Contract and dealing hours (New York time) |
One contract means |
Value of one contract (per full point) |
Normal spread |
Ltd risk premium |
Margin requirement (per contract) |
Commission |
Last dealing day |
Gold
14.00-08.00
08.25-13.25 |
100 troy oz |
$100 |
0.5 |
0.3 |
$2000 |
USD15 |
Fourth bus. day prior to 1st day of of contract month (9) |
Silver
14.00-08.00
08.25-13.25 |
500 troy oz |
$50 |
4.0 |
4.0 |
$3750 |
USD15 |
Third Fri. or prev. bus. day of prev. month |
Copper (High Grade)
14.00-08.00
08.10-13.00 |
25,000 lbs |
$2.50 |
80 |
120 |
$8100 |
USD15 |
Third Fri. or prev. bus. day of prev. month |
Palladium
08.30-13.00 |
100 troy oz |
$100 |
4.0 |
2.0 |
$4100 |
USD15 |
Third Fri. or prev. bus. day of prev. month |
Platinum
08.20-13.05 |
50 troy oz |
$50 |
3.0 |
1.5 |
$2700 |
USD15 |
Third Fri. or prev. bus. day of prev. month |
Notes to table
Our Metals contracts are a special form of CFD and give you exposure to changes in the price of metals.They are cash settled and cannot result in the delivery of the underlying metal.
1) Spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.
2) For Limited Risk transactions, all the spread and the Limited Risk premium are charged on the opening. Positions are closed at the middle market level.
3) The minimum transaction size is one contract. Subject to this minimum size, transactions may be in fractions of a contract.
4) We quote Spot Metals 24 hours a day, normally from 20.00 (London time) on Sunday until 21.15 (London time) on Friday.
5) The normal Margin Percentage for Silver is 4% of the transaction value. The normal Margin Percentage for Gold is 3%. We reserve the right to alter the Margin Percentage at any time.
6) For Spot Metal transactions, funding adjustments are calculated and posted to the client's account daily. Funding adjustments are calculated as follows:
A = V x R / 360
Where:
V = the current value of the position in US dollars. This is equal to:
Number of contracts x Contract size x Spot Metal price
R = a percentage rate which is based on US base rates
A = the amount of the daily interest credit or debit
A daily funding adjustment is calculated for any position opened before ;20.00 that is still open after 20.00 (London time).
7) Positions in Forwards Metals not already closed by the client expire automatically at the closing price of a futures contract of the relevant metal on the New York Mercantile Exchange on our last dealing day. The futures contract against which a Forwards Metal is settled is designated in the name of the Forwards Metal contract (eg DEC07).
8) For most positions, a client can, at any time before the position has been automatically closed, ask for the position to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact a client shortly before a position is due to expire and offer him the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to give instructions, if he so wishes, to roll the position over before it expires.
9) Where the Gold (Forwards) settlement date would fall (as predicted by the rule in the table) on a Friday or on the day before a US holiday, the contract will instead settle on the previous day. |
