Prices, terms and agreements

A brief executive summary of the terms and conditions can be found below.

Summary of general terms and conditions for online trading

As a user of our online services, you must be aware that the content of our website should not be regarded as a recommendation of specific investments or a request or recommendation for carrying out specific financial transactions.

Relevant, specific and professional advice should always be obtained before an investment decision is made. The contents of our website cannot form the basis for such decisions.

As an online equity trading customer, you must be aware that investments and trades in financial instruments, and in related instruments, are associated with a risk of loss. Any trade or decision you may make is based on your own deliberations and you are entirely responsible for this decision.

DNB takes no responsibility for the information on DNB’s website being correct, complete or available.

The information may be deficient or inaccurate. In addition, DNB receives information from a number of different providers. Errors or deficiencies may occur when relaying this type of information, in technical, qualitative and quantitative terms. Users can hence not hold DNB’s information providers or other sources responsible for deficiencies when making use of the information on DNB’s website. The information will often be delayed and not in real time.

Read the rest of the terms and conditions here

The price list provides an overview of standard prices for custody services of foreign securities offered by DNB.

Price list for custody services abroad

Click on the link below to access the list of securities that DNB Carnegie offers through our Systematic Internaliser (SI).

Click on the link below to get to the list of equity instruments you may buy through DNB Carnegie's Systematic Internaliser (SI)

List of equity instruments

Prices for services related to VPS accounts

When you become a share trading customer at DNB, you automatically receive a VPS account, and we formally become your account manager. DNB Securities Services is then the main contact for your account. As your account manager, we offer you a range of services that help you keep track of your investments.

Here you will find the price list for these services

Read more about Securities Services

Here you will find costs related to trading in equity derivatives such as index options, forwards, futures and swaps.

Price list for equity derivatives trading

Click on the link below to view the list of trading venues used by DNB Carnegie, part of DNB Bank ASA. The list is in English:

List of Venues and Brokers

Sales order

If you wish to sell shares and do not have an online account for trading, please complete the form available via the link below and return it together with a settlement instruction to the address provided below.

If you want to sell shares and do not have an online account, please fill in the form below and return it together with a selling order and your settlement instructions (IBAN & BIC/SWIFT). Send it all to our registrars department by post, to:

DNB Bank ASA

Registrar's Department/KI

PO Box 1600 Sentrum

0021 OSLO

Norway

If you are a client who has previously identified yourself, please send sales orders directly to either FAX: +47 24 05 02 52 or aksje-fax@dnb.no

Sales Order for Execution (PDF)Open the file in a new tab

Price lists

All our price lists are located at the bottom of this page.

You need to know what you are paying for

The MiFID II regulations that came into force on 3 January 2018 introduced stricter requirements for banks and brokerage firms to protect you as a customer. This includes, among other things, increased transparency and information regarding costs.

The purpose of the new requirements was to ensure that you as a customer understand and have an overview of the total costs associated with the financial products and services used, as well as how costs affect the rate of return on the investment.

You can find further information about prices and costs related to our products here:

• Equity trading and relevant additional services
• Bond trading (1)
• Interest rate, currency and commodity derivatives (1)

(1) You can read about this under the heading Currency, interest rates and commodities further down the page.

PLEASE NOTE: The pricing information you find here consists of generic descriptions and examples. A customer's specific costs may differ from this. For information about costs related to specific transactions, please contact your relationship manager at DNB Markets. Customers who trade equities via dnb.no will receive an overview of the total cost of trading in the trading solution.

Packaged Retail and Insurance-based Investment Products are covered by the Key Information Document regulations (PRIIPs regulations). These regulations require banks and brokerage firms to make available documents with key information about the products they offer to non-professional customers. The Key Information Documents must, among other things, contain a description of the costs associated with the products.

DNB Carnegie's Key Information Documents can be found on this page.

You will receive an annual overview

Under the new MiFID II requirements, customers who have an ongoing customer relationship with DNB must receive an annual cost report. This report will be sent to customers at the end of the year, with an overview of all costs related to the customer's transactions during the previous year. Customers will receive this report for the first time at the beginning of the year, with a cost overview for the previous year.

Unless otherwise agreed in writing between DNB Markets and you as a customer, the special terms of business set out in the "Framework Agreement" shall apply to trading in currencies and financial instruments, as well as agreements on options, forwards and swaps on interest rates, currencies, financial instruments, indices and commodities, including agreements on financial instruments that are at any time covered by the Norwegian Securities Trading Act § 2-2 (1) nos. 1 and 4.

DNB will send the customer a confirmation for each contract entered into for trading.

The Framework Agreement shall, unless otherwise agreed, apply to contracts already entered into and contracts to be entered into in the future.

Here you will find the complete framework agreement (special business terms)

DNB Carnegie must always seek to achieve the best possible order execution for non-professional customers. Best execution does not mean that DNB Carnegie can guarantee the best price on every single order, but that DNB will always do its best based on current;

Guidelines for Order Execution Non-Professional - A Summary and

Guidelines for Order Execution (complete version).

The Securities Trading Act regulates our business operations and safeguards customers' interests. The purpose of the Act is to facilitate secure, orderly and efficient trading in securities.On Lovdata you will find the complete Norwegian Securities Trading Act.

MiFID II is an EU directive introduced in 2018. The rules in the directive state that all legal entities (e.g. limited companies, funds, pension funds, foundations, organisations, etc.) that trade financial instruments (e.g. transferable securities, such as shares/bonds, and derivatives, both exchange-traded and OTC) must have their own 'LEI'. LEI stands for Legal Entity Identifier.

Entities that do not have an LEI will not be able to trade financial instruments with DNB Markets.

Here you can find an overview of the rules and apply for an LEI.

In accordance with the EU rules and legislation SFDR (Sustainable Finance Disclosure Regulation), in Norwegian called Offentliggjøringsforordningen, which has been incorporated into Norwegian law on sustainable finance, financial market participants and financial advisers must integrate not only all relevant financial risks in their investment advice, but also all relevant sustainability risks that may have a relevant significant negative impact on the return on an investment or advice, and continuously assess these.

DNB Carnegie is part of DNB Bank ASA, which holds a licence as a securities firm. DNB Markets provides investment advice on financial instruments and is, in accordance with the law on sustainable finance, defined as a financial adviser. Financial advisers must publish a statement on how sustainability risk is integrated into their investment advice.

Here you can read DNB Carnegie's statement

We have written an executive summary of DNB Carnegie's allocation principles (policy) for our English-speaking customers. For more information refer to Guidelines for execution and General business terms.

----

The standard procedures and principles included in the Allocation Policy (the Policy) are intended to ensure that the allocation processes conducted by DNB Carnegie comply with the applicable legal requirements, and that commercial and reputational risks are handled properly.

Summary of DNB Carnegie allocation principles

All securities firms must as a general rule be members of Norwegian Investor Compensation Scheme (Norwegian page), cf. Norwegian Securities Trading Act, § 9-38.

Further details on who is required to be a member are set out in the regulations to the Norwegian Securities Trading Act (verdipapirforskriften §§ 9-40, 9-41).

DNB Markets is a member.

Anyone wishing to invest in financial instruments should familiarise themselves thoroughly with how products and services are structured, and the risks involved in trading them.

Click here for a risk review of different products and services.

As a customer, you must be aware that:

• Trading in financial instruments is at your own risk
• You must carefully familiarise yourself with DNB Carnegie's General Terms and Conditions of Business before you begin trading in financial instruments, as well as other relevant information about the specific financial instrument and its characteristics and risks
• You must check the contract note immediately and raise any queries without delay if there are any errors
• You are responsible for monitoring changes in the value of the financial instruments in which you hold positions
• You must on an ongoing basis review your investments and make any changes necessary to align them with your investment strategy and risk profile

The guidelines for order execution are based on the requirements in MiFID II and define best execution, describe different types of orders and trading venues, and specify how DNB has organised its trading in financial instruments to deliver best execution to our customers.

Here you will find a complete description of order execution in DNB Carnegie.

As a subsection of safeguarding customers' interests, DNB Carnegie has identified potential conflicts of interest and implemented measures and procedures to prevent conflicts from arising. Should conflicts nevertheless occur, we have procedures in place to manage them.

Here you will find a summary of the most important areas you as a customer should be aware of.

These regulations provide supplementary provisions to the Securities Trading Act.You can find the Securities Trading Regulations in full on Lovdata.

European Markets Infrastructure Regulation (EMIR) is an EU regulatory framework that aims to contribute to increased stability in European derivatives markets.

EMIR affects companies that trade derivatives through requirements for reporting, clearing and requirements for implementing certain risk-mitigating measures.

Read more about EMIR.

Private individuals, municipalities, states and supranational organisations are exempt from the regulations.

SFTR is a regulation from the EU/EEA/ESMA that came into force in January 2016. The purpose of the regulation is to reduce systemic risk in the market for securities financing transactions (SFTs) through increased transparency and monitoring.

The SFTR regulation largely corresponds toEMIR regulation for the derivatives market.

A central purpose of the regulation is to provide authorities with information about risks related to the use of SFTs through reporting of SFTs to trade repositories.

Read more about the SFTR regulation here.

PRIIPs and KID - investor protection

The intention behind the introduction of the PRIIPs regulation is to increase the level of investor protection through enhanced transparency and harmonisation of rules and legislation across different product types and distribution channels. PRIIPs is an abbreviation for packaged retail insurance and investment products.

The rules apply to products that provide investment opportunities to retail investors where the amount to be repaid will vary with the development of a reference price or the performance of underlying assets not directly owned by the investor. Retail investor means non-professional investor as defined by MiFID.

No distinction is made between the areas of application for the products, meaning that products intended for both investment and hedging purposes are subject to the rules. The rules apply to producers, distributors and sellers of PRIIPs.

As a tool for achieving the objectives of PRIIPs, the regulation has established a framework for key information about the product called the Key Information Document (KID). The KID is a three-page document that must, among other things, describe the product's characteristics, risk factors, costs as well as potential gains and losses.

The KID must be prepared by the producer of the product in the official language(s) of the countries where the product is sold. Distributors and sellers of PRIIPs are responsible for ensuring that investors have access to the KID. The KID must be separate from the product's marketing material.

The PRIIPs regulation came into force in the EU/EEA from January 2018. Relevant EU documents:

«Regulation on Key Information Documents for packaged and insurance-based investment products»,

Key information on products and services offered by DNB Carnegie

We have compiled our Key Information Documents (KID) on packaged products and services on one page.

Go to the KID page here.

If you wish to trade foreign shares or securities with the assistance of a (physical) broker, you must familiarise yourself with the terms and conditions for such trading.

The terms are stated in the Custody Agreement for foreign trading with broker here.

The agreement describes the rights and obligations of the parties in the custody area in connection with the customer's sale and purchase via a stockbroker employed by DNB Carnegie.

Price list for custody services abroad.

Bonds and commercial papers are traded using a request for quote (RFQ). When DNB trades such products with professional and non-professional customers, DNB will act as the principal, meaning that DNB is the customer’s counterparty.

DNB will quote a price, consisting of a market-based bid and/or ask price plus a margin.

In our price, the included margin covers the bank’s costs associated with market risk, counterparty risk, financing, capital requirements, operational costs, taxes and fees, marketplace turnover, clearing, settlement costs and the bank’s profit.

The margin will vary from customer to customer and from instrument to instrument, depending on the transaction’s size and term, the counterparty risk the customer represents, the liquidity in the relevant market, and historical and expected turnover, including trading behaviours, for each individual customer.

Margin on an Investment Grade bond loan will typically be 0.005–0.05 per cent per year. For example, 0.01 per cent margin per year for a bond loan with 3 years’ duration gives a cost of round 0.03 per cent of the nominal amount.

For High Yield bonds, the margin will typically be between 0.125–0.25 per cent of the nominal amount.

The margin may deviate from these margin ranges, for example when trading in bonds that are rarely traded, in volatile markets, and/or where there are other events that can influence the price of bond loans — these can be market, sector and/or company specific.

To Bond product page

Click here to read our General terms and conditions for indirect clearing - Exchange Traded Derivatives marketplaces outside Norway

From time to time, DNB Carnegie expresses its opinion on markets or securities. These should not be regarded as recommendations. We therefore issue disclaimers about this in various media, in line with laws and regulations.

Click here to read all of our disclaimers

Follow this link to DNB Bank ASA’s most recently updated basic prospectus (2019). The prospectus is in accordance with the European Commission regulation No. 809/2004 (PDF, Norwegian)

Basic prospectus 2019

Here you can find terms and conditions for Swedish depository receipts (SDR) issued through DNB in VPC, Euroclear Sweden.

District Metals Corp SDB (pdf)

Alvotech SDR Terms and Conditions (PDF)

First Nordic Metals Group SDR Terms and Conditions (PDF)

Zenith Energy SDR Terms and Conditions (PDF)

Pursuant to Section 10-16 of the Norwegian Securities Trading Act, it has been agreed that the following will act as tied agents to DNB Bank ASA:

DNB Forsikring ASA

Folke Bernadottes vei 40

5147 Fyllingsdalen

Org. no. 914 782 007

In the event of a dispute related to DNB Carnegie’s products and services, please get in touch with your contact in DNB Carnegie in the first instance.

If the disagreements cannot be resolved amicably, either by correcting an error or after providing additional information, we request that a written complaint be submitted. The Compliance department is responsible for handling all written customer complaints.

Written complaints can be sent by letter to:

DNB Bank ASA v/ Compliance DNB Carnegie

PO Box 1600 - Sentrum

0021 Oslo

or by email to compliance.aha@dnb.no

Upon receipt of a customer complaint, DNB Carnegie will confirm the receipt in writing. The confirmation will also indicate the expected processing time for the complaint.

Incoming complaints are registered in accordance with the Financial Supervisory Authority of Norway’s guidelines for complaint handling. All complaints must be analysed to detect any potential systemic problems and any legal or operational risks.

Complaints are carefully reviewed to ensure that any potential conflicts of interest are identified and handled.

Response times for complaints will vary depending on the nature and complexity of the complaint.

Please note that complainants may have their complaint evaluated by the Norwegian Financial Services Complaints Board and/or the Ethics Committee of the Norwegian Association of Investment Firms.

Here you will find the terms that apply to depositary receipts (NDR) that DNB has issued and is the account operator for in Euronext Securities Oslo.

Salmones Camanchaca SA depotbevis (PDF)

Logistea AB depotbevis (PDF)

Lea Bank AB - NDR depotbevis (PDF)

Morrow Bank AB - NDR depotbevis (PDF)

Below is a copy of The U.S Special Measures introduced for financial institutions in the US in conjunction with our business activities there:

U.S. Special Measures – Financial institutions

Pursuant to U.S. regulations issued under Section 311 of the USA PATRIOT Act, DNB Bank ASA New York Branch is prohibited from establishing, maintaining, administering, managing or engaging in a correspondent banking relationship, such as an account for or on behalf of all of the following entities (each a Section 311 entity): Al-Huda Bank, Bank of Dandong, Commercial Bank of Syria, including Syrian Lebanese Commercial Bank, FBME Bank Ltd, Huione Group, and any banking institution in Burma (Myanmar), the Democratic People’s Republic of Korea (North Korea), and the Islamic Republic of Iran (Iran). The regulations also require us to notify you that you may not provide the above listed entities or their subsidiaries with access to the correspondent account you currently hold with us. In the event that we become aware that a Section 311 entity or any subsidiary is indirectly utilizing such correspondent account, we will be obliged to undertake the appropriate actions to prevent such access, including, where necessary, terminating your account.

Pursuant to U.S. regulations issued under section 9714(a) of the Combating Russian Money Laundering Act (Public Law 116-283), as amended by section 6106(b) of the National Defense Authorization Act for Fiscal Year 2022 (Public Law 117-81), and 21 U.S.C. 2313a3 (section 2313a) of the FEND Off Fentanyl Act, DNB Bank ASA New York Branch is prohibited from transmittals of funds with the following entities: Bitzlato Limited, PM2BTC, CIBanco S.A., Institution de Banca Multiple (CIBanco), Institución de Banca Multiple (Intercam), and Vector Casa de Bolsa, S.A. de C.V. (Vector).

Text last updated 15 October 2025

Below is a copy of The U.S Unlawful Internet Gambling Enforcement Act (Regulation GG) introduced in the US in conjunction with our business activities there:

U.S Unlawful Internet Gambling Enforcement Act (Regulation GG)

Notice to All Customers Regarding the Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006

The Unlawful Internet Gambling Act (UIGEA) of 2006 prohibits DNB Bank ASA, New York Branch from processing restricted transactions through your business account. Restricted transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling.

The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The United States Department of the Treasury and the Federal Reserve Board has issued a joint final rule, Regulation GG, to implement this Act.

As defined in Regulation GG, unlawful Internet gambling means to place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received or otherwise made.

As a customer of DNB Bank ASA, New York Branch, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage in an internet gambling business and open a new account with us, we will ask that you provide evidence of your legal capacity to do so.

DNB Carnegie, Inc. has developed a Business Continuity Plan ("BCP") on how we will respond to events that significantly disrupt our business. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our business continuity plan.

Contacting Us – In the event of a significant business disruption, if you cannot contact us through our main number +1 (212) 551-9800, you should contact one of our sales and trading staff:

Johan Svenson:

• E-mail: johan.svenson@dcarnegie.com

John Parker

• Tel: 907 769 7415
• E-mail: john.parker@dnb.no
• E-mail: jparker.dnb@bloomberg.net

John Ventimiglia

• Tel: +1 5166554924
• E-mail: john.ventimiglia@dnb.no

Ellen Kettle

• Tel: 347 439 0572
• E-mail: ellen.kettle@dnb.no
• E-mail: ekettle2@bloomberg.net

Our Business Continuity Plan

We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Our Business Continuity Plan addresses: data back up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their funds and securities if we are unable to continue our business.

Our affiliate, DNB Bank ASA, backs up our important records in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our affiliate that its objective is to restore its own operations and be able to complete existing transactions and accept new transactions and payments within the time periods called for in its own Business Recovery Plan, which should in most cases be within 24 hours.

Varying Disruptions

Significant business disruptions can vary in their scope, such as only our firm, a single building housing our firm, the business district where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within twenty-four hours. In a disruption affecting our business district, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business within twenty-four hours. In either situation, we plan to continue in business, transfer operations to our clearing firm if necessary, and notify you through our customer emergency number, how to contact us. If the significant business disruption is so severe that it prevents us from remaining in business, we will assure our customer’s prompt access to their funds and securities.

Do you need more information?

Please contact DNB Carnegie, Inc. at 30 Hudson Yards, New York, New York 10001; telephone 212-681-3800; or e-mail compliance.marketsinc@dnb.no

SEC Rule 606 Report

In accordance with U.S. Securities and Exchange Rule 606, DNB Carnegie, Inc. is required to report statistical information about our routing practices for non-directed orders in U.S. exchanged-listed securities and options.

DNB Carnegie, Inc. routes all non-directed customer orders directly to Goldman Sachs & Co, Inc.

The current Goldman Sachs & Co. SEC Rule 606 Report can be found at:

https://www.goldmansachs.com/compliance-rule606/

DNB Carnegie, Inc. does not accept payment for order flow from any securities exchange, or other trading venue.

Securities products and services offered by DNB Carnegie, Inc, Member

• FINRA
• SIPC
• FINRA Brokercheck

Investments are subject to risk and fluctuation in value. Past performance is no guarantee of future returns.

DNB Bank ASA Disclaimer:

The information on this website (the “Content”) has been prepared by DNB Bank ASA (“DNB”), a Norwegian bank organised under the laws of the Kingdom of Norway (the “Bank”), for information purposes only. The Content shall not be used for any unlawful or unauthorised purposes. The Bank, its affiliates, and any third-party providers, as well as their directors, officers, shareholders, employees or agents (individually, each a “DNB Party”; collectively, “DNB Parties”) do not guarantee the accuracy, completeness, timeliness or availability of the Content. DNB Parties are not responsible for any errors or omissions, regardless of the cause, nor for the results obtained from the use of the Content, nor for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. DNB PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall DNB Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of the content, even if advised of the possibility of such damages. DNB Parties assume no obligation to update the Content in any form or format. The Content should not be relied on and is not a substitute for the skill, judgement and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. No DNB Party is acting as fiduciary or investment advisor in connection with the dissemination of the Content. While The Bank has obtained information from sources it believes to be reliable, no DNB Party has performed an audit of, nor accepts any duty of due diligence or independent verification of, any information it receives. DNB keeps certain activities of its business units separate from each other, in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of DNB may have information that is not available to other DNB business units.