Clients can now access algorithmic trading strategies for both Cash Stocks and Single Stock CFDs. These advanced order types enable execution of larger trades in a way that minimizes market impact. By intelligently slicing orders into smaller portions, clients can avoid revealing the full size of their trade, which is especially useful when dealing with less liquid instruments.

This functionality is particularly beneficial for those trading outside the most actively traded names. Currently, Totality executes these algorithmic orders on behalf of clients upon request. Once placed, the order will appear in your trading platform, where you’ll also have the option to cancel it if needed.

At launch, the following types of algorithmic orders are available:

• 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:

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Some exchanges do not accommodate Market orders. In such cases, if a client submits a Market order, Totality will automatically adjust it to an aggressive Limit order, set within a specific percentage range above or below the current market price.

This percentage threshold – ranging from 1% to 4% - depends on the specific exchange and the financial instruments involved. It’s important for clients to verify whether their order has been executed after submission.

If you notice any discrepancies or believe there may have been an issue with your order, please reach out to Totality without delay.

Exchange

• American Stock Exchange (AMEX)
• Oslo Stock Exchange (OSE)
• OMX Copenhagen (CSE)
• Australian Stock Exchange (ASX)
• OMX Helsinki (HSE)
• London International Exchange (LSE_INTL)
• OMX Stockholm (SSE)
• London Stock Exchange (LSE_SETS)
• Singapore Exchange (SGX-ST)

In some cases, our execution partners may opt to convert Market Orders into aggressive Limit Orders—typically set 3% “in the money”—when trading on specific exchanges. This adjustment is made in line with their internal compliance protocols and is designed to help shield clients from inadvertently causing significant price movements in the market. Totality will not be responsible for missing fills due to this.

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When an order for security is executed in parts over multiple days, the total cost of trading may increase. This is because the minimum commission fee could be applied more than once – once for each day the order is partially filled – potentially raising the overall cost of execution.

Totality allows clients to submit market orders even when the market is closed. However, since prices can shift significantly between the close and the next open, there’s a risk that the order could execute at a price that exceeds the available funds in your account.

To help manage this risk, the system requires an additional cash buffer to be available before accepting market buy orders. If the order is declined due to insufficient funds, you may consider placing a Limit Order instead, which allows you to set a maximum purchase price and maintain greater control over execution.

To enhance execution quality, Totality aggregates liquidity from various sources beyond the primary exchange. However, if a listing on the primary exchange is delayed at market open, any orders submitted before the opening auction will only be routed to the primary exchange until trading officially begins.

Once the market opens, any orders submitted before the opening auction will only be routed to the primary exchange until trading officially begins. Once the market opens, additional venues – including secondary exchanges, dark pools, and MTFs – are incorporated into the routing process.

Please be aware that depending on your data subscription, you might see live prices in the platform before the primary exchange opens. Nonetheless, Market Order, Stop Orders and Aggressive Limit Orders placed before the open will not be executed until the first trade occurs on the primary exchange.

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Please note that Northbound Trading is closed the day before a Public Holiday in Hong Kong.

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Click here to view the monthly HKEX calendar.

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

For French large cap stocks a Financial Transaction Tax (FTT) of 0.40% applies to all buy trades. The full list of stocks can be found in the official application decree (in French).

Sales or purchase of Hong Kong stocks are subjected to stamp duty at 0.10% and to other charges at 0.0085%. Note: Automated trading from 09:30-16:00 HKT with a break between 12:00-13:00 HKT.

Stocks have an ITP (Irish Takeover Panel) levy charge of 1.25 Euros for stock purchases and sales, where the trade value exceeds 12,500 Euros. Ireland Stamp Duty 1.0% of Transaction Value for stock purchases only.

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.

The clearing fee for Malaysian stocks is 0.03% (max MYR 1,000) and a stamp duty of 0.10% (i.e., MYR 1.00 for every MYR 1,000 of value of shares traded with max MYR 1000) will be charged for all stocks.

A clearing fee for trading Singapore listed securities is payable at 0.0325% of contract value.

SGX listed securities also incur a trading fee of 0.0075% of the traded value, in addition to our regular commissions and fees.

The Johannesburg Stock Exchange applies a Securities Transfer Tax (STT) of 0.25% when opening a stock position (on stock buy trades) - this tax is not applicable to Single Stock CFD trades. 

The Spanish Financial Transaction Tax (FTT) of 0.20% is applied to all purchases of Spanish shares and equity-linked securities (i.e. depositary receipts) in listed companies with a capitalisation above EUR 1bn. The full list of stocks can be found on the website of the Spanish Tax Authority (in Spanish).

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 1.5 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.

Totality passes on to clients the SEC Section 31 fee of USD 27.80 per million effective 22 May 2024 on US exchange CFD DMA and stock SELL transactions where client orders are entered directly into the underlying market. This fee only applies to US exchanges.

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

Section 871(m) of the US Internal Revenue Code classifies some payments from US equity derivatives and other linked instruments as “dividend equivalent amounts” (DEA), and therefore subject to a withholding tax. Totality will book such withholding tax to your account (where applicable).

Note: As the above is applicable to certain instruments only, you are encouraged to do your own due diligence or obtain independent tax advice in respect of any transactions that you make via Totality.

Handling of Corporate Actions: ADR/GDR Termination and Conversion

For securities categorised as depository receipts, such as ADRs or GDRs, termination and conversion events are communicated based on information provided by the issuing agent. When such events occur, clients may be given the option to convert their depository receipts into the underlying common shares, subject to the issuer’s terms.

These events are only available in specific markets where Totality offers support, and participation is limited to those jurisdictions. If conversion into common shares is not available, this will be clearly stated in the event notification. Clients interested in participating should consult their financial advisor for guidance.

 Conversion: Corporate actions offer only final conversion opportunity (termination event) to clients.

Additional stocks are allocated on Ex-date based on the eligible holding on ex-date-1 and will be available for trading, post value date upon receipt from agent.

Cash payment for dividend is allocated on Pay Date for all shareholders.

Resultant entitlements which are paid as interest will be allocated on actual basis upon receipt from agent for the eligible holding as per record date. Such distributions will not be made in cash.

Certain corporate action events may result in entitlements that Totality is unable to support. In such cases, clients will receive an informational notice advising them to transfer the resulting entitlements to another broker once they are received.

Totality does not assume responsibility for any potential losses or compliance issues related to these events. Clients are strongly encouraged to review the offer documentation carefully to understand the terms and conditions involved.

Currency options are not available to clients. When a corporate action includes a currency option, any resulting payments will be processed in the currency in which the security is listed.

Cash dividends related to stock positions are booked on pay date based on the eligible holding on ex-date-1. Dividend payments from stock positions will be credited with any applicable withholding taxes deducted.

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:

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

It is standard practice for U.S. depositary receipts to incur an annual administrative fee per receipt, determined by the issuing depositary bank. This fee covers the operational costs associated with issuing and maintaining the depositary receipt.

Typically, the fee is deducted from dividend payments. However, if no dividend is paid or the fee is not included in the dividend event, it may be charged separately through a fee-only event.

The fee amount is outlined in the Deposit Agreement between the depositary bank and the issuing company, based on industry norms. This agreement is publicly available and filed with the U.S. Securities and Exchange Commission (SEC).

Importantly, the fee is based on the number of depositary receipts held—not the dividend amount received. Totality will pass on these charges to clients once the applicable fee structure is confirmed

Some issuers offer alternatives to cash dividends through Dividend Reinvestment Plans (DRIPs) or scrip share issues.

DRIPs involve reinvesting the cash dividend into additional shares. The purchase price is determined on the actual trade date, while the distribution of shares occurs later. These transactions may be subject to commissions and other market-related charges.

Clients will be presented with available options based on the terms provided by the issuing agent. You may choose to receive dividends in cash or have them reinvested—however, partial elections are not permitted.

Cash entitlements are booked on pay date.

Stock entitlements can take up to 10 business days after the cash pay date to be received. The number of additional shares will be calculated as follows:

• The number of shares elected multiplied by net dividend rate (gross rate – applicable tax) divided by Reinvestment Price. 

Cash will be paid in lieu of fractional shares if applicable.

Certain corporate actions may require clients to submit documentation and provide beneficial ownership details. When such requirements apply, Totality will outline the necessary information and deadlines in the event notification.

All relevant documents will be shared via a separate email, where applicable. Clients are encouraged to consult with their financial or legal advisor to ensure compliance with the requirements.

If documents are missing or incomplete, Totality may be unable to process the client’s instructions, and no liability will be accepted in such cases.

To ensure timely processing, clients should respond directly to the original email from Totality, following the instructions exactly. Any deviation from the specified process may result in delays or rejection of the submission.

When an exchange offer is announced, clients holding eligible securities will have the opportunity to submit their election before the specified deadline. Once an election is made, the corresponding holdings will be debited on the instruction deadline date and temporarily booked under a placeholder security (marked with a LOCK symbol). This prevents the elected shares from being sold before the exchange is completed.

Once the exchange is processed and confirmed by the agent, the new entitlement will be credited to the client’s account. In cases where the offer is oversubscribed and a scale-back occurs, any unaccepted holdings will be released and proceeds from accepted instructions will be booked upon receipt.

In some corporate actions, issuers may distribute entitlements that are listed in different markets. These entitlements must first be transferred and registered in the appropriate market before they become tradable. This process may take additional time, during which the entitlements will be blocked from trading.

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

Liquidation proceeds are processed in three different forms:

• Worthless removal of holdings: If the issuer announces the liquidation, it may process the removal of the holdings without any proceeds. There is no guarantee of payment in case of liquidation.
• Partial removal of holdings with payment: Issuer may announce to remove the holdings partially, with proceeds calculated and determined in the meetings or by the court if applicable.
• Complete removal of holdings with payment: Issuer may announce to remove the complete holdings, with proceeds calculated and determined in the meetings or by the court as applicable.

Mandatory corporate actions that result in tradeable entitlements are typically processed on the ex-date. However, if the pay date is unconfirmed or falls outside the standard trading cycle, Totality will temporarily allocate the entitlement to a placeholder (dummy) security to prevent trading. Once the actual entitlement is received from the agent, it will be booked to the client’s account.

Clients have the right to vote on key corporate matters, which can influence a company’s strategic direction and overall value.

Totality provides information about upcoming general meetings to all clients, including those who do not intend to vote. The trading platform displays relevant events tied to your holdings, along with links to detailed information and voting deadlines.

Clients can register for the voting service and submit their votes directly through the platform. This feature is accessible via the menu under Corporate Actions → Shareholder Voting.

This ensures you stay informed about upcoming meetings, can view ballots, and have a streamlined way to submit your voting instructions.

 There will be a charge for signing up for the service which is as follows:

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The service subscription fee will be charged on a quarterly basis at the end of the quarter and is non-refundable. Clients opting in and out within the same quarter will be charged the full amount. When relevant, the service subscription fee will be converted to the applicable local currency and subject to a currency conversion charge. 

The per vote fee will be charged at the time of voting. When relevant, the per vote fee will be converted to the applicable local currency and subject to a currency conversion charge. 

Note that both the service subscription fee and per vote fee will first be charged at the end of Q4 2020. No service subscription fee will be charged for Q3 2020.

Totality will not be able to offer meeting services for the following markets:

Mandatory mergers

Mandatory mergers may result in different types of entitlements:

• Cash – Credited on the official pay date
• Stock – Allocated on the ex-date, with a future value date
• Combination of Cash and Stock – Distributed on the ex-date, with a future value date

Mergers with elections

For elective mergers, clients can submit their instructions before the specified deadline. Once elected, the relevant holdings will be debited on the instruction date and temporarily booked under a placeholder (dummy) security to prevent trading prior to settlement. The final merger entitlements will be credited once received from the agent.

In cases where a scale-back is applied, any unaccepted holdings will be released, and proceeds from accepted instructions will be booked as soon as practically possible following confirmation from the agent.

Sometimes a Corporate Action involves an instrument that is Not Online Tradable with Totality.

Under those circumstances, the procedures are as follows: 

Positions in new instruments that are Not Online Tradable, assigned resulting from a Corporate Action, are booked to the customer’s account. The instrument will be added to the customer account for reporting purposes only.

Non-official offers will not be made available to clients through Totality

Clients holding shares as of the record date may be eligible to subscribe for new shares. These offers are non-transferable and may be structured in several ways:

• By Ratio: Clients can subscribe based on a specified ratio.
• By Parcel (Value-Based): Clients choose from options to subscribe for a specific value of shares.
•  By Parcel (Quantity-Based): Clients choose from options to subscribe for a specific number of shares.
• Minimum/Multiple/Maximum Shares: Clients must specify the number of shares in the event’s remarks section. If no input is provided, the minimum will be applied.
•  Minimum/Multiple/Maximum Value: Clients must specify the value of shares in the remarks section. If not provided, the minimum value will be applied.

Important:

•  Subscription costs will be debited on the instruction deadline date.

If sufficient funds are not available, instructions will be rejected without prior notice or liability.

Due to significant price discrepancies between indicative and market prices, these events will not be offered.

Rights issues are processed in two steps:

1. ‍Rights Distribution: Rights are allocated based on holdings as of the ex-date minus one.‍
2. Subscription: Clients may sell or exercise their rights.

• Transferable Rights (Renounceable): Can be traded on the market.
• Non-Transferable Rights: Cannot be traded.

If no instruction is received by the client deadline, Totality will attempt to sell rights on a best-effort basis (only for positions worth more than €30, excluding APAC and Portuguese markets). Proceeds will be credited minus standard commission.

Subscription Guidelines:

•  Instructions must follow the multiples specified in the event notice.
•  Oversubscription may be allowed but is subject to scale-back.
• Clients must ensure sufficient funds are available in the correct sub-account from the time of instruction until the Totality  deadline. Insufficient funds will result in rejection without notice.
• Subscription costs will be debited on the instruction deadline, and entitlements will be booked to a dummy security until final settlement.

Special Notes:

• Non-tradable rights will expire worthless.
•  Temporary lines from subscriptions will convert to ordinary shares via a Pari Passu event.
• For APAC and Portuguese markets, rights must be closed outside of Totality. Unexercised rights will be removed as worthless.

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Totality may not support certain event types such as:

• Non-Renounceable Rights Distributions
•  Subscription Offers
• Entitlement Offers
•  Rapid Offers
• Retail Offers

Share Purchase Plans (SPPs) may be offered, but clients must provide beneficial ownership details as requested.

Cash dividends paid from share premium reserves are distributed on the pay date to all shareholders.

Bonus rights are tradeable during a specified period. Remaining rights after the trading period will be converted into entitlements, subject to applicable market tax.

Unusual or infrequent corporate actions will be handled by Totality s in the best interest of clients, subject to operational feasibility.

Special voting rights events are not announced in the Italian market.

In a spin-off, clients receive shares in a different company—either newly created or already existing. These additional securities are allocated on the Ex-Date.

Stock dividends are paid in the form of additional shares rather than cash. These are issued on the Ex-Date and settled on the value (pay) date.

Stock splits increase, and reverse splits decrease, the number of outstanding shares. The share price and nominal value are adjusted accordingly. Additional shares are allocated on the Ex-Date.

In Sweden, redemption rights are issued as part of mandatory events. These rights are tradeable during a specified period. Any remaining rights after the trading window closes will be converted into the final entitlement, subject to applicable market tax.

Clients may choose to participate in tender offers. Once elected, the relevant holdings will be debited on the instruction deadline and booked to a placeholder (dummy) security. The final entitlement will be credited upon receipt from the agent.

Clients holding warrants may exercise them before the stated deadline. There are two types of warrant exercises:

• Final Exercise: Warrants not exercised or sold before expiry will become worthless.
• Ongoing Exercise: Clients may exercise warrants at any time before expiry. Unexercised warrants will remain in the account until final expiry.

Important:
Clients must ensure their account is sufficiently funded at the time of instruction. If there are insufficient funds to cover the cost of acquiring new shares, the instruction will be cancelled without prior notice. Holiday Overview

During holidays, markets and exchanges around the world are closed at certain times. Upcoming holiday schedules will be posted below.