Commissions Futures

Disclosures

1. Valor's Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in Valor's Tiered commission schedule may be greater than the costs paid by Valor to the relevant exchange, regulator, clearinghouse or third party. For example, Valor may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by Valor may be less than the rebates Valor receives from the relevant market. For example, Valor may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients.
   Volume tiers are applied based on monthly cumulative trade volume summed across all futures and futures options contracts, regardless of the exchange on which they trade, at the time of the trade. Only contracts that are traded while under the Volume Tiered pricing structure will count towards the monthly volume. Contract volumes for advisor, institutions, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 1,500 US contracts in a month, your Valor execution costs would be:
   1,000 contracts at USD 0.85
   500 contracts at USD 0.65
2. Aside from the commission, fees charged to clients by Valor, including but not limited to those referenced on this website, are intended to cover the costs of execution, including exchange fees. Such fees generally reflect the exchange fee structure, but in certain circumstances may be higher or lower than the fees charged by the exchange.
3. Valor may receive aggregate volume discounts that are not passed on to clients.
4. Subject to note 2 above, non-member exchange and regulatory fees are applied, unless a client is pre-qualified by Valor. Contact your sales person for more information.
5. For the purpose of determining the monthly volume tier, each Globex e-mini FX product will count as ½ the volume of one standard size future contract. Each CME Group e-micro product will count as 1/10 the volume of one standard size future contract, i.e. for every 10 e-micro Globex product traded, the monthly volume will increase by 1.

• Commissions apply to all order types.
• All fees are charged in the currency of the traded product.
• Value-Added Tax (VAT), Goods and Service Tax (GST) or other consumption taxes will be separately applied to commissions and services, where applicable, based on the prevailing rates.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 contracts is submitted and 100 contracts execute, then you modify the order and another 100 contracts execute, a commission minimum would be applied to both 100 contract orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• The standard commission will be charged for the exercise or assignment of any Futures or Future Option Contract.
• Single Stock Futures are not available for volume tiered pricing.
• Valor may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of Valor. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

* Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.