CFDs Information General notes i) All details are correct at time of going to press. ii) London Capital Group Ltd reserves the right, at its sole discretion, to alter the contract specifications at anytime and to widen spreads or increase margins in times of excessive market volatility. iii) All times stated are UK times. Automatic Stop Loss Order We will automatically assign a stop loss order to every trade placed on your account. This stop loss is based on 80% of the Initial Margin that is applied to the trade. For instance, if you have 2000 in your account and you trade the UK100 Daily at 10 per, the system will automatically allocate a stop loss 120 s away (because the maximum Initial Margin for the UK100 Daily is 150 and 80% of 150 is 120). You would also have 500 remaining as available funds on your account. Alternatively, if there are insufficient trading resources to cover the maximum Initial Margin, the system will allocate the stop level based upon 80% of the amount that was taken as Initial Margin, which would be the total trading resources available on your account. You may amend your stop loss to whatever level you desire, subject to the minimum stop loss distance for each market and the margin requirements. Although the automatic stop loss does go some way towards limiting your risk on your open trades, you must be aware that all orders including stop losses are subject to slippage and market gaps unless you specify for your stop loss to be guaranteed. The minimum and maximum Initial Margin requirements vary depending on the market. Initial Margin () The Initial Margin is the amount of unencumbered trading resources required to open each trade. The minimum is the minimum Initial Margin required to open a particular trade. You can calculate the minimum level of funds required to open a new position by multiplying the minimum by your stake. For example, the current minimum for the UK 100 Index is 0, therefore if you wish to trade 5 per you need a minimum of 150 available funds on your account (0 x 5 = 150). The minimum varies depending upon the market. Guaranteed Stop Orders LCG now offer Guaranteed Stop Orders. With Guaranteed Stop Orders you can trade safe in the knowledge that, should a market gap through your stop level, you will not suffer any extra losses from the slippage and you will be stopped out at the level you requested. As Guaranteed Stop Orders are a form of insurance against market gaps, they come at a small extra cost. Firstly, there s a premium you have to pay for selecting your mandatory Stop to be guaranteed and secondly, it needs to be placed further away from your entry level than if it was a non-guaranteed Stop. When instructing us to attach a Guaranteed Stop Order to an existing open position, an opening trade, or a new order, we will charge a premium by executing a cash debit to your account. Opting for your Stop to be guaranteed will also recalculate the minimum distance away from your opening trade. Further details of the premiums and minimum distances can be found below. Limited Risk Accounts London Capital Group now offer Limited Risk accounts. A Limited Risk account helps minimise the risks of trading by associating a Guaranteed Stop Order with all your positions.depending on your level of experience and financial situation you may be steered towards this account when you apply. Once you have some experience you can always contact Customer Support to request to swap your account to a standard account which means you will have the option of placing Guaranteed Stop Orders if you wish but these will not be mandatory. As mandatory Guaranteed Stop Orders are essentially a form of insurance against market gaps, they come at a small cost. This will be a premium that will be debited from your account when you place a trade. You should also note that by opting for a Limited Risk Account your Stop will need to be placed further away from your entry level than if you selected a standard account where Guaranteed Stop Orders are not mandatory. Short Selling Restrictions Please be advised that various regulators have imposed short selling restrictions on a small number of the equity markets we quote. This means that you are not allowed to hold sell positions in these markets. Whilst we will attempt to keep you informed of the changes imposed by the regulators, please understand that it is your responsibility to know which shares you can and cannot short. If you place a trade in contravention to these restrictions we may, solely at our discretion, close any such position without notice to you. We will close positions at either the current quote or at the entry level plus our spread. You will be liable for any loss you might incur as a result of such an action by us and you may also be liable to action taken by the regulator due to your contravention of said regulations. If you do have a specific query about an individual share, please check with the relevant exchange or you can contact our dealing team who will endeavour to assist you. Jan 201 LCG will not quote any markets outside of its opening hours which are generally Sun 22:00 to Fri, UK time. 1
FUTURE INDICES LCG Quoting hours) stake / unit risk I M per contract spread) Contract s Last Trading Charges imum UK 100 01:00-07:50 & 08:00-08:00- (- 08:00)* (GBP) 0 00 4(5) 2 s rd Fri (or ) of contract 10:00 Official LIFFE 2 0 Australia 200 22:50-05:0 & 06:10- *** 22:50-05:0 & (06:10- )*** (AUD) 25 150 2 (4) preceding the third Thurs of the until **** Official ASX on rd Thurs of the 50 Wall Street 21:0-22:0 & 21:0-22:0 & 70 400 Near 6 - Far 8 2 s End of business preceding rd Fri (or ) of contract Expires on the Special Opening Quotation on the rd Fri of the month. 4 70 German 0 (- 07:00)* 5 200 (6) 2 s rd Fri (or ) of contract 11.0 50 France 40 07:01-20 100 4 rd Fri of until 14:0 Official Euronext Paris 0 Japan 225 21:0-22:0 & 21:1-22:0 & 2:01-50 00 15 End of business preceding 2nd Fri (or ) of contract Expires on the Special Opening Quotation on the 2nd Fri of the month. 20 00 US 500 21:0-22:0 & 21:0-22:0 & 0. 100 400 8 2 s End of business preceding rd Fri (or ) of contract Expires on the Special Opening Quotation on the rd Fri of the month. 4 100 EU Stocks 50 15 100 2 s rd Fri (or ) of contract 10:00 for EU Stocks 50 contract. 2 40 US Tech 100 21:0-22:0 & 21:0-22:0 & 12 100 2 s End of business preceding rd Fri (or ) of contract Expires on the Special Opening Quotation on the rd Fri of the month. 2 0 Netherlands 25 0. 0 100 10 rd Fri of until 14:0 Official Euronext Amsterdam 5 50 Switzerland 20 07:01-20:57 (CHF) 50 200 4 2 s Thurs or before rd Fri of until 20:50 4 50 Russ 2K 01:00-2:00 01:00-2:00 0. 80 240 5 End of business preceding rd Fri (or ) of contract ) Expires on the Special Opening Quotation on the rd Fri of the month 10 100 2
India 50 0:45-10:00** 0:45-10:00** 200 400 8 Last Thurs (or ) of contract 09:0** Official NSE price of US 500 CNX India 50 6 200 German MidCap 1 Index 150 900 0 rd Fri (or ) of contract 11:0 price 2 150 Hong Kong Index 1:15-4:00 & 5:00-8:15 & 9:00-15:00 ** 1:15-4:00 & 5:00-8:15 & 9:00-15:00 ** 1 Index 120 400 25 Business preceding last business of 08:00** Official Hong Kong 20 400 China Enterprise 1:15-4:00 & 5:00-8:15 & 9:00-15:00 ** 1:15-4:00 & 5:00-8:15 & 9:00-15:00 ** 1 Index 200 400 20 Business preceding.last business of until 08:00** Official H-Shares 20 200 Brazil Index 12:00-20:10** 12:05-20:10** 1 Index 1000 000 60 of Feb, Apr, Jun, Aug, Oct, Dec Wed closest to 15th calendar or closest business until 20:00** Official BMF 100 1000 US-$ Index 01:00-22:00 01:00-21:59 0.001 Index 00 1000 0 Fri preceding rd Wednes of contract 20:00 at last market traded price in the future before. 5 00 1 CFD is the equivalent of 1 currency unit in the underlying market (e.g. 1, 1, $1 etc per ). Example Buy 1 CFD of FTSE at 5000.0 and then Sell 1 CFD of FTSE at 5001.0 to close = 1 profit. Buy 1 CFD of Wall Street at 10000 and then Sell 1 CFD of Wall Street at 10001 to close = $1 profit. ** +1 hour during BST
CASH INDICES LCG Quoting hours) unit risk (currency) per contract spread) Contracts Last Trading Charges imum UK 100 01:00-07:50 & 08:00-08:00- (-08:00)* (GBP) 0 150 1 (5) 2 20 Wall Street 21:0-22:0 (21:0-22:0) & (14:0) & 14:0- & (-) 50 200 1(2) 4 50 German 0 (-07:00)* 5 200 1 (6) 0 US 500 21:0-22:15 & (21:0-22:15) & (14:0) & 14:0- & (-) 0. 50 200 4 50 US Tech 100 (0.1) 21:0-22:15 & 21:0-22:15 & 0. 60 200 4 4 50 Russ 2K 01:00-2:00 01:00-2.00 0. 50 150 50 UK Mid 250 08:00-16:0 08:05-16:29 (GBP) 00 1000 0 5 100 France 40 07:01-20 100 1 0 Spain 5 CFD 08:00-19:00 08:00-19:00 5 200 4 54 New US Tech 100 Daily 21:0-22:0 2:00-21:0-22:0 2:00-0. 50 200 4 10 50 Hong Kong Index Daily 1:15-4:00 & 5:00-8:15 & 9:00-15:00 ** 1:15-4:00 & 5:00-8:15 & 9:00-15:00 ** 1 Index 120 400 20 20 400 Japan 225 Daily 21:0-22:15 & 21:1-22:15 & 2:01-00 500 10 20 00 Australia 200 22:50-05:0 & 06:10-20:00 *** 22:50-05:0 & (06:10-20:00)*** (AUD) 25 150 1 () 0 Ireland 08:00-16:25 08:05-16:25 50 150 6 4 50 Please note that all our indices are priced off the front futures contract. We reserve the right to go to telephone trading outside of exchange hours. * Closed -21:0 + 22:0-2:00 ** + 1 hour during BST *** + 2 hours during BST 1 CFD is the equivalent of 1 currency unit in the underlying market (e.g. 1, 1, $1 etc per ). Example Buy 1 CFD of FTSE at 5000.0 and then Sell 1 CFD of FTSE at 5001.0 to close = 1 profit. Buy 1 CFD of Wall Street at 10000 and then Sell 1 CFD of Wall Street at 10001 to close = $1 profit. 4
INTEREST RATE FUTURES LCG Quoting unit risk (currency) per contract Contract s Last Trading Charges imum Euribor 01:00-06:45 & 01:00-06:00 & 1 tick 10 0 2 4 s 2nd Business prior to rd Wednes of 10:00 Official LIFFE 2 10 Euroswiss 07:0-18:00 07:0-18:00 1 tick (CHF) 10 0 2 4 s 2nd Business prior to rd Wednes of 10:00 Official LIFFE 2 10 Short Sterling 07:0-18:00 07:0-18:00 1 tick (GBP) 10 0 2 4 s rd Wednes of contract month 09:00 Official LIFFE 2 10 1 CFD is the equivalent of 1 currency unit in the underlying market (e.g. 1, 1, $1 etc per ). Example Buy 1 CFD of Euribor at 98.00 and then Sell 1 CFD of Euribor at 98.01 to close = 1 profit. 5
BOND FUTURES LCG Quoting unit risk (currency) per contract Contract s Last Trading Charges imum BOBL s 07:02-1 tick 25 100 2 Two business s prior to 10th calendar or next business of 09:00 25 Bund s 07:02-1 tick 0 150 Two business s prior to 10th calendar or next business of at 09:00 0 Gilt s 08:00-18:00 08:00-18:00 1 tick (GBP) 0 150 rd last business of previous month at 16:00 Official LIFFE 0 Schatz s 07:02-1 tick 20 60 2 Two business s prior to 10th calendar or next business of at 09:00 20 US 0 Year 22:00 22:00 ( Fri) 1 tick 100 200 6 Two business s prior to the first business month at 20:00 Official CBOT on our last trading 4 100 US 10 Year 22:00 22:00 1 tick 75 150 4 Two business s prior to the first business month at 20:00 Official CBOT on our last trading 4 75 1 CFD is the equivalent of 1 currency unit in the underlying market (e.g. 1, 1, $1 etc per ). Example Buy 1 CFD of Bund at 125.00 and then Sell 1 CFD of Bund at 125.01 to close = 1 profit. 6
COMMODITIES LCG Quoting hours) unit risk (currency) per contract spread) Contracts Last Trading Charges imum Brent Crude Oil s 01:00-2:00 (01:01 07:00) 07:00 ( - 22:59) per 0.01 10 500 4 (8) 2 business s before the 15th prior to the first of the delivery month at 17:00 on 4 10 US Crude Oil s 22:15 (07:00) per 0.01 10 500 4 (8) 6 business s before the 25th calendar of month prior to the at 19:0 Official NYMEX on 4 10 Gas Oil 01:00-2:00 01:01-22:59 per 0.1 100 250 10 business s prior to the 14th calendar of the delivery at 12:00 on 6 100 Carbon Emissions 17:00 17:00 per 0.01 100 200 25 December only Second Fri of at 17:00 on 0 200 Natural Gas s 22:15 22:15 per 0.001 500 2000 0 4 business s business month at 19:0 Official NYMEX on 20 500 Heating Oil s 22:15 22:15 per 700 2000 0 2 business s business month at 19:0 Official NYMEX on 20 700 Gold 22:15 22:15 per 0.1 100 00 4 4 100 Gold s 10:00-09:15 22:15 per 0.1 100 00 8 of Feb, Apr, Jun, Aug, Dec 4 business s business of the at 18:0 Official COMEX on 4 100 Silver s 22:15 22:15 per 0.01 50 150 of Mar, May, Jul, Sep, Dec 4 business s business of the at 18:0 Official COMEX on 6 50 US Copper s 22:15 22:15 per 1600 2500 80 of Mar, May, Jul, Sep, Dec 4 business s business of the at 18:00 Official COMEX on 0 1600 US Wheat s 01:00-1:45 & 14:0-19:15 01:00-1:45 & 14:0-19:15 per 1 dollar 60 140 1* of Mar, May, Jul, Sep, Dec 8 business s business month at 19:00 Official CBOT on 20 200 US Soybean s 01:00-1:45 & 14:0-19:15 01:00-1:45 & 14:0-19:15 per 1 dollar 50 150 2* of Jan, Mar, May, Jul, Aug, Sep, Nov 8 business s business month at 19:00 Official CBOT on 20 200 US Unleaded Gasoline s 22:15 22:15 per 500 1500 0 month 2 business s business month at 19:0 Official NYMEX on 20 500 7
World Sugar 08:0-19:00 07:0-19:00 0.0 20 100 4* March, May, July, October 10 business s prior to 1st of delivery month on our last trading 20 20 US Coffee 08:0-19:00 08:0-19:00 0.0 150 500 20* March, May, July, September, December 15 business s prior to 1st of delivery month on our last trading 10 100 US Cocoa 09:00-19:00 09:00-19:00 50 150 6* March, May, July, September, December 15 business s prior to 1st of delivery month on our last trading 15 150 Cotton No 2 02:00-19:0 02:00-19:0 per 0.01 100 200 20* Mar,May, Jul, Oct, Dec Six business s before the first delivery month on our last trading 2 50 Orange Juice 1:00-19:00 1:00-19:00 per 0.01 100 200 20* March, May, July, Sept, November 7 business s business month on our last trading 10 00 1 CFD is the equivalent of 1 currency unit in the underlying market (e.g. 1, 1, $1 etc per ). Example Buy 1 CFD of US Crude at 65.00 and then Sell 1 CFD of US Crude at 65.01 to close = $1 profit. * Typical spread applied around underlying market spread 8
SPOT CURRENCIES Major Pairs LCG Quoting unit risk spread) Contract Last Dealing Charges imum AUD/JPY 0.01 40 200 4 50 AUD/USD 40 200 1 50 CHF/JPY 0.01 40 200 4 100 EUR/AUD 100 00 8 5 100 EUR/CAD 40 200 8 50 EUR/CHF EUR/GBP EUR/JPY EUR/USD GBP/EUR GBP/JPY 0.01 0.01 40 40 40 40 40 120 200 200 200 200 200 400 2 1 1.6 1 Spot FX CFDs do not have an expiry date. 24hr markets for Major Pairs will normally open at 07:05 on Mon morning and close at 06:00 on Satur morning. 4 50 50 50 50 50 120 GBP/USD 60 200 2 60 NZD/USD 24 50 200 2 50 USD/CAD 24 40 200 50 USD/CHF 24 40 200 2 50 USD/JPY 24 0.01 40 200 0.8 50 or Pairs LCG Quoting unit risk spread) Contract Last Dealing Charges imum AUD/CAD 60 200 6 4 100 AUD/CHF 60 200 5 4 100 AUD/NZD 80 00 10 5 100 AUD/SGD 80 00 8 5 100 CAD/CHF 40 200 6 50 CAD/JPY 0.01 100 00 5 4 100 EUR/NOK 00 1000 50 20 500 EUR/NZD 10 400 16 12 00 EUR/SEK 00 1000 50 20 500 EUR/ZAR 0.001 200 400 20 20 500 GBP/CAD 80 400 10 5 100 GBP/CHF GBP/NZD 100 10 00 400 5 14 Spot FX CFDs do not have an expiry date. 4 12 100 00 GBP/ZAR GBP/AUD NZD/CAD 0.001 00 80 100 600 400 00 24 10 8 24hr markets for or Pairs will normally open at 2:00 on Sun evening and close at on Fri night. 20 5 5 500 100 100 NZD/CHF 100 00 6 4 100 NZD/JPY 24 0.01 100 00 6 4 100 SGD/JPY 0.01 100 00 8 4 100 USD/CZK 24 0.001 00 1000 4 20 500 USD/DKK 24 100 500 20 12 00 USD/HUF 24 0.01 140 600 40 20 500 USD/MXN 24 00 1000 88 20 500 USD/NOK 24 00 1000 50 20 500 USD/PLN 24 200 600 40 20 500 USD/SEK 24 00 1000 50 20 500 USD/SGD 24 80 400 4 5 100 USD/ZAR 24 0.001 60 180 15 6 200 9 Profit and loss (P/L) reporting for FX CFDs P/L is incurred in the quote currency (the second currency of the FX pair). For FX pairs with a unit risk of, 1 CFD is the equivalent of 10,000 of the base currency (the first currency of the FX pair). For FX pairs with a unit risk of 0.01, 1 CFD is the equivalent of 100 of the base currency (the first currency of the FX pair). Example 1 CFD of GBP/USD @ 1.5575 = 10,000 or $15,575, so Buy 1 CFD of GBP/USD at 1.5575 and then Sell 1 CFD of GBP/USD at 1.5576 to close = $1 profit). 1 CFD of USD/JPY @ 94.00 = $100 or Y9,400, so Buy 100 CFDs of USD/JPY at 94.00 and then Sell 100 CFDs of USD/JPY at 94.01 to close = 100 profit).
INDIVIDUAL SHARES LCG Quoting unit risk Contracts Charges (from) imum Distances (from) 1 UK 100 08:00-16:0 08:01-16:0 penny % 10% 0.1% 0.50% 5% UK Mid 250 08:00-16:0 08:01-16:0 penny 5% 10% 0.25% 1% 10% UK Small Cap & A (selection of) 08:00-16:0 08:01-16:0 penny Variable Variable 0.25% 1% 0% US 500 & US Tech 100 (selection of) 14:0-14:1- cent 5% 15% 0.1% (min 1 cent) 1% 10% German 08:00-16:0 08:0-16:0 cent 5% 10% 0.2% 1% 10% Ireland ISEQ shares 08:00-16:28 08:05-16:25 cent 5% 15% 0.25% (min 0.01 EUR) 2% 20% French 08:00-16:0 08:01-16:0 Cent Move 5% 10% 0.2% 1% 10% Holland 08:00-16:1 08:01-16:1 Cent Move 5% 10% 0.2% 1% 10% Selection of Swedish shares 08:00-16:20 08:02-16:19 SEK 5% 15% 0.10% 2% 20% Selection Norwegian Shares 08:00-15:20 08:01-15:19 NOK Mov 5% 15% 0.10% 2% 20% Selection of Danish Shares 08:00-16:00 08:02-15:45 DKK Mov 5% 15% 0.10% 2% 20% South African 15:00** 07:05-14:48** Cent 10% 20% 0.25% 2% 20% Selection of Indian Shares 0:45-10:00** 0:45-10:00** INR Mov 10% 20% 0.25% 2% 20% Australian shares 01:00-07:00 01:00-07:00 cent 5% 15% 0.05% commision* 0.50% 5% Selection of Spanish 08:00-16:0 08:01-16:0 cent 5% 10% 0.20% 2% 20% s & commissions For shares we do not charge commission or minimum commission, but instead we apply a spread either side of underlying market spread, as detailed in the table above. 1 CFD is the equivalent of 1 share in the underlying market. Example Buy 10,000 CFDs of Vodafone at 95.0 and then sell 10,000 CFDs of Vodafone at 110.0 to close = 1,500 profit. ** +1 hour during BST 10
Cash Contracts Cash contracts provide a cost-effective solution for short to medium term trading. They do not have an expiry date. An overnight financing rate is applied for every night that you hold a position open. Because you have only a small percentage of the full value of the trade as margin on deposit, your account incurs a debit or credit for each that the position is held overnight. Similar to a mortgage on a property, you can put down a deposit and the rest remaining balance you can pay for with an interest only loan from the bank. In the event of a corporate action or dividend being applied to the underlying market, a cash adjustment may be made to the account to reflect this redistribution of cash. A haircut may be applied to the value of this cash adjustment. Contracts s contracts will expire at a future date. The price is derived from the relevant underlying product or a related future and will factor in the cost of carry to the expiry date. No overnight finance charges will therefore be applied to positions held overnight. Relevant interest rate levels and time to expiry are the key determinants of the cost-of-carry that will be factored into the future contract price. In the case of equity related futures, we may apply a cash adjustment in the event of corporate actions or dividend payments during the life to reflect this redistribution of cash if it has not been discounted in the future contract s price. A haircut may be applied to this adjustment dependant on several factors for example applicable tax rates, clearing cost to process dividend payments etc. The future contract can be closed at any time before it expires, just as you can with a rolling contract. Last updated : January 201 11