Turbo24 product details

Shares turbo warrants

All turbo warrants listed below are transferrable securities which give you an exposure to changes in underlying share prices.

Notes

1. All Turbo24 are traded in EUR, regardless of the underlying trading currency.

2. The overall value of a turbo trade is equal to the price of the turbo warrant (based on the difference between the underlying market price and your selected knock-out level, adjusted by the market’s multiplier and including the market maker’s charges*) multiplied by the number of turbos purchased. For example, buying 100 turbos with a price of 5.00 will give the following value:
5.00 (price) x 100 (turbos) = 500 EUR

3. Turbo24 on shares aren’t available 24/5 as with other markets. They’re subject to the schedules available for each market on the Spectrum website – Spectrum being the exchange on which Turbo24 are traded.

4. The initial outlay to buy a turbo warrant is the opening price multiplied by the number of units. This is the maximum possible loss on the position.

5. When you trade in a currency other than your base currency, your profit or loss will be realised and 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.

6.Knock-outs will be determined against the underlying market price of a specific turbo warrant.

7. A dividend adjustment can be applied to a turbo warrant’s knock-out level to reflect ex-dividend adjustments to the underlying share price. This is equal to the number of points by which the share price must be adjusted to account for going ex-dividend at the close of the cash market. There will not be any separate charges to client accounts, but instead the position’s knock-out level will be adjusted. The adjustment applies to both long and short turbo warrants. Every working order will be deleted from the order book whenever a dividend adjustment is applied.

8. A daily knock-out price adjustment is calculated by the turbo warrant issuer (Raydius) at 23:00 (CE(S)T) and applied when the maintenance window is completed at 23:02 (CE(S)T). Note that this will not be an account adjustment, as the knock-out level adjustment will incorporate the daily funding amount.
On a long Turbo24 the knock-out adjustment will result in your knock-out level moving upwards over time, and on a short Turbo24 it will move downwards.
The daily knock-out adjustment is determined by Raydius based on a specified market interest rate plus a risk adjustment factor that is calculated at its discretion.
For more information, please see the Key Information Document and prospectus for your turbo, plus the final terms published on the Raydius website.

9. For Turbo24 on Italian shares, the Italian Financial Transaction Tax (IFTT) applies. This tax is payable on all buy and sell transactions, regardless of your place of residence or the place where your transactions have been concluded. Find out more about the IFTT.

* The market maker normally makes a charge to reflect the guarantee on the knock-out level
https://www.spectrum-markets.com/member-documents

Forex and gold turbo warrants

All turbo warrants listed below are transferrable securities which give you an exposure to changes in underlying forex prices.

Notes

1. All turbo24s are traded in EUR, regardless of the underlying trading currency.

2. The overall value of a turbo trade is equal to the price of the turbo warrant (based on the difference between the underlying market price and your selected knock-out level, adjusted by the market’s multiplier and including the market-maker's charges*) multiplied by the number of turbos purchased. For example, buying 100 EUR/USD turbos with a price of 5.00 will give the following value:

5.00 (price) x 100 (turbos) = 500 EUR

3. Where indicated, 24-hour trading opens at 23.00 (CE(S)T) on Sundays and closes at 23.00 (CE(S)T) on Fridays. Exceptions are shown in the table.

Turbo24s have a two-minute maintenance window between 23:00 - 23:02 (CE(S)T) daily, from Monday to Thursday.

4. The initial outlay to buy a turbo warrant is the opening price multiplied by the number of units. This is the maximum possible loss on the position.

5. When you trade in a currency other than your base currency, your profit or loss will be realised and 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.

6. Knock-outs will be determined against the underlying market price of a specific turbo warrant. For forex pairs, this will be Reuters’ reference price. Knock-outs can only occur during the opening hours of the underlying market. As FX markets are open 24 hours a day, turbo warrants with forex as the underlying market can be knocked out at any time while the trading venue is open.

7. A daily knock-out level adjustment is calculated by the turbo warrant issuer (Raydius) at 23.00 (CE(S)T) and applied when the maintenance window is completed at 23.02 (CE(S)T). Note that this will not be an account adjustment, as the knock-out level adjustment will incorporate the daily funding amount.

On a long turbo24 the knock-out adjustment will result in your knock-out level moving upwards over time, and on a short turbo24 it will move downwards.

The daily knock-out adjustment is determined by Raydius based on a specified market interest rate plus a risk adjustment factor calculated at its discretion.

For more information, please see the Key Information Document and prospectus for your turbo, plus the final terms published on the Raydius website.

* The market-maker normally makes a charge to reflect the guarantee on the knock-out level.

Commodities turbo warrants

All turbo warrants listed below are transferrable securities which give you an exposure to changes in underlying commodity prices.

Note: for information about Gold, please visit our forex and gold turbo24 product details section.

Notes

1. All turbo24s are traded in EUR, regardless of the underlying trading currency.

2. The overall value of a turbo trade is equal to the price of the turbo warrant (based on the difference between the underlying market price and your selected knock-out level, adjusted by the market’s multiplier and including the market maker’s charges*) multiplied by the number of turbos purchased. For example, buying 100 Brent Crude turbos with a price of 5.00 will give the following value:

5.00 (price) x 100 (turbos) = 500 EUR

3. Where indicated, 24-hour trading opens at 23.00 (CE(S)T) on Sundays and closes at 23.00 (CE(S)T) on Fridays, with breaks in trading on certain days as shown.

Turbo24s have a two-minute maintenance window between 23:00 - 23:02 (CE(S)T) daily, from Monday to Thursday.

4. The initial outlay to buy a turbo warrant is the opening price multiplied by the number of units. This is the maximum possible loss on the position.

5. When you trade in a currency other than your base currency, your profit or loss will be realised and 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.

6. Knock-outs will be determined against the underlying market price of a specific turbo warrant.

During out-of-hours sessions on 24-hour commodities markets, quotations will reflect the market maker’s view of the prospects for a market. This could include referring to price movements in other relevant markets which are open. There may be nothing against which to measure quotations at these times. While the market maker quotes when the underlying market is closed, knock-outs can only occur during the opening hours of the underlying market. This means that the market maker will price the listed instruments from 00.00 (CET) on Monday to 23.00 (CET) on Friday, with the maintenance window mentioned in note 3, but knock-outs will only occur when the underlying reference market is open.

a) Underlying opening hours for Brent Crude:
01:00 CE(S)T to 23:00 CE(S)T. Opens at 00:00 CE(S)T on night between Sunday and Monday.

b) Underlying opening hours for US Crude:
00:00 CE(S)T – 23:00 CE(S)T, opens at 00:00 CE(S)T on night between Sunday and Monday.

This means that the market maker will make prices on Brent Crude for 24 hours each day, but knock-outs are only possible during 22 of these hours.

The position is very similar for US Crude, with the difference being that knock-outs can happen during 23 hours of the day.

7. Turbos which have Brent or NYMEX (US crude) oil futures as their underlying market should roll to the next month's future on the second-to-last business day before the last dealing day of the current contract. For example, if 30 November is the last calendar day of the month, but the last trading day for the November future is the 28th, the issuer will change to the next contract on the 26th at 23.00. The issuer will ensure that the notional value of the turbo warrant remains the same when the underlying futures contract is rolled over to the next, by making any necessary adjustments.

For example, let’s say the underlying November Brent Crude is trading at a price of 7500 and the issuer has a long turbo with the knock-out level of 7400. Because of the overnight adjustment, the issuer is due to apply a knock-out adjustment of one point. As the premium is calculated by taking the difference between the underlying trading price and the knock-out level, the new premium price, after adjustment, would be 99. If the December Brent Crude future is trading at a different price than 7500, it would cause a discrepancy to the warrant’s premium. To ensure that warrant holders maintain the same notional position value after the rollover, the issuer will amend the warrant’s overall strike price. Therefore, if the underlying December Brent Crude future is trading at 8000, the new knock-out level will be calculated as 8000 – 99 = 7901, moving the knock-out level from 7400 to 7901 and thus keeping the warrant holder’s notional position value.

Every working order will be deleted from the order book whenever an underlying futures contract is rolled over.

8. A daily knock-out level adjustment is calculated by the turbo warrant issuer (Raydius) at 23.00 (CE(S)T) and applied when the maintenance window is completed at 23.02 (CE(S)T). Note that this will not be an account adjustment, as the knock-out level adjustment will incorporate the daily funding amount.

On a long turbo24 the knock-out adjustment will result in your knock-out level moving upwards over time, and on a short turbo24 it will move downwards.

The daily knock-out adjustment is determined by Raydius based on a specified market interest rate plus a risk adjustment factor calculated at its discretion.

For more information, please see the Key Information Document and prospectus for your turbo, plus the final terms published on the Raydius website.

* The market maker normally makes a charge to reflect the guarantee on the knock-out level.