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Interest rates

Take a position on the future short-term (quarterly) direction
of a range of global interest rates

When might you trade on interest rates?

  • To back your judgement on future changes in short-term interest rates
  • To hedge against other investments affected by interest rates, such as mortgage repayments

Benefits

  • Choose from a broad selection of global money markets

  • Spreads from just 1 point

  • Make informed decisions with Reuters news

Interest rates product details

Interest rates

Contract and
dealing hours

(local time)
Value of one
contract
(per 
index point)
Contract
spread [1]
Limited risk 
premium
Margin
requirement 

(per contract)
Aus 30-day Interbank Rate Chicago 17.14-07.00; 08.34-16.30

 
AUD25

 
1
 
2
 
0.15%

 
Euribor London 01.00-21.00

 
€25

 
1
 
2
 
0.15%

 
Eurodollar Chicago 23.00-22.00

 
$25

 
2
 
2
 
0.15%

 
Euroswiss London 07.30-18.00

 
CHF25

 
1
 
2
 
0.15%
 
Euroyen Singapore 00.45-12.00 (London time)

 
JPY2500

 
3
 
3
 
0.10%

 
Sterling Deposit / Short Sterling London 07.30-18.00

 
£12.50

 
1
 
2
 
0.15%

 

Expiry details

Market name Contract
months
Last trading
day
[3]
Aus 30-day Interbank Rate All months
 
Last business day of the month
 
Euribor Mar, Jun, Sep, Dec
 
Two business days prior to the third Wednesday of contract month
 
Eurodollar Mar, Jun, Sep, Dec
 
Second business day prior to the third Wednesday of contract month
 
Euroswiss Mar, Jun, Sep, Dec
 
Two business days prior to the third Wednesday of contract month at 11.00 (London time)
 
Euroyen Mar, Jun, Sep, Dec
 
Two business days preceding the 3rd Wednesday of the contract month
 
Sterling Deposit Mar, Jun, Sep, Dec
 
Third Wednesday of contract month at 11.00 (London time)
 

Notes

All the instruments described on this site are contracts for difference (CFDs). Our rates give you exposure to changes in the value of interest rates but they are cash settled and cannot result in the delivery of any commodity or instrument.

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. For most positions, you can, at any time before the position has been automatically closed, ask for the position to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact you shortly before a position is due to expire and offer the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains your responsibility to give instructions, if you so wish, to roll the position over before it expires.

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, 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.

6. 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.

Learn more about CFDs and their potential risks