What are IG's interest rates spread bet product details?

Our interest rates markets are based on underlying futures.

Notes in [square brackets] are detailed in the 'Notes' tab.

Market name [5]	Contract months	Last dealing day [1][3]
US 30-Day Fed Funds Rate	All months	Last bus. day of month
Australian 30-Day Interbank Rate	All months	Last bus. day of month
Euribor (3-month)	Mar, Jun, Sep, Dec	Second bus. day prior to the third Wed. of contract month
Eurodollar (3-month)	Mar, Jun, Sep, Dec	Second bus. day prior to the third Wed. of contract month at 11.00 (London time)
Euroswiss	Mar, Jun, Sep, Dec	Second bus. day prior to the third Wed. of contract month at 11.00 (London time)
Euroyen	Mar, Jun, Sep, Dec	Second bus. days prior to the third Wed. of contract month
3-month SONIA	Mar, Jun, Sep, Dec	Business day prior to third Wednesday of the next quarterly month
3 Month SOFR	Mar, Jun, Sep, Dec	Business day prior to third Wednesday of the next quarterly month

1. 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 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 a client shortly before a position is due to expire and offer the client the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to communicate their roll preferences for any position(s) before it expires.

Where a client has agreed with IG to expire a position, it will do so on or after the last dealing day on the basis set out below plus or minus half our spread:

a) Eurodollar at the final settlement price of 90-day Eurodollar futures on CME on the IG last trading day. This settlement price is based on the BBA Interest Settlement Rate.

b) Sterling Deposit based on the Exchange Delivery Settlement Price (EDSP) of the Short Sterling futures on LIFFE. The EDSP is calculated 100 minus the BBA Libor for 3-month sterling deposits at 11.00 on the last trading day.

c) Euribor based on the EDSP of EURIBOR futures on LIFFE. The EDSP is calculated as 100 minus the EBF Euribor Offered Rate for 3-month Euro deposits at 11.00 Brussels time on the last trading day.

d) Euroswiss based on the EDSP of Euroswiss futures on LIFFE. The EDSP is calculated as 100 minus the BBA Libor for 3-month Swiss Franc deposits at 11.00 on the last trading day.

e) Euroyen based on the Final Settlement Price of Euroyen futures as reported by SGX.

f) Treasury Bonds and Treasury Notes base the official closing price on the IG last trading day of the relevant futures contract as reported by CBOT.

g) Long Gilts base the official closing price of the LIFFE Long Gilt futures contract on our last dealing day.

h) German Bund, Bobl, Buxl, Schatz, OAT French Government Bond and Long-Term BTP Italian Government Bond at the Final Settlement Price of the relevant futures contract as determined by Eurex at 17.15 CET on the last trading day.

i) Japanese 10-year Government Bond at the final settlement price of the 10-year mini JGB futures as reported by SGX on the last trading day.

j) Australian 30-Day Interbank Rate settles based the SFE Final Settlement Price of the 30-day Interbank Cash Rate Future on the last business day of the month.

k) US 30-Day Fed Funds Rate basis the Final Settlement Price of the CME 30-Day Federal Funds Futures contract. This price is based on the average of the daily Fed Funds overnight rate (as reported by the Federal Reserve Bank of New York) over the contract month.

l) Short Term Gilt settles based on the final settlement price of the LIFFE Short Term Gilt future on the third last business day of the previous month.

2. a) Spread bets 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 (*).

3 The last dealing day shown in these bet details does not always coincide with the last trading day of the relevant exchange. This is because contracts can become illiquid as they approach expiry and market spreads can
widen considerably.

4. For guaranteed stop bets a guaranteed stop 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. Please note that premiums are subject to change, especially going into weekends and during volatile market conditions.

5. Market opening times are given in London time, unless otherwise indicated. Please note that actual trading times are governed by local time in the country of the interest rate or bond’s origin. Consequently, seasonal time adjustments (such as daylight saving) either in the UK or in the country of origin may cause the times shown to

be imprecise.

6. The underlying futures market trades in fractional format. Our quotation in Treasury Bond/Note Decimalised is presented in hundredths of a full Treasury Bond/Note point. So 11325 is the equivalent of 113-08, because 113-08 means 113 and 8/32, or 113 and a quarter of a point. Contracts will be settled to the nearest 1/100th of a point, as calculated from the relevant settlement provided by the CBOT, converted into decimal form.

7. Please note that tiered margining applies; this means that higher margins may be required for large positions. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform. See our tiered margining page for more details.