Stock Index Forwards | CFD | CFD Trading | Contracts for Difference

Our forward contracts expire at specified forward dates. There are no separate funding adjustments: a fair value is priced into our quotation. Based on the underlying market, spreads may vary to those specified in the Contract Details.

Settlement information

Japan 225
Last dealing day: Business day preceding second Friday or previous business day of contract month. This contract can be dealt in until 21.15 London time on the last dealing day. Settles: At the special opening quotation of the Nikkei 225 Stock Average, on the day following the last dealing day, which is used to settle the Nikkei 225 futures at the Osaka Securities Exchange, rounded to the nearest 1/10th of an index point. Traded months: March, June, September, December.

Japan All-Share
Last dealing day: Business day preceding second Friday or previous business day of contract month. Settles: At the special opening quotation of the TOPIX as reported by Tokyo Stock Exchange on the day following the last dealing day. Traded months: March, June, September, December.

Australia 200
Last dealing day: Third Thursday of contract month. On the last dealing day Australia 200 Futures Contracts may be traded up until 12.00 Sydney time. Settles: At the Special Opening Quotation (SOQ) of the S&P/ASX200 on the last trading day calculated to one decimal place. Traded months: March, June, September, December.

Singapore Blue Chip
Last dealing day: Second last Singapore trading day of contract month. Settles: Based on the Special Opening Quotation of the MSCI Singapore Free Index on the day following the last trading day, as reported by SGX. Traded months: Current liquid month.

China A50
Last dealing day: Penultimate business day of the contract month. Settles: Based on the official settlement price of the SGX FTSE/Xinhua China A50 Futures contract as published by the Singapore Futures Exchange. Traded months: Current liquid month.

Taiwan Index
Last dealing day: Trading day preceding the last business day of contract month. Settles: Based on the Special Settlement Price of the MSCI Taiwan Index as reported by SGX on the business day following the last trading day. Traded months: Current liquid month.

Hong Kong HS42
Last dealing day: Business day preceding last Hong Kong business day of month. Please note that this contract can only be dealt in until 16.00 Hong Kong time on the last dealing day. Settles: At the settlement price of the Hang Seng on the last dealing day on the Hong Kong Futures Exchange. The settlement price is the average of the Hang Seng at five-minute intervals, rounded down to the nearest whole number, on the last trading day. Quoting for the following month begins during the last week of the current trading month. Traded months: Current and next month.

China H-Shares
Last dealing day: Trading day preceding last business day of contract month. Settles: Based on the final settlement price of the Hang Seng China Enterprises Index calculated on the trading day prior to the last business day of the contract month. Traded months: Current and next month.

Korea 200
Last dealing day: Second Thursday of contract month. Settles: Based on the settlement price of the KOPSI 200 as reported by the Korean Futures Exchange on the day following the last dealing day. Traded months: March, June, September, December.

VIX (Volatility)
Last dealing day: Trading day prior to Wednesday, 30 days prior to third Friday of month following contract month. Settles: Based on the final settlement value of the volatility Index futures as reported by CBOE on the day following the last trading day. The final settlement value is determined from a SOQ of the index, which is calculated from the sequence of opening prices of the constituent SPX options. Traded months: Current liquid month.

US Dollar Basket
Last dealing day: Second business day prior to the third Wednesday of contract month. Settles: Based on the closing price of the US Dollar Index futures contract on NYBOT on our last dealing day. Traded months: March, June, September, December.

Notes to table

1. We do not quote the Australia 200 between 07.00 and 09.50 and between 16.30 and 17.10 (Sydney time).
   
   
2. We quote an 'all-in' spread that includes both dealing spread and market spread. The size of our dealing spreads are shown in the information tables. All dealing spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing. Wider spreads apply when we quote outside normal market hours; these are shown in brackets.
   
   * Note: for the Australia 200, we do not seek to profit from increased all-in spreads during out of market hours and we will not increase our dealing during this time. We will however pass on any increase in market spread experienced during out of market hours (up to a maximum of 50 points).
   
   
3. For most positions, a client can, at any time before the position has been automatically closed, ask for the position to 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 him 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 give instructions, if he so wishes, to roll the position over before it expires.
   
   
4. When you trade in a currency other than your base currency your profit or loss will be realised in that currency and will be booked to your account in that currency. As a default, we will automatically, and on a daily basis, convert any positive or negative balance on your account in a currency other than your base currency to your base currency. You may change this default at any time by calling us or via our PureDeal platform.
   
   
5. US Dollar Basket futures is derivatives transactions related to the currency, it is categorized in the FX account.