Our Stock Indices are a special form of CFD that give a client exposure to changes in the value of a stock index but cannot result in the delivery of any share or instrument by or to the client.
1) Spreads are subject to variation, especially in volatile market conditions. Wider spreads apply when stock indices are quoted outside normal market hours; these are shown in brackets. In-hours spreads apply during the following times:
Australian Stock Index: 09.50-16.30 (Sydney time).
FTSE 100 Index: 08.00-16.30 (London time).
Wall Street Index: from the time after the opening of the NYSE when all the Dow stocks have traded (normally by 09.45) until 16.00 (New York time).
MIB Index: 09.00-17.40 (Milan time)
2) For Limited Risk transactions, all the spread and the Limited Risk premium are charged on the opening. Transactions are closed at the market level.
3) The minimum transaction size is one contract.
4) 24-hour dealing starts at 23.30 London time on Sunday and finishes at 21.15 London time on the following Friday. Please contact us for specific information about public holidays.
5) We do not quote the Nikkei during the SGX lunch break (10.15-11.15 Singapore time), or between 21.00 London time and the opening of SGX. We do not quote the Hang Seng during the HKFE lunch break (12.30-14.30 Hong Kong time), or between 21.00 London time and the opening of the HKFE.
6) Limited Risk positions on stock indices are closed if the middle of our quotation reaches the selected stop level. There may be nothing against which to measure our quotation, particularly at times when the underlying market is closed.
Our quotations, especially at such times, reflect our own view of the prospects for a market. Furthermore, business done by other clients may itself affect our quotations. If a price reaches one client's Limited Risk stop level, so that, for example, he sells to close a position, that sale may itself push our quotation down to a level at which another client's Limited Risk position has to be closed.
7) For CFDs on stock indices, adjustments to reflect the effect of interest and dividends are calculated daily and posted to the client's account weekly.
i) Interest adjustments are calculated as follows:
D = n x L x C x i / 360
Where:
D = daily interest adjustment
n = number of lots
L = lot size
C = current index price
i = applicable annual interest rate
The applicable interest rate will be +/-2.5% above/below the indicator cash rate for that index unless otherwise agreed in writing.
Note: The formula uses a 365-day divisor for UK indices and a 360-day divisor for non-UK indices.
Interest in respect of long positions is debited from a client's account and interest in respect of short positions is credited to a client's account at rates which are agreed with each client.
ii) A dividend adjustment is applied when a component share passes its ex-dividend date (including the ex-date of any special dividend) in the underlying stock market. 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.
8) Trading times are local times. The following are special cases: For the OMX times shown are London time, for Euro Stocks 50 we show Frankfurt time and for the Nifty Index: Singapore time.
9) We do not quote the Australian Stock Index between 07.00 and 09.50 and between 16.30 and 17.10 (Sydney time).
10) The dealing spread for FTSE 250 Index and Techmark Index is 0.45% of the index level for both standard and mini contracts. The Limited Risk premium is 0.3% of the index level.
11) We do not quote the Russell 2000 between 15.15 and 15.30 (Chicago time).
12) The times shown in the table for the MIB Index are online times; this index is quoted 24-hours over the phone.
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