Bonds CFD details

These are the contract details for the bonds CFDs we offer.

Our bonds CFDs offer exposure to bond prices from around the world. 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.

Bonds

Contract and trading hours
(local time)
Value of one contract
(per index point)
Normal contract spread Mini contract spread Limited risk
premium
Margin requirement
(per contract)
German Bobl
Frankfurt
08.01-22.00
10 2 2.4 3 €750
German Bund
Frankfurt
08.01-22.00
10 2 2.4 5 €700
German Buxl
Frankfurt
08.01-22.00
10 2 2.4 3 €2700
German Schatz
Frankfurt
08.01-22.00
10 1 1.2 4 €100
OAT French Government Bond
Frankfurt
08.00-19.00
10 4 6 4 €1500
Long-term BTP Italian Government Bond
Frankfurt
08.00-19.00
10 4 6 N/A €750
Japanese Government Bond
Tokyo
08.45-11.00
12.30-15.00
15.30-18.10
19.30-23.30
JPY10,000 8 10 4 JPY260,000
Long-term Gilt
London
08.00-18.00
£10 2 2.4 3 £1000
Short-term Gilt (2-year)
London
08.00-18.00
£10 2 2.4 3 £200
Treasury Bond (Decimalised)
Chicago
18.30-17.00
$10 4 6 8 $650
2-yr T-Note (Decimalised)
Chicago
18.30-17.00
 
$10 2 2.4 8 $1100
5-yr T-Note (Decimalised)
Chicago
18.30-17.00
$10 2 2.4 8 $600
10-yr T-Note (Decimalised)
Chicago
18.30-17.00
$10 4 6 8 $600

 

Expiry details

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
Short-term Gilt
(2-year)
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

 

Notes

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. 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, plus IG spread:

  • Bund, Bobl Buxl and Schatz 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 final settlement price of the LIFFE Long Gilt Future on the third last business day of the previous month.
  • Japanese 10-year Government Bond at the final settlement price of the 10-year mini JGB futures as reported by SGX on the last trading day.
  • 3-month 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 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.

Normal contract spread

Normal contract spread

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.

Mini contract spread

Mini contract spread

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 mini contracts, which generally have wider spreads than our normal contract sizes.

Limited risk premium

Limited risk premium

Positions using a guaranteed stop have a strictly limited maximum loss. A small premium is incurred when placing this type of position.

Types of CFD

Types of CFD

All our bond markets are available as CFD futures. All have a fixed expiry date. 

Margin requirement

Margin requirement

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.