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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

What are IG's options CFD product details?

The tables below are the trade details for the options CFDs we offer.

All our daily options are special forms of CFD which give you an exposure to changes in option prices. A daily option is cash settled and cannot be exercised by or against you or result in delivery of the underlying security.

  • Daily options
  • Weekly options
  • Future options
  • Stock index options
  • Share options

Market

Contract size

Daily FTSE 100® £10/point
Daily Wall Street $10/point
Daily US 500 $100/point
Daily Germany 40 €5/point
Daily France 40 €10/point
Daily Spain 35 €10/point
Daily Sweden 30 100SEK/point
Daily Australia 200 AUD10/point
Daily Hong Kong 50 HKD10/point
Daily Japan 225 JPY500/point
Daily EUR/USD, GBP/USD $10/point
Daily USD/JPY ¥1000/point
Daily USD/CHF SF10/point
Daily EUR/GBP £10/point
Daily AUD/USD $10/point
Daily USD/CAD CD10/point
Daily GBP/JPY ¥1000/point
Daily EUR/JPY ¥1000/point
Oil - Daily US Crude $10
Daily Spot Gold $100
Daily Spot Silver $50

Notes

1. Options are not available for rollover, regardless of any instructions held on your account. All options settle basis a pre-determined expiry rule. To find out more, take a look at each market’s individual information in-platform.

2. Positions not already closed by the client expire automatically as follows:

Daily options on FTSE 100® and Wall Street are settled against the official settlement levels of the cash FTSE and cash Wall Street markets. Daily US 500 options are settled against the official settlement of the SPX 500 cash.

Daily options on Germany 40, France 40, Spain 35 and Sweden 30 settle against the official settlement levels of the cash DAX 40, cash CAC 40, cash MIB 40, cash IBEX 35, cash AEX and cash OMXS30 markets.

Daily options on Hong Kong HS50 are settled basis the first cash print provided by the exchange after 8.00am (GMT).

Daily options on Japan 225 settle basis the official settlement of the Nikkei 225.

Daily options on the Taiwan Index settle basis the official cash close of the Taiwan Capitalization Weighted Stock Index (TWSE also know as TAIEX). If the typhoon flag is raised, this market will settle basis the last tick reported by Bloomberg on the day. If the underlying market does not trade on the day, trades will be void.

Daily forex options settle basis the first print recorded by Bloomberg (E&OE) at 20.00 (London time) for the relevant currency pair.

Oil - Daily US Crude options settle basis the official closing price of the liquid futures contract of US Light Crude Oil on NYMEX (New York Mercentile Exchange) at 19.30 (London time).

Daily Gold options settle basis the official closing price of the nearest liquid month of the relevant futures contract on NYMEX (New York Mercantile Exchange) at 18.30 (London time).

Daily Silver options settle basis the official closing price of the nearest liquid month of the relevant futures contract on NYMEX (New York Mercantile Exchange) at 18.25 (London time).

Call options settle at the settlement price less the strike price, or at zero, whichever is greater.

Put options settle at the strike price, less the settlement price, or at zero, whichever is greater.

3. Our spread on daily options depends on a range of factors including the level of the price quotation and the time to expiry. For Daily FTSE 100®, Wall Street and Germany 40 the spread will range from two to eight points. For Daily US 500 options the spread will range from 0.3 to 1 point. For Daily France 40 the spread will range from three to four points. For Spain 35 the spread will range from 5 to 6 points. For Daily FX options the spread will range from 4 to 10 points. For EUR/GBP the spread will range from 2 to 9 points, and for AUD/USD from 1 to 12 points.

4. 24-hour dealing on daily options starts at 07.30 (London time) on Monday and finishes at 21.15 (London time) the following Friday. Daily options can normally be traded from one hour after the previous settlement until one minute before the close of each market. Oil - Daily US Crude can be traded from 21.00 to 19.27 (London time).

5. The margin requirement for buying a daily option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.

6. The margin requirement for selling a daily option is equal to the margin required for an equivalent sized CFD in the underlying market, and never more than the margin required for an equivalent sized CFD in the underlying market.

7. 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 convert any positive or negative balance on your account in a currency other than your base currency to your base currency when your position is closed. You may change this default at any time via our trading platform or by calling us.

We quote Weekly FX options that settle each Friday basis the spot rate at 15.00 (London time).

Market

Contract size

EUR/USD, GBP/USD, AUD/USD, NZD/USD $10/point
USD/JPY, EUR/JPY, GBP/JPY ¥1000/point
USD/CHF SF10/point
EUR/GBP £10/point
USD/CAD CAD10/point
Oil - US Crude $10
Gold $100

 

Notes

1. Options are not available for rollover, regardless of any instructions held on your account. All options settle basis a pre-determined expiry rule. To find out more, take a look at each market’s individual information in-platform.

2. Positions not already closed by the client expire basis the first print on Bloomberg (E&OE) of the spot rate concerned at 10.00 New York time (this is normally 15.00 London time) on the Friday specified (or previous business day in the case of US public holidays).

Call options settle at the settlement price less the strike price, or at zero, whichever is greater.

Put options settle at the strike price, less the settlement price, or at zero, whichever is greater.

Our spread on weekly options depends on a range of factors including the level of the price quotation and the time to expiry. The usual spread range will be from three to ten points.

3. 24-hour dealing starts at 07.30 (London time) on Monday and finishes at 21.15 (London time) the following Friday. Weekly options can be traded from one hour after the previous settlement until one minute before the close of each market. Gold weekly options are quoted from 10.00-18.30 (London time) and oil weekly options are offered 10.00-19.30 (London time).

4. The margin requirement for buying a weekly option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.

5. The margin requirement for selling a weekly option is equal to the equivalent sized CFD in the underlying market.

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 convert any positive or negative balance on your account in a currency other than your base currency to your base currency when your position is closed. You may change this default at any time via our trading platform or by calling us.

Commodities

Options market and dealing hours

One point means

Trade size equivalent to one contract

Spread range

Gold
24 hours with gaps
$/1 troy ounce $100 0.6 - 1
Silver
24 hours with gaps
1 cent/troy ounce $50 0.4 - 1.6
Oil - US Crude
24 hours with gaps
1 cents/barrel $10 5 - 6
Copper, High-Grade
13.10-1900
0.01 cent/pound $2.50 20-160
Sugar No.11 World 0.01 cents/pound $11.20 4-10
Wheat (US) 1 cent/bushel $50 1-4
Corn
15.30-19.15
1 cent/bushel $50 1-4
Coffee Arabica (New York)
13.00-18.30
0.01 cents/pound $3.75 40-200
Cocoa (New York)
13.30-18.30
$/1 troy ounce $100 1-3
Soyabeans 1 cent/bushel $50 2-5

Notes

1. Options are not available for rollover, regardless of any instructions held on your account. All options settle basis a pre-determined expiry rule. To find out more, take a look at each market’s individual information in-platform.

2. Commodity options CFDs settle basis exchange-delivered prices and therefore expiry times are determined by exchange rules. The listed expiry rules may be subject to variation.

These contracts are available in addition to our daily options on global indices.

Market

Dealing hours

Value of one contract (per point)

Dealing spread

Contract months

Last trading day

FTSE® 100 24 hours (12) £10 4-8 Current & next month; 2 nearest quarter months 3rd Friday of contract month (5)
Wall Street 24 hours (12) US$10 8-20 Current & next month; 2 nearest quarter months Thursday prior to 3rd Friday of contract month (3)
US 500 24 hours (12) $100 0.8-2 Current & next month; 2 nearest quarter months Thursday prior to 3rd Friday of contract month (4)
US Tech 100 Futures* 24 hours (12) $100 2-4 Current & next month Thursday prior to 3rd Friday of contract month
Weekly US Tech 100 Futures 08.05-21.00 $100 2-4 Current & next month Thursday prior to 3rd Friday of contract month
Australia 200 24 hours (12) A$10 6-12 Front quarter & front 3rd Thursday of contract month (2)
EU Stocks 50 08.00-16.30 €10 0.6-1.6 Front month only 3rd Friday or prev. bus. day. of contract month (9)
Germany 40 24 hours (12) €5 4-6 Current & next month; 2 nearest quarter months 3rd Friday of contract month (6)
France 40 08.00-16.30 €10 2-3 Front month only 3rd Friday of expiry month
Hong Kong 50 24 hours (12) HK10 6-16 Current & next month Bus. Day immediately preceeding the last Bus. Day of the contract month
Japan 225 24 hours (12) JPY500 6-16 Current & next month The day before the second Friday of the contract month
Weekly
FTSE® 100 24 hours (5) £10 4-5 Weekly Every Friday
Germany 40 08.00-16.30 (6) €5 4-6 Weekly Every Friday except where monthly Germany 40 expires
US 500 24 hours (4) $100 0.6-1.2 Weekly Every Friday except 3rd week of each month
Wall Street 14.30-21.00 (3) $10 6-8 Weekly Every Friday except where monthly Wall Street expires
Hong Kong 50 24 hours HK10 6-16 Weekly Every Friday
Australia 200 24 hours A$10 4-12 Weekly Every Thursday

Notes

1. Options are not available for rollover, regardless of any instructions held on your account. All options settle basis a pre-determined expiry rule. To find out more, take a look at each market’s individual information in-platform.

2. Positions not already closed by the client expire automatically on the date indicated.

Call options settle at the settlement price less the strike price, or at 0, whichever is greater.

Put options settle at the strike price, less the settlement price, or at 0, whichever is greater.

Daily forex options settle basis the first print recorded by Bloomberg (E&OE) at 20.00 (London time) for the relevant currency pair.

3. Australia 200 options settle based on the Special Opening Quotation of the S&P/ASX 200 index on the last trading day calculated to one decimal place. The Special Opening Quotation is calculated using the first traded price of each component stock in the S&P/ASX 200 on the last trading day, irrespective of when those stocks first trade in the ASX trading day. This means that the first traded price of each component stock may occur at any time between ASX market open and ASX market close (including the Closing Single Price Auction) on the last trading day. Should any component stock not have traded by ASX market close on the last dealing day, the last traded price of that stock will be used to calculate the Special Opening Quotation. Weekly ASX options are listed from the Friday open and settle against the Thursday cash close.

4. Wall Street options can be dealt until 15.00 (Chicago time) on the last trading day and settle basis the Special Opening Quotation (SOQ) of the DJIA (calculated to two decimal places) on the third Friday of the contract month, as reported by the CBOE. Note that this is the day after the last trading day. The SOQ is calculated from the sequence of opening prices of the 30 DJIA stocks on the NYSE. Weekly Wall Street options settle basis the official close of the DJIA on Friday evening, and are not offered in the week of every month where there is a monthly Wall Street options expiry.

5. Monthly US 500 options expire basis the Special Opening Quotation of the S&P 500 on the 3rd Friday of the contract month, as reported by the CBOE. Note that this is the day after the last IG dealing day. This contract can be dealt in until 21.15 London time on the last dealing day. Weekly US 500 options will be settled basis the cash close of the S&P 500 as reported by CME at 15.00 (Chicago time). Weekly US 500 options are available 24 hours, from 08.15 on Monday to 21.00 on Friday (in-hours).

6. FTSE® options settle based on the Exchange Delivery Settlement Price (EDSP) as reported by LIFFE on the last dealing day. The Exchange Delivery Settlement price is based on an intraday cash market auction of the FTSE® 100 index which commences at 10.10 (London time) on the last trading day. Uncrossing of the component stocks should be finished by 10.30 (London time). Weekly FTSE® 100 options settle basis the official close of the FTSE® 100 cash index on Friday afternoon.

7. Germany 40 options settle based on the final settlement value of the DAX as reported by Eurex on the last trading day. The settlement value is based on prices of the component shares of the DAX as determined in an intraday auction starting at 13.00 CET in the electronic trading system Xetra. Weekly Germany 40 options settle basis the official close of the DAX cash index on Friday afternoon are not offered in the week of every month where there is a monthly Germany 40 options expiry.

8. France 40 options settle based on the Exchange Delivery Settlement Price (EDSP) as reported by Eurex. This calculated by taking the mean of all index values calculated and disseminated between 14.40 and 15.00 (London time).

9.US Tech 100 options that settle based on the Special Opening Quotation of the Nasdaq 100 on the 3rd Friday of the contract month. Note this is the last day after the last IG dealing day. This contract can be traded until 21:15 London time on the last dealing day.

Hong Kong HS50 options settle basis the final settlement value calculated as the average of quotations of the Hang Seng Index taken at 5 minute intervals from five minutes after the start of and up to five minutes before the end of the continuous trading session of SEHK and the close of trading on SEHK on the Expiry Day.

10. EU Stocks 50 options settle based on the final settlement value of the EuroStoxx 50 index as reported by Eurex on the last trading day. This settlement value is based on the Average of the respective index values calculated between 11.50 and 12.00 (CET).

11. The margin requirement for buying a stock index option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.

The margin requirement for selling a stock index option is equal to the margin required for an equivalent sized CFD in the underlying market, and never more than the margin required for an equivalent sized CFD in the underlying market.

12. 24-hour dealing starts at 08.00 (London time) on Monday and finishes at 21.15 (London time) the following Friday. Ask dealers for information about public holidays.

13. 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 convert any positive or negative balance on your account in a currency other than your base currency to your base currency when your position is closed. You may change this default at any time via our trading platform or by calling us.

We charge a standard spread on USD, EUR, CHF, GBP and AUD share options.

Our share options are a special form of CFD, which give a client exposure to changes in option prices but cannot be exercised by or against the client, and thus cannot result in delivery of actual shares.

*Individual share options CFDs can only be traded over the phone, these contracts are not available online.

Description

Standard spread (per side)

USD share options 5
EUR share options 3
CHF share options 3
GBP share options 1
AUD share options 5

Notes

1. Options are not available for rollover, regardless of any instructions held on your account. All options settle basis a pre-determined expiry rule. To find out more, take a look at each market’s individual information in-platform.

2. As long as there is a tradable option in the underlying, we trade all options on shares in the FTSE® 100, the DOW 30, the S&P 500, the Nasdaq 100 and some large cap Canadian and Australian stocks, as well as on a large selection of European options traded on Eurex or Euronext.

3. We charge a standard spread per lot, per side, on USD, EUR, CHF, GBP and AUD shares. There is no spread charge on expiry of a share option, but the standard spread will be charged for opening and closing positions. The charge is automatically applied to your account.

4. The standard spread charges are set out in the table above.

5. The margin requirement for buying an option contract is the opening price (or premium) multiplied by the number of shares. For selling a share option, the margin required is the same as selling the equivalent number of shares in the underlying stock of the option.

6. Dealing hours are as follows:

  • UK share options: 08.00–16.30 (London time)
  • American share options: 14.30–21.00 (London time) †
  • European shares: Market hours for the relevant Exchange. Please ask for current details.
  • Australian share options: 10:00-15:55 (Sydney time) †
  • †It may sometimes not be possible to quote a particular share option if there is no price being published in the underlying market.

7. The last dealing day for share options is the third Friday of the contract month.

Share options not already closed by the client are closed on or after the last dealing day for those share options, on the following basis:

Call options at the closing price of the underlying share as quoted on the primary exchange at or after the market close on the last trading day, less the strike price, or at 0, whichever is greater. The price used will be the closing price as quoted on the primary exchange.

Put options at the strike price, less the closing price of the underlying share as quoted on the primary exchange, at or after the market close on the last trading day, or at 0, whichever is greater. The price used will be the closing price as quoted on the primary exchange.

8. If there is a corporate action, for example rights issue, affecting the underlying share, we will determine the appropriate adjustment, if any, to be made to the related share option. These adjustments will take account of the dilutive or concentrative effect necessary to preserve the economic equivalent of the rights and obligations of the parties under the relevant margin trade immediately prior to that event. Exchanges provide details of such corporate events online.

9. 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 convert any positive or negative balance on your account in a currency other than your base currency to your base currency when your position is closed. You may change this default at any time via our trading platform or by calling us.

Types of options

Daily options

Daily options are options that expire at the close of the underlying market on the day you place your trade. So if you trade a Daily FTSE® 100 option at 11.30 in the morning it will close at the official settlement of the FTSE 100 that afternoon.

Daily options allow you to take a short-term view on the volatility of the underlying market, in addition to the directional movement. If you think the underlying market is going to move substantially on a particular day, you can potentially benefit irrespective of whether the market moves higher or lower.

 

Long-term options

We offer a range of long-term options including weekly, monthly and quarterly contracts.

 

Stock index options

We offer a full range of options based on leading stock indices, including daily options and futures on the FTSE® 100 and Wall.

 

Forex options

Ideal for the short-term trader, our daily options are available on some of the most popular forex pairs.

Each trading day we offer a full range of call and put options on USD/JPY, EUR/USD, GBP/USD, USD/CHF and EUR/GBP. Options expire at 2pm Chicago time based on the spot rate.

Share options

Our share options give you exposure to changes in option prices, but cannot be exercised by or against you, and thus cannot result in delivery of actual shares.

We offer options on shares in the FTSE 100, the Dow 30, the S&P 500, the Nasdaq 100 and some large cap Canadian and Australian stocks. We also offer a large selection of European options traded on Eurex or Euronext.

Call options

A call option is the right to buy an underlying instrument (such as the FTSE® 100) at a certain price, known as the strike price. For example, you believe the FTSE® 100 will rise before the close of the market, from its current level of 5300. You can buy £10 per point of a Daily FTSE® 5300 Call which has a price of 11-14.

What does this mean?

You now hold the right, but not the obligation, to buy £10 per point of the FTSE® 100 at a price of 5300 rather than the level of the official settlement. For this right you bought the option at the offer price, 14. This means the worst-case scenario is that you can lose £140 (14 x £10 per point) if the option finishes without value. This would happen if the FTSE® 100 closes below 5300.

Potential profit and breaking even

For every point the FTSE® 100 settles above 5314 you make £10 per point. To break even you need the FTSE® 100 to reach 5314, calculated as 5300 (strike) + 14 (price paid for option).

When buying options (be it 'calls' or 'puts') your risk is known and strictly limited, but your profits are theoretically limitless. 

Put options

A put option is very similar to a call, except it is a right to sell an underlying instrument at a certain price.

As in the example above, you might think the FTSE® 100 is set to move, but this time you think it will be a fall. Therefore you buy £10 per point of a 5300 put, currently priced at 13-16, buying yourself the right to sell at a fixed price.

Again, you can calculate your break-even point as 5300 (strike) - 16 (price) = 5284. You will make £10 for every point the FTSE® 100 falls below 5284. However, you will lose £160 (16 x £10 pounds per point) if the FTSE® 100 closes above 5300.

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