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Brokerage Services - Secondary Market
1. Investment Account
2. Deferred Payment
3. Treasury Bonds
4. Shares traded on the WSE and Newconnect
5. Futures Contracts
1. Investment Account
Millennium DM S.A. offers services involving maintenance of an investment account that enables investing in securities admitted to public trading. An investment account is made up by:
- securities account,
- cash account
In order to become an active participant of the exchange trading, you need to conclude relevant agreements with Millennium DM S.A.. The basic agreement is the "Agreement on providing brokerage services and holding a securities account and cash account ".
Millennium DM S.A. offers excellent terms for holding an investment account:
- Secondary market orders (WSE, MTS-CeTO and NewConnect)
- You may place orders in person, by phone, fax, or online.
- To be able to use the telephone, fax or online services, you need to sign appropriate Agreement version and activate the service with the Customer Service Point.
Accepting and forwarding buy and sell orders for investment fund participation units
- Customers may place orders in person
The Customer Service Points are connected to an online computer network so you can place any instructions regarding your investment account using any of them no matter the Customer Service Point where you opened your investment account.
Millennium DM S.A. offers its Customers a possibility to place orders during continuous trading at Customer Service Points, online and using a PDA mobile phone featuring application installation possibility and Java.
You can deposit your net free equity gathered in the investment account with the Bank for overnight deposit bearing attractive interest and daily interest capitalisation via us.
- Millennium DM S.A.. offers overnight deposit in cooperation with Bank Millennium S.A.. The deposit is serviced automatically by Millennium DM S.A. after signing a relevant agreement.
- In order to open an overnight deposit, you must have available funds of at least PLN 10,000 in your cash account held with Millennium DM S.A.
Pre-session and off-session transactions
Millennium DM S.A. provides the option to execute pre-session and off-session transactions to transfer ownership rights to large blocks of securities.
Millennium DM S.A. charges fees for agency in executing transactions, in line with the Table of Fees and Charges (orders placed in person, by phone and fax) or the Table of Fees and Charges for services provided online or by means of other electronic information carriers (orders placed online). Active Investors can take advantage of a flat fee to reduce the costs of operations on the Exchange. The flat fee is set based on the account turnover during 90 calendar days preceding the time of sanctioning the flat fee. There is no requirement for qualifying Investor to use the flat fee. Investor using the flat fee are entitled to use:
- the "Bonus-Obrót" system that makes you eligible for a lower fee where Customer account turnover is larger.
- the daytrading fee for transactions executed in one session.
2. Deferred Payment
Millennium DM S.A. provides an option to place buy orders with a deferred payment date (DPD). Deferred Payment Terms
- in order to use the deferred payment option, the Investor needs to sign a relevant agreement at the Customer Service Point and sign the financial standing declaration,
- the Customer must, at the time of placing an order, hold funds in the amount agreed with Millennium DM S.A.,
- the Customer must supply the shortfall of funds within three days after executing the transaction on the WSE in the case of shares and within two days in the case of bonds.
- Until the amount due to the deferred payment transaction is fully settled, the Customer can neither pledge the purchased securities nor transfer them to another account,
- The amount due to the deferred payment transaction (DPD) is secured with the frozen funds in the account up to the amount due to DPD grossed up by the amount of own funds required when placing deferred payment orders,
- The Customer irrevocably authorises the Brokerage House to use the Customer's securities account until the amount due to the DPD transaction is fully paid,
- short-term, non-interest bearing credit for the purchase of securities,
- possibility to sell securities without full repayment of amounts due under the order,
- effective investment policy without exposing all of Customer’s own funds,
- flexible management of DPD limits sanctioned to individual Customers,
- possibility to use the account freezing as a security for DPD transactions,
- possibility to execute reversed transactions - at few minute intervals - without the need to settle the amounts under buy orders,
- possibility to use DPD with zero share of Customer’s own funds,
- Investor may offer security other than the assets held in the account, in order to use DPD option.
3. Treasury Bonds
A bond is a debt security stating that the bond issuer has raised a debt with the bond buyer referred to as bond holder.
Millennium DM S.A. acts as an agent in trading in Treasury bond secondary market.
In the secondary market, our Customers can buy/sell 3-, 5-, and 1-year Treasury Bonds in continuous trading:
4. Shares quoted on the WSE and Newconnect
Millennium DM S.A. acts as an agent in buying/selling shares in the primary and secondary markets.
In the primary market, our Customers can buy:
- shares traded on the Warsaw Stock Exchange,
- shares sold by distribution syndicates comprising Millennium DM S.A.
In the secondary market, our Customers may:
- buy/sell shares in the single price auction system with two auctions (fixing),
- buy/sell shares in the continuous trading system,
- buy/sell shares in MTS-CeTO market.
- buy/sell securities in pre-session transactions.
- buy/sell securities in off-session transactions.
- when buying shares, Investor becomes the owner of a portion of share capital of a chosen company,
- shares traded on the WSE and MTS-CeTO undergo continuing pricing by the market so Investors can track changes in the value of their stake on an ongoing basis,
- the shareholder obtains votes at the General Meeting of Shareholders, the right to share profits - receive dividends, subscription right,
- shares quoted on the Warsaw Stock Exchange are highly liquid.
Shareholding carries large risk. The value of shares quoted on the Exchange is continually fluctuating. Therefore, before you start investing in shares, you should weigh not only benefits but also threats. However, please note that in the long run (a few years) investment in shares may turn out the best.
5. Futures Contracts
A futures contract is an agreement between two parties, where one party undertakes to buy and the other one to sell, on a specific future date (expiry date) and at a price agreed at the time of executing the transaction, a specified amount of the underlying instrument or to make equivalent cash settlement. The underlying instruments can be e.g. shares, FX, exchange indices, etc.
Parties entering into futures contracts have certain expectations as to the changes in the value of, for instance, indices. The buyer expects the index value to grow while the seller assumes it will go down. Ultimately, the party that made the right projections wins.
Millennium DM S.A. offers its Customers a possibility of entering into transactions in futures contracts:
- In order to execute futures transactions, Investor must sign an agreement with Millennium DM S.A. to hold an account for registering transactions executed in this market.
- Investor wishing to conduct operations on the futures market is assigned a Customer Identification Number provided by the National Depository for Securities.
- Trading in futures runs in continuous trading system Monday to Friday 9a.m. to 4.20p.m.
- Contracts are traded in the so-called series. A series includes futures contracts corresponding to a standard set by the Exchange, featuring the same underlying instrument and expiry date. At the time of executing the contract, there is no need to hold funds equal to the contract's value, it is only required to provide a margin.
- Futures contracts provide an opportunity to gain profit on price fluctuations on the Exchange, regardless of price movements.
- All you need is simply one investment decision without any time-consuming and tedious research of individual companies.
- Futures contracts ensure adequate portfolio diversification where the portfolio consists of an appropriate number of various financial instruments to mitigate significantly the risk of price fluctuations.
- Investors have the opportunity to hedge their portfolio value against the consequences of price fluctuations without the need to incur any considerable costs, which may increase the potential profit or losses (as the case may be), which should be remembered at all times. Futures contracts were first traded on the WSE on 14 Feb 2005. The specificity of futures is that Government Bonds are fixed-interest underlying instruments, and these contracts are executed by delivery of Government Bonds meeting strictly defined criteria. (A full name of the instrument is: futures contracts for fixed–interest Treasury Bonds, issued by the Minister of Finance, with issue worth no less than PLN 5bn and maturity of no less than 2 years and nine months and no more than 5 years and six months after the contract execution date). Futures contracts are traded in the continuous trading system from 9a.m. to 4.30p.m., and the nominal value of a contract is PLN 100,000. The price, just like for bonds, is given in percentage points per PLN 100 of the contract nominal value, e.g. 99,65. As the multiplier for the contract is PLN 1,000, e.g. buy transaction of the contract at 99,65 means that the transaction value is PLN 99,650 (99,65 x PLN 1,000). Contracts for Treasury bonds are the first derivative at the WSE, to be executed by delivery. The deliverables may be Treasury Bonds meeting specific criteria set by the WSE and the National Depository for Securities (KDPW), featuring among others the following:
- bonds must bear fixed interest, and the coupon is paid once a year,
- the value of the issue of a given series of bonds is no less than PLN 5bn,
- time to maturity is no less than 2 years and nine months and no more than 5 years and 6 months after contract execution date.
- interest rate risk mitigation, possibility to hedge the prices of many bonds by one contract,
- a possibility to set one contract price at the WSE available for all entities,
- notwithstanding their creditworthiness,
- settlement via the National Depository for Securities, which eliminates credit risk of transaction counterparty,
- closing an open position before contract execution date,
- easy tracking of gains and losses with margin systems and ongoing market settlements,
- low transaction cost.
- Orders placed in person, by phone and fax are subject to a fee from PLN 7 to 12 (or negotiated depending on turnover or order value),
- Orders placed online are subject to a fee from PLN 7 to 9 per contract.
A warrant is a financial instrument and its price is driven by the price or value of the underlying instrument. Such underlying instrument can be a security, currency, economic ratio (e.g. index, interest rate) or any other value. From a legal perspective, warrant represents an unconditional and irrevocable obligation of its issuer to pay the settlement amount to the eligible warrant holders. For a call warrant, this amount is calculated as a positive difference between the underlying instrument price and the exercise price defined by the issuer. For a put warrant, the settlement amount is the positive difference between the exercise price and the price of the underlying instrument.
Millennium DM S.A. offers you the possibility to buy warrants at the Warsaw Stock Exchange.
- In order to execute warrant transactions, the Customer needs to conclude with Millennium DM S.A. an agreement on providing brokerage services with regard to public trading in warrants.
- Warrants are traded in the continuous trading system from 10a.m. to 4p.m. on the WSE.
- Use of financial leverage. Since the warrant price represents a small portion of the underlying instrument's value, the percentage profit is higher than in the case of the underlying instrument.
- The Investor can sell a warrant before it expires.
- An opportunity to diversify the portfolio and mitigate investment risk, namely to place an adequate number of financial instruments in the portfolio.
- Orders placed in person, by phone and fax are subject to a fee from 0.39% to 1.5% of the transaction value (or negotiated depending on turnover or order value),
- Orders placed online are subject to a fee of max. 0.39% of the transaction value.
Option is a financial instrument being a contract, whereby option holder is entitled to buy or sell an underlying instrument at a set price (called exercise price) to maturity (called expiry date). The counterparty (usually a financial institution) writing an option guarantees that right. Please note that the option holder gets the right, whereas option writer contracts the obligation. Depending on whether the right concerns buying or selling, we have two types of options:
- call option; which gives the holder the right to buy certain shares before certain date at a certain price,
- put option); which gives the holder the right to sell before certain date at a certain price.
The key difference between option and warrant is the writer. Anyone can write an option and the number of options may be unlimited. In the case of warrants, the writer is one entity which takes the writer’s position. Millennium DM S.A. offers you the possibility to enter into options for WIG 20 index.
- To enter into options you need to sign an agreement for services involving derivatives and economic rights with Millennium DM S.A..
- Investor opening an account with Millennium DM S.A. and entering the option market, is assigned a Customer Identification Number provided by the National Depository for Securities, in order to be able to perform operations.
- Options are traded in the continuous trading system Monday to Friday 9a.m. to 4.20p.m.
- Options are traded in the so-called series. A series includes all options of the same category and type with the same expiry date and exercise price.
- Options give a possibility to earn on price fluctuations both where prices fall and rise, taking advantage of the leverage effect.
- No margin requirement for option buyer (party taking a long position) and a necessity to engage much smaller funds than in e.g. futures contracts. Buyer pays option writer only the so-called premium.
- Option buyer is eligible for option exercise and receiving the settlement amount from option writer.
- Options ensure adequate portfolio diversification where the portfolio consists of an appropriate number of various financial instruments to mitigate significantly the risk of price fluctuations.
- In exchange of premium received from buyer, option writer contracts an obligation to pay the settlement amount set on option expiry. Option writer (a party taking a short position) pays margin to guarantee that on option expiry date it will be able to pay the settlement amount to option holder.
- Orders placed in person, by phone and fax are subject to a fee from PLN 2.1 to 12 (or negotiated depending on turnover or order value),
- Orders placed online are subject to a fee from PLN 2.1 to 9 per option.
Index Participation Units (IPU)
An index participation unit (mini-index; IPU) is a security, which imitates percentage fluctuations of a given index. The instrument is to provide investor with a possibility to invest the whole index portfolio without having to buy shares forming the index.
Millennium DM S.A. offers you the possibility to execute transactions for Mini-WIG 20. Conditions
- To execute transactions involving index participation units you need to sign with Millennium DM S.A. an agreement for trading in derivative and economic rights.
- Investor opening an account with Millennium DM S.A. to operate in the participation unit market is assigned a Customer Identification Number provided by the National Depository for Securities to be able to trade in the market.
- Trading in index participation units runs in continuous trading system Monday to Friday 9a.m. to 4.20p.m. Index participation unit buyer pays the writer the full price (just as in share purchase).
- Investor taking a long position does not deposit margin unlike future contracts buyers for WIG20, so there is no need to replenish the margin when MiniWIG20 falls.
- Margin is deposited only by investors opening short positions. The minimum margin is defined by the National Depository for Securities. Having margins, investors can always meet their liabilities i.e. deliver the amount due to investors holding a long position.
- Investment security – the IPU price depends on the change of the whole index and not on one share price change.
- A possibility to earn on price fluctuations/price continuity during the day.
- Orders placed in person, by phone and fax are subject to a fee from 0.39% to 1.5% of te transaction value (or negotiated depending on turnover or order value),
- Orders placed online are subject to a max. fee of 0.39% of the transaction value.