We quote Weekly FX Options that settle each Friday basis the spot rate at 15.00 (London time).
Contract sizes are as follows:
| Market | Contract size |
|---|---|
| EUR/USD, GBP/USD, AUD/USD, NZD/USD | $10/point |
| USD/JPY, EUR/JPY, GBP/JPY | ¥1000/point |
| USD/CHF | SF10/point |
| EUR/GBP | £10/point |
| USD/CAD | CAD10/point |
1) 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.