MARKET INFORMATION SHEETS

GFT Global Markets UK, Worldwide Leaders in Online Trading

CFD Commodities (Metals, Softs and Oil Futures)

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CommoditySymbolSpreadIM Factor (Margin Req)Trading HoursContract MonthsLast Dealing DayBasis of SettlementMin / Max Size† Tick FactorCurrencyEquivalent Underlying QuantityLast Update
Brent Crude Oil FuturesLCOxx Near month: 5 (09:00 to 14:30 ET; underlying bid/ask will be added outside these times)
Far month: 5 + underlying bid/ask
1% 20:00 - 18:00 ET (Sunday open 18:00, Friday close 17:00 ET) Monthly Underlying's last trade date at 14:30 ET. Official ICE settlement price on GFT's last dealing day. 1 / 1001USD 1 CFD = 100 barrels03/02/2014
Carbon Emissions FuturesCFI2xx 5 + underlying bid/ask 10% 07:00-17:00 London Time Dec 1 Business day prior to underlying's first notice date at 17:00 UK Time. ICE settlement price on GFT's last dealing day. 1/2501EUR1 CFD = 100 metric tons09/08/2013
Corn FuturesEMAxx 0.25 + underlying bid/ask 3% 10:45 - 18:30 CET Jan, Mar, May, Aug, Nov 1 Business day prior to Underlying's last trade date at 18:30 CET. Official Euronext.LIFFE settlement price on GFT's last dealing day. 1 / 1,0001EUR1 CFD = 50 Metric Tons03/02/2014
Gold FuturesGCxx 0.6 0.5% 18:00 - 17:15 ET Feb, Apr, Jun, Aug, Dec 1 Business day prior to underlying's first notice date at 13:30 ET. Official COMEX settlement price of contract on GFT's last dealing day. 1 / 5000.1USD 1 CFD = 10 troy ounces09/08/2013
Heating Oil FuturesHOxx 30 + underlying bid/ask 10% 18:00 - 17:15 ET (Sunday open 18:00, Friday close 17:00 ET)
Monthly 1 Business day prior to underlying's last trade date at 14:30 ET. Official NYMEX settlement price on GFT's last dealing day. 1/ 1000.01USD1 CFD = 100 Gallons09/08/2013
High Grade Copper FuturesHGxx 0.6 3% 18:00 - 17:15 ET Mar, May, July, Sep, Dec 1 Business day prior to underlying's first notice date at 13:00 ET. Official COMEX settlement on GFT's last dealing day.
1 / 5000.05USD 1 CFD = 2000 LBS31/01/2014
Live Cattle FuturesLExx 0.4 + underlying bid/ask 2% 09:05 - 13:00 ET-1 Feb, Apr, Jun, Aug, Oct, Dec 1 Business day prior to underlying's first notice date at 13:00 ET-1. Official CME settlement price of contract on GFT's last dealing day. 1/ 5000.01USD 1 CFD = 10,000 LBS09/08/2013
London Cocoa FuturesLCCxx 8 5% 09:30 - 16:50 London Time Mar, May, July, Sep, Dec 1 Business day prior to underlying's last trade date at 16:50 London Time. Official Euronext.LIFFE settlement price on GFT's last dealing day. 1 / 1001GBP 1 CFD = 1 Metric Ton09/08/2013
London Coffee FuturesLRCxx 10 5% 09:00 - 17:30 London Time Jan, Mar, May, July, Sep, Nov 1 Business day prior to underlying's first notice date at 17:30 London Time. Official Euronext.LIFFE settlement price on GFT's last dealing day. 1 / 501USD 1 CFD = 1 Metric Ton15/10/2013
London Gas Oil FuturesLGOxx 100 4% 20:00 - 18:00 ET (Sunday open 18:00, Friday close 17:00 ET) Monthly 1 Business day prior to underlying's last trade date at 11:30 ET. Official ICE settlement on GFT's last dealing day. 1/25025USD 1 CFD = 4 Tonnes09/08/2013
London Sugar FuturesLSUxx 1 + underlying bid/ask 2% 08:45 - 17:55 London Time Mar, May, Aug, Oct, Dec 1 Business day prior to underlying's last trade date at 17:55 London Time. Official Euronext.LIFFE settlement price on GFT's last dealing day. 1 / 500.1USD 1 CFD = 10 Metric Tons28/02/2014
London Wheat FuturesLWBxx 0.4 + underlying bid/ask 8% 09:25 - 17:28 London Time Jan, Mar, May, Jul, Nov 1 Business day prior to underlying's first notice date at 17:28 London time. Official LIFFE settlement price on GFT's last dealing day. 1 / 1000.01GBP 1 CFD = 100 Tons09/08/2013
Milling Wheat FuturesBL2xx 0.25 + underlying bid/ask 5% 10:45 - 18:30 CET Jan, Mar, May, Nov 1 Business day prior to underlying's last trade date at 18:30 CET. Official Euronext.LIFFE settlement price on GFT's last dealing day. 1 / 1,0001EUR1 CFD = 50 Metric Tons03/02/2014
Mini Silver FuturesMINISIxx 3 1% 18:00 - 17:15 ET (Sunday open 18:00, Friday close 17:00 ET) Mar, May, July, Sep, Dec 1 Business day prior to underlying's first notice date at 13:25 ET. Official NYMEX settlement price on GFT's last dealing day. 1 / 251USD1 CFD = 100 troy ounces09/08/2013
Natural Gas FuturesNGxx 30 + underlying bid/ask 10% 18:00 - 17:15 ET (Sunday open 18:00, Friday close 17:00 ET) Monthly 1 Business day prior to underlying's last trade date at 14:30 ET. Official NYMEX settlement price on GFT's last dealing day. 1/ 1000.001USD1 CFD = 1000 MMBtu09/08/2013
Orange Juice FuturesOJxx 0.5 + underlying bid/ask 3% 08:00 - 14:00 ET Jan, Mar, May, July, Sep, Nov 1 Business day prior to underlying's first notice date at 13:30 ET. Official ICE settlement price of FCOJ-A Futures on GFT's last dealing day. 1 / 1000.01USD 1 CFD = 10000 LBS09/08/2013
Palladium FuturesPAxx 4 5% 18:00 - 17:15 ET Mar, Jun, Sep, Dec 1 Business day prior to underlying's first notice date at 13:00 ET. Official NYMEX settlement price on GFT's last dealing day. 1 / 500.1USD 1 CFD = 10 troy ounces09/08/2013
Platinum FuturesPLxx 3 + underlying bid/ask 5% 18:00 - 17:15 ET (Sunday open 18:00, Friday close 17:00 ET) Jan, Apr, Jul, Oct 1 Business day prior to underlying's first notice date at 13:00 ET. Official NYMEX settlement price on GFT's last dealing day. 1 / 500.1USD 1 CFD = 10 troy ounces09/08/2013
Rapeseed FuturesCOMxx 0.25 + underlying bid/ask 3% 10:45 - 18:30 CET Feb, May, Aug, Nov 1 Business day prior to underlying's last trade date at 18:30 CET. Official Euronext.LIFFE settlement price on GFT's last dealing day. 1 / 1,0001EUR1 CFD = 50 Metric Tons03/02/2014
Silver FuturesSIxx 3 1% 18:00 - 17:15 ET (i.e. 24 hours with a 45 minutes break) Mar, May, July, Sep, Dec 1 Business day prior to underlying's first notice date at 13:25 ET. Official NYMEX settlement price on GFT's last dealing day. 1 / 500.1USD 1 CFD = 1000 troy ounces09/08/2013
US Cocoa FuturesCCxx 10 + underlying bid/ask 3% 04:45 - 13:30 ET Mar, May, July, Sep, Dec 1 Business day prior to underlying's first notice date at 11:50 ET. Official ICE settlement price of Cocoa Futures on GFT's last dealing day. 1 / 1001USD 1 CFD = 1 Metric Ton31/01/2014
US Coffee C FuturesKCxx 0.6 + underlying bid/ask 3% 04:15 - 13:30 ET Mar, May, July, Sep, Dec 1 Business day prior to underlying's first notice date at 13:25 ET. Official ICE settlement price of Coffee C Futures on GFT's last dealing day. 1 / 1000.01USD 1 CFD = 10,000 LBS31/01/2014
US Corn FuturesZCxx 8 + underlying bid/ask 8% 19:00 - 07:45; 08:30-13:15 ET-1 (Sunday open 19:00, Friday close 13:15 ET-1) Mar, May, July, Sep, Dec 1 Business day prior to underlying's first notice date 13:15 ET-1. Official CBOT settlement price on GFT's last dealing day. 1 / 2500.25USD1 CFD = 400 bushels09/08/2013
US Cotton No. 2 FuturesCTxx 0.25 + underlying bid/ask 3% 21:00 - 14:20 ET Mar, May, July, Dec 1 Business day prior to underlying's first notice date at 14:15 ET. Official ICE settlement price of Cotton No. 2 Futures on GFT's last dealing day. 1 / 1000.01USD 1 CFD = 10,000 LBS31/01/2014
US Soybean Oil FuturesZLxx 8 + underlying bid/ask 8% 19:00 - 07:45, 08:30-13:15 (Sunday open 19:00, Friday close 13:15 ET-1) Jan, Mar, May, Jul, Aug, Sep, Oct, Dec 1 Business day prior to underlying's first notice date at 13:15 ET-1. Official CBOT settlement price on GFT's last dealing day. 1 / 2500.01USD1 CFD = 10,000 lbs09/08/2013
US Soybeans FuturesZSxx 2 + underlying bid/ask 8% 19:00 - 07:45, 08:30-13:15 (Sunday open 19:00, Friday close 13:15 ET-1) Jan, Mar, May, Jul, Aug, Sep, Nov 1 Business day prior to underlying's first notice date at 13:15 ET-1. Official CBOT settlement price on GFT's last dealing day. 1 / 2500.25USD1 CFD = 400 bushels09/08/2013
US Sugar No. 11 FuturesSBxx 0.06 + underlying bid/ask 8% 03:30 - 13:00 ET Mar, May, July, Oct 1 Business day prior to underlying's last trade date at 12:55 ET. Official ICE settlement price of Sugar No.11 Futures on GFT's last dealing day. 1 / 1000.01USD 1 CFD = 10,000 LBS07/02/2014
US Wheat FuturesZWxx 2 + underlying bid/ask 8% 19:00 - 07:45, 08:30-13:15 (Sunday open 19:00, Friday close 13:15 ET-1) Mar, May, Jul, Sep, Dec 1 Business day prior to underlying's first notice date at 13:15 ET-1. Official CBOT settlement price on GFT's last dealing day. 1 / 2500.25USD1 CFD= 400 bushels 09/08/2013
WTI Crude Oil FuturesCLxx Near month: 0.04 (09:00 to 14:30 ET; underlying bid/ask will be added outside these times);
Far month: 0.04 + underlying bid/ask
1% 18:00 - 17:15 ET (Sunday opens 18:00, Friday closes 17:00 ET) Monthly 1 Business day prior to underlying's last trade date at 14:30 ET. Official NYMEX settlement price on GFT's last dealing day. 1 / 1000.01USD 1 CFD = 100 barrels09/08/2013
WTI Crude Oil Futures MINIMINICLxx Near month: 0.04 (09:00 to 14:30 ET; underlying bid/ask will be added outside these times);
Far month: 0.04 + underlying bid/ask
1% 18:00 - 17:15 ET (Sunday opens 18:00, Friday closes 17:00 ET) Monthly 1 Business day prior to underlying's last trade date at 14:30 ET. Official NYMEX settlement price on GFT's last dealing day. 1 / 10000.1USD1 CFD = 10 barrels24/04/2014

CFD Commodities (Spot Metals)

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CommoditySymbolSpreadIM Factor (Margin Req)Trading HoursBasis of Price and Interest Rate Used for Finance AdjustmentsMin / Max Size† Tick FactorCurrencyEquivalent Underlying QuantityLast Update
Spot Gold.GOLD As low as 0.3 0.5% 18:00 - 17:15 ET (Sunday opens 18:00, Friday closes 17:00 ET) BBA LIBOR USD 1 Month Rate at 17:00 ET 1 / 5000.1USD1 CFD = 10 troy ounces17/09/2014
Spot Mini Gold.MGOLD As low as 0.3 0.5% 18:00 - 17:15 ET (Sunday opens 18:00, Friday closes 17:00 ET) BBA LIBOR USD 1 Month Rate at 17:00 ET 1 / 501USD1 CFD = 1 troy ounce17/09/2014
Spot Mini Silver.MSILVER 3 (i.e. 3 with tick factor per 1.0) 0.01 18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break) BBA LIBOR USD 1 Month Rate at 17:00 ET 1 / 251USD1 CFD = 100 troy ounces17/09/2014
Spot Silver.SILVER 3 (i.e. 30 with tick factor per 0.1) 0.01 18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break) BBA LIBOR USD 1 Month Rate at 17:00 ET 1 / 2500.1USD1 CFD = 1000 troy ounces17/09/2014

CFD Commodities (Spot Oil)

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CommoditySymbolSpreadIM Factor (Margin Req)Trading HoursBasis of SettlementMin / Max Size† Tick FactorCurrencyEquivalent Underlying QuantityLast Update
Spot Brent Crude Oil.BRENT 4 (09:00 to 14:30 ET); Underlying futures market bid/ask spread will be added to GFT spread outside these times 0.01 20:00 - 18:00 (Friday closes 17:00) ET; Sunday opens 18:00 ET
One trading day prior to the expiry of the underlying ICE futures contract, trading ceases at 14:30 ET and recommences at 20:00 ET for the next trading day.
n/a - Please see below for details of how positions are adjusted on the trading day prior to the expiry date of the underlying ICE futures contract. 1 / 1001USD 1 CFD = 100 barrels15/02/2013
Spot WTI Light Crude Oil.WTI 0.04 (i.e. 4 with trade per 0.01) (09:00 to 14:30 ET); Underlying futures market bid/ask spread will be added to GFT spread outside these times 0.01 18:00 - 17:15 ET. Sunday open at 18:00 ET, Friday close at 17:00 ET. One trading day prior to GFT's last dealing day, trading ceases at 14:30 ET and recommences at 18:00 ET n/a - Please see below for details of how positions are adjusted on the trading day prior to the expiry date of the underlying NYMEX futures contract. 1 / 1000.01USD 1 CFD = 100 barrels22/06/2012

† Tick Factor = the price increment representing 1 whole trading unit, by which P&L and both initial and variation margin is calculated. For non-FX CFDs, the Notional Value of your underlying transaction is Price * Number of CFDs/Tick Factor.

Symbols

GFT Symbols use the following format: Symbol Root + Month Code + Year final digit

Month codes are as follows: Jan F; Feb G; Mar H; Apr J; May K; June M; July N; Aug Q; Sep U; Oct V; Nov X; Dec Z

E,g, Brent Crude Oil June 2009 would use the symbol LCOM9

Minimum / Maximum Trade Sizes

Maximum trade sizes vary according to underlying liquidity, market conditions and whether the underlying market is classed as being quoted by GFT Global Markets as "out of hours", i.e. outside of regular trading hours.

The market information sheets indicate the usual minimum and maximum trading sizes in GBP; currency equivalents apply for non-GBP accounts, or when trading on markets denominated in a currency other than GBP.

Restrictions may be applied to maximum trade sizes whether opening or closing.

The lot size of the corresponding underlying market is provided for your information, as a guide to underlying market trading size.

When you trade CFDs you are always trading the in "base" currency of the underlying market. E.g. if you trade a US share, you are trading in US dollars per one cent movement.

Trading Hours

Times shown are GFT Global Markets' usual times for trading a market; these may vary e.g. on market holidays and where daylight saving applies.

Our normal dealing hours are from 17:00 Sunday to 17:00 on Friday Eastern Time.

Spreads

The spreads shown may vary according to underlying market liquidity, or in "fast markets".

The spreads shown for Commodities may be added to the market spread of the underlying market.

Finance Adjustments

All finance adjustments for open positions in spot metals are carried out at or after 17:00 ET. For examples on how the rollover process is applied, please see Examples. Finance adjustments are not made on open positions on CFD futures markets.

As you hold a position overnight (i.e. after 17:00 ET), a finance adjustment is made to your account. This is calculated as follows:

f = (v * r) / d

where
f = daily financing charge
v = notional value of underlying instrument calculated based on closing price as determined by GFT
r =relevant interest rate, PLUS 250 basis points for long positions, MINUS 250 basis points for short positions, e.g (0.50% + 2.50%) = 3.00%
d = number of days, i.e. we use 365 days for instruments with denominated currency of GBP or AUD. Otherwise, we use 360 days
(Notional value = Price * Number of CFDs/Tick Factor)

Long (buy) trade positions are debited the daily financing charge
Short (sell) positions are normally credited the daily financing charge. However, you will be debited and not credited with the financing charge when the relevant interest rate is less than the number of basis points to be deducted from that relevant interest rate.

We credit short positions when LIBOR is greater than the basis points to be deducted from LIBOR.

Example: Sell 100 CFDs on AUS200 at a price of 5504.5 on a GBP base currency account; rate is at 2.65%

f = (v * r) / d

v = notional value^ of underlying equity calculated based on closing price as determined by GFT = 550,450
^(Notional value = Price * Number of CFDs/Tick Factor) = 5504.5*100/1 index point = 550,450
r = relevant interest rate, PLUS 250 basis points for long positions, MINUS 250 basis points for short positions, e.g. (0.50% + 2.50%) = 3.00% = 2.65% - 2.5% = 0.15 %
d = number of days, i.e. we use 365 days for indices with denominated currency of GBP or AUD. Otherwise, we use 360 days. = 365*1 day

So, based on position size of 100 * 5504.5:

  • f = (v * r) / d
  • f = (550,450 * 0.15%) / (365 * 1)
  • f = 825.675 / 365
  • f = AUD 2.26212

Convert to base currency:

  • GBP/AUD = 1.7969 so 2.26212 / 1.7969 = £1.259 credit

If rate is less than the basis points to be deducted, then we debit short positions:

Example 2: Sell 100 CFDs on AUS200 at a price of 5504.5 on a GBP base currency account; rate is at 2.35%

f = (v * r) / d

v = notional value^ of underlying equity calculated based on closing price as determined by GFT = 550,450
^(Notional value = Price * Number of CFDs/Tick Factor) = 5504.5*100/1 index point = 550,450
r = relevant interest rate, PLUS 250 basis points for long positions, MINUS 250 basis points for short positions, e.g. (0.50% + 2.50%) = 3.00% = 2.35% - 2.5% = -0.15 %
d = number of days, i.e. we use 365 days for indices with denominated currency of GBP or AUD. Otherwise, we use 360 days. = 365*1 day

So, based on position size of 100 * 5504.5:

  • f = (v * r) / d
  • f = (550,450 * -0.15%) / (365 * 1)
  • f = -825.675 / 365
  • f = AUD -2.262

Convert to base currency:

  • GBP/AUD = 1.7969 so -2.262 / 1.7969 = £1.259 debit

A daily financing charge is applied in respect of CFD trades relating to cash indices, cash-based commodities (except for oils) and individual equities.

The financing charge for CFD trades is levied for each day that the trade remains open (including weekends and public holidays). The financing charge is applied to all open positions at 22:00 on each day GMT/5:00 PM ET.

Financing is applied on weekends (3 days on Friday for Friday, Saturday and Sunday)

Positions held at 17:00 ET on a Friday will be subject to a three day roll-over as the positions are being rolled from a Friday value date to Monday value date (three days).

Spot Oil Markets

We offer a non-expiring futures market based on the front month ("spot") futures price of WTI and Brent crude oil.

One trading day prior to the expiry date of the futures market, GFT will:

  1. Adjust the quote of the market by the difference between the last traded prices of the spot (front) month and the next month's price at 14:30 Eastern Time (the spread).
  2. Make a credit/debit adjustment to accounts with open positions based on the spread.
  3. Adjust any working stop or limit orders based on the spread.

Example:
On 1 January, GFT quotes 6110 - 6115 for the spot WTI market. This price is based on the current front month for WTI, which in this example is the February 2009 contract.

  • You decide to BUY 10 CFDs and hold your position open through the next month.
  • On 15 January, GFT switches from using the February 2009 quote to the March 2009 quote as the basis for the spot price, because the underlying February 2009 futures market expires on 16 January.
  • The last traded prices of the underlying NYMEX futures contract for the spot month are 6150 (Feb) and for the next month 6200 (March.) so GFT's price is adjusted up by 50 points.
  • Your open position is adjusted by a factor of 50 (+50 for short positions, -50 for long positions.) In this example, the account will be debited (+50 x 10) = $500.
  • As the price has risen by 50, the net financial effect of the roll is zero.
  • In other words, because the spot quote rose by 50 points, your account would be debited the equivalent of 50 points to adjust for the change in quote. If the quote had fallen by 50 points, you would be credited the equivalent of 50 points.This happens each month when the new quote is issued.

Margins

Please note that very large individual positions are subject to additional margin. This will typically apply to positions of $50m or more on currency pairs, indices and major commodities, and positions of $2.5m or more on minor commodities.

Should you have a position that is subject to an additional margin requirement we will contact you to make arrangements to cover it. This increased margin requirement will continue to apply at Gain’s discretion, until the position size decreases and remains materially below the threshold for a sustained period. Partially closing the position will not automatically reduce your margin requirement.

If you have any questions about margin on large positions please contact our sales team.

CD01UK.783.071713

Disclaimer: Our services include products that are traded on margin and carry a risk that you can lose more than your initial deposit. The products may not be suitable for everyone - please ensure you fully understand the risks involved.

GFT Markets is a trading name of GAIN Capital – FOREX.com UK Limited and is authorised and regulated by the Financial Conduct Authority. FCA No. 190864.