Share CFD 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.

1. 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:

   • Shares List.xls(1.04MB)

   You can also download a PDF (785KB) of this list if you'd prefer.

2. Commission charges for CFDs are calculated as a percentage of the transaction value for most markets and as cents per share for US, Canadian and IOB shares. See our Competitive Charges page for further details. Please note that if the size of your deal is such that it attracts our minimum charge on opening, you will also be required to pay a minimum charge for that deal on closing, even if you close the deal in a bundle with other deals where the aggregate size is above our minimum. Where we offer a CFD on an equity that is dual-listed and fully fungible for settlement on both exchanges, the commission charges applicable to that CFD will be the charges relevant to the country where primary listing is held.

3. 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.

4. 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; 785KB) (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.

5. 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; 785KB) for Margin Percentages of specific shares.

   The Margin Percentage for major UK shares, and key constituents of US and European indices, is 5% on a Trader Account. 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.

   Please note that Tiered Margining applies; this means that higher margins may be required for large positions. Please see our Tiered Margining page for details.

   We reserve the right to alter the Margin Percentage at any time.

6. There is no minimum opening contract value for CFDs on individual shares.

7. 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)

8. 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) A daily interest adjustment is calculated, as follows, for any position that is kept open through the official close of business:

   D = n x C x i / 365

   Where:

   D = daily interest adjustment
   n = number of shares
   C = official closing 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.

   The applicable annual interest rate is based on prevailing interest rates and an additional factor agreed with each client. Interest on long positions is debited from a client's account; on short positions, there may be a credit or a debit.

   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.

9. 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.

10. 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.