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From August 1, 2025, we will change how ONB fees are calculated, moving from billing on a trade date (T/D) basis to a settlement date (S/D) basis. This change better reflects industry practice and market mechanics. Under the new model, you are charged based on settlement date quantities, not trade date quantities. However, the change can affect your costs, particularly when holding shorts overnight around weekends and holidays, particularly on Thursdays.
After August 1 (S/D-Based Billing)
· If you short on Thursday and cover on Friday, you are now charged for three days of ONB fees (Friday, Saturday and Sunday because your closing trade on Friday doesn’t settle until Monday).
· If you short on Friday and cover on Monday, you are now charged one day of ONB (Monday only).