Interest Rates Contract Details | Bonds Contract Details

Our Rates and Bonds offer exposure to changes in interest rates and bond prices from around the world. All our contracts expire at some specified forward date; we quote you our own bid/offer spread that is based on the underlying rate or bond price.

Note: We offer mini versions of all Rates and Bonds Forward contracts at 20% of the main contract size and margin requirement.

The last dealing day of some interest rates will be changing over the coming months. These markets are indicated with an asterisk (*), and the details can be found in the Notes below the table.

Notes to table

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

1. We will quote an 'all-in' spread that includes both dealing spread and market spread. The size 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.
2. For Limited Risk transactions, a Limited Risk premium is charged on the opening.
3. Positions not already closed by the client expire automatically on the following basis:
   • Eurodollar at the final settlement price of the 90-day Eurodollar futures on CME on the last dealing day.
   • Sterling Deposit and Euribor based on the EDSP of the relevant futures contract on LIFFE on the last dealing day.
   • Euroyen based on the Final Settlement Price of Euroyen futures as reported by SGX.
   • 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 and Long-term BTP Italian Government Bond at the Final Settlement Price of the relevant futures contract as determined by Eurex at 12.30 (Central European Time) on the last dealing day.
   • Long Gilt based on the official closing price of the LIFFE Long Gilt future on the third last business day of the previous month.
   • Euroswiss based on the EDSP of Euroswiss futures on LIFFE. The EDSP is calculated as 100 minus the BBA Libor for 3-month Euroswiss Franc deposits at 11.00 on the last trading day.
   • Japanese Government Bond at the final settlement price of the 10-year mini JGB futures as reported by TSE on the last trading day.
   • Australian 30-day Interbank Rate using the monthly average of the Interbank Overnight Cash Rate, as published by the RBA, divided by the number of days for the month and rounded to the nearest 0.001%.
   • 10yr Canadian Government Bond based on the official closing price of the Canadian 10yr Government Bond future as reported by the Montreal Exchange.
   • 3month Canadian Bankers’ Acceptance Future based on the official closing price of the Canadian Banking Acceptance Future as reported by the Montreal Exchange.
   • Medium Term Gilt (5-year) based on the final settlement price of the LIFFE Medium Gilt Future on the third last business day of the previous month.
   • 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.
4. 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.
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 PureDeal platform.