Share CFDs | CFD | CFD Trading | Contracts for Difference

When trading our Share CFDs you deal at the real market price.

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

1. Share CFDs are available on over 700 Australian shares, plus constituents of the FTSE 350 Index, S&P 500 Index, NASDAQ 100 Index, Straits Times, JSE 40, Hang Seng, TSE 60 and most major European indices. We also offer CFDs on a selection of IOB Depository Receipts.
   
2. Deals are transacted at the market bid/offer of the underlying share on the relevant stock exchange.
3. Commission charges for Share CFDs are calculated as a percentage of the transaction value for most markets and as cents per shares for US, Canadian and IOB shares.
4. Clients may be informed in writing of the commission rates and financing rates which apply to their account at the time the account is opened.
   
   In the absence of such information from us, commission on individual shares is charged according to the standard schedule below:

   Standard Schedule

   Name of a country	One-way commission ratio	Lowest commission amount (Online transaction)	Lowest commission amount (Telephone transaction)
   Japan	0.05%	JPY 105	JPY1,050
   America	2.1 cents/share	$15.75	$26.25
   England	0.105%	£10.5	£15.75
   Europe	0.105%	E10.50	E26.25
   Denmark	0.105%	DKK105	DKK262
   Norway	0.105%	NOK105	NOK262
   Sweden	0.105%	SEK105	SEK262
   Switzerland	0.105%	CHF10.5	CHF26.25
   Greece	0.475%	E25	E40
   Singapore *	0.10%	SGD26.25	SGD26.25
   Australia	0.105%	AUD8.4	AUD8.4
   Hong Kong	0.315%	HKD105	HKD105
   Canada	3.15 cents/share	CAD26.25	CAD26.25
   IOB stock	4.2 cents/share	$15.75	$26.25
   South Africa	0.20%	ZAR200	ZAR315

   'Per side' means that commission is charged upon opening and closing the CFD.

   Euro includes: Austria, Belgium, Eire, 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 ticket of US$25. These are:

   • Datacraft Asia
   • Dairyfarm International
   • Hong Kong Land Holdings
   • Jardine Matheson
   • Jardine Strategic Holdings
   • Mandarin Oriental International Ltd
   • Star Cruises Ltd
   • Total Access Communications
   • Want Want Holdings Ltd
5. Limited Risk transactions are available on certain shares at our discretion. (Available only for corporate clients) The Limited Risk premium for each individual share is given in our Share CFDs List including Japanese and other world shares). Each share's volatility is classified as either low, medium or high and this determines how much premium is charged for a Limited Risk transaction (low: 0.3%; medium: 0.7%; high: 1.0%). 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). All the Limited Risk premium is charged when the transaction is opened.
6. The Margin Percentage for any particular CFD is calculated as a percentage of the opening value of the current valuation of the transaction. Please see the Share CFDs List (PDF; 2.0MB) for Margin Percentages of specific shares.
   
   The Margin Percentage for the constituents of major indices is 10%, while the top 20 UK shares by market capitalisation are margined at 10%. The Margin Percentage for all other shares will be 10% or higher according to volatility and market conditions.
   
   We reserve the right to alter the Margin Percentage at any time.
7. There is no minimum opening contract value for CFDs on individual shares.
8. Dealing hours are as follows:
   
   Australian Shares: 10.00-16.00 (Australian Eastern Standard time)*
   UK Shares: 08.00-16.30 (London time)
   American and Canadian Shares: 09.30-16.00 (New York time)
   Singapore Shares: 09.00-12.30 and 14.00-17.00 (Singapore time)
   European Shares: Market hours for the relevant Exchange. Please ask for current details
   
   *It may sometimes not be possible to quote a particular share before 10.09
9. 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 360-day divisor for Australian, US and European shares and a 365-day divisor for UK, Singapore and South African shares.
   
   Interest in respect of long positions is debited from a client's account and interest in respect of short positions is either credited or debited to a client's account.
   
   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. 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. The dividend adjustment for shares (Australian or otherwise) varies depending on local tax arrangements - please ask our dealers for current details.
10. 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 will not communicate any wish to subscribe to the takeover offer (i.e. 'assent stock').
11. Where you hold a short share CFD position overnight, you may incur a 'borrowing charge' which is quoted as an annual interest rate and posted daily. You will only incur a borrowing charge if we too incur such a charge when we open a hedging trade in respect of the same share in the underlying market; and we will pass the charge onto you with no mark up. 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.
12. 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.
13. 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.

Corporate events

We do not aim to make a profit from our clients from the outcome of corporate events such as rights issues, takeovers and mergers, share distributions or consolidations, and open offers. We aim to reflect the treatment we receive, or, would receive if we were hedging our exposure to you in the underlying market. However:

• the treatment you receive may be less advantageous than if you owned the underlying instrument;
• we may have to ask you to make a decision on a corporate event earlier than if you owned the underlying instrument;
• the options we make available to you might be more restricted and less advantageous to you then if you owned the underlying instrument; and/or
• where you have a stop attached to your open share CFD position, the treatment that you will receive from us will always, to the greatest extent possible, aim to preserve the economic equivalent of the rights and obligations attached to your CFD position with us immediately prior to the corporate event taking place.

“once the offer goes wholly unconditional, IG will treat the share CFD positions as if they have been assented unless otherwise instructed.”

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 opens hare CFD position remains the same before and after any adjustment is made for the rights issue or open offer.