Spread Betting Stock Indices (Daily Funded)

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Spread Betting Stock Indices (Futures)

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† Tick Factor = the price increment representing 1 whole betting unit, by which P&L and both initial and variation margin is calculated. The Notional Value of your bet is Price*Stake/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

DAILY FUNDED SPREAD BETS EXPIRY

All Daily Funded Spread Bets will expire on 31st March 2017.

Finance Adjustments

All finance adjustments for open positions in cash indices are carried out at or after 17:00 ET. Finance adjustments are not made on open positions on Spread Bet futures markets.

For Spread Bets on daily funded Stock Indices held overnight (i.e. after 17:00 ET), a +/- 2.5% financing charge will apply. This is calculated as follows:

f = (v * r) / d

where
f = daily financing charge
v = notional value of underlying index calculated based on closing price as determined by GFT
r = relevant interest rate, PLUS 250 basis points for long positions, or 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 index with denominated currency of GBP or AUD. Otherwise, we use 360 days.
(Notional value = Price * Number of Bet Size/Tick Factor)

Long (buy) trade positions are debited the daily financing charge
Short (sell) positions are credited the daily financing charge

"Out of Hours" Markets

GFT quote some indices "out of hours", i.e. when a comparable corresponding futures market is closed. For example we quote the UK 100 index even when the FTSE 100 Index futures market is closed.

GFT's "out of hours" quotes are based on but not restricted to: movements in other indices (when available); movements in other financial markets such as commodities or foreign exchange; news flow; movements in other Spread Bets providers, quotes and customer trade flow. Please note that orders which are triggered during "out of hours" times which are greater in size then the Indicative Normal Market Size values shown in the table below are typically subject to higher levels of slippage and lower levels of liquidity than when the underlying futures market is open.

The following table details the markets to which out of hours quoting is applied:

Index Symbol	"Out of Hours" Times	Indicative Normal Market Size during "Out of Hours" Times
.UK100; UK100xx	21:00 - 08:00 London time	100 GBP
.DE30; DE30xx	22:00 - 08:00 CET	100 GBP
.F40; F40xx	22:00 - 08:00 CET	100 GBP
.N25; N25xx	22:00 - 08:00 CET	100 GBP
.JP225; JP225xx	From the end of trading in the CME Yen-denominated Nikkei futures at 15:15 ET-1 until the open of the SGX futures at 07:45 Singapore time	30 GBP
.AUS200; AUS200xx	16:30 – 17:10; 07:00 – 09:50 Sydney Time (during US daylight saving time) 16:30 – 17:10; 08:00 – 09:50 Sydney Time (during US non daylight saving time)	100 GBP

Settlement Prices of Futures Markets

Bets on Wall Street, NASDAQ 100, S&P 500, S&P/MIB and S&P/ASX futures settle basis the "special opening quotation" published by the relevant exchange on the day of expiry. This settlement price is calculated using the opening prices of the shares that comprise the underlying index on the day of expiry. Also note that this settlement price can differ substantially to the level at which the index itself has traded or closed at the previous day.

The last day on which the Wall Street, NASDAQ 100, S&P 500 and S&P/MIB markets can be traded is the day before the day on which the settlement price is calculated.

FTSE 100 futures: The settlement price for FTSE 100 futures is calculated by FTSE International with reference to the outcome of the intra-day auction (usually 10:10 to 10:15) at the LSE on the last trading day.

CAC 40 futures: The closing settlement price is calculated on the last business day as the arithmetic mean (rounded to one decimal) of the CAC 40 index values calculated and disseminated between 15.40 and 16.00 (including the first index value disseminated after 16.00).

DAX 30 futures are settled basis the value of the index, based on Xetra® auction prices of the respective index component shares. The intraday auction starts at 13:00 CET on the last trading day.

Eurostoxx 50 futures settle basis the average of index values calculated between 11:50 and 12:00 CET on the last dealing day.

IBEX 35 futures are settled basis an average of the levels of the cash market between 16:15 and 16:45 CET on the last dealing day.

Nikkei 225 futures settle basis the Special Nikkei 225 Index Quotation based on the opening prices of each component issue in the Nikkei 225 Index on the business day following the last trading day.

Hang Seng futures' Final Settlement Price shall be a number, rounded down to the nearest whole number, determined by the Clearing House and shall be the average of quotations of the Hang Seng Index taken at five minute intervals during the Last Trading Day.

Dividends

Dividend adjustments to rolling stock index bets apply as follows:

Buy bets are credited with the value of the aggregate index point effect times your stake.

Sell bets are debited the value of the aggregate index point effect times your stake.

Minimum / Maximum Bet Sizes

These 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 the regular trading hours of the underlying exchange or market.

The market information sheets indicate the usual minimum and maximum bet sizes in GBP; currency equivalents apply for non-GBP accounts.

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

The minimum stake for all markets with GFT Global Markets is £1 (or currency equivalent). The lot size of the corresponding underlying market is provided for your information, as a guide to underlying market trading size.

Trading Hours

Times shown are GFT Global Markets' usual times for trading a market and are basis GMT unless otherwise stated; 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.

Spreads

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

Index Dividends

When an individual stock which is a constituent of a cash stock index goes ex-dividend, this will have a weighted effect on that cash index, known as the "index dividend" or "index impact". GFT will make adjustments to those accounts with a position in an affected index, if that position is open at 17:00 Eastern Time on the day prior to the ex-dividend date of the constituent shares.

GFT will credit long positions and debit short positions (by means of a cash adjustment) as follows:

Index dividend x position size

The weighted effect of an individual stock's dividend is calculated as follows:

Index Dividend = Share Dividend x (Shares in index / Index Divisor)

The "Index Divisor" varies from index to index, It is a value which is adjusted by the underlying exchange to offset the effect of changes resulting from, but not limited to, stock splits, bonus issues and constituent substitutions. This allows the index value to remain comparable over time. GFT uses various data providers in determining its calculation of the index dividend.

The DAX 30 index is not subject to adjustments; it is a total returns index and as such all ex-dividends are automatically reflected in the price.

Futures indices are not affected as anticipated future dividends are already priced in to the market.

Fair Value: GFT bases the quote of its cash indices on a corresponding futures market. As a result we include a "fair value" adjustment in the quote to reflect a derived cash price of the index as opposed to the futures price. Fair value is a constantly changing variable and will vary during trading hours according to GFT's estimate of current fair value. GFT will adjust its internal fair value calculations at 17:00 Eastern Time on the day prior to constituent shares going ex-dividend, to reflect an index dividend.

Questions about daily funded spread bets? View our FAQ.

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