What are IG's indices CFD product details?

Notes

Our stock indices CFDs are contracts which give a client exposure to changes in the value of a stock index but cannot result in the delivery of any share or instrument by or to the client. Minimum transaction sizes usually start from one contract. Please refer to the 'Get Info' section within the trading platform to find the minimum transaction size for each market. We will not charge any additional commission unless we notify you in writing.

1. Where indicated, 24-hour dealing opens at 23.02 (London time) on Sundays, with the exception of Wall Street, US 500, US Tech 100 and Japan 225, which open at 23.00 (London time) on Sundays. 24-hour dealing closes at 22.00 (London time) on Fridays.

Weekend Markets are currently available from 08:00 (UK time) on Saturday through to 22:40 on Sunday (20:40 for Weekend FX).

Other indices are offered only when the underlying market is open. Please ask dealers for information about public holidays.

We offer Standard and Mini contracts on all our indices, and Micro contracts on a selection of markets. The contract value is the amount per whole index point that the contract is worth.

a) Please note that Japan 225 is priced as a USD denominated contract.

b) In order to publish more accurate and reliable prices, IG calculates theoretical fair values for the China A50 cash markets rather than relying upon market differentials. In general where there are price discrepancies between the cash and futures markets, arbitrageurs return the market closer to its fair value. However, because of trading restrictions in China, these arbitrage trades are often not able to be executed, resulting in wide variances and movements between the market differentials and the theoretical fair values.

c) The Brazil 60 is quoted based on a BRL denominated contract. Profit and loss will be accrued and realised in BRL but cannot be withdrawn until converted to the account base currency.

2. All dealing hours are listed in Sydney time, unless otherwise stated. Please note that actual trading times are governed by local time in the country of the index's origin. Consequently, seasonal adjustments (such as daylight saving) in either Australia or the country of origin may cause times shown to be imprecise.

3. a) CFDs on indices are quoted with reference to the front month contract in the underlying futures market. Cash CFD prices are adjusted for the fair value between the prices of the cash index and relevant futures contract. The prices quoted for CFDs on futures, which are not on the front month contract, are adjusted for the fair value between that contract and the front month. Prices quoted for CFDs on the front month futures contract are not adjusted.

b) Spreads are subject to variation, especially in volatile market conditions. On 24 hour index markets, our spreads depend on whether the underlying futures market is open (in-hours) or closed (out-of-hours). Other index markets are only quoted when the underlying futures market is open. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread during each time period 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 (*).

d) Large trades may be subject to wider spreads. Learn more here.

e) On all index markets, when the underlying futures market is open, we do not apply any weighting or biases to our pricing sources (with the exception of fair value adjustments).

f) During the out-of-hours sessions on 24 hour index markets, our quotations reflect our own view of the prospects for a market. This could include referring to price movements in other relevant markets which are open. Furthermore, business done by other clients may itself affect our quotations. There may be nothing against which to measure our quotation at these times.

g) In order to publish more accurate and reliable prices, IG calculates theoretical fair values for the China A50 index rather than relying upon underlying market differentials. In general, where there are price discrepancies between the cash and futures markets, arbitrageurs return the market closer to its fair value. However, because of trading restrictions in China, these arbitrage trades are often restricted, resulting in wide variances and movements between the underlying market differentials and the theoretical fair values.

h) On IG's weekend index markets, our quotations reflect our own view of the prospects for each market. This could include analysing specific market or geographic news flow that may affect the equity index market we are pricing. Furthermore, business done by other clients may itself affect our quotations. There may be nothing against which to measure our quotation at these times.

4. For limited-risk trades a limited-risk premium is charged if your guaranteed stop is triggered. The potential premium is displayed on the deal ticket, and can 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.

If a price reaches one client's limited risk stop level, so that, for example, he sells to close a position, that sale may itself push our quotation down to a level at which another client's limited risk position has to be closed.

5. Please note that tiered margining applies; this means that higher margins may be required for large positions. You can find the applicable tiered margins from the Get Info dropdown section within each market in the trading platform. See our margin page for more details.

6. Wall Street, US 500, US Tech 100 and US Russell 2000 futures contracts can be traded until 14.30 (London time) on the day of expiry. This means stop or limit orders can be filled until this time.

7. The following note refers to cash markets only. CFDs on cash stock indices are undated transactions that do not expire (unless requested, please see note 9). For each day that a position is open, adjustments are calculated to reflect the effect of interest (i), and, if necessary, dividends (ii).

i) A daily interest adjustment is calculated for any position that is opened before 22.00 (London time) and that is still open after 22.00 (London time). For stock index contracts denominated in Australian dollars or New Zealand dollars a daily interest adjustment is calculated for any position that is opened before 16.50 (Sydney time) and that is still open after 16.50 (Sydney time). These adjustments are posted daily to the client's account. Please note that on Fridays open positions will be adjusted for 3 days funding, covering the weekend.

Interest adjustments are calculated as follows:

D = n x L x C x i / 365

Where:

D = daily interest adjustment

n = number of lots

L = lot size

C = underlying index price at 10pm (London time)

i = applicable annual interest rate

Note: The formula uses a 365-day divisor for the FTSE® 100 and other GBP, SGD and ZAR denominated markets, and a 360-day divisor for all others. Positions on the India 50 cash contract will have funding attributed based on the prevailing INR (Indian rupee) interest rate, positions on the Brazil 60 will have funding attributed based on the prevailing BRL (Brazilian real) interest rate, positions on the China A50 cash contract will have funding attributed based on the prevailing CNH (offshore Chinese yuan) interest rate, and positions on the South Africa 40 will have funding attributed based on the prevailing ZAR (South African Rand) interest rate, positions on the Taiwan Index cash contract will have funding attributed based on the prevailing TWD (Taiwanese Dollar) interest rate, regardless of the currency of your trade, regardless of the currency of your trade.

Interest in respect of long positions is debited from a client's account, and interest in respect of short positions is either credited to or debited from a client's account.

ii) Please note that overnight funding for the EU Volatility Index and the Volatility Index is calculated in the same way as for commodities without fixed expiries – see our overnight funding page for more details.

iii) A dividend adjustment is applied to take account of the ex-dividend adjustment to the index. This is the number of points by which the index price must be adjusted downwards to take account of those shares in the index which go ex-dividend at the close of the cash market. We will use the ex-dividend figure estimated by Bloomberg (E&OE), rounded to the tick size we use for that index, to determine what adjustment to apply. 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.

8. When you trade in a currency other than your base currency, margin requirements and any profit or loss will be booked to your account in that currency. As a default, we will automatically convert any profit or loss you realise on closing a position to your base currency, including a charge of no more than 0.7% of the current spot rate. You may change this default at any time via our online dealing platform.

9. Clients may request that an open stock-index position will expire on the day that the request is made.

We are unlikely to agree to such a request if either:

a) the size of the position or positions is larger than 10 contracts

b) the request is made less than two hours before the close of the related expiry market

On our agreement to an expiry request, the transaction or transactions in question will become an 'Expiry Transaction', and will automatically expire at the official closing price of the related expiry market, as listed on the 'Expiry Markets' tab.

10. For futures CFDs positions, 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 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 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 expiry.

11. Any futures CFD position that is not rolled over will settle on the expiry date based on the official closing price of the related expiry market, plus or minus half the IG spread, with the exception of CFDs on FTSE 100 and Wall Street futures, which expire without IG spread.

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13. We price US Dollar Basket and VIX undated contracts following the method used to derive our undated commodity prices. This means that there is a difference between our undated price and the underlying index price on these markets. Funding is also calculated in line with the undated commodity method. For more information see our Commodities page.

14. We price our Volatility Index (VIX) and EU Volatility Index contracts in a different way to the rest of our cash index markets. Rather than aiming to replicate the underlying index price, we follow the method used to derive our undated commodity prices. This means that there is a difference between our undated price and the underlying index price on these markets. Funding is also calculated in line with the undated commodity method. Please see our overnight funding page for more details.