Investing in the Stock Market

1. Each trade must involve 100 or more exchange-traded funds (ETFs) units and must be carried out using our electronic solutions. You must also sign up to receive all your documents electronically.

Commission-free ETF trades are not counted when calculating:

• Free access to trading platforms
  
• Active Investor pricing
  
• Annual administrative fees
  

Management and other fees may apply to ETF investments. Please read the prospectus before making an investment. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

Regular pricing on equities trade applies if the $0 commission conditions on ETFs are not met.

2. To benefit from the active investor pricing, one hundred (100) or more stock, ETF or option trades generating a commission must have been carried out under the same account root in the previous three (3) months (quarter). You must also receive all your documents by electronic delivery. When these criteria are met, the active investor pricing takes effect on the first business day of the following month. They must be met on the 1st day of each month to continue benefiting from the active investors’ commission schedule. This pricing does not apply to transactions placed through a representative, although they are considered when calculating the number of trades carried out during the quarter. Legal entity accounts are eligible for active investor pricing but cannot be combined with an individual account for the purpose of calculating transactions. 

3. Some conditions may apply depending on the number of transactions carried out. Learn more about Market-Q.

4. You must be 30 years old or younger to benefit from the young investor pricing. To be eligible, transactions must be carried out through our electronic solutions and you must receive all your documents by electronic delivery.

5. Link a National Bank bank account to your brokerage account to benefit from preferential pricing. To be eligible, transactions must be carried out through our electronic solutions and you must also receive all your documents by electronic delivery.

6. Trades must have been made through our electronic solutions.

N.B.: Commissions are billed in the same currency as the transaction.

Each partial execution of a transaction is subject to the full commission, unless the transaction is executed in its entirety on the same business day. Full commission is charged for each separate transaction performed on the same security. Additional fees may be charged by the local securities exchange commission and/or by the stock market and are billed in the same currency as the transaction.

When a transaction is placed through one of our services (e.g., a representative), and then modified via another service (e.g., the website), the commission will be based on the higher of the two commission schedules. Option exercises are subject to the same commission schedule as share transactions made through a representative. A currency conversion is required for any trade involving a security in a currency other than that of the account in which the trade is settled. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, revenue based on the spread between the bid and ask rates. Short selling borrowed securities may result in additional fees. These fees vary based on the markets and without prior notice. Contact one of our representatives for more information about these fees.