Help Glossary

About International Trading

Which foreign stocks can I trade outside of the US

Most common stocks and Exchange Traded Funds (ETFs) listed in the following markets will be available to trade online. 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.

Below is the country code list for the markets in which you can trade.

Market Country Code
Australia AU
Austria AT
Belgium BE
Canada CA
Denmark DK
Finland FI
France FR
Germany DE
Greece GR
Hong Kong HK
Ireland IE
Italy IT
Japan JP
Mexico MX
Netherlands NL
New Zealand NZ
Norway NO
Poland PL
Portugal PT
Singapore SG
South Africa ZA
Spain ES
Sweden SE
Switzerland CH
United Kingdom GB

How do I enter an online international order?

You can enter an order at any time although it will only be eligible for execution during the local exchange hours for that security.

International orders are available for equities only. The following restrictions apply:

Additional trading information:

Board Lot Requirements

What's a board lot?

There are additional specifications regarding share quantities imposed by some exchanges. These are 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.

What are the board lot sizes for Canadian exchanges?

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

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.

What are the 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.

To view the required board lot size for a particular security, see the securities list available on the exchange websiteThis page will open in a popup window.Opens in a new window..

What are the 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.

Tick Size Requirements

What's a tick requirement?

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.

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

Additional Price Requirements

Are there any additional price requirements?

The Japanese and Hong Kong exchanges have additional price requirements, as defined below.

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)1
Daily Price
Limit (JPY)2
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
  1. 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.
  2. 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.

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 Regulatory Framework and Rules on the Hong Kong Stock ExchangeThis page will open in a popup window.Opens in a new window..

How do I access the International Trade Ticket?

On the Accounts & Trade > Summary page, click Select Action > Trade > International Stocks.

How do I find a company's trading symbol?

Find Symbol will likely be your first step to obtain a real-time quote, research a company or trade an international security. You can enter the company name, SEDOL (similar to US CUSIP) or stock symbol and the following information will be returned:

Please note that 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 2 letter country code for the market you want 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 Trade Stocks > International trade ticket.

Are real-time quotes available for all international securities?

Yes. Real time international stock quotes are available for non-professional users. Professional users are 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:

How do I get a real-time international stock quote?

There are a few ways to access real-time international stock quotes:

Note: Real-time quotes are only available for non-professional users of market data.

How are international equity orders executed?

Although the real-time primary market quote is displayed when placing an order, international orders may execute on the primary exchange, or they may also execute on ECNs, ATSs (Automatic Trading Systems) or regional exchanges within the market. This will be determined by a local broker in the market. See the list of primary exchanges below:

Market Primary Exchange
Australia Australian Stock Exchange
Austria Vienna Stock Exchange
Belgium Euronext Brussels Stock Exchange
Canada Toronto Stock Exchange
Denmark OMX Copenhagen
Finland OMX Helsinki
France Euronext Paris Stock Exchange
Germany Frankfurt Stock Exchange
Greece Athens Stock Exchange
Hong Kong Hong Kong Stock Exchange
Ireland Irish Stock Exchange
Italy Italian Stock Exchange
Japan Tokyo Stock Exchange
Mexico Mexican Stock Exchange
Netherlands Euronext Amsterdam Stock Exchange
New Zealand New Zealand Stock Exchange
Norway Oslo Stock Exchange
Poland Warsaw Stock Exchange
Portugal Lisbon Stock Exchange
Singapore Stock Exchange of Singapore
South Africa JSE Limited (Johannesburg Stock Exchange)
Spain Bolsa de Madrid (Madrid Stock Exchange)
Sweden Stockholm Stock Exchange
Switzerland Swiss Exchange
United Kingdom London Stock Exchange

Can I buy and sell international securities on margin?

No. You must have sufficient US 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 International Trade Stocks order entry ticket. These values also display on the Balances and Positions pages.

When settling an international stock trade in US dollars, use the Cash Available to Buy Securities balance.

If settling an international stock trade in the local currency, please be certain to use the appropriate foreign currency position.

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

Can I buy a stock in one market and sell it in another?

No. 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.

Currency Exchange

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.

What currencies can I trade in?

You can hold and exchange between the following thirteen currencies:

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

At the time of a trade for an international stock, 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 US 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 US dollar, thus offsetting your gain.

What are the risks associated with trading or holding foreign currencies?

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 market place. 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.

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.

How do I place a currency exchange?

On the Accounts & Trade > Summary page, click Select Action > Trade > Currency Exchange.

What's the currency exchange rate?

The currency exchange rate is the rate at which one currency can be exchanged for another.

What's a currency pair?

The currency exchange rate is always quoted in pairs like the EUR/USD (the euro and the US dollar) or USD/CAD (the US 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, US 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 US 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 US dollar (1/1.381683).

How do I obtain a currency exchange rate?

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

Do I earn interest on my foreign currency holdings?

At this time, interest is not paid on foreign currency positions.

Settling Orders

How do I settle an international trade?

You can choose to settle your international trades in US dollars or the local currency. you can choose to settle the trade in US dollars or in the local currency. If you choose US dollar as the settlement currency, a foreign currency exchange order will automatically take place once your equity order fills entirely, or if filled partially, at the end of the trading session. If you choose to settle the trade in the local currency, you must have enough of the foreign currency in your account at the time of the trade. A 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. See fee schedule below.

Amount of Currency
Exchange in US Dollars
Currency
Exchange Fee
> $1m 20 bps
$500 - $999k 25 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 US dollars and pay a foreign currency exchange fee on each transaction, you could do a single, larger currency exchange transaction of your US 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 US dollars to Hong Kong dollars.

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 as principal to the foreign exchange transaction. Fidelity FOREX 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 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.

Please see Commissions and Fees (PDF)This page will open in a popup window.This page will open in a popup window for detailed information, including currency exchange fees.

How much are commissions for trading internationally?

The costs associated with international trading include:

International trading commissions are charged by market in the local currency.

Market Currency Online Rate
Australia AUD 32.00
Austria EUR 19.00
Belgium EUR 19.00
Canada CAD 19.00
Denmark DKK 160.00
Finland EUR 19.00
France EUR 19.00
Germany EUR 19.00
Greece EUR 19.00
Hong Kong HKD 250.00
Ireland EUR 19.00
Italy EUR 19.00
Japan JPY 3,000.00
Mexico MXN 360.00
Netherlands EUR 19.00
New Zealand NZD 35.00
Norway NOK 160.00
Poland PLN 90.00
Portugal EUR 19.00
Singapore SGD 35.00
South Africa ZAR 225.00
Spain EUR 19.00
Sweden SEK 180.00
Switzerland CHF 25.00
United Kingdom GBP 9.00

Rep-assisted commissions are as follows: Australia AUD 70.00, Austria EUR 50.00, Belgium EUR 50.00, Canada CAD 70.00, Denmark DKK 420.00, Finland EUR 50.00, France EUR 50.00, Germany EUR 50.00, Greece EUR 50.00, Hong Kong HKD 600.00, Ireland EUR 50.00, Italy EUR 50.00, Japan JPY 8,000.00, Mexico MXN 960.00, Netherlands EUR 50.00, New Zealand NZD90.00, Norway NOK 400.00, Poland PLN 235.00, Portugal EUR 50.00, Singapore SGD 90.00, South Africa ZAR 600.00, Spain EUR 50.00, Sweden SEK 480.00, Switzerland CHF 65.00, UK GBP 30.00.

What markets charge additional fees or taxes?

Note: 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 and taxes are included in the Estimated Commission section on the Trade Verification page and/or on your trade confirmation.

Where can I find information about my holdings and international trades?

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 trading on international exchanges?

International market hours are provided so you will know if your order is live. Orders entered outside local market hours are queued for the next business day.

How does Fidelity's International Trading offering differ from trading foreign ordinary shares?

In addition to trading foreign stocks directly in 25 countries and exchanging between 16 foreign currencies online, Fidelity offers you the ability to trade a company's foreign ordinary shares (Foreign Ordinary Share Trading). See below for differences between Fidelity's International Trading offering and Foreign Ordinary Share Trading.

International 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 Ordinary Share Trading

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

* 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.

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

1 Currency exchanges are completed on behalf of Fidelity Brokerage Services LLC, and National Financial Services LLC (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.