Changes to the Westpac Share Trading Terms and Conditions (T&Cs), AUSIEX Financial Services Guide (FSG) and Exchange Traded Options Product Disclosure Statement (ETO PDS), US Exchange Traded Options Product Disclosure Statement (US ETO PDS) effective Monday 31 March 2025.

Effective Monday 31 March 2025, the following changes will be made to the Share Trading Terms and Conditions (T&Cs), the Financial Services Guide (FSG), the Exchange Traded Options Product Disclosure Statement (ETO PDS) and the US Exchange Traded Options Product Disclosure Statement (US ETO PDS):

Share Trading Terms and Conditions (T&Cs):

Section/Clause Current New
Effective date: 1 November 2023 31 March 2025
Accessibility support.
At any time, you can inform us how you would prefer to be contacted. If you are deaf and/or find it hard hearing or speaking with people who use a phone, you can reach us through the National Relay Service (NRS). To use the NRS you can register by visiting accesshub.gov.au/about-the-nrs.
Visit westpac.com.au/web-accessibility for further information on our accessible products and services for people with disability. 		Removed as this is a Westpac Banking service which is not offered by Westpac Share Trading.
Disclaimers have been relocated to the last page Westpac Share Trading is a service provided through Westpac Securities Limited, ABN 39 087 924 221, AFSL 233723 (“Westpac Securities”) by Australian Investment Exchange Limited ABN 71 076 515 930, AFSL 241400 (“AUSIEX”, “Participant”, “we”, “us”, “our”), a wholly owned subsidiary of Nomura Research Institute, Ltd. (“NRI”). AUSIEX is a Market Participant of ASX Limited and Cboe Australia Pty Ltd, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited. AUSIEX is not authorised to carry on business in any jurisdiction other than Australia. Accordingly, the information contained in this document is directed to and available for Australian residents only. Westpac Securities Limited ABN 39 087 924 221, AFSL 233723 ('Westpac Securities') (trading as 'Westpac Share Trading') provides the opportunity to trade listed financial products through our arrangement with Australian Investment Exchange Limited ABN 71 076 515 930, AFSL 241400 ('AUSIEX'), a wholly owned subsidiary of Nomura Research Institute, Ltd. ('NRI'). AUSIEX is a Market Participant of ASX Limited ('ASX') and Cboe Australia Pty Ltd ('Cboe'), a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited. Neither AUSIEX nor Westpac Securities are representatives of each other. Westpac Securities is not a related party of AUSIEX, NRI, ASX or Cboe. Under this arrangement, all trading, clearing, settlement and stock sponsorship arrangements are directly with AUSIEX. AUSIEX is not authorised to carry on business in any jurisdiction other than Australia. Accordingly, the information contained in this website is directed to and available for Australian residents only.
1.0 Definitions (k) Business Days means a day on which banks are open for business in Sydney, Australia, and does not include Saturdays, Sundays or public holidays; (k) Business Day means a day other than a Saturday, Sunday, New Year's Day, Good Friday, Easter Monday, Christmas Day, Boxing Day; and any other day which ASX and/or Cboe notifies Market Participants is not a Business Day;
Terms and Conditions of Your Share Trading Account.
5.0 Instructions 5.9C If You purchase on market a holding of rights for a security that is traded separately to the security, You acknowledge that we may automatically exercise those rights on Your behalf unless You tell us not to exercise them. This has been removed.
5.9D If You purchase rights and your Confirmation includes the cost of the rights together with the application money, the Confirmation we send You will request payment of the cost of the rights purchased together with the application money. If You don't intend to exercise Your rights, You must tell us before settlement day. If You elect to not exercise Your rights and have paid us the application money, You must tell us at least five (5) Business Days prior to expiry and we'll credit Your account with the exercise amount. If You fail to advise us, we will proceed to exercise Your rights and You will be issued with the relevant shares. We can only exercise Your rights where You have provided us with sufficient cleared funds. If you purchase rights and your Confirmation does not include the cost of the rights and the application money, you must contact the registry to pay the application money for the rights before the settlement time for the rights closes or your rights will be forfeited. The Participant accepts no liability in respect of the settlement of any rights obligations. 5.9C If You purchase rights to a security on market, and if You choose to take up the rights, You must contact the relevant share registry directly to pay the application money for the rights before the settlement time for the rights closes, or your rights will be forfeited. You acknowledge that You are responsible for exercising those rights directly with the relevant share registry. The Participant accepts no liability in respect of the settlement of any rights.
5.2A 5.2A Sell orders may not be accepted if:
(a) there are insufficient units available for settlement in Your Participant Sponsored Holdings sponsored by us; or
(b) there are insufficient units available for settlement in an Issuer Sponsored Holding quoted by You; or
(c) an invalid Shareholder Reference Number (‘SRN’) for Issuer Sponsored stock is supplied; or
(d) more than one valid SRN for Issuer Sponsored stock is supplied; or
(e) if stock is Participant Sponsored by a broker other than us.		 5.2A Sell orders may not be accepted if:
(a) there are insufficient units available for settlement in Your Participant Sponsored Holdings sponsored by us; or
(b) there are insufficient units available for settlement in an Issuer Sponsored Holding quoted by You; or
(c) an invalid Shareholder Reference Number (‘SRN’) for Issuer Sponsored stock is supplied; or
(d) more than one valid SRN for Issuer Sponsored stock is supplied; or
(e) if stock is Participant Sponsored by a broker other than us.

Orders involving the sale of SRN shares will not be accepted online. The acceptance of orders involving sale of SRN shares is at the discretion of the Participant. The Participant accepts no liability for any orders in relation to the sale of SRN shares which it does not accept.
Terms and Conditions of Participant Sponsorship Agreement.
Direct Debit and Direct Credit Request Service Agreement. The Participant will advise You 14 days in advance of any changes to the Direct Debit/Credit arrangements. The Participant will advise You 30 days in advance of any changes to the Direct Debit/Credit Request arrangements.

Australian Investment Exchange Limited (AUSIEX) Financial Services Guide (FSG):

Section Current New
Effective date: 10 August 2024 31 March 2025
b. Miscellaneous Fees and Charges
Options
Options Fee (GST Inclusive)
ETO Contract Exercise or Assignment Fee (Equity Options) $0.05 (GST exclusive) per contract*
ETO Contract Registration Fee (Equity Options) $0.13 (GST exclusive) per contract*
ETO Contract Exercise or Assignment Fee (Index Options) $0.35 (GST exclusive) per contract*
ETO Contract Registration Fee (Index Options) $0.45 (GST exclusive) per contract*
Notes:
*In the case of charges incurred from the ASX Derivatives Clearing System these have been set out on a GST exclusive basis as the total GST may be rounded in accordance with GST 		Registration, assignment and exercise fees
ASX Clear charges a registration fee of $0.06 - $0.31* plus GST per listed single stock option contract.
The ASX allocates each Single Stock Option into one of five Tiered Fee Categories.
The current list of stock per category can be found at:
ASX - Cost of trading options https://www.asx.com.au/markets/market-resources/asx-schedule-of-fees/cost-of-trading-options
The ASX reviews the allocation of stock approximately every 6 months.
Tiered Fee Category ASX Registration Fee ($ per Contract – excluding GST)*^
1 $0.06
2 $0.10
3 $0.13
4 $0.21
5 $0.31
*Per contract fee of $0.00 applies if premium is $0.01 or lower.
^In the case of charges incurred from the ASX Derivatives Clearing System these have been set out on a GST exclusive basis as the total GST may be rounded in accordance with GST law.

If you exercise an equity option, ASX Clear will charge an exercise fee of $0.05 plus GST per contract. If you are assigned on an options position, ASX Clear will charge a fee of $0.05 plus GST per contract.

In the case of index options, ASX Clear charges a registration fee of $0.45 plus GST per contract for ETOs and an exercise fee of $0.35 plus GST per contract.

ETO Contract fees have been set out on a GST exclusive basis as the total GST may be rounded in accordance with the GST law.

Goods and Services Tax (GST)
GST will be charged on all brokerage and fees at the rate of 10%.

Trust Account
We are also required to maintain a trust account on your behalf to hold funds that are used for your share trading account. We will retain any interest that may be earned on this account.
Administration Bank Cheque: $10 This has been removed.
Dishonoured Cheque: $20 This has been removed.
Stop Payment of Cheque: $15 This has been removed.

Exchange Traded Options Product Disclosure Statement (ETO PDS):

Section/Clause Current New
Effective date: 3 June 2023 31 March 2025
Accessibility support.
At any time, you can inform us how you would prefer to be contacted. If you are deaf and/or find it hard hearing or speaking with people who use a phone, you can reach us through the National Relay Service (NRS). To use the NRS you can register by visiting accesshub.gov.au/about-the-nrs.
Visit westpac.com.au/web-accessibility for further information on our accessible products and services for people with disability. 		Removed as this is a Westpac Banking service which is not offered by Westpac Share Trading.
Disclaimers have been relocated to the last page For full details, please refer to the ETO Product Disclosure Statement (“PDS”) and the Target Market Determination (“TMD”) available by logging into Westpac Share Trading’s website at westpac.com.au Contact Us > Forms > Exchange Traded Options (ETOs) where you can either download a current version, request us to mail one to you, or alternatively, call one of our Trading Representatives on 13 13 31 between 8am and 7pm (AEST), Monday to Friday.

Important information.
ETO information has been prepared by AUSIEX without taking account of your objectives, financial situation or needs. For this reason, before acting on the information you should consider whether it is appropriate to you, having regards to your objectives, financial situation and needs and, if necessary, seek appropriate financial advice. Trading Exchange Traded Options (i.e. ETOs, Options) can involve considerable risks. You should only trade Options if you understand the nature of the product (especially your rights and obligations) and the extent of the risks you are exposed to. Before trading in ETO’s, you should carefully assess your experience, investment objectives, financial resources, and other relevant issues and carefully consider the PDS available by logging into Westpac Share Trading’s website at westpac.com.au and the relevant educational booklets regarding Options from the Australian Securities Exchange (ASX) at asx.com.au. 		For full details, please download and refer to the ETO Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’). Alternatively, you can request us to mail one to you, by calling one of our Trading Representatives on 13 13 31 between 8am and 7pm (AEST), Monday to Friday.
Important information.
Trading Exchange Traded Options (i.e., ETOs, Options) can involve considerable risks. You should only trade Options if you understand the nature of the product (especially your rights and obligations) and the extent of the risks you are exposed to. Before trading in ETO’s, you should carefully assess your experience, investment objectives, financial resources, and other relevant issues and carefully consider the ETO Product Disclosure Statement and the relevant educational booklets regarding Options from the Australian Securities Exchange (ASX) at https://www.asx.com.au.
ETO information has been prepared by AUSIEX without taking account of your objectives, financial situation or needs. For this reason, before acting on the information you should consider whether it is appropriate to you, having regards to your objectives, financial situation and needs and, if necessary, seek appropriate financial advice.

Westpac Securities Limited is a wholly owned subsidiary of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (‘Westpac’) and part of the Westpac Group. A financial product acquired through Westpac Securities Limited is not a deposit with, or any liability of Westpac or any other company in the Westpac Group. Investment in a financial product is subject to investment risk, including possible delays in repayment or loss of income and principal invested. Neither Westpac nor any of its related entities stands behind or otherwise guarantees the capital value or investment performance of any financial product acquired through Westpac Securities Limited.
© Westpac Banking Corporation ABN 33 007 457 141, AFSL and Australian credit licence 233714.
The Westpac Group, 275 Kent Street, Sydney, NSW 2000, AUSTRALIA
Contents Part A Part A - Product Disclosure Statement
Part B Part B - Fees Schedule, Client Agreement for Exchange Traded Options and Risk Disclosure Statement
Part A
What products does this PDS cover? or the S&P™/ASX 200™ Property Trust Index. This has been removed.
Introduction (d) span and generally follow one of three cycles, namely:
(i) January/April/July/October;
(ii) February/May/August/November; or
(iii) March/June/September/December 		the expiry date – ETOs have a limited pre-determined life span and generally follow one of four cycles, namely:
(i) January/April/July/October;
(ii) February/May/August/November; or
(iii) March/June/September/December
(iv) weekly on Thursdays
Details of the previous day’s trading are published in summary form in the Australian Financial Review and more comprehensively in The Australian. This has been removed.
Premium. For ETOs, market expectations and, ultimately, the pressures of supply and demand determine the value of Options. This has been removed.
Expiry. The expiry day is a standard day set by the ASX. Equity Options expire on the Thursday preceding the last Friday in the month, as long as both the Thursday and Friday are business days. Therefore, if the last day of the month is a Thursday, the Option will expire on the Thursday prior. For Index Options, expiry is usually the third Thursday of the contract month. Expiry day information is available on the ASX website. The expiry day is a standard day set by the ASX. Expiry day information is available on the ASX website. Expiry day information is available by searching for 'ASX Expiry Calendar' at the ASX website; and on your statements for your open positions.
Automatic exercise. You acknowledge that this will affect all your ETO positions and not only those that are part of a spread strategy.
If your in-the-money call ETO contract is automatically exercised, you will have the funds available in your settlement bank account on T+2 of the exercise date to settle the trade, otherwise fail fees and bank fees will apply.		 This will affect all your ETO positions and not only those that are part of a spread strategy.
If your in-the-money call ETO contract is automatically exercised, you must have the funds available in your settlement bank account on T+2 of the exercise date to settle the trade, otherwise fail fees and bank fees will apply.
Costs and amounts payable associated with trading ETOs. For Equity Options, the Clearing House charges a registration fee of $0.13 (GST exclusive) per contract, and there is a $0.05 (GST exclusive) per contract exercise fee, and a $0.05 (GST exclusive) per contract assignment fee. In the case of Index Options, the Clearing House charges a registration fee of $0.45 (GST exclusive) per contract, and there is an exercise fee of $0.35 (GST exclusive) per contract, and an assignment fee of $0.35 (GST exclusive) per contract. ASX Clear charges a registration fee of $0.06 - $0.31* plus GST per listed single stock option contract.
The ASX allocates each Single Stock Option into one of five Tiered Fee Categories.
The current list of stock per category can be found at:
ASX - Cost of trading options https://www2.asx.com.au/markets/market-resources/asx-schedule-of-fees/cost-of-trading-options
The ASX reviews the allocation of stock approximately every 6 months.
Tiered Fee Category ASX Registration Fee ($ per Contract – excluding GST)*
1 $0.06
2 $0.10
3 $0.13
4 $0.21
5 $0.31
*Per contract fee of $0.00 applies if premium is $0.01 or lower.

If you exercise an equity option, ASX Clear will charge an exercise fee of $0.05 plus GST per contract. If you are assigned on an options position, ASX Clear will charge a fee of $0.05 plus GST per contract.

In the case of index options, ASX Clear charges a registration fee of $0.45 plus GST per contract for ETOs and an exercise fee of $0.35 plus GST per contract.

ETO Contract fees have been set out on a GST exclusive basis as the total GST may be rounded in accordance with the GST law.
Margins Clearing House margin obligations may be met by paying cash or by providing certain types of eligible collateral (e.g. shares and bank guarantees, subject to ASX approval). Clearing House margin obligations may be met by paying cash or by providing certain types of eligible collateral such as shares subject to ASX approval.
Part B
Miscellaneous fees and charges. - ASX Clear charges a registration fee per listed single stock option contract depending on the Tiered Fee category of the stock. The ASX allocates each Single Stock Option into one of five Tiered Fee Categories. The current list of stock per category can be found at: ASX - Cost of trading options
https://www.asx.com.au/markets/market-resources/asx-schedule-of-fees/cost-of-trading-options
The ASX reviews the allocation of stock approximately every 6 months.
Options

ETO Contract Registration Fee (Equity Options)		 Fee (GST Exclusive)
$0.13 (GST exclusive) per contract		 Fee (GST Exclusive)
$0.06 - $0.31 (GST exclusive) per contract depending on the ASX Tiered Fee category.^

^ ASX allocates each Single Stock Option into one of five Tiered Fee Categories. Registrations in option contracts with a premium of 1 cent or less will attract a $0 fee.
How to calculate the costs of an Options trade Trade: Buy 50 Contracts of ABC March $20 Call Options at $1 Trade: Buy 50 Contracts of ABC March $20 Call Options at $1 (Tier 3 stock)
Terms and Conditions of Exchange Traded Options.

20. Default.		 2. a guarantee or other This has been removed.
25. Exercise. - You acknowledge that this will affect your ETO positions and not only those that are part of a spread strategy.
33. Client’s obligations to the Security Trustee. (d) (ii). a guarantee or other This has been removed.
Risk Disclosure Statement for derivatives traded on the ASX’s markets. Acknowledgement of reading this Risk Disclosure Statement must be signed by all applicants. All applicants must read this Risk Disclosure Statement and acknowledge this when signing the Exchange Traded Application Form.

US Exchange Traded Options Product Disclosure Statement (US ETO PDS):

Section/Clause Current New
Effective date: 3 June 2023 31 March 2025
Document name Wider Options US Exchange Traded Options (ETO) Product Disclosure Statement US Exchange Traded Options Product Disclosure Statement (US ETO PDS)
Disclaimers have been relocated to the last page Issued by Australian Investment Exchange Limited, a Market Participant of the ASX Limited and Cboe Australia Pty Ltd, a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited.
The issuer.
The Issuer of the US Exchange Traded Options products described in this Product Disclosure Statement (PDS) is Australian Investment Exchange Limited ABN 71 076 515 930, AFSL 241400 (“AUSIEX”), Reply Paid 85157, Australia Square NSW 1214, a wholly owned subsidiary of Nomura Research Institute, Ltd (“NRI”).		 Westpac Securities
Westpac Securities is a wholly owned subsidiary of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (‘Westpac’) and part of the Westpac Group. A financial product acquired through Westpac Securities is not a deposit with, or any liability of Westpac or any other company in the Westpac Group. Investment in a financial product is subject to investment risk, including possible delays in repayment or loss of income and principal invested. Neither Westpac nor any of its related entities stands behind or otherwise guarantees the capital value or investment performance of any financial product acquired through Westpac Securities.
© Westpac Banking Corporation ABN 33 007 457 141, AFSL and Australian credit licence 233714.
The Westpac Group, 275 Kent Street, Sydney, NSW 2000, AUSTRALIA

The issuer.
The Issuer of the US Exchange Traded Options products described in this Product Disclosure Statement (PDS) is Australian Investment Exchange Limited ABN 71 076 515 930, AFSL 241400 ('AUSIEX'), Reply Paid 85157, Australia Square NSW 1214, a wholly owned subsidiary of Nomura Research Institute, Ltd. (NRI).
Accessibility support.
At any time, you can inform us how you would prefer to be contacted. If you are deaf and/or find it hard hearing or speaking with people who use a phone, you can reach us through the National Relay Service (NRS). To use the NRS you can register by visiting accesshub.gov.au/about-the-nrs.
Visit westpac.com.au/web-accessibility for further information on our accessible products and services for people with disability. 		Removed as this is a Westpac Banking service which is not offered by Westpac Share Trading.
Westpac Securities
Westpac Securities Limited is a wholly owned subsidiary of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (‘Westpac’) and part of the Westpac Group. A financial product acquired through Westpac Securities Limited is not a deposit with, or any liability of Westpac or any other company in the Westpac Group. Investment in a financial product is subject to investment risk, including possible delays in repayment or loss of income and principal invested. Neither Westpac nor any of its related entities stands behind or otherwise guarantees the capital value or investment performance of any financial product acquired through Westpac Securities Limited.
© Westpac Banking Corporation ABN 33 007 457 141, AFSL and Australian credit licence 233714.
The Westpac Group, 275 Kent Street, Sydney, NSW 2000, AUSTRALIA
Part A - Product Disclosure Statement
What is an Option? ‘…a bundle of shares…’ ‘…the shares underlying the Option…’
Global Markets trading terms and conditions.
New clause 30 and updated all subsequent numbers We may change International Custodian from time to time if we have a legitimate business reason to do so. If we do change International Custodian, we will provide you with written notice of and the contact information of the incoming International Custodian as soon as reasonably practicable before arranging for your International Securities are held by the incoming International Custodian. You agree that if we change International Custodian, you will be bound by the terms and conditions of the arrangement we have with the International Custodian which may include changes to the markets available and pricing/fees for these services. We will provide you with all material changes in our notification to you. If you do not wish to be transferred to incoming International Custodian, you will be required to notify us, however we may no longer be able to provide these services to you.
Risk disclosure statement for derivatives traded on US markets.
All applicants must sign an acknowledgement that they have read this Risk Disclosure Statement. All applicants must sign the Global Markets Exchange Traded Options Application acknowledging that they have read this Risk Disclosure Statement.

The updated documents will be available for download from our website from Monday 31 March 2025.

Should you have any questions about these changes, please contact us.

Published: Friday 28 February 2025

Back