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:
- Eurodollar at the final settlement price of the 90-day Eurodollar futures on CME on the last dealing day.
- Sterling Deposit and Euribor based on the EDSP of the relevant futures contract on LIFFE on the last dealing day.
- Euroyen based on the final settlement price of Euroyen futures as reported by SGX.
- Euroswiss based on the EDSP of Euroswiss futures on LIFFE. The EDSP is calculated as 100 minus the BBA Libor for 3-month Euroswiss Franc deposits at 11.00 on the last trading day.
- Australian 30-day Interbank Rate using the monthly average of the Interbank overnight cash rate, as published by the RBA, divided by the number of days for the month and rounded to the nearest 0.001%.
- US 30-Day Fed Funds Rate based on the Final Settlement Price of the CME 30-Day Federal Funds Futures contract. This price is based on the average of the daily Fed Funds overnight rate (as reported by the Federal Reserve Bank of New York) over the contract month.
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. See our margins page for more details.