Click on the tabs below to view contract details for our various Options products.
Daily Options
All our Daily Options are quoted on an 'all-in' spread, with no commission to pay.
The details of our Daily Options contracts are given in the following table:
Daily Options Information
| Market | Value of one contract (per point) | Dealing Hours (5) |
|---|---|---|
| Australia 200 | AUD10 | 24 hours |
| Wall Street | US$10 | 24 hours |
| FTSE 100 | £10 | 24 hours |
| Germany 30 | EUR5 | 24 hours |
| EUR/USD | US$10 | 24 hours |
| GBP/USD | US$10 | 24 hours |
| USD/JPY | Y1000 | 24 hours |
| USD/CHF | SF10 | 24 hours |
| EUR/GBP | £10 | 24 hours |
| AUD/USD | US$10 | 24 hours |
Notes to table
Our Daily Options are cash settled and cannot be exercised by or against you or result in delivery of the underlying security.
- Daily Options on FTSE, Wall Street, Germany 30, and Australia 200 are settled against the official settlement levels of the cash FTSE, cash Wall Street, cash DAX and Australia cash markets.
- Daily Forex Options settle basis the first print recorded by Bloomberg (E&OE) at 20:00 (London time) for the relevant currency pair.
- Our spread on Daily Options depends on a range of factors including the level of the price quotation and the time to expiry. For Daily FTSE, Wall Street, Australia 200 and Germany 30 the spread will range from two to eight points. For Daily FX options the spread will range from four to ten points. For EUR/GBP the spread will range from two to nine points, and for AUD/USD from one to twelve points.
- Positions not already closed by the client expire automatically at the close of the cash market concerned (in the case of FTSE and Wall Street) or at 14.00 (Chicago time) (in the case of spot FX). No spread is charged on automatic closings.
- 24-hour dealing on Daily Options starts at 07.30 (London time) on Monday and finishes at 21.15 (London time) the following Friday. Daily Options can be traded from one hour after the previous settlement until one minute before the close of each market.
- The margin requirement for buying a Daily Option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.
The margin requirement for selling a Daily Option is variable. - 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 PureDeal platform.
Weekly Options
We quote Weekly FX Options that settle each Friday at 10am New York time
The details of our Weekly Options contracts are given in the following table:
Weekly Options Information
| Market | Value of one contract (per point) |
Dealing spread | Settles basis (1) |
|---|---|---|---|
| AUD/USD | US$10 | 3-7 | AUD/USD spot rate, 10.00 NY time |
| EUR/USD | US$10 | 3-8 | EUR/USD spot rate, 10.00 NY time |
| GBP/USD | US$10 | 4-10 | GBP/USD spot rate, 10.00 NY time |
| USD/JPY | ¥1000 | 3-7 | USD/JPY spot rate, 10.00 NY time |
| USD/CHF | CHF10 | 3-7 | USD/CHF spot rate, 10.00 NY time |
| USD/CAD | CAD10 | 4-10 | USD/CAD spot rate, 10.00 NY time |
| GBP/JPY | ¥1000 | 6-10 | GBP/JPY spot rate, 10.00 NY time |
| EUR/JPY | ¥1000 | 4-8 | EUR/JPY spot rate, 10.00 NY time |
| EUR/GBP | £10 | 3-7 | EUR/GBP spot rate, 10.00 NY time |
| NZD/USD | $10 | 4-7 | NZD/USD spot rate, 10.00 NY time |
Notes to table
Our Weekly Options are cash settled and cannot be exercised by or against you or result in delivery of the underlying security.
Positions not already closed by the client expire basis the middle of our quote for the spot rate concerned at 10.00 New York time on the relevant Friday.
Call Options settle at the settlement price less the strike price, or at 0, whichever is greater.
Put Options settle at the strike price, less the settlement price, or at 0, whichever is greater.
- 24-hour dealing starts at 08.00 (London time) on Monday and finishes at 21.15 (London time) the following Friday, with a breakbetween 21.00 (London time) on Thursday and 07.30 (London time)on Friday for front week Options. Weekly Options can be traded from one hour after the previous settlement until one minute before the close of each market.
- The margin requirement for buying a Weekly Option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position.
- The margin requirement for selling a Weekly Option will vary depending on the currency pair and may be different from that of an equivalent sized CFD in the underlying market.
- We usually quote prices for settlement the coming Friday and the next Friday after that.
- 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 PureDeal platform.
Stock Index Options
These contracts are available in addition to our Daily Options.
The details of our Stock Index Options contracts are given in the following table:
Stock Index Options Information
| Market | Dealing hours | Value of one contract (per point) | Dealing spread | Contract months | Last trading day |
|---|---|---|---|---|---|
| Australia 200 | 24 hours (8) | A$10 | 3-10 | Front quarter month only | 3rd Thursday of contract month (2) |
| Wall Street | 24 hours (8) | US$10 | 5-16 | Current & next month; 2 nearest quarter months | Thursday prior to 3rd Friday of contract month (3) |
| US SPX500 | 24 hours with gaps(8) | US$100 | 0.6-2.0 | Current & next month; 2 nearest quarter months | Thursday prior to 3rd Friday of contract month (4) |
| FTSE 100 | 24 hours (8) | £10 | 3-10 | Current & next month; 2 nearest quarter months | 3rd Friday of contract month (5) |
| Germany 30 | 24 hours (8) | EUR5 | 3-10 | Current & next month; 2 nearest quarter months | 3rd Friday of contract month (6) |
| France 40 | 09.00-17.30 (Paris time) | EUR10 | 3-6 | Front quarter month only | 3rd Friday of expiry month (10) |
Notes to table
Our Stock Index Options are cash settled and cannot be exercised by or against you or result in delivery of the underlying security.
-
Positions not already closed by the client expire automatically on the date indicated.
Call Options settle at the settlement price less the strike price, or at 0, whichever is greater.
Put Options settle at the strike price, less the settlement price, or at 0, whichever is greater.
- Australia 200 options settle basis the Special Opening Quotation of the S&P/ASX 200 Index on the last trading day calculated to one decimal place. The Special Opening Quotation is calculated using the first traded price of each component stock in the S&P/ASX 200 Index on the last trading day, irrespective of when those stocks first trade in the ASX trading day. This means that the first traded price of each component stock may occur at any time time between ASX market open and ASX market close (including the Closing Single Price Auction) on the last trading day. Should any component stock not have traded by ASX market close on the last dealing day, the last traded price of that stock will be used to calculate the Special Opening Quotation.
- Wall Street options can be dealt until 15.00 (Chicago time) on the last trading day and settle basis the Special Opening Quotation (SOQ) of the DJIA (calculated to two decimal places) on the third Friday of the contract month, as reported by the CBOE. Note that this is the day after the last trading day. The SOQ is calculated from the sequence of opening prices of the 30 DJIA stocks on the NYSE.
- Monthly US SPX 500 options expire basis the Special Opening Quotation of the S&P 500 on the 3rd Friday of the contract month, as reported by the CBOE. Note that this is the day after the last IG dealing day. This contract can be dealt in until 21.15 London time on the last dealing day.
Weekly US SPX 500 options will be settled basis the cash close of the S&P 500 as reported by CME at 15.00 (Chicago time). Weekly US SPX 500 options are available 24 hours, from 14.30 on Monday to 21.00 on Friday (in-hours). Weekly US SPX 500 options are not offered in the 3rd week of every month where there is a monthly US SPX 500 options expiry. - FTSE options settle basis the Exchange Delivery Settlement Price (EDSP) as reported by LIFFE on the last dealing day. The Exchange Delivery Settlement price is based on an intraday cash market auction of the FTSE 100 Index which commences at 10.10 (London time) on the last trading day. Uncrossing of the component stocks should be finished by 10.30 (London time).
- Germany 30 options settle basis the final settlement value of the DAX as reported by Eurex on the last trading day. The settlement value is based on prices of the component shares of the DAX as determined in an intraday auction starting at 13.00 CET in the electronic trading system Xetra.
- The margin requirement for buying a Stock Index Option is the opening price (or premium) multiplied by the contract value (per point in the underlying market). This is the maximum possible loss on the position. The margin requirement for selling a Stock Index Option is variable, but will never be less than half the margin required for an equivalent sized CFD in the underlying market, and never more than the margin required for an equivalent sized CFD in the underlying market.
- 24-hour dealing starts at 08.00 (London time) onMonday and finishes at 21.15 (London time) the following Friday. Ask dealers for information about public holidays.
- 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 PureDeal platform.
- France 40 options settle basis the Exchange Delivery Settlement Price (EDSP) as reported by Eurex. This is calculated by taking the mean of all index values calculated and disseminated between 15.40 and 16.00 Paris time (which is 14.40-15.00 London time).