Index & Futures Spread bets

Transcription

1 Our stock indices DFBs aim to replicate the cash price of the underlying index, and are therefore adjusted for dividends [8]. Notes in [square brackets] are detailed in the section below. Daily funded bets Spread [] [3] [] Market name [4] [5] Minimum bet Time period Available Spread Limited risk Premium [] Margin factor [9] [a] 3 FTSE 00 DFB Wall Street DFB US 500 DFB US Tech 00 DFB US Russell 000 DFB Japan 5 DFB Hong Kong HS50 DFB [d] All other times France 40 DFB Germany 30 DFB Table continues on next page Page of 4

2 Spread [] [3] [] Market name [4] [5] Minimum bet Time period Available Spread Limited risk Premium [] Margin factor [9] EU Stocks 50 DFB Italy 40 DFB Netherlands 5 DFB Spain 35 DFB Sweden 30 DFB Switzerland Blue-Chip DFB Australia 00 DFB / [f] 5 7 All other times Australia 00 DFB / [f] 5 7 All other times For Daily futures, please continue on next page. Page of 4

3 Daily futures Spread [] [3] [] Market name [4] [5] Daily roll Minimum bet Time period Available Spread Limited risk Premium [] Margin factor [9] Daily FTSE 00 Futures 0.5 () [a] Daily Wall Street Futures () Daily US 500 Futures 0. (0.) Daily US Tech 00 Futures 0.4 (0.) Daily France 40 Futures 0.5 () Daily Germany 30 Futures 0.5 () Page 3 of 4

4 UK and US futures Spread [0] [] [5] Market name [4] [5] Bet size equivalent to one contract Minimum bet Time period Spread Limited risk Premium [] Margin factor [9] FTSE 00 Futures [0a] Wall Street Futures $ US 500 Futures $50 0 except: US Tech 00 Futures $00 0 except: US Russell 000 Futures $ Mexico 35 Futures MXN Volatility Index $ (Monday Thursday only) EU Volatility Index US Dollar Basket $0 0:00-: FTSE / n/a Wall StreetDifferential FTSE / Germany Differential n/a Page 4 of 4

5 Euro futures Spread [] [3] [] Market name [4] [5] Bet size equivalent to one contract Minimum bet Time period Spread Limited risk Premium [] Margin factor [9] Germany 30 Futures France 40 Futures Italy 40 Futures Spain 35 Futures 0 08:00-9: :00-08:00 8 EU Stocks 50 Futures 0 07:00-:00 9 :00-07:00 4 Germany Tech 30 Futures Germany Mid-Cap :00-: Futures Austria 0 Futures $ Belgium 0 Futures Hungary Futures HUF Netherlands 5 Futures Norway 5 Futures NOK Greece 0 Futures n/a 5 Switzerland Blue-Chip Futures CHF Sweden 30 Futures SEK Page 5 of 4

6 Australasia futures Spread [] [3] [] Market name [4] [5] Bet size equivalent to one contract Minimum bet Time period Spread Limited risk Premium [] Margin factor [9] Australia 00 Futures AUD [f] Hong KongHS50 Futures HKD All other times [b] Japan 5 Futures $ China H-Shares Futures HKD All other times [b] China A50 Futures US$ All other times 0 0[g] India 50 Futures $ Singapore Blue-chip SGD Futures South Africa 40 Futures ZAR Taiwan Index Futures $00 $ Page of 4

7 DFB and daily futures bet notes. Spreads are subject to variation, especially in volatile market conditions. The IG spread depends on whether the market in question is 'in hours' or 'out of hours'. 'In hours' usually corresponds to the period in which the underlying market is open for trading. On some markets we also offer 'extendedhours' spreads outside of the usual 'in-hours' period; these are tighter than the corresponding 'out-ofhours' spreads. a) FTSE 00: 'in hours' means from , 'extended hours' means and All other times are treated as 'out of hours'. Between 0.00 and we offer 'out of hours' spreads due to the illiquidity in the underlying market. b) Wall Street: 'in hours' means from , 'extended hours' means All other times are treated as 'out of hours'. c) Germany 30: 'in hours' means from , 'extended hours' means and All other times are treated as 'out of hours'. d) Hong Kong HS50: 'in hours' means and (HK time), and extended hours means (HK Time). We cannot provide you with a guaranteed spread during the extended hour s session; rather we will incorporate any additional market spread into our dealing spread for that session. All other times are treated as 'out of hours'. e) China A50: 'in hours' means and extended hours means (Singapore time). We cannot provide you with a guaranteed spread during the extended hour s session; rather we will incorporate any additional market spread into our dealing spread for that session. All other times are treated as 'out of hours'. f) Australia 00: in hours means 0:00 :00 and extended hours means 09:50-0:00, :00-:30 and 7:0 07:00 (Sydney time). During the extended hours session 7:0-07:00 (Sydney time) we cannot provide you with a guaranteed spread, rather we will incorporate any additional market spread into our dealing spread for that session.. For controlled-risk bets the controlled-risk premium is charged on the opening price. It is either added to the offer price or subtracted from the bid price on opening. Controlled-risk bets close at the normal IG closing price. 3. Any market spread may be added to the spread shown in the Information Tables, except for bets on FTSE 00, Wall Street, Germany 30, France 40, Sweden 30, Netherlands 5, US 500, US Tech 00, US Russ 000, Japan 5 and Italy 40. Please note that Japan 5 is priced as a USD denominated contract. Clients can have their bets denominated in $,, A$, Y and. Page 7 of 4

8 4. Bets on stock indices not already closed by the client are closed on or after the last dealing day as follows: All DFB and futures bets expire on the basis set out below and/or in the Information Table, without IG spread. (i) Stock index DFBs not closed or rolled expire at the closing level of the underlying index on the last dealing day. Bets on Daily FTSE 00 Futures expire at the official.30 settlement price of the relevant FTSE 00 futures contract on LIFFE. Bets on Daily Wall Street Futures, Daily US 500 Futures and Daily US Tech 00 Futures expire at the official.5 settlement price of the relevant DJIA, S&P 500 or NASDAQ 00 futures contract. Bets on Daily Germany 30 Futures expire at the official.00 settlement of the relevant DAX 30 futures contract on Eurex. Bets on Daily France 40 Futures expire at the official.30 settlement of the relevant CAC 40 futures contract on Euronext Paris. Please note that Daily Wall Street Futures, Daily US 500 Futures and Daily US Tech 00 Futures expire at.00 instead of.5 on the last dealing day of the month hour dealing starts at 3.00 (London time) on Sunday and finishes at.5 (London time) on the following Friday. Ask dealers for information about public holidays.. Market trading times are given in London time, unless otherwise indicated. Please note that actual trading times are governed by local time in the country of the index's origin. Consequently, seasonal adjustments (such as daylight saving) in either the UK or the country of origin may cause times shown to be imprecise. 7. Bets on daily stock index futures can be rolled over provided we receive a rollover instruction from the client at least 5 minutes before the close of the underlying cash index. When a bet on a daily index future is rolled over, the open bet is closed at the middle of the IG price, and a new bet is reopened at the same level plus or minus the IG rollover spread. If you have instructed a roll on a controlled-risk bet on a daily index future, the bet is closed at the middle of the IG price, and a new bet is reopened at the same level plus or minus the IG controlled-risk rollover spread. Rollover spreads on daily index futures are shown in the daily index futures information table. Controlled-risk rollover spreads are shown in brackets. (Please note that these should be used as a guide only, as they are subject to change). 8. For each day that a stock index DFB position is open, adjustments are calculated to reflect the effect of interest (i) and, if necessary, dividends (ii). A daily interest adjustment is calculated for any position that is opened before.00 (London time) and that is still open after.00 (London time). Page 8 of 4

9 These adjustments are posted daily to the client's account. Please note that on Fridays open positions will be adjusted for 3 days funding covering the weekend. (i) Interest adjustments are calculated as follows: D = n x C x i / 35 Where: D = daily interest adjustment n = bet size C = underlying index price at 0pm (London time) i = applicable annual interest rate Note: The formula uses a 35-day divisor for the FTSE 00 and a 30-day divisor for non-uk markets. Interest in respect of long positions is debited from a client's account, and interest in respect of short positions is either credited to or debited from a client's account. (ii) A dividend adjustment is applied to take account of the ex-dividend adjustment to the index. This is the number of points by which the index price must be adjusted downwards to take account of those shares in the index which go ex-dividend at the close of the cash market. We will use the ex-dividend figure estimated by Bloomberg (E&OE), rounded to the tick size we use for that index, to determine what adjustment to apply. In the case of long positions, the dividend adjustment is credited to the client's account. In the case of short positions, the dividend adjustment is debited from the client's account. 9. Please note that tiered margins apply; this means that more margin may be required for larger positions. See our margins page for further details. You can find the tiered margins for each market from the Get Info section in our dealing platform. Futures bet notes 0. Spreads are subject to variation, especially in volatile market conditions. The IG spread depends on whether the market in question is 'in hours' or 'out of hours'. 'In hours' usually corresponds to the period in which the underlying market is open for trading. On some markets we also offer 'extendedhours' spreads outside of the usual 'in-hours' period; these are tighter than the corresponding 'out-ofhours' spreads. a) FTSE 00: 'in hours' means from , 'extended hours' means and All other times are treated as 'out of hours'. Between 0.00 and we offer 'out of hours' spreads due to the illiquidity in the underlying market. b) Hong Kong HS50 & China H-Shares: 'in hours' means and (HK time), and extended hours means (HK Time). We cannot provide you with a guaranteed spread Page 9 of 4

10 during the extended hour s session; rather we will incorporate any additional market spread into our dealing spread for that session. All other times are treated as 'out of hours'. c) Wall Street: 'in hours' means from , 'extended hours' means All other times are treated as 'out of hours'. d) Germany 30: 'in hours' means from , 'extended hours' means and All other times are treated as 'out of hours'. e) Netherlands 5: 'in hours' means from , 'extended hours' means and All other times are treated as 'out of hours'. f) Singapore Blue-Chip: 'in hours' means from and All other times are treated as 'out of hours'. g) China A50: 'in hours' means and extended hours means (Singapore time). We cannot provide you with a guaranteed spread during the extended hour s session; rather we will incorporate any additional market spread into our dealing spread for that session. All other times are treated as 'out of hours'. h) Australia 00: in hours means 0:00 :00 and extended hours means 09:50-0:00, :00-:30 and 7:0 07:00 (Sydney time). During the extended hours session 7:0-07:00 (Sydney time) we cannot provide you with a guaranteed spread, rather we will incorporate any additional market spread into our dealing spread for that session.. For controlled-risk bets the controlled-risk premium is charged on the opening price. It is either added to the offer price or subtracted from the bid price on opening. Controlled-risk bets close at the normal IG closing price.. Any market spread may be added to the spread shown in the information tables, except for bets on FTSE 00, Wall Street, FTSE /Wall Street Differential, FTSE /Germany Differential, Germany 30, France 40, Sweden 30, Netherlands 5, US 500, US Tech 00, US Russ 000, Japan 5 and Italy 40. Please note that Japan 5 is priced as a USD denominated contract. Clients can have their bets denominated in $,, A$, Y and. 3. Bets on stock indices not already closed by the client are closed on or after the last dealing day as follows: All bets on the FTSE 00, Wall Street and FTSE /Wall Street Differential expire on the basis set out below and/or in the Information Table without IG spread. All other bets expire on the basis set out below, plus or minus half the IG spread. (i) FTSE /Wall Street Differential expires at the Special Opening Quotation of the DJIA on the 3rd Friday of the contract month minus the EDSP of the FTSE 00 on the 3rd Friday. Page 0 of 4

11 (ii) FTSE /Germany Differential expires at the special calculation of the Dax Index minus the EDSP of the FTSE 00 Index on the 3rd Friday of the contract month. (iii) Bets on other stock indices expire on the following basis: UK & US futures FTSE 00 Futures at the Exchange Delivery Settlement Price (EDSP) of the FTSE 00 as reported by LIFFE on the last dealing day. The EDSP is based on an intraday cash market auction of the FTSE 00 which commences at 0.0 on the last trading day. Uncrossing of the component stocks should be finished by 0.5. Wall Street Futures at the Special Opening Quotation (SOQ) of the DJIA (calculated to two decimal places) on the 3rd Friday of the contract month, as reported by the CBOT. The SOQ is calculated from the sequence of opening prices of the 30 DJIA stocks on the NYSE. US 500 Futures at the Special Opening Quotation of the S&P 500 on the 3rd Friday of the contract month, as reported by the CME. US Tech 00 Futures based on the NASDAQ Official Opening Price (NOOP) of the constituent stocks of the index on the third Friday of the contract month. US Russ 000 Futures based on the Final Settlement Price of the Russell 000 futures as reported by CME on the third Friday of the contract month. Wall Street, US 500, US Tech 00 and US Russ 000 futures can be dealt until 4.30 on the Friday of expiry. This means stop or limit orders can be filled until this time. Mexico 35 Futures based on the Final Settlement Price of the MEX BOLSA index future on the Mexican Derivatives Market on the third Friday of the contract month. Volatility Index based on the final settlement value of the VIX index futures as reported by CBOE on the day following the last trading day. The final settlement value is determined from a SOQ of the index, which is calculated from the sequence of opening prices of the constituent SPX options. EU Volatility Index last trading day is the final settlement day, which is 30 calendar days prior to the expiration day of the underlying options (i.e. 30 days prior to the third Friday of the expiration month of the underlying options, if this is an exchange day). The VSTOXX Final Settlement Price is established by Eurex on the Final Settlement Day, based on the average of the index values of the underlying on the Last Trading Day between :30 and :00 CET. US Dollar Basket based on the closing price of the US Dollar Index futures contract on NYBOT on the Friday prior to the third Wednesday of the contract month. Page of 4

12 European futures Germany 30, Germany Tech 30 and Germany Mid-Cap 50 Futures based on the final settlement value of the DAX 30, TecDAX and MDAX respectively as reported by Eurex on the last trading day. The settlement value is based on prices of the component shares of the respective index as determined in an intraday auction starting at 3.00 CET in the electronic trading system Xetra. France 40 Futures can be traded until.00 (Paris time) on the last trading day and settle basis the EDSP of the CAC 40 as reported by Euronext on the last trading day. The EDSP is calculated as the arithmetic mean (rounded to one decimal place) of the index values between 5.40 and.00 (Paris time and including the last value disseminated after.00) on the last trading day. Italy 40 Futures based on the settlement price of the S&P/MIB index future as reported by Borsa Italiana. The settlement price is a value of the S&P/MIB index calculated on the basis of prices of shares in the index on the last trading day. Spain 35 Futures based on the average value of the IBEX 35 between.5 and.44 (Madrid time) on the day of expiry as reported by MEFF. The settlement price is a value of the IBEX35 index calculated on the basis of prices of shares in the index on the last trading day. Austria 0 Futures based on the settlement price of the Austrian Traded index reported by the Wiener Borse on the first banking day following the IG last trading day. This settlement price is calculated basis an intraday auction of the component stocks of the index. EU Stocks 50 Futures based on the average price of the Dow Jones Euro STOXX 50 values calculated between.50 and.00 CET on the last trading day, and as reported by Eurex. Belgium 0 Futures based on the Final Settlement price of the BEL0 index future as reported by Euronext Brussels on the third Friday of the contract month or the previous business day. Hungary Futures based on the Final Settlement Price of the BUX Exchange Future on the Budapest Stock Exchange on the third Friday of the contract month. Netherlands 5 Futures based on the average of values of the AEX index calculated at one-minute intervals between 4.30 and 5.00 on the last trading day. Norway 5 Futures based on the Final Settlement price of the OBX index future as reported by Turquoise (EDX London) on the third Thursday of the contract month or the previous business day. Switzerland Blue-Chip Futures based on the settlement value of the SMI as reported by Eurex on the third Friday of the contract month (this is the day following the last trading day). The settlement value is calculated on the basis of the virt-x opening prices of the SMI component shares on the third Friday. Sweden 30 Futures based on the final settlement price of the OMXS30 as reported by NASDAQ OMX on the last trading day. This price is calculated using the previous day s closing price of the OMXS30 futures and a volume weighted average price of the OMXS30 on the expiration day. Page of 4

13 Australian & Asian futures Australia 00 Futures at the Special Opening Quotation (SOQ) of the S&P/ASX 00 on the last trading day calculated to one decimal place. The SOQ is calculated using the first traded price of each component stock in the S&P/ASX 00 on the last trading day, irrespective of when those stocks first trade in the ASX trading day. This means that the first traded price of each component stock may occur at any time between ASX market open and ASX market close (including the Closing Single Price Auction) on the last trading day. Should any component stock not have traded by ASX market close on the last dealing day, the last traded price of that stock will be used to calculate the SOQ. Hong Kong HS50 Futures at the settlement price of the Hang Seng on the last dealing day on the Hong Kong Futures Exchange. The settlement price is the average of the Hang Seng at five-minute intervals, rounded down to the nearest whole number, on the last trading day. Please note that this contract can only be dealt in until.00 Hong Kong time on the last dealing day. Japan 5 futures at the special opening quotation of the Nikkei 5 Stock Average on the day following the last dealing day, which is used to settle the Nikkei 5 futures rounded to the nearest /0th of an index point. This contract can be dealt in until.5 London time on the last dealing day. China H-Shares Futures based on the final settlement price of the Hang Seng China Enterprises index calculated on the trading day prior to the last business day of the contract month. China A50 Futures are based on the official settlement price of the SGX FTSE /Xinhua China A50 Futures contract as published by the Singapore Futures Exchange. The last dealing day is the penultimate business day of the contract month. India 50 Futures based on the official closing price of the CNX Nifty Fifty on SGX, on the last Thursday of the contract month. Singapore Blue-Chip Futures based on the Special Opening Quotation of the MSCI Singapore Free index on the day following the last trading day, as reported by SGX. South Africa 40 Futures based on the official settlement price of the FTSE /JSE Top 40 futures as reported by the JSE Securities Exchange on the third Thursday of the contract month. Taiwan index futures at the Final Settlement Price of the MSCI Taiwan index as reported by SGX on the business day following the last trading day. 4. dealing starts at 3.00 London time on Sunday and finishes at.5 London time on the following Friday. Ask dealers for information about public holidays. 5. Market trading times are given in London time, unless otherwise indicated. Please note that actual trading times are governed by local time in the country of the index's origin. Consequently, seasonal adjustments (such as daylight saving) in either the UK or the country of origin may cause times shown to be imprecise. Page 3 of 4

14 . On all futures bets, point means index point. 7. Bets on index futures are rolled over provided we receive your rollover instruction at least 5 minutes before our last dealing time. When a bet on an index future is rolled over, the bet is usually closed at the settlement price on the day before the last dealing day, plus or minus half the IG spread, and automatically reopened at the settlement price for the succeeding contract, plus or minus half the IG spread with a 40% concession applied. This applies to bets on all index futures, except FTSE 00, Wall Street, and FTSE /Wall Street differentials, which are closed at the settlement price for the expiring contract the day before the last dealing day and automatically reopened at the settlement price for the succeeding contract, plus or minus half our normal spread. If you have placed a controlled-risk bet on an index future, the bet is closed at the settlement of our price plus or minus half our normal spread, and automatically reopened at the middle of our new opening price plus or minus half our spread with a 40% concession applied, and plus or minus the controlled-risk premium. This applies to controlled-risk bets on all index futures, except FTSE, Wall Street, and FTSE /Wall Street differentials, which are closed with no IG spread and automatically reopened at the middle of our new opening price, plus or minus half our normal spread, and plus or minus the controlled-risk premium. If you have stops or limits on your index future bet when it is rolled over, we will, unless otherwise instructed, place the stop or limit on the new bet at the same level, but adjusted for fair value. For example, if the price of the new contract is 0 points higher than the expiring contract, your stop or limit would be rolled forward at your existing level plus 0 points. This applies to both guaranteed and non-guaranteed stops and limits. Tradzster / Capital Intervest - Published privately All rights reserved. The information in this document reflects the product offering of our partner broker IG and is subject to changes in the IG product offering through Tradzster. No part of this issue may be multiplied, stored in an automated data file and/or published in whatever form or manner, either electronically, as photocopies, as a recording or in any other form without the previous written permission from the publisher. Disclaimer Any mentioned amounts, rates, commissions, spreads and other arithmetic information are indicative, are subject to change and thus reservation. Page 4 of 4