VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.Smart-routed API orders can use either the Tiered or Fixed structure. Please note that directed API orders cannot use the Tiered fee structure.Please consult our fee page for each market center for more information. In the Tiered commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders by various market centers.All exchange, special and other fees are charged on a per-share basis.In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50). When using SmartRouting, clients should be aware that the order may be routed to an exchange with a better quoted price but with substantially higher fees.For example, IB may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. Likewise, rebates passed on to clients by IB may be less than the rebates IB receives from the relevant market. For example, IB may receive volume discounts that are not passed on to clients. Costs passed on to clients in commission schedules may be greater than the costs paid by IB to the relevant exchange, regulator, clearinghouse or third party. Commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates.

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