What are IG's shares and ETF CFD product details?

We offer all the constituent shares of the S&P 500 index and the NASDAQ 100 index, as well as sufficiently liquid US shares with a market capitalisation of greater than $500 million.

These contracts are denominated in US dollars, and US dollar interest rates apply. We also offer CFD share trading on the component shares of the TSX60 in Canada; for these shares, trades are denominated in Canadian dollar and Canadian dollar interest rates apply.

We offer constituents of the ASX/S&P 300 index, as well as over 700 other Australian stocks, the JSE Top 40, leading Hong Kong and Japanese shares, and constituents of the Straits Times in Singapore.

Guaranteed stop transactions are available on certain shares at our discretion.

The guaranteed stop premium for each individual share is given in our share CFDs list. This includes UK, US, Australia, France, Germany, Italy, Sweden, Singapore and other world shares. The guaranteed stop premium for South African and IOB shares is 1.0%. For all other shares the premium for a guaranteed stop transaction is normally 0.3% or 0.7%.

Please note that the guaranteed stop premium for all shares may be as much as 3% of the transaction value, depending on market conditions and the volatility of the particular share.

The guaranteed stop premium is charged when your stop is triggered.

The Margin Percentage for any particular CFD is calculated as a percentage of the current valuation of the transaction. Please see the share CFDs list for margin percentages of specific shares.

For retail clients, the minimum margin factor for spread bets and CFDs on all shares is 20% of the share price. Please note that tiered margins apply; this means that more margin may be required for large positions. Please see our margins page for more details.

The margin required for 'buying' a share option is the opening level times the size of the bet. For 'selling' a share option, the margin required is the same as an equivalent equity position.

Option CFDs are only available via professional CFD accounts. If you would like to trade option CFDs, you’ll need to see if you are eligible for a professional account. To find out about the features of this type of account and check your eligibility, please see our professional account page.

The margin percentage for a guaranteed stop CFD transaction is equal to the amount which would be lost if the stop were triggered.

We reserve the right to alter the margin percentage at any time.

Subject to risk reviews, the margin rates may differ for individual clients.

There is no minimum opening contract value for CFDs on individual shares.

Our dealing hours are as follows:

8am to 4:30pm (London time) for UK shares (LSE)
9.30am to 4pm (New York time) typically for American shares

For some US shares, we offer extended trading hours: 4am to 8pm (New York time) Monday to Thursday and 4am to 5pm (New York time) on Friday.

For a full list of affected shares please visit our US Extended Hours page.

European Shares – market hours for the relevant Exchange. Please ask for current details.
All other shares – market hours for the relevant Exchange. Please ask for current details.

For CFDs on individual shares, adjustments to reflect the effect of interest and dividends are calculated posted to your account daily.

Daily interest adjustments

These are calculated as follows, for any position that is kept open through the official close of business:

D = n x C x i / 365

Where:

D = daily interest adjustment
n = number of shares
C = official closing share price
i = applicable annual interest rate

Note: The formula uses a 365-day divisor for UK, Singapore and South African shares and a 360-day divisor for shares in other markets.

The applicable annual interest rate is based on prevailing interest rates and our funding adjustment, usually 2.5% per annum. Interest on long positions is debited from your account, and on short positions there may be a credit or a debit.

Dividend adjustments

These are applied when a share passes its ex-dividend date (including the ex-date of any special dividend) in the underlying stock market. In the case of long/short positions, the dividend adjustment is credited/debited to your account respectively. In the case of UK shares, the dividend adjustment is equal to the amount of the net dividend. The dividend adjustment for shares in other markets varies depending on local tax arrangements – please ask our dealers for current details.

For CFDs, a cash adjustment may be made to your account to reflect the effect of a bonus share issue, scrip or rights issue affecting the underlying share. For Share CFDs in a company which is under offer in a takeover situation, IG may not be able to communicate any wish to subscribe to the takeover offer (i.e. 'assent stock').

Borrow charge

If you open a short share CFD position, you will incur a borrow charge. The borrow charge will be accounted for in a daily cash adjustment applied to the account. The charge varies according to the share, is notified to us by our brokers or agents and includes a 0.5% administration fee. The borrow charge, and the ability to hold a short position, can be changed at short notice. To determine whether a borrow charge applies and what the charge is, call our dealers in advance of trading.

There are four different types of price feed offered on equity markets across the platform – delayed, derived, level 1 and level 2.

Delayed price feed

In most cases this feed is delayed by 15mins, although in some cases it may be 20 mins. The length of the delay is indicated by a small icon containing the number 15 or 20 next to the update time for that instrument. The delayed price feed is free, and is the default offering across all equity instruments unless a real-time free option is available (such as pricing from multilateral trading facilities (MTFs) or derived prices). Markets that show a delayed price will display a ‘start live data’ button in their deal tickets. Clicking this button will change the visible price to a live price for up to ten price updates, before reverting to the delayed price.

Derived prices

These are real-time prices created from the underlying exchange price. Derived prices have been adjusted to make them non-reverse-engineerable – an exchange requirement which allows IG to distribute real-time data without having to charge clients. The adjustment is purely for display purposes and doesn’t affect the execution of trades placed on markets which display derived prices.

Level 1

This data is the real-time feed of the top level of the exchange order book. Level 1 data can only be viewed if non-free data is activated in the ‘data feeds’ section of the platform. A monthly fee is charged if activated.

Level 2

This data is the real-time feed of the top five levels of the exchange order book. Level 2 data also requires activation, incurs a higher charge than Level 1 data.

For more information, please log in to the platform, go to ‘help and support’ in the top-right corner and search for 'derived prices'.

If you have an open share CFD with a guaranteed stop, and the underlying share is subject to a rights issue or open offer, our treatment depends on the subscription price of the underlying share on its last trading day immediately before the ex-date:

• If the subscription price is in or at the money, we’ll treat the rights issue or open offer as successful and increase your bet size to reflect it
• If the subscription price is out of the money, we’ll treat the rights issue or open offer as unsuccessful and leave your bet size unchanged

We’ll do this regardless of whether the rights issue or open offer succeeds or not.

Importantly, in both situations we’ll alter your stop level to ensure that your maximum exposure to risk remains the same after any adjustment caused by the rights issue or open offer.