Update 7-Aug-2011: IGLO and IGIL are now available for trading in Saxo since mid-May 2011. The commission is charged in USD, converted from GBP at Saxo prevailing rate.
I posted HERE that I may consider bond ETF in London Stock Exchange following the reduction of Saxo commission from GBP 15 to GBP 8. But alas, when I asked Saxo to add the following two global bond ETFs, Saxo replied that they were not able to add because these ETFs are traded in multiple currencies (GBP and USD).
- iShares Citigroup Global Government Bond (IGLO), traded in USD.
- iShares Global Inflation-Linked Bond (IGIL), traded in USD.
When I probed further and informed Saxo that the two ETFs have different stock symbols for different currencies, Saxo replied they still could not add them because they share the same ISIN number on the same exchange.
Ok, let’s try POEMS. I emailed their tech support to add these two ETFs. And on the following day, it was added! So now you can buy the two ETFs in POEMS, just note that the ETFs are traded in GBP and their symbols are:
- iShares Citigroup Global Government Bond (SGLO), traded in GBP.
- iShares Global Inflation-Linked Bond (SGIL), traded in GBP.
However, there is a catch: POEMS charges a higher commission (GBP 25) compared to Saxo. Given this, I am undecided whether to use POEMS or not.
Hi choozm,
Not sure if this is related, but when I asked Saxo to add IPXJ:xlon, they added SPXJ:xlon instead! No reply when I asked why.
Wow, that’s nice. SPXJ is traded in GBP , while IPXJ is traded in USD.
Hey, wait a minute… despite SPXJ and IPXJ sharing the same ISIN code, Saxo is able to add it. This contradicts with what Saxo said when they refused to add IGLO and IGIL. Hmm…. >_>
There is a gripe about SPXJ though. The commission is not fixed at 8 GBP like IWRD and IEEM. Buy more units and the commission increases. I don’t know why. Any idea?
Suppose IPXJ can be added. When the fund is traded in USD, any idea if the commission will be 8 GBP?
(My Saxo contact doesn’t seem very responsive.)
Hi momo,
Not sure about commission fee for USD-traded ETF in LSE. I find it strange that the minimum commission for SPXJ is not 8 GBP. Any feedback from your broker yet?
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