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Equities Trading Conditions

Reuse of stock investment collateral for other investments

JSC Galt & Taggart allows a percentage of the collateral invested in certain stocks to be used for margin trading activities (Forex, CFDs, Futures and Contract Options trading). See the percentage of collateral that can be used from each stock.

Stocks used as collateral for margin trading cannot be used to cover realised/unrealised losses.

Market Orders

Certain exchanges do not support Market orders. If a client places a market order in these markets, Galt & Taggart will automatically convert the order to an aggressive Limit order within a certain percentage limit “in the money”.

The Percentage Limit varies between 1% and 4% depending on the exchange and the type of instrument. Please note that it is a client’s responsibility to check if the order is filled in the market after order entry.

If you experience or suspect any errors with your order, you should contact Galt & Taggart immediately.


  • American Stock Exchange (AMEX)
  • Oslo Stock Exchange (OSE)
  • OMX Copenhagen (CSE)
  • OMX Helsinki (HSE)
  • London International Exchange (LSE_INTL)
  • OMX Stockholm (SSE)
  • London Stock Exchange (LSE_SETS)

In addition, some of our execution brokers may choose to convert Market orders on certain exchanges into aggressive limit orders 3% “in the money”. This is due to their internal compliance and is intended to protect clients from unintentionally moving the market.

Galt & Taggart will not be responsible for missing fills due to this.

Market Orders placed during closed markets

Galt & Taggart supports the placement of market orders while the market is closed. As the market may open at a very different price from where it closed, this could lead to shares being bought for more cash than is available in your account.

To minimize this risk, the system will calculate an additional cash buffer that must be available in order to place market orders to buy shares. Should the order placement be rejected a limit order may be attempted instead as the limit price will provide a maximum purchase price.

Split Orders

In case an order regarding a security is split, and filled partially over a period of more than one day, the total trading costs may increase. The reason for such increase is that the minimum fee may be charged more than one time based on the number of days necessary for the total execution of the order.

Algorithmic orders

Algorithmic orders are available for both Cash Stocks and Single Stock CFDs. Essentially, Algorithmic orders provide clients with the opportunity to trade through various strategies with larger ticket sizes that may otherwise impact the market price. They can also break down an order in smaller bites to avoid showing the full size of their order. This may be of particular interest for clients trading Stocks and Single Stock CFDs outside of the most liquid names.

  • VWAP
  • TWAP
  • With Volume
  • Implementation Shortfall
  • Pre-Market Limit
  • Iceberg
  • Reload
  • Dark
  • Liquidity Seeking
  • Market on Close
  • Limit on Close

Algorithmic orders are supported markets:


Hong Kong

United Kingdom 
United States


Dividends from stock positions

Dividend payments from stock positions will be credited to the clients account with any applicable standard withholding taxes deducted. Galt & Taggart cannot currently support or offer preferential withholding tax rates that may be available due to residency or legal status.

Transferring Stocks

How much does a securities transfer cost?
The transfer of stocks, ETFs and bonds into Galt & Taggart custody is performed free of charge. Furthermore, Galt & Taggart allows clients to use their stocks, ETFs and bonds portfolio as collateral for margin trading.

When transferring securities out of your account, the following exit fees are charged:

  • DK Stocks - EUR 25 per ISIN
  • Other Stocks - EUR 50 per ISIN

How long does a securities transfer take?
The timing of securities transfers may vary depending on the counterparty, security and market. In general, you can expect a transfer to be complete within 1 week.

Chinese A-shares - HKEX

When trading on Hong Kong Stock Excahnge the following fees apply:

Stamp Duty (charged by SAT, only for seller) 0.10%
Handling Fee (charged by SSE/SZSE) 0.00487%
Securities Fee (charged by CSRC) 0.002%
Transfer Fee (charged by ChinaClear / HKSCC) 0.004%
Portfolio fee, based on value slab (Charged by CCASS) 0.008% to 0.003%

Please note that the following trading conditions applies to HKEX:

Trading Currency CNH (RMB)
Order Types Limit orders only, throughout the day (day order)
Order Price Limits) Typically ± 10% Last Close Price
Max order size 1 Million Shares
Lot size Buy (100) Sell (1)
Tick Size CNH 0.01
No amendment of orders Orders must be cancelled and re-entered
Day Trading Not permitted – Anything bought on T can only be sold on or after T +1
Sell only Some symbols are categorized as sell only on certain dates by exchange
Daily Quota Click here for more information

For more information and details please visit the dedicated HKEx Stock Connect website.

Taxation on French Stocks

For French large cap Stocks a Financial Transaction Tax (FTT) of 0.30% apply to all buy trades. The full list of the 109 affected Stocks can be found in the official application decree (in French).

Taxation on Hong Kong Stocks

For Hong Kong stocks, Stamp Duty and other charges apply: 0.108%. Note: Automated trading from 09:30-16:30 with a break between 12:00 - 13:30.

Taxation on Italian Stocks

From 1 March 2013 the Italian Financial Transaction Tax (FTT) of 0.10% will go live on all purchases of Italian shares and Equity linked securities (i.e. depositary receipts) in listed companies that have a registered office in Italy. Please find here the Ministerial Decree as issued by the Italian Minister of Economy and Finance.

Taxation on UK Stocks

For UK stocks a Panel for Takeovers and Mergers (PTM) Levy and Stamp Duty may be applicable. Stamp Duty is applied on all buy transactions at a rate of 0.5% of the transaction value. A PTM Levy of GBP 1 is applied to buy and sell transactions where the Gross Value of the trade exceeds GBP 10,000. Please note that for Irish registered stocks, Stamp Duty is 1% of the transaction value.

Depositary Receipt fees - US

It is standard practice for US depositary receipts to charge an annual administration fee up to USD 0.05 per share depending on the issuing depositary bank. The intent of the fee is to cover costs for the banks that take on the operational processes necessary to issue and trade the depositary receipt line. Typically the fee is deducted when dividend payments are made, however, in case the depositary receipt does not pay a dividend or did not include the custodial fee in their dividend events, the fee will be administered through fee-only events. The dividend fee is stipulated in the Deposit Agreement between the depositary bank and the company based upon industry standards. The Deposit Agreement is filed with the SEC and is readily accessible by the public. The fee per depositary receipt is not dependent on the total amount of dividend being paid but the amount of shares held.

SEC Section 31 Fees for US CFD DMA and Shares

The SEC Section 31 fee on US exchange CFD DMA and stock SELL transactions (where client orders are entered directly into the underlying market) is passed on to Galt & Taggart clients. This fee only applies to US exchanges.

Effective 16 April 2019 the fee will be USD 20.70 per million, increased from the previous USD 13.00 per million.

For more information please read press release published by the U. S. Securities and Exchange Commission.

Pre-Opening Order Fills in US Markets

In US markets, Galt & Taggart consolidates liquidity from a number of sources in addition to the primary exchanges. When there is a delay in the opening of the primary exchange, orders can be filled from these other sources before trading commences on the primary exchange.

Bonus Issues

Additional Stocks are allocated on the Ex-date.

Capital gain distribution

Cash payment is allocated on Ex-date for value Pay date.

Cash Dividends

Cash dividends are booked on the Pay date based on the holdings as one day prior to the Ex-date. Dividend payments from Stock positions will be credited to the clients account with any applicable withholding taxes deducted.

Deletion of Open Orders as a Result of Corporate Actions

The day before a Corporate Action event is scheduled to take effect (the Ex-date), open orders are deleted for certain event types. The following details the rules of behaviour:

Event Type Never delete orders Always delete orders Rule defined below
Tender offers X    
Stock splits   X  
Reversed stock split   X  
Bonus issues   X  
Mandatory Mergers   X  
Spin offs   X  
Ticker changes   X  
De-listings   X  
Cash dividends     X
Stock dividends     X
Optional dividends     X
Right issues      X

For dividends and rights issues, all open orders for the given instrument will be deleted if the change in the market price is calculated to be over 20% due to the Corporate Action event.

Dividend Options

The default payment form is cash. However, clients can elect to receive Stocks. The cash entitlements are booked at pay date based on Ex-Date holdings. The Stock entitlement will be allocated once the reinvestment rate is confirmed for value Pay Date.

For dividend option events with tradable coupons these will be allocated at ex-date. The default payment is stocks. Clients can however elect to receive cash. For dividend options clients will be able to manually insert standing instructions at the individual security level.

Dividend reinvestment Plan (DRIP)

The default payment form is cash. However, clients can elect to receive Stocks. The cash entitlements are booked at pay date based on Ex-Date holdings. The Stock entitlement will be allocated once the reinvestment rate is confirmed for value Pay Date. For dividend reinvestments clients will be able to manually insert standing instructions at the individual security level.

Exchange offer

For exchange offers, clients holding a position in their portfolio will have the possibility to elect prior to the deadline.

Fractional Compensation

A fractional stock is less than one full stock, and can arise as a result of a Corporate Action entitlement calculation. For the following Corporate Actions, Galt & Taggart pays cash compensation for fractions whenever fraction compensation is applicable:

  • Stock splits 
  • Reverse stock splits 
  • Optional dividends on stock positions 
  • Mergers


Holdings in the liquidated company will be removed. Liquidation proceeds, if any, will be allocated.

Mergers & Mergers with Elections

For mandatory Mergers there are different outcomes:

  1. Cash (distributed on Pay-Date)
  2. Stocks (distributed on Ex-Date)
  3. Mix of Cash & Stocks (distributed on Ex-date)

For mergers with elections, clients have the possibility to elect prior to the deadline.

New Positions in non-online traded Instruments

Sometimes a Corporate Action involves an instrument that is not tradable online with Galt & Taggart. Under those circumstances, the procedures are as follows: Positions in new instruments that are not tradable online, assigned as a result of a Corporate Action, are booked to the clients account. The instrument will be added to the client account for reporting purposes.

Priority Issue

Clients holding the stock as of Ex-date will be given the possibility to subscribe for new shares. The offer to purchase new shares is not transferable.

Right Issues

Clients holding Stock positions will receive rights and can choose to sell the rights or subscribe to new Stocks. If Galt & Taggart has not received a response from clients by the reply deadline date stipulated by Galt & Taggart, the Bank will if possible, sell the rights on behalf of our clients before they expire. If the rights are non-tradable, they will lapse and become worthless. The proceeds from the sale will be distributed to our clients, less standard commission for the account. The reason the Bank carries out this action is to prevent rights from being worthless when they expire. For rights issues were a temporary line is paid as a result of the subscription, the temporary line will be moved into the ordinary line via a Pari Passu event.

Share premiums

Cash payment is allocated on Ex-date for value Pay date.

Special Corporate Action Events

Special and infrequent Corporate Actions that do not come under the descriptions above may occur. Galt & Taggart will handle such Corporate Actions in the best interest of the client to the extent that time and operational procedures will allow.

Stock Dividends

Additional Stocks are allocated on the Ex-date for value on the Pay Date.

Stock Splits / Reverse Stock Splits

New Stock positions are allocated on the Ex-date.

Taxes and Fees on Corporate actions

Taxes and fees may also occur on other corporate action other than cash dividends such as fee on a stock dividend or tax on a merger. When such taxes and fees occur Galt & Taggart will debit the client’s account accordingly.

Tender Offers

Clients holding Stocks in their portfolio will have the possibility to tender.

Warrant exercise

Clients holding warrants will have the possibility to exercise their warrant prior to the deadline. Warrants not sold or exercised will lapse worthless.

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Request an account opening online via our website



Add funds quickly and securely via bank transfers



Access 35,000+ instruments across all asset classes