Rates and Bonds: Product Details
Our
Rates and Bonds offer exposure to changes in interest rates and bond
prices from around the world. All our contracts expire at some specified
forward date; we quote you our own bid/offer spread that is based on
the underlying rate or bond price.
Note: We offer mini versions of all Rates and Bonds Forward contracts at 20% of the main contract size and margin requirement.
Interest rates
| Contract and dealing hours (Local time) | Value of one contract (per index point) | Normal/Mini spread | Guaranteed stop premium | Retail margin requirement (per contract) | Professional margin requirement (per contract)[12] | Contract months and last dealing day (3) |
|---|---|---|---|---|---|---|
| Aus 30-day Interbank Rate Chicago 17.14-07.00; 08.34-16.30 |
AUD25 | 1 | 2 | 20% | 0.23% | All months Last business day of the month |
| Euribor London 01.00-21.00 |
€25 | 1 | 2 | 20% | 0.23% | Mar, Jun, Sep, Dec Two business days prior to the third Wednesday of contract month |
| Eurodollar Chicago 23.00-22.00 |
$25 | 2 | 2 | 20% | 0.27% | Mar, Jun, Sep, Dec Second business day prior to the third Wednesday of contract month |
| Euroswiss London 07.30-18.00 |
CHF25 | 1 | 2 | 20% | 0.23% | Mar, Jun, Sep, Dec Two business days prior to the third Wednesday of contract month at 11.00 (London time) |
| Euroyen Singapore 00.45-12.00 (London time) |
JPY2500 | 3 | 3 | 20% | 0.9% | Mar, Jun, Sep, Dec Two Singapore business days preceding the 3rd Wednesday of the contract month |
| Sterling Deposit London 07.30-18.00 |
£12.50 | 1 | 2 | 20% | 0.23% | Mar, Jun, Sep, Dec Third Wednesday of contract month at 11.00 (London time) |
Bonds
| Contract and dealing hours (Local time) | Value of one contract (per index point) | Normal/Mini spread | Guaranteed stop premium | Retail margin requirement (per contract) | Professional margin requirement (per contract) | Contract months and last dealing day (3) |
|---|---|---|---|---|---|---|
| German Bobl Frankfurt 08.01-22.00 |
€10 | 2 | 3 | 20% | 0.68% | Mar, Jun, Sep, Dec Third business day before the 10th of the month |
| German Bund Frankfurt 08.01-22.00 |
€10 | 2 | 5 | 20% | 0.45% | Mar, Jun, Sep, Dec Third business day before the 10th of the month |
| German Buxl Frankfurt 08.01-22.00 |
€10 | 2 | 3 | 20% | 1.35% | Mar, Jun, Sep, Dec Third business day before the 10th of the month |
| German Schatz Frankfurt 08.01-22.00 |
€10 | 1 | 4 | 20% | 0.68% | Mar, Jun, Sep, Dec Third business day before the 10th of the month |
| OAT French Government Bond Frankfurt 08.00-19.00 |
€10 | 4 | 4 | 20% | 0.9% | Mar, Jun, Sep, Dec Third business day before the 10th of the month |
| Long-term BTP Italian Government Bond Frankfurt 08.00-19.00 |
€10 | 4 | N/A | 20% | 0.9% | Mar, Jun, Sep, Dec Third business day before the 10th of the month |
| Japanese Government Bond Tokyo 08.45-09.15 10.30-11.00 12.30-15.00 15.30-23.30 |
JPY10,000 | 8 | 4 | 20% | 0.68% | Mar, Jun, Sep, Dec Usually the 8th Tokyo business day prior to 20th calendar day of month at 15.00 JST |
| Long-term Gilt London 08.00-18.00 |
£10 | 2 | 3 | 20% | 0.45% | Mar, Jun, Sep, Dec Third last trading day of previous month |
| Short-term Gilt (2-year) London 08.00-18.00 |
£10 | 2 | 3 | 20% | 0.45% | Mar, Jun, Sep, Dec Third last trading day of previous month |
| Ultra Treasury Bond (Decimalised) Chicago 18.30-17.00 |
$10 | 4 | 8 | 20% | 0.45% | Mar, Jun, Sep, Dec Third last business day of previous month |
| Treasury Bond (Decimalised) Chicago 18.30-17.00 |
$10 | 4 | 8 | 20% | 0.45% | Mar, Jun, Sep, Dec Third last business day of previous month |
| 2-yr T-Note (Decimalised) Chicago 18.30-17.00 |
$10 | 2 | 8 | 20% | 0.45% | Mar, Jun, Sep, Dec Third last business day of previous month |
| 5-yr T-Note (Decimalised) Chicago 18.30-17.00 |
$10 | 2 | 8 | 20% | 0.45% | Mar, Jun, Sep, Dec Third last business day of previous month |
| 10-yr T-Note (Decimalised) Chicago 18.30-17.00 |
$10 | 4 | 8 | 20% | 0.45% | Mar, Jun, Sep, Dec Third last business day of previous month |
Notes to table
All the instruments described on this site are Contracts for Difference (CFDs). Our bonds give you exposure to changes in the value of bond prices but they are cash settled and cannot result in the delivery of any commodity or instrument.
1.For guaranteed stop transactions a guaranteed stop 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.
2. a) CFDs on bond futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.
b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread 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) We will not charge any additional commission unless we notify you in writing.
3. Positions not already closed by the client expire automatically on the following basis:
- T-Bond and T-Note based on the official closing price of the Treasury Bond futures contract on CBOT converted into decimal form and then rounded to the nearest 1/100th of a point.
- Bund, Bobl Buxl, Schatz, OAT French Government Bond and Long-term BTP Italian Government Bond at the final settlement price of the relevant futures contract as determined by Eurex at 17.15 (Central European Time) on the last dealing day.
- Short-term Gilt (2-year) based on the final settlement price of the LIFFE Short Gilt Future on the third last business day of the previous month.
- Long Gilt based on the official closing price of the LIFFE Long Gilt future on the third last business day of the previous month.
- Japanese Government Bond at the final settlement price of the 10-year mini JGB futures as reported by SGX on the last trading day.
4. For most positions, you 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 you 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 your responsibility to give instructions, if you so wish, to roll the position over before it expires.
5. The quotation for Decimalised Treasury Bonds is presented in hundredths of a full Treasury Bond point. Contracts will be settled to the nearest 1/100th of a point, as calculated from the relevant settlement provided by CBOT, converted into decimal form.
6. a) CFDs on interest rate futures are quoted with reference to the equivalent expiry contract on the underlying futures market. We do not apply any weighting or biases to our pricing sources.
b) Spreads are subject to variation, especially in volatile market conditions. Our dealing spreads may change to reflect the available liquidity during different times of day. Our normal spread 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) We will not charge any additional commission unless we notify you in writing.
7. For guaranteed stop transactions a guaranteed stop 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.
8. Positions not already closed by the client expire automatically on the following basis:
- Eurodollar at the final settlement price of the 90-day Eurodollar futures on CME on the last dealing day.
- Sterling Deposit and Euribor based on the EDSP of the relevant futures contract on LIFFE on the last dealing day.
- Euroyen based on the final settlement price of Euroyen futures as reported by SGX.
- Euroswiss based on the EDSP of Euroswiss futures on LIFFE. The EDSP is calculated as 100 minus the BBA Libor for 3-month Euroswiss Franc deposits at 11.00 on the last trading day.
- Australian 30-day Interbank Rate using the monthly average of the Interbank overnight cash rate, as published by the RBA, divided by the number of days for the month and rounded to the nearest 0.001%.
9. For most positions, you 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 you 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 your responsibility to give instructions, if you so wish, to roll the position over before it expires.
10. 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 trading platform.
11. Margin requirements represent a percentage of the overall position value, and can vary depending on which account type you hold. If two values are listed, the first value applies to Trader Accounts and the second to Select Accounts. You can find the applicable tiered margins from the 'Get Info' dropdown section within each market in the trading platform. Please note that higher margins may be required for large positions. See our tiered margining page for more details.
12. Professional clients are exempt from regulatory limits on leverage in place for retail clients, and are able to trade on lower margins as a result.