Prices, terms and agreements

To enter into an agreement for online trading of financial instruments, you need to be an online banking customer in DNB.

You can enter into an agreement on online trading (online equity trading service) by signing the agreement online. For corporate customers, you can also enter into an agreement by signing the service agreement. In both cases, the agreement will be confirmed by DNB, and you will be given access to the service. By logging in with the established password at dnb.no, you confirm your acceptance of the agreement.

You can read the entire agreement text here.

You need to pay brokerage fees when buying or selling shares. All our customers get free real-time prices from the Oslo Stock Exchange, but if you would like real-time prices from international exchanges, a subscription is required.

Price lists for the online equity trading service (brokerage fees)

Prices for subscribing to real-time prices

Prices for Infront by DNB

Prices for Securities Financing (Leverage)

Charges for international trading

You will find a brief summary of the terms and conditions below. You will find the full terms and conditions here.

Summary of general terms and conditions

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 (Norwegian and English)

Here are the costs related to trading equity derivatives such as index options, forwards, futures and swaps.

Price list for equity derivatives trading

The price list provides an overview of standard prices for management services of foreign securities traded through a broker.

Price list for management services abroad

Click on the link below to get to the list of execution venues and brokers used by DNB Carnegie, a part of DNB Bank ASA

List of Venues and Brokers

Click on the link below to see the list of equity instruments you can buy through our Systematic Internaliser (SI)

Click on the link below to see the list of equity instruments you can buy through our Systematic Internaliser (SI)

List of equity instruments

Sales order

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

DNB Bank ASA

Registrar's Department/KI

PO Box 1600 - Sentrum

0021 Oslo

Norway

If you are a client who has already provided proof of identity please send sales orders directly to either FAX: +47 24 05 02 52 or aksje-fax@dnb.no

Here is the user agreement for the Infront by DNB trading service

The Norwegian Securities Trading Act imposes requirements on us, as an investment firm, in regard to entering into customer agreements with you, as the customer, before any trades in financial instruments can be made. Requirements are also imposed on how we should act towards you as a customer based on your profile, and we must therefore obtain information from you (customer classification).

What information do we need to obtain about you?

We need to obtain information on whether you are a professional or non-professional, and whether you have experience and knowledge on finance. We must also clarify your financial position, which investment objectives you have and your risk profile. The information collected will ensure you get customised advise.

Are you a retail or corporate customer in our online bank?

If you are a DNB customer, we kindly request that you log in and register your personal details to complete your profile.

Log in and register - Retail customer

Log in and register - Corporate customer

The advantage of answering the online questionnaire is quick identification and response so you can start trading at the earliest convenience. By completing this online, you will avoid printing, filling out paperwork, signing and returning them by regular post.

You can also register customer data without logging in

You can also register customer data without logging in. If you are a private customer or a business customer without online banking, you must fill out the form for this, print it out, and return it to us.

Here you will find documentation and agreements that apply to a customer relationship with us, whether you are a private customer, a professional, or acting on behalf of a business.

Compulsory reporting, MiFID II, order execution

Best Execution RTS 27 (website)

Best Execution RTS 28

All investment firms are obliged to classify their customers. The customer categories are:

• Non-professional client (retail clients, including private persons)
• Professional client
• Eligible counterparty

You can read more about customer classification and the different categories here.

Price lists

All of our price lists can be found at the bottom of this page.

You need to know what you are paying for

The MiFID II rules and legislation that entered into force on 3 January 2018 imposed stricter requirements on banks and brokers in order to protect customers. Among other things, this involves increased transparency and information around costs.

The purpose of the new requirements is to ensure that customers understand and have an overview of the total costs associated with the financial products and services they are using, as well as how costs affect the return on investment.

You will find more information about prices and costs related to our products here:

• Equity trading service and relevant additional services
• Bond trading (1)
• Fixed income, foreign exchange (FX) and commodity derivatives (1)

(1) You can read about this under Fixed income, foreign exchange and commodities further down the page.

NOTE: The information you will find about prices are generic descriptions and examples. A customer’s specific costs may deviate from this. For information and costs related to specific trades, get in touch with your contact in DNB Markets. Customers who trade shares via dnb.no get a summary of the total costs of the trade in the trading platform.

Packaged Retail and Insurance-based Investment Products are subject to the rules and legislation on key information documents (the PRIIPs rules and legislation). These rules state that banks and brokers must provide documents containing the key information about the products they offer retail clients. Among other things, the key information documents must contain a description of the costs related to the products.

DNB’s key information documents can be found on this page.

You will receive an annual overview

Under the new MIFID II requirements, customers with an ongoing customer relationship with DNB must receive an annual costs report. This report will be sent to customers at the end of the year, with an overview of all the costs related to the customer’s trades during the previous year. Customers will receive this report at the beginning of the year, with a costs overview for the previous year.

Anyone who wants to invest in financial instruments should become familiar with how products and services are tied together, and what risks are involved in trading them.

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

As a customer, you must be aware that:

• trading in financial instruments is done at your own risk;
• you are responsible for understanding DNB Carnegie’s General Business Terms & Conditions before starting to trade financial instruments and other relevant information related to the specific financial instrument and it's properties and risk;
• you must check contract notes regularly and raise complaints immediately in the event of any errors;
• you are responsible for monitoring price fluctuations of the financial instruments you have positions in;
• you must evaluate your investments on an ongoing basis and make any changes necessary to adjust these to your investment strategy and risk profile.

You will find answers to various questions on stock exchanges and the online equity trading service here.

You will find answers to various questions on fixed-income securities and FX trading here

Unless otherwise agreed in writing between DNB Carnegie and the customer, the special business terms and conditions set forth in the ‘Framework agreement’ will apply when trading in FX and financial instruments, as well as agreements on options, futures and swaps on interest rates, financial instruments, indices and commodities, including agreements on financial instruments which are subject to the Norwegian Securities Trading Act Section 2-2 (1) no. 1 and 4.

For each trade contract that is entered into, DNB will send the customer a confirmation.

Unless agreed otherwise, the framework agreement shall apply to contracts that have already been entered into, and contracts that are entered into in future.

You will find the complete framework agreement here (special business terms and conditions)

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

Here is a full description of order execution in DNB Carnegie.

Compulsory reporting, MiFID II, order execution

Best Execution RTS 27 (website)

Best Execution RTS 28 (website)

DNB Carnegie will always seek to get the best possible order execution for non-professional customers. Best execution does not mean DNB Carnegie secures the best price on every single order, but that DNB will always do its best based on the applicable:

Guidelines for order execution for retail customers - a summary and

Guidelines for order execution (complete version).

As part of safeguarding customers’ interests, DNB Carnegie has mapped out potential conflicts of interest and introduced measures and procedures to prevent conflicts from arising. If conflicts should still arise, we have procedures in place for handling them.

Here is a summary of the key areas that customers should be aware of.

The Norwegian Securities Trading Act regulates our business activities and secures customers’ interests. The purpose of the Act is to ensure safe, orderly and efficient securities trading. You can find the full Norwegian Securities Trading Act at Lovdata (official website for Norwegian laws and regulations).

This regulation provides additional provisions to the Norwegian Securities Trading Act. The Securities Trading Regulation can be found in its entirety at Lovdata.

MiFID II is an EU Directive introduced in 2018. The rules of the directive state that all legal entities (e.g. limited companies, mutual funds, pension funds, foundations, organisations etc.) that deal in financial instruments (e.g. transferable securities, such as shares/bonds and derivatives, both publicly listed 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 Carnegie.

Below is an overview of the rules and instructions on how to apply for an LEI

European Markets Infrastructure Regulation (EMIR) is an EU directive that aims to contribute to better stability in the European derivative markets.

EMIR affects companies that trade in derivatives by imposing requirements related to reporting and clearing and requirements on the implementation of certain risk-mitigating measures.

Read more about EMIR.

Non-professionals, local councils/municipalities, national governments and supranational organisations are exempt from the rules and legislation.

According to the EU’s Sustainable Finance Disclosure Regulation (SFDR), which is referred to as the “Offentliggjøringsforordningen” in Norwegian and has been incorporated into Norwegian law on sustainable finance, financial market participants and financial advisors are required to integrate not only all relevant financial risks into their investment advice, but also all relevant sustainability risks that may have a material negative impact on the return of an investment or advice, and continuously assess these.

DNB Carnegie is a part of DNB Bank ASA, which holds a license as a securities firm. DNB Carnegie provides investment advice on financial instruments and is defined as a financial advisor according to the law on sustainable finance. Financial advisors are required to publish a statement on how sustainability is integrated into their investment advice.

You can read DNB Carnegie’s statement here: DNB Carnegie’s Statement

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

To a large degree, the SFTR regulation mirrors the EMIR regulation for the derivatives market.

A key objective of the regulation is to provide the authorities with information about risk related to the use of SFTs by reporting SFTs to transaction registers.

Read more about the SFTR regulation here.

We have written a summary of DNB Carnegie’s allocation policy for our English-speaking customers. For Norwegian-speaking customers, please refer to the guidelines for order execution and General Business Terms & Conditions.

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

Click to read a summary of DNB Markets’ allocation policy regarding equity and fixed income offerings.

PRIIPS - investor protection and KID

The intention behind the introduction of the PRIIPs Regulation is to improve investor protection through better transparency and harmonisation of rules and legislation across different product types and distribution channels. PRIIPs is an acronym for Packaged Retail and Insurance-based Investment Products.

The rules apply to products that provide investment opportunities to retail investors, where the amount that needs to be paid back will vary according to changes in reference prices or changes to underlying assets that are not directly owned by investors. Retail investors are non-professional investors as defined in MiFID.

No distinction is made between the products’ areas of use, so products intended for both investment and security purposes are subject to the rules. The rules apply to manufacturers, distributors and sellers of PRIIPs.

As a tool for reaching the PRIIPs objectives, the rules and legislation establish a framework for communicating the most important information about the product, called the Key Information Document (KID). The KID is a three-page document which, among other things, describes the product’s properties, risk factors, costs and potential gains and losses.

The KID must be prepared by the product’s creator in the official language(s) of the country or countries in which the product is sold. Distributors and sellers of PRIIPs are responsible for ensuring investors get access to the KID. The KID must be separate from all of the product’s marketing materials.

The PRIIPs Regulation entered into force in the EU from January 2018. Relevant EU documents:

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

Key Information Documents from DNB Carnegie

We have compiled all our KIDs about packaged products and services on one page.

Go to the KID page here

Read the full agreement between DNB Bank ASA and its customers in the agreement on investor services related to financial instruments here.

If you would like to trade international shares or securities in our online equity trading service, you must agree to our terms and conditions for this type of trading.

The terms and conditions are stated in the Management agreement for trading in international securities, here.

The agreement briefly describes the parties’ rights and obligations relative to management, in terms of supplying and paying for the customer’s online sales and purchases. A manager does not act as the broker, investment adviser, active manager, clearing house etc. under the agreement.

All cross-border transactions must be reported to the Norwegian Tax Administration

The Currency Register Act requires all banks and financial institutions to report all international transactions to the Norwegian Tax Administration. The reporting requirement applies to both corporate customers and retail customers.

Payments of amounts exceeding NOK 100 000 (in foreign currency or Norwegian kroner), require additional information about what the amount is for. This additional information is reported by supplementing the transaction with a payment type code, see link below. In the online bank, the payment type codes are made available via a separate drop-down menu. In addition to the payment type code, you must briefly describe what the transfer is for.

Customers who send documents to the bank must ensure that these foreign transfers are in accordance with rules for reporting to the Norwegian Tax Administration.

This applies to the following transactions:

• All transfers to or from a foreign country
• Card usage in a foreign country (individual transactions exceeding NOK 25 000 are reported separately)
• Buying and selling of foreign bank notes that exceed NOK 5 000
• Foreign issued cards used in Norway will also be reported to the currency register according to the same guidelines.

More information about the Act and payment type codes can be found on the following websites:

The Currency Register Act

The Act’s regulations

Payment type codes

All interest rate, currency and commodity derivatives are traded using a request for quote (RFQ). When DNB trades such derivatives with professional and non-professional customers, DNB will act as the principal. This means 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.

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

Here are the standard settlement instructions (SSIs) for payments to DNB Bank ASA’s various branch offices, including the address, account number, SWIFT and BIC.

Click here to see the SSI list.

This page contains our ‘Best Execution’ reports.

Best Execution RTS 27 reports

Best Execution RTS 28 reports

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

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

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

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 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)

Below is the US Patriot Act introduced in the US, which is reproduced in conjunction with our business activities there:

Here you will find the US Patriot Act (PDF)

US CUSTOMER IDENTIFICATION PROGRAM NOTICE

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To aid the United States government in the battle against the funding of terrorism and money laundering, federal law requires all financial institutions to obtain, verify and record information that identifies each individual and/or entity that engage in business with our bank, as a prerequisite to doing such business.

Forms of identification to be provided to DNB Bank, upon request, as a means of identifying, may be, but not limited to, proof of physical address (excluding PO Boxes), U.S. Taxpayer or foreign identification number, government identification documents, Certificate of Good Standing for U.S. corporations or a certified copy of its Articles of Incorporation.

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

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.

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.

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.