Our interest rates markets are based on underlying futures. We offer mini versions of interest rate futures contracts at 20% of the main contract size and margin requirement.
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 bets a limited-risk premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and will form part of your margin when you attach the stop.
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%.
4. 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.
5. 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.