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What are IG's shares spread bet product details?

Find individual share details

Browse shares by country, get Reuters ticker codes, see limited risk premiums, and find out which shares you can short.

Shares list PDF (3.7MB)
With standard margin rates

Shares list XLS (2.2MB)
With tiered margin rates

Dealing spreads by category

We offer permanently low spreads across all share markets on both daily funded bets (DFBs) and quarterly bets.

  • Quarterly bets are broken up into near (less than three months), far (three to six months) and very far (six to nine months) categories, and our spreads vary according to the relevant risk involved.
  • 'Major' shares are constituents of the headline indices of a country or region.
  • IOB shares are depository receipts that trade on the International Order Book on the London Stock Exchange.
Share category DFBs Quarterly Bets
  Near Far Very far
Australia (major) 0.10% 0.60% 0.70% 0.85%
Australia (other) 0.25% 0.60% 0.70% 0.85%
Canada (major) 0.10% 0.35% 0.45% 0.60%
Canada (other) 0.15% 0.35% 0.45% 0.60%
Europe (major) 0.10% 0.35% 0.45% 0.60%
Europe (other) 0.25% 0.35% 0.45% 0.60%
Hong Kong/Singapore 0.50% 0.60% 0.70% 0.85%
International Order Book (IOB)1 0.15% 0.40% 0.50% 0.60%
Japan (major) 0.10% 0.35% 0.45% 0.60%
Japan (other) 0.25% 0.35% 0.45% 0.60%
South Africa 0.50% 0.75% 0.85% 1.0%
UK shares (FTSE 100) 0.10% 0.20% 0.40% 0.60%
UK shares (other) 0.25% 0.40% 0.45% 0.60%
UK shares (market maker) 0.25% 0.60% 0.70% 0.85%
US (major) 0.10% 0.35% 0.45% 0.60%
US (other) 0.15% 0.35% 0.45% 0.60%

 

Limited risk premiums

UK and international stocks are divided into three categories, depending on our assessment of their volatility.

Shares considered to be more volatile will incur slightly higher limited risk premiums and slightly larger minimum stop distances (expressed as a percentage of the curent shareprice).

  • Low volatility - 0.3% premium
    Contains FTSE 100 shares, as well as many SETS shares. Minimum stop distance: 5%
  • Medium volatility - 0.7% premium
    Contains other SETS/SETSmm shares. Minimum stop distance: 7.5%
  • High volatility - 1.0% premium
    Contains small-cap stocks. Minimum stop distance: 12.5%

US stocks are all classified as low volatility (0.3%) and have a minimum stop distance of 10%.

These categories will only affect spread sizes for limited risk bets; spread sizes for non-limited risk bets are not affected.

  • Our spreads explained
  • Limited risk bets
  • Margin requirements
  • Minimum bet sizes
  • Bet denominations
  • Dealing hours
  • Las dealing days
  • Funding
  • Adjustments
  • Prices

Dealing spreads on shares are subject to variation, especially in volatile market conditions or in other unusual circumstances. Bets are opened and closed at the market bid/offer, adjusted for the contract month in the case of quarterly bets, minus/plus half our spread. Market spreads can widen significantly, particularly at the beginning and end of the trading day, and minimum spreads may exist.

Our spread for a particular share is calculated as a percentage of the current price.

Our 'all-in' spread on all individual share options will include both our spread and market spread. This applies to both opening and closing transactions. No spread is charged on option bets which are left to expire. The size of the spread varies, depending on the option premium, the time to expiry and the volatility and liquidity of the underlying stock.

Limited risk bets are available on certain shares at our discretion.

Limited risk bets may not be available on certain stocks; please ask our dealers for current information.

The limited risk premium for bets on UK shares depends on the volatility of the share concerned. We will classify a UK share as having a low, medium or high volatility and the premium will vary accordingly. We will maintain up-to-date lists of limited risk premiums for individual shares.

If there is a bonus share issue, special dividend, rights issue, or any other event making it appropriate by normally accepted standards to adjust the opening level or size of a bet, we will make whatever adjustment it believes to be fair and reasonable. We will always attempt to replicate the rights and adjustments afforded to shareholders or the underlying stock when adjusting a spread bet. Please be aware that, with certain corporate actions such as entitlements or rights issues, those clients who have shorted a stock (made a down bet) will not have the option to take up the rights or entitled shares and may be assigned a larger position in terms of pounds, or any other currency, per point.

If you have an open limited risk share spread bet 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 bet 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 the size of your bet 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 spread bet remains the same before and after any adjustment is made for the rights issue or open offer.

Typically when there is an element of choice in a corporate action, the choice is usually only extended to those who have invested in (bought) the stock. For share spread bets in a company which is under offer in a takeover situation, once the offer goes wholly unconditional, we will treat the share spread bets as if they have been assented unless otherwise instructed. If you go short of a stock, any rights or other entitlement may be exercised against you. With regard to equity options, we will take note of any adjustment made by the relevant options exchange in respect of options on the affected share.

In the unlikely event of a dispute, a client may ask our regulator the Financial Conduct Authority (FCA), or any successor, to arbitrate. We will take whatever action it considers fair and reasonable if a share is suspended, but a client may ask the FSA to arbitrate in the event of a disagreement.

Minimum bet sizes in pounds, dollars and euros apply, for both quarterly and daily funded bets (DFBs). Please see the individual stock contract details for more information. For bets on share options, the minimum bet size is £10/point for UK share options, and $5/point for US share options.

Bets on UK shares are usually denominated in pounds per point. For each share, one point means one penny. A £10/point bet is the equivalent to a position in 1000 shares. Bets on US shares are denominated in dollars or pounds per point, at your choice. For each share, one point means one cent. A $10/point bet is the equivalent to a position in 1000 shares. A £10/point bet is the equivalent of a position in the number of shares equal to 1000 multiplied by the £/$ exchange rate.

Bets on European shares are denominated in pounds per point or in the local currency (normally euros), at your choice. For each share, one point means one cent. A €10/point bet is the equivalent to a position in 1000 shares. A £10/point bet is the equivalent of a position in the number of shares equal to 1000 divided by the €/£ exchange rate.

Bets on shares in other markets are denominated in pounds per point or in the local currency at your choice. The bet size equivalent to a position in a particular number of shares is calculated in the same way as detailed above.

Bets on UK share options are always denominated in pounds per point. Bets on US share options are always denominated in dollars per point.

Dealing hours are as follows:

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.

The contract months for quarterly bets rotate on a March, June, September, December cycle. The contract months for a UK share option will normally be the same as the contract months for the equivalent option quoted on LIFFE.

The last dealing day for quarterly bets is the Tuesday before the third Wednesday of the contract month. The last dealing day for UK share options is the third Friday of the contract month. The last dealing day for US share options is the third Friday of the expiry month or the previous business day if this is a market holiday.

Quarterly and DFB share bets not already closed by the client are closed on or after the last dealing day at the closing bid price (in the case of long positions) or closing offer price (in the case of short positions) of the relevant exchange on the last dealing day, plus or minus half our spread. In the event that the relevant exchange does not publish a closing bid and offer price, bets will be closed at the last traded price at or prior to the close of the Exchange on the last dealing day, plus or minus half our spread.

When a bet is of sufficient size that an equivalent transaction on the exchange would be in excess of four times normal market size (or where any number of bets are together in excess of four times normal market size) then bets not already closed by the client by the last time for dealing will be automatically rolled over, unless we exercise our reasonable discretion to close the bet.

Bets on share options not already closed by the client are closed on or after the last dealing day for those share options, on the following basis:

  • Bets on call options at the closing price of the underlying share as quoted on the primary exchange on the last trading day, less the strike price, or at 0, whichever is greater. The price used will be the closing price as quoted on the primary exchange.
  • Bets on put options at the strike price, less the closing price of the underlying share as quoted on the primary exchange on the last trading day, or at 0, whichever is greater. The price used will be the closing price as quoted on the primary exchange.

Quarterly bets can be rolled over on expiry provided a rollover instruction is received from the client at least 15 minutes before the close of the relevant exchange on the last dealing day. Bets on share options cannot be rolled over.

DFBs, which do not have a daily rollover, have an interest adjustment applied daily to their account. Interest adjustments in respect of long positions is debited from a client's account and interest in respect of short positions is either credited or debited from a client's account.

The interest adjustment on a DFB is derived from the current one-month interbank offered rate of the currency of the share in which you are dealing, adjusted for our funding.

For example, if you are taking a long DFB position on a UK-listed share priced in sterling, the interest adjustment is calculated by adding the latest one month London Interbank Offered Rate (LIBOR) to our funding adjustment, usually 2.5% per annum. So, if LIBOR is 1.5%, the total daily interest adjustment to a long position would be 0.011% (1.5% + 2.5% ÷ 365).

Conversely, if you are taking a short DFB position on a UK-listed share priced in sterling, the total interest adjustment is calculated by subtracting our funding adjustment, usually 2.5% per annum, from LIBOR. Unlike long positions, the total interest adjustment on short positions can result in either a higher or lower opening level. If LIBOR is greater than our funding adjustment, the opening level will be higher than the closing level. If LIBOR is less than our funding adjustment, the opening level will be lower than the closing level.

For example, if LIBOR is 4% (greater than our funding adjustment), the interest adjustment to a rolled DFB short position would be 0.004% (4% - 2.5% ÷ 365). If LIBOR is 1.5% (less than our funding adjustment fee), the daily interest adjustment to a rolled DFB short position would be -0.0027% (1.5% - 2.5% ÷ 365).

Note that when you are shorting a stock via a DFB spread bet, 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 stock, 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 betting.

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.

When a quarterly shares bet is rolled over to the next quarter, the expiring bet is closed at the middle of the market price after the close of the relevant exchange, plus or minus half our normal spread as shown in the Our spreads tab. No IG or market spread is charged on the opening of the new bet.

If you have a stop or a limit order on a daily position when it is rolled over, we will, unless instructed otherwise, place the stop on the new bet at the same level as the stop on the expiring bet.

If you have stops or limits on a quarterly bet when it is rolled over, we will, unless otherwise instructed, place the stop or limit on the new bet at the same level, but adjusted for fair value. For example, if the price of the new contract is 20 points higher than the expiring contract, your stop or limit would be rolled forward at your existing level plus 20 points. This applies to both guaranteed and non-guaranteed stops and limits.

If there is a bonus share issue, special dividend, rights issue, or any other event making it appropriate by normally accepted standards to adjust the opening level or size of a bet, we will make whatever adjustment it believes to be fair and reasonable. We will always attempt to replicate the rights and adjustments afforded to shareholders or the underlying stock when adjusting a spread bet. Please be aware that, with certain corporate actions such as entitlements or rights issues, those clients who have shorted a stock (made a down bet) will not have the option to take up the rights or entitled shares and may be assigned a larger position in terms of pounds, or any other currency, per point.

If you have an open limited risk share spread bet 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 bet 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 the size of your bet 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 spread bet remains the same before and after any adjustment is made for the rights issue or open offer.

Typically when there is an element of choice in a corporate action, the choice is usually only extended to those who have invested in (bought) the stock. For share spread bets in a company which is under offer in a takeover situation, once the offer goes wholly unconditional, we will treat the share spread bets as if they have been assented unless otherwise instructed. If you go short of a stock, any rights or other entitlement may be exercised against you. With regard to equity options, we will take note of any adjustment made by the relevant options exchange in respect of options on the affected share.

In the unlikely event of a dispute, a client may ask our regulator the Financial Conduct Authority (FCA), or any successor, to arbitrate. We will take whatever action it considers fair and reasonable if a share is suspended, but a client may ask the FSA to arbitrate in the event of a disagreement.

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 not available on the new IG Trading Platform.