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      Costs and Fees 

      Institutional Commission charges and Margin Schedule

      * Commissions, custody, financing, and conversion charges will be covered in the Investment Management Agreement.

      Admin

      ADMIN Charges:
      *VAT inclusive

      Stock Transfer OUT
      Onshore (domestic ZA): ZAR100 per line with a max of ZAR1000. Offshore: USD10 per line with a max of USD100.

      This fee covers the cost of transfer as well as account closure, if applicable.

      Account closure (account sitting in cash only)
      Onshore (domestic ZA): ZAR100 Offshore: USD10

      Currency conversion within DMA: 50bps (0.50%). Funds paid to and converted at our Counterpart banks (Crown Agents Bank, HSBC) are subject to conversion costs much higher than the 0.50% executed through DMA. Please consult a DMA representative for further information.

      Change opening/purchase prices: USD10 per line Splitting ISINs: 50 EUR

      Interest

      Interest on Cash Balances with DMA.

      You might be entitled to receive interest on your funds deposited with DMA depending on the market bid rate. The following interest rates apply to funds deposited with DMA:

      Net Free Equity:
      Local:
      Fixed rate of 7.25% on ZAR cash balances and positive Net Free Equity
      Offshore:
      Fixed rate of 2.75% on USD cash balances and positive Net Free Equity
      Market bid less 2% on GBP cash balances and positive Net Free Equity
      Market bid less 1.25% on EUR cash balances and positive Net Free Equity

      Interest paid on all other offshore currencies on the account is the higher of market bid rates minus the spread indicated in the trading conditions on the platforms.

      Cash collateral for Net Free Equity margin financing and interest may differ from the trading margin requirement. Please reach out to the DMA trading team for details on the cash collateral for margin financing used for Net Free Equity calculations.

      Negative Net Free Equity:
      Interest will be charged on negative cash balances including negative net free equity balances at market ask rates plus the spread indicated in the trading conditions on the platforms. Interest is calculated daily and settled monthly – within seven business days after the end of each calendar month.

      DMA invests client monies, segregated and protected, in order to achieve the interest rates received for clients and, in lieu of such, charges an administrative fee. The interest rate received in your account is net of DMA’s administrative charge.

      For further details on equity commissions please get in touch with us on +27(0)10 201 6300 or support@dma.co.za .