Options spread bet product details
Daily options
Stock Indices | ||||
Options market and dealing hours | One point means | Bet size equivalent to one contract | Minimum bet | Spread range |
Daily FTSE® 100 | 1 index point | £10 | £2 | 1 – 4 |
24 hours with | ||||
gaps [5][12] | ||||
Daily Wall Street | 1 index point | $10 | £2 | 1.6 – 6 |
24 hours with | ||||
gaps [5][12] | ||||
Daily US 500 | 1 index point | $100 | £10 | 0.4 – 1.0 |
24 hours with | ||||
gaps [5][12] | ||||
Daily Germany 40 | 1 index point | € 5 | £2 | 1 – 5 |
24 hours [5][12] | ||||
Daily France 40 | 1 index point | € 10 | £2 | 2 – 2.5 |
08.00-16.30 | ||||
Daily Spain 35 | 1 index point | € 10 | £2 | 2.5 – 5 |
08.00-16.30 | ||||
Daily Italy 40 | 1 index point | € 5 | £2 | 8 – 14 |
08.00-16.30 | ||||
Daily Sweden 30 | 1 index point | 100SEK | £5 | 0.6-1 |
08.05-16.20 | ||||
Daily Australia 200 | 1 index point | AUD10 | £2 | 2 – 4 |
24 hours [5][12] | ||||
Daily Hong Kong 50 | 1 index point | HKD50 | £1 | 5– 14 |
24 hours with gaps [11] | ||||
Daily Japan 225 | 1 index point | JPY500 | £1 | 7 – 12 |
24 hours with gaps [11] | ||||
Forex | ||||
Options market and dealing hours | One point means | Bet size equivalent to one contract | Minimum bet | Spread range |
EUR/USD | 0.0001 | n/a | £1 | 0.6 – 4 |
24 hours with | $/€ | |||
gaps [11] | ||||
USD/JPY | 0.01 | n/a | £1 | 0.7 – 4 |
24 hours with | ¥/$ | |||
gaps [11] | ||||
GBP/USD | 0.0001 | n/a | £1 | 0.9 – 6 |
24 hours with | $/£ | |||
gaps [11] | ||||
EUR/GBP | 0.0001 | n/a | £1 | 0.9 – 5 |
24 hours with | £/€ | |||
gaps [11] | ||||
AUD/USD | 0.0001 | n/a | £1 | 0.6 – 4 |
24 hours with | $/A$ | |||
gaps [11] | ||||
USD/CAD | 0.0001 | n/a | £1 | 1.3 – 5 |
24 hours with | CD/$ | |||
gaps [11] | ||||
GBP/JPY | 0.0001 | n/a | £1 | 2.5 – 8 |
24 hours with | ¥/€ | |||
gaps [11] | ||||
EUR/JPY | 0.0001 | n/a | £1 | 1.5 – 6 |
24 hours with | ¥/€ | |||
gaps [11] | ||||
USD/CHF | 0.0001 | n/a | £1 | 1.5 – 5 |
24 hours with | SF/$ | |||
gaps [11] | ||||
Commodities | ||||
Options market and dealing hours | One point means | Bet size equivalent to one contract | Minimum bet | Spread range |
Daily Gold futures | $/1 troy ounce | $100 | £5 | 0.8 – 1.6 |
24 hours with gaps | ||||
Daily Silver futures | cents/troy ounce | $50 | £5 | 4 – 8 |
24 hours with gaps | ||||
Oil - Daily US Crude | cents/barrel | $10 | £2 | 4 – 10 |
24 hours with gaps |
Weekly/quarterly options
Forex | |||
Options market and dealing hours | One point means | Minumum bet | Spread range |
EUR/USD | 0.0001 | £2 | 8 – 16 |
24 hours with gaps [5][12] | $/€ | ||
USD/JPY | 0.01 | £2 | 8 – 16 |
24 hours with gaps [5][12] | ¥/$ | ||
GBP/USD | 0.0001 | £2 | 8 – 16 |
24 hours with gaps [5][12] | $/£ | ||
USD/CHF | 0.0001 | £2 | 8 – 16 |
24 hours with gaps [5][12] | SF/$ | ||
USD/CAD | 0.0001 | £2 | 8 – 16 |
24 hours with gaps [5][12] | C$/$ | ||
AUD/USD | 0.0001 | £2 | 8 – 16 |
24 hours with gaps [5][12] | $/A$ | ||
GBP/JPY | 0.01 | £2 | 8 – 16 |
24 hours with gaps [5][12] | ¥/£ | ||
EUR/JPY | 0.01 | £2 | 8 – 16 |
24 hours with gaps [5][12] | $/€ | ||
EUR/GBP | 0.0001 | £2 | 6 – 14 |
24 hours with gaps [5][12] | £/€ | ||
Commodities | |||
Options market and dealing hours | One point means | Minimum bet | Spread range |
Oil - US Crude | cents/barrel | £1 | 5 – 8 |
24 hours with gaps | |||
Gold | $/1 troy ounce | £5 | 0.8 –1.6 |
24 hours with gaps |
Futures options
Stock Indices | ||||
Options market and dealing hours | One point means | Bet size equivalent to one contract | Minimum bet | Spread range |
FTSE® 100 Futures | 1 index point | £10 | £2 | 4 – 8 |
24 hours [5] | ||||
FTSE 100 Weekly Futures | 1 index point | £10 | £2 | 4 – 5 |
24 hours [e] | ||||
Wall Street Futures | 1 index point | $10 | £2 | 8 – 20 |
24 hours [5] | ||||
Wall Street Weekly Futures | 1 index point | $10 | £1 | 6 – 8 |
24 hours [5] | ||||
US 500 Futures | 1 index point | $100 | £10 | 0.8 – 2 |
24 hours [5] | ||||
US 500 Weekly Futures | 1 index point | $100 | £10 | 0.8 – 2 |
24 hours [5] | ||||
US Tech 100 Futures* | 1 index point | $100 | $100 | 04-Aug |
24 hours | ||||
Weekly US Tech 100 Futures | 1 index point | $100 | $100 | 04-Aug |
08.05-21.00 | ||||
Germany 40 Futures | 1 index point | € 5 | £2 | 4 – 6 |
24 hours [5] | ||||
Germany 40 Weekly Futures | 1 index point | € 5 | £1 | 3 – 6 |
24 hours [5] | ||||
Australia 200 Futures | 1 index point | AUD10 | £2 | 4 – 12 |
24 hours | ||||
EU Stocks 50 Futures | 1 index point | € 10 | £2 | 2 – 5 |
08.00-16.30 | ||||
France 40 Futures | 1 index point | € 10 | £2 | 2 – 3 |
08.00-16.30 | ||||
Daily Hong Kong 50 | 1 index point | HKD50 | £1 | 6 – 16 |
24 hours [5][12] | ||||
Daily Japan 225 | 1 index point | JPY500 | £1 | 6 – 16 |
24 hours [5][12] | ||||
Australia 200 | 1 index point | AUD10 | £2 | 04-Dec |
Weekly Futures | ||||
24 hours [6] | ||||
Commodities | ||||
Options market and dealing hours | One point means | Bet size equivalent to one contract | Minimum bet | Spread range |
Gold | $/1 troy ounce | $100 | £5 | 0.4 - 1.2 |
24 hours with gaps | ||||
Silver | 1 cent/troy ounce | $50 | £50 | 0.4 - 1.6 |
24 hours with gaps | ||||
Copper, High-Grade | 0.01 cents/pound | $2.50 | Call | 20 - 160 |
13.10-19.00 | ||||
Oil - US Crude | 1 cent/barrel | $10 | £2 | 05-Jun |
24 hours with gaps | ||||
Sugar No. 11 World | 0.01/cents/pound | $50 | Call | 04-Oct |
13.10-18.30 | ||||
Wheat (US) | 1 cent/bushel | $50 | Call | 01-Apr |
Corn | 1 cent/bushel | $50 | Call | 01-Apr |
15.30-19.15 | ||||
Coffee Arabica (New York) | 00.1 cents/pound | $3.75 | Call | 40 - 200 |
13.00-18.30 | ||||
Cocoa (New York) | $/1 troy ounce | $100 | Call | 01-Mar |
13.30-18.30 | ||||
Soyabeans | 1 cent/bushel | $50 | Call | 02-May |
15.30-19.15 | ||||
Interest Rates | ||||
Options market and dealing hours | One point means | Bet size equivalent to one contract | Minimum bet | Spread range |
Eurodollar | 0.01 | $25 | $25 | 01-May |
07.00-21.00 | ||||
Sterling Deposit (3-month) | 0.01 | £12.50 | £12 | 01-May |
07.30-18.00 | ||||
German Bund | 0.01 | € 10 | £10 | 01-May |
07.00-18.00 | ||||
Euribor (3-month) | 0.01 | € 25 | £25 | 01-May |
07.02-18.00 |
Expiry details
Daily Options Stock Indices | ||
Options market | Contract months | Last dealing day |
Daily FTSE® 100 | n/a | Settles based on each day's official closing price [9] |
Daily Wall Street | n/a | Settles based on each day's official closing price [9] |
Daily US 500 | n/a | Settles based on each day's official closing price [9] |
Daily Germany 40 | n/a | Settles based on each day's official closing price [9] |
Daily France 40 | n/a | Settles based on each day's official closing price [9] |
Daily Spain 35 | n/a | Settles based on each day's official closing price [9] |
Daily Italy 40 | n/a | Settles based on each day's official closing price [9] |
Daily Japan 225 | n/a | Settles based on each day's official closing price [9] |
Daily Hong Kong HS50 | n/a | Settled basis the first cash print provided by the exchange after 8.00am (GMT) |
Daily Australia 200 | n/a | Settles based on each day's official closing price [9] |
Forex | ||
Options market | Contract months | Last dealing day |
EUR/USD | n/a | Settles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9] |
USD/JPY | n/a | Settles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9] |
GBP/USD | n/a | Settles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9] |
EUR/GBP | n/a | Settles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9] |
AUD/USD | n/a | Settles basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) [9] |
Commodities | ||
Options market | Contract months | Last dealing day |
Daily Gold Futures | n/a | Settles based on official closing price of Comex liquid futures contract |
Daily Silver Futures | n/a | Settles based on official closing price of Comex liquid futures contract |
Oil - Daily US Crude | n/a | Settles based on official closing price of NYMEX liquid futures contract |
Weekly/quarterly options | ||
Options market | Contract months | Last dealing day |
EUR/USD | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
USD/JPY | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
GBP/USD | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
USD/CHF | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
USD/CAD | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
AUD/USD | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
GBP/JPY | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
EUR/JPY | Mar, Jun, Sep, Dec | Quarterly: third Wed. of the contract month, at 10am NY time |
Weekly: settles at spot rate at 10am NY time on specified Friday [11] | ||
EUR/GBP | Mar, Jun, Sep, Dec | Quarterly: 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 months | Last dealing day |
FTSE® 100 Futures | Next three quarterly plus nearest two non-quarterly months | Third Friday or previous business day of contract month |
FTSE® 100 Weekly Futures | Weekly | From 08.00 Monday to 1630 Friday (London time) |
Wall Street Futures | Next two quarterly plus nearest two non-quarterly months | Third Friday or previous business day of contract month |
Wall Street Weekly Futures | Weekly | From 14.30 on Monday to 21.00 on Friday (London time) |
US 500 Futures | Next two quarterly plus nearest two non-quarterly months | Third Friday or previous business day of contract month |
US 500 weekly Futures | Weekly | From 14.30 on Monday to 21.00 on Friday (London time). |
US Tech 100 Futures | All liquid months | Third Friday or previous business day of contract month [g] |
Germany 40 Futures | Next two quarterly plus nearest two non-quarterly months | Third Friday or previous business day of contract month |
Germany 40 weekly Futures | Weekly | From 08.00 on Monday to 16.30 on Friday (London time) |
Australia 200 Futures | Front quarter only | Third Thursday or previous business day of contract month |
EU Stocks 50 Futures | Next two months | Third Friday or previous business day of contract month |
France 40 Futures | Next two months | Third Friday of contract month |
Hong Kong HS50 Futures | Next two months | The business day immediately preceding the last business day of the contract month |
Japan 225 Futures | Next two months | Second Thursday or previous business day of contract month |
Commodities | ||
Options market | Contract months | Last dealing day |
Gold | Feb, Apr, Jun, Aug, Oct, Dec | Fourth bus. day prior to contract month (if Friday or prior to Exchange holiday then previous bus. day) [5] |
Silver | Mar, May, Jul, Sep, Dec | Fourth bus. day prior to contract month (if Friday or prior to Exchange holiday then previous bus. day) [5] |
Copper, High-Grade | Mar, May, Jul, Sep, Dec | Fourth bus. day prior to contract month (if Friday or prior to Exchange holiday then previous bus. day) [5] |
Oil - US Crude | Any month | 17th of prev. month (if Fri. then previous bus. day) [5] |
Sugar No. 11 World | Mar, May, Jul, Oct | 15th of prev. month (or previous bus. day) [5] |
Wheat (US) | Mar, May, Jul, Sep, Dec | Last Fri. or prev. bus. day of contract month [5] |
Corn | Mar, May, Jul, Sep, Dec | Second Fri. or prev. bus. day of prev. month [5] |
Coffee Arabica (New York) | Mar, May, Jul, Sep, Dec | Second Fri. or prev. bus. day of prev. month [5] |
Cocoa (New York) | Mar, May, Jul, Sep, Dec | First Fri. or prev. bus. day of prev. month [5] |
Soyabeans | Jan, Mar, May, Jul, Aug, Sep | Fourth Fri or prev. bus. day of contract month [5] |
Interest Rates | ||
Options market | Contract months | Last dealing day |
Eurodollar | All liquid months | Second London bus. day before third Wed. of contract month [5] |
Sterling Deposit (3 month) | All liquid months | Third Wed. of contract month at 10.00 (London time) [5] |
German Bund | All liquid months | Last bus. day of prev. month [5] |
Euribor (3 month) | All liquid months | Two 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.