Hargreaves Lansdown Spread Betting/ Hargreaves Lansdown CFDs Trade & Order Execution Policy

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1 / Hargreaves Lansdown CFDs Trade & Order Execution Policy Effective from: 1st November Telephone:

2 1 Trade & Order Execution Policy 1. Introduction This policy explains how we execute trades or orders that our clients ( you ) place with us. When you open an account with us, you agree to be bound by our terms and conditions of service ( the Terms ). The Terms contain contractual arrangements agreed between us and include provisions relating to the execution of trades and orders. This policy is not intended to form part of the contract between us and there is no intention to create legal relations between us in respect of the matters covered by the policy. Rather, it is intended to provide information as to how we construct our prices and execute trades and orders. The policy is written using informal language and is intended to be easy to understand. However we have to use some terminology which may not be familiar to every reader. A glossary of such terms is contained in Appendix 1. If there is anything you do not understand, please contact our support services. 2. Our services We provide spread betting and CFD trading services covering many of the financial instruments traded in the global financial markets. The spread bets and CFDs (or markets ) we offer are derivatives of an underlying financial instrument (or underlying instrument ). We decide what markets we will make available and we publish the prices at which each can be traded. We are the counterparty (or principal ) to every trade, so if you choose to deal with us to open a position in a market you can only close that position by dealing again with us. You may choose to execute transactions with us in one of three ways: 1. You ask us to execute a trade immediately against a price that we have provided. We call this a trade. In this case, subject to the factors described in section 6 below, we will provide execution at the quoted price. 2. You ask us to execute a trade at a later time, at a price that you specify. We call this an order. In this case we will monitor your order and if our price for the relevant market rises or falls to the price specified in your order we will execute your order as described in section 7 below. 3. In some circumstances, e.g. for large size, illiquid markets, or where you specifically request, we may agree with you that rather than execute your instruction at the price we quote, we will instead execute one or more trades in our name in the underlying instrument and once these have completed then execute a single trade with you. This is referred to as working orders in the external market and is described in more detail in section 8 below. 3. Best execution / Hargreaves Lansdown CFDs ( we or us ) is authorised and regulated by the Financial Services Authority (the FSA ). As an FSA authorised firm, we are required, to take all reasonable steps to obtain the best possible result (or best execution ) on behalf of clients when executing client orders. We are also required to put in place an order execution policy and to provide appropriate information to our clients on our execution policy. This document provides you with that information. The best execution requirement applies where we execute trades or orders on a client s behalf. We execute trades or orders on your behalf where you legitimately rely on us to protect your interests in relation to the pricing or other aspects of the transaction that may be affected by how we execute your trade or order. Where you choose to execute a trade or an order against our prices, the execution factors that we consider and their relative importance is as follows: Price. The relative importance we attach is high. Section 4 below explains how our prices are constructed and section 5 describes the charges that may apply. / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website:

3 2 Speed and Likelihood of Execution. The relative importance we attach is high. How we execute trades and orders is explained in sections 6 and 7 below. Size. The relative importance we attach is high. Sections 4,6 and 7 below explain how size affects our execution arrangements. Market Impact. The relative importance we attach is medium. Market impact is one of the factors that influences our size. Where we agree to work an order for you in the external market, the execution factors that we consider and their relative importance is set out in section 8 below. The best execution rules require us to state which execution venues we might use to execute transactions that you have requested. Since we are the principal on every trade (as explained in section 2 above), we are the only execution venue for the purpose of these rules. 4. Our prices and our sizes 4.1 Our price For any given market we will quote two prices: the higher price at which you can buy that market is called our offer price, the lower price at which you can sell that market is called our bid price ; collectively they are referred to as our price. The difference between an offer price and a bid price is called the spread. Our price for a given market is calculated by reference to the price of the relevant underlying financial instrument, which we obtain from third party external reference sources. For some kinds of instruments, e.g. equities, there will be a third party exchange from which we will source this data. For other kinds of instruments, e.g. FX, we collect price data from nominated wholesale market participants. Our prices are then constructed by applying the methodology set out in Appendix 2 for each type of market. For some types of market the price may include commission or financing charges (c.f. section 5 below), or adjustments for dividends or other factors. Note that when the underlying instrument is very active and the external price is changing frequently, there is no guarantee that every price movement received from the external reference source will result in a change to our prices. We update our prices as frequently as the limitations of technology and communications links allow. We review the sources of reference pricing that we use at least once a year, to ensure that the venues from which the data is obtained continue to be competitive sources of executable prices. 4.2 Our size For every market offered by us we set a maximum size for which the price that we quote is firm. This maximum size may be different for our bid price and our offer price. These maximum sizes are called our size, and we provide certainty of execution for trades you wish to place in less than our size c.f. section 6 below. Our size is set by our dealers for each market that we offer. It may vary depending on current market conditions of the underlying instrument. If you want to find out what our size is for a particular market at a particular time you can do so by using our support services. Where the trade you wish to place is for a size greater than our size, the request will be referred to one of our dealers. The dealer may quote a price in the requested size, or may offer to work the order in the external market on your behalf, as described in section 8 below. In some circumstances our size may be set to zero. In this event all trade requests will be routed to our dealers to quote a price. 4.3 Minimum and maximum sizes We publish in our market information sheets the minimum sizes that you can trade in each market. Larger minimum size restrictions may apply to trades executed by telephone than apply to trades executed through our internet trading platform. We also publish in our market information sheets maximum sizes for each market. These maximum sizes indicate the size below which in normal circumstances we would expect always to quote a price. However in some circumstances we will be able to quote a price for a size that exceeds the maximum, or will be able to work an order in the external market (section 8 below). Such transactions would be agreed by phone with one of our dealers. 4.4 Prices outside normal market hours For some markets we will quote a price outside normal market hours i.e. during periods when a price for the main underlying instrument is unavailable because the exchange on which it is quoted is closed. In such circumstances our prices are constructed by our dealers by reference to one or more related alternative underlying instruments that are then trading, and may be adjusted in response to supply and demand from our clients. This means that outside normal market hours we exercise a greater degree of discretion in the construction of our prices. In addition, our spread is generally wider and our size is generally smaller than is the case inside normal market hours. / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website:

4 3 For example during normal market hours our FTSE rolling spread bet contract is constructed from the nearest quarterly FTSE futures contract quoted on LIFFE, and (at the date of publication of this policy) we apply a two point spread. Outside those hours we continue to quote a price, constructed by reference to one or more of the appropriate futures contracts quoted on relevant exchanges and apply (at the date of publication of this policy), a six point spread. The details of market hours and the spreads that apply inside and outside those hours are set out in our market information sheets. 5. Our charges There are several types of charge that we may make, either explicitly or rolled into our price. These are: Commission/market maker spread. This may be charged when a trade has been executed which either creates a new open position or closes an existing open position. Financing charges. These are interest charges that may be made on the value of your open positions. Generally if you hold a long position, you pay us. Conversely if you hold a short position, we pay you. However there are exceptions, for example, FX markets where the financing charge is based on the interest rate differential between the currency pairs. In this case we pay you if you have a long position in the currency with the higher interest rate and you pay us if you have a long position in the currency with the lower interest rate. Guaranteed Stop Loss Order premiums. Guaranteed Stop Loss orders are explained in section 7 below. A fee is charged to your account for each such order that you place. The way in which commission and financing charges are applied to spread bets and CFD trades is as follows: For spread bets that have an expiry date, our market maker spread and financing charges are not explicitly charged. Instead they are incorporated into our prices. The way in which this is done is set out in Appendix 2. For rolling spread bets, commission is incorporated into our price, as set out in Appendix 2. However financing charges are charged explicitly to your account and will appear on your statements. For most CFDs commission and financing charges are not incorporated into our price and are instead charged explicitly to your account. However there are some exceptions, e.g. June Nymex Crude CFD, where those charges are included within our price as is done for spread bets. The commission rates, financing charges and Guaranteed Stop Loss Order premiums for each market can be obtained from our market information sheets and/or from our support services. 6. Execution certainty You may execute trades either using our interactive trading platform (the ITP ) or by phone through one of our dealers. When executing through the ITP we provide you with a screen which shows continuously updating prices for each market. We also provide you with an immediate trade capability: if you see a price on the screen and the size in which you want to trade is less than our size (but greater than the minimum size, see section 4.3 above), then the trade will under almost all circumstances be executed at the price that you see. The exceptions to this are: If for any reason under the Terms we are entitled to decline your proposed trade, for example if you have insufficient resources in your account to support the margin requirement for the trade you wish to execute. How margin requirement is determined is defined in our Margining Terms. To protect ourselves against internet communications delays or deliberate manipulation of our prices, all instructions are validated against our recent price history and will be rejected if this security checks fails. There is a limit to the number of sequential trades that you can make: if you try to execute many small trades in the same market over a short period of time, then once the aggregate size across all such trades exceeds our size, the next requested trade will be referred to one of our dealers for review. When executing by phone in a size less than our size you will be quoted the same price that you would have received had you used the ITP. If you request execution of a trade in a size greater than our size then our dealers may be able to give you execution, either by quoting a price or by offering to work the order in the external market (c.f. section 8 below). / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website:

5 4 7. Dealing with your orders On most markets that we provide, we may (subject to the Terms) accept an order i.e. a request from you to execute a trade at some later time if our price of the relevant market has risen or fallen to the specified order price. Orders are often attached to open positions, either to be triggered in the event of an adverse market move, in which case they are known as stop-loss orders, or to be triggered by a favourable market move to allow profits to be taken. These orders are triggered for execution based upon our price. A sell order will be triggered if our bid price reaches or falls below the specified order price. A buy order will be triggered if our offer price reaches or rises above the specified order price. In most cases when an order is triggered it will be executed at or very close to the specified order price. However it is important to note that this is not guaranteed: our price may move suddenly from one level to another due to price movements in the underlying instrument (called gapping ), for example following a profits warning on a stock or the release of financial statistics different to those expected. In such a case the execution price may be markedly different to the specified order price. If when an order is triggered the size is less than our size for that particular market at that particular time, then the order will be filled at the price point that triggers the order (which if the market has gapped could be materially different to the specified order price). However if the order is for size greater than our size, then the price at which it is filled will also depend on the liquidity in the external market and may therefore be executed at a different price level. The principle that we adopt is to treat the trade request arising from the triggered order in exactly the same way that we would treat a new trade request. Note that if you have left multiple orders with us in the same underlying market and with the same specified order price and with a size greater than our size then there is no guarantee that they will all get executed at the same price point. First one will get filled, then the others. The execution prices will depend on the liquidity in the external market and the filling of the first may affect the liquidity available for the filling of the second and so on. For many markets it is possible to create a Guaranteed Stop Loss order ( GSL ). This is similar to a stop loss order but, as the name implies, you are guaranteed execution at the specified order price regardless of gapping or any other factor. There is a premium which is charged for GSLs (c.f. section 5 above). Markets in respect of which we offer GSLs, and the premium that is to be paid, are defined in our market information sheets. 7.1 Triggering of orders outside trading and market hours Please note the following: in the case of orders based on equity securities, these will only be executed during our trading hours when those hours coincide with the trading hours of the underlying instrument; no orders will be monitored or executed outside our trading hours for the relevant market. Note in particular that in the case of underlying instruments which continue to trade outside our trading hours, the price at which the order may be executed on resumption of our trading hours may be substantially different to the specified order price; if an underlying has traded through the specified order price of an order outside our trading hours and subsequently recovers before the next resumption of our trading hours then the order will not be triggered; where we quote prices for a market outside normal market hours (c.f. section 4.4), orders will be triggered by our price even though market on which the underlying instrument is traded is closed. Our trading and market hours for each market are defined in our market information sheets. 8. Working orders in the external market As noted in section 2 above in the case of instructions relating to trades of an unusually large size, illiquid markets or where you specifically request, in order that you can execute a trade with us we may agree with you to execute one or more trades in our own name on one or more external execution venues, following the policies set out below. Such orders can only be placed and accepted by phone through one of our dealers and will only be accepted on the basis of being good for the day - i.e. if not filled before the end of that trading day, the order ceases to have effect. Where we agree to do this, once all associated trades in our own name have been executed, we will execute a single trade with you, structured as a CFD or a spread bet, depending on what was agreed with you. The price at which this trade is executed will be based upon the average market price actually achieved for the associated trades that we executed, and will be constructed according to the rules set out in Appendix 2 and including any applicable charges in accordance with section 5 above. / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website: The practice described above is often referred to as working your order in the external market, although strictly speaking this is not an accurate description since the order(s) being worked are actually in our name rather than yours. Elsewhere in this document we use this phrase to have the meaning explained in this section. For this aspect of our service, we explain here how we comply with the best execution rules, and the factors that we take into account in determining how to execute your order.

6 5 8.1 Execution venues We are the execution venue with whom your transaction will be executed. When we agree to work your order in the external market we will ourselves execute one or more trades in our name on one or more external execution venues. We will place our order for those trades with an execution service which provides direct market access to the electronic order book for the instrument concerned or with a nominated broker who has access to (a) the order book if applicable and (b) market makers who provide liquidity in the instrument. 8.2 Execution factors In executing your order, unless agreed otherwise with you at the time the order is placed, the execution factors that we consider and their relative importance are as follows: Price The relative importance we attach is high. We may choose to work the order (in relation to our trades) in tranches in order to obtain the best price outcome, in which case our order may be executed in different tranches at different prices. However, unless otherwise agreed with you, we will convert the executed securities into the nominated margined trade you wish to place at the average price of the individual transactions. Likelihood of execution The relative importance we attach is high. We select the execution venues to endeavour to ensure that we obtain access to the pools of liquidity most likely to facilitate execution of our trades. Speed of execution The relative importance we attach is medium. We aim to ensure that the potential market impact of an order is taken into consideration. We recognise that delays may cause price performance shortfall. However market impact, particularly for very large or ongoing orders, may reduce the likelihood of execution and/or affect the execution price. Size The size of an order may influence the choice of execution venues, the execution timing and the execution price. We will take into account the size of orders when assessing these aspects of our execution arrangements. Cost of execution The CFD or spread bet price is determined only by the execution price we obtain for the underlying instrument and the charges set out for providing the derivative contract. We do not vary our charges to you due to the execution venue used. Please note that clause 16.3 of our General Terms allows us to pass on any special borrowing charge where a short position in a given equity is, or becomes, difficult to borrow and our hedge trade incurs such a cost. Settlement considerations The CFD or spread bet becomes effective as soon as execution of the underlying occurs and we have confirmed our price of the CFD or spread bet to you. Please note if we have agreed to work an order in the external market for you and have started to execute trades in the underlying, you cannot cancel the whole order. You may ask us to remove any unfilled part of the order and only on confirmation by us will you be released from your original obligation. The settlement by us of our trades in the underlying does not affect your CFD or spread bet contract. Please note that clause 16.7 of our General Terms allows us to enforce closure of any short CFD or spread bet contract if the underlying instrument is bought in by the relevant exchange or becomes unborrowable, meaning that we cannot retain our hedge position. 8.3 Execution performance We will exercise our judgment in balancing the execution factors in seeking to obtain the best outcome for clients orders on a consistent basis. 8.4 Order handling Aggregation and allocation We process orders to be worked in external markets in the sequence in which they were received by us unless the nature of your order or prevailing market conditions make this impracticable, or your interests otherwise require. We will generally place our order into the appropriate execution venue as soon as we have agreed to work your order in the external market, unless potential market impact dictates that we do not. Should we receive multiple orders at the same time, we may aggregate the orders and allocate the resulting fills as the aggregate order is executed. This may mean that we will provide you with partial fills at different prices or a single fill at an average price. We will discuss the above at the outset before we commence working the order. / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website: Should our book position dictate that we wish to execute an order for our own book in the same direction as a client order, we will execute the client order in full ahead of our own order unless by aggregating the order we can demonstrate that the client will receive the same or better execution outcome.

7 6 9. Specific instructions You may give us a specific instruction as to the execution of a trade or order. Please note that where we follow your specific instructions as to the execution of any order, this may prevent us from taking the steps set out in this policy to obtain the best possible result in respect of the element of the transaction covered by your instructions. We will take into account your experience and knowledge of the relevant markets when discussing this with you. 10. Conforming with this policy We will monitor compliance with this policy, and to that end we maintain audit trails of the data which is used to construct our prices. 11. Review of policy This policy will be reviewed at least annually. As part of that process we will review both the sources of external reference pricing that are used (c.f. section 4.1 above) and the external execution venues that we use when working orders in the market (c.f. section 8 above). If we make any changes to this policy, we will give you at least 14 days written notice before the change takes effect. Appendix 1 Glossary of terms used in this policy Term Execution venue General Terms Guaranteed Stop Loss order Instruction Long position Margining Terms Market Order Our price Our size Open position Short position Support services Meaning A place where financial instruments can be bought or sold, for example an exchange such as the London Stock Exchange (LSE). We are the sole execution venue for trades and orders placed with us (c.f. section 2). Our general terms and conditions of service, which form part of the Terms. A copy will be made available to you when you open an account with us, and copies are also available through our website. A particular kind of stop loss order, where you are guaranteed execution at the specified order price. A request from you to us either to execute a trade with immediate effect or to place an order A position where you have bought a market, and therefore stand to gain if the price of that market increases. One of the documents that forms part of the Terms, The margining terms, which define how margin requirement and margining operates. A copy will be made available when you open an account with us, and copies are also available through our website. The individual products that you can buy and sell through us. For example, an equity CFD or a rolling index spread bet. A request from you to us to execute a trade at some later time if our price of the relevant market has risen or fallen to the specified order price. This is explained more fully in clause 17 of the General Terms. The bid and offer price that we quote for each market that we offer. The size for each market for which our price is a firm price i.e. you know you can execute at the price you see. Our size may differ for each of the bid and the offer. When you execute a trade to buy or sell a spread bet or a CFD with us which does not close or partially close an existing position, you create an open position. The open position continues until at some later time the position is closed, for example by you executing the opposite trade to close the position. An open position where you have sold a market, and therefore stand to gain if our price of that market decreases. The support services that we provide to our clients. These includes our website, and telephone access to our client service team margin desk or, dealers, depending on the nature of the support service required. Specified order price The price we have agreed with you In relation to the execution of an order. See section 7. / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website:

8 7 the Terms Trade Trigger price Underlying instrument The contractual agreement between us relating to your account with us which comprises the General Terms, and Margining Terms. If your account relates to spread betting, the Spread Betting Terms and Market Information Sheets also form part of the Terms. If your account relates to CFD trading, the CFD Terms and Market Information Sheets also form part of the Terms. Copies of all of these will be made available when you open an account with us and are also available on the website. The result of an instruction which has been successfully executed. This either creates an open position or closes an existing open position The price that triggers an order you have left with us. Appendix 2 Price construction 1. Elements used to construct prices Our prices are derived from financial instruments that are traded in the global financial markets. The instrument from which we derive our price is called the underlying instrument. For example a BP quarterly spread bet is based on the underlying BP equity which is traded on the LSE. The elements that go into constructing a price may include the following: Symbol Name Meaning Ub, Uo Underlying bid and offer prices The bid and offer prices received from the reference data source for the underlying instrument. Um Underlying mid price The mid price for the underlying instrument. This may be calculated as the average of the bid and offer prices, or for some markets may be taken as the last traded price received from the reference data source. Us Underlying spread The difference between the bid and the offer of the underlying instrument (Uo Ub). M Maturity date The date when a given contract expires, if any. d Days to maturity The number of calendar days between today and the maturity date dc Day count This is used in interest rate calculations. Set to 365 for GBP and a few other currencies (e.g. AUD), 360 for USD and most other currencies. D Dividends The sum of all the dividends that are expected to be paid between now and the maturity date. For contracts which have a distant maturity date this may include estimates of future dividend payments in addition to payments that have been announced by the company. F Financing rate The annual rate of interest that applies to this contract. S Spread rate The level of additional spread that we apply to the contract, which represents our market maker spread or commission on the trade. Fv Fair value A value which comprises the financing carry cost and expected dividend effect between a futures date and cash (or spot) date. The values for our prices that we calculate are assigned symbols as follows. Symbol Ob, Oo Om Os Name Our bid, our offer Our mid Our spread / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website:

9 8 2. Spread bets 2.1 Quarterly equities First an adjustment factor is calculated to reflect the financing costs of the trade: A = 1+(F/100)*(d/dc) Then our mid price and adjusted spread are calculated: Om = Um * A D Os = Us + (S/100) * Om Finally our bid and offer are calculated: Ob = Om - Os/2 Oo = Om + Os/2 And the results rounded to the appropriate number of decimal places. Example: UK June equity In this example: Bid/offer in the underlying market is 138.7/ Today s date is 8 March and the maturity date for the June Quarterly spread bet is 19 June. Therefore the number of days to maturity (d) is 103. The day count (dc) is 365. We expect total dividends (D) of 4.5p to be paid between now and the maturity date. The financing rate is 6.3% and the additional spread rate (S) is 60 basis points. Therefore: A = 1 + (6.3/100) * (103/365) = Om = * = Os = (0.6/100) * = Ob = / 2 = Oo = / 2 = So our price, after rounding to the nearest decimal place, would be 136.3/ Rolling equities Dividends and financing rates are disregarded in the calculation of prices for rolling equity spread bets. They are separately charged, or credited, to the client account. We simply add our additional spread (S) to the underlying prices. First our spread is calculated: Os = Us + (S/100) * Um Then our bid and offer are calculated: / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website: Ob = Um - Os/2 Oo = Um + Os/2

10 9 Example: EU rolling equity bet Bid/offer in the underlying market is 186.7/ Additional spread for this market is 40 basis points (0.4%). Therefore Os = (0.4/100) * = Ob = /2 = Oo = / 2 = So our price, after rounding to the nearest decimal place, would be 186.3/ Indices Our prices for indices are derived from the price quoted on an underlying futures market. For example our FTSE spread bet contracts would be derived from the price of the FTSE quarterly futures contract quoted on Euronext LIFFE. In some cases there will be a difference between the maturity date of the publicly quoted futures contract and the maturity date of our contract. To relate one price to the other requires a fair value adjustment to be made. This reflects the number of days of financing cost between our expiry date and the futures contract expiry date, and the total value of the dividends during that period expected to be paid by all companies making up the index. This fair value parameter is set from time to time by our dealers for each relevant market. Please note that the fair value adjustment methodology enables us to provide a market which is based on an underlying instrument that has real liquidity, can itself be bought or sold and may update multiple times a second. The index itself is not a financial instrument and may only be updated from time to time (e.g. every 15 seconds in the case of the FTSE 100 index). This means that the movements in our price will be close to, but will not be exactly identical to, movements in the cash index prices that are published because while the futures price is strongly correlated with the index price, it updates more often and is also subject to market forces of supply and demand. To construct a price first our mid price is constructed: Om = Um + Fv Where Fv is the fair value factor for that market. Our bid and offer are then calculated from the spread defined in the market information sheets: Ob = Om S/2 Oo = Om + S/2 Example - FTSE quarterly spread bet Bid/offer in the underlying FTSE June futures contract is 6552/6553. Our spread for this market is 6 points. Since our expiry date is the same as the futures expiry date there is no fair value adjustment to be made, so: Om = ( ) /2 = Ob = /2 = Oo = /2 = Our price, after rounding to the nearest decimal place, would therefore be 6550/6556. Example FTSE rolling spread bet / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website: For the spread bet, the fair value adjustment must first be applied to the futures mid price. In this example the fair value adjustment for the day is -23. Our spread for this market is 2 points. Om = (-23) = Ob = /2 = Oo = /2 = So, our price would be / Because of the tighter spread we publish prices on this market to one decimal place.

11 Currencies Spot markets Currencies are priced from the mid price of the relevant FX spot rate in the wholesale markets and a spread is wrapped around the mid: Om = Um Oo = Um + S/2 Ob = Um - S/2 Term markets Currencies are priced from the mid price of the relevant FX spot rate and adjusted to take account of the financing carry cost to expiry, by reference to the one day interest rate differential of the two currencies of the FX pair for the relevant number of days. Om = Um + Fv Oo = Om + S/2 Ob = Om S/2 Example June IMM Cable (GBP/USD) In this example, the underlying mid is , the fair value adjustment is -20 and our spread is 10. Om = (-20) = Oo = /2 = Ob = /2 = So our price, taking a fair value of 20 into consideration would be / Commodities Most of our commodities markets are related directly to the front month futures price of the relevant instrument. In this case, our prices are derived from the underlying mid price and adjusted to take account of our spread. For commodities where we offer a rolling market, our prices are derived from the underlying mid price of the front month futures contract and adjusted to take account of the financing carry cost for the relevant number of days and our spread. Om = Um + Fv Oo = Om + S/2 Ob = Om S/2 Example Rolling Gold In this example, the underlying mid is 655 and the fair value adjustment is Our spread for this market is 0.5 Om = (-3.5) = Oo = (0.5/2) = Ob = (0.5/2) = So our price would be / Please note that in certain situations, when our spread is an odd number, the system will round the prices up, depending on the number of decimal places the market is quoted to. 2.6 Bonds and interest rates Our prices are derived from the underlying mid price of the relevant futures market contract and adjusted to take account of our spread. Please note that we follow the pricing convention in the US bond markets that prices are displayed in 32nds rather than decimal. / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website:

12 11 3. CFDs 3.1 Equity CFDs For equity CFDs our price is the same as the underlying price. That is: Ob = Ub Oo = Uo 3.2 Index CFDs Our price is derived from the mid price of the relevant underlying futures contract, adjusted to take account of the fair value and then adding a fixed spread to that price: Ob = Um + Fv - S/2 Oo = Um + Fv + S/2 The fixed spread that applies to a given market is documented in our market information sheets. For example: Bid/offer in the underlying FTSE June futures contract is 6602/6603. The fair value adjustment must first be applied to the futures mid price. In this example the fair value adjustment for the day is -23. Our spread for this market is 4 points. Ob = (-23) 4/2 = Oo = (-23)+ 4/2 = So, our price would be / Because of the tighter spread we publish prices on this market to one decimal place. Please note that the fair value adjustment methodology enables us to provide a market which is based on an underlying instrument that has real liquidity, can itself be bought or sold and may update multiple times a second. The index itself is not a financial instrument and may only be updated from time to time (e.g. every 15 seconds in the case of the FTSE 100 index). This means that the movements in our price will be close to, but will not be exactly identical to, movements in the cash index prices that are published because while the futures price is strongly correlated with the index price, it updates more often and is also subject to market forces of supply and demand. 3.3 Currency CFDs Are priced from the mid price of the relevant FX spot rate in the wholesale markets around which we wrap our spread Om = Um Oo = Um + S/2 Ob = Um S/2 Example - Spot GBP/USD CFD: In this example the underlying mid for GBP/USD is and our spread is 4. Om = Oo = /2 = Ob = /2 = So our price would be / / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website:

13 Commodity CFDs Spot or cash CFDs Are priced from the mid price of the relevant front month futures contract and adjusted for fair value and our spread. Om = Um + Fv Oo = Om + S/2 Ob = Om S/2 Example Silver CFD In this example, the underlying July Silver mid is 1325 and the fair value adjustment is Our spread for this market is 3. Om = (-6.5) = Oo = (3/2) = 1320 Ob = (3/2) = 1317 So our price would be 1317/1320. Term CFDs Are priced from the mid price of the relevant futures contract and adjusted for our spread. Om = Um Oo = Um + S/2 Ob = Um - S/2 Example Aug Brent Crude CFD In this example, the underlying August Brent Crude mid price is Our spread in this market is 8. Om = 7064 Oo = /2 = 7068 Ob = /2 = 7060 So our price for Aug Brent Crude CFD would be 7060/7068. Contact us / Hargreaves Lansdown CFDs Moorgate Hall 155 Moorgate London EC2M 6XB / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website: Dealing Desk Tel: Client Services Tel:

14 13 / Hargreaves Lansdown CFDs is a trading name of City Index Ltd. Telephone: Website: For the purposes of Margined Trading, Hargreaves Lansdown has introduced you to / Hargreaves Lansdown CFDs, which is a trading name of City Index Limited (No: ) ( CI ), Moorgate Hall, 155 Moorgate, London, EC2M 6XB. For the purposes of Margined Trading the contract is between you and CI and your Account is with CI. CI are authorised and regulated by the Financial Services Authority and are entered on the Financial Services Authority s register under number In this contract CI are referred to as / Hargreaves Lansdown CFDs. V2

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