Options: Contract Details
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 Table
| Market | Value of one contract (per point) | Dealing spread | Dealing Hours (5) |
|---|---|---|---|
| Wall Street | US$10 | 2-8 | 24 hours |
| FTSE 100 | £10 | 2-8 | 24 hours |
| ASX 200 | AUS$10 | 2-8 | 10:15-15:59 |
| Germany 30 | £10 | 2-6 | 24 hours |
| EUR/USD | US$10 | 4-10 | 24 hours |
| GBP/USD | US$10 | 4-10 | 24 hours |
| USD/JPY | JPY1000 | 4-10 | 24 hours |
| USD/CHF | CHF10 | 4-10 | 24 hours |
| EUR/GBP | £10 | 3-10 | 24 hours |
| AUD/USD | US$10 | 3-6 | 24 hours |
| US Light Crude Oil | US$10 | 6-10 | 08.00-19.27 (London time) |
| Spot Gold | US$100 | 0.4-2.0 | 24 hours with a gap (8) |
| Spot Silver | US$50 | 2-12 | 24 hours with a gap (8) |
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, ASX 200 and Germany 30 are settled against the official settlement levels of the cash FTSE, cash Wall Street, cash ASX and cash DAX markets.
- Daily Currency Options are settled against the spot rate concerned at 14.00 Chicago time each day. These levels will be derived from the official settlements in the Chicago Mercantile Exchange (CME) currency futures contracts at 14.00 Chicago time. On days when the CME market is closed/closes early, contracts will be settled basis the middle of our quote for the spot rate concerned at 14.00 (Chicago time) on the day of expiry.
- Our spread on Daily Options depends on a range of factors including the level of the price quotation and the time to expiry.
- Positions not already closed by the client expire automatically at the close of the cash market concerned (in the case of FTSE, Wall Street and ASX 200) 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.
- Daily Gold and Daily Silver Options settle basis the closing price of the relevant precious metal as reported by Bloomberg (E&OE). The closing price for these Options is recorded by Bloomberg 17.00 New York time. We start quoting prices for the next day's options one hour following settlement (ie at 18.00 New York time).
- Daily US Light Crude Oil Options settle basis the closing price of the NYMEX (New York Mercentile Exchange) at 19.30 London time.
- 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.