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Options trading product details

Trade on short and medium term volatility with our range of flexible options CFDs

    

All our daily options are special forms of CFDs 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

We quote daily options on a range of popular markets, including global stock indices, forex pairs and commodities.

Market Contract size
Daily FTSE 100® £10/point
Daily Wall Street $10/point
Daily US 500 $100/point
Daily Germany 30 €5/point
Daily France 40 €10/point
Daily Italy 40 €5/point
Daily Spain 35 €10/point
Daily Netherlands 25 €100/point
Daily Sweden 30 100SEK/point
Daily Australia 200 AUD10/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 US Light Crude Oil $10
Daily Spot Gold $100
Daily Spot Silver $50

Notes

1. 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 30, France 40, Italy 40, Spain 35, Netherlands 25 and Sweden 30 settle against the official settlement levels of the cash DAX 30, cash CAC 40, cash MIB 40, cash IBEX 35, cash AEX and cash OMXS30 markets.

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

Daily US Light Crude Oil 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 (UK 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 (UK 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 (UK 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.

2. 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 30 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 Daily Italy 40 and Spain 35 the spread will range from 5 to 6 points. For Netherlands 25 the spread will range from 0.2 to 0.4. 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.

3. 24-hour dealing on daily options starts at 07.30 (London time) on Monday and finishes at 21.15 (UK 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. Daily US Light Crude Oil can be traded from 21.00 to 19.27 (UK time).

4. 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.

5. 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.

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.

Weekly options

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
US Light Crude Oil $10
Gold $100

Notes

1. 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.

2. 24-hour dealing starts at 08.00 (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.

3. 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.

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

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 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.

Futures options

Commodities

Options market
& dealing hours
One point
means
Bet size
equivalent to
one contract
Spread range
Gold
13.30-18.30
$/1 troy ounce
 
$100

 
1-3
Silver
13.25-18.25
cents/troy ounce
 
$50

 
1 - 4
Copper, High-Grade
13.10-19.00
0.01 cents/pound
 
$2.50

 
20 - 160
Crude Oil, Light (US)
13.30-19.30
cents/barrel
 
$10

 
10 - 20
Sugar No. 11 World
13.10-18.30
0.01 cents/pound
 
$11.20

 
4 - 10
Wheat (US)
 
cents/bushel
 
$50

 
1 - 4
Corn
15.30-19.15
cents/bushel
 
$50

 
1 - 4
Coffee Arabica (New York)
13.00-18.30
00.1 cents/pound
 
$3.75

 
40 - 200
Cocoa (New York)
13.30-18.30
$/1 troy ounce
 
$100

 
1 - 3
Soyabeans
15.30-19.15
cents/bushel
 
$50

 
2 - 5

Notes

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

Stock index options

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 (10) £10

 
3-10 Current & next month; 2 nearest quarter months
 
3rd Friday of contract month (5)
Wall Street 24 hours (10) US$10

 
5-16 Current & next month; 2 nearest quarter months
 
Thursday prior to 3rd Friday of contract month (3)
US 500 24 hours (10) $100

 
0.6-2.0 Current & next month; 2 nearest quarter months
 
Thursday prior to 3rd Friday of contract month (4)
Australia 200 10.10-16.00 AEST A$10

 
3-10 Front quarter month only
 
3rd Thursday of contract month (2)
EU Stocks 50 08.00-16.30 €10

 
2-5 Front month only
 
3rd Friday or prev. bus. day. of contract month (9)
Germany 30 24 hours (10) €5

 
3-10 Current & next month; 2 nearest quarter months
 
3rd Friday of contract month (6)
France 40 08.00-16.30 €10

 
3-6 Front month only
 
3rd Friday of expiry month
Netherlands 25 08.05-16.30 €100

 
0.3-0.7 Current month
 
3rd Friday of contract month (8)
Weekly  

 
 
 
 
FTSE® 100 24 hours (5) £10

 
3-6 Weekly
 
Every Friday
Germany 30 08.00-16.30 (6) €5

 
3-6 Weekly
 
Every Friday except where monthly Germany 30 expires
Netherlands 25 08.05-16.25 €100

 
0.15-0.25 Weekly
 
Every Friday
US 500 24 hours (4) $100

 
0.6-2.0 Weekly
 
Every Friday except 3rd week of each month
Wall Street 14.30-21.00 (3) $10

 
6-16 Weekly
 
Every Friday except where monthly Wall Street expires

Notes

1. 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.

2. 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 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.

3. 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.

4. 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 14.30 on Monday to 21.00 on Friday (in-hours). Weekly US 500 options are not offered in the 3rd week of every month where there is a monthly US 500 options expiry.

5. 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.

6. Germany 30 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 30 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 30 options expiry.

7. 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).

8. Netherlands 25 options settle based on the average values of the AEX index on the third Friday of each month. This is calculated at one-minute intervals between 14.30 and 15.00 (London time).

9. 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).

10. 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.

11. 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.

12. 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.

Share options

We charge a standard commission on USD, EUR, CHF, GBP, CAD 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.

Description Standard
Commission

(per lot,
per side)
USD share options US$5


 
EUR share options €3


 
CHF share options CHF3


 
GBP share options £10


 
CAD share options C$6


 
AUD share options A$5


 

Notes


1. 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.

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

3. The standard commission charges are set out in the table above.

4. 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. Margin off-setting can occur when you are long of a stock, and selling a call in the same stock, for example. In this case, margin is required only on one leg of the trade. The Margin Percentage for a particular share is calculated as a percentage of the opening value of the transaction. Margin Percentages for particular shares vary according to volatility and market conditions, and at the time of writing are as follows:

  • UK FTSE® 100 shares: 5% or 15%
  • American shares: 10% or higher
  • Australian shares: 5% or higher
  • We reserve the right to alter the Margin Percentage at any time.

5. 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.

6. 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.

7. 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.

8. 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.

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

Find out more about our charges and fees