Euronext Securities Porto has decided to change its price lists with the main purpose of responding to client requests, encouraging the direct participation of financial intermediaries in more than one CSD of the Euronext Group, encouraging the integration of fund units in a centralised system, as well as contributing to the revival of the warrants and certificates market in Portugal.
- Reduction of registration and cancellation fees for warrants and certificates;
- Reduction of processing fees for corporate events (namely capital reductions, income payments, splits and reverse splits) on fund units;
- Reduction of fees on operations resulting from the transfer of securities between different securities codes belonging to the same bond issue;
- Increase of fees charged for subscriptions/redemptions of open-ended funds that do not use the order routing functionality.
- Creation of a Family Fee, which grants discounts on settlement operations processed on the T2S platform, for Financial Intermediaries participating in more than one CSD of the Euronext Group (Euronext Securities Milan, Euronext Securities Copenhagen and Euronext Securities Porto);
- Reduction of fees charged for connecting via VPN to its private communications network;
- Reduction of fees for cross-border operations carried out by investor CSDs;
- Removal of the fee charged to Financial Intermediaries for subscribing to the service of notification/confirmation of events and general meetings;
- Increase of fees charged for the settlement of warrants and certificates.
Details of the changes made to the Fee Books
Warrants and Certificates
After several discussions with the issuers of warrants and certificates, and in order to encourage the offering of warrants and certificates in Portugal, Euronext Securities Porto decided to reduce the price of registering and cancelling warrants and certificates from a sliding scale price, with a discount to be applied depending on the number of warrants and certificates issued, to a fixed fee for the registration and cancellation of warrants and certificates. On the other hand, it was also decided to increase the fees charged for the settlement operations of warrants and certificates.
As a result, items 6.5 and 6.7 have been created in the Fee Book of Financial Intermediaries and items 3.2 and 5.9 of the Fee Book of the Issuer Entities have been amended.
In order to encourage the integration of fund units into the centralised securities system, Euronext Securities Porto has decided to reduce the processing fee for corporate events (namely, capital reduction, income payment and split and reverse split) to meet the specific needs of these products. On the other hand, it was decided to increase the fee charged on subscription/redemption operations of open-ended funds that do not use order routing functionality, in order to encourage the use of this functionality, thus reducing manual procedures and the inherent risk.
To give form to these changes, the table in point 6.10 of the Fee Book of the Issuer Entities has been changed, points 5.3, 5.6 and 6.5 of the same Fee Book have been added and the text of point 5.2 has been changed, excluding funds and ETFs from the application of the fees established therein.
Settlement Transactions carried out by CSD Investor
In order to encourage the settlement of cross-border operations performed by investor CSDs, Euronext Securities Porto decided to apply only T2S pricing to these operations. As a result, point 6.10 was added to the Financial Intermediaries’ Fee Book.
In order to encourage direct participation of Financial Intermediaries in several Euronext Group CSDs, it was decided to create a Family fee across Euronext Securities Milan, Euronext Securities Copenhagen and Euronext Securities Porto , which will allow Financial Intermediaries to obtain discounts on the settlement operations processed in the T2S platform that they execute in each CSD, i.e. the discount will be based on the sum of the settlement operations executed in T2S by (common) participants of Euronext Group CSDs. To give shape to this change, items 2.8 and 2.9 have been added to the Financial Intermediaries Fee Book.
Connection to Euronext Securities Porto private network
Euronext Securities Porto has decided to reduce the fee it charges for connection via VPN to its private communications network. For this purpose, the fee set out in table 7.1 “Primary connection to systems via VPN” of the Financial Intermediaries’ Fee Book has been amended.
Notification and/or confirmation of events and general meetings
Euronext Securities Porto has decided to discontinue the fee charged to Financial Intermediaries for subscribing to the service of notification/confirmation of events and general meetings. As a result of this change, the first paragraph of point 8.2 of the Fee Book for Financial Intermediaries has been removed.
Registration and Cancellation of Issues
With the purpose of responding to the request of clients, it has been decided to charge the minimum amount established in the registrations and cancellations table of the Issuers’ Fee Book to operations resulting from the transfer of values between different security codes, belonging to the same bond issue. Therefore, a paragraph has been added to the text of point 3.1 and point 5.8 of the Issuers’ Fee Book.
Other changes have also been made to the Fee Books, with no impact on the fees charged, and some items in the Fee Books have been renumbered, following the addition of new items.