Stock Indices Contract Details

Stock Indices: Contract Details

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Our Stock Indices are based on the cash price of the underlying index.

Stock indices information table - standard contracts

Index and dealing hours (7)	Value of one contract (per index point) (3)	Dealing spread (1)	Limited Risk premium (2)(6)	Margin Requirement (per contract) (12)
FTSE 100 24 hours (4)	£10	2 (6)	3	£2000/£400
Wall Street 24 hours(4)	$10	4 (6)	4	$4000/$800
US SPX500 24 hours (4)	$250	0.5 (0.7)	0.4	$14,250/$2000
Japan 225 24 hours (4)	$5	8	20	$2500/$500
Germany 30 24 hours(4)	E25	2 (7)	3	E6250/E1000
Hong Kong HS42 24 hours (4)	HK$50	12 (40)	20	HK$60,000/HK$10,000
US Tech 100 24 hours (4)	$100	1	2	$10,000/$1500
Australia 200 24 hours (4)	A$25	2	3	A$5000/A$1000
FTSE 250 08.15-16.30	£10	see note (9)	see note (9)	£3000
Techmark 08.15-16.30	£10	see note (9)	see note (9)	£1200
Italy 40 24 hours (4)	E5	12 (40)	10	E7500/E1250
Switzerland Blue Chip 06.50-16.30	CHF10	4	4	CHF5000
Sweden 30 24 hours	SEK100	0.5 (1.5)	1	SEK1000
EU Stocks 50 24 hours	E10	2 (4)	2	E300
France 40 24 hours	E10	2 (6)	2	E2400/E300
Germany Mid-Cap 50 08.00-22.00	E5	8	5	E3200
Germany Tech 30 09.00-22.00	E10	2	1	E600
Korea 200 09.00-15.15	KRW5000	20	20	KRW15,250,000
Taiwan Index 01.45-06.50; 07.45-15.55	$100	0.4	0.2	$2000
Japan All-Share 09.00-11.00; 12.30-15.10	JPY10,000	2	1	JPY360,000
Singapore Blue Chip 08.30-17.15; 18.15-22.55	SGD200	0.4	0.2	SGD4400
India 50 12.25-18.15 (7)	$10	4	6	$6250
Canada 60 09.30-21.15	CAD200	1	1	CAD15800
South Africa 40 08.30-17.30	ZAR50	12 (30)	6	ZAR70,000
China H-Shares 09.45-12.30; 14.30-16.30	HKD50	20	20	HKD51,000
Netherlands 25 07.00-21.00	E200	0.3	0.5	E5000
Spain 35 24 hours	E10	5 (18)	4	E9000/E1500
Portugal 20 24 hours	E1	30 (50)	10	E755
US Russ2000 01.00-23.00	$500	0.3	0.3	$26,500
Belgium 20 09.00-17.30	E10	8	5	E2900
Norway 25 09.00-16.20	NOK100	0.5	0.5	NOK2500

Stock indices information table – mini contracts

Index and dealing hours (8)	Value of one mini contract (per index point) (3)	Dealing spread (1)	Limited Risk premium (2)(6)	Margin Requirement (per contract) (15)
FTSE 100 24 hours(4)	£2	2 (6)	3	£400/£120
Wall Street 24 hours(4)	$2	4 (6)	4	$800/$200
US SPX500 24 hours(4)	$50	0.7	0.4	$2850/$500
Japan 225 24 hours with gaps(4)	$1	8	20	$500/$150
Germany 30 24 hours(4)	E5	2 (8)	3	E1250/E300
Hong Kong HS42 24 hours (4)	HK$10	20 (40)	20	HK$12,000/HK$2000
US Tech 100 24 hours(4)	$20	2	2	$2000/$400
Australia 200 24 hours (4)	A$5	2	3	A$1000/A$250
FTSE 250 08.15-16.30	£2	see note (10)	see note (10)	£600
Techmark 08.15-16.30	£2	see note (10)	see note (10)	£240
Italy 40 24 hours(4)	E1	12 (40)	10	E1500/E350
Switzerland Blue Chip 06.50-16.30	CHF2	7	4	CHF1000
Sweden 30 24 hours	SEK20	0.7 (1.5)	1	SEK200
EU Stocks 50 24 hours	E2	2 (4)	2	E60
France 40 24 hours	E2	3 (7)	2	E480/E80
Germany Mid-Cap 50 08.00-22.00	E1	8	5	E640
Germany Tech 30 09.00-22.00	E2	2	1	E120
Korea 200 09.00-15.15	KRW1000	20	20	KRW3,050,000
Taiwan Index 01.45-06.50; 07.45-15.55	$20	0.4	0.2	$400
Japan All-Share 09.00-11.00; 12.30-15.10	JPY2000	2	1	JPY72,000
Singapore Blue Chip 08.30-17.15; 18.15-22.55	SGD40	0.4	0.2	SGD880
India 50 12.25-18.15 (8)	$2	4	6	$1250
Canada 60 09.30-21.15	CAD40	1	1.0	CAD3160
South Africa 40 08.30-17.30	ZAR10	12 (30)	6	ZAR14,000
China H-Shares 09.45-12.30; 14.30-16.30	HKD10	20	20	HKD10,200
Netherlands 25 07.00-21.00	E40	0.3	0.5	E1000
Spain 35 24 hours	E2	8 (18)	4	E1800/E400
US Russ2000 01.00-23.00	$100	0.5	0.3	$5300
Belgium 20 09.00-17.30	E2	8	5	E580
Norway 25 09.00-16.20	NOK20	0.5	0.5	NOK500

Stock Indices (Forward) Information Table

Index and dealing hours (Local times unless stated)	Value of one contract (per index point)	Dealing spread (1)	Limited Risk premium (2)	Margin Requirement (per contract) (12)
FTSE 100 24 hours	£10	4 (8)	3	£2000/£400
Wall Street 24 hours	$10	6 (10)	4	$4000/$800
US SPX 500 24 hours	$250	1	0.5	$14,250/$2000
US Tech 100 24 hours	$100	3	2	$10,000/$1500
US Russ 2000 01.00-23.00 (London time)	$500	0.6	0.5	$26,500
Germany 30 24 hours	E25	6 (12)	3	E6250/E1000
France 40 24 hours	E10	4 (8)	2	E2400/E300
EU Stocks 50 24 hours	E10	2 (4)	2	E300
Austria 20 09.00-17.30	E10	10	2	E1000
Netherlands 25 07.00-21.00	E200	0.3	0.5	E5000
Italy 40 24 hours	E5	16 (44)	10	E7500/E1250
Spain 35 24 hours	E10	8 (18)	4	E9000/E1500
Switzerland Blue Chip 09.00-17.30	CHF10	8	4	CHF5550
South Africa 40 24 hours	ZAR50	12 (30)	6	ZAR70,000
Sweden 30 24 hours	SEK100	0.7 (1.5)	1	SEK1000
Germany Mid-Cap 50 08.00-22.00	E5	10	5	E3200
Germany Tech 30 08.00-22.00	E10	2	1	E600
Canada 60 06.00-16.15	CAD200	1	1	CAD14,200
Japan 225 24 hours	$5	20	20	$2500/$500
Hong Kong HS42 24 hours	HKD50	30 (50)	20	HKD60,000/HKD10,000
China H-Shares 09.45-12.30; 14.30-16.30	HKD50	20	20	HKD46,000
Korea 200 09.00-15.15	KRW500000	20	20	KRW15,450,000
India 50 12.25-18.15 (Singapore time)	$10	6	6	$4700
Singapore Blue Chip 08.30-17.15; 18.15-22.55	SGD200	0.4	0.2	SGD3400
Taiwan Index 01.45-06.50; 07.45-15.55	$100	0.4	0.2	$2500
Japan All-Share 09.00-11.00; 12.30-15.10	JPYY10000	2	1	JPYY290,000
Australia 200 24 hours	AUD25	3	3	AUD5000/AUD1000
US Dollar Basket 07.00-20.00; 00.00-03.00	$10	20	10	$1995
VIX (Volatility) 14.30-21.15	$1000	0.1	0.05	$6000
Belgium 20 09.00-17.30	E10	10	5	E2900
Norway 25 09.00-16.20	NOK100	0.7	0.5	NOK2500
Denmark 20 09.02-16.50	DKK100	0.6	0.3	DKK1700
Greece 20 12.15-19.20	E5	4	4	E1000
Poland 20 09.30-17.30	PLN50	10	10	PLN7500
Hungary 12 09.05-16.30	HUF50	200	200	HUF65,000
Mexico 35 07.30-15.00	MXN50	50	50	MXN115,000

Settlement Information

FTSE 100
Last dealing day: Thursday prior to third Friday or previous business day of contract month. Settles: At the Exchange Delivery Price (EDSP) of the FTSE 100 as reported by Liffe on the last dealing day. The EDSP is based on an intraday cash market auction of the FTSE 100 which commences at 10.10 on the last trading day. Uncrossing of the component stocks should be finished by 10.30. Traded months: Current and next month, last month of current and next quarter.

Wall Street
Last dealing day: Thursday prior to the third Friday or previous business day of contract month. Settles: At the Special Opening Quotation (SOQ) of the DJIA. The SOQ is calculated from the sequence of opening prices of the 30 DJIA stocks on the NYSE. Traded months: Current and next month, last month of current and next quarter.

US SPX500
Last dealing day: Business day preceding third Friday, or previous business day of contract month. This contract can be dealt in until 21:15 London time on the last dealing day. Settles: At the Special Opening Quotation of the S&P 500. Traded months: March, June, September, December

US Tech 100
Last dealing day: Business day preceding third Friday, or previous business day of contract month. Settles: At each day’s official settlement price of the NASDAQ-100. The settlement value is calculated basis the NASDAQ Official Opening Price (NOOP) of the constituent stocks of the index. Traded months: March, June, September, December.

US Russ2000
Last dealing day: Thursday before third Friday of contract month. Settles: Based on the Final Settlement Price of the Russell 2000 futures. Traded months: Current liquid month.

Germany 30
Last dealing day: Third Friday (or previous business day) of contract month. Settles: Based on prices of the component shares of the respective index as determined in an intraday auction starting at 13:00 CET in the electronic trading system Xetra. Traded months: March, June, September, December.

France 40
Last dealing day: Third Friday of contract month. Settles: 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 15.40 and 16.00 (Paris time and including the last value disseminated after 16.00) on the last trading day. Traded months: Current and next month.

EU Stocks 50
Last dealing day: Third Friday of contract month. Settles: At the average price of the Dow Jones Euro STOXX 50 values calculated between 11.50 and 12.00 CET on the last trading day, as reported by Eurex. Traded months: March, June, September, December.

Austria 20
Last dealing day: Third Friday of contract month. Settles: Based on the settlement price of the Austrian Traded Index reported by Wiener Borse on the first banking day following the IG last trading day. Traded months: All liquid months.

Netherlands 25
Last dealing day: Third Friday of contract month. Settles: Based on the average of values of the AEX Index calculated at one-minute intervals between 14.30 and 15.00 on the last trading day. Traded months: March, June, September, December.

Italy 40
Last dealing day: Third Friday of contract month. Settles: Based on the settlement price of the FTSE/MIB Index future as reported by Borsa Italiana. The settlement price is a value of the FTSE/MIB Index calculated on the basis of prices of shares in the index on the last trading day. Traded months: March, June, September, December.

Spain 35
Last dealing day: Third Friday of contract month. Settles: Based on the average value of the IBEX 35 between 16.15 and 16.44 (Madrid time) on the day of expiry as reported by MEFF. Traded months: Current month and next month, where liquid.

Switzerland Blue Chip
Last dealing day: Trading day prior to third Friday of contract month. Settles: 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. Traded months: March, June, September, December

South Africa 40
Last dealing day: Third Thursday of contract month. Settles: 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. Traded months: Current liquid month.

Sweden 30
Last dealing day: Third Friday of contract month or previous business day. Settles: Based on the final settlement price of the OMXS30 as reported by EDX London on the last trading day. The 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. Traded months: All months

Germany Mid-Cap 50
Last dealing day: Third Friday of the contract month. Settles: at the price of the M-Dax determined by Eurex during the intraday auction on the third Friday of the contract month. Traded months: March, June, September and December.

Germany Tech 30
Last dealing day: Third Friday (or previous business day) of contract month. Settles: Based on the final settlement value of the TechDAX as reported by Eurex on the last trading day. The settlement value is based on prices of the component shares of the index as determined in an intraday auction starting at 13.00 CET in the electronic trading system Xetra. Traded months: March, June, September, December.

Canada 60
Last dealing day: Trading day prior to third Friday of contract month. Settles: Based on the Official Opening Level of the S&P/TSX 60 as reported by Bourse de Montreal on the third Friday (this is the day after the last trading day). Traded months: March, June, September, December.

Japan 225
Last dealing day: Business day preceding second Friday or previous business day of contract month. This contract can be dealt in until 21.15 London time on the last dealing day. Settles: At the special opening quotation of the Nikkei 225 Stock Average, on the day following the last dealing day, which is used to settle the Nikkei 225 futures at the Osaka Securities Exchange, rounded to the nearest 1/10th of an index point. Traded months: March, June, September, December.

Hong Kong HS42
Last dealing day: Business day preceding last Hong Kong business day of month. Please note that this contract can only be dealt in until 16.00 Hong Kong time on the last dealing day. Settles: 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. Quoting for the following month begins during the last week of the current trading month.

China H-Shares
Last dealing day: Trading day preceding last business day of contract month. Settles: 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. Traded months: Current and next month.

Korea 200
Last dealing day: Second Thursday of contract month. Settles: Based on the settlement price of the KOPSI 200 as reported by the Korean Futures Exchange on the day following the last dealing day. Traded months: March, June, September, December.

India 50
Last dealing day: Last Thursday of contract month. Settles: Based on the official closing price of the CNX Nifty Index on SGX on the last Thursday of the contract month. Traded months: Current liquid month.

Singapore Blue Chip
Last dealing day: Second last Singapore trading day of contract month. Settles: Based on the Special Opening Quotation of the MSCI Singapore Free Index on the day following the last trading day, as reported by SGX. Traded months: Current liquid month.

Japan All-Share
Last dealing day: Trading day preceding second Friday of contract month. Settles: Based on the Special Settlement Price of the relevant TOPIX futures contract as reported by the Tokyo Stock Exchange on the day after the last trading day. The Special Settlement Price is based on the opening prices of the component stocks on the business day following the last trading day. Traded months: March, June, September, December.

Taiwan Index
Last dealing day: Trading day preceding the last business day of contract month. Settles: Based on the Special Settlement Price of the MSCI Taiwan Index as reported by SGX on the business day following the last trading day. Traded months: Current liquid month.

Australia 200
Last dealing day: Third Thursday of contract month. Settles: At the Special Opening Quotation (SOQ) of the S&P/ASX 200 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 200 on the last trading day, irrespective of when those stocks first trade in the ASX trading day. Traded months: March, June, September, December.

US Dollar Basket
Last dealing day: Second business day prior to the third Wednesday of contract month. Settles: Based on the closing price of the US Dollar Index futures contract on NYBOT on our last dealing day. Traded months: March, June, September, December.

VIX (Volatility)
Last dealing day: Trading day prior to Wednesday, 30 days prior to third Friday of month following contract month. Settles: Based on the final settlement value of the volatility 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. Traded months: Current liquid month.

Belgium 20
Last dealing day: Third Friday of contract month. Settles: Based on the average of values of the BEL 20 Index, as published by Euronext Brussels, between 15.40 and 16.00 (Brussels time) on the last trading day.

Norway 25
Last dealing day: Third Thursday of every month. Settles: Based the official closing price of the OBX Index Future on the Oslo Stock Exchange. Traded months: All months.

Denmark 20
Last dealing day: Third Friday of contract month or previous business day. Settles: Based on the final settlement price of the OMX Nordic Exchange Future on the Copenhagen Stock Exchange. Traded months: All months

Greece 20
Last dealing day: Third Friday of contract month or previous business day. Settles: Basis the final settlement price of the FTSE/ATHENS 20 Index Future on the FTSE/ATHENS Derivative Exchange. Traded months: March, July, September, December.

Poland 20
Last dealing day: Third Friday of contract month or previous business day. Settles: Basis the final settlement price of the WIG 20 Index Future on the Warsaw Stock Exchange. Traded months: March, July, September, December.

Hungary 12
Last dealing day: Third Friday of contract month or previous business day. Settles: Based on the final settlement price of the BUX Exchange Future on the Budapest Stock Exchange. Traded month: December.

Mexico 35
Last dealing day: Third Friday of contract month or previous business day. Settles: Based on the final settlement price of the MEX BOLSA Index Future on the Mexican Derivatives Market. Traded months: Quarterly – March, July, Sep, Dec.

Expiry transactions: related expiry markets

Stock index	Related expiry market
FTSE 100	FTSE 100
Wall Street	DJIA 30
US SPX500	S&P 500
Japan 225	Nikkei 225
Germany 30	DAX 30
Hong Kong HS42	Hang Seng
US Tech 100	Nasdaq 100
Australia 200	S&P/ASX 200
FTSE 250	FTSE 250
Techmark	FTSE techMARK 100
Italy 40	FTSE/MIB
Switzerland Blue Chip	SMI
Sweden 30	OMXS30
EU Stocks 50	Dow Jones Euro STOXX 50
Germany Mid-Cap 50	MDAX
Germany Tech 30	TecDAX
France 40	CAC 40
Korea 200	KOSPI 200
Taiwan Index	MSCI Taiwan
Japan All-Share	TOPIX
Singapore Blue Chip	Singapore Free Index
India 50	Nifty Fifty
Canada 60	S&P/TSX 60
South Africa 40	FTSE/JSE Top 40
China H-Shares	Hang Seng China Enterprises
Netherlands 25	AEX
Spain 35	IBEX 35
Portugal 20	PSI 20
US Russ2000	Russell 2000
Belgium 20	BEL 20
Norway 25	OBX

Notes to tables

Our Stock Indices are special forms of CFD which 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.

We quote an 'all-in' spread that includes both dealing spread and market spread. Dealing 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:

FTSE 100: 08.00–21.00

Wall Street: from the time after the opening of the NYSE when all the Dow stocks have traded (normally by 14.45) until 21.00

Japan 225: when either CME or SGX is open; i.e. 00.55–03.15, 04.15–07.25 and 14.00–21.15
For Limited Risk transactions, a Limited Risk premium is charged on the opening.
The minimum transaction size is one contract.
24-hour dealing starts at 23.00 (London time) on Sunday and finishes at 22.00 (London time) on the following Friday. Please contact us for specific information about public holidays.
Limited Risk positions are closed if the bid or offer price (bid price for long positions, offer for short positions) 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.
CFDs on stock indices are Undated Transactions that do not expire (unless requested, please see note 13). For each day that a position is held adjustments are calculated to reflect the effect of interest and dividends. A daily interest adjustment is calculated for any position that is opened before 22.00 (London time) and that is still open after 22.00 (London time). These adjustments are posted daily to the client's account.

i) Interest adjustments are calculated as follows:

D = n x L x C x i / 365

Where:

D = daily interest adjustment
n = number of lots
L = lot size
C = underlying index price of 10pm (London time)
i = applicable annual interest rate

Note: The formula uses a 365-day divisor for the FTSE 100 and a 360-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 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.
Trading times are local times, except for the India 50 which is Singapore time.
We will not charge any additional commission unless we notify you in writing.
The dealing spread for FTSE 250 and Techmark is 0.45% of the underlying index level for both standard and mini contracts. The Limited Risk premium is 0.3% of the underlying index level.
When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our PureDeal platform.
Clients may request that an open stock-index position will expire on the day that the request is made.
We are unlikely to agree to such a request if either:

a) the size of the position or positions is larger than 10 contracts
b) the request is made less than two hours before the close of the related expiry market (below)

On our agreement to an expiry request, the transaction or transactions in question will become an Expiry Transaction, and will automatically expire at the official closing price of the related expiry market, as follows.
On certain markets, different initial margin rates apply depending on the type of account you hold. Where there are two margin requirements listed, the lower figure applies to the Trader Account and the higher figure to the Select Account.
For most Forward market 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.
Wall Street, US SPX 500, US Tech 100 and US Russ 2000 Forwards can be traded until 14.30 on the day of expiry. This means Stop or Limit Orders can be filled until this time.

Stock Indices Contract Details