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GFT Global Markets UK Ltd., Worldwide Leaders in Online Trading

FX Options*

All GFT's FX Options are standardised OTC vanilla options, European exercise type and spot settled. Settlement rates are based on GFT’s midpoint spot rate at option cut time.

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Pairs Available (Calls & Puts)	Trading Hours	Margin Requirement	Contract Listings	Strikes***	Option Expiration (Cut) Time**	Option Contract Size	Spreads as low as (in pips)†	Minimum Price Fluctuation	Transaction Currency	Pricing Conventions	Example Price in Amount 1st CCY, 2nd CCY, Pips, Premium, % of 1st CCY	Last Update
AUD/JPY	24 hours/day Sunday 5:30 pm EST-Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	10	Option Lot size x .00001. Example: 100,000 x .00001 = 1 AUD	AUD	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00416 AUD, 0.392 JPY, 39.2 pips, 416 AUD, 0.416% AUD	22/01/2013
AUD/USD	24 hours/day Sunday 5:30 pm EST-Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	9	Option Lot size x .00001. Example: 100,000 x .00001 = 1 AUD	AUD	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.01975 AUD, 0.02005 USD, 200.5 pips, 1,975 AUD, 1.975% AUD	04/05/2012
EUR/CHF	24 hours/day Sunday 5:30 pm EST - Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00 am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	9	Option Lot size x .00001. Example: 100,000 x .00001 = 1 EUR	EUR	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00092 EUR, 0.00121 CHF, 12.1 pips, 92 EUR, .092% EUR	04/05/2012
EUR/GBP	24 hours/day Sunday 5:30 pm EST-Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	5	Option Lot size x .00001. Example: 100,000 x .00001 = 1 EUR	EUR	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.01431 EUR, 0.01249 GBP, 124.9 pips, 1,431 EUR, 1.431% EUR	10/07/2012
EUR/JPY	24 hours/day Sunday 5:30 pm EST-Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	10	Option Lot size x .00001. Example: 100,000 x .00001 = 1	EUR	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.01687 EUR, 1.780 JPY, 178 pips, 1,687 EUR, 1.687% EUR	04/05/2012
EUR/PLN	24 hours/day Sunday 5:30 pm EST-Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	55	Option Lot size x .00001. Example: 100,000 x .00001 = 1 EUR	EUR	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.01172 EUR, 0.04842 PLN, 484.2 pips, 1,172 EUR, 1.172% EUR	04/05/2012
EUR/USD	24 hours/day Sunday 5:30 pm EST - Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00 am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	5	Option Lot size x .00001. Example: 100,000 x .00001 = 1 EUR	EUR	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00261 EUR, 0.00331 USD, 33.1 pips, 261 EUR, .261% EUR	04/05/2012
GBP/USD	24 hours/day Sunday 5:30 pm EST - Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00 am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	8	Option Lot size x .00001. Example: 100,000 x .00001 = 1 GBP	GBP	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00428 GBP, 0.00664 USD, 66.4 pips, 428 GBP, .428% GBP	04/05/2012
USD/CAD	24 hours/day Sunday 5:30 pm EST-Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	8	Option Lot size x .00001. Example: 100,000 x .00001 = 1 USD	USD	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00656 USD, 0.00652 CAD, 65.2 pips, 656 USD, .656% USD	04/05/2012
USD/CHF	24 hours/day Sunday 5:30 pm EST - Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00 am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	9	Option Lot size x .00001. Example: 100,000 x .00001 = 1 USD	USD	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00687 USD, 0.00713 CHF, 71.3 pips, 687 USD, .687% USD	04/05/2012
USD/JPY	24 hours/day Sunday 5:30 pm EST - Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00 am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	6	Option Lot size x .00001. Example: 100,000 x .00001 = 1 USD	USD	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00057 USD, 0.049 JPY, 4.9 pips, 57 USD, .057% USD	04/05/2012
USD/MXN	24 hours/day Sunday 5:30 pm EST - Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00 am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	200	Option Lot size x .00001. Example: 100,000 x .00001 = 1 USD	USD	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.00621 USD, 0.07930 MXN, 793.0 pips, 621 USD, .621% USD	04/05/2012
USD/PLN	24 hours/day Sunday 5:30 pm EST-Friday 5:00 pm EST	Premium deducted from equity on long options. See short option margin example below.	Fixed Strikes, weekly and monthly expiries out to 6 months (10-15 total per product)	15-20 fixed strikes per expiry ***	10:00am EST**	Standard Lot 100,000 of 1st Ccy, Mini Lot 10,000 of 1st Ccy	40	Option Lot size x .00001. Example: 100,000 x .00001 = 1 USD	USD	Prices can be viewed in amount of 1st Ccy or 2nd Ccy, pips, Premium of 1st Ccy, or % of 1st Ccy	0.02690 USD, 0.08409 PLN, 840.9 pips, 2,690 USD, 2.690% USD	04/05/2012

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* All policies and/or FXO contract specifications are set and are subject to change by GFT in accordance with our Terms.

**If the expiration day is not a valid trade day, expiration will be moved to 10:00 am EST on the last available trade day before the expiration day.

*** Option strikes may be added or removed without notice in order to maintain a reasonable number of out of the money strikes. Options with open customer positions are not eligible to be removed.

†As low as pricing is based on minimum pricing data from the 4 previous weeks. Spreads may fluctuate during times of market volatility.

Trading Hours

Times shown represent normal trading hours and do not take in to account market or public holidays during which GFT may be closed or may not quote all of the instruments normally available.

FX Option Equity & Margin Example

Trading FX options with GFT introduces some important considerations for the measures of Total/Available Equity and Margin. Unlike other forms of spot forex and CFD trades that normally have a margin requirement associated with each individual position, GFT calculates margin differently when you trade FX options. When you sell an FX option, any position-based forex and FX option positions are combined and the margin is calculated on the overall spot forex portfolio. CFD positions will continue to have a separate margin for each position. When you open an FX option position, your Total Equity is calculated as the lesser of:

Cash + Floating P/L
Cash – Premium for Long FX Options

This helps prevent negative equity situations that could arise if Floating P/L was available to purchase forex options. It also means the Margin Required (Margin Req.) is zero when the account has only long FX option positions.

You can see an example of how margin required is calculated on short FX options positions below. For other examples, you can download the FX Option Equity & Margin guide.

Example: Portfolios that Include Short FX Options

Here’s an example of a spot forex portfolio that includes a short FX option position:

Total Equity	=	298,182.35		Which is the lesser of:
*Cash + Floating P/L*	=	299,682.35	+	32.40	=	299,714.75
*Cash - Premium for Long FX Options*	=	299,682.35	-	1,500.00	=	298,182.35

Margin Required = FX Option Portfolio Margin = $461.24
Available Equity = Total Equity – Margin Required = 298,182.35 – 461.24 = 297,721.10*

*GFT calculates Margin Req. to more decimals places than displayed, which can result in a negligible rounding difference, typically less than 0.02 of account base currency.

For other examples, you can download the FX Option Equity & Margin guide here.

Disclaimer: Trading spot forex, CFDs, and spread bets is risky and not suitable for everyone. All of these products (excluding Binary CFDs and Binary Spread Bets) are leveraged, and you can lose more than your initial deposit. Don't trade more than you can afford to lose.
GFT Global Markets UK Ltd. is authorised and regulated by the Financial Conduct Authority.