Share CFDs: Contract Details

When trading our Share CFDs you deal at the real market price.

Our CFDs give a client exposure to changes in share prices but cannot result in delivery of actual shares by or to the client.

CFDs are normally available on any share in the FTSE 350 Index, S&P 500 Index, NASDAQ 100 Index, S&P/ASX300 Index, Straits Times, JSE 40, Hang Seng, TSE 60 and most major European indices. We also offer CFDs on a selection of IOB Depository Receipts. For full information on the shares we cover please see the list below:
- Share CFDs List (2.0MB)
PDFs require Adobe Reader, which is available free from Adobe.

This list is also available as a CSV file (293K).
Commission charges for CFDs are calculated as a percentage of the transaction value for most markets and as cents per shares for US, Canadian and IOB shares, and are charged in addition to market spread. Market spreads can widen significantly in some circumstances.
Clients will be informed in writing of the commission rates and financing rates which apply to their account at the time the account is opened.
Limited Risk transactions are available on certain shares at our discretion.

The Limited Risk premium for each individual share is given in our Share CFDs List (PDF; 2.0MB) (including UK, US, Australia, France, Germany, Italy, Sweden, Singapore and other world shares). The Limited Risk premium for South African and IOB shares is 1.0%. For all other shares the premium for a Limited Risk transaction is normally 0.3% or 0.7%. (Please note that the Limited Risk premium for all shares may be as much as 1.5% of the transaction value depending on market conditions and the volatility of the particular share.)

The Limited Risk premium is charged when the transaction is opened.
The Margin Percentage for any particular CFD is calculated as a percentage of the current valuation of the transaction. Please see the Share CFDs List (PDF; 2.0MB) for Margin Percentages of specific shares.

The Margin Percentage for the top 20 UK shares by market capitalisation is 5%, while the constituents of major indices are margined at 10%. The Margin Percentage for all other shares will be 10% or higher according to volatility and market conditions.

The Margin Percentage for a Limited Risk CFD transaction is equal to the amount which would be lost if the Stop were triggered.

We reserve the right to alter the Margin Percentage at any time.
There is no minimum opening contract value for CFDs on individual shares.
Dealing hours are as follows:

UK Shares: 08.00-16.30 (London time)
American Shares: 14.30-21.00 (London time)
European Shares: Market hours for the relevant Exchange. Please ask for current details.
Singapore Shares: 09.00-12.30 and 14.00-17.00 (Singapore time)
For CFDs on individual shares, adjustments to reflect the effect of interest and dividends are calculated daily and posted to the client's account daily.

i) Interest adjustments are calculated as follows:

D = n x C x i / 365

Where:

D = daily interest adjustment
n = number of shares
C = current share price
i = applicable annual interest rate

Note: The formula uses a 365-day divisor for UK, Singapore and South African shares and a 360-day divisor for shares in other markets.

Interest in respect of long positions is debited from a client's account and interest in respect of short positions is credited to a client's account at rates which are agreed with each client.

ii) A dividend adjustment is applied when a 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. In the case of UK shares, the dividend adjustment is equal to the amount of the net dividend. The dividend adjustment for shares in other markets varies depending on local tax arrangements; please ask our dealers for current details.
For CFDs, a cash adjustment may be made to the client's account to reflect the effect of a bonus share issue, scrip or rights issue affecting the underlying share. For Share CFDs in a company which is under offer in a takeover situation, IG will not assent stock, where available, unless otherwise instructed to do so.
Where you open a short share CFD position, you may incur a "borrowing charge" which will be subtracted from the relevant applicable annual interest rate. You will only incur a borrowing charge if we too incur such a charge when we open a hedging trade in respect of the same share in the underlying market; and we will pass the charge onto you with no mark up.

To determine whether a charge applies, call our dealers in advance of trading. The borrowing charge, and your ability to go short, can be changed at short notice.
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.