 USD 0.000119 * Quantity Stock Sold, max 5.95 per Trade and USD 0.0000218 * Aggregate sales proceeds on stock
US Index Options No fees
Futures / Futures Options Charged the standard futures or futures options commission at expiration of the contract.

Notes:

  1. Venom by Cobra Trading does not charge an option exercise or assignment fee. Certain transactions are subject to the standard commissions for the applicable product.
  2. The transaction fees listed represent allocations of costs charged to Venom by Cobra Trading by third-parties. Venom by Cobra Trading does not assess a separate option exercise/assignment fee.

Misc Fees - North America

Currency Telephone Orders Check Stop Payment Bounced Check Fee Archived Statements 1 Fee Cash Deposits 2Minimum Charge
USD 30.00 per order 50.00 25.00 USD 25.00/first statement, USD 5.00/each additional statement. 1% 50.00

Notes:

  1. The prior 7 years of statements are available.
    For additional information on the availability of Daily and Monthly statements click here.
  2. Please be aware that it is against Venom by Cobra Trading policy to accept physical currency (cash) deposits. Please make all deposits to your Venom by Cobra Trading account by wire transfer, check, direct bank transfer (ACH), or via one of the other methods described in the Funding Reference page. Venom by Cobra Trading will charge a special handling fee of 1% of the deposit amount (minimum $50 fee) for any physical currency deposits.
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