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Based on my research and trading experience, swap fees—or overnight financing charges—can significantly impact the overall cost of holding leveraged positions, so I always look closely at how brokers handle these fees. With KOSEI SECURITIES, I had to pay special attention to the available details because direct information about their precise swap rates wasn’t disclosed in the context provided. Instead, what I did find were their margin loan rates: institutional margin loans are set between 1.64% and 1.92% annually, while general margins range from 2.14% to 2.42%. These figures provide a broad sense of their financing environment. When I compare this to other top brokers I've traded with, especially those operating in Japan or regulated by major oversight bodies, KOSEI SECURITIES’ margin rates appear fairly typical. In my experience, international brokers can sometimes offer more competitive financing costs due to their scale—but lower rates often come with different risk profiles or less robust regulation. What stands out about KOSEI SECURITIES is the strict oversight from Japan’s Financial Services Agency, which generally indicates more transparent and standardized fee structures, even if they’re not always the lowest available. However, it’s important for me—and anyone considering them—to verify the exact overnight costs directly, especially since fee structures can be complex and vary depending on specific instruments or the nature of the position. Until I see a published swap schedule, I’d proceed cautiously, making sure to factor in margin rates and always considering the total cost of trading rather than focusing solely on headline swap fees. Ultimately, KOSEI SECURITIES offers stability and regulation, but may not always provide the lowest swap rates in the industry.