Options Contract Details

Weekly Options

We quote Weekly FX Options that settle each Friday basis the spot rate at 15.00 (London time).

Contract sizes are as follows:

Notes

Our Weekly Options are special forms of CFD which give you an exposure to changes in option prices. A Weekly Option is cash settled and cannot be exercised by or against you or result in delivery of the underlying security.

• Positions not already closed by the client expire basis the first print on Bloomberg (E&OE) of the spot rate concerned at 10.00 New York time (this is normally 15.00 London time) on the Friday specified (or previous business day in the case of US public holidays).

  Call Options settle at the settlement price less the strike price, or at zero, whichever is greater.

  Put Options settle at the strike price, less the settlement price, or at zero, whichever is greater.

• Our spread on Weekly Options depends on a range of factors including the level of the price quotation and the time to expiry. The usual spread range will be from three to ten points.
• 24-hour dealing starts at 08.00 (London time) on Monday and finishes at 21.15 (London time) the following Friday, with a break between 21.00 (London time) on Thursday and 07.30 (London time) on Friday for front week Options. Weekly Options can be traded from one hour after the previous settlement until one minute before the close of each market.

• The margin requirement for buying a Weekly Option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.

  The margin requirement for selling a Weekly Option is variable, but will never be less than half the margin required for an equivalent sized CFD in the underlying market, and never more than the margin required for an equivalent sized CFD in the underlying market.

• 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.

Stock Index Options

These contracts are available in addition to our Daily Options.

Notes to table

Our Stock Index Options are cash settled and cannot be exercised by or against you or result in delivery of the underlying security.

1. Positions not already closed by the client expire automatically on the date indicated.

   Call Options settle at the settlement price less the strike price, or at 0, whichever is greater.

   Put Options settle at the strike price, less the settlement price, or at 0, whichever is greater.

2. Australia 200 options settle basis the Special Opening Quotation of the S&P/ASX 200 index on the last trading day calculated to one decimal place. The Special Opening Quotation 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. This means that the first traded price of each component stock may occur at any time 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 Special Opening Quotation.

3. Wall Street options can be dealt until 15.00 (Chicago time) on the last trading day and settle basis the Special Opening Quotation (SOQ) of the DJIA (calculated to two decimal places) on the third Friday of the contract month, as reported by the CBOT. Note that this is the day after the last trading day. The SOQ is calculated from the sequence of opening prices of the 30 DJIA stocks on the NYSE.

4. US SPX500 options can be dealt until 15.15 (Chicago time) on the last trading day and settle basis the Special Opening Quotation of the S&P 500 Index on the 3rd Friday of the contract month as reported by CME. Note that this is the day after the last trading day.

5. FTSE options settle basis the Exchange Delivery Settlement Price (EDSP) as reported by LIFFE on the last dealing day. The Exchange Delivery Settlement price is based on an intraday cash market auction of the FTSE 100 Index which commences at 10.10 (London time) on the last trading day. Uncrossing of the component stocks should be finished by 10.30 (London time).

6. Germany 30 options settle basis the final settlement value of the DAX as reported by Eurex on the last trading day. The settlement value is based on prices of the component shares of the DAX as determined in an intraday auction starting at 13.00 CET in the electronic trading system Xetra.

7. The margin requirement for buying a Stock Index Option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.

   The margin requirement for selling a Stock Index Option is variable, but will never be less than half the margin required for an equivalent sized CFD in the underlying market, and never more than the margin required for an equivalent sized CFD in the underlying market.

8. 24-hour dealing starts at 08.00 (London time) on Monday and finishes at 21.15 (London time) the following Friday. Ask dealers for information about public holidays.

9. 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.

Binary Options

A Binary Option is a special type of option that settles at either zero or 100.

Contract sizes are as follows:

Notes

• A range of possible Binary Options will be offered on the daily performance/official settlement of each market. The price quotation for each Binary is expressed in points. If the outcome described by the Binary Option occurs, that Binary Option will settle at 100. If it does not occur, the Binary Option will settle at zero.

  Daily FTSE 100, Daily Wall Street, Daily Germany 30, Daily France 40, Daily Spain 35, Daily US Tech 100, Daily US SPX500 and Daily Australia 200 quotations are based on the achievement of specified daily price changes in the cash markets for each of the nominated indices. (Note: Germany 30 = DAX 30; France 40 = CAC 40; Daily Spain 35 = IBEX 35; US Tech 100 = NASDAQ 100; US SPX500 = S&P 500; Australia 200 = ASX 200.)

  Daily Italy 40 quotations are based on the achievement of specified daily price changes in the cash market of the S&P/MIB Index.

  Daily Hong Kong HS42, Daily Korea 200, Daily Taiwan All-Share, Daily Japan All-Share and Daily China H-Shares quotations are based on the achievement of specified daily price changes in the futures markets for each of the nominated indices. (Note: Hong Kong HS42 = Hang Seng; Korea 200 = KOSPI 200; Taiwan All-Share = TaiEx; Japan All-Share = TOPIX; China H-Shares = H-Shares China Index.)

  Daily Japan 225 quotations are based on the achievement of specified daily price changes in the Nikkei 225 Index on the Tokyo Stock Exchange (TSE).

  Daily Singapore Blue Chip quotations are based on the achievement of specified daily price changes in the SGX MSCI Singapore Index futures on the Singapore Futures Exchange (SGX).

  Daily India 50 quotations are based on the achievement of specified daily price changes of theS&P CNX Nifty Index futures that trade on the National Stock Exchange in India, as measured by reference to trades recorded by Bloomberg between the start of normal trading and the first new print recorded by Bloomberg (E&OE) at 10.00 (London time).

  '1pm' Australia 200 Binaries settle basis the achievement of price changes in the cash ASX 200 index from the previous day's official settlement to the first new print recorded by Bloomberg (E&OE) at 13.00 (Sydney time).

  FTSE and Wall Street OneTouch, Hi/Lo and Tunnel quotations are based on the achievement of specified levels in the cash FTSE and cash Wall Street markets, at any time up to and including the official market settlement (or 12.00 for the FTSE midday OneTouch; 18.00 for the Wall Street 6pm OneTouch). OneTouch levels are measured by reference to trades recorded by Bloomberg between the start of normal trading and the achievement of the final settlement level of the market each day (E&OE) (or the first new print recorded by Bloomberg (E&OE) at 12.00 London time for the FTSE midday OneTouch; 18.00 London time for the Wall Street 6pm OneTouch). Hi/Lo and Tunnel levels are measured with reference to the net change in the market (as measured from Bloomberg prints) relative to the previous trading day's settlement level, including the net change on the final settlement level of the market each day (E&OE).

  Noon FTSE, 3pm FTSE and 6pm Wall Street quotations are based on the achievement of price changes in the cash FTSE and cash Wall Street markets. This change is measured from the official settlement in the previous day's market to the first new print recorded by Bloomberg (E&OE) at 12.00 London time (for the Noon FTSE), 15.00 London time (for the 3pm FTSE) or 18.00 London time (for the 6pm Wall Street) on the day in question.

  Germany 30, France 40, Italy 40 and Spain 35 OneTouch quotations are based on the achievement of specified levels in the underlying cash markets, at any time up to and including the official market settlement. OneTouch levels are measured by reference to trades recorded by Bloomberg between the start of normal trading and the achievement of the final settlement level of the market each day. 

  All non-daily markets and Daily FX quotations are based on our internally specified opening level and the official expiry level as reported by Bloomberg (E&OE).

  Hourly FTSE, Wall Street and Australia 200 quotations and short-term Binaries such as the 20-minute FTSE and 20-minute Wall Street are based on the achievement of price changes in the cash FTSE, cash Wall Street and cash ASX 200 markets. This change is measured from our internally specified opening level to the first new print recorded by Bloomberg (E&OE) at the second named time. For FTSE previous close to 09.00, the change is measured from the official settlement in the previous day's market to the first new print recorded by Bloomberg (E&OE) at 09.00 (London time). For Wall Street previous close to 15.30 the change is measured from the official settlement in the previous day's market to the first new print recorded by Bloomberg (E&OE) at 15.30 (London time). The Wall Street 20.40-close binaries close basis the official settlement of the index. For Australia 200 previous close to 11.00 the change is measured from the official settlement in the previous day's underlying market to the first new print recorded by Bloomberg (E&OE) at 11.00 (Sydney time). The final hourly Binary of each trading day settles at the official settlement price of the relevant index, which may be a different level to the level of the index at the second named time.

  Australia 200 OneTouch Binaries are based on the achievement of specified levels of the SPI 200 Index futures; the settlement level of the SPI 200 Index futures that is used for settlement of SPI 200 intraday options (i.e. the volume weighted average of trade prices executed in SFE SPI 200 Index futures contract between 16.15 and 16.20, Sydney time) is included in consideration of whether a named price level has been touched. Traded levels of the SPI 200 Index futures between 16.15 and 16.20 (Sydney time) are not themselves directly included in consideration of whether a level has been touched.

  Weekly quotations are based on the settlement level of the market concerned (cash FTSE, cash Wall Street) on the last trading day of the week in question.

  US Light Crude Oil, Gold and Silver binary quotations are based on the achievement of specified daily price changes in the nearest liquid month of the relevant futures contract on the New York Mercantile Exchange. This change is measured by each day's official settlement level, available after each market closes. The markets normally close at 19.30 (Crude), 18.30 (Gold) and 18.25 (Silver), London time.

  Daily US Crude OneTouch settles basis the achievement of specified price levels as recorded by Bloomberg. OneTouch levels are measured by reference to trades recorded by Bloomberg at any time between 14.00 and the first new print at 19.30 London time. The trade settles at 100 if Bloomberg prints the OneTouch level between these times. Official expiry does not count.

  Spot FX Binary Options are offered on the following currency pairs: EUR/USD, USD/JPY, GBP/USD, USD/CHF, EUR/GBP and AUD/USD. FX Ladders are offered on EUR/USD, GBP/USD, AUD/USD, USD/CHF and USD/JPY. Quotations are based on the achievement of specified price changes in the spot rate concerned at 20.00 (London time) each day. The level used for settlement will be the first print recorded by Bloomberg (E&OE) at 20.00 (London time) for the relevant currency pair.

  FX OneTouch Binaries are offered on £/$ and E/$. Monthly FX OneTouch levels are measured by reference to trades recorded by Bloomberg between the start of the month and 16.00 (London time) on the last business day of the month (E&OE). Daily FX OneTouch levels are measured by reference to trades recorded by Bloomberg between 08.00 and 20.00.

  Weekly Up/Down Binary Options on individual UK shares are based on the settlement price of the relevant equity on the last trading day of the week, as recorded by Reuters (E&OE). Please note that, if a stock is going ex-dividend on the Wednesday of the week in question, this dividend will not be subtracted from the indicative level of the stock that we show against the Binary Option prices on Monday and Tuesday.

  Up/Down Binary Options settle based on the achievement of price changes between the share's official opening print as reported by Bloomberg (E&OE) and the same day's official closing price.

  FTSE Up/Down 5-minute Binary Options settle based on the achievement of price changes in the FTSE 100 between our specified opening level and official expiry level as reported by Bloomberg (E&OE).

  Germany 30 Up/Down 5-minute Binary Options settle based on the achievement of price changes in the DAX 30 between our specified opening level and official expiry level as reported by Bloomberg (E&OE).

  Wall Street Up/Down 5-minute trades settle based on the achievement of price changes in the Dow between our specified opening level and official expiry level as reported by Bloomberg (E&OE), except the Wall Street 20.55-close binary, which closes at the official settlement level of the underlying index.

• Our spread on Binary Options will vary according to the level of the price quotation and the time to expiry.

• If the event described occurs, the Binary Option will settle with a value of 100. In all other events the Binary Option will settle at zero. For the purpose of Binary Options, the Japan 225, Australia 200, Singapore Blue Chip and Japan All-Share price in question will be rounded to one decimal place, the FTSE, Wall Street, Germany 30, France 40, Spain 35, US Tech 100, US SPX500, Korea 200 and India 50 prices will be rounded to two decimal places, Italy 40, Hong Kong HS42, Taiwan All-Share and China H-Shares prices will be rounded to the nearest whole number and all spot rates will be rounded to the nearest pip. For options on individual UK shares, the equity price in question will be rounded to the same number of decimal places as reported by Reuters (E&OE). If a market settles exactly on a Binary Option barrier after such rounding, that market will be taken to have settled above the barrier for the purposes of contract settlement. For instance, if the FTSE 100 closes exactly 20 points up, the FTSE +10/+20 will settle at zero and the FTSE +20/+30 will settle at 100.

  OneTouch Binary Options will settle at 100 if the underlying market touches or goes through the relevant barrier at any time up to and including the official market settlement (or 12.00 for the FTSE midday OneTouch; 18.00 for the Wall Street 6pm OneTouch; 16.00 on the last business day of the month for the £/$ and E/$ Monthly OneTouch Binaries; Daily US Crude Oil OneTouch settles at 100 only between 14.00 and 19.30. Official expiry does not count). Tunnel Binaries will settle at 100 if the underlying market does not touch or go through either barrier stated at any time up to and including the official market settlement.

• 24 hours dealing starts at 23.30 (London time) on Sunday and finishes at 21.15 (London time) on the following Friday (please note that prices for European and US indices are only available from 07.30 on Monday morning, however).

  Daily FTSE: 24 hours (with gaps). Trades will be accepted until one minute before the close of the underlying market. The closing time for the FTSE is normally 16.30 (London time). Note that, although the UK market typically closes at 16.30, all Binary Options will be closed basis the official daily settlement, which in turn is dependent upon the daily closing auction. This official settlement price is typically made public around five minutes after the close of normal trading each day, and can differ from the 16.30 price of the underlying index.

  Daily Wall Street: 24 hours (with gaps). Trades will be accepted until one minute before the close of the market. The closing time for Wall Street is normally 21.00 (London time). Note that, although Wall Street typically closes at 21.00, all Binary Options will be closed basis the official daily settlement. This settlement may not be posted until several minutes after the close of normal trading each day, and can differ from the 21.00 price of the underlying index.

  Daily Germany 30: From 17.00 (London time) of the previous trading day until five minutes before the close of normal trading of the DAX 30 index. The close of normal trading is usually at 16.30 (London time). Note that Binary Options will be settled basis the official settlement level of the index. This official settlement is not announced until several minutes after the close of the market and may differ from the market's 16.30 level.

  Daily France 40: Trades will be accepted from 08.02 (London time) until one minute before the close of the underlying market. The closing time for the France 40 is normally 16.30 (London time). Note that Binary Options will be settled basis the official settlement level of the index. This official settlement is not announced until several minutes after the close of the market and may differ from the market's 16.30 level.

  Daily Italy 40: From 08.05 (London time) until five minutes before the close of normal trading of the S&P/MIB index. The close of normal trading is usually at 16.25 (London time). Note that Binary Options will be settled basis the official settlement level of the index, which may not be announced until several minutes after the close of the market and may differ from the market's 16.25 level.

  Daily Spain 35: From 08.05 (London time) until one minute before the close of the underlying market. The closing time for the Spain 35 is normally 16.30 (London time). Note that trades will be settled basis the official settlement level of the index. This official settlement is not announced until several minutes after the close of the market and may differ from the market's 16.30 level.

  Daily US Tech 100: From 22.00 (London time) of the previous trading day until five minutes before the close of the NASDAQ 100 index. The NASDAQ 100 index normally closes at 21.00 (London time). Note that Binary Options will be settled basis the official settlement level of the index. This official settlement is not announced until several minutes after the close of the market and may differ from the market's 21.00 level.

  Daily US SPX500: From 22.00 (London time) of the previous trading day until five minutes before the close of the S&P 500 index. The S&P 500 index normally closes at 21.00 (London time). Note that Binary Options will be settled basis the official settlement level of the index. This official settlement is not announced until several minutes after the close of the market and may differ from the market's 21.00 level.

  Daily Australia 200 and Australia 200 Ladder: From 10.01 until 15.59 (Sydney time). Note that Binary Options will be settled basis the official settlement level of the ASX 200. This official settlement is not announced until several minutes after the close of the market and may differ from the market's 16.00 (Sydney time) level.

  Daily Hong Kong HS42 and Hong Kong HS42 Ladder: From 02.46 until 05.30 (London time) and then from 07.31 (London time) until two minutes before the close of the Hang Seng Index futures on the Hong Kong Futures Exchange (HKFE). The closing time for the Hang Seng Index futures is normally 09.30 (London time). All Binary Options will be closed basis the official daily settlement price of the Hang Seng Index futures as reported by HKFE.

  Daily China H-Shares and China H-Shares Ladder: From 02.46 until 05.30 (London time) and then from 07.31 (London time) until two minutes before the close of the H-Shares China Index futures on the Hong Kong Futures Exchange (HKFE). The closing time for the H-Shares China Index futures is normally 09.30 (London time). All Binary Options are settled basis the official daily settlement price of the H-Shares China Index futures as reported by HKFE.

  Daily Japan 225 and Japan 225 Ladder: From 09.03 (JST) until 14.59 (JST). All Binary Options are settled basis the official daily settlement price of the Nikkei 225 as reported by TSE.

  Daily Korea 200: From 01.00 (London time) until ten minutes before the close of the KOSPI 200 Index futures on the Korea Exchange (KRX). The KOSPI futures normally close at 07.15 (London time). All Binary Options are settled basis the official daily settlement price of the KOSPI 200 futures as reported by KRX.

  Daily Singapore Blue Chip and Singapore Blue Chip Ladder: From 01.46 until 05.34, and then from 07.01 until 10.14 (London time). All Binary Options are settled basis the official daily settlement price of the SGX MSCI Singapore Index futures as published by Bloomberg (E&OE).

  Daily Taiwan All-Share: From 01.45 until 06.45 (London time).

  Daily India 50: From 04.28 until 09.55 (London time).

  Daily Japan All-Share: From 01.05 until 02.59, and then from 04.31 to 07.00 (London time).

  FTSE OneTouch, Hi/Lo and Tunnel: Quoted during trading hours only. Trades will be accepted until one minute before the close of the underlying market (or 11.59 London time for the FTSE midday OneTouch).

  Wall Street OneTouch, Hi/Lo and Tunnel: Quoted during trading hours only. Trades will be accepted until one minute before the close of the underlying market (or 17.59 London time for the Wall Street 6pm OneTouch).

  Germany 30 OneTouch: Quoted during trading hours only. Trades will be accepted until one minute before the close of the underlying market.

  France 40 OneTouch: Quoted during trading hours only. Trades will be accepted until one minute before the close of the underlying market.

  Italy 40 OneTouch: Quoted during trading hours only. Trades will be accepted until one minute before the close of the underlying market.

  Spain 35 OneTouch: Quoted during trading hours only. Trades will be accepted until one minute before the close of the underlying market.

  Australia 200 OneTouch: From 10.01 until 15.59 (Sydney time).

  Noon FTSE: From 17.00 (London time) of the previous trading day until 11.59 on the day of expiry.

  3pm FTSE: From 17.00 (London time) of the previous trading day until 14.59 on the day of expiry.

  6pm Wall Street: From 22.00 (London time) of the previous trading day until 17.59 on the day of expiry.

  Hourly FTSE: 24 hours (with gaps). Trades will be accepted from five minutes after the start of the first named hour until one minute before the second named hour, and from five minutes after the second named hour for the following trading day. For FTSE previous close to 9am, trades will be accepted from 30 seconds after the opening of the underlying market. For all other Hourly Binaries there is a gap where trades will not be accepted that starts two minutes before, and finishes two minutes after, the first named hour. Note: Handicap trades on hourly markets will only be accepted during the relevant hour.

  20-minute FTSE: 24 hours (with gaps). Trades will be accepted from one minute after the first named time until one minute before the second named time.

  Hourly Wall Street: 24 hours (with gaps). Trades will be accepted from five minutes after the start of the first named time until one minute before the second named time, and from five minutes after the second named time for the following trading day. For Wall Street previous close to 15.30, there is a 45-minute break in quoting, where trades will not be accepted, starting from the close of the underlying market (usually 21.00 London time). For all other Hourly Binaries there is a gap where trades will not be accepted that starts two minutes before, and finishes three minutes after, the first named hour. Note: Handicap trades on hourly Wall Street markets will only be accepted during the relevant hour (except previous close to 15.30, for which trades will be accepted from 45 minutes after the close of the underlying market).

  20-minute Wall Street: 24 hours (with gaps). Trades will be accepted until one minute before the second named time. For Wall Street 2.40pm-3.00pm we will not make a price from 14.30 until 14.42. For all other 20-minute Binaries we will not make a price 15 seconds before the first named times until two minutes after the first named time. The Wall Street 20.40-close settles basis the official settlement of the index.

  Hourly Australia 200: 24 hours (with gaps). Trades will be accepted until one minute before the second named hour. Trading for the following day begins five minutes after the second named hour. There is a gap where trades will not be accepted that starts two minutes before, and finishes three minutes after, the first named hour. The final hourly Binary (3pm-4pm AEST) settles basis the official settlement price of the ASX200.

  Weekly FTSE: From 08.00 (London time) on the Monday, until one minute before the close of UK trading on the last UK trading day of the week in question (normally 16.29 on Friday).

  Weekly Wall Street: From 08.00 (London time) on the Monday, until one minute before the close of US trading on the last US trading day of the week in question (normally 20.59 on Friday).

  Daily US Light Crude Oil One Touch: From 14.00 (London time) until 19.25 on the day of expiry. Official expiry does not count.

  Daily US Light Crude Oil and Ladders: From 20.30 (London time) of the previous trading day until 19.25 (London time) on the day of expiry.

  Daily Gold and Gold Ladders: From 21.00 (London time) of the previous trading day until 18.25 on the day of expiry (except 13.00 to 13.20).

  Daily Silver and Silver Ladders: From 21.00 (London time) of the previous trading day until 18.20 on the day of expiry (except 13.00 to 13.25).

  Spot FX levels and FX Ladders: From 21.00 (London time) of the previous trading day until 19.55 on the day of expiry.

  UK equity Up/Down Binary Options: From 17.00 until 07.58 (London time). Note these are out-of-hours times: we do not quote UK equity Up/Down Binary Options in running.

  5-minute FSTE 100 and Germany 30 Up/Down Binary Options: From 08.10 until 16.25 (London time). Trades will be accepted 10 seconds after the start of each five-minute period until 30 seconds before the second named time (i.e. 30 seconds before expiry of the five-minute period in question).

  5-minute Wall Street Up/Down trades: From 14:40-20.55 (London time). Trades will be accepted 30 seconds after the start of each five-minute period until 30 seconds before the second named time (i.e. 30 seconds before expiry of the five minute period in question).

  20.55-21.00 5-minute Wall Street Up/Down trades: Trades will be accepted 30 seconds after the start of the five-minute period until 20.59 (i.e. one minute before expiry of the five minute period).

• The margin requirement for buying a Binary Option is equal to the contract value (which is the opening price multiplied by the contract size).

  The margin requirement for selling a Binary Option is equal to (100 minus the opening price) multiplied by the contract size.

• 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.