CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

What are IG's shares CFD product details?

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Shares lists

  • Browse shares by country
  • Get Reuters ticker codes
  • See limited risk premiums
  • Which shares can you short?

Commission charges

Country Commission per side
per side
Minimum charge
(online)
Minimum charge
(phone)
Singapore 0.10% $15^ $15^
US 2 cents/share US$15 US$25
UK 0.10% £10 £15
Euro1 0.10% €10 €35
Denmark 0.10% DKK100 DKK250
Norway 0.10% NOK100 NOK250
Sweden 0.10% SEK99 SEK250
Switzerland 0.10% CHF10 CHF25
Greece 0.48% €25 €40
Australia 0.10% A$8 A$8
Japan 0.20% JPY1500 JPY2500
Hong Kong 0.25% HKD100 HKD100
South Africa 0.20% ZAR100 ZAR100
Canada 3 cents/share CAD25 CAD25
International Order Book (IOB)* 0.15% US$15 US$25

 

1 Euro includes: Austria, Belgium, Finland, France, Germany, Italy, Netherlands, Portugal, Spain.

* IOB Shares are Depository Receipts that trade on the International Order Book on London Stock Exchange

^ Nine Singapore shares are denominated in US dollars and have a minimum charge of US$15. These are:

  • Chemoil Energy Ltd
  • Dairyfarm International
  • Genting Hong Kong
  • Hong Kong Land Holdings
  • Hutchison Port Trust Holdings
  • Jardine Matheson Holdings Ltd
  • Jardine Strategic Holdings Ltd
  • Mandarin Oriental International Ltd
  • Pacific Shipping Trust

How do we make our share prices?

IG’s derived share price is a real-time price, created from the raw data of one or more exchanges, which can’t be reverse-engineered back to the original price.

Derived prices are available as the free data option, and only on our OTC platforms. You’ll continue to see real-time raw exchange data if you upgrade your data feeds or if you access our DMA platform.

Why is IG quoting derived prices?

Derived prices give our retail clients a simpler trading experience and make it easier for you to access the equity markets, while ensuring the quality of execution is not compromised. You can:

  • Access more equity instruments immediately on demand, with no need to complete exchange forms or activate exchange data
  • Feel more engaged with the markets you trade, in comparison with delayed data
  • Benefit from lower and more transparent trading transaction fees if you currently pay exchange data charges.

How do derived prices compare to raw exchange prices?

The main difference is that derived prices are usually wider. However, the variation is always very small – often just a fraction of a tick – and it won’t affect your execution. We’ll continue to honour our commitment to best execution, so the introduction of derived pricing has absolutely no impact on the quality of your execution.

The images below compare a set of derived prices against the equivalent exchange prices. As you can see, the difference is subtle. For example, in the case of Apple (All Sessions) the variation is just one tick on the sell price, while for Next plc the difference is a single tick on the buy price. For Facebook, the derived sell price is 20 ticks lower than the exchange price. However, in each case, execution is always against the better price, ie the exchange price.

Will stop and limit execution remain the same?

Yes, the method for triggering and executing stops and limits stays exactly the same. We execute against raw exchange buy/sell prices for CFDs, never derived prices, and always ensure best execution on every trade.

Please note that it’s possible for our derived buy/sell price to move through your stop level without your stop triggering, or for your limit to be triggered without our derived buy/sell price reaching the limit level. This is again because stops and limits are triggered and filled based on raw exchange prices, and not the derived prices we display.

Will my open positions be valued against derived or exchange prices?

We now value open positions against derived prices. However, because we base execution on the slightly more beneficial exchange price, your realised P&L may be marginally better than the P&L you see on the platform.

Do charts display derived prices?

Live data on charts shows derived prices, while historical data displays exchange prices. If you have upgraded your data feed to display exchange data, both live and historical data will show raw exchange prices.

What will happen to delayed prices with snapshots?

We’ll continue to offer delayed prices with snapshots where there’s no derived alternative, or if the derived price would provide you with a worse trading experience than delayed data. 

Am I not trading on true exchange prices?

Yes, you are. Derived data is for redistribution purposes only – for execution we always use true exchange prices. That means all trades, including stops and limits, will be executed at the best possible price we can source from multiple trading venues, under our best execution policy.

Can I view raw exchange data?

You’ll still be able to choose to see an underived, real-time raw data feed on our CFD and share dealing platforms. This will incur data redistribution charges, which may not be rebated. See the Data Feeds section in My Account for more information.

Markets with derived prices

  • All UK share CFDs
  • All US share CFDs
  • Australian share CFDs
  • Singapore share CFDs
  • Hong Kong share CFDs (excluding DMA)

US All session shares

As you are trading on a US All sessions share, kindly note that the prices you see on the platform will show market closing prices in the pre and post market. This may differ from your final profit and loss  due to order matching during pre and post market sessions which will reflect the last traded price. 

When trading our share CFDs you deal at the market price

Share CFDs provide exposure to changes in share prices but cannot result in delivery of actual shares by or to the client.

  1. Subject to risk reviews, the margin rates may differ for individual clients. For Singapore clients, a minimum margin rate of 10% applies to all share CFDs, due to regulatory requirements. Margins may vary by client jurisdiction and various other factors. If you have any questions please contact us on +65 6390 5118 or refer to the ‘Get Info’ tab on the trading platform to clarify the margin rate for each share.
  2. Deals are transacted based on the market bid/offer of the underlying share on the relevant stock exchange.

Indices and denominations

We offer constituents of the global indices listed below, and all trades are denominated in their local base currency. Other world markets may be available on request.

  • UK
  • North America
  • Europe
  • Australia, SA and Far East

We offer all shares in the FTSE 350 index, and normally all other UK-listed shares with a market capitalisation of over £10 million.

We offer all the constituent shares of the S&P 500 index and the NASDAQ 100 index, as well as sufficiently liquid US shares with a market capitalisation of greater than $500 million.

These contracts are denominated in US dollars, and US dollar interest rates apply. We also offer CFD share trading on the component shares of the TSX60 in Canada; for these shares, trades are denominated in Canadian dollar and Canadian dollar interest rates apply.

We offer all the constituent shares of each country's principal index. These contracts are denominated in euros, and euro interest rates apply; except for Danish, Norwegian, Swedish and Swiss shares, which are denominated in Danish kroner, Norwegian kroner, Swedish kronor and Swiss francs.

European indices
Austria     ATX
Belgium     BEL20
Denmark     KFX
Finland     HEX
France     CAC40
Germany     DAX, HDAX, MDAX
Greece     ASE60
Ireland     ISEQ
Italy     MIB30, MIBTEL
Netherlands     AEX
Norway     OBX
Portugal     PSI20
Spain     IBEX35
Sweden     OMX Stockholm Benchmark
Switzerland     SMI

 

We offer constituents of the ASX/S&P 300 index, as well as over 700 other Australian stocks, the JSE Top 40, leading Hong Kong and Japanese shares, and constituents of the Straits Times in Singapore.

Indicative Dividend Adjustment Percentage

Country

% Client receives on long position

% Client pays on short position

Australia 100 100
Austria 85 100
Belgium 85 100
Canada 85 100
Denmark 85 100
Finland 85 100
France 85 100
Germany 73.625 100
Greece 85 100
Holland 85 100
Hong Kong 90 100
Ireland 100 100
Italy 98.63 100
Japan 84.685 100
New Zealand 85 100
Norway 85 100
Portugal 85 100
Singapore 100 100
Singapore REIT 90 100
South Africa 100 100
Spain 85 100
Sweden 85 100
Swiss Virt X 65 100
Switzerland 65 100
UK 90 90
US 70 100

 

While we have tried to make the information in the above table as comprehensive and up to date as possible, please remember that these details are subject to changes.

Product details and notes

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.

  • Commission charges
  • Limited risk transactions
  • Margin percentage
  • Minimum opening value
  • Dealing hours
  • Funding
  • Prices
  • Rights issues

Commission charges for CFDs are calculated as a percentage of the transaction value for most markets and as cents per share for the US and Canada. See our charges page (or the table above) for further details. Please note that if the size of your deal is such that it attracts our minimum charge on opening, you will also be required to pay a minimum charge for that deal on closing, even if you close the deal in a bundle with other deals where the aggregate size is above our minimum. 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.

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.
 

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 (including UK, US, Australia, France, Germany, Italy, 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.)

The limited risk premium is charged only when the guaranteed stop is triggered.

The margin requirement for any particular CFD is calculated as a percentage of the current valuation of the transaction. Please see the  share CFDs list for margin requirements of specific shares.

The margin requirement for a Limited Risk CFD transaction will defer from your standard margin requirements.

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 requirement at any time. 

Subject to risk reviews, the margin rates may differ for individual clients.

There is no minimum opening contract value for CFDs on individual shares.

Dealing hours are as follows:

  • Singapore Shares: 09.00-12.00 and 13:00-17:00 (Singapore time)
  • Hong Kong Shares: 09.30-12.00 and 13.00-16.00 (Hong Kong time)
  • UK Shares (LSE): 08.00-16.30 (London time)
  • American Shares: Typically 09.30 to 16.00 (New York time). 
    For some US shares, we offer extended trading hours from 04.00 to 20.00 (New York time) on Monday to Thursday and 04.00 to 17.00 (New York time) on Friday. For a full list of affected shares please visit our  US Extended Hours page.
  • European Shares: Market hours for the relevant Exchange. Please ask for current details.
  • All other shares: Market hours for the relevant Exchange. Please ask for current details.

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

Where:

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 our funding adjustment, usually 2.5% per annum. Interest on long positions is debited from a client's account; on short positions, there may be a credit or a debit.

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 and is usually adjusted on client’s account before market opens on the ex-dividend date.

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 Singapore 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.

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, IG may not be able to communicate any wish to subscribe to the takeover offer (i.e. 'assent stock').

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. 

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, including a charge of no more than 0.3% of the current spot rate. You may change this default to a daily conversion any time via our online dealing platform. For daily conversions, our system will convert the currency automatically. However, you may experience currency fluctuations on your account prior to the conversion.

There are four different types of price feed offered on equity markets across the platform: delayed, derived, level 1 and level 2.

In most cases, the delayed price feed is delayed by 15mins, although in some cases it may be 20 mins. The length of the delay is indicated by a small icon containing the number 15 or 20 next to the update time for that instrument. The delayed price feed is free, and is the default offering across all equity instruments unless a real-time free option is available - such as pricing from multilateral trading facilities (MTFs) or derived prices. Markets that show a delayed price will display a ‘start live data’ button in their deal tickets. Clicking this button will change the visible price to a live price for up to ten price updates, before reverting to a 15 or 20 minute delayed price.

Derived prices are real-time prices created from the underlying exchange price. Derived prices have been adjusted in such a way which makes them non-reverse-engineerable, an exchange requirement which allows IG to distribute real-time data without having to charge clients. The adjustment is purely for display purposes and does not affect the execution of trades placed on markets which display derived prices.

Level 1 data is the real-time feed of the top level of the exchange order book. Level 1 data can only be viewed if non-free data is activated in the ‘data feeds’ section of the platform. A monthly fee is charged if activated.

Level 2 data is the real-time feed of the top five levels of the exchange order book. Level 2 data also requires activation, incurs a higher charge than Level 1 data.

For more information please log in to the platform and go to ‘help and support’ in the top-right corner. In the support portal, enter 'derived prices' in the search box.

Please note, our help and support portal is now available on the new IG Trading Platform.

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.

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, IG may not be able to communicate any wish to subscribe to the takeover offer (i.e. 'assent stock').

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