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Stock FAQs: International Stock Trading

  • What stocks can I trade internationally, and on what markets?

    When you sign up for international trading, most common stocks and exchange-traded funds (ETFs) listed in the following markets will be available to trade online:

    MarketCountry Code
    flag_australia  AustraliaAU
    flag_austria  AustriaAT
    flag_belgium  BelgiumBE
    flag_canada  CanadaCA
    flag_denmark  DenmarkDK
    flag_finland  FinlandFI
    flag_france  FranceFR
    flag_germany  GermanyDE
    flag_greece  GreeceGR
    flag_hongkong  Hong KongHK
    flag_ireland  IrelandIE
    flag_italy  ItalyIT
    flag_japan  JapanJP
    flag_mexico  MexicoMX
    flag_netherlands  NetherlandsNL
    flag_newzealand  New ZealandNZ
    flag_norway  NorwayNO
    flag_poland  PolandPL
    flag_portugal  PortugalPT
    flag_singapore  SingaporeSG
    flag_south_africa  South AfricaZA
    flag_spain  SpainES
    flag_sweden  SwedenSE
    flag_switzerland  SwitzerlandCH
    flag_unitedkingdom  United KingdomGB

    Other types of exchange-listed securities such as rights, warrants, or different classes of stock (e.g., Class A, Class B) may not be available. Security type availability is subject to change without notice.

    Order Details
    International orders can be entered at any time but will only be eligible for execution during the local market hours for the security. International orders are limited to common stocks with the following order restrictions:

    • Day orders only—your order will only be in effect for the trading day, which corresponds to the hours of the primary exchange on which the security trades.
    • Market or limit orders only
    • Cash trades only (margin not available)
    • No additional order instructions (e.g., all or none, fill or kill)
    • Long buys or long sells only (no short sales)

    International orders can be settled in your choice of U.S. dollars (USD) or the local currency.

    For more on placing orders and order types, see the Trading FAQs.

  • How do I find a stock symbol and get a quote?

    Finding an international stock’s symbol will likely be your first step to obtain a real-time quote, research a company, or trade an international security. On the International Stock Trading page, go to Find Symbol and enter the company name, SEDOL (similar to US CUSIP), and you’ll receive the following:

    find_symbol
    For illustrative purposes only

    International stocks use a different symbology than domestic stocks. To quote, research, or trade international stocks, enter the stock symbol, followed by a colon (:) and then the two-letter country code for the market you wish to trade in. For example, the company Fiat SPA Torino in Italy would trade under symbol F:IT for its ordinary shares. In Germany, it would trade under symbol FIAT:DE. This symbology can only be used to buy or sell stocks on the international trade ticket.

    Quotes
    Real-time quotes1 are available for international stocks using the Get Quote Tool along the top of Fidelity.com or within your International Stock Trading page. Although the real-time primary market quote is displayed, international orders may execute on the primary exchange, or they may execute on ECNs, ATSs or regional exchanges within the market.

    Primary Exchanges

    MarketPrimary exchange
    AustraliaAustralian Stock Exchange
    AustriaVienna Stock Exchange
    BelgiumEuronext Brussels Stock Exchange
    CanadaToronto Stock Exchange or Ventures Stock Exchange
    DenmarkOMX Copenhagen
    FinlandOMX Helsinki
    FranceEuronext Paris Stock Exchange
    GermanyFrankfurt Stock Exchange
    GreeceAthens Stock Exchange
    Hong KongHong Kong Stock Exchange
    IrelandIrish Stock Exchange
    ItalyItalian Stock Exchange
    JapanTokyo Stock Exchange
    MexicoMexican Stock Exchange
    NetherlandsEuronext Amsterdam Stock Exchange
    New ZealandNew Zealand Stock Exchange
    NorwayOslo Stock Exchange
    PolandWarsaw Stock Exchange
    PortugalLisbon Stock Exchange
    SingaporeStock Exchange of Singapore
    South AfricaJSE Limited (Johannesburg Stock Exchange)
    SpainBolsa de Madrid (Madrid Stock Exchange)
    SwedenStockholm Stock Exchange
    SwitzerlandSwiss Exchange
    United KingdomLondon Stock Exchange
  • How do I buy international stock?

    You must have sufficient U.S. dollars (displayed as Cash Available to Buy Securities) or 100% of the foreign currency needed to place an international stock order. These values can be found toward the top of the Trade Stocks – International Trade ticket. They are also included in the Balances and Positions pages.

    trade_ticket
    For illustrative purposes only

    Foreign currency values are also shown on the Positions page.

    Once entered, international stock and currency exchange orders are displayed on the Orders page along with your domestic security orders.

    Note: International stocks must be bought and sold in the same market. For example, shares of a stock purchased in Germany could not be sold in France even though the company may trade on one or more exchanges in different markets.

  • What are board lots?

    There are additional specifications regarding share quantities imposed by some exchanges. These are also referred to as board lots. A board lot is the number of shares defined as a standard trading unit. All orders placed in Canada, Hong Kong, and Japan must be entered in quantities that are multiples of the board lot or standard trading unit.

    Board lot sizes for Canadian exchanges
    Board lot sizes for orders on Canadian exchanges are determined based on the per share price of the security being traded.

    Trading price per unit Board lot size
    Less than $0.10 CAD 1,000 shares
    $0.10 to $0.99 CAD 500 shares
    $1.00 CAD or more 100 shares

    For example, the required board lot size for Canadian stocks trading between $0.10-0.99 CAD is 500 shares. To place an order to buy a Canadian security offered at $0.75 per share, your order quantity would need to be a multiple of 500 (the board lot size); e.g., 500 shares, 1,000 shares, 1,500 shares, and so on.

    Board lot sizes for Hong Kong exchanges
    The required board lot size for Hong Kong varies by security. The current range is 50–100,000 shares.

    Visit the HKEx to see the required board lot size for a particular security.

    Board lot sizes for Japanese exchanges
    The required board lot size for Japan varies by security. Currently, the majority of securities trading on Japanese exchanges have board lot sizes of 1,000 shares. (In Japan, board lots are referred to as “trading units.”)

    To view the required board lot size for a particular security, check the website of the primary exchange on which the security trades:

    Board lot requirements are usually the same for securities listed on both the Osaka and Tokyo exchanges.

  • What are tick requirements?

    Tick requirements are minimum price increments at which securities can be traded. These increments vary by market, and are usually based on the closing price per share of the security from the previous session. All limit prices for a security must conform to the tick requirements of the market in which the security trades.

    For example, the minimum tick requirement for a security trading at 60,000 yen on the Tokyo Stock Exchange is 100 yen. To place an order to buy that security, you would need to enter your limit price as an increment of 100, e.g., 59,900 yen, 59,800 yen, 59,700 yen, and so on.

    Tick Sizes

    Market Currency Price per share Tick increment
    Australia AUD 0–.1
    0.10–0.50
    0.50 and up
    0.001
    0.005
    0.01
    Austria EUR Any 0.01
    Canada CAD 0–.495
    0.50 and up
    0.005
    0.01
    Denmark DKK 0-5.00
    5.00-10.00
    10.00-50.00
    50.00-250.00
    250.00-500.00
    500.00-5,000.00
    5,000.00-20,000.00
    20,000.00-999,999,999.99
    0.01
    0.05
    0.10
    0.25
    0.50
    1.00
    10.00
    100.00
    Finland EUR Any 0.01
    France EUR Any 0.01
    Germany EUR Any 0.01
    Greece EUR 0.00-3.00
    3.00-60.00
    60.00-999,999,999.99
    0.01
    0.02
    0.05
    Hong Kong HKD 0–0.25
    0.255–0.50
    0.51–10.00
    10.02–20.00
    20.05–100.00
    100.10–200.00
    200.20–500.00
    500.50–1,000.00
    1,001.00–2,000.00
    2,002.00–5,000.00
    5,005.00–9,995.00
    0.001
    0.005
    0.010
    0.020
    0.050
    0.100
    0.200
    0.500
    1.000
    2.000
    5.000
    Ireland EUR Any 0.001
    Japan JPY 0–1,999
    2,000–2,295
    3,000–29,990
    30,000–49,950
    50,000–99,900
    100,000–999,000
    1,000,000–19,990,000
    20,000,000–29,950,000
    30,000,000 and up
    1
    5
    10
    50
    100
    1,000
    10,000
    50,000
    100,000
    Mexico MXN 0.00–999,999,999.9999 0.01
    New Zealand NZD 0.00–0.20
    0.20–999,999,999.9999
    0.001
    0.01
    Poland PLN 0.00-50.00
    50.00-100.00
    100.00-500.00
    500.00-999,999,999.99
    0.01
    0.05
    0.10
    0.50
    Singapore SGD 0.00–1.00
    1.00–3.00
    3.00–10.00
    10.00–999,999,999.99
    0.005
    0.01
    0.01
    0.02
    South Africa ZAR Any 1.00
    Spain EUR 0.00-50.00
    50.00-999,999,999.99
    0.01
    0.05
    Sweden SEK 0.00–5.00
    5.00–15.00
    15.00–50.00
    50.00–150.00
    150.00–500.00
    500.00–5,000.00
    5,000.00–999,999,999.99
    0.01
    0.05
    0.10
    0.25
    0.50
    1.00
    5.00
    Switzerland CHF 0.00–10.00
    10.00–100.00
    100.00–250.00
    250.00–500.00
    500.00–1,000.00
    1,000.00–5,000.00
    5,000.00–999,999,999.99
    0.01
    0.05
    0.10
    0.25
    0.50
    1.00
    5.00
    United Kingdom
    (Shown in British pence. Stocks in the UK can be priced in British pounds (GBP) or pence. 1 GBP=100 p)
    GBP 0–9.99
    10.00–499.75
    500.00–999.50
    1,000 and up
    0.01
    0.25
    0.50
    1.00

    Swiss Blue Chip Segment stocks may have different tick increments than non-blue chip securities.

    Limit orders must be entered based on the appropriate currency unit size.

  • Do some exchanges have additional requirements?

    Japanese exchanges
    To manage volatility, the Tokyo Stock Exchange and the Osaka Securities Exchange set “daily price limits” for all securities. These limits create a price range outside of which a security may not trade on any given day. Limit prices must also fall within this range. The exchanges determine daily price limits based on each stock’s “base price”—its price at the close of the previous market session. (In some cases, when buy and sell orders are significantly imbalanced, either exchange may assign a “special quote” to be used as the base price.) For specific price limits for all base prices, see the table below.

    As an example, suppose you want to buy a hypothetical Japanese stock—ticker XYZ—which closed on the previous trading day at 1,250 yen. As shown in the table below, the daily price limit for a stock with this base price is 300 yen. This means that the maximum potential upside or downside for XYZ on the day is 300 yen (for a maximum trading range of 950–1,550 yen). As a result, your limit price for XYZ must also fall between 950 and 1,550 yen.

    Base price (JPY)2 Daily price limit (JPY)3
    0–99 +/− 30
    100–199 +/− 50
    200–499 +/− 80
    500–699 +/− 100
    700–999 +/− 150
    1,000–1,499 +/− 300
    1,500–1,999 +/− 400
    2,000–2,999 +/− 500
    3,000–4,999 +/− 700
    5,000–6,999 +/− 1,000
    7,000–9,999 +/− 1,500
    10,000–14,999 +/− 3,000
    15,000–19,999 +/− 4,000
    20,000–29,999 +/− 5,000
    30,000–49,999 +/− 7,000
    50,000–69,999 +/− 10,000
    70,000–99,999 +/− 15,000
    100,000–149,999 +/− 30,000
    150,000–199,999 +/− 40,000
    200,000–299,999 +/− 50,000
    300,000–499,999 +/− 70,000
    500,000–699,999 +/− 100,000
    700,000–999,999 +/− 150,000
    1,000,000–1,499,999 +/− 300,000
    1,500,000–1,999,999 +/− 400,000
    2,000,000–2,999,999 +/− 500,000
    3,000,000–4,999,999 +/− 700,000
    5,000,000–6,999,999 +/− 1,000,000
    7,000,000–9,999,999 +/− 1,500,000
    10,000,000–14,999,999 +/− 3,000,000
    15,000,000–19,999,999 +/− 4,000,000
    20,000,000–29,999,999 +/− 5,000,000
    30,000,000–49,999,999 +/− 7,000,000
    50,000,000 or more +/− 10,000,000

    Hong Kong exchanges
    To manage volatility, the Hong Kong Stock Exchange requires that all limit orders meet very specific pricing requirements. These requirements effectively set up ranges for each security within which all limit prices must fall. When entering a limit price for a Hong Kong-traded stock, there are two requirements your order will need to meet: the Spread Rule and the 10%–900% Rule. For additional information about the Spread Rule and the 10%–900% Rule, see the HKEx rules and regulations.

  • What is currency trading?

    Currency trading is when you buy and sell currency on the foreign exchange (or Forex) market with the intent of benefitting financially from the fluctuation in exchange rates.

    Currency prices are highly volatile. Price movements for currencies are influenced by, among other things: changing supply-demand relationships; trade, fiscal, monetary, exchange control programs and policies of governments; United States and foreign political and economic events and policies; changes in national and international interest rates and inflation; currency devaluation; and sentiment of the marketplace. None of these factors can be controlled by you or any individual advisor and no assurance can be given that you will not incur losses from such events.

    Settling Orders
    Fidelity’s International Trading offering gives you the ability to settle international trades in the local currency, and allows you to gain foreign currency exposure by enabling you to hold and exchange between the following 16 currencies:

    • Australian dollar (AUD)
    • British pound (GBP)
    • Canadian dollar (CAD)
    • Danish krone (DKK)
    • Euro (EUR)
    • Hong Kong dollar (HKD)
    • Japanese yen (JPY)
    • Mexican peso (MXN)
    • New Zealand dollar (NZD)
    • Norwegian krone (NOK)
    • Polish zloty (PLN)
    • Singapore dollar (SGD)
    • South African rand (ZAR)
    • Swedish krona (SEK)
    • Swiss franc (CHF)
    • U.S. dollar (USD)

    The euro is the local currency for the following markets: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, and Spain.

    At the time of a trade for an international stock, you can choose to settle the trade in U.S. dollars or in the local currency. If you settle in U.S. dollars, a “linked” foreign currency exchange order will automatically be executed when your stock trade order fills entirely, or at the end of the trading session if your order fills partially. If your stock trade does not fill at all or if you choose to settle in the local currency, no currency exchange will take place.

    In addition to the standard market volatility that every security—whether domestic or foreign—is exposed to, your potential return can be affected by fluctuations in the foreign currency against the U.S. dollar. For example, you might have a 10% gain in the value of a Japanese stock that you settled in yen, but at any given time, the Japanese yen might have depreciated in value against the U.S. dollar, thus offsetting your gain.

    Also note that interest is not paid on foreign currency positions.

  • What are the international stock commissions and fees?

    The costs associated with international trading include:

    • A commission charged on the trade that covers any clearing and settlement costs and local broker fees.
    • Additional fees (i.e., stamp duty, transaction levy, trading fees) that are specific to some foreign exchanges and will be identified as Other Fees at the time of the trade.
    • A foreign currency exchange fee if U.S. dollar is chosen as the settlement currency (see above for more information).

    International trading commissions (charged by market in the local currency)

    Country Market Online rate Rep-assisted
    Australia AUD 32.00 70.00
    Austria EUR 19.00 50.00
    Belgium EUR 19.00 50.00
    Canada CAD 19.00 70.00
    Denmark DKK 160.00 420.00
    Finland EUR 19.00 50.00
    France EUR 19.00 50.00
    Germany EUR 19.00 50.00
    Greece EUR 19.00 50.00
    Hong Kong HKD 250.00 600.00
    Ireland EUR 19.00 50.00
    Italy EUR 19.00 50.00
    Japan JPY 3,000.00 8,000.00
    Mexico MXN 360.00 960.00
    Netherlands EUR 19.00 50.00
    New Zealand NZD 35.00 90.00
    Norway NOK 160.00 400.00
    Poland PLN 90.00 235.00
    Portugal EUR 19.00 50.00
    Singapore SGD 35.00 90.00
    South Africa ZAR 225.00 600.00
    Spain EUR 19.00 50.00
    Sweden SEK 180.00 480.00
    Switzerland CHF 25.00 65.00
    United Kingdom GBP 9.00 30.00

    View the Fidelity brokerage commission and fee schedule (PDF) for full details.

    There may be additional fees or taxes charged for trading in certain markets and the list of markets and fees or taxes is subject to change without notice. These fees or taxes are included in the Estimated Commission section on the Trade Verification page and/or on your trade confirmation. Possible additional fees or taxes include:

    Hong Kong
    Transaction Levy: 0.004% of principal per trade
    Trading Fee: 0.005% of principal per trade
    Stamp Duty: 0.10% of principal per trade

    United Kingdom
    PTM Levy: 1 GBP per trade where principal amount is > 10,000 GBP
    Stamp Duty: 0.50% of principal only on purchases

    Singapore
    Clearing Fee: 0.04% of principal per trade

    South Africa
    Securities Transfer Tax: 0.25% of principal on purchases

    France
    Financial Transaction Tax: 0.20% of principal on purchases of French securities, including ADRs

    Ireland
    Stamp Tax: 1.00% of principal per trade on purchases of Irish securities

    Italy
    Financial Transaction Tax: 0.12% of principal on purchases of Italian securities, including ADR's

    Currency exchange fees
    If you choose U.S. dollars as the settlement currency for your international stock trade, a foreign currency exchange fee (in the form of a markup or markdown) based on the size of the currency conversion will be charged when the foreign currency exchange executes.

    Amount of currency exchange in U.S. dollars Currency exchange fee (basis points)
    > $1M 20 bps
    $500–$999K 30 bps
    $250–$499K 50 bps
    $100–$249K 75 bps
    < $100K 100 bps

    If you plan on trading regularly in a specific market, you may want to consider exchanging a certain amount of currency to avoid currency exchange fees on each trade. For example, let’s say you plan on trading primarily in Hong Kong. Rather than settle your trades in U.S. dollars and pay a foreign currency exchange fee on each transaction, you could do a single, larger currency exchange transaction of your U.S. dollars into Hong Kong dollars.* This would allow you to settle each trade in the local currency, Hong Kong dollars, which may allow you to potentially reduce your overall trading costs.

    *Note: A currency exchange fee would still apply to the initial currency exchange from U.S. dollars to Hong Kong dollars.

  • How are exchange rates displayed?

    The currency exchange rate is the rate at which one currency can be exchanged for another. It is always quoted in pairs like the EUR/USD (the euro and the U.S. dollar) or USD/CAD (the U.S. dollar and the Canadian dollar). This is a standard used across the industry. The first currency of a currency pair is called the “base currency,” and the second currency is called the “quote currency.” The currency pair shows how much of the quote currency is needed to purchase one unit of the base currency. Most of the time, the U.S. dollar is considered the base currency, and quotes are expressed in units of US $1 per quote currency (for example, USD/JPY or USD/CAD). The only exceptions to this convention are quotes in relation to the euro (EUR), the pound sterling (GBP) and the Australian dollar (AUD). These three are quoted as dollars per foreign currency and are represented as EUR/USD, GBP/USD, AUD/USD.

    For example, the EUR/USD rate represents the number of USD one EUR can buy. If the current rate for EUR/USD is 1.381683 and you are converting EUR to USD, you would receive approximately 1.381683 U.S. dollars for each euro you exchange (1 x 1.381683). Conversely, if you are converting USD to EUR, you would receive approximately 0.7237 euros for each U.S. dollar (1/1.381683).

    Currency exchange rates can only be obtained by inputting the following information on the Currency Exchange ticket:

    • Quantity
    • From currency
    • To currency

    exchange
    For illustrative purposes only

  • Where do I view my international trading balances?

    All foreign currency and international stock balances will be listed in your Positions. You can also sort by currency to display all currencies and foreign stocks with exposure to that currency.

    Your foreign currencies and international stock positions will also be included in the Global Holdings section of your Fidelity account statement.

  • What are the hours for the various exchanges?

    Refer to the international market hours table lock_green to see when your order will execute. Orders entered outside local market hours are queued for the next business day.

  • What is the difference between international stock trading and foreign ordinary share trading?

    With international trading, most common stocks and exchange-traded funds (ETFs) listed in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, South Africa, Spain, Sweden, Switzerland, and the United Kingdom are available to trade online directly in the local market.

    Foreign ordinaries are shares issued by a foreign corporation that trade on a foreign exchange. These shares can be traded in the over-the-counter (OTC) market through a U.S. market maker. Below are characteristics, including specific fee information, related to foreign ordinary share trading.

    International stock trading Foreign ordinary share trading

    Account requires international trading access. Requirements are non-retirement brokerage accounts.

    Does not require international trading access

    Symbols include root symbol, followed by a colon (:) and then the two-letter country code for the market you wish to trade in. For example, the company Fiat SPA Torino, in Italy would trade under symbol F:IT for its ordinary shares.

    Symbols are five characters ending in “F”

    Tradable only through Trade Stocks – International trade ticket

    Tradable only through the domestic trade ticket, Trade Stocks – Standard Session

    Orders can execute on the primary exchange, or they may also execute on ECNs, ATSs (automatic trading systems) or regional exchanges within the market which is determined by a local broker in each country.

    Orders are executed by U.S. market makers, with the exception of Canadian stocks.

    Orders are executed in the local currency.

    Orders are executed in U.S. dollars.

    Trades are settled in U.S. dollars or local currency.

    Commissions are charged by market in the local currency.

    • A commission charged on the trade that covers any clearing and settlement costs and local broker fees
    • Additional fees (i.e., stamp duty, transaction levy, trading fees) that are specific to some foreign exchanges and will be identified as Other Fees at the time of the trade
    • A foreign currency exchange fee if U.S. dollar is chosen as the settlement currency

    Commissions charged are based on the U.S. domestic stock commission schedule. Please see Stocks section in the online commission schedule.

    • Foreign stocks that are not DTC eligible are subject to an additional $50 fee.
    • Foreign exchange fees are embedded in the execution price of the stock.

    If your order is routed to a Canadian broker, certain additional fees may apply:

    • Limit orders – a local broker fee is incorporated into the limit price by the Canadian broker.
    • Market orders – a local broker fee is incorporated into the execution price.
    • Foreign exchange fees are embedded in the execution price.4
  • What is an American Depository Receipt (ADR)?

    An ADR is a security that trades in the U.S. and in U.S. dollars, but represents claims to shares of a foreign stock. The ADR is created by a bank that purchases foreign stock and then issues receipts of that company in the U.S. for trading on an exchange or over the counter (OTC) market.

    ADR dividends are paid in U.S. dollars, but are subject to foreign tax withholding.

  • What are ADR fees?
    An ADR fee is a fee imposed by the custodian bank of the ADR to offset the administrative costs involved in sponsoring the ADR. The transaction will show up as "Fee Charged" and will list the ADR and the amount of the fee. For dividend-paying ADRs, the fee is often assessed at the time of the dividend. To learn more about the amount and timing of ADR fees, see the ADR's prospectus.

Questions?

More information

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    Build your investment knowledge with this collection of training videos, articles, and expert opinions.

1. International real-time quotes are only available for non-professional users of market data.
Professional users will be limited to market data that is delayed up to 15 minutes. Generally, you are considered a non-professional user if the following statements are true:
  • You are acting in an individual capacity and not on behalf of any other person or any corporation, partnership, limited liability company, trust, association or other form of entity.
  • You shall use market data in connection with your individual personal investment activities and not in connection with any trade or business activities.
  • You are not a securities broker-dealer, investment advisor, futures commission merchant, commodities introducing broker or commodity trading advisor, member of a securities exchange or association or futures contract market, or an owner, partner, or associated person of any of the foregoing.
  • You are not employed by a bank or an insurance company or an affiliate of either to perform functions related to securities or commodity futures investment or trading activity.
2. The base price is either the closing price from the previous trading day or a “special quote” determined by the Tokyo Stock Exchange or the Osaka Securities Exchange.
3. The daily price limit is the amount a security can increase or decrease on any given day relative to its base price. Limit prices must fall within the range permitted by the daily price limit or the order will not be accepted.
4. When using Foreign Ordinary Share Trading to trade Canadian stocks, orders are routed to brokers in Canada and are not executed by U.S. market makers. Dually listed Canadian stocks may be routed to a Canadian broker or U.S. market center for execution. In all cases, the domestic stock commission schedule applies.
Currency exchanges are completed on behalf of Fidelity Brokerage Services LLC, and National Financial Services (together, “Fidelity”) by Fidelity Forex, Inc., an affiliate of Fidelity. Fidelity sends the transaction to Fidelity Forex, Inc. for the foreign exchange transaction. Fidelity serves as agent and Fidelity Forex, Inc. as principal to the foreign exchange transaction. Fidelity Forex, Inc. may impose a commission or markup to the price they receive from the interbank market which may result in a higher price to you. Fidelity Forex, Inc. may in turn share a portion of any foreign exchange commission or markup with Fidelity. More favorable exchange rates may be available through third parties not affiliated with Fidelity. Furthermore, larger foreign currency exchange transactions may receive more favorable rates than smaller transactions.
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