To determine whether a charge applies, call our dealers in advance of trading. The borrowing charge, and your ability to go short, can be changed at short notice.
1. CFDs are normally available on any share in the FTSE® 350 Index, S&P 500 Index, NASDAQ 100 Index, S&P/ASX300 Index, Straits Times, JSE 40, Hang Seng, TSE 60 and most major European indices. We also offer CFDs on a selection of IOB Depository Receipts. For full information on the shares we cover please see the list below:
2. Commission charges for CFDs are calculated as a percentage of the transaction value for most markets and as cents per share for US, Canadian and IOB shares. See our charges page (or the table above) for further details. Where we offer a CFD on an equity that is dual-listed and fully fungible for settlement on both exchanges, the commission charges applicable to that CFD will be the charges relevant to the country where primary listing is held.
3. Clients will be informed in writing of the commission rates and financing rates which apply to their account at the time the account is opened.
4. Limited Risk transactions are available on certain shares at our discretion.
The limited risk premium for each individual share is given in our share CFDs list (PDF, 500KB) (including UK, US, Australia, France, Germany, Sweden, Singapore and other world shares). The Limited Risk premium for South African and IOB shares is 1.0%. For all other shares the premium for a Limited Risk transaction is normally 0,3% or 0,7%. (Please note that the Limited Risk premium for all shares may be as much as 1,5% of the transaction value depending on market conditions and the volatility of the particular share.)
For limited-risk trasactions a limited-risk premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can form part of your margin when you attach the stop. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.
5. 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 (PDF, 500KB) for Margin Percentages of specific shares.
The Margin Percentage for major UK shares, and key constituents of US and European indices, is 5% on a Trader Account. The Margin Percentage for all other shares will be 10% or higher according to volatility and market conditions.
The Margin Percentage for a Limited Risk CFD transaction is equal to the amount which would be lost if the Stop were triggered.
Please note that Tiered Margining applies; this means that higher margins may be required for large positions. Please see our margins page for details.
We reserve the right to alter the Margin Percentage at any time.
6. There is no minimum opening contract value for CFDs on individual shares.
7. Trading hours are as follows:
- UK Shares: 09.00-17.30 CET
- American Shares: 15.30-22.00 CET
- European Shares: Market hours for the relevant Exchange. Please ask for current details.
- Singapore Shares: 09.00-17.00 (Singapore time)
8. For CFDs on individual shares, adjustments to reflect the effect of interest and dividends are calculated daily and posted to the client's account daily.
i) A daily interest adjustment is calculated, as follows, for any position that is kept open through the official close of business:
D = n x C x i / 365
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 an additional factor agreed with each client. Interest on long positions is debited from a client's account; on short positions, there may be a credit or a debit. ommodity options settle basis exchange-delivered prices and therefore expiry times are determined by exchange rules. The listed expiry rules may be subject to variation.
ii) A dividend adjustment is 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 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. 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.
9. For CFDs, a cash adjustment may be made to the client's 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, once the offer goes wholly unconditional, IG will treat the share CFD positions as if they have been assented unless otherwise instructed.
10. If you have an open Limited Risk share CFD position where the underlying share is subject to a rights issue or open offer and the subscription price is (a) in or at the money at the closing price of the underlying share on the last trading day for that share immediately before the ex-date, we will treat the rights issue or open offer as being successful and accordingly increase the size of your CFD position to reflect the effect of the rights issue or open offer or (b) out of the money at the closing price of the underlying share on the last trading day for that share immediately before the ex-date, we will treat the rights issue or open offer as not being successful and accordingly leave your CFD position unchanged. This treatment will apply regardless of whether a rights issue or open offer becomes successful after being out of the money at the closing price of the underlying share on the last trading day for that share immediately before the ex-date or is not successful after being in or at the money at the closing price of the underlying share on the last trading day for that share immediately before the ex-date. Importantly, in both situations, we will alter the level of your stop such that the maximum amount you are risking under this open share CFD position remains the same before and after any adjustment is made for the rights issue or open offer.
11. Where 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 if so, what the charge is, call our dealers in advance of trading.
12. When you trade in a currency other than your default currency, your profit or loss will be realised in that currency. As standard practice, we will then immediately convert this back to your default currency. You can change this at any time via the trading platform.