Scalable Broker FAQ

Find answers to the most frequently
asked questions about the Scalable Broker.

Account opening

What are the requirements to sign up for the Scalable Broker?
 

Our service is aimed at persons resident in Germany, Austria, Italy, Spain, metropolitan France and the Netherlands. In addition, the following requirements must be met:

  • You are over 18 years of age.
  • You are not subject to US taxation (not a “US person” under US tax law).
  • You have a current account that is kept at a credit institution based in the SEPA area.
  • You use our service as an offer from a foreign provider.

Please also note that the custodian bank only pays taxes for clients who are taxable in Germany. If you are subject to tax abroad, you must carry out the correct taxation of all securities transactions yourself. We provide you a tax reporting for this purpose.

Is there a minimum deposit?
 

You will select an amount for your initial deposit during the registration process. This amount must be at least 1 euro. Your available balance can be paid out in full or in part at any time. A high deposit is recommended in order to be able to start trading stocks, ETFs and funds immediately.

Is it possible to transfer a portfolio to Scalable Broker?
 

You are welcome to transfer your portfolio to Scalable Broker. You can find all information here .

Securities account transfers initiated by your house bank cannot be accepted. Please note that it may take several weeks until the entire process of the transfer is complete.

How does the registration process work?
 

The registration is completed online and only takes a few minutes. Registration via iOS or Android mobile app is also possible. You then identify yourself using the POSTIDENT identification procedure of our partner Deutsche Post (this step is not necessary for you if you already use our wealth management service with securities account management at Baader Bank).

The account opening by the custodian bank usually takes up to three working days. As soon as your securities account has been opened and the initial deposit has been made, you can start trading.

Why do I need to verify my identity?
 

The Money Laundering Act (MLA) requires us to identify our clients. This identification is also in your interest, as it ensures a higher level of security in the client relationship.

An MLA-compliant identification is carried out conveniently via POSTIDENT video, online identification using your ID (eID), or in the traditional way at your post office.

Do you have an NFC-enabled smartphone and a new German ID card with a PIN, a German electronic residence permit or eID card for citizens of the European Union (EU) and the European Economic Area (EEA) ? Then we recommend online identification with your ID (eID). With this option, you can identify yourself around the clock and in less than two minutes.

What is the identification process?
 

The identification is done via the POSTIDENT identification procedure by by our partner, Deutsche Post. With POSTIDENT, you can choose between POSTIDENT video, online identification using your ID (eID), and identification in person at a post office branch.

Identification via the online ID function (eID) with your German ID card, electronic residence permit (eAT) or eID card for citizens of the European Union (EU) and the European Economic Area (EEA) is the fastest and easiest way to open an account with Scalable Capital. More information on the identification via online ID function.

You can also identify yourself through our partner POSTIDENT with your foreign identity card or passport. Download list of the ID cards supported by POSTIDENT-Video (German only).

If your ID document is not supported for POSTIDENT-Video, you can carry out identification in person at a post office. View list of the ID cards accepted in branch offices (German only).

You can start the identification process conveniently in our app or online by logging in to your Scalable Capital account after completing the registration.

Once you have successfully completed the identification, you do not need to do anything else. The identification data is transmitted to Scalable Capital, and the opening of both the clearing account and the securities account is initiated. It can take up to three working days to open the accounts. You will be informed automatically as soon as the account opening is completed.

If any questions arise from the transmitted identification data, we will contact you proactively.

Why do I need to provide my bank details?
 

Deposits and monthly savings plans are collected from your current account via SEPA direct debit. In addition, all withdrawals are transferred there by your Scalable Broker.

The current account must be in your name and must be held at a bank in the SEPA area. It must also be an account for payment transactions. For example, savings and overnight money accounts are not permitted. If your current account is a joint account, you must be registered as the beneficial owner.

Do I have to provide my tax ID?
 

If you are only liable for taxation in Germany, providing your tax ID at sign-up is optional. If you do not have your tax ID at hand, the custodian bank will automatically request it for you from the German Federal Central Tax Office. Your capital gains tax will therefore be paid out correctly and automatically for you even if you do not provide your tax ID.

If you are liable for tax in a country other than Germany, it is mandatory to provide your tax ID, also known as Tax Identification Number or "TIN," This also applies if you pay taxes in several countries, including Germany.

Does Scalable Capital have a demo account?
 

There is no demo account; however, with our FREE Broker all important functions are already available to you. In this plan, there are no monthly fees or minimum investment period.

Are joint accounts offered?
 

The Scalable Broker is only offered as a single account.

Can I open an account for my underage children?
 

The minimum age for using Scalable Broker is 18 years. However, you are welcome to use Scalable Capital's wealth management service on behalf of your children.

Can I open a business account?
 

The Scalable Broker and wealth management are only offered to private individuals.

Can I open an account with a foreign currency?
 

Trading via Scalable Broker is only possible in Euros.

Is it possible to have multiple accounts?
 

In the Scalable Broker, you can manage one portfolio in your name. However, with our portfolio groups feature, you have the ability of grouping your brokerage account according to your own preferences.

If you use the FREE Broker, one portfolio group can be created. In PRIME and PRIME+ Broker, up to 50 personalised groups are available to you.

Please note that in portfolio groups only the group performance since buy can be displayed.

Securities account management

How do I receive interest on the cash on my clearing account?
 

If you use our PRIME+ broker, you will receive 2.6 % interest p.a.* on your uninvested balance of up to 100,000 euros in your clearing account with the custodian bank. No interest will be paid on cash above this amount.

There is no minimum holding period for the cash on your clearing account. Interest is calculated on a daily basis and paid out quarterly in arrears to your clearing account. You will find the payout, as soon as it has been made, in the transaction overview in your Scalable client area. The interest rate applies until further notice.

Deposits and withdrawals to your clearing account are possible at any time. Please note the regular restrictions regarding the cash available for withdrawals in the client documents section III.

The offer is open-ended and valid throughout Europe for new and existing PRIME+ clients. If you are currently using the FREE or PRIME Broker and would also like to benefit from the interest, you can easily upgrade your pricing model at any time in your client area under "Products" by clicking on "Change plan".
Please note: Do not click on "Cancel Broker" if you wish to change your broker model. By doing so, you will terminate your entire securities account. This process cannot be reversed.

If you switch from PRIME Broker to PRIME+, the PRIME annual fee already paid will be refunded to you on a pro rata basis and the recurring fee for PRIME+ will be deducted monthly from your reference account.

More detailed information about the offer.

*Starting 01/02/2023 for PRIME+. Cash account at Baader Bank AG. Variable rate up to 100,000 euros. Learn more at scalable.capital/interest-conditions

Can I switch between the offered broker plans?
 

You can switch between the different price models (FREE Broker, PRIME Broker and PRIME+ Broker) at any time. To do so, go to the "Profile" tab in your client area. Under "Products" you will find the option to change your broker plan at any time by clicking on "Change plan". Please note that the change will take effect immediately.

Please note: Do not click on "Cancel Broker", as this will cancel your entire securities account. This process cannot be reversed.

If you change from PRIME Broker to PRIME+, the annual fee already paid will be refunded to you on a pro rata basis.

Is there a minimum investment period for my account or a minimum term for my contract?
 

There are no minimum investment periods or minimum terms of contracts. Individual securities can be bought and sold at any time. Our service can also be cancelled at any time free of charge. It is also possible to switch between the price models offered (FREE Broker, PRIME Broker and PRIME+ Broker) at any time free of charge.

How can I make deposits and withdrawals?
 

Deposit
Deposits to your clearing account can be made in several ways.

The fastest way is real-time payment via Instant. Payments via Instant are available within a few seconds for the purchase of securities. The deposit amount is collected by SEPA direct debit from your reference account. For more information, please refer to the client documents. Fees apply for payment via Instant.

Alternatively, you can transfer the desired amount or deposit by SEPA direct debit. The IBAN for the transfer to your clearing account can be found in your personal client area under "Payments" and "Transfer". Please enter your name as the recipient. Transfers have to be made from your deposited reference account. Payments from other accounts are not permitted and will be rejected by the custodian bank. The amount will be automatically transferred back to you.

Withdrawal
You can request a withdrawal via the menu item "Payments" in your client area. Please note that deposits made by SEPA direct debit or Instant may not be paid out or used for the purchase of derivatives until after eight weeks. This is because direct debits can be revoked within the first eight weeks. After these eight weeks, cash balances from direct debits can be paid out at any time.

Please also note that your clearing account is generally not a payment transaction account and is used exclusively for the settlement of securities transactions.

Why is real-time payment via Instant not available for me?
 

The availability or maximum amount of Instant deposit depends on individual factors. You can increase the likelihood of Instant availability by, for example, instructing deposits via regular SEPA direct debit or by executing savings plans.

What happens to deposits to the Scalable fee account?
 

You made your deposit to the Scalable fee account (IBAN DE64700331000025820085) by mistake? We usually automatically reject deposits to the fee account. Your deposit will be immediately transferred back to the reference account you used.

Why can't I pay out my entire balance?
 

You can find details on your individually available cash balance in your personal client area.

Sale proceeds can be used immediately to purchase securities, but are generally not available for payment until two banking days later. This is because the actual exchange of securities for payment (known as settlement) does not take place until two days after the transaction has been concluded on the stock exchange.

The cash balance available for withdrawal may be reduced for up to eight weeks after deposits by SEPA direct debit or Instant in order to avoid an overdraft of the settlement account due to possible returned direct debits.

Can I overdraw my clearing account (broker account)?
 

The broker account is managed on a credit basis and cannot be overdrawn in the course of normal daily business. If there are not enough funds available on the broker account for a prepared order and no corresponding deposit has been instructed via instant, the order cannot be placed.

Should the broker account still show a negative balance, the custodian bank will charge interest for this. Please find the current overdraft interest rate in the special conditions to the price and service list of Baader Bank.

Do I have an overview of my individual transactions?
 

All transactions can be viewed at any time in our app or online by logging in to your Scalable Capital account. In addition, the custodian bank will provide you with a monthly account statement in your mailbox. There you will see a summary of all transactions made.

Why is my return not displayed in percentage?
 

In addition to the real-time valuation of your portfolio, we also show you the absolute return in euros. A percentage return on a portfolio basis is in many cases misleading, as it depends heavily on the timing of trading activities and their size.

It is possible to calculate the percentage return in relation to the total deposits made (minus withdrawals). However, this figure offers limited information as this example illustrates:

Assume you invest 10,000 euros once through Scalable Broker. After one year your investments have generated an absolute return of 700 euros. This would now result in a relative return of 7.0 % and would be a meaningful indication. However, if you invested another 10,000 euros on the same day, your percentage return would be halved - without changing the value of your investments (700 / 20,000 = 3.5 %).

The time-weighted yield which we also use in wealth management can offer little help here. This is adjusted for incoming and outgoing payments thus allowing a direct comparison with a benchmark or another portfolio.

In wealth management, it is important to show the performance of the wealth manager transparently and independently of the client's investment dates. When evaluating one's own investment decisions, on the other hand, timing in particular plays a very decisive role in investment success. Therefore, the time-weighted return is not suitable in the context of Scalable Broker.

How can I add and remove securities to my watchlist?
 

To add a security to your watchlist, click on the desired security. Then, click on "Add to watchlist" (appears as a star in the app) in the upper right corner of the overview page of the security. The security will now appear in the watchlist on your home page. Securities for which you have already instructed orders or set up a savings plan are automatically added to your portfolio list.

To remove a security from your watchlist, click on the desired security. Then, click on "Remove from watchlist" (appears as a star in the app) in the upper right corner of the overview page of the security. When you buy a security from your watchlist, or set up a savings plan, it is automatically transferred from the watchlist to the portfolio list.

Can I sort or filter my portfolio and watchlist?
 

Currently you have the choice between two sorting options for your watchlist. Either you can sort the entries alphabetically or based on the historical return of the individual securities over different time periods.

You can likewise sort your portfolio and your portfolio groups alphabetically as well as by return. In addition, you have the option of sorting the securities according to their position value.

Can I set up a power of attorney for my portfolio?
 

If you want to set up a power of attorney for your Scalable Capital account and securities account, the authorised person must identify themeself using the POSTIDENT procedure of Deutsche Post. Please contact our client service by email so that we can send you the corresponding access.

The authorised person may receive information about the securities account by phone or in writing within the scope of the power of attorney.
There is no possibility to receive the access data to the Scalable client area. The access to the Scalable client area is only possible via the deposited email address and the password chosen in the course of the registration.

After your successful identification, please complete the form "Deposit/Account power of attorney for an individual" in the Baader Bank Form Center. Please send the completed form directly to Baader Bank:

Baader Bank Aktiengesellschaft
Kundenservice
Weihenstephaner Straße 4
85716 Unterschleißheim
Germany

How does a securities account transfer from Scalable Broker to another broker work?
 

If you wish to transfer a share from your Scalable Capital custody account to another person with a third-party custody account (e.g. as a gift), a direct transfer is possible, provided that the beneficiary's receiving custody account allows for a change of creditor.

An outgoing securities account transfer (from Scalable Capital Broker) must be submitted to Baader Bank via the receiving bank's form by email. Any fractional shares will not be transferred and will not be sold automatically. If you are submitting a securities account transfer including the closure of your account, we ask that you independently initiate the sale of any remaining fractional shares and terminate your account after the securities have been transferred.

Click on "Profile" in the menu bar for the termination. Via the submenu "Products" you can use the button "Cancel Broker" to initiate the cancellation. After successful termination, your available balance will be automatically transferred to your reference account.

Can the business relationship continue if I move to another country?
 

It is possible to move to a country that is a member of the European Union at any time.
In the event of a relocation to a country which is not a member state of the European Union, the business relationship cannot be continued for business policy reasons.

What happens if the account holder dies?
 

Since the existing contracts cannot be rewritten, the accounts of the deceased must be dissolved.

Please send the following documents by mail to the address below:

  • Death certificate (original or certified copy)
  • Authenticated opening of will or original certificate of inheritance
  • Order to close the clearing account and securities account, indicating the IBAN to which the credit balance is to be paid, signed by all heirs.

The documents should be sent to the following address:
Scalable Capital GmbH
Kundenservice Broker
Seitzstraße 8e
80538 München
Germany

How can I cancel the Scalable Broker?
 

You can cancel or change your broker online or via the Scalable Capital app under "Profile", "Products". Cancellation is free of charge and possible at any time.

After your cancellation, you may continue to log into your personal area until 1st August of the following year and retrieve documents from your mailbox until the applicable retention periods expire before access is deactivated. However, if necessary, access to your personal area can also be deactivated ahead of time. To do so, please send us an email.

After successful cancellation, your available balance will be automatically transferred to your reference account. Please note that we may be able to pay out the cash balance from SEPA direct debits, if applicable, eight weeks after deposit to your reference account. For this reason, your cash balance from SEPA direct debits may be paid out at several times at different points in time following a cancellation.

How do I set up duplicate mailing?
 

It is possible to send duplicate mailing. However, this is offered by Baader Bank and costs 2.50 euros per copy, which is created for each purchase and sale as well as for each savings plan execution. You can see this in Baader Bank's list of prices and services.

In some cases, the costs incurred are covered by the employer. This process is not directly deductible by the employer unfortunately and must therefore be arranged by yourself in consultation with the employer.

To set this up, the custodian bank requires an application signed by you, stating your compliance address. To obtain a template for this, please contact the relevant person or department in your company and send us the request by email. If you do not have a template available, it is sufficient to submit the request as a PDF.

If your verification was done via online identification with eID during the account opening process, please also send us a copy of your ID card.

Sending duplicates by e-mail is not offered for data protection reasons and is therefore only carried out by Baader Bank by post.

How do I receive a custody account statement?
 

Our custodian bank provides you with a free securities account statement in your Scalable mailbox once a year. This shows the balance as of December 31 of the previous year.

If you need a current proof of your securities account balance of a specific date, e.g. for loan applications, BAföG applications or to prove the ownership of a certain individual position, we will be happy to request a financial status from our custodian bank for you. To do so, please let us know the date on which you would like to receive the daily updated financial status.

This free service provided by Baader Bank is offered exclusively in digital form.

Trading

Will I receive financial or investment advice from Scalable Capital?
 

If you have any questions about our service, please contact us by email, chat, or telephone. However, we do not provide financial or investment advice.

How much money should I invest?
 

Investing in the capital market comes with risks. We therefore advise you to keep an immediately available emergency reserve for unforeseen events which should cover all of your current expenses and obligations for at least six months.

Which financial products can I invest in?
 

In principle, all ETFs, shares and funds that are traded on the gettex stock exchange are available to you.

Additionally, you can trade more than 375,000 derivatives by Goldman Sachs, HSBC and HypoVereinsbank onemarkets. You can easily find out whether a security can be traded by using the search function of the broker screen in our app or online. Simply enter the name, the security identification number (WKN), or ISIN.

You can also buy registered shares via Scalable Broker. The custodian Baader Bank will take care of the registration for you. You will not incur any costs for the registration performed by Baader Bank.

You can trade more than 375,000 derivatives in Scalable Broker. You can choose between derivatives by Goldman Sachs, HSBC or HypoVereinsbank onemarkets. To be able to trade derivatives, you have to successfully conduct the suitability test. This test is designed to assess your knowledge and experience with regards to derivatives. This is required since trading in derivatives can result in high and quick losses.You can check the availability of a specific derivative with our Derivatives Search.

In the Scalable Capital Broker, you have various financial products at your disposal with which you can invest in the gold market. For example, you can invest in ETCs that invest in physical gold.

In the Scalable Broker, you can also trade fixed-income bonds as well. We will gradually expand our bond offering.

New initial public offerings (IPOs) can currently not be subscribed to via the Scalable Broker. We make every effort to ensure that shares can be listed on gettex and traded via our platform on the first trading day following a successful IPO.

Is there a minimum order volume?
 

There is no minimum order volume for trading in the Scalable Broker.

However, for all trades below 250 euros, 0.99 euros per trade are charged on gettex1. This applies to all price models of our broker.
Trades of PRIME ETFs from 250 euros are possible in PRIME Broker and PRIME+ Broker without order fees1. Sales of PRIME ETFs are subject to an order fee of 0.99 euros in the FREE Broker1.

1 Product costs, spreads, inducements and crypto fees may apply. Learn more.

Why can't I find a security?
 

Your desired security is not available? If the trading requirements of the Munich stock exchange are met, a listing can take place and the desired security can be included for trading via gettex. To do so, send an informal email to listing@gettex.de and inform the Munich stock exchange of your suggestion including ISIN/WKN and security name.

To provide high quality in trading, it is important that securities show enough liquidity. A euro settlement via Clearstream (in particular ETFs) as well as a listing on another stock exchange is also required.

Further information can be found at www.gettex.de/en/.

How can I trade a security?
 

Trading orders can only be accepted in our app or online by logging in to your Scalable Capital account. Telephone orders in particular are not possible.

Select the desired security in our app or online by logging in to your Scalable Capital account. Navigate to your broker portfolio, and use the buttons "Buy" or "Sell" to start the order process. The sell option is only available if you already hold shares of the security.

Which order types are available?
 

Limit order: With this order, a limit price can be defined. The order will only be executed at this predefined price or better. This way, you can protect yourself against sudden price jumps. Due to the limit, there is a possibility that the order can be executed partially or not at all. The limit order is valid for 360 days. During this period, it can be cancelled at any time, provided that not all ordered items have been executed.

Stop order: With this order, a stop price can be defined. When the stop price is reached, your order will be activated as a market order and executed at the best possible price during trading hours. Under certain circumstances, this price can deviate significantly from the stop price due to price jumps. It may happen that the order is never activated and therefore not executed.

The stop order is valid for 360 days. During this period, it can be cancelled at any time, provided that not all ordered items have been executed.

Stop limit order: As a combination of the two preceding order types, with this order both a limit and a stop price are specified. When the stop price is reached, your order will be activated as a limit order and then executed only at the limit price or better. This way, you can protect yourself against sudden price jumps. On the other hand, it may happen that the order can only be partially executed or not at all. The stop limit order is valid for 360 days. During this period, it can be cancelled at any time, provided that not all ordered items have been executed.

Please note: If you enter both a stop and a limit price in the order screen, this does not constitute an OCO order. The Scalable Broker does not currently offer a One-Cancels-the-Other ("OCO") order.

Market order: This is only offered for sell orders. For buy orders for which no limit price is defined (see above), a security limit is automatically set (max. 5 % above the last ask price). This protects you against significant price jumps when buying.

Sell orders can also be placed as market orders. In this case, the order is executed at the next possible price during trading hours. Due to price jumps, this may differ significantly from the last price at the time the order was placed. The market order is only valid for the trading day on which it was placed.

Directly after a security purchase, you can also create automatic orders with which you can realise potential profits or limit losses:

Take-profit order: The take-profit order can be created directly after a security purchase. It is a limit order where you set a price above the buy price at which a security is automatically sold. The aim is to realise potential profits before the price falls again.

Stop-loss order: A stop-loss order can be created after a security has been bought. With a stop-loss order, you set a price below the purchase price, which may be reached or fallen below at the maximum. If this occurs, a sell order is triggered. With a stop-loss order, you can determine the maximum loss you can make with a security. This allows you to limit the risk of larger losses to a certain degree.

How do I create an order with a stop or limit?
 

You can set up a stop or limit by clicking on "Buy" or "Sell" in a position view, selecting the right-hand tab "Number of shares" and entering the desired number of shares for the purchase or sale. Clicking on "Prepare order" opens another window in which you can enter the desired stop or limit price at which the order is to be triggered.

Please note that if you enter a limit and a stop at the same time, this is a stop limit order and not a One Cancels the Other (OCO) order.

By clicking on the "Buy (incurs fee)" or "Sell (incurs fee)" field, the stop or limit order is set up accordingly. In the case of a market order, the sale at the next available price is immediately ordered at this point.

Can I set up take-profit or stop-loss orders for securities I already bought?
 

It is possible to set up take-profit or stop-loss orders for securities you already have in your portfolio. To get started, click the "Sell" button in the detail view of the security you want to protect and define the target amount or the number of shares to be sold. Subsequently, use the steps outlined below:

How-to set up a take-profit order:

  • Add a limit price, i.e. the highest price you expect that share to achieve and at which you want to sell.
  • Click "Sell" to create a pending sell order with a limit price (take-profit order).
  • The order will be executed automatically, once the security price reaches the specified limit.

How-to set up a stop-loss order:

  • Add a stop price, i.e. the lowest price per unit at which you want to sell.
  • As soon as the specified stop price is reached, the order will become a market order (stop-loss order). Note: It may get executed at a lower price.
  • To prevent your shares from selling at a lower price than your specified stop price, you can add a limit price (stop-limit order).
  • Click "Sell" to create a pending sell order with a stop or stop-limit.
Which stock exchanges are available?
 

Orders can be placed on gettex, a stock exchange of Bayrische Börse AG, or Xetra, operated by Deutsche Börse AG. In principle, neither brokerage fees nor exchange fees are charged on gettex1. The public law structure guarantees the neutrality that is indispensable for safeguarding the interests of market participants, investors, and issuers.

The order fee is 3.99 euros per order, also in the PRIME Broker or PRIME+ Broker1.

In addition to that, there is a trading fee for Xetra. For Scalable Broker this is only 0.01 % of the executed volume (minimum 1.50 euros). The trading venue fee covers all third-party costs for trading and settlement. The settlement is carried out by the custodian bank.

1 Product costs, spreads, inducements and crypto fees may apply. View overview of all costs.

What are the trading hours of gettex and Xetra?
 

On gettex, you can usually trade ETFs, shares, and funds Monday through Friday from 8 a.m. to 10 p.m. Stock exchange holidays are excluded. You can find gettex's trading calendar here.

On Xetra, you can trade Monday through Friday from 9 a.m. to 5:30 p.m. Stock exchange holidays are excluded. You can find Xetra's trading calendar here.

On trading days, the Scalable Broker allows orders to be placed around the clock. From 12:15 a.m. to 11:30 p.m., you can place or cancel orders in our app or online by logging in to your Scalable Capital account. Stop and limit orders created outside trading hours are executed at the next possible time during trading hours. Market orders are generally only valid for the day on which they are created. If they are created before the opening of the stock exchange, they are executed at the next possible time during trading hours. Market orders placed after trading closes expire.

Outside trading hours, a moon symbol appears next to the last quote in the view of the security. This is an indicator that the stock exchanges are closed and trading is currently not possible.

Please note that different trading hours may apply to certain derivatives. You can find further information in the “Key Investor Information Document” or on the providers’ websites.

Is intraday trading possible?
 

You can buy and sell securities on the same day. You can also see real-time prices of the securities.

Can I trade over-the-counter?
 

Scalable Broker only offers exchange trading. This offers additional security for the investor. Stock exchange trading is strictly regulated and compliance with stock exchange rules is monitored by the Exchange Supervisory Authority.

In addition, each stock exchange has its own trade monitoring center. Their tasks are defined by law. It ensures proper trading and offers protection against any price manipulation. Investors can contact the Trading Surveillance Office as the exchange's supervisory body if they have any concerns about price fixing during execution. Scalable Capital is happy to assist you in clarifying the facts of the case.

Can I trade fractions?
 

You cannot buy fractions directly. However, with all savings plans we also buy fractions of ETFs for you so that your savings amount can be fully invested. As long as your savings plan is active, these fractions are repeatedly combined to form whole number securities.

If you want to sell a security that has been saved and therefore contains fractions, you can of course also sell the resulting fractions again. Please note that no individual fractions can be sold, but rather the entire position must be sold.

When will my order be executed?
 

When your order is executed depends on the selected order type and the price development of the security. With Smart Predict however, a feature available in PRIME Broker, you can see the probability of a limit or stop order being executed within the next hour. Read more details in the blog (in German).

Why is my order only partially executed?
 

Trading on an exchange is determined by supply and demand. In principle, it can therefore happen with many types of orders that only a part of the ordered quantity can be executed, or nothing at all. Partial executions do not incur additional costs.

Can I change or cancel an order that I have already placed?
 

A placed order can be cancelled free of charge under "Transactions" if it has not yet been fully executed. A direct modification of an order is not possible. If you want to change an order that has not yet been executed, cancel it and set it again.

According to the Conditions for Transactions on the Munich Stock Exchange (IV. Section), trades can be cancelled retroactively by the exchange under certain conditions. This applies in particular to so-called mistrades. Mistrades can, for example, be caused by technical malfunctions or an obviously deviating reference price. In the event of a cancellation of your already executed order, you will be informed by email. Limit or stop orders will not be reactivated. Therefore, if necessary, please place the corresponding order again.

What happens if trading is suspended?
 

In very volatile market phases or in the case of announcements that strongly influence the price of one or more securities, the Exchange Supervisory Authority may suspend trading in individual securities. In extreme situations, the entire exchange trading may also be suspended. During this time, trading in the securities concerned is not possible.

In addition, securities may also be suspended from trading for an extended period of time for other reasons. For example, since summer 2019, Swiss shares may no longer be traded on trading venues in the EU. The suspension and resumption of price determination in individual securities will be announced on the website of the stock exchange gettex.

Can I pay out or reinvest sales proceeds immediately after selling securities?
 

Proceeds from sales are available as a credit balance immediately after execution after deducting a safety margin for any taxes and can be used again directly for the purchase of securities. After booking, the full sales proceeds are available on the following day.

However, they are only available for withdrawal once the trades have been booked by the custodian bank. This is because securities transactions are not actually booked until two trading days after the trade has been concluded on the stock exchange (so-called settlement).

Who are the PRIME partners and what advantages do they offer?
 

With our exclusive partners iShares, Invesco and Xtrackers, we make it possible to purchase numerous high-quality ETFs without order fees from an order size of 250 euros1. Furthermore, we provide many additional features and data on the ETFs of the PRIME partners.

View all available ETFs.

1 PRIME Broker / PRIME+ Broker: 0 euros for trades from 250 euros volume, below 0.99 euros.
FREE Broker: 0 euros for purchases of PRIME ETFs (all ETFs from Invesco, iShares, Xtrackers) from 250 euros volume, 0.99 euros for other trades.
All brokerage models: 0 euros for savings plan executions. Product costs, spreads, inducements and/or crypto fees may apply. Learn more.

How do I set up a price alert?
 

You can set up price alerts for all securities and adjust them at any time.

To do so, click on the security that you want to set a price alert for. On the overview page of the security, click on the bell icon in the upper right corner. You can create multiple price alerts for the security. The number of active price alerts is indicated by a number on the bell icon.

In the FREE Broker, you can set price alerts for up to three securities. In PRIME Broker or PRIME+ Broker, you can set as many price alerts as you like.

Where can I view my active price alerts?
 

If you click on the bell icon on the overview page, you will see all active price alerts. You can delete or edit them from there.

In the app, you can find the price alerts by clicking on the three-dot menu next to "Portfolio" on the overview page.

What is Smart Predict?
 

Smart Predict is a feature used when placing limit or stop orders. It shows the probability of a limit or stop order being executed within the next hour. The probabilities displayed update automatically and in real time when changing the desired price, or if the price of the security fluctuates. Smart Predict is available to PRIME Broker clients.

Savings plan

Which securities are eligible for savings plans?
 

Savings plans can be set up on ETFs, shares, crypto ETPs and funds.

All ETFs and crypto ETPs offered by Scalable Broker are eligible for savings plans. View all available ETFs.

Many stocks and funds that are available in the Scalable Broker can also be purchased through savings plans. There are no restrictions regarding the size of the company or the location of its headquarters.

We are constantly reviewing whether a savings plan function can be set up for new securities in order to constantly expand our offering.

How can I set up a savings plan?
 

All savings plans can be set up starting from an amount of 1 euro, with no order fee1. This applies to all Scalable Broker plans (FREE Broker, PRIME Broker, PRIME+ Broker).

Find the security you want through the search function and click on "Set up a savings plan" on the overview page.

To set up a plan, select:

  • The amount you wish to invest.
  • The frequency of the savings plan.
  • The execution date, which is the day of the month you want to execute the plan.

Inflation protection: The inflation adjustment is automatically set to a default value of 3% p.a. You can delete the rate or change it to 2%, 5% or 8% p.a.The adjustment is applied proportionally after each execution of the savings plan.

Deposit method: Deposits to fund your savings plans can be made by direct debit or from your Scalable account cash balance. If your cash balance is your method of choice, but you do not have a sufficient amount, your deposit will be withdrawn automatically by SEPA Direct Debit.

Important: In case you have selected direct debit, the withdrawal will be made 3-4 business days before the execution date.

1 Product costs, spreads, inducements and crypto fees may apply. Learn more.

How can I adjust or cancel a savings plan?
 

To adjust a savings plan, click on the security with the savings plan that you want to adjust. On the overview page of the security, click on the current savings plan displayed below the chart (in the app) or on the top right of the screen (in the web browser). Change your desired amount, execution date, frequency and inflation adjustment and click on "Set up savings plan" to confirm.

To adjust the execution date and frequency of a savings plan, click on the security with the savings plan that you want to adjust. On the overview page of the security, click on the current savings plan displayed below the chart (in the app) or on the top right of the screen (in the web browser). Change the execution date and frequency, and click on "Set up savings plan" to confirm.

To suspend a savings plan, click on the desired security. On the overview page of the security, click on the displayed savings plan, e.g. "50 euros monthly". If you are in the mobile app, your savings plan will be displayed below the chart, in the desktop version you will find it at the top right. Click on "Delete savings plan" here to deactivate the savings plan. A very short-term deactivation of a savings plan may no longer be processed. Of course, you can reset the savings plan at any time.

To add or remove inflation adjustment, click on the security with the savings plan that you want to adjust. On the overview page of the security, click on the current savings plan displayed below the chart (in the app) or on the top right of the screen (in the web browser). Add a percentage value by which the savings plan rate should increase over time or click on “Inactive” if you would like to remove it and click on "Set up savings plan" to confirm.

What execution dates and investment frequencies are available for savings plans?
 

Savings plans can be executed monthly, bi-monthly, quarterly, semi-annually or annually on nine different days (1st, 4th, 7th, 10th, 13th, 16th, 19th, 22nd and 25th of a month).

Can I adapt my savings amounts to inflation?
 

The inflation adjustment is automatically set to a default value of 3% p.a. since July 2023 for all new savings plans. The rate can be deleted or changed to 2%, 5% or 8% p.a. at any time. The adjustment is made proportionally after each savings plan execution.

Why does the savings amount not increase my balance?
 

Once credited to your broker account, the savings amount will not increase your cash balance, as it is reserved for the automatic purchase of the savings plan's corresponding security.

Details on your personally available credit can be found in the client area. Click on your credit balance on the overview page of your portfolio. Afterwards, you can see your currently available cash amount for investments or withdrawals.

Why has my savings plan not yet been debited?
 

Debit by direct debit: The savings plans are debited from your checking account by SEPA direct debit, depending on the specified execution day and interval. If you have set up several savings plans for the same execution day, only one direct debit will be collected for all savings plans. For example, if you save for three securities of 100 euros each on the 2nd of the month, we will collect 300 euros from your checking account in one collective posting. We will order the payments in good time before the desired execution date. Once credited to your brokerage account, the savings amount does not increase your available balance, as it is reserved for the savings plan. The purchase is automatically instructed by us, you do not need to do anything else.

Debit from the clearing account: Savings plans are debited from your clearing account depending on the specified execution date and interval. Make sure that your clearing account is sufficiently funded at the time of savings plan execution. If your clearing account is not sufficiently funded, the amount will be automatically debited from your current account.

When will my savings plan be invested?
 

Your savings plans are invested at the most appropriate time during the execution day you choose when setting it up). You will see the purchase of securities on the following day in our app or online by logging in to your Scalable Capital account.

Why isn't my entire savings plan invested?
 

In order to reach your desired savings plan amount, we also buy fractional shares of ETFs, stocks, crypto ETPs and funds. However, fractional shares can only be traded up to the third decimal place. To ensure that the savings amount is not exceeded, the fractional shares bought through your savings plan may therefore be rounded down.

Savings plan not invested at all: This can occur with very small savings amount combined with very high security prices. Example: If you set up a savings plan of 1 euro and the securities price is 1,500 euros, we would have to buy 0.0007 shares. However, since fractional shares can only be purchased up to three decimal places and the savings amount should not be exceeded, this is rounded down to 0.000 shares. The savings amount can therefore not be invested and will subsequently be credited to your cash balance.

Savings amount only partially invested: You have set up a savings plan of 100 euros on a security, which costs exactly 150 euros at the time of purchase, for example. If your savings plan buys 0.667 shares of this security for you, the purchase price would be higher than your savings plan at 100.05 euros. Therefore, only 0.666 shares are bought and thus 99.90 euros are invested. The remaining 0.10 euros will be credited to your cash balance.

What happens if the price of the security is above or below my savings plan amount?
 

With all savings plans, we also buy fractional shares of securities so that the determined savings plan amount can be reached. For example, if you have a savings plan of 50 euros on an ETF that trades at 100 euros at the time of purchase, your savings plan will buy 0.5 units. As long as the savings plan is active, these fractional shares are repeatedly combined into whole securities.

If you want to sell a security that was purchased with a savings plan and you therefore hold fractional shares, you can of course also sell the fractional shares again without additional costs. However, it is not possible to trade only a part of the held fractional shares. The entire position must always be sold.

Why can't I sell the savings plan on the day of investment?
 

Pieces purchased with savings plans cannot be sold again immediately due to the investment in fractions, but only after complete booking by the custodian bank. This is usually the case on the day after the investment.

Can I use capital-formation benefits (Vermögenswirksame Leistungen - VL) for a savings plan?
 

Capital-formation benefits cannot be invested through Scalable Broker.

Processing & Taxes

Are fees taken into account for tax purposes with Scalable Broker?
 

Depending on your tax situation, you may be able to claim Scalable Capital's fees for tax purposes. However, this does not happen automatically. Rather, you can claim expenses incurred as part of your income tax return. Our fees are clearly shown on your account statement and can thus be proven to the tax office, for example. Transaction costs are shown as a separate entry on the monthly account statement provided by the custodian bank.

With Scalable Broker, you are using the services of two different companies: the contract brokerage of Scalable Capital GmbH (Scalable Capital) and commission trading, account and securities management of Baader Bank AG (custodian bank). The two companies invoice the services they provide separately.

The custodian bank is responsible for tax accounting. When determining the profit from a sale transaction, fees charged by the custodian bank are automatically deducted. These are fees for securities trading in accordance with the custodian bank's list of prices and services and the special conditions agreed with you.

Scalable Capital, as an acquisition broker, cannot deduct any taxes and therefore cannot automatically deduct the acquisition brokerage fees from your profit. Please note that Scalable Capital does not provide tax advisory services. Please consult your tax advisor if you have any detailed questions.

How are crypto ETPs treated for tax purposes?
 

When considering the tax treatment of transactions in crypto ETPs, several factors play an important role. Among other things, taxation depends on the type of transaction and the holding period of the crypto ETP.

If transactions in crypto ETPs are classified as private sales transactions (private Veräußerungsgeschäfte), any price gains realised after a holding period of more than one year are generally tax-free. When trading within the one-year speculation period, any price gains accrued must be taxed at the personal income tax rate. You must declare the gains or losses from private sales transactions yourself in your personal tax return, as the taxes are not withheld by Baader Bank in this case. However, gains achieved with a holding period of less than one year also remain tax-free in accordance with section 23 (3) sentence 5 EStG if the sum of the gains achieved (total gain) from all private disposal transactions in the calendar year is less than 600 euros.

In the case of crypto ETPs, which are not classified as private sales transactions, any gains are subject - analogous to shares or ETFs and independent of the holding period - to capital gains tax of 25 %, plus solidarity surcharge and church tax, if applicable. These are automatically paid to the tax office by the custodian bank or offset against your exemption order. It is therefore also possible to offset losses against gains from other securities transactions.

The tax classification of a product can be found in the securities statement of the corresponding sale, which is prepared by the custodian bank.

Please note that Scalable Capital has no influence on the tax classification of a product and that this may change over time. Scalable Capital accepts no liability for the accuracy of the information.

Please note that Scalable Capital does not provide tax advice. If you have any questions regarding your individual tax situation, please contact your tax advisor or your tax office.

How are gold ETCs considered for tax purposes?
 

Scalable Broker offers you various financial products with which you can invest in the gold market. Via ETCs, which invest in physical gold, you can participate in the development of the gold price.

Please note that the various products may differ especially regarding the handling in terms of taxation.

  • Classification as a certificate:

Capital gains arising from trading in certificates (ETCs) are also taxed at a flat rate of 25 % capital gains tax plus solidarity surcharge and church tax, if applicable.

The taxes incurred are settled and paid directly by the custodian bank.

  • Classification as a private sale transaction:

If this class is sold, it is a private disposal transaction (Section 23 EStG). The profit is tax-free after one year between acquisition and sale/redemption. If the holding period is shorter, income must be taxed at the personal income tax rate.

There is no taxation at Baader Bank level, regardless of the holding period.

If you have any questions regarding taxation (at the Baader Bank level) of a specific gold ETC, please feel free to contact us at service@scalable.capital. In addition, you can always find the tax classification of a product in the securities statement of the corresponding sale.

Please note that we have no influence on the tax classification of a product and that it may change over time.

Please also note that Scalable Capital does not provide tax advice. If you have any questions regarding your individual tax situation, please contact your tax advisor or your tax office.

How are derivatives considered for tax purposes?
 

Capital gains arising from trading in derivatives are also taxed at a flat rate of 25 % plus solidarity surcharge and church tax, if applicable. The accrued taxes are settled and paid directly by the custodian bank.

Section 871(m) of the US Internal Revenue Code requires a US withholding tax on dividend equivalent payments. Therefore, this provision also applies to certificates and warrants relating to dividend-paying US equities. As dividend payments are often included in the price of the derivative by the issuer and lead to an increase in value, a withholding tax of 30 % is charged on dividend payments of this kind. This amount is withheld by the issuer of the derivative as part of the so-called issuer solution. You do not have to do anything else in this regard.

How does the final withholding tax work?
 

The final withholding tax on investment income (capital gains tax, solidarity tax, and, where applicable, church tax) is paid on a transaction-by-transaction basis. The respective levies are withheld by the custodian bank after each sale, taking into account tax allowance and loss pots where applicable, and forwarded to the tax office.

This only applies if you are subject to taxation in Germany. If you have a tax residence outside of Germany, you are obliged to determine and pay the applicable taxes yourself. Please note that Scalable Capital can not provide tax advice in this regard. If you have any questions regarding your individual tax situation, please contact your tax advisor or your tax office.

You can find the amount of withholding tax paid by you in your personal client area. To do this, please log into your Scalable Capital account on our website, open the menu item "Profile" and click on "Taxes".

Please note that crypto ETPs classified according to §23 are not subject to capital gains tax. You can find more information on this below under "How are crypto ETPs treated for tax purposes?".

How does the payment of the church tax work?
 

After your registration, Baader Bank automatically queries your church tax status at the Federal Central Tax Office (Bundeszentralamt für Steuern). If you are liable to pay church tax, the church tax will be paid directly to the tax office together with the capital gains tax and the solidarity tax on a transaction basis.

Please note that Baader Bank only checks your church tax status once a year in September for the following year. If your religious affiliation changes after this date, the change cannot be made during the year. The change will not be made until the next check in the following tax year. However, you can claim back any excess church taxes that have been paid when you file for your tax return. Please contact your tax advisor for this.

You can find the amount of church tax paid by you in your personal client area. To do this, please log into your Scalable Capital account on our website, open the menu item "Profile" and click on "Taxes".

Do I have to pay tax on interest?
 

Like dividends or profits from the sale of securities, interest is capital income that is subject to the final withholding tax (consisting of capital gains tax, solidarity surcharge and, if applicable, church tax). This is paid on the basis of the individual interest payments. The respective levies are withheld by the custodian bank after each interest payment, taking into account exemption orders and loss pots if applicable, and forwarded to the tax office.

This only applies if you are liable to pay tax in Germany. If you are liable to pay tax outside Germany, you are obliged to determine and pay the applicable taxes yourself. Please note that Scalable Capital does not provide tax advice in this regard. If you have any questions regarding your individual tax situation, please contact your tax advisor or your tax office.

You can find the amount of tax paid on your behalf in your personal client area. To do so, please log into your personal client area on our website, open the menu item "Profile" and click on "Taxes".

When will the advance flat rate be debited?
 

Broker: The advance lump sum and the resulting tax charge will be debited from your clearing account by the custodian bank at the beginning of the year. The positive base interest rate of 2.55 % results in a positive advance flat rate for the 2023 assessment year for the first time in years by the Federal Ministry of Finance. Please ensure that there are sufficient funds in your account. If the booking results in a negative balance, the custodian bank may charge interest of 6.00 % p.a. in accordance with the "List of Prices and Services" (p. 65).

Wealth management: The advance fee is debited by the custodian bank at the beginning of the year. The debit will be made from your clearing account. We will ensure that there are sufficient funds for you. You do not have to worry about anything in this regard.

How can I set up or change my tax allowance?
 

With an exemption order, you instruct your bank to exempt accruing investment income from automatic tax deduction. Without this order, the bank will pay 25 % capital gains tax as well as 5.5 % solidarity surcharge and, if applicable, church tax to the tax office.

The statutory maximum limits for an exemption order of an individual are 1,000 euros and 2,000 euros for a joint exemption order of a married couple or registered partner.

To set up or change an exemption order, please log into your personal client area on our website and open the "Profile" menu item. In the "Taxes" section, you can set up or change your exemption order.

Please note: In the case of a joint exemption order, the maximum amount of 2,000 euros may not be split between both accounts, as the custodian bank would otherwise be unable to process the orders. The joint exemption order can only be set up on one account and will also be applied to the spouse's account in the Baader Bank system.

An exemption order that has been set up applies to all your business relationships with the custodian bank. For example, if you have asset management with us and securities account management with Baader Bank, the exemption order set up for this will also apply to Scalable Broker and other relationships with the custodian bank. The display in your personal client area shows you the entire exemption order deposited with the custodian bank.

Please submit your exemption order before the end of the current year. Exemption orders are always valid from 1 January of the current year or from the beginning of the business relationship.

How high should I set my tax allowance?
 

Since the tax treatment is individual and strongly depends on your trading behavior, we cannot make any recommendation on this.

How do I know my tax allowance is already used?
 

To see how much of your tax allowance has already been used, please log into your Scalable Capital account on our app or online and go to "Profile." In the "Taxes" section, you can find all relevant information.

Will capital gains taxes already paid be refunded as soon as I set up an exemption order?
 

If an exemption order is set up retrospectively, taxes already paid (capital gains tax, solidarity surcharge and church tax, if applicable) will be refunded. Please note that the exemption order must still be set up in the current calendar year.

When do I have to pay foreign withholding tax?
 

The foreign withholding tax is comparable to the German capital gains tax, but is incurred directly at the "source" and, as a country-specific tax, depends on the respective country. For more details, please contact your tax advisor.

If you have your tax domicile in Germany, the custodian bank will handle the withholding taxes for you. In this capacity, Baader Bank is also registered as a Qualified Intermediary with the IRS and can handle the withholding of US withholding taxes in the USA for you.

Is it possible to be exempted from US withholding tax in advance or to have it reduced?
 

In the case of US withholding tax, our custodian bank (Baader Bank) can grant a lower tax rate as a qualified intermediary. Baader Bank is able to reduce the withholding tax from 30 % to 15 % if you are subject to tax in Germany.

In accordance with the double taxation agreement between the USA and Germany, the US withholding tax is automatically reduced for non-US persons provided they have German citizenship, German residence and tax liability in Germany.

For foreigners living in Germany, a registration must be completed using the W-8BEN form in order to benefit from the lower tax rate. To do so, send us the completed form by email to service@scalable.capital. Please make sure that you provide complete information when submitting the form.

If you are not taxable in Germany, the US withholding tax is regulated in the country-specific double taxation agreement between the USA and your tax country.

For all other countries, an advance exemption from the respective withholding tax is not possible.

Where can I find information about distributions?
 

Distributions (e.g. dividends or interest) are credited to your clearing account at Baader Bank. You can see the current status in our app or online by logging in to your Scalable Capital account. Distributions can either be reinvested or withdrawn.

When do I receive a dividend?
 

For shares of German companies, you are entitled to a dividend if you hold the share in your securities account on the day of their Annual General Meeting (AGM). From the first trading day after the AGM, the share is traded "ex-dividend", as from then on there is no longer any entitlement to dividends. When you receive a dividend, it is automatically credited to your clearing account. However, the actual distribution of the dividend does not have to take place immediately after the AGM.

For dividends from foreign companies, some of which pay out a dividend several times a year, please refer to the quarterly reports or the investor relations page of the respective company.

Why has my dividend booking been cancelled?
 

In some cases, dividends paid from public companies are cancelled and rebooked due to a tax reclassification. These are often US real estate investment trusts (REITs).

The tax information of these companies is generally not known until the year following the dividend payment, which can change the tax treatment of the previous year's income (reclassification). In order to correctly report the US withholding tax to the US tax authorities, the dividends must be cancelled and recalculated after the tax reclassification.

REITs (Real Estate Investment Trusts) typically pay dividends four times a year or monthly. It is normal to have several cancellations and reclassifications during the year. It is not possible to combine these cancellations and reclassifications.

Can I participate in an annual general meeting?
 

If the possibility of participating in an Annual General Meeting exists, the custodian bank will inform you about this. This applies to companies with headquarters in the European Economic Area (ARUG II). The announcement will be made available to you in your Scalable mailbox in the corresponding document "Annual General Meeting". The fees for the issuance of admission tickets to an Annual General Meeting can be found in the Special Conditions to the List of Prices and Services (p. 68) of Baader Bank. When ordering admission tickets for a foreign Annual General Meeting, please note that third-party fees of the depositary bank of up to 150.00 euros may be incurred (Bundesgesetzblatt, BGBl I 2019, p. 2637).

Note: Your right to participate may lapse in whole or in part if you change your position shortly before the Annual General Meeting.

Taking into account the re-registration deadline, please send us the reply from the "Annual General Meeting" document with your instructions as a completed PDF by email to corporateaction@scalable.capital. Please ensure that the information contained in this document is complete and readable when sending it. Instructions that are not sent in the defined format (PDF) cannot be processed.

Can I participate in a corporate action?
 

If there is an opportunity to participate in a corporate action, we will inform you about it. The announcement will be made available to you in your Baader Bank client portal. You received the access data for this by email when you opened your account.

You will also find information on corporate actions in your mailbox in the Scalable client area in the corresponding document "Securities Notice".

Please send us the reply from the document "Securities Notice" with your instructions as a completed PDF by email to corporateaction@scalable.capital, taking into account the deadline for reply. Please ensure that the information contained in this document is complete and legible when sending it. Instructions that are not sent in the defined format (PDF) via email cannot be processed.

In the case of an optional dividend, the instruction can be submitted digitally in your Scalable Capital client area. To do so, open the document "Securities Notice" in your mailbox and follow the link provided. There, you will find all current corporate actions of your securities held within the instruction period until the instruction is given. Click on the corporate action you wish to participate in and select your desired option.

Please note that only timely instructions can be sent to our custodian bank. Collective instructions across several classes cannot be accepted. All instructions must be transmitted in the defined format (PDF). Instructions for unannounced corporate actions are also void. If your instruction has already been transmitted to our custodian bank, it can no longer be withdrawn and remains active during the execution period.

What information does the annual account statement contain?
 

You will receive your annual account statement at the end of the year. This contains the balance of your securities account, but not the assets in your clearing account. If you are taxable in Germany, you will usually receive your annual fiscal certificate for the previous year by the end of April of the following year in your account inbox.

To get an overview of your portfolio including cash, please log in at scalable.capital/login. All relevant information about your account and securities account is always available.

Will I receive a tax certificate at the end of the year?
 

If you are liable for tax in Germany, you will receive an annual tax certificate for your custody account and your clearing account, provided you have carried out tax-relevant transactions in the year.
As a rule, this will be made available to you for the respective past year by the end of April of the following year.

Please note: if you have terminated your portfolio, you will receive your annual tax statement by post to the address you have provided. This also applies if you have another active portfolio or use other products for which the custodian bank is also Baader Bank (e.g. OSKAR).

If you only use one product at Baader Bank (the broker or asset management) and your account is active, you will receive your tax assessment for the following year electronically in the mailbox of your Scalable customer area.

How do I obtain a loss statement?
 

To apply for a loss statement for an existing securities account, please complete the form "Application for the issue of a loss statement" in the Baader Bank form center. Please send the completed form directly to Baader Bank.

Please note that the application must be received by 15 December of the current year in order for the loss certificate to be issued.

For a securities account that has already been closed, a possible loss statement will be provided to you automatically in the spring of the following year.

Costs

What are the total costs of the Scalable Broker?
 

You have the choice between three plans:

FREE Broker:
All savings plans on shares, ETFs and other exchange-traded products (ETP) as well as buys with an order volume of 250 euros or more in all products of our PRIME partners Invesco, iShares by BlackRock and DWS Xtrackers (Xetra trades excluded) are free of charge1. For all other trades on gettex, order fees of 0.99 euros apply1. For sales of PRIME ETFs, fees of 0.99 euros are charged in the FREE Broker1.

PRIME Broker:
For 2.99 euros per month (billed annually at 35.88 euros), in addition to savings plans without order fees on shares, ETFs and other exchange-traded products (ETP), you receive an unlimited number of trades on gettex without order fees from 250 euros order volume1. Trades below 250 euros cost 0.99 euros on gettex1. With the PRIME Broker, Crypto ETPs are subject to a reduced spread surcharge (see below) in trading and in the savings plan. You also receive better conditions for real-time payment with Instant (0.69 %). You can also create as many portfolio groups and price alerts as you wish.

PRIME+ Broker:
With PRIME+ Broker, you enjoy all the benefits of PRIME Broker with flexible monthly payments of just 4.99 euros per month, plus interest on uninvested balances up to 100,000 euros on your clearing account (2.6 % interest p.a.)2.

You can change to another broker plan at any time free of charge. View all fees per price model.

Regardless of the model you choose:
Gettex trades:
All trades on gettex below 250 euros are charged with 0.99 euros order fee. This applies to all our broker plans1.

Xetra trades:
For order execution via the Xetra stock exchange, all clients incur a fee of 3.99 euros per trade plus a trading venue fee (0.01 % of the order volume, min. 1.50 euros), regardless of the pricing model1.

Crypto spread surcharge:
In addition to the above fees, the spread surcharge applies for each execution of a savings plan or trade in a crypto ETP. This amounts to 0.99% of the executed savings plan or order volume for FREE Broker clients or 0.69% of the executed savings plan or order volume for PRIME Broker and PRIME+ Broker clients1.
Any spread surcharges incurred will be displayed to you under "Cost information" prior to the placement of trading orders or when setting up or changing a savings plan.

Product costs for crypto ETPs
Ongoing product costs are incurred for trading in crypto ETPs1.

Real-time payments via Instant:
Real-time payments via Instant cost 0.99% in the FREE Broker model, and only 0.69% of the deposit amount in PRIME Broker and PRIME+ Broker. The following applies to every deposit: From 5,000 euros, every additional euro is free of charge.

There are no additional costs such as securities account fees, flat-rate third-party fees, or issue surcharges.

Please note: There is a reference in the client documentation to an administration fee of 0.75% p.a. This refers exclusively to our separate product, "wealth management." If you only use our broker, this fee is not relevant for you.

View list of all possible fees of the Scalable Broker by model.

1 PRIME Broker / PRIME+ Broker: 0 euros for trades from 250 euros volume, below 0.99 euros.
FREE Broker: 0 euros for purchases of PRIME ETFs (all ETFs from Invesco, iShares, Xtrackers) from 250 euros volume, 0.99 euros for other trades.
All broker plans: 0 euros for savings plan executions. Product costs, spreads, inducements and crypto fees may apply. Learn more.

2 Conditions apply scalable.capital/interest

Where are the fees debited from?
 

The first fee for using PRIME Broker or PRIME+ Broker will be debited annually or monthly 15 days after registration from your broker account at our custodian bank. For subsequent periods, the fee will be debited at the beginning of each billing period. Therefore, please ensure that there are sufficient funds in your brokerage account at all times (applicable from 1st August 2023).

All other fees, for example for executed trading orders, the spread surcharge for Crypto ETPs or fees for real-time payments via Instant will be debited directly from your Broker account at our custodian bank.

Do I have to pay negative interest or a custody fee on my cash balance?
 

No interest is charged on the balance of the clearing account. The current conditions can be found in the special conditions of the price and service list of Baader Bank.

Credit

What is Credit?
 

Credit is an individual credit line up to which the broker account may be overdrawn (so-called "granted overdraft"). This means you can borrow money in order to trade or to make a withdrawal - even when you don’t have a positive balance in your broker account. The exact amount available at a given point in time depends on the securities in the securities account.

Establishing your credit line costs nothing. Interest only accrues over time on the amount actually borrowed. These are calculated quarterly and are variable. They are based on the 3-month Euribor® interbank rate plus 3 % p.a. (6.92 % p.a. variable borrowing rate, as of March 2024).

Scalable Capital arranges loans from the lender, Baader Bank AG, Weihenstephaner Str. 4, 85716 Unterschleissheim, Germany, which also manages your brokerage account. The custodian bank uses your securities as collateral for the loan. These securities can fall in value or become worthless. This may require repayment of the loan and/or the sale of securities. Please consider the special risk of credit-financed investments.

Who can apply for Credit?
 

All clients of Scalable Broker who are resident in Germany and have a portfolio value of at least 1,000 euro can apply for Credit. This is done completely digitally in a few steps in the client area. The credit check usually takes place within a few minutes on business days.

How and for what can I use Credit?
 

Credit can be used flexibly for trading or withdrawals. After successful setup, the additional amount available through Credit is automatically available when trading or in the payout screen.

Important: Credit is not a real estate loan and may not be used to buy or build a house or apartment.

What are the costs for Credit?
 

Establishing a credit line costs nothing. Interest only accrues on the amount actually borrowed. These are calculated quarterly and are variable. They are based on the 3-month Euribor®* plus 3 % p.a. (6.92 % p.a. variable borrowing rate, as of March 2024).

On the first business day of each month (reference date), the custodian bank reviews any changes in the 3-month Euribor®. If the 3-month Euribor® has changed compared with the reference interest rate published on the previous reporting date, the debit interest rate on the reporting date of the following month will be reduced or increased by the respective change in the reference interest rate. Negative interest is not granted under the loan agreement.

Please note that if the credit line granted is exceeded, interest may be charged for a tolerated overdraft in accordance with the custodian bank's list of prices and services. In addition, the custodian bank may terminate the account and custody account in such a case and demand immediate repayment in full.

Cost example

You hold securities worth 10,000 euro in the Scalable Broker. The credit line based on these securities is 5,000 euro. Of this, you utilise a credit amount of 2,000 euro for 3 months.

Click here to view the calculation example. Then change the switch below “The conditions at a glance” to “Calculation example”.

No costs are incurred for setting up a credit limit and arranging the loan from Scalable Capital to the custodian bank. Scalable Capital is remunerated by the custodian bank depending on the interest margin collected by the custodian bank on the loan amounts drawn.

  • Note: Euribor® stands for "Euro Interbank Offered Rate" and refers to the average interest rate at which banks in the EU and the UK lend money to each other. The Bundesbank publishes the currently valid value for the 3-month Euribor® here.
When is debit interest due?
 

Debit interest only accrues when a credit amount has actually been used, i.e. the broker account has been overdrawn.

The interest is calculated on a daily basis and charged to the broker account on a quarterly basis.

How can I repay Credit?
 

You can deposit money into your broker account at any time by Instant, direct debit or bank transfer and use it to repay the loaned amount. There is no fixed term or fixed instalments.

Instead of making a deposit, you can also sell securities. The proceeds from the sale automatically reduce the amount you have loaned.

If the brokerage account is in the negative, any other money received also automatically serves to repay the loan amount. This applies, for example, to the receipt of dividend payments, interest income, or tax settlement payments.

What is the difference between credit limit and credit line?
 

The credit limit is the contractually defined maximum amount that can be loaned. The credit line can be set individually up to the amount of the portfolio value - rounded down to multiples of 1,000 euros - but up to a maximum of 100,000 euros.

If the assets in your portfolio increase, you can apply for a new credit limit.

The credit line shows the live amount of credit available based on current stock market prices and lending rates. The credit line is capped at the credit limit.

What is a loan-to-value?
 

Securities are subject to fluctuations in value (volatility). Therefore, not the entire securities position is accepted as collateral in each case, but only a portion - up to the so-called loan-to-value. While broadly diversified ETFs can be loaned to a large extent, derivative securities or crypto ETPs, for example, which are highly susceptible to fluctuations, cannot be loaned at all. The credit line is calculated as the sum of all positions valued at market prices, each multiplied by the loan-to-value ratio.

Direct debits of the last eight weeks may also have an impact on the available credit amount.

How is the credit line calculated?
 

The credit line is calculated as the sum of all positions valued at market prices, each multiplied by the loan-to-value ratio. Securities with low price fluctuations (volatility) generally have a higher loan-to-value ratio, while those with higher price fluctuations have a low or no loan-to-value ratio.

Non-binding presentation of loan-to-value rates by asset class. Refer to the custodian's loan agreement for binding loan-to-value rates. Please note: The lending rates for individual securities may differ and may be adjusted by the custodian bank.

Funds/ETFs: 75 %
Bonds: 80 %
Equities: 40-75 %
Derivatives: 0 %
Crypto ETPs: 0 %
Cash balances: 0 %

Example 1:
Your portfolio value is 50,000 euro. The credit limit is also 50,000 euro. 40,000 euro is invested in ETFs, the rest is cash on the broker account. The credit line is therefore 30,000 euro (40,000 euro in ETFs * 75 % + 10,000 euro credit balance * 0 % = 30,000 euro) and is always capped at the credit limit.

Example 2:
Your portfolio value is 50,000 euro. The credit limit is also 50,000 euro. Of this, 30,000 euro is invested in ETFs, and the remaining 20,000 euro is held in less liquid small cap stocks (loan-to-value ratio 40 %). The credit line is therefore 30,500 euro (30,000 euro in ETFs * 75 % + 20,000 euro in small cap stocks * 40% = 30,500 euro) and is always capped at the credit limit.

Example 3:
Your portfolio value is 50,000 euro. When applying for credit, a credit limit of 12,000 euro was set. 40,000 euro is invested in ETFs, the rest is cash on the broker account. The loan value of the securities (40,000 euro in ETFs * 75 % + 10,000 euro credit balance * 0 % = 30,000 euro) exceeds the credit limit. The credit line therefore amounts to 12,000 euro. The credit limit can be increased on request if necessary.

The credit line is therefore 30,000 euro (40,000 euro in ETFs * 75 % + 10,000 euro credit balance * 0 % = 30,000 euro) and is always capped at the credit limit.

What are the risks of Credit?
 

Your securities serve as collateral for the credit used. These securities may fall in value or become worthless. This may require early repayment of the loan and/or the sale of securities. Please consider the special risk of credit-financed investments.

A price slide on the market can cause individual or all securities in the securities account to lose value. This automatically reduces the amount available as a credit (credit line), as there is less collateral in the securities account.

If the credit used exceeds the credit line, the credit must be repaid (at least in part). This can be done by making deposits or selling securities, which may result in price losses being realised. Alternatively, the credit line can be increased, if necessary, by switching from securities with low loan-to-value ratios (e.g. derivatives) to instruments with higher loan-to-value ratios (e.g. ETFs).

If clients fail to meet the obligation to settle the overdraft of the credit line, the custodian bank may sell individual or all securities positions to repay the credit used and, if necessary, terminate the account including credit. The open credit amount is due for repayment immediately upon termination. Interest on the overdraft and, if applicable, interest on arrears may be incurred.

How can I cancel Credit?
 

Credit can be cancelled at any time in the client area. To do so, the borrowed credit amount must first be repaid.

What is the difference between Credit and a conventional instalment loan?
 

Credit can be applied for quickly and completely digitally (without sending documents by mail). Verification usually takes place within a few minutes on business days. Since credit amounts are secured with the securities held in the securities account, it is not necessary to provide proof of income, for example.

The custodian bank may transmit personal data to Creditreform Boniversum GmbH, Hammfelddamm 13, 41460 Neuss, Germany, for the legally required creditworthiness check. Data will not be transmitted to Schufa. Further information on the processing of your data by Creditreform Boniversum can be found at: www.boniversum.de/eu-dsgvo.

Interest only accrues when Credit is used and is always measured fairly only on the amount used for the period used. The repayment of Credit is also flexible. Credit can be repaid in full or in part at any time by paying in or selling securities. There are no mandatory regular repayment instalments, as Credit has an unlimited term. You can, of course, set up a standing order from your current account to your clearing account for repayment.

How can I change the granted credit amount of the contract?
 

Currently it’s not possible to change the credit limit.

Crypto

Trading

How does trading in cryptocurrencies work at Scalable Crypto?
 

With Scalable Crypto you can trade cryptocurrencies as easily as stocks or ETFs as crypto ETPs* on regulated trading venues (Xetra, gettex) in Germany. An investment is possible both as a one-time purchase and from 1 euro per month in a savings plan. No separate account, wallet or re-identification is required for this.

The purchased securities are securely held in your securities account at the custodian bank. The equivalent value of your investment in the corresponding cryptocurrency is held in custody for you by the issuer at cryptocustodians. In contrast to trading via crypto exchanges, you do not need to hold your investment independently in your own crypto wallet.

*Crypto Exchange Traded Products, or "Crypto ETP" for short, is a collective term for all products that track the value of an underlying cryptocurrency. In addition to the designation "ETP", product manufacturers sometimes use the designations Exchange-Traded-Note (ETN) or Exchange-Traded-Cryptocurrency (ETC).

What cryptocurrencies can I trade at Scalable Crypto?
 

With Scalable Crypto, you can trade the following cryptocurrencies:

  • Bitcoin
  • Algorand
  • Cardano
  • Chainlink
  • Cosmos
  • Ethereum
  • Litecoin
  • Matic/Polygon
  • Polkadot
  • Solana
  • Tezos
  • Uniswap
  • XRP
Are physically backed crypto ETPs offered for trading at Scalable Crypto?
 

The products available through Scalable Crypto are physically backed by the respective underlying cryptocurrency.

Where are my cryptocurrencies stored?
 

Your Crypto ETPs are securely held in your securities account at the custodian bank, just like your stocks or ETFs.

You do not need your own wallet to trade with Scalable Crypto. The issuer of the respective crypto-securities takes over the custody of the cryptocurrencies for you. Thereby, the underlying cryptocurrencies are physically deposited with crypto custodians.

Can I withdraw cryptocurrencies to my private wallet?
 

Some ETP issuers offer a transfer of the deposited cryptocurrency to a private wallet. In this case, any applicable fees on the part of the issuer as well as additional documentation effort (identity check, money laundering check) must be taken into account. Please contact the issuer of the respective crypto ETP directly if you have any questions.

Why does the estimated order volume differ from my input?
 

With us, you trade Crypto as easily and securely as stocks and ETFs as a Crypto ETP on a regulated exchange in Germany. Your entry will therefore be rounded down to whole ETP pieces, but at least to 1 piece.

Why does the number of my coins decrease over time?
 

Crypto ETPs incur annual product costs on the part of the issuer for the management of the securities. This is how issuers cover their costs related to transactions on the crypto network, custody of the coins, etc. The costs are charged directly against the Crypto entitlement of the ETP units you hold, so it will decrease slightly over time.

For selected Crypto ETPs, the Crypto Drawing Entitlement may increase as a result of Staking Rewards received. See the section "Which cryptocurrencies are currently being staked?" for more information.

Staking

Which cryptocurrencies are currently being staked?
 

On the issuers' websites as well as in the product information of the respective Crypto ETP, you can see whether Staking is supported.

How are staking rewards shared with investors?
 

The issuer may implement both a reduction of the management fee and an increase of the respective Coin entitlements of the physically backed Crypto ETPs within the scope of Staking Rewards.

The crediting of Staking Rewards is automatically performed by the issuer. Thus, you do not need to do anything else to receive your Staking Reward. You can find your current Coin Staking Reward for existing positions in Scalable Crypto under "Your Position".

What are the risks of staking?
 

Participation in the staking process may require a lock-up period during which cryptocurrencies cannot be used for other purposes for a certain period of time. With regard to the coins staked by the issuer, liquidity risks (i.e. restrictions with regard to the transferability of the staked coins) and risks of loss (e.g. through penalties against participants who incorrectly validate transactions due to errors, technical problems or hacking) may occur.

Further risks in connection with Crypto ETPs, in particular possible risks in the context of Staking, can be found in the base prospectus and the respective base information sheet of the issuer.

Derivatives

General

How is the price and leverage of a derivative formed?
 

The performance of a derivative depends on the performance of the respective underlying and the structure of the respective product. Depending on the structure, factors such as dividend payments, interest rates, exchange rates, or volatility may affect the value of the derivative.

To calculate the unit price of a derivative, the issuer uses the theoretical fair value based on financial mathematical models. Any difference between the calculated theoretical value and the actual unit price may result, for example, from the issuer's margin, any distribution fees, and the costs of structuring, pricing, settling, and hedging the product. Accordingly, the buying and selling prices (bid and ask prices) set by the issuer during the term are not based directly on supply and demand for the respective product, but rather on the issuer's pricing models.

Leveraged products can participate more strongly in the performance of the underlying instrument through so-called leverage. Due to the influence of factors such as the performance of the underlying, (remaining) term and volatility on the price of the leveraged product, the price is in direct proportion to the underlying, but is usually significantly below it. This means that the buyer of the leveraged product can participate in price changes of the underlying to a greater extent in percentage terms than in the case of a direct investment in the underlying. This effect is also called "leverage".

With regard to the pricing of derivatives and the influence of volatility, maturity and demand, please also obtain additional information from the issuers, e.g. in the FAQs of HSBC or on the websites of HypoVereinsbank onemarkets and Goldman Sachs.

Where can I find the term, knockout and strike price of a product?
 

Open the overview page of the desired derivative, for example using the search function. On the overview page, you will find a link to the "Key Investor Information" under key data. All the key features of the financial product are described there.

We are working on continuously improving the display of data in the client area and will in future already display this data for you on the overview page of the product.

What happens when a derivative reaches the end of its term or is knocked out?
 

At the end of the term, the instrument is derecognised and, depending on the product type and the market value of the underlying, a cash settlement (cash settlement for claims of the warrant holder) or the corresponding security is booked. Derecognition and settlement take place within a few banking days. You do not have to do anything else in the process.
The conditions for settlement at the end of the term are described in the "Key Investor Information" of the respective product.

If a knock-out event occurs, the product reaches its final maturity early. Depending on the product type, the derivative may expire worthless or be redeemed by the issuer at the respective residual value. In addition, trading is often suspended when the knock-out threshold is reached. Some products can still be redeemed on the day of the knock-out event. For further information, please refer to the "Key Investor Information" of the respective product.
A derecognition and settlement will take place within a few banking days. You do not have to do anything else.

Trading

Which derivatives can I trade with the Scalable Broker?
 

In general, all derivatives of the issuers Goldman Sachs, HSBC and UniCredit onemarkets are tradable via the gettex exchange and can be traded with Scalable Broker, with the exception of bond certificates.

The offer consists of investment certificates, knock-out products and warrants on all known indices, individual stocks, currencies and commodities. Derivatives on bonds are not available.

You can easily find out whether a particular derivative is available by using our derivatives search. Simply enter the security identification number (WKN) or ISIN.

You can find additional helpful information regarding certificates, warrants and trading strategies at our partners HSBC, UniCredit onemarkets and Goldman Sachs.

How can I trade derivatives?
 

The trading of certificates, leveraged products, warrants, short or leveraged ETPs and other complex financial instruments involves special risks and therefore requires appropriate knowledge and experience. For this reason, information on knowledge and experience is required before trading for the first time.
This information can be specified or updated at any time under Profile > Products > Broker. Please also refer to our risk information on derivatives.

Can I also use the real-time payment via Instant to buy derivatives?
 

For derivatives trading, real-time payments via Instant may only be available after 8 weeks. For derivatives trading, it is best to use deposit via bank transfer.

When are new issues available for trading?
 

The issue day or start of sale refers to the date on which the derivative is first offered for sale to the public for the first time. This differs from the first exchange trading day, from which the derivative can be traded via the gettex exchange and is thus also available for trading in the Scalable Broker. You can find the first exchange trading day on the issuers' websites.

New instruments that were not yet available at the start of trading ("intraday listing") are usually released for trading in the broker on the same day (currently only possible for HSBC products).

Is it possible to leverage products on US equities?
 

In general, all leveraged products on US underlyings are available in our broker, including 871m-relevant products.

Which products are affected by the US tax regulation (871m)?
 

The 871m tax regulation is a US tax regulation that regulates the payment of US withholding taxes for non-US persons. The purpose of this regulation is to collect withholding taxes from non-US persons holding certain derivative positions on US equities. Prior to the introduction of the 871m regulation, US withholding tax was only due on cash dividends. Since 2017, this has now been extended to "dividend equivalent payments".

In general, the regulation applies to derivative financial instruments that have US equities as underlying assets and a delta close to 1. The affected products include, for example, knock-out products and mini futures on US equities or US equity indices.

Complaint

How do I make a complaint?
 

We take complaints seriously as each and every one of our clients are important to us. We believe you have a right to a fair, swift and courteous service at all times. We are a regulated entity, we treat our clients fairly and adhere to the regulations on transparency and protections related to financial services.

A complaint is any expression of dissatisfaction made by a client or potential client (complainant) to an investment services firm in connection with the latter's provision of an investment service or ancillary investment service. The term "complaint" does not necessarily have to be used. A complaint does not require a specific form.

Complaints can be made free of charge orally, in writing or electronically to the address below or to our other contact details, which can be accessed under https://de.scalable.capital/kontaktdaten in German and under https://de.scalable.capital/en/contact-details in English in their most current version.

Scalable Capital GmbH
Seitzstr. 8e,
80538 Munich,
Germany

Scalable Capital has established a complaints management function that is responsible for investigating complaints. This is the compliance department. You can reach it as follows:

Scalable Capital GmbH
Compliance Department
Seitzstr. 8e,
80538 Munich,
Germany

Please also see the “Complaints and disputes” section of our client documentation.

Scalable Capital Complaints Procedure
 

After the (potential) client has submitted the complaint, the complaint will be transferred to the client relationship management system (CRM).

The content of the complaint will be assessed (this may also include questions to the client), it will be determined whether the client's dissatisfaction is justified as regards its substance and, if necessary, a proposal for a solution will be developed. This is followed by consultation with a superior. Depending on the type, content and scope of the complaint, it may be necessary to involve the complaint management function at an early stage. Finally, feedback is provided to the (potential) client, in which Scalable Capital communicates its position regarding the complaint. The processing period between the submission of a complaint and the provision of feedback should normally not exceed fifteen (15) business days. If no response can be provided within this period, Scalable Capital will inform the complainant of the reasons for the delay and the expected processing time.

If the client is not satisfied with our final feedback, then they may contact the arbitration board of the Association of Independent Asset Managers Germany. The arbitration board of the Association of Independent Asset Managers Germany is responsible for any monetary disputes arising from or in connection with financial services contracts: VuV Ombudsman's Office, Stresemannallee 30, 60596 Frankfurt am Main, Germany, http://vuv-ombudsstelle.de/. Scalable Capital is a member of the Association of Independent Asset Managers Germany and is obliged under the latter's articles of association to participate in dispute resolution proceedings of the VuV Ombudsman's Office. The (potential) client therefore has the option of referring a complaint or other dispute to the VuV Ombudsman's Office.

Scalable Capital is not affiliated with any other recognised private consumer arbitration board.

The European Commission provides a platform for online dispute resolution for consumers who reside in the EU (in accordance with Article 14 (1) of the ODR Regulation) at http://ec.europa.eu/consumers/odr/. Scalable Capital does not participate in the online dispute resolution.

Irrespective of the option of appealing to the VuV Ombudsman’s Office, the (potential) client is free to file a civil action at their discretion.

In addition, clients may contact the complaints body of the national competent supervisory authority which may also provide for an arbitration procedure:
France: Autorité des marchés financiers – AMF
Italy: Commissione Nazionale per le Società e la Borsa – CONSOB
The Netherlands: Autoriteit Financiële Markten – AFM
Spain: Comisión Nacional del Mercado de Valores – CNMV
Austria: Finanzmarktaufsichtsbehörde – FMA.