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Contract Details

You can find the Contract Details for all our products, including dealing spreads, contract sizes and margin rates, in the following table.

• Contract Details: Table (73K)

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For all standard contracts:

• One contract = 100,000 of the first-named currency

For all mini contracts:

• One contract = 10,000 of the first-named currency

Notes

Our foreign exchange transactions are a special form of CFD and give you exposure to changes in exchange rates but they are cash settled and cannot result in the delivery of the underlying currencies.

1) Spreads are subject to variation, especially in volatile market conditions.

2) The minimum transaction size is one contract. Subject to this minimum size, transactions may be in fractions of a contract.

3) Normal dealing hours are from 21.00 (London time) on Sunday until 21.15 (London time) on Friday.

4) The normal Margin Percentage for a transaction is 2% of the position value.

5) Adjustments to reflect the relative interest rates of the currencies concerned are calculated and posted to the client's account daily. Interest adjustments are calculated as follows:

A = V x R / 365

Where:

V = the current value of the position in the second currency. This is equal to:
Number of contracts x Contract size x Spot exchange rate

R = a percentage rate which reflects the overnight interest differential between the two currencies. In each case, the individual interest rates used to calculate R will be a maximum of one percentage point above or below the central market rate for the currency concerned

A = the amount of the daily interest credit or debit

If the first currency has a higher interest rate, then you are credited interest for running a long position and debited interest for running a short position.

If the first currency has a lower interest rate, then you are debited interest for running a long position and credited interest for running a short position.

A daily interest adjustment is calculated for any position opened before 22.00 that is still open after 22.00 (London time).

Note: For any position opened before 22.00 Wednesday that is still open after 22.00 Wednesday, the daily interest credit or debit will be made for three days as opposed to one. This three-day adjustment covers settlement of trades over the weekend period.

6) We will not charge any additional commission unless we notify you in writing.