International shares.

Please remember that the value of an investment and the income from it can go down as well as up and you may get back less than you invested.
We don't provide advice so if you are in any doubt about making your own investment decisions we recommend you seek advice from a suitably qualified financial adviser.

Which international stock markets can I trade on?

As well as UK shares you can also trade on six global stock markets with our range of trading accounts. International markets have different opening times from the London Stock Exchange, effectively allowing you to trade shares from 8am until 9pm, Monday to Friday.

When you place an international order we will access the market directly through a third party trading provider and place your order onto the central market order book.

We use a third party to complete all our international orders, they in turn will route the orders to the respective markets and/or their member firms.

Your order will be routed to our international market counterparty who will trade it at a price at least equivalent to that available on the relevant international stock exchange or trading venue.

Please note, if you’ve received a dividend payment from an international share this can’t be automatically re-invested.


Opening hours of international stock markets

Stock Exchange Local Times UK Times
New York (NYSE, NASDAQ, NYSEAmex) 09:30 - 16:00 14:30 - 21:00
Frankfurt (XETRA) 09:00 - 17:30 08:00 - 16:30
Milan (MTA) 09:00 - 17:25 08:00 - 16:25
Paris (Euronext) 09:00 - 17:30 08:00 - 16:30
Amsterdam (Euronext) 09:00 - 17:30 08:00 - 16:30
Brussels (Euronext) 09:00 - 17:30 08:00 - 16:30

During the change between Greenwich Mean Time and British Summer Time our opening hours may not match those of foreign markets.


Planning to trade on the New York Stock Exchange?

If you want to trade online on the New York Stock Exchange you’ll need to complete the NYSE Subscriber Agreement form and return this to:

Dealing Administration Department
Halifax Share Dealing
Lovell Park Road
Leeds
LS1 1NS


Limit orders

Limit orders – shares to be sold at a specific price or within a certain time – are handled differently for international orders than they are for UK trades.

Your instruction will be routed to our international market counterpart who will arrange its display at the price you specified on the relevant stock exchange or trading venue’s public limit order system.

It will be placed on that market’s central market order book and will be prioritised in terms of price (in the case of a limit) and time. Trades placed onto order books are visible to the entire market so as to contribute to the overall liquidity.
 
The stock or cash value of the order will therefore be unavailable for you to trade until the order is cancelled or completed.

What are the risks involved with international shares?

Dealing on foreign markets will involve different risks from UK markets - in some cases the risks may be greater.

Culture Language and cultural differences between the UK and foreign markets may mean that there is a lack of information, or difficulty in obtaining information you may consider important to your trading decisions.
Currency Risks Any potential profit or loss from your trade in foreign markets may be affected by fluctuations in foreign exchange rates.
Economy and Politics Economic or political factors such as inflation or interest rate fluctuations in the UK could affect overseas markets. The general economic outlook and market conditions may differ considerably between the UK and foreign markets causing them to be less – or more – favourable.
Emerging Markets Emerging markets tend to be less developed than in the UK leading to greater volatility in securities pricing. The value of your investments could, as a result, change quickly.
Shareholder Rights You may find, as a shareholder, you are excluded from some shareholder rights and benefits because you are resident in a different jurisdiction from that of the company you have invested in. An example would be participating in corporate events such as a Rights Issue. You may find you are not treated in the same way as other shareholders and could suffer losses as a result.
Taxation Tax laws overseas differ from those in the UK. Tax authorities in many countries will take a larger amount of tax than they would in the UK because of higher rates. Remember that ISAs and SIPPs will only shelter you from UK tax. How tax is calculated abroad could therefore affect the value of, and returns from, any foreign investments.
Trading and Settlement Foreign markets may trade at a lower volume than in the UK and this reduced liquidity may make it more difficult to sell shares you have bought. It could also cause delays with settlement.

What is Withholding Tax?

When dividends, interest payments or some other types of corporate settlement are made by foreign corporations or governments, Withholding Tax will usually be deducted at the point of payment and paid to the government of the country initiating that payment. The amount of Withholding Tax deducted can differ from country to country and will affect the value of the returns expected from a foreign investment.

If you receive foreign payments from trading international securities through us, the amount of Withholding Tax you have paid will appear on your consolidated tax certificate, which can be viewed online. If you are not registered online we post this certificate to you at the end of the tax year.


Trading U.S securities

Before you buy US securities you need to complete a US Tax form and return it to us. By completing this form you may also benefit, depending on your circumstances, from a reduced rate of withholding tax on US sourced income you receive.

Options for completing and returning the required form:

Print and return by post

The form we receive from you must be completed and signed in pen, and not a copy.

Please send your completed form to:

Customer Registration Department
Halifax Share Dealing
Lovell Park Road
Leeds
LS1 1NS

E-mail

There are two ways you can e-mail the form:

  1. Complete the form and digitally sign (with date and time stamp) and e-mail an electronic copy of the form to us, or;
  2. Complete the form then print, sign, scan and email the form to us.

IMPORTANT: We can only accept e-mailed forms from the e-mail address you have registered with us. Please e-mail your completed form to:

StockbrokingUSTaxForm@lloydsbanking.com

We will endeavour to log your form within one working day of receipt and will text you confirmation once complete.

You can view our Privacy promise here

Completing the appropriate form

It is your responsibility to ensure you complete the relevant form for your circumstances. Further forms, instructions and guidance can be found at www.irs.gov under ‘Forms & Instructions’.

A Non-US individual such as a UK resident would ordinarily complete a W-8BEN

A US Person would ordinarily complete a W-9

Why this form is required and how you may benefit

We have certain obligations to the US Tax Authority concerning customers holding US securities or receiving income from the US. We must request and receive documentation from these customers to comply with our obligation.

When you complete this form you may also benefit from a reduced Withholding Tax rate. For example you may be eligible for a reduced rate of 15% Withholding Tax on your US dividends instead of the standard rate of 30%. This means that, depending on your personal circumstances, you may be able to receive $85 (net) from a gross U.S. dividend of $100, rather than the standard $70 (net). You can’t get this benefit unless you have completed the form.

The W-8BEN form is valid for three calendar years after you sign it, unless your personal circumstances change. Please let us know within 30 days if this happens. We will contact you when your form is due to expire.

What charges do I pay?

A dealing commission charge of £12.50 per trade will be made for all online trades in international shares. Telephone trades cost £25 dealing commission per trade.

Foreign currency conversions must be made when settling international transactions. We adjust the exchange rate by 1.25% and keep the difference as our fee.

We provide indicative exchange rates prior to trading and the rate applied to each trade is confirmed on the trade confirmation after the deal is completed.

Please note: You can’t trade international shares within the Halifax ShareBuilder.


How is the foreign exchange charge worked out?

You buy 10 shares in a company valued at $100.00 per share. At the time the trade is placed, the £/$ exchange rate is 1.5200.

Cost of shares - 10 x $100.00 $1,000.00
Cost of shares in GBP - $1,000.00/1.52 £657.89
FX rate with FX charge added (1.25%) 1.25% of 1.52 = 0.019
1.52 – 0.019 = 1.501
Cost of shares in GBP including FX charge $1,000/1.501=£666.22
FX cost: £666.22 - £657.89 £8.33

The final figure shown within the above table as the FX cost will be the fee taken by us for the $1,000 international trade at an exchange rate of 1.5200.


Why trade international shares with Halifax Share Dealing?

  • A simple and easy to use dealing account which you can manage online, over the phone or on your mobile.
  • Use our TradePlan service to automatically trade for you at the price you want. Charges apply for this service.
  • Real-time online dealing for £12.50 commission per trade (plus FX charge).

View our accounts View our charges


Halifax Share Dealing Limited.  Registered in England and Wales no. 3195646.  Registered Office: Trinity Road, Halifax, West Yorkshire, HX1 2RG.  Authorised and regulated by the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS under registration number 183332.  A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.