Which Exchanges can I trade on?
With TD Direct Investing International you can trade equities from more than 15 exchanges in North America, Europe and Asia. The exchanges include the following markets:
North America
- New York (NYSE, Nasdaq, Amex)
- Toronto (TSE)
Europe
- Frankfurt (Xetra)
- Euronext Paris
- London (LSE, AIM)
- Dublin
- Euronext Amsterdam
- Euronext Brussels
- Madrid (IBEX)
- Zurich (SWX)
- Stockholm (SX)
- Milan
Asia*
- Singapore (SGX)
- Hong Kong (HKEX)
- Australia (ASX)
*Please note that for Asian stock exchanges, our Client Desk will only be accessible by telephone from 8.00 to 22.00 CET.
What is a stop order?
A stop order is an order placed below the current market price and is triggered if the stock reaches at or below the stop price. Once a stop order is triggered, your order will become a market order. For a NYSE/AMEX/LSE/TSX stock, a stop order is triggered by the last trade. If a sell stop order is placed above the current market price of the stock, it will not be accepted by the exchanges and will be cancelled.
The advantage of the stop order is that you do not need to monitor your stock investments on a daily basis of how your stock is performing. The disadvantage of the stop order is that the stop price can be activated by a short term fluctuation on the stock's price.
Let us consider the example where you buy DELL computers on the NASDAQ market at $30 per share. If you have an investment strategy where you do not wish to lose much more than 10% of your initial investment, you then place a stop loss order for $28 (after buying the stock). This means that if DELL computers falls below $28 per share, your holdings will be sold at the prevailing market price.
Another aspect to keep in mind is that once the stop price is reached, your stop order becomes a market order and the price at which you sell may be much lower from the stop price. In the above example, you may have a market fill at $25 which is more than your anticipated loss of 10%. This is to be considered in a fast moving market where stock prices fluctuate very rapidly.
Can I buy Investment Funds?
TD Direct Investing International offers high-performance mutual funds from major asset managers and promoters such as Fidelity, Schroders or HSBC, and are sourced from around the world. New mutual fund providers are continuously added to our website at www.tddirectinvesting.lu.
Exchange Traded Funds
What is an ETF?
Exchange-traded funds (or ETFs) are investment funds that trade throughout the day on stock exchanges during normal trading hours. ETFs combine the advantages of investing in mutual funds, with the liquidity and flexibility traditionally offered by individual stocks.
Where and how do I buy or sell ETFs?
ETF on any exchange offered by TD Direct Investing International, at any time of the trading day, as you would any stock. ETFs listed on several markets must be traded on their main listing market. All Order types available on the exchange where the ETF is listed, such as market orders, limit orders or stop orders can be used to buy or sell ETFs.
What benefits do ETFs offer investors?
-
Continous, flexible real-time trading: Because ETFs trade like normal stocks, they can be bought or sold whenever the market is open. Prices are updated throughout the day. ETFs can be bought or sold using market, limit or stop-loss orders
-
No entry fees or redemption charges: ETFs are exchange traded; so the only transaction charge that applies is the usual brokerage commission as per the "Rates" section of the website.
-
Liquidity: Market making agreements ensure adequate market liquidity
-
High transparency: In many cases, investors can check whether an ETF is being priced fairly by comparing the market price with the net asset value published daily
What costs are involved for ETF transactions?
ETF transactions are subject to the same trading fees as any other stock. Unlike mutual funds, there are no entry fees associated with the purchase of ETFs.
Who should consider investing in ETFs?
ETFs appeal to both institutional and retail investors and can be used in a variety of investment strategies such as long term holding or short term risk management and hedging. Like stocks or bonds, ETFs carry market risk. Investors should seek professional advice if they are unsure an ETF is suitable for their particular situation.
Where can I find information on ETFs?
The following ETF internet resources are listed for your convenience:
Issuers:
TD Direct Investing International does not bear any responsibility for content on linked websites.
Exchange Traded Commodities
What is an ETC?
An ETC is an 'exchange traded commodity'. ETCs track the price of an underlying commodity or basket of commodities, and are listed and traded on a stock exchange.
Where and how do I buy or sell ETCs?
You may trade ETCs via TD Direct Investing International as you would buy any other stock. ETCs listed on several markets must be traded on their main listing market.
How are ETCs priced?
As ETCs track the performance of a particular commodity or commodity index, their pricing is derived either from the spot price of a commodity (ie the cash price you would pay to purchase the commodity today) or the futures price of a commodity (ie the price for a commodity you would commit today to pay in the future).
What benefits do ETCs offer investors?
-
Comprehensible & Easy to Use:As index ETCs mirror the market as a whole there is no need to investigate individual commodities thus simplifying investment decisions.
-
Low Tracking Error: The open-ended nature of these securities ensures tracking error is minimised and creates an arbitrage opportunity should the price drift away from the NAV.
-
Liquid: Market makers provide guaranteed on-book liquidity all day.
-
Constant Trading during open market hours: ETCs can be traded at any time during open hours. So investors can check prices and place orders just like for stocks. As ETC prices mirror the underlying index or commodity, they can move both up and down. Investors can follow and exploit these movements allowing them to plan their transactions on a real time basis.
-
No management of physical or futures positions:Hassle free - reduces back-office costs.
-
Market Access:All types of investors can gain exposure, and are charged the same fees.
-
Readily Available:ETCs are available through TD Direct Investing International.
-
Low Costs:Investors can gain exposure to a vast array of index and single commodity securities through a single transaction.
What costs are involved for ETC transactions?
ETC transactions are subject to the same trading fees as any other stock.
Who should consider investing in ETCs?
The wide range of trading strategies available using ETCs mean that they can be suitable for the largest institutional investor through to the private investor. Although a passive tool, ETCs are commonly utilised as part of active strategies and can be useful in short term tactical plays as well as longer term investments. It really depends on the specific requirements of the individual investor and those unsure should seek professional advice.
What are the benefits of ETCs trading like shares?
The unique structure of ETCs offers several advantages to investors:
- Buy or sell at any time during the day, not just at the end of the day as is the case with managed funds
- Invest in a portfolio of commodities with one trade
Company Warrants
What are Company Warrants?
Company warrants are issued by companies on their own ordinary shares to raise capital for themselves. Their value depends on the value of the ordinary share, which is the underlying security.
Warrants cost a fraction of the price of their underlying security and give the buyer the right (but not the obligation) to buy this underlying security at a predetermined price (the Strike or Exercise Price) on or before a predetermined date (the "Expiry" Date).
How do Company Warrants work?
Warrants give the same economic exposure to an underlying security without actually owning it, and cost a fraction of the price of the underlying security.
At the exercise date you can choose to buy the underlying security at the pre-determined price (strike or exercise price). At this point you will know what the actual value of the shares are. If you choose to buy the underlying security this is known as exercising the warrant (or exercising the rights attributed to that warrant).
How risky are Company Warrants?
The value of a warrant is determined by these factors:
- The underlying security price.
- The exercise price of the warrant.
- The volatility of the underlying security price.
- The time to expiry of the warrant.
- The interest rate and the dividend yield of the underlying asset.
Liquidity risk
If there are insufficient buy orders, the market price of a warrant will be affected. There is a risk that you could not sell your warrants for a reasonable price.
Limited life of warrants
A warrant may become worthless if your expectations are not realised before it's expiry.
What does trading in Company Warrants cost?
Company Warrants are traded like shares and are charged at normal stock commission.
How can I invest in Company Warrants?
You can invest in Company Warrants through our standard trading account.
Covered Warrants
What are Covered Warrants?
-
Direct access to a full range of covered warrants through TD Direct Investing International's partnerships with all the leading issuers of covered warrants.The underlying security price.
-
Trade both long (call) and short (put) positions, giving you the potential to profit from both price rises and falls in the underlying security.
-
As a geared product investors gain the same level of exposure as buying ordinary shares but pay a fraction of the cost of the underlying stock.
-
Covered warrants are traded like shares.
How do Covered Warrants work?
Covered warrants provide the same level of exposure as buying ordinary shares but you only pay a fraction of the cost of the underlying asset.
Just like shares covered warrants can be bought and sold at anytime, online or by telephone. Unlike shares they have a limited life span - between 3 months and 3 years at issue. After which the cash value (if positive) of the warrant is automatically paid out to the holder.
How risky are Covered Warrants?
Before trading you should fully understand the nature of covered warrants and your exposure to the risk involved.
The geared nature of covered warrants means that a relatively small movement in the share price of the underlying asset will result in larger movements in the value of the warrant. Therefore, covered warrants provide the opportunity for greater returns than ordinary share dealing but also greater risks and potential losses.
How much do Covered Warrants cost?
Covered warrants are traded like shares and are charged at normal stock commission rates.
How can I invest in Covered Warrants?
You can invest in Covered Warrants through our standard trading account.
How do I contact TD Direct Investing International?
- Email us info@tddirectinvesting.lu
- Call us at (00-352)2603 2003. Call Centre opening hours: Monday to Friday from 8:00 am to 10:00 pm (CET).
- Send us mail or visit our Investor Centre: TD Direct Investing International, 46a avenue JF Kennedy, L-2958 Luxembourg
What is the TD Direct Investing International Secure mailbox?
The TD Direct Investing International secure mailbox is a communication tool that allows TD Direct Investing International and its clients to communicate in a secure and confidential environment.
What are the advantages of the TD Direct Investing International Secure mailbox?
-
Security and confidentiality: as you have to identify yourself before accessing your personal mailbox, you will communicate with our Client Desk in a totally safe environment.
-
Improved response: thanks to this mailbox, you are in direct contact with our Investment Representatives. You will thus be able to react more rapidly to Corporate Actions for example.
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Convenience: you can use the mailbox to contact our Investment Representatives, as well as to update your personal details such as your address or phone number.
How can you use the TD Direct Investing International Secure mailbox?
-
To consult your order confirmations and statements: in a near future, order confirmations and statements will be sent to your TD Direct Investing International mailbox.
-
To react to Corporate Actions: Corporate Actions are sent to both your external and TD Direct Investing International secure e-mails.
-
To communicate with the bank: you can use this mailbox for all your e-mail communications with the bank.
How can you access the TD Direct Investing International secure mailbox?
In the TD Direct Investing International website, log in and select the " Secure Mailbox " tab in the " My account " section.
How can I fund my account?
You can fund your account in one of the following ways:
- By wiring a transfer: the best way to fund your account,
- By cheque payable to TD Direct Investing International Bank SA,
- In-branch cash deposits will no longer be available from March 1, 2013.
You can also fund your account through a securities transfer.
How do I obtain the Securities Transfer form?
They are available in the Application pack which can be downloaded from our web site or via our call centre by calling 00800 2003 2003.
How can I access my funds?
You can access your funds by phoning the call center. TD Direct Investing International will then initiate a bank transfer order to an account in your name. In-branch cash withdrawals will no longer be available from March 1, 2013.
How long will it take for my shares to settle?
Settlement will be three working days after the transaction (T+3), except for Frankfurt and Hong Kong (T+2).
When is my account debited/credited after trading (buy or sell)?
Your account will be debited / credited 3 days after your transaction (T+3), except for Frankfurt and Hong Kong (T+2). However, the amount of this trade will be taken into account in your available funds.
Can I choose my settlement currency?
You will choose your preferred currency when you open an account with TD Direct Investing International. You can however choose from any of your nine currencies when you place a trade.
Can I trade and settle in different currencies?
The flexible and interest bearing TD Direct Investing International cash account allows you to hold multiple currencies in one account, constituting one central hub for trading on multiple international exchanges.
Can I sell a stock in a different Stock Exchange from where I bought it?
No, you have to sell the stock at the same stock exchange where you bought it.
How will I receive dividends?
All dividends will be credited to your TD Direct Investing International account.
What are corporate actions?
A corporate action is any event by a company that affects your holding of shares or other securities in that company and which may in turn require action by you. Examples of corporate actions include take-over bids and mergers, rights issues, capitalisation issues and stock splits.
What is the tick size for limit orders placed on the Euronext market (Paris, Amsterdam, and Brussels)?
If the stock price is:
- Less than EUR 50, there are no restrictions
- Between EUR 50 and EUR 100, the tick is EUR 0.05 (a limit of 63.24 is not possible; has to be 63.20 or 63.25)
- Between EUR 100 and EUR 500, the tick is EUR 0.10
- Above EUR 500, the tick is EUR 0.50
What are the trading conditions for orders placed on Asian markets (Singapore, Hong Kong and Australia)?
Hong Kong
| Currency |
HKD |
| Trading times |
HK time: 10am to 4pm / CET: 4am to 10am |
| Settlement date |
T+2 |
| Order types and conditions |
Limit order: good for today
Input of invalid limit prices may result in your order rejecting:
-limit buy: limit price must be below ask price
-limit sell: limit price must be above bid price
All limit prices must also be within 20 price steps. |
| Trade lots |
Board lots |
| Tick size |
$0.01 |
| Local duties |
Transaction levy (SFC charge) 0.004% on traded amt
Trading fee (SEHK charge) 0.005% on traded amt
Trading tariff of HKD 0.50 payable to the exchange for each B/S order
S/Duty (Gov. charge) 0.1% on traded amt rounded up to nearest HKD
Levies charged on both purchase & sale |
| Web address |
List of stocks available: http://www.hkex.com.hk/tradinfo/stockcode/eisdeqty.htm |
Singapore
| Currency |
SGD |
| Trading times |
Singapore time: 9am to 12.30am - 2pm to 5pm
CET: 3am to 6.30am - 8am to 11am |
| Settlement date |
T+3 |
| Order types and conditions |
Limit order: good for today
Input of invalid limit prices may result in your order rejecting:
-limit buy: limit price must be below ask price
-limit sell: limit price must be above bid price
All limit prices must also be within 6 price steps. |
| Trade lots |
Board lots of 1000-2000 |
| Tick size |
Use of full stop (and 2 decimal places)
Enter valid tick size for limit price:
-Stock price< $1.00 = $0.005
-Stock price< $10.00 = $0.01
-Stock price> $10.00 tick is $0.02 |
| Local duties |
Clearing fee (CDP* imposed) 0.04% (max SGD 600)
SGX Trading fee 0.0075%
GST (Goods and Services Tax) 7% on all fees starting 01-07-07
*Central Depositary
Levies charged on both purchase & sale |
| Web address |
List of stocks available://www.eoddata.com/Symbols/SGX/C.htm |
Australia
| Currency |
AUD |
| Trading times |
Sydney time: 10:10am to 4pm / CET: 2:10am to 8am |
| Settlement date |
T+3 |
| Order types and conditions |
Limit order: good for today
Input of invalid limit prices may result in your order rejecting:
Limit orders must be placed within 5% or 20 steps from the current market price (bid or ask depending on sell/buy instruction) |
| Trade lots |
None |
| Tick size |
Enter valid tick size for limit price:
-Stock price< $0.10 = $0.001
-Stock price> $0.10 to < $0.50 = $0.005
-Stock price> $0.50 = $0.01 |
| Local duties |
None |
| Web address |
|
What is a Retail Service Provider (RSP)?
A Retail Service Provider (RSP) is a firm that provides the price feed for the online electronic quoting system similar to a computerised market maker. TD Direct Investing International uses a number of RSPs to help execute your order on the London stock Exchange (LSE) at the best price available.
Most LSE trades by retail clients are executed electronically via an RSP and do not execute on the central order book of the LSE (off book). LSE Trades of a large size above the Exchange Market Size (EMS) of a stock will usually be required to be placed manually with the market as RSPs will not always quote above the EMS.
We will attempt to execute your LSE order electronically via the RSP system. If we are unable to gain an RSP quote for your LSE order we will then approach a market maker and deal your order manually.
When will I know how much I have paid for my Mutual Fund shares/units?
It depends on what kind of fund you are buying. Mutual Funds are 'forward priced' - which means that the orders are placed with the fund companies on a daily basis prior to the Net Asset Value of the shares being calculated - again each day.
Our clients will know fund unit / share prices the same day as the order was placed providing that it was placed prior to 11.00hrs CET. Orders placed after this time will be placed the following business day so in this case it will be the following day that a client will have access to this information. Settlement for such orders is trade date plus 3 business days (according to the Luxembourg civil calendar).
What are the risks and costs associated with investments in securities denominated in different currencies?
If you choose to settle in a currency other than the currency in which the security is denominated, your funds will be exchanged on settlement day. The currency in which your investment is denominated will fluctuate over time, which may negatively impact the value, price and yield of your investment.
How is performance calculated?
Performance figures are calculated using the average book cost method. It is calculated daily based on the closing price using the following formulas:
- Book value = (quantity x purchase price) + commission
- Average book price = ((quantity x book value) + commission) / quantity
- Performance = (closing price - book value) / book value
What happens if I buy or sell additional shares?
If you buy or sell additional shares, the average book value and performance figures are automatically updated.
What happens if I transfer-in some securities?
If you transfer-in some securities, the book value displayed will be 0. We recommend that you manually enter the book value using the "Edit book value" button on the "Portfolio" page.
How can I view performance data for my portfolio?
Log-in at www.tddirectinvesting.lu, and click on "My Account" and then on "Portfolio" or "Holdings".
How can I update the book value for my securities?
You can easily update the book value for your securities using the "Edit book value" button on your "Portfolio" page. Performance will automatically be updated with this new data.
Example of performance calculation for an initial position
You hold BMW shares in your portfolio.
Quantity: 250
Purchase price: 25 EUR
Total purchase price: 6250 EUR
Commission: 35 EUR
Total transaction cost: 6285 EUR
In this case, the book value per share is 25.14 EUR [(250 x 25 + 35) / 250] and the book value of the position is 6285 EUR [25.14 x 250]
If the closing price of the shares is 27 EUR, the closing value of this position is 6750 EUR [250 x 27]. Therefore, performance is 7.40% [(6750 - 6285) / 6285].
Example of performance calculation in the case of an additional purchase
You buy an additional 350 BWM shares.
Purchase price of the additional shares: 27 EUR
Purchase price of the additional position: 9450 EUR
Commission: 35 EUR
Total transaction cost: 9485 EUR
Total cost of the position: 6285 EUR + 9485 EUR = 15770 EUR
Consequently, the average book value is 26.28 EUR [15770 / 600] and the book value of the position is 15770 EUR (26.28 EUR x 600).
If the share's closing price is 27 EUR, the closing value of this position is 16200 EUR [600 x 27]. Therefore performance is 2.73% [(16200 - 15770) / 15770].
Example of performance calculation in the case of a partial sell
You sell 300 BMW shares
Book value of sold shares: 300 x 26.28 EUR = 7885 EUR
Book value of remaining shares: 300 x 26.28 EUR = 7885 EUR
Performance if shares are quoted at 27 EUR: [(8100 - 7885) / 7885)] = 2.73 %
What are the costs of dealing online?
| Standard Rates | Frequent trader rates** |
|---|
| US, Canada, Europe | Asia | US, Canada,
UK, Belgium | Other Continental
Europe* | Asia |
|---|
| EUR | EUR | EUR | EUR | EUR |
|---|
| Trade <5000 € |
28 |
45 |
19.6 |
22.4 |
38 |
| 5,001-10,000 € |
35 |
55 |
24.5 |
28 |
48 |
| 10,001-25,000 € |
45 |
70 |
31.5 |
36 |
58 |
| 25,001-50,000 € |
90 |
90 |
63 |
72 |
78 |
| 50,001-100,000 € |
180 |
180 |
126 |
144 |
155 |
| 100,001-250,000 € |
250 |
250 |
175 |
200 |
215 |
| 250,001+ € |
0.1% |
0.1% |
0.07% |
0.08% |
0.085% |
| Additional Call Center charge per trade |
20 |
20 |
14 |
16 |
16 |
Additional fees levied by the exchanges will be charged directly and added to the TD Direct Investing International commission (UK: 0.5%, Ireland: 1%, Hong-Kong: 0.109%; Singapore: 0.0575% with max. SGD200).
* Minimum commission for Milan Stock Exchange = € 28
** Frequent trader rates are available to TD Direct Investing International customers who trade at least 12 times per rolling 3-month period.
What is the cost of a telephone trade?
There is an additional cost of €20 per trade. However if you need to deal via the phone due to a systems failure on our part, this charge will be waived at your request.
How do I become a frequent trader?
Frequent trader rates are available to TD Direct Investing International customers who trade at least 12 times per rolling 3-month period..
Will I be charged if I transfer stock out of my TD Direct Investing International account?
Yes, there is a charge of €75 per line of stock.
What software do I need to access TD Direct Investing International?
You will require a PC with Internet Explorer Version 5.0 or above or Firefox with SSL3.0 or above enabled. For our transactional site, we support 128-bit encryption. If your browser does not support this level we strongly recommend that you upgrade. If you don't you can still trade on the site, but you will not be using the highest levels of security available.
Why are quotes not streaming on Active Trader?
Ensure the Java Runtime Environment (JRE) is enabled in your web browser. On Windows, open the Configuration Panel / Java application, select the Advanced Tab and open the <APPLET> tag support option. Confirm that the option is checked for your web browser (Internet Explorer, Mozilla and Netscape). Select Apply.
If the Java Control Panel is not present in your Control Panel, please download and install a Java Runtime Environment from http://java.com/en/download/manual.jsp.
I cannot open the Interactive Chart application on Active Trader
You need to add the TD Direct Investing International site to your list of trusted web sites. With Internet Explorer, go to Tools / Internet Options, select the Security tab and choose Trusted Sites; on the Sites page unselect the "Require server verification for all sites in this zone" and add http://*.tddirectinvesting.lu and https://*.tddirectinvesting.lu to the list.
Who is "TD Bank Group"?
TD Bank Group offers a full range of financial products and services to approximately 19 million customers worldwide through four key business lines:
- Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance.
- Wealth Management, including TD Waterhouse and an investment in TD Ameritrade.
- U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank.
- Wholesale Banking, including TD Securities.
As of 31 October 2010, TD had CDN$620 billion in assets. TD Bank Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. The Toronto-Dominion Bank trades on the Toronto and New York (NYSE) stock exchanges under the symbol "TD".
More information can be found on www.td.com.
How secure is the TD Direct Investing International website?
The TD Direct Investing International website supports the latest security encoding, which consists of 128-bit encryption. This is the highest level of encryption commercially available. If you do not have a browser that supports this level of encryption, we strongly recommend that you upgrade (to Internet Explorer or Netscape). If you require further assistance, please call our Customer Services Team on +352 2603 2004.
Does TD Direct Investing International record telephone calls?
Yes, telephone calls may be recorded to ensure accuracy and enable us to check any details or instructions you have given us.
Prevention against "phishing" attacks
What is phishing?
"Phishing" is an attempt to trick people into giving out private information that will be used for identity theft (ex: usernames and passwords, bank account numbers,…).
An e-mail generally formatted to appear to be from a legitimate source is sent to an unsuspecting user. The message, usually providing a link to a login page, may ask you to "update," "validate," or "confirm" your account information. Sometimes it also threatens the user to terminate his account unless he responds immediately.
What should you do in case you think you have a received a 'phishing' email?
- Never respond to suspicious emails asking for sensitive information. TD Direct Investing International will never ask for your details in this way.
- Never follow the links / open any attachment in an email you suspect might be phishing.
Should you receive any unsolicited e-mail communication claiming to be from TD Direct Investing International and requesting such sensitive information, please DO NOT RESPOND to it and REPORT it to us as soon as possible (phishing@tddirectinvesting.lu or +352-2603 2003).
EU Tax Savings Directive
What is the scope of the EU Tax Savings Directive?
The EU Tax Savings Directive, applicable to European citizens and European residents, came into force on July 1st, 2005. This allows for banks in Luxembourg (as well as, amongst others in Switzerland, Monaco and the Channel Islands) to deduct tax at source from the interest generated by fixed yield investments, instead of exchanging information. The tax at source applies in particular to interest paid-out on your TD Direct Investing International cash account. Of course, banking secrecy will be maintained in full.
What is the impact of the EU Tax Savings Directive on my TD Direct Investing International account?
As of September 30th 2005, we will deduct the tax at source directly from the interest credited quarterly to your TD Direct Investing International cash account. Please note that for EU-tax residents (excluding Luxembourg residents), a withholding tax will be deducted from interest earned on fixed income funds (and mutual funds impacted by the EU tax savings directive).
What do I have to provide you with if I am not liable to tax in one country of the European Union?
In case you are not liable to tax in any of the countries of the European Union (typically if you are an expatriate living outside the European Union or a foreigner resident, but not domiciled for tax purposes in Great-Britain), you are able to avoid the deduction by simply providing us with one of below documents:
- A tax residence certificate from a country outside of the European Union.
or
- A residence certificate issued by your local town council, an Embassy, a Consulate or a Population Office/Registry outside of the European Union.
or
- A copy of your residence permit from a country outside of the European Union.
or (in particular for expatriates resident, but not fiscally domiciled in Great-Britain)
Certification from the tax authority, a notary, a solicitor, a tax advisor or by a fiduciary certifying your tax-exempt status in the country where you reside. Please note that the above mentioned institutions must be officially licensed and registered.
Withholding tax for Luxembourg residents
What is the withholding tax for Luxembourg residents and who is concerned?
Withholding tax for Luxembourg residents has been introduced as part of the EU tax harmonization, and affects all Luxembourg residents. One of its main features is a 10% tax levied by banks on certain types of savings' income.
How does this withholding tax affect me as an TD Direct Investing International client and Luxembourg resident?
In order to comply with the legislation, TD Direct Investing International will quarterly withhold 10% of the gross amount of interest paid out to Luxembourg residents on their TD Direct Investing International cash account.
What income will be impacted?
While the legislation itself comes into force on January 2006, taxable income can be calculated from 1 July 2005, which means that only interest accruing from that date onwards and booked after January 1st 2006 will be taxable.
What is the effect on the personal income tax?
Income on which the withholding tax has been levied are not subject to any further income tax, and should thus not be included in income reported for personal income tax purposes.
What is the effect of the withholding tax on banking secrecy?
Since TD Direct Investing International forwards the total amount collected from all its clients to the Luxembourg Tax Office, with no indication of the identity of any individual beneficiary, banking secrecy is left fully intact.
Who has access to the Active Trader Service?
The Active Trader Service is accessible free of charge to all clients trading at least 30 times per rolling 3-month period.
What is the content of the Active Trader Service?
The Active Trader service provides following datas/informations:
- Quotes in level 1 or level 2 in streaming or per requestv (depending on the exchanges)
- Real-time watchlists with streaming quotes
- Alerting system on quotes and news
- Interactive charts with streaming quotes
- News
- Consensus
- Stock Reports
- Technical Analysis
Will I have access to quotes in level 1 / level 2, in streaming or per request?
Definitions:
- Quotes Level 1: Following pricing data's is available: Real time Bid/Ask, OHLC, Volume, Performance ratios
- Quotes Level 2: idem level 1 + Order book
- Quotes Streaming: real time prices without the need to refresh the screen
- Quotes per request: real time prices with refreshing of screen
| Stock exchange | Level 1 / Level 2 | Streaming / Per request |
|---|
| NYSE |
L1 |
Streaming |
| AMEX |
L2 |
Streaming |
| NASDAQ |
L1 |
Streaming |
Euronext
(Paris/Brussels/Amsterdam) |
L2 |
Streaming |
| London |
L1 |
Per request |
| Toronto |
L1 |
Per request |
| Frankfurt |
L2 |
Per request |
| Madrid |
L1 |
Per request |
| Stockholm |
L1 |
Per request |
| Zurich |
L1 |
Per request |
| Milan |
L1 |
Per request |
| Singapore |
L1 |
Per request |
| Hong Kong |
L1 |
Per request |
| Australia |
L1 |
Per request |
| Dow Jones Indices |
L1 |
Streaming |
| FTSE Indice |
Delayed |
Per request |
| CME & S&P Indices |
Delayed |
Streaming |
How can I use the real time Watchlists?
The Watchlist service allows clients to create one or many watchlists (max. 20 watchlists) containing max. 10 stocks to follow.
Each watchlist will provide following information:
- Streaming/real-times quotes (depending on agreement with exchanges), Qty Buy, Qty Sell, Volume, Var. in %
- Additional information such as news, consensus, fundamental report, technical analysis reports
How can I use the alerting system?
The Alert system allows you to set up alerts on quotes and news for selected stocks.
- On Quotes: set up a limit quote (high and/or low)
- On Upgrades/Downgrades: informs each time brokers upgrade or downgrade a company
- On Calendar: informs you when a corporate event is scheduled
What kind of charts are available on the Active Trader Service?
The Active Trader Service displays two types of charts: Simple Charts and Interactive Charts with live streaming quotes
-
Simple Charts: gives the possibility to select following criteria: chart type/average 1/average 2/upper indicator/benchmark/lower indicator 1/lower indicator 2/time frame/scale
-
Interactive Charts: click here for more information
What are the news available on Active Trader Service?
The News displayed on the Active Trader pages is provided by Dow Jones Newswires.
With the Active Trader News Package, you gain access to an exclusive package of news which is usually only available to professional investors.
Dow Jones Investment News (4200 news per day in real time):
General Business Content:
- Economic Indicators (US, Asia, Europe)
- Central Bank News (US, Asia, Europe)
- Political News (US, Asia, Europe)
Money Content:
- Forex News
- Government Bond News (US, Asia, Europe)
- Corporate Bond News (US, Asia, Europe)
Equities Content:
- Blue-Chip News (US, Asia, Europe)
- Mid/Small-Cap (US, Asia, Europe)
- Stock Market Commentary (US, Asia, Europe)
General News(US, Asia, Europe)
"Global Premium Investment News" and "The MarketTalk Global Service"
The Market Talk (US, Asia, Europe):
You will be informed in real time of upgrades and downgrades on stocks in order to compare banks' and brokers' opinion.
DJ Point of View Articles:
Dow Jones senior Editors will share their point of view and ideas.
DJ Publications:
You will access to all financial information from these recognized publications: Wall Street Journal, Wall Street Journal Europe, Asian Wall Street Journal, Barron's, FEER, SmartMoney, CNBC…
Do you provide broker recommendations / consensus?
Consensus data is provided by Factset.
For each stock, you will have access to following estimates (for current year, year + 1, year + 2):
- Earnings per share (EPS) EPS growth median, standard deviation, # of brokers providing EPS, EPS revision over last 1 month %, # of revisions: upward/unchanged/downward.
- Net Dividend Median estimates, Dividend yield, # of estimates
- # of brokers providing recommendations (buy, overweight, neutral, underweight, sell, total). # of brokers providing upward, downward and unchanged recommendation. Consensus means recommendation.
- Net Asset par share. # of brokers providing Net asset per Share
These estimates are updated weekly.
Do you provide stock reports / fundamental analysis on stocks?
Stock Reports are provided by Standard & Poors
- Universe: Reports will be available for 500 North American stocks and 150 European stocks.
- Length and format: 5 pages in pdf format
- Content focus:
·Technical Graph
·Recommendation
·Fair value
·Overview
·Valuation
·Key stock statistics
·Business Summary
·Income Statement & Balance sheet
·Co. News Headline
·Industry outlook and peers valuation
·Wall Street consensus
- Updating frequency: 5 to 7 times per year
- Stock reports are available in English
- Consensus
-
Sample
Do you provide technical analysis?
Technical Analysis Reports are provided by Trading Central
- Market Coverage
·Equities: about 1800 individuals stocks selected by market capitalization and liquidity allowing relevant chartist analysis in global markets: US (New York, Toronto?), European (London, Paris, Frankfurt, Brussels, Amsterdam, Madrid, Stockholm, Zurich, Milan?), Asia-Pacific (Singapore, Hong-Kong, Australia, Japan?), India (30 largest stocks by market cap).
·Index Futures: Morning and Midday Technical Levels: DJ, S&P, Nasdaq, CAC, DAX, FTSE, Eurostoxx50, SMI
·Currencies: EUR/USD, USD/GBP, USD/CHF, USD/JPY, EUR/SEK, USD/HKD, USD/AUD, USD/CAD
·Commodities: Oil, Gold, Silver
- Language: Technical analysis Reports are available in English
- Click here for help on Technical Analysis
More information about the financial providers
Interactive Data
Interactive Data Corporation is a leading global provider of mission-critical financial information, including market data, securities pricing (including evaluated pricing) and analytic tools to financial institutions, active traders and individual investors. Many of the world's best-known banks, brokerage firms, insurance companies, money managers, mutual fund companies and software firms subscribe to the company's services in support of their trading, analysis, portfolio management and valuation activities.
Interactive Data Corporation provides essential data, analytics and tools to financial institutions, professional traders and individual investors worldwide. The company is focused on accelerating its revenue and profit growth by extending its leadership position in selected segments within the financial services industry.
Interactive Data Corporation has approximately 2,100 employees in offices located throughout North America, Europe, Asia and Australia. The company's stock is traded on the New York Stock Exchange (NYSE) under the symbol 'IDC'.
For more information, visit: www.interactivedata.com
Dow Jones Newswires
Dow Jones Newswires provides real-time news for financial professionals in the equities, fixed-income, foreign exchange, and energy markets. The division also offers news for financial firms' Web sites and Dow Jones Newsletters' sector-specific content. In addition to Dow Jones Newswires, Dow Jones & Company (NYSE:DJ; dj.com) publishes The Wall Street Journal and its international and online editions, Barron's and the Far Eastern Economic Review, Dow Jones Indexes and the Ottaway group of community newspapers. Dow Jones is co-owner with Reuters Group of Factiva. Dow Jones also provides news content to CNBC and radio stations in the U.S.
For more information, visit: www.djnewswires.com
Factset
FactSet Research Systems Inc. supplies financial intelligence to the investment community. The company combines more than 200 databases, including content regarding tens of thousands of companies from multiple stock markets, research firms, governments, and other sources, into a single online platform of information and analytics.
The company's common shares are listed on the New York stock exchange (NYSE: FDS).
FactSet has operations in 9 countries.
For more information, visit: www.factset.com
Standard&Poors
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations. With 5000 employees located in 20 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.
The equity research reports and recommendations are provided by Standard & Poor's Equity Research Services. In this regard, Standard & Poor's Equity Research Services has no access to non-public information received by other units of Standard & Poor's. Standard & Poor's does not trade for its own account. Standard & Poor's is the world's leading independent provider of equity research, covering more than 1,500 equities worldwide.
For more information, visit: www.standardandpoors.com
Trading Central
TRADING CENTRAL is a leading investment research provider to financial market professionals, founded and run by a team of experienced market professionals, with offices in London and Paris. TRADING CENTRAL publishes technical analyses which cover equity, index, fixed-income, forex and commodities markets.
Leading financial institutions rely upon their expertise and added value: TRADING CENTRAL currently serves 38 out of the 50 largest investment banks worldwide.
TRADING CENTRAL is a Certified Member of the Investorside Research Association©.
TRADING CENTRAL is a contributor on leading professional platforms including Bloomberg (GURU ) and Reuters (GURU ). TRADING CENTRAL also develops web-based solutions for financial institutions (online brokers, banks, portals).
For more information, visit: www.tradingcentral.com
TD Direct Investing International' clients have access to the following contents and functionalities:
- Functional " Quotes " page: allowing you to view all important information (provided by Interactive Data) on one page (quotes, vitals, graph, news, corporate actions)
- Watchlist including the performance and new functional links to news and charts
- Quotes in real time for the major currencies and commodities: these quotes are accessible via the "Market Monitor " page
- Calendar/list of events per market or per stock, as well as comments before/during/after each session
- Stock of the day recommended by our partner Trading Central, together with a detailed report covering this value
- Advanced charting tools: with multiple customisation possibilities (averages, scale, indicators)
- Search tool for stocks and news with multiple sort criteria : symbol, name, date, sector, market
- News service from Dow Jones Newswires: 4200 news items per day in real time on stock markets, bonds and money markets in Europe, US, and Asia
The Frequent Trader clients (trading a minimum of 12 times per rolling 3-month period.), have also access to the Technical Analysis Reports from Trading Central.
Learn more
What is a Lombard Credit?
With a Lombard Credit you can obtain an advance on a current account by pledging to the Bank your assets constituted and deposited on your account opened in its books. It applies both to assets currently deposited in your account and to those which will be deposited in the future. The Bank determines the maximum rate that can be advanced for each negotiable security deposited. This value is set on the basis of the quality of the portfolio pledged.
You then undertake to ensure that the value of the securities and assets deposited with the Bank complies at all times with the cover conditions required by the Bank.
The debit rates of interest relating to the Lombard Credit can be consulted by clicking on the following link (Rates - Cash Account).
Can I obtain a Credit Facility on the conditions of a Lombard Credit from TD Direct Investing International?
Yes, the Bank may, at its discretion, grant you a Credit Facility on the Conditions of a "Lombard Credit".
This Credit Facility is governed by article 10 of the General Terms and Conditions and by the Special Conditions for granting a Credit Facility under the conditions of a Lombard Credit. In no case may the Bank be considered as having taken active steps to present to you or encourage you to use such a Credit Facility.
If you wish to apply for a Credit Facility on the conditions of a Lombard Credit from TD Direct Investing International Bank S.A., please contact Customer Service on +352 2603 2003.
How do I apply for a Credit Facility on the conditions of a Lombard Credit?
Simply contact our customer service team on +352 2603 2003.
How is the maximum value of the Credit calculated?
The maximum authorised sum is defined on the basis of the quality of the portfolio pledged.
This sum is normally calculated according to:
1. the coverage of the securities and assets pledged with TD Direct Investing International. The cover ratios required depending on the valuation of the quality of the portfolio:
| Maximum exposure of largest holding | Cover ratio |
|---|
|
150% |
| 26 - 50% |
175% |
| 51 - 65% |
200% |
| 66 - 80% |
250% |
| >80% |
Not authorised |
2. the type of asset and the diversification of the portfolio
The Lombard valuation table can be consulted by clicking on the following link (Lombard valuation table)