Bonds Contract Details

Our bonds CFDs offer exposure to bond prices from around the world. All our contracts expire at some specified forward date; we quote our own bid/offer spread that is based on the underlying bond price.

We offer mini versions of bonds forward contracts at 20% of the main contract size and margin requirement.

Notes

All the instruments described on this site are Contracts for Difference (CFDs). Our bonds give you exposure to changes in the value of bond prices but they are cash settled and cannot result in the delivery of any commodity or instrument.

1. For limited risk transactions, a limited risk premium is charged on the opening.

2. Spreads shown apply only to months where there is a good volume of trading; in other months the spread may be wider. Spreads listed here are in addition to the relevant market spread. The sizes of our dealing spreads are shown in the information tables. All dealing spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.

3. Positions not already closed by the client expire automatically on the following basis:

• T-Bond and T-Note based on the official closing price of the Treasury Bond futures contract on CBOT converted into decimal form and then rounded to the nearest 1/100th of a point.
• Bund, Bobl Buxl, Schatz, OAT French Government Bond and Long-term BTP Italian Government Bond at the final settlement price of the relevant futures contract as determined by Eurex at 17.15 (Central European Time) on the last dealing day.
• Short-term Gilt (2-year) based on the final settlement price of the LIFFE Short Gilt Future on the third last business day of the previous month.
• Long Gilt based on the official closing price of the LIFFE Long Gilt future on the third last business day of the previous month.
• Japanese Government Bond at the final settlement price of the 10-year mini JGB futures as reported by SGX on the last trading day.
• 10yr Canadian Government Bond based on the official closing price of the Canadian 10yr Government Bond future as reported by the Montreal Exchange.
• 3-month Canadian Bankers' Acceptance Future based on the official closing price of the Canadian Banking Acceptance Future as reported by the Montreal Exchange.

4. For most positions, you 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 you shortly before a position is due to expire and offer the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains your responsibility to give instructions, if you so wish, to roll the position over before it expires.

5. The quotation for Decimalised Treasury Bonds is presented in hundredths of a full Treasury Bond point. Contracts will be settled to the nearest 1/100th of a point, as calculated from the relevant settlement provided by CBOT, converted into decimal form.

6. 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 trading platform.

7. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If two values are listed, the first value applies to Trader Accounts and the second to Select Accounts. You can find the applicable tiered margins from the 'Get Info' dropdown section within each market in the trading platform. Please note that higher margins may be required for large positions. See our tiered margining page for more details.