GBP per million GBP >7y - 15y 30. to the buy side bond maturity >15y 40 Basis Trades All 10 Aggressor pays Curves

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Gavin Skinner
6 years ago
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Product Type: UK Gilts 2y 10. If trade is > 25m, then a rate of GBP 5 per million GBP is applied Outrights >2y - 7y 20 >7y - 15y 30 >15y 40 2y 10 >2y - 7y 20 with brokerage charged on the buy leg.

1 Product Type: UK Gilts 2y 10. If trade is > 25m, then a rate of GBP 5 per million GBP is applied Outrights >2y - 7y 20 >7y - 15y 30 >15y 40 2y 10 >2y - 7y 20 with brokerage charged on the buy leg. Spreads/Switches are charged according Spreads/Switches GBP per million GBP >7y - 15y 30 to the buy side bond maturity >15y 40 Basis Trades 10 Curves 5y vs 10y 30 10y vs 30y 40 with brokerage charged on the buy leg or Electronic Index Linked 40 on an outright, and on the buy side of a spread/break even Electronic Electronic commission are charged at 50% discount to commissions, with a MINIMUM charge of GBP 15 per million GBP for any spread trade that is >2 years. Electronic trades for Index Linked are charged at the same rate as trades High Yield High Yield 500 or Electronic New Issues Until first settlement date 300 Bond denominated CCY per million High Yield 250 New Issues Until first settlement date 150 USD Supra, Sovereigns and Agency - spread Supra, Sovereigns and Agency 1y 1y >1y >1y USD per million USD - cash 100. Trade size: $2 million 50. Trade size: >$2 million Page 1 of 9

2 Euro Corporate Cash 1y 100 Senior Traded as Spread >1y - 30y 200 >30y 300 Hybrid Perps 2y 200 >2y 500 New Issues - Senior Until first settlement date 200 New Issues - Hybrid Perps Until first settlement date 300 Senior Traded as Cash 500 1y 50 Senior Traded as Spread >1y - 30y 100 >30y 150 Hybrid Perps 2y 100 >2y 250 New Issues - Senior Until first settlement date 100 New Issues - Hybrid Perps Until first settlement date 150 Senior Traded as Cash 250 Euro Supra, Sovereigns and Agency Supra, Sovereigns and Agency 3y 25 >3y 50. Any trades smaller than 1 million (odd lots) will be charged at 25 Eurosterling 2y 200 Corporate Cash >2y 300 Hybrids 500 2y 100 Supra, Sovereigns and Agency >2y - 5y 200 >5y 300 or Electronic Seniors 300 Incos 500 GBP per million GBP Financial Names Lower Tier Upper Tier Tier AT1 500 Floating Rate Notes 100 Covered 300 (from above) 50%. 50% discount from or Electronic rates Page 2 of 9

3 European Government Germany, France, Netherlands, Belgium, Finland, Austria: 3y 10 >3y - 10y 15 >10y - 15y 20 >15y 25 3y 10 >3y - 10y 15 Spreads/Switches >10y - 15y 20. Spread commission paid on shorter maturity leg >15y 25 Bills 0.2 in yield New Issues 10y 50 >10y Bills 0.15 in yield 10y 50 New Issues >10y Passive 10 Aggressive 2y 10 or or CTDs 5y 15 10y 15 30y 20 BTPs, Spain: 2y 10 >2y - 50y 20 2y 10 Spreads/Switches. Spread commission of EUR 20 per million EUr charged on shorter maturity leg >2y - 50y 20 Bills 0.2 in yield CCTs 20 New Issues 1 day Bills 0.15 in yield CCTs 20 New Issues 1 day Passive 15 Aggressive CCTs 20 Portugal: Execution Type Instrument Tenor/Maturity Rate Rate Type Notes 2y 20 >2y - 6y 40 or >6y - 12y 60. Spread commission paid on shorter maturity leg >12y 100 New Issues 1 day Passive 50 Aggressive Page 3 of 9

4 Ireland: Execution Type Instrument Tenor/Maturity Rate Rate Type Notes 2y 20 >2y - 6y 25. Spread commission paid on shorter maturity leg or >6y 75 New Issues Passive 50 Aggressive Greece, Slovenia, Cyprus: GGB 4/19 and 8/ GGB 200 GGB Warrant 25. Spread commission paid on shorter maturity leg or Slovenia 100 Cyprus 100 New Issues 1 day Passive 100 Aggressive Other G11 Australia Government /Semi 18 mths 25 >18 mths mths 25 or Supra, Sovereigns and Agency >12-24 mths 50 AUD per million AUD >24 mths 100 EMTN 24 mths 100 >24 mths 200 Canada or Supra, Sovereigns and Agency 0.5bp on notional Credit 100 CAD per million CAD Switzerland or Currency Bond 24 mths 100 >24 mths 200 CHF per million CHF Page 4 of 9

5 Asset Backed Securities Execution Type Instrument Type Rate Rate Type Notes Senior 100 Autos Bond denominated CCY per million Mezzanine 200 Senior 300 Australian AUD per million AUD Senior 300 French Senior 200 Dutch Non-Conforming 500 Senior 300 Italian Spain and Portugal Greece 500 UK Prime GBP per million GBP UK Non-Conforming cash price 1250 Bond denominated CCY per million Senior 200 CLOs Execution Type Rating Rate Rate Type Notes AAA 200 AA 300 A-B 500 Bond denominated CCY per million Equity 1250 Convertible or Electronic 500 New Issues Until first settlement date Bond denominated CCY per million or Electronic - Aggressor only New Issues - Aggressor only - Volume Discount (USD): 6 million volume = 0% (500 per million) >6-10 million = 30% (350 per million) >10 million = 50% (250 per million) Page 5 of 9

6 Euro Denominated Insurance Senior 200 Subordinated 500 Senior 100 Subordinated 250 USD Denominated Insurance Senior 300 Subordinated 500 USD per million USD Senior 150 Subordinated 250 Euro Bank Capital Debt Seniors 200 Subordinated Debt 500 FRN 100 FRN 100 Seniors 100 Subordinated Debt 250 FRN 50 USD Bank Capital Debt Seniors 300 Subordinated Debt 500 FRN 100 FRN 100 USD per million USD Seniors 150 Subordinated Debt 250 FRN 50 Agency Gilts 2y 10 >2y - 4y 15 Outrights >5y - 10y 20 >11y - 15y 25 >15y 40 GBP per million GBP Curves 5y vs 10y 20 10y vs 30y 30 with brokerage charged on the buy leg Basis CTD 5 Non-deliverable CTD 10 Electronic Electronic commission are charged at 50% discount to commissions, with a MINIMUM charge of GBP 15 per million GBP for any spread trade that is >2 years. Page 6 of 9

7 Illustrative Example Example based on trading a Euro Supra, Sovereigns and Agency Bond under 3 years with a total volume of EUR 100,000, Table 2 shows how the total cost for this trade is calculated based on this volume. Volume Rate Cost EUR 100,000, transacted EUR 2, Total cost EUR 2, Summary of costs & charges based on a notional amount of EUR 100,000, Cost Category Cost Item Cost expressed Percentage Cost expressed as Cash Amount Investment and/or ancillary Service costs ( costs and associated charges charged for the investment service(s) and/or ancillary services provided to the client) Third Party Payment received Trade Execution Fee % EUR 2, (Any payment we receive from a third party in relation to the provision of the investment service we provide our clients) Financial Instrument Costs ( costs and associated charges related to the manufacturing and managing of the financial instrument.) N/A N/A % % EUR 0.00 EUR 0.00 Total Cost % EUR 2, Page 7 of 9

8 Itemised breakdown by Charge Type for cost and charges incurred: Charge Type One-off charges ( costs and charges paid at the beginning or at the end of the provided investment service(s). Financial Instrument Costs N/A Investment Service Cost Cost expressed as Percentage Cost expressed as Cash Amount N/A 0% EUR 0.00 Ongoing Charges ( on-going costs and charges paid for services provided.) Transaction Costs costs and charges that are related to transactions performed by the investment firm or other parties.) Ancillary Service Cost (Any costs and charges that are related to ancillary services that are not included in the costs mentioned above) Incidental Costs (The incidental costs include performance fees) N/A N/A 0% EUR 0.00 N/A EUR 2, % EUR 2, N/A N/A 0% EUR 0.00 N/A N/A 0% EUR 0.00 Total Cost EUR 0.00 EUR 2, % EUR 2, We may add VAT, sales taxes, duties, levies or similar charges to the rates set out above as required by law. payments should be made by wire transfer. Any payments made by cheque will be subject to an administrative charge. Save where agreed to by BGC in writing these rates do not apply to any division, business unit or entity which is acquired by the BGC Group after the date hereof.' Page 8 of 9

9 Track Changes: Rate Card Date Updates Change to: USD Supra, Sovereigns and Agency Changed Trade size: $2 million from: USD Supra, Sovereigns and Agency Changed Trade size: >$2 million from: European Government - Greece, Slovenia, Cyprus: Changed Cyprus from: European Government - Greece, Slovenia, Cyprus: Changed from: GGB PSI GGB European Government - Greece, Slovenia, Cyprus: Added GGB Warrant Added CTDs 2y Added CTDs 5y 15 European Government - Germany, France, Netherlands, Belgium, Finland, Austria: Added CTDs 10y Added CTDs 30y Amended New Issues from: all tenors y: 50, >10y: 100 European Government - BTPs, Spain: Added CCTs - // 20 Page 9 of 9

GBP per million GBP >7y - 15y 30. to the buy side bond maturity >15y 40 Basis Trades All 10 Aggressor pays

GBP per million GBP >7y - 15y 30. to the buy side bond maturity >15y 40 Basis Trades All 10 Aggressor pays Product Type: UK Gilts 2y 10. If trade is > 25m, then a rate of GBP 5 per million GBP is applied Outrights >2y - 7y 20 >7y - 15y 30 >15y 40 2y 10 >2y - 7y 20 with brokerage charged on the buy leg. Spreads/Switches