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Market Information SheetsGFT Global Markets UK Ltd., Worldwide Leaders in Online Trading |
CFD Stock Indices (Cash)
Index |
GFT Spread in (out of) market hours |
IM Factor (Margin Req) |
GFT Trading Hours |
Basis of Price and Interest Rate used for Finance Adjustments |
Min/ Max Size (max out of hours) |
† Tick Factor |
Example Price |
Curr- |
Guaranteed Stops (charge / minimum distance) |
Underlying Index |
Last Update |
Australia 200 Index | Day session 2 | 0.5% | 09:50 - 16:30 and 17:10 - 07:00 Sydney time during US daylight savings time; | BBA AUD LIBOR Spot Next rate at 17:00 New York time | 1 / 250 (100) | 1 index point | 5502.5 | AUD | 2 / 50 | S&P/ASX200™ | 4/22/2008 4:36:18 AM |
EU Stocks 50 Index | 2 | 1% | 8:00 - 22:00 CET | BBA EUR LIBOR Overnight rate at 17:00 New York time | 1 / 500 | 1 index point | 3804 | € | 3 / 100 | Dow Jones EURO STOXX50 Index™ | 4/22/2008 4:39:56 AM |
Euro Sector Futures | 1 / 500 | 0.01 | 0 | EUR | Not offered | 8/19/2008 9:04:29 AM | |||||
France 40 Index | 1 from 09:05 - 17:30 CET | 0.50% | 17:35 - 17:30 CET (ie 24 hours with a 5 min break); (Friday close 22:15 CET, Monday open 00:00 CET) | BBA EUR LIBOR Overnight rate at 17:00 New York time | 1 / 1000 (100) | 1 index point | 5601.3 | EUR | 2 / 50 | CAC40 Index™ | 8/26/2008 8:13:03 AM |
Germany 30 Index | 1 from 09:05 - 17:30 CET | 0.5% | 17:35 - 17:30 CET (Friday close 22:15 CET, Monday open 00:00 CET) | BBA EUR LIBOR Overnight rate at 17:00 New York time | 1 / 500 (100) | 1 index point | 6053 | € | 2 / 50 | Xetra DAX Index™ | 6/5/2008 9:06:43 AM |
Hong Kong 40 Index | 15 | 1% | Hong Kong 09:45 - 12:30; | HIBOR Overnight rate at 17:00 New York time | 10 / 2500 | 1 index point | 16830 | HKD | 10 / 750 | Hang Seng Index™ | 4/22/2008 4:41:55 AM |
Hungary 14 Index | 1/10000 | 1 index point | 25960 | HUF | 20/750 | BUX Index™ | 3/25/2008 8:16:26 AM | ||||
Italy 40 Index | 15 | 1% | 09:00 - 17:40 CET | BBA EUR LIBOR Overnight rate at 17:00 New York time | 1 / 250 | 1 index point | 37557 | € | 10 / 1000 | S&P/MIB Index™ | 4/22/2008 4:40:22 AM |
Japan 225 Index | 12 | 1% | 24 hours, but we do not quote Singapore lunch break at 10:15 to 11:15 Sing. time, nor the break in CME hours from 15:15 to 15:30 Chicago time. Sundays open 23:00 London time, Fridays close 21:15 London time | BBA JPY LIBOR Overnight rate at 17:00 New York time | 100 / 20000 | 1 index point | 17100 | Yen | 10 / 400 | SGX Nikkei 225 Futures Index™ | 4/22/2008 4:44:10 AM |
Netherlands 25 Index | 0.3 | 1% | 24 hours with a 5 minute break from 17:30 to 17:35 CET (Friday close 22:15 CET, Sunday open 23:00 CET) | BBA EUR LIBOR Overnight rate at 17:00 New York time | 1/2000 | 1 index point | 476.3 | € | 0.3 / 10 | AEX-Index™ | 4/22/2008 4:40:39 AM |
Norway 25 index | 1 / 100 | 1 index point | 346.25 | NOK | 1 / 10 | OBX index™ | 3/25/2008 1:38:24 PM | ||||
Spain 35 Index | 5 | 1% | UK 8:00 - 16:30 | BBA EUR LIBOR Overnight rate at 17:00 New York time | 1 / 250 | 1 index point | 11885 | € | 5 / 400 | IBEX-35 Index™ | 4/22/2008 4:41:01 AM |
Switzerland 20 Index | 3 | 1% | 09:00 - 17:30 Switzerland time | BBA CHF LIBOR Spot Next rate at 17:00 New York time | 1/500 | 1 index point | 8541.5 | € | 5 / 275 | SWX SMI Index™ | 4/22/2008 4:45:09 AM |
UK 100 Index | 1 from 08:05 - 16:30 London time | 0.75% | 16:35 - 16:30 London time (i.e. 24 hours with a 5 minute gap) (Friday close 21:15, Sunday open 23:00 London time) | BBA GBP LIBOR Overnight rate at 17:00 New York time | 1 / 1000 (100) | 1 index point | 6100 | $ | 2 / 50 | FTSE 100™ | 8/26/2008 8:12:49 AM |
US Small Cap 2000 Index | 0.4 | 1% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | BBA USD LIBOR Overnight rate at 17:00 New York time | 1/ 500 (100) | 1 index point | 722 | $ | 0.5 / 5 | Russell 2000 Index™ | 4/22/2008 4:47:28 AM |
US SPX 500 Index | 0.5 | 1% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | BBA USD LIBOR Overnight rate at 17:00 New York time | 1 / 5,000 (1,000) | 1 index point | 1313.2 | $ | .4 / 10 | S&P 500 Index™ | 4/22/2008 4:47:38 AM |
US Tech 100 Index | 2 | 1% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | BBA USD LIBOR Overnight rate at 17:00 New York time | 1 / 2,500 (500) | 1 index point | 1698 | $ | 1 / 10 | Nasdaq 100™ | 4/22/2008 4:47:49 AM |
US Wall Street 30 Index | 2 from 08:35 to 15:00 Chicago time; | 0.75% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | BBA USD LIBOR Overnight rate at 17:00 New York time | 1 / 1000 (100) | 1 index point | 11440 | $ | 4 / 100 | Dow Jones Industrial Average Index™ | 8/26/2008 8:13:17 AM |
CFD Stock Indices (Futures)
Index |
GFT Spread in (out of) market hours |
IM Factor (Margin Req) |
Trading Hours |
Contract Months |
Last Dealing Day |
Basis of Settlement |
Min/ Max Size (max out of hours) |
† Tick Factor |
Example Price |
Curr- |
Guaran- |
Underlying Index |
Last Update |
Australia 200 Index | Day session 4 | 0.5% | 09:50 - 16:30 and 17:10 - 07:00 Sydney time during US daylight savings time; | Mar, Jun, Sep, Dec | 3rd Thursday of contract month until 12:00 Sydney time | S&P / ASX final settlement price for SPI 200™ on last dealing day, basis a Special Opening Quotation of the underlying S&P/ASX 200 index. | 1 / 250 (100) | 1 index point | 5502.5 | AUD | 2 / 50 | S&P/ASX200™ | 4/22/2008 4:36:18 AM |
Austria 20 Index | Underlying market spread + 3 | 1% | 09:00 - 17:30 CET | Mar, Jun, Sep, Dec | 3rd Friday of contract month at 17:30 CET | Settlement price of the ATX index reported by the Wiener Borse on the first banking day following last dealing day, basis an intraday auction of the component stocks of the cash index. | 1 / 1500 | 1 index point | 4588.6 | EUR | 3 / 100 | ATX Index™ | 1/23/2008 2:17:20 AM |
Canada 60 Index | 1.0 | 1% | 09:30 - 16:15 Montreal time | Mar, Jun, Sep, Dec | Business day prior to 3rd Friday of contract month at 16:15 | Official Settlement Price of S&P/TSE 60 index on the 3rd Friday of the contract month | 1 / 1500 | 1 index point | 750.8 | CAD | 1 / 20 | S&P/TSX 60 Index™ | 1/23/2008 2:28:39 AM |
China H-Shares Index | 12 | 1% | 09:45 - 12:30; 14:30 - 16:15 Hong Kong time | Monthly | Business day immeditaely preceeding last business day of contract month at 16:00 | Official Settlement Price of HKFE MSCI China Enterprise index on last trading day. | 1 / 7500 | 1 index point | 17199 | HKD | 12 / 400 | Hang Seng China Enterprises Index™ | 2/5/2008 6:18:34 AM |
Denmark 20 Index | 1 + underlying market spread | 1% | 09:00 - 16:50 Copenhagen time | Monthly | 3rd Friday or previous business day of contract month | Official Copenhagen Exchange™ settlement price on last dealing day. | 1 / 500 | 1 index point | 414.85 | DKK | 1 / 15 | OMX C20 index™ | 3/25/2008 1:37:56 PM |
EU Stocks 50 Index | 3 | 1% | 8:00 - 22:00 CET | Mar, Jun, Sep, Dec | 3rd Friday of contract month until 12:00 CET | EUREX official settlement price on last dealing day | 1 / 500 | 1 index point | 3804 | € | 3 / 100 | Dow Jones EURO STOXX50 Index™ | 4/22/2008 4:39:56 AM |
Euro Sector Futures | Underlying market spread + 0.4 | 09:00 - 17:00CET | Mar, Jun. Sep, Dec | 3rd Friday of contract month until 13:00 CET | EUREX official settlement price on last dealing day | 1 / 500 | 0.01 | 0 | EUR | Not offered | 8/19/2008 9:04:29 AM | ||
Finland 25 Index | 4 + underlying market spread | 1% | 07:50 - 22:00 Helsinki time | Quarterly | 3rd Friday or previous business day of contract month | Official EUREX™ settlement price on last day of dealing. | 1 / 100 | 1 index point | 2563.9 | EUR | 2 / 80 | OMX H25 index™ | 3/25/2008 1:38:10 PM |
France 40 Index | 4 (10 from 22:00 to 08:00 CET) | 0.50% | 24 hours (Friday close at 22:15 CET, Monday open at 00:00 CET) | Monthly | 3rd Friday of contract month until 16:00 CET | Euronext.LIFFE official settlement price on last dealing day | 1 / 1000 (100) | 1 index point | 5601.3 | EUR | 2 / 50 | CAC40 Index™ | 8/26/2008 8:13:03 AM |
Germany 30 Index | 4 (10) | 0.5% | 24 hours (Friday close 22:15 CET, Monday open 00:00 CET) | Mar, Jun, Sep, Dec | 3rd Friday of contract month until 13:00 CET | EUREX official settlement price on last dealing day | 1 / 500 (100) | 1 index point | 6053 | € | 2 / 50 | Xetra DAX Index™ | 6/5/2008 9:06:43 AM |
Hong Kong 40 Index | 15 | 1% | Hong Kong 09:45 - 12:30; | Monthly | Business day preceding last HK business day of contract month until 16:00 HK time | HKFE official settlement price on last dealing day | 10 / 2500 | 1 index point | 16830 | HKD | 10 / 750 | Hang Seng Index™ | 4/22/2008 4:41:55 AM |
Hungary 14 Index | 140 + underlying market spread | 1% | UK 08:05 - 15:30 | Dec | Thursday before 3rd Friday of contract month. | Official Budapest Stock Exchange settlement price on last day of dealing. | 1/10000 | 1 index point | 25960 | HUF | 20/750 | BUX Index™ | 3/25/2008 8:16:26 AM |
India 50 Index | 4 | 1% | 09:55 - 15:30 Calcutta time | Monthly | Last Thursday of the contract month at 15:30 | Official Settlement Price of the S&P/CNX Nifty Index relevant futures contract | 1 / 500 | 1 index point | 5035.1 | INR | 3 / 150 | S&P/CNX Nifty 50 Index™ | 4/3/2008 9:29:07 AM |
Italy 40 Index | 20 | 1% | 09:00 - 17:40 CET | Mar, Jun, Sep, Dec | Business day preceding 3rd Friday of contract month until 17:30 CET | MSE official settlement price on 3rd Friday of contract month | 1 / 250 | 1 index point | 37557 | € | 10 / 1000 | S&P/MIB Index™ | 4/22/2008 4:40:22 AM |
Japan 225 Index | 25 | 1% | 24 hours, but we do not quote Singapore lunch break at 10:15 to 11:15 Sing. time, nor the break in CME hours from 15:15 to 15:30 Chicago time. Sundays open 23:00 London time, Fridays close 21:15 London time | Mar, Jun, Sep, Dec | Day before 2nd Friday of contract month until 14:30 Singapore time | Nikkei 225™ special opening quotation (from SGX) based on the opening prices of each component in the Nikkei 225 ™ index on the business day following the last trading day | 100 / 20000 | 1 index point | 17100 | Yen | 10 / 400 | SGX Nikkei 225 Futures Index™ | 4/22/2008 4:44:10 AM |
Korea 200 index | 20 | 1% | 09:00 - 15:15 Seoul time | Mar, Jun, Sep, Dec | 2nd Thursday of contract month at 14:50 Seoul time. | Official Settlement Price of KOSPI 200™ Index on the last trading day. | 1 / 100000 | 0.01 of an index point | 20750 | KRW | 20 / 600 | KOSPI 200 Index™ | 4/3/2008 9:26:09 AM |
Mexico 35 Index | 30 + underlying market spread | 1% | UK 13:30 - 21:00; Mexico 07:30 - 15:00 | Mar, Jun, Sep, Dec | 3rd Friday of the contract month at 15:00 Mexico time | Official IPC (Mexico Bolsa Index futures)closing price on the last dealing day | 1 / 2200 | 1 index point | 30928 | MXN | 30 / 250 | IPC Index™ | 4/3/2008 9:26:02 AM |
Netherlands 25 Index | 0.5 | 1% | 24 hours (Friday close 22:15 CET, Sunday open 23:00 CET) | Monthly | 3rd Friday of contract month until 16:00 CET | Official Euronext.LIFFE settlement price of AEX-index on last day of dealing | 1/2000 | 1 index point | 476.3 | € | 0.3 / 10 | AEX-Index™ | 4/22/2008 4:40:39 AM |
Norway 25 index | 0.6 + underlying market spread | 1% | 09:00 - 16:20 Oslo time | Monthly | 3rd Friday or previous business day of contract month | Official Oslo Stock Exchange™ on last dealing day | 1 / 100 | 1 index point | 346.25 | NOK | 1 / 10 | OBX index™ | 3/25/2008 1:38:24 PM |
Poland 20 Index | 4.0 | 1% | Warsaw 09:00 - 16:30 | Mar, Jun, Sep, Dec | 3rd Friday of contract month until 15:00 Warsaw time | 3rd Friday of contract month until 16:30 Warsaw time | 1 / 500 | 1 index point | 3669.3 | PLN | 3 / 30 | WIG20 Index ™ | 1/4/2008 2:27:58 PM |
Singapore Blue Chip Index | 4 + underlying market spread | 1% | 08:45 - 12:35; 14:00 - 17:15; 18:15 - 22:55 Singapore Time | Monthly | 2nd last Singapore business day of contract month at 12:35 Singapore Time | Special Opening Quotation on day following last trading day. | 1 / 3000 | 1 index point | 454.8 | SGD | 2 / 10 | MSCI Singapore Index™ | 1/4/2008 2:10:18 PM |
South Africa 40 index | 20 | 1% | 08:30 - 17:30 Johannesburg time | Mar, Jun, Sep, Dec | 3rd thursday of the contract month at 17:30 | Official Settlement Price of the FTSE/JSE Top 40 ALSI ™ index on the last day of trading | 1 / 1500 | 1 index point | 28755 | ZAR | 10 / 200 | FTSE/JSE Africa Top 40 Index™ | 1/4/2008 2:10:55 PM |
Spain 35 Index | 8 | 1% | UK 8:00 - 16:35 | Monthly | 3rd Friday of contract month until 16:15 CET | MEFF official settlement price on last dealing day | 1 / 250 | 1 index point | 11885 | € | 5 / 400 | IBEX-35 Index™ | 4/22/2008 4:41:01 AM |
Sweden 30 index | 1.5 | 1% | 09:00 - 17:20 Stockholm time | Monthly | 3rd Friday of contract month at 17:20 | Difference between the previous days future closing price and a volume weighted average price of the OMXS30™ index on the last dealing day | 1 / 15000 | 1 index point | 1220.75 | SEK | 1 / 10 | OMX Stockholm 30 Index™ | 7/18/2008 5:18:52 AM |
Switzerland 20 Index | 5 | 1% | 09:00 - 17:30 Switzerland time | Mar, Jun, Sep, Dec | Business day preceding 3rd Friday of contract month until 17:30 CET | Eurex official settlement price on day following last dealing day | 1/500 | 1 index point | 8541.5 | € | 5 / 275 | SWX SMI Index™ | 4/22/2008 4:45:09 AM |
UK 100 Index | 3 (6 from 21:00 to 08:00 London time) | 0.75% | 24 hours (Friday close 21:15, Sunday open 23:00 London time) | Mar, Jun, Sep, Dec | 3rd Friday of contract month until 10:00 London time | Euronext.LIFFE official settlement price on last dealing day | 1 / 1000 (100) | 1 index point | 6100 | $ | 2 / 50 | FTSE 100™ | 8/26/2008 8:12:49 AM |
UK CPI Futures | 5 near month; 10 other months | 5% | 08:00 - 16:30 London time | Near month plus month ending next 2 quarters | Variable. Data is released one month retrospectively, e.g. September year-on-year data is released in October | Office of National Statistics official release for UK CPI (EU-harmonised, year-on-year non-seasonally adjusted percentage change in the index). Data revisions are disregarded. See www.statistics.gov.uk | 1 / 25 (max account position £25 per account | 0.01 | 4.55 | GBP | n/a | Consumer Price Index | 8/19/2008 1:41:02 AM |
US Small Cap 2000 Index | 0.8 | 1% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | Mar, Jun, Sep, Dec | Business day preceding 3rd Friday of contract month until 15:00 Chicago time | CME official settlement price on day following last dealing day | 1/ 500 (100) | 1 index point | 722 | $ | 0.5 / 5 | Russell 2000 Index™ | 4/22/2008 4:47:28 AM |
US SPX 500 Index | 0.7 | 1% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | Mar, Jun, Sep, Dec | Business day preceding 3rd Friday of contract month until 15:00 Chicago time | CME official settlement price on day following last dealing day | 1 / 5,000 (1,000) | 1 index point | 1313.2 | $ | .4 / 10 | S&P 500 Index™ | 4/22/2008 4:47:38 AM |
US Tech 100 Index | 4 | 1% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | Mar, Jun, Sep, Dec | Business day preceding 3rd Friday of contract month until 15:00 Chicago time | CME official settlement price on day following last dealing day | 1 / 2,500 (500) | 1 index point | 1698 | $ | 1 / 10 | Nasdaq 100™ | 4/22/2008 4:47:49 AM |
US Wall Street 30 Index | 8 (far month = 10) | 0.75% | 24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. | Mar, Jun, Sep, Dec | Business day preceding 3rd Friday of contract month until 15:00 Chicago time | CBOT official settlement price on day following last dealing day | 1 / 1000 (100) | 1 index point | 11440 | $ | 4 / 100 | Dow Jones Industrial Average Index™ | 8/26/2008 8:13:17 AM |
† 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.
Out of Hours Markets
GFT Global Markets will quote some markets outside of their respective regular trading hours (“out of hours”). When out of hours, spreads may widen and maximum trade sizes may decrease as indicated. If an order is triggered out of hours in size greater than our maximum out of hours trading size, the fill price may be adjusted accordingly in order to accommodate the entire order – unless the order in question is a guaranteed stop loss order. Out of hours spreads are indicated in brackets on the Product Info sheets. Our "Out of Hours" quotes are based on but not restricted to movements in other indices when available; movements in other financial markets such as the spot forex markets; news flow; and customer order flows.
| Market | Out of Hours Times |
|
UK 100
Germany 30 France 40 US Wall Street 30 US SPX 500 US Tech 100 Australia 200 Japan 225 |
21:00 – 08:00 London time
22:00 – 08:00 CET 22:00 – 08:00 CET 16:00 – 18:15 Chicago time 16:30 – 17:00 Chicago time 16:30 – 17:00 Chicago time 16:30 – 09:50 Sydney time 04:30 – 07:45 Singapore time |
Finance Adjustments
All finance adjustments are carried out at on open positions on cash indices at or after 22.00 London time. 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 22.00 UK time) a finance adjustment is made to your account. This is calculated as follows:
f = (s x p x r) / d where f = daily financing charge s = your stake p = closing price as determined by GFT Global Markets r = relevant interest rate, PLUS 300 basis points for long positions, or MINUS 300 basis points for short positions, e.g. (4.50% + 3.00%) = 7.50% d = number of days, i.e. 365 for UK andAustralian indices and 360 for all others Long (buy) trade positions are debited the daily financing charg Short (sell) positions are credited the daily financing charge |
Dividends
Dividend adjustments to cash index CFD trades apply as follows:
Buy trades are credited with (number of points by which the index concerned has been adjusted x trade size).
Sell trades are debited with (number of points by which the index concerned has been adjusted x trade size).
Minimum / Maximum Trade Sizes
Maximum trading 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 minimum number of CFDs (or “trade size”) for markets with GFT Global Markets is 100 for individual equities, and 1 CFD for all other markets. The lot size of the corresponding underlying market is provided for your information, as a guide to minimum 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.
Unless indicated otherwise, times shown are London time.
Our normal dealing hours are from 22:00 Sunday to 22:00 on Friday.
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 the close of the underlying cash market 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 40 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 the close of the cash market on the day prior to constituent shares going ex-dividend, to reflect an index dividend.