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Options spread bet product details


Daily options

Stock Indices 




Options market and dealing hoursOne point meansBet size equivalent to one contractMinimum betSpread range
Daily FTSE® 1001 index point£10£21 – 4
24 hours with
gaps [5][12]
Daily Wall Street1 index point$10£21.6 – 6
24 hours with
gaps [5][12]
Daily US 5001 index point$100£100.4 – 1.0
24 hours with
gaps [5][12]
Daily Germany 401 index point€ 5£21 – 5
24 hours [5][12]
Daily France 401 index point€ 10£22 – 2.5
08.00-16.30
Daily Spain 351 index point€ 10£22.5 – 5
08.00-16.30
Daily Italy 401 index point€ 5£28 – 14
08.00-16.30
Daily Sweden 301 index point100SEK£50.6-1
08.05-16.20
Daily Australia 2001 index pointAUD10£22 – 4
24 hours [5][12]
Daily Hong Kong 501 index pointHKD50£15– 14
24 hours with gaps [11]
Daily Japan 2251 index pointJPY500£17 – 12
24 hours with gaps [11]
Forex




Options market and dealing hoursOne point meansBet size equivalent to one contractMinimum betSpread range
EUR/USD0.0001n/a£10.6 – 4
24 hours with$/€
gaps [11]
USD/JPY0.01n/a£10.7 – 4
24 hours with¥/$
gaps [11]
GBP/USD0.0001n/a£10.9 – 6
24 hours with$/£
gaps [11]
EUR/GBP0.0001n/a£10.9 – 5
24 hours with£/€
gaps [11]
AUD/USD0.0001n/a£10.6 – 4
24 hours with$/A$
gaps [11]
USD/CAD0.0001n/a£11.3 – 5
24 hours withCD/$
gaps [11]
GBP/JPY0.0001n/a£12.5 – 8
24 hours with¥/€
gaps [11]
EUR/JPY0.0001n/a£11.5 – 6
24 hours with¥/€
gaps [11]
USD/CHF0.0001n/a£11.5 – 5
24 hours withSF/$
gaps [11]
Commodities




Options market and dealing hoursOne point meansBet size equivalent to one contractMinimum betSpread range
Daily Gold futures$/1 troy ounce$100£50.8 – 1.6
24 hours with gaps
Daily Silver futurescents/troy ounce$50£54 – 8
24 hours with gaps
Oil - Daily US Crudecents/barrel$10£24 – 10
24 hours with gaps


Weekly/quarterly options

Forex


Options market and dealing hoursOne point meansMinumum betSpread range
EUR/USD0.0001£28 – 16
24 hours with gaps [5][12]$/€
USD/JPY0.01£28 – 16
24 hours with gaps [5][12]¥/$
GBP/USD0.0001£28 – 16
24 hours with gaps [5][12]$/£
USD/CHF0.0001£28 – 16
24 hours with gaps [5][12]SF/$
USD/CAD0.0001£28 – 16
24 hours with gaps [5][12]C$/$
AUD/USD0.0001£28 – 16
24 hours with gaps [5][12]$/A$
GBP/JPY0.01£28 – 16
24 hours with gaps [5][12]¥/£
EUR/JPY0.01£28 – 16
24 hours with gaps [5][12]$/€
EUR/GBP0.0001£26 – 14
24 hours with gaps [5][12]£/€
Commodities



Options market and dealing hoursOne point meansMinimum betSpread range
Oil - US Crudecents/barrel£15 – 8
24 hours with gaps
Gold$/1 troy ounce£50.8 –1.6
24 hours with gaps


Futures options

Stock Indices



Options market and dealing hoursOne point meansBet size equivalent to one contractMinimum betSpread range
FTSE® 100 Futures1 index point£10£24 – 8
24 hours [5]
FTSE 100 Weekly Futures1 index point£10£24 – 5
24 hours [e]
Wall Street Futures1 index point$10£28 – 20
24 hours [5]
Wall Street Weekly Futures1 index point$10£16 – 8
24 hours [5]
US 500 Futures1 index point$100£100.8 – 2
24 hours [5]
US 500 Weekly Futures1 index point$100£100.8 – 2
24 hours [5]
US Tech 100 Futures*1 index point$100$10004-Aug
24 hours
Weekly US Tech 100 Futures1 index point$100$10004-Aug
08.05-21.00
Germany 40 Futures1 index point€ 5£24 – 6
24 hours [5]
Germany 40 Weekly Futures1 index point€ 5£13 – 6
24 hours [5]
Australia 200 Futures1 index pointAUD10£24 – 12
24 hours
EU Stocks 50 Futures1 index point€ 10£22 – 5
08.00-16.30
France 40 Futures1 index point€ 10£22 – 3
08.00-16.30
Daily Hong Kong 501 index pointHKD50£16 – 16
24 hours [5][12]
Daily Japan 2251 index pointJPY500£16 – 16
24 hours [5][12]
Australia 2001 index pointAUD10£204-Dec
Weekly Futures
24 hours [6]
Commodities




Options market and dealing hoursOne point meansBet size equivalent to one contractMinimum betSpread range
Gold$/1 troy ounce$100£50.4 - 1.2
24 hours with gaps
Silver1 cent/troy ounce$50£500.4 - 1.6
24 hours with gaps
Copper, High-Grade0.01 cents/pound$2.50Call20 - 160
13.10-19.00
Oil - US Crude1 cent/barrel$10£205-Jun
24 hours with gaps
Sugar No. 11 World0.01/cents/pound$50Call04-Oct
13.10-18.30
Wheat (US)1 cent/bushel$50Call01-Apr
Corn1 cent/bushel$50Call01-Apr
15.30-19.15
Coffee Arabica (New York)00.1 cents/pound$3.75Call40 - 200
13.00-18.30
Cocoa (New York)$/1 troy ounce$100Call01-Mar
13.30-18.30
Soyabeans1 cent/bushel$50Call02-May
15.30-19.15
Interest Rates




Options market and dealing hoursOne point meansBet size equivalent to one contractMinimum betSpread range
Eurodollar0.01$25$2501-May
07.00-21.00
Sterling Deposit (3-month)0.01£12.50£1201-May
07.30-18.00
German Bund0.01€ 10£1001-May
07.00-18.00
Euribor (3-month)0.01€ 25£2501-May
07.02-18.00


Expiry details

Daily Options
Stock Indices 


Options market
Contract monthsLast dealing day
Daily FTSE® 100n/aSettles based on each day's official closing price [9]
Daily Wall Streetn/aSettles based on each day's official closing price [9]
Daily US 500n/aSettles based on each day's official closing price [9]
Daily Germany 40n/aSettles based on each day's official closing price [9]
Daily France 40n/aSettles based on each day's official closing price [9]
Daily Spain 35n/aSettles based on each day's official closing price [9]
Daily Italy 40n/aSettles based on each day's official closing price [9]
Daily Japan 225n/aSettles based on each day's official closing price [9]
Daily Hong Kong HS50n/aSettled basis the first cash print provided by the exchange after 8.00am (GMT)
Daily Australia 200n/aSettles based on each day's official closing price [9]
Forex


Options marketContract monthsLast dealing day
EUR/USD
n/aSettles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9]
USD/JPYn/aSettles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9]
GBP/USDn/aSettles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9]
EUR/GBPn/aSettles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9]
AUD/USDn/aSettles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9]
Commodities


Options marketContract monthsLast dealing day
Daily Gold Futures
n/aSettles based on official closing price of Comex liquid futures contract
Daily Silver Futuresn/aSettles based on official closing price of Comex liquid futures contract
Oil - Daily US Cruden/aSettles based on official closing price of NYMEX liquid futures contract
Weekly/quarterly options


Options marketContract monthsLast dealing day
EUR/USD
Mar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
USD/JPYMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
GBP/USDMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
USD/CHFMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
USD/CADMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
AUD/USDMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
GBP/JPYMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
EUR/JPYMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
EUR/GBPMar, Jun, Sep, DecQuarterly: third Wed. of the contract month, at 10am NY time
Weekly: settles at spot rate at 10am NY time on specified Friday [11]
Options futures


Stock Indices

Options market
Contract monthsLast dealing day
FTSE® 100 FuturesNext three quarterly plus nearest two non-quarterly monthsThird Friday or previous business day of contract month
FTSE® 100 Weekly FuturesWeeklyFrom 08.00 Monday to 1630 Friday (London time)
Wall Street FuturesNext two quarterly plus nearest two non-quarterly monthsThird Friday or previous business day of contract month
Wall Street Weekly FuturesWeeklyFrom 14.30 on Monday to 21.00 on Friday (London time)
US 500 FuturesNext two quarterly plus nearest two non-quarterly monthsThird Friday or previous business day of contract month
US 500 weekly FuturesWeeklyFrom 14.30 on Monday to 21.00 on Friday (London time).
US Tech 100 FuturesAll liquid monthsThird Friday or previous business day of contract month [g]
Germany 40 FuturesNext two quarterly plus nearest two non-quarterly monthsThird Friday or previous business day of contract month
Germany 40 weekly FuturesWeeklyFrom 08.00 on Monday to 16.30 on Friday (London time)
Australia 200 FuturesFront quarter onlyThird Thursday or previous business day of contract month
EU Stocks 50 FuturesNext two monthsThird Friday or previous business day of contract month
France 40 FuturesNext two monthsThird Friday of contract month
Hong Kong HS50 FuturesNext two monthsThe business day immediately preceding the last business day of the contract month
Japan 225 FuturesNext two monthsSecond Thursday or previous business day of contract month
Commodities


Options marketContract monthsLast dealing day
Gold
Feb, Apr, Jun, Aug, Oct, DecFourth bus. day prior to contract month (if Friday or prior to Exchange holiday then previous bus. day) [5]
SilverMar, May, Jul, Sep, DecFourth bus. day prior to contract month (if Friday or prior to Exchange holiday then previous bus. day) [5]
Copper, High-GradeMar, May, Jul, Sep, DecFourth bus. day prior to contract month (if Friday or prior to Exchange holiday then previous bus. day) [5]
Oil - US CrudeAny month17th of prev. month (if Fri. then previous bus. day) [5]
Sugar No. 11 WorldMar, May, Jul, Oct15th of prev. month (or previous bus. day) [5]
Wheat (US)Mar, May, Jul, Sep, DecLast Fri. or prev. bus. day of contract month [5]
CornMar, May, Jul, Sep, DecSecond Fri. or prev. bus. day of prev. month [5]
Coffee Arabica (New York)Mar, May, Jul, Sep, DecSecond Fri. or prev. bus. day of prev. month [5]
Cocoa (New York)Mar, May, Jul, Sep, DecFirst Fri. or prev. bus. day of prev. month [5]
SoyabeansJan, Mar, May, Jul, Aug, SepFourth Fri or prev. bus. day of contract month [5]
Interest Rates


Options marketContract monthsLast dealing day 
Eurodollar
All liquid monthsSecond London bus. day before third Wed. of contract month [5]
Sterling Deposit (3 month)All liquid monthsThird Wed. of contract month at 10.00 (London time) [5]
German BundAll liquid monthsLast bus. day of prev. month [5]
Euribor (3 month)All liquid monthsTwo bus. days prior to 3rd Wed of contract month at 11.00 (London time) [5]


Notes

1. Options are not available for rollover, regardless of any instructions held on your account. All options settle basis a pre-determined expiry rule. To find out more, take a look at each market’s individual information in-platform.

2. Bets not already closed by the client expire automatically at the date/time indicated. No spread is charged on automatic closings.

3. Our quotes are an 'all-in' spread on all options which includes both our spread and the market spread. This applies to both opening and closing transactions. The size of the spread depends on a range of factors including the level of the option premium, the time to expiry and the liquidity of the underlying market.

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

5. Commodity and interest rate options settle based on exchange-delivered prices and therefore expiry times are determined by exchange rules. The listed expiry rules may be subject to variation.

6. 24-hour dealing is available on monthly FTSE®, Germany 30, Wall Street and US 500 options. This runs from 08.05 on Monday until 21.15 on Friday (London time) with the exception of Wall Street and US 500 options (monthly and weekly) which are offered from 0115 hrs London time. Japan 225, Australia 200 and Hong Kong HS50 24-hour dealing runs from the open of the cash market on Mondays until 21:15 Friday (London time). Weekly Wall Street options settle basis the official close of the DJIA on Friday evening. Weekly US 500 options will be settled basis the cash close of the S&P 500 as reported by CME at 15.00 (Chicago time). Weekly Germany 30 options settle basis the official close of the DAX cash index on Friday afternoon. Weekly FTSE options settle basis the official close of the FTSE cash index every Friday afternoon. Daily options are available 24 hours on major forex pairs, FTSE® 100, Germany 30, Wall Street and US 500, beginning within an hour of the market close. Quoting may be suspended on public holidays.

7. The margin for 'buying' an option is the opening price (or premium) multiplied by the size of the bet. This is the maximum amount that the bet can lose. The margin for 'selling' an option is the same as the margin incurred when trading the underlying futures market.

8. Daily FTSE® 100, Wall Street, Germany 40, France 40, Spain 35, Netherlands 25 and Sweden 30 options are settled against the official settlement levels of the cash FTSE 100, cash DJIA, cash DAX 40, cash CAC 40, cash Ibex 35, cash AEX and cash OMXS30 index markets respectively. Daily options on forex are settled basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time).

9. Weekly forex options expire based upon the first print on Bloomberg (E&OE) of the spot rate concerned at 10.00 New York time (normally 15.00 London time) on the Friday specified (or previous business day in the case of US public holidays).

10. Weekly and quarterly forex options are available for online dealing. Unlisted expiries up to 12 months are available on request.

11. For all daily and weekly options, bets will be accepted from one hour after the previous day's settlement until one minute before expiry.

12. Bets on US 500, US Tech 100 and Wall Street options can be dealt until the close of business on the Thursday before the third Friday. They expire based upon the Special Opening Quotation of the S&P 500 Index on the 3rd Friday of the contract month.

13. Options on the following commodities are available on request: High grade copper, Sugar no.11 world, Wheat (US), Corn, Coffee Arabica (New York), Soyabeans. Please call for details, but note that only higher threshold deal sizes will apply.


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