Costs, rebates and margins
All our contracts expire at a specified future date; we quote our own bid/offer spread that is based on the underlying rate. We offer mini versions of interest rate futures 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
|Aus 30-day Interbank Rate
00.45-12.00 (London time)
|Sterling Deposit / Short Sterling
|Market name||Contract months||Last trading day |
|All months||Last business day of the month|
|Euribor||Mar, Jun, Sep, Dec||Two business days prior to the third Wednesday of contract month|
|Eurodollar||Mar, Jun, Sep, Dec||Second business day prior to the third Wednesday of contract month|
|Euroswiss||Mar, Jun, Sep, Dec||Two business days prior to the third Wednesday of contract month at 11.00 (London time)|
|Euroyen||Mar, Jun, Sep, Dec||Two business days preceding the 3rd Wednesday of the contract month|
|Sterling Deposit||Mar, Jun, Sep, Dec||Third Wednesday of contract month at 11.00 (London time)|
All the instruments described on this site are Contracts for Difference (CFDs). Our rates give you exposure to changes in the value of interest rates but they are cash settled and cannot result in the delivery of any commodity or instrument.
1. a) CFDs on interest rate 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.
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:
4. For most positions, you 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 you shortly before a position is due to expire and offer the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains your responsibility to give instructions, if you so wish, to roll the position over before it expires.
5. 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.
6. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If 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. Please note that higher margins may be required for large positions.
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 interest rate 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.