Costs, rebates and margins
All our contracts expire at some specified future date; we quote our own bid/offer spread that is based on the underlying bond price. We offer mini versions of bonds future contracts at 20% of the main contract size and margin requirement.
|Contract and trading hours
|Value of one contract
(per index point)
|Normal contract spread ||Limited risk
|OAT French Government Bond
|Long-term BTP Italian Government Bond
|Japanese Government Bond
|Short-term Gilt (2-year)
|Treasury Bond (Decimalised)
|2-yr T-Note (Decimalised)
|5-yr T-Note (Decimalised)
|10-yr T-Note (Decimalised)
|Market name||Contract months||Last trading day (3)|
|German BOBL||Mar, Jun, Sep, Dec||Third business day before the 10th of the month|
|German Bund||Mar, Jun, Sep, Dec||Third business day before the 10th of the month|
|German BUXL||Mar, Jun, Sep, Dec||Third business day before the 10th of the month|
|German Schatz||Mar, Jun, Sep, Dec||Third business day before the 10th of the month|
|OAT French Government Bond||Mar, Jun, Sep, Dec||Third business day before the 10th of the month|
|Long-term BTP Italian Government Bond||Mar, Jun, Sep, Dec||Third business day before the 10th of the month|
|Japanese Government Bond||Mar, Jun, Sep, Dec||
Usually the 8th Tokyo business day prior to 20th
calendar day of month at 15.00 JST
|Long-term Gilt||Mar, Jun, Sep, Dec||Third last trading day of previous month|
|Mar, Jun, Sep, Dec||Third last trading day of previous month|
|Treasury Bond (Decimalised)||Mar, Jun, Sep, Dec||Third last business day of previous month|
|2-yr T-Note (Decimalised)||Mar, Jun, Sep, Dec||Third last business day of previous month|
|5-yr T-Note (Decimalised)||Mar, Jun, Sep, Dec||Third last business day of previous month|
|10-yr T-Note (Decimalised)||Mar, Jun, Sep, Dec||Third last business day of previous month|
All the instruments described on this site are Contracts For Difference (CFDs). Our 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. a) CFDs on bond futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.
b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread is shown in the table.
c) Dealing spreads may be offered as a fixed or variable amount. If variable spreads are in use, then the spread shown in this table is the amount of IG spread added to the underlying futures market spread. Any variable dealing spreads are marked with an asterisk (*).
d) 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, plus IG spread:
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 Decimalised T-Bond is quoted in hundredths of a full Treasury Bond point (in the underlying market, T-Bonds are quoted in fractions of 1/32 of a full point) i.e., 10925 is equivalent to 109-08 in the underlying and vice versa. One contract is the equivalent of $10 per hundredth of a full point. The Decimalised T-Bond can be dealt online and is settled to the nearest 1/100th of a point (calculated by converting settlement provided by CBOT to decimal form). Contracts for T-Bonds expressed in the fractional form can only be traded by telephone.
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. For a position with an attached non-guaranteed stoploss order, the deposit requirement is calculated using the distance between the opening level of the position and the stop level and adding a factor for 'slippage'. The 'slippage' factor is calculated as 20 percent of the underlying (Trader) margin requirement. The deposit requirement for positions with non-guaranteed stops will not exceed the deposit required for positions without a stoploss.
8. Please note that Tiered Margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. Where 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.
This is our all-in spread, including the market spread, our own spread and the cost of overnight funding. Because the market spread changes with volatility, this means the quoted spread is variable. This spread is applicable to our normal contract sizes, rather than mini contracts.
Positions using a guaranteed stop have a strictly limited maximum loss. A small premium is incurred when placing this type of position.
All our bond markets are available as CFD futures. All have a fixed expiry date.
Margin requirement is the amount required to cover any potential losses from open positions. These are tiered and dependent on the size of your aggregate position.