What are IG's indices CFD product details?

Our stock indices CFDs are contracts which give a client exposure to changes in the value of a stock index but cannot result in the delivery of any share or instrument by or to the client. 

1. Where indicated, 24-hour dealing opens at 23.02 (London time) on Sundays and closes at 22.00 (London time). This will be between 07.02 Monday and 06.00 Saturday (Singapore time) on non-Daylight Savings periods and between 06.02 Monday and 05.00 Saturday (Singapore time) during Daylight Saving periods.

The exceptions are Wall Street, US 500, US Tech 100 and Japan 225, which open at 23.00 (London time) on Sundays. Other indices are offered only when the underlying market is open. Please ask dealers for information about public holidays.

Other indices are offered only when the underlying market is open. Please ask dealers for information about public holidays.

a) Japan 225 is priced as a SGD and USD denominated contract.

2. All dealing hours are listed in Singapore time, unless otherwise stated. Please note that actual trading times are governed by local time in the country of the index's origin. Consequently, seasonal adjustments in the country of origin may cause times shown to be imprecise.

3. a) CFDs on indices are quoted with reference to the front month contract in the underlying futures market. Cash CFD prices are adjusted for the fair value between the prices of the cash index and relevant futures contract. The prices quoted for CFDs on futures, which are not on the front month contract, are adjusted for the fair value between that contract and the front month. 

b) Spreads are subject to variation, especially in volatile market conditions. On 24-hour index markets, our spreads depend on whether the underlying futures market is open (in-hours) or closed (out-of-hours). Other index markets are only quoted when the underlying futures market is open. Our dealing spreads may change to reflect the available liquidity during different times of day. Out-of-hours spreads on US indices may vary during the US reporting season.  Our normal spread during each time period 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) Large trades may be subject to wider spreads. Learn more here.

e) During the out-of-hours sessions on 24 hour index markets, our quotations reflect our own view of the prospects for a market. This could include referring to price movements in other relevant markets which are open. Furthermore, orders placed by other clients may affect our quotations. There may be nothing against which to measure our quotation at these times.

f) In order to publish more accurate and reliable prices, IG calculates theoretical fair values for the China A50 index rather than relying upon underlying market differentials. In general, where there are price discrepancies between the cash and futures markets, arbitrageurs return the market closer to its fair value. However, because of trading restrictions in China, these arbitrage trades are often restricted, resulting in wide variances and movements between the underlying market differentials and the theoretical fair values.

4. For guaranteed stop transactions, a guaranteed stop 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. Please note that tiered margining applies; this means that higher margins may be required for large positions. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform.

6. Wall Street, US 500, US Tech 100 and US Russell 2000 futures contracts can be traded until 14.30 (London time) on the day of expiry. This means stop or limit orders can be filled until this time.

7. The following note refers to cash markets only. CFDs on cash stock indices are undated transactions that do not expire (unless requested, please see note 9). For each day that a position is open, adjustments are calculated to reflect the effect of interest (i), and, if necessary, dividends (ii).

i) A daily interest adjustment is calculated for any position that is opened before 22.00 (London time) and that is still open after 22.00 (London time). For stock index contracts denominated in Australian dollars or New Zealand dollars a daily interest adjustment is calculated for any position that is opened before 16.50 (Sydney time) and that is still open after 16.50 (Sydney time). These adjustments are posted daily to the client's account. Please note that on Fridays open positions will be adjusted for 3 days funding, covering the weekend.

Interest adjustments are calculated as follows:

D = n x L x C x i / 365

Where:

D = Daily interest adjustment

n = Number of contracts

L = Value per point

C = Underlying index price at 10pm (London time)

i = Applicable annual interest rate

Note: The formula uses a 365-day divisor for the FTSE® 100 and other GBP, SGD and ZAR denominated markets, and a 360-day divisor for all others. 

Interest in respect of long positions is debited from a client's account, and interest in respect of short positions is either credited to or debited from a client's account.

ii) Please note that overnight funding for the EU Volatility Index and the Volatility Index is calculated in the same way as for commodities without fixed expiries – see our overnight funding page for more details.

iii) A dividend adjustment is applied to take account of the ex-dividend adjustment to the index. This is the number of points by which the index price must be adjusted downwards to take account of those shares in the index which go ex-dividend at the close of the cash market. We will use the ex-dividend figure estimated by Bloomberg (E&OE) to determine what adjustment to apply. 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.

8. When you trade in a currency other than your base currency, margin requirements and any profit or loss will be booked to your account in that currency. As a default, we will automatically convert any profit or loss you realise on closing a position to your base currency. You may change this default at any time via our online dealing platform.

9. Clients may request that a stock index position expire on the day that the request is made. The following points will be considered when deciding whether the request will be granted:

a) The size of the position. With larger positions only a partial amount may be allowed to expire.

b) The timing of the request. Expiry requests should be made well in advance of the underlying index expiry time.

c) Expiry market validity. The request will not be granted if for any reason the underlying cash index calculation is not considered a true reflection of the underlying market. For example, if constituent members of the index are not trading.

d) Expiry trading. Cash index CFDs are not designed to allow clients to gain exposure to the underlying index expiry price. Any request considered to be attempting to do this will not be granted.

10. For futures CFDs positions, unless expressly agreed otherwise with IG, positions will be rolled over to a later date by default. For most positions, a client can, before the position has been automatically closed, ask for the position not to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. It remains the client's responsibility to communicate their roll preferences for any position(s) before expiry.

11. Any futures CFD position that is not rolled over will settle on the expiry date based on the official closing price of the related expiry market, plus or minus half the IG spread.

12. We price our Volatility Index (VIX), EU Volatility Index and US Dollar Basket contracts in a different way to the rest of our cash index markets. Rather than aiming to replicate the underlying index price, we follow the method used to derive our undated commodity prices. This means that there is a difference between our undated price and the underlying index price on these markets. Funding is also calculated in line with the undated commodity method. Please see our overnight funding page for more details.

13. Weekend markets are available from 4pm Saturday to 6.40am Monday (SGT) for indices. During UK daylight savings time (BST), this will be 3pm Saturday to 5.40am Monday (SGT).

14. Weekend positions are automatically rolled into weekday trading at the same price level they were closed. Any attached stops or limits will also be carried over at their original levels.

15. Only stops and limits on a weekend position can be triggered over the weekend. All existing stops and limits on the weekday position can't be triggered on a weekend.

16. Your weekend positions will be netted off against any existing weekday positions if it remains open past the Weekend Market close. This will only apply in scenarios where both your weekday and weekend positions do not have any stops/limits attached. If you have hedged an existing weekday position with a weekend trade that has stop or limit attached to the weekend position, the trade will be force opened and rolled into a weekday position with the same stop or limit orders attached. As a result, you may hold both long and short positions when the weekday market resumes.

17. There are no rollover fees charged when weekend positions are rolled into weekday position. The weekend position will be settled basis the closing mid-price at the close of the weekend market. The equivalent weekday position in the same market will be opened at the same level it was closed at.

18. In addition, we do not charge overnight funding on weekend positions.

19. Our quotations reflect our own view of the prospects for each market. This could include taking a reference price from the last closing price of the market, analysing specific market or geographic news that may affect the equity index market we are pricing and movements in related or relevant underlying markets. Furthermore, orders placed by other clients may affect our quotations. There may also be nothing against which to measure our quotations at these times.

20. We do not offer the use of guaranteed stops on weekend positions.