NZ-denominated CFD product details

Notes to tables

Our stock indices CFDs are contracts which give a client exposure to changes in the value of a stock index but cannot result in the delivery of any share or instrument by or to the client. Minimum transaction sizes usually start from one contract. Please refer to the 'Get Info' section within the trading platform to find the minimum transaction size for each market. We will not charge any additional commission unless we notify you in writing.

1. Where indicated, 24-hour dealing opens at 22.02 (London time) on Sundays, with the exception of Wall Street, US 500, US Tech 100 and Japan 225, which open at 22.00 (London time) on Sundays. Other indices are offered only when the underlying market is open.

2. All dealing hours are listed in the local market time/local exchange time. Please note that actual trading times are governed by local time in the country of the index's origin.

3. Spreads are subject to variation, especially in volatile market conditions. On 24-hour index markets, our spreads depend on whether the respective underlying market is 'in-hours' or 'out-of-hours', or (on some markets) in 'extended hours'. Our normal spread during each time period is shown in the table.

During 'out-of-hours' sessions, our quotations reflect our own view of the prospects for a market. Furthermore, business done by other clients may itself affect our quotations. There may be nothing against which to measure our quotation at these times.

Any market spread may be added to the spread shown in the product details, except for contracts on FTSE® 100, Wall Street, Germany 40, France 40, Sweden 30, Netherlands 25, US 500, US Tech 100, US Russell 2000, Japan 225, Italy 40, Volatility Index and EU Volatility Index.

a) We cannot provide you with a guaranteed spread during the 'extended hours' session, rather we will incorporate any additional market spread into our dealing spread for that session.

4. For limited risk transactions, a premium is charged on the opening. Limited risk positions are closed if the bid or offer price reaches a selected stop level. There may be nothing against which to measure our quotation, particularly at times when the underlying market is closed.

If a price reaches one client's limited risk stop level, so that, for example, he sells to close a position, that sale may itself push our quotation down to a level at which another client's limited risk position has to be closed.

5. Please note that tiered margining applies; this means that higher margins may be required for large positions. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform. See our margin page for more details.

6. Wall Street, US 500 & US Tech 100 futures contracts can be traded until 13.30 (London time) on the day of expiry. This means stop or limit orders can be filled until this time.

7. The following note refers to cash markets only. CFDs on cash stock indices are undated transactions that do not expire (unless requested, please see note 9). For each day that a position is open, adjustments are calculated to reflect the effect of interest (i), and, if necessary, dividends (ii).

i) A daily interest adjustment is calculated for any position that is opened before 22.00 (London time) and that is still open after 22.00 (London time). For stock index contracts denominated in New Zealand dollars a daily interest adjustment is calculated for any position that is opened before 16.50 (Sydney time) and that is still open after 16.50 (Sydney time). These adjustments are posted daily to the client's account. Please note that on Fridays open positions will be adjusted for 3 days funding, covering the weekend.

Interest adjustments are calculated as follows:

D = n x L x C x i / 365

Where:

D = daily interest adjustment

n = number of lots

L = lot size

C = underlying index price at 10pm (London time)

i = applicable annual interest rate

Note: The formula uses a 365-day divisor for the FTSE® 100 and other GBP, SGD and ZAR denominated markets, and a 360-day divisor for all others.

Interest in respect of long positions is debited from a client's account, and interest in respect of short positions is either credited to or debited from a client's account.

ii) A dividend adjustment is applied to take account of the ex-dividend adjustment to the index. This is the number of points by which the index price must be adjusted downwards to take account of those shares in the index which go ex-dividend at the close of the cash market. We will use the ex-dividend figure estimated by Bloomberg (E&OE), rounded to the tick size we use for that index, to determine what adjustment to apply. In the case of long positions, the dividend adjustment is credited to the client's account. In the case of short positions, the dividend adjustment is debited from the client's account.

8. When you trade in a currency other than your base currency, margin requirements and any profit or loss will be booked to your account in that currency. As a default, we will automatically convert any profit or loss you realise on closing a position to your base currency, including a charge of no more than 0.3% of the current spot rate. You may change this default at any time via our online dealing platform.

9. Clients may request that an open stock-index position will expire on the day that the request is made.

We are unlikely to agree to such a request if either:

a) the size of the position or positions is larger than 10 contracts

b) the request is made less than two hours before the close of the related expiry market

On our agreement to an expiry request, the transaction or transactions in question will become an 'Expiry Transaction', and will automatically expire at the official closing price of the related expiry market, as listed on the 'Expiry Markets' tab.

Notes

All the instruments described on this site are Contracts For Difference (CFDs). Our commodities give you exposure to changes in the price of the underlying market. They are cash settled and cannot result in the delivery of any commodity or instrument. Where you see a number or letter in brackets on the tables, the corresponding note can be found below.

1. Our Energy contracts give a client exposure to changes in the value of a futures contract but cannot result in the delivery of any commodity or instrument by or to the client.

2. 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.

3. For positions with a guaranteed stop, a Limited Risk premium is charged if the guaranteed stop is triggered, otherwise, the premium is not charged.

4. Times quoted are local to the relevant exchange, unless specified.

5. Note that tiered margining applies. This means that higher margins may be required for large positions.

6. For Spot Metal transactions, funding adjustments are calculated using the same method as forex funding.

The formula for forex overnight funding charge = nights held x (tom next* rate including annual admin fee**) x trade size.
*We take our tom-next rate from the underlying market.
**Formula for annual admin fee = cash mid price x 0.8%

7. Only liquid months will be available at any one time.

Expiry:

1. The last dealing day shown in the tables may not always coincide with the last dealing day on the relevant exchange.

2. Positions will be rolled by default at expiry, though clients can elect to have them expire by default if they prefer. Preference can also be set for each individual position. Rolling over a position involves closing the old position and opening a new one.

Expiry Transactions: related expiry markets

Expiry details