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U.S. Stock Trading

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Seize global investment opportunity with efficient stock trading services.

Features and benefits

A one-stop shop to trade U.S. securities through the same account in Business Internet Banking.
The convenience to trade with Internet access, 24 hours a day.
7x24 hours account access where you can check your stock portfolio, place orders, view order status and statements, as well as access to market data
Competitive brokerage fee - trade U.S. stocks at a low brokerage fee. Learn more in the below section

How do I activate and access to the U.S. stock trading service?

Open an investment services account (with account suffix 380) with HSBC via Business Internet Banking or visiting any HSBC Business Banking Centre if you do not have one.
Duly complete the following forms and submit them via Business Internet Banking.

Alternatively download the physical form and submit to Business Centre.
- W form as required by the U.S. Internal Revenue Service (Download the W form and Guidance for Completion)
- Agreement for Market Data Display Services (‘AMDS’) as required by NYSE
- Terms and conditions applicable to U.S. Stock Trading

Note: Please seek your own independent professional advice for filling out the W form and the NYSE Market Data Agreement where necessary.

After your W form status is activated, you can log on to HSBC Business Internet Banking (User Guide) or use our Business Express mobile application (User Guide) to start using the U.S. stock trading service.

Customers are eligible for signing up for the U.S. Stock Trading Service if they are:

Non-U.S. persons
Able to provide valid identification document

How much does it cost?

J5. U.S. Securities Services


Item	Charge
Buying and Selling
Brokerage Fee
Trading through Business Internet Banking 1st 1000 shares over 1000 shares	USD20 per transaction (flat fee) Flat fee + USD0.015 per additional share
Fees charged and payable to third parties
SEC fee (for sell transaction only) (collected for SEC)	0.00278%¹⁰ of the transaction amount
French Financial Transaction Tax (FTT) For purchase of eligible Freanch companies listed in US as American Depositoty Receipt (ADR). Please refer to Euroclear France (https://www.euroclear.com./site/public/EF) for latest eligible French company list. (collected for French Government)	0.30% of the purchase amount for French Companies listed in US and eligible for FTT
Italian Financial Transaction Tax (IFTT) For purchase of eligible Italian companies with market capitalization more than Euro 500m and listed in US as ADR (collected for Italian Government)	0.10% on the net settlement amount (Tax deduction from the intrady netting permitted based on the weighted average purchase price and the net purchase share quantity executed in the same settlement day)
Spanish Financial Transaction Tax (SFTT) For purchase of eligible Spanish companies with market capitalization more than Euro 1000m and listed in US as ADR (collected for Spanish Government)	0.20% on the net settlement amount (Tax deduction from the intrady netting permitted based on the weighted average purchase price and the net purchase share quantity executed in the same settlement day)
Custody services
Account maintenance fee⁵	HK$ 150
Nominee Services
Collection of dividends and other corporation actions	Waived¹¹
Finnish dividend withholding tax payments (collected for Finnish Government)	If you are a Finnish tax resident investor with Finnish stock holding receiving Finnish dividend payments, we will apply 50% Finnish withholding tax according to Finnish tax regulations.
Scrip handling and settlement-related services
Receipt Delivery	Waived¹¹ USD150 per line of stock
American Depository Receipt (ADR) Fee	USD0.01-0.05 per share¹²
Online information services
Online Real-time quote	Free quote entitlement per month 99,999 quotes¹³ Cost per additional quote: HK$0.1 per quote¹⁴

5. The fee applies to all business integrated investment accounts and business investments accounts, and is due and payable in June and December every year on a day determined by the Bank from time to time. If that day falls on the 1st day of the month and is not a business day, the fee may be collected on the business day in May and November which immediately precedes that day, subject to the decision of the Bank. The fee is payable upon closure of accounts where the account is closed before the said payment dates.

10. SEC fee is subject to review by U.S. Securities Commission (SEC) from time to time.

11. Customers will need to pay if there is any out of pocket cost incurred.

12. Customer holding ADRs may be charged ADR fee regularly (e.g. annually) by the Depository Receipts Agent through HSBC. Fees will be automatically deducted from your HSBC Integrated Account(s) and shown on your statement(s) as "ADR fee". ADR fee is subject to the final confirmation from the Depository Receipts Agent and the captioned price range is for reference only.

13. All unused quotes will not be carried forward.

14. The fee incurred will be debited from your designated or default charge account on the 4th/5th working day of the following month, and is payable upon closure of accounts where the account is closed before the payment date.

Addition information

1. What is the definition of Non-U.S. person?

By confirming that you are Non-U.S. person, you are NOT:

a. A citizen* or resident of the United States,

b. A partnership created or organized in the United States or under the law of the United States or of any State, or the District of Columbia,

c. A corporation created or organized in the United States or under the law of the United States or of any State, or the District of Columbia,

d. Any estate or trust other than a foreign estate or foreign trust. (See Internal Revenue Code section 7701(a) (31) for the definition of a foreign estate and a foreign trust.),

e. A person that meets the substantial presence test, or

f. Any other person that is not a foreign person.

* An individual born in the United States, or an individual whose parent is a U.S. citizen, or a former alien who has been naturalized as a U.S. citizen, or an individual born in Puerto Rico, or an individual born in Guam, or an individual born in the U.S. Virgin Islands.

Please seek your own independent professional advice to confirm your U.S. / Non-U.S. status.

2. What is W form?

The W-8 form is a requirement of the U.S. Internal Revenue Service ("IRS") for U.S. tax reporting for non-U.S. persons. Non-U.S. persons are subject to U.S. withholding on certain types of income received from U.S. sources, such as interest and dividends.

Non-U.S. persons are required to complete and submit a duly completed W-8 Form for the following main reasons:

to establish that you are not a U.S. person; and
to claim that you are the beneficiary of the US-sourced income for which the W form is provided; and
to claim, if applicable, a reduced rate of, or exemption from, withholding tax by being a resident of a foreign country/region with which the United States has an income tax treaty.

If you would like to know more about the instructions for W form and tax treaties, please visit HSBC FATCA page, U.S. IRS website or consult your tax adviser.

3. Will W-8 form expire?

4. What should I do if my W-8 form is expired or my Non-U.S. status is changed?

5. What is the NYSE Market Data Agreement?

6. Will my U.S. securities instructions be executed in alternative trading venues?

In respect of orders for securities listed on stock exchanges outside of Hong Kong, it is our existing practices that the Bank may transmit your orders to affiliated HSBC entities and third party brokers for execution, who may, subject to local regulation, execute such orders on alternative trading venues ("ATVs"), including dark pools.

The primary potential benefits for using ATVs is to achieve better pricing and to reduce transaction costs. In general, ATVs and ATV operators are subject to regulations which are not necessarily the same as regulations that are applicable to exchanges and exchange operators. A typical feature of ATVs is that there is no pre-trade transparency. The reference prices on an ATV could be "stale" or out-of-date due to latency from data feeds. Separately, access to ATVs is usually restricted and there could be less supply and/or demand on an ATV (as compared to the supply and/or demand on an exchange) due to the limited number of participants.

Our affiliated HSBC entities and third party brokers generally consider the execution price and opportunities for price improvement when deciding the appropriate venue for executing orders. There may also be other factors in their consideration, for example (i) market depth and order size; (ii) the trading characteristics of the security; (iii) speed and accuracy of executions; (iv) the availability of efficient and reliable order handling systems; (v) liquidity and automatic execution guarantees; (vi) service levels; (vii) the cost of executing orders; and (viii) execution certainty. The Bank will continue to monitor and evaluate the execution practices of our affiliated HSBC entities and third party brokers.

7. Can I choose to opt out alternative trading venues ("ATVs") for executing my U.S. securities instructions?

Disclaimer:

The information shown is based on data obtained from sources believed to be reliable but the Bank and the concerned Information Provider(s) make no representation and accept no responsibility as to its accuracy or completeness and shall not be held liable for damages arising out of or in connection with any person's reliance upon this information. This information is neither a recommendation, an offer to sell nor solicitation of an offer to purchase any investment. The prices quoted and the other information shown are for reference only and are subject to change without notice.

The Bank does not provide investment advice. Investment involves risk. The price of stocks may move up or down. Losses may be incurred as well as profit made as a result of buying and selling stocks. Full details of the terms and conditions of the above services are available on request.

This document does not constitute an offer for the purchase or sale of any investment products. You should carefully consider whether any investment products or services mentioned herein are appropriate for you in view of your investment experience, objectives, financial resources and circumstances.

Risk disclosure:

Investment involves risk. You should carefully consider whether any investment products or services mentioned herein are appropriate for you in view of your investment experience, objectives, financial resources and relevant circumstances. The price of securities may move up or down. Losses may be incurred as well as profits made as a result of buying and selling securities.

For Renminbi (RMB) products:

There may be exchange rate risks if you choose to convert RMB payments made on the securities to your home currency.
RMB products may suffer significant losses in liquidating the underlying investments if such investments do not have an active secondary market and their prices have large bid/ offer spreads.
In general, RMB equity products are exposed to the usual kind of default risks that might be associated with equity products denominated in other currencies.

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