Rates and Bonds: Contract Details
Our Rates and Bonds offer exposure to changes in interest rates and bond prices from around the world. All our contracts expire at some specified forward date; we quote you our own bid/offer spread that is based on the underlying rate or bond price. Based on the underlying market, spreads may vary to those specified in the Contract Details.
Note: We offer mini versions of all Rates and Bonds Forward contracts at 20% of the main contract size and margin requirement.
Rates and Bonds Information Table
| Contract and dealing hours (Local time) |
Value of one contract (per index point) |
Normal spread | Ltd Risk premium | Margin Requirement (per contract) | Contract months and last dealing day (3) |
|---|---|---|---|---|---|
| Aus 30-day Interbank Rate Sydney 17.14-07.30; 08.34-16.30 | A$25 | 2 | 1 | A$650 | Current month, next two months and at least the next two quarters Last bus. day of the contract month. |
| Eurodollar Chicago 17.00-07.05 | $25 | 2 | 1 | $700 | Mar, Jun, Sep, Dec 2nd bus. day prior to 3rd Wed. of contract month. |
| Sterling Deposit London 07.30-1800 | £12.50 | 2 | 1 | £350 | Mar, Jun, Sep, Dec 3rd Wed. of contract month at 11.00 (London time). |
| Euribor London 07.00-18.00 | E12.50 | 2 | 1 | E700 | Mar, Jun, Sep, Dec 2 business days prior to 3rd Wednesday of contract month |
| Euroswiss London 07.30-18.00 | CHF25 | 2 | 1 | CHF750 | Mar, Jun, Sep, Dec Two bus. Days prior to 3rd Wed. of contract month at 11.00 (London time) |
| Euroyen Singapore 07.40-19.05; 20.40-08.05 | JPY2500 | 4 | 2 | JPY13,500 | Mar, Jun, Sep, Dec 2 Singapore business days preceding the 3rd Wednesday of the contract month. |
| T-Bond (Decimalised) Chicago 17.30-16.00 | $10 | 8 | 8 | $2700 | Mar, Jun, Sep, Dec 3rd last business day of previous month. |
| 10-yr T-Note (Decimalised) Chicago 17.30-16.00 | $10 | 8 | 8 | $2025 | Mar, Jun, Sep, Dec 3rd last business day of previous month |
| 5-yr T-Note (Decimalised) Chicago 17.30-16.00 | $10 | 8 | 8 | $1688 | Mar, Jun, Sep, Dec 3rd last business day of previous month |
| 2-yr T-Note (Decimalised) Chicago 13.20-20.00 | $20 | 8 | 8 | $3131 | Mar, Jun, Sep, Dec 3rd last business day of previous month |
| Long Gilt London 08.00-18.00 | £10 | 4 | 4 | £2120 | Mar, Jun, Sep, Dec 3rd last trading day of previous month. |
| German Bund Frankfurt 08.00-22.00 | E10 | 3 | 4 | E1610 | Mar, Jun, Sep, Dec 2 trading days before the 10th calendar day. |
| German BOBL Frankfurt 08.00-22.00 | E10 | 4 | 2 | E1110 | Mar, Jun, Sep, Dec 2 trading days before the 10th calendar day. |
| German BUXL Frankfurt 08.00-22.00 | E10 | 4 | 3 | E2800 | Mar, Jun, Sep, Dec 2 trading days before the 10th calendar day. |
| German Schatz Frankfurt 08.00-22.00 | E10 | 4 | 3 | E490 | Mar, Jun, Sep, Dec 2 trading days before the 10th calendar day. |
| Japanese Government Bond Tokyo (6) | JPY10,000 | 8 | 4 | JPY1,490,000 | Mar, Jun, Sep, Dec Usually the 7th Tokyo bus. Day prior to 20th calendar day of month at 06.00 |
| 10-yr Canadian Government Bond Montreal 06.00-16.00 | C$10 | 6 | 3 | C$1950 | Sep, Dec, Mar, Jun 7th bus. day preceding last bus. day of delivery month |
| Canadian Bankers' Acceptance Future (3 month) Montreal 06.00-16.00 | C$25 | 2 | 1 | C$750 | Sep, Dec, Mar, Jun 2nd London banking day prior to 3rd Wed of contract month |
Notes to table
All the instruments described on this site are Contracts For Difference (CFDs). Our Rates and Bonds give you exposure to changes in the value of interest rates and bond prices but they are cash settled and cannot result in the delivery of any commodity or instrument.
- We will quote an 'all-in' spread that includes both dealing spread and market spread. The size of our dealing spreads are shown in the information tables. All dealing spreads are subject to variation, especially in volatile market conditions. We will not charge any additional commission unless we notify you in writing.
- For Limited Risk transactions, a Limited Risk premium is charged on the opening.
- Positions not already closed by the client expire automatically on the following basis:
- Australian 30-day Interbank Rate using the monthly average of the Interbank Overnight Cash Rate, as published by the RBA, divided by the number of days for the month and rounded to the nearest 0.005%
- Eurodollar at the final settlement price of the 90-day Eurodollar futures on CME on the last dealing day.
- Sterling Deposit and Euribor based on the EDSP of the relevant futures contract on LIFFE on the last dealing day.
- Euroyen based on the Final Settlement Price of Euroyen futures as reported by SGX.
- T-Bond and T-Note basis the official closing price of the Treasury Bond futures contract on CBOT converted into decimal form and then rounded to the nearest 1/100th of a point.
- Bund, Bobl Buxl and Schatz at the Final Settlement Price of the relevant futures contract as determined by Eurex at 12.30 (Central European Time) on the last dealing day.
- Long Gilt basis the official closing price of the LIFFE Long Gilt futures contract on the last dealing day.
- Euroswiss based on the EDSP of Euroswiss futures on LIFFE. The EDSP is calculated as 100 minus the BBA Libor for 3-month Euroswiss Franc deposits at 11.00 on the last trading day.
- Japanese Government Bond at the final settlement price of the 10-year JGB futures as reported by TSE on the last trading day.
- 10yr Canadian Government Bond based on the official closing price of the Canadian 10yr Government Bond future as reported by the Montreal Exchange.
- 3month Canadian Bankers’ Acceptance Future based on the official closing price of the Canadian Banking Acceptance Future as reported by the Montreal Exchange.
- For most positions, a client can, at any time before the position has been automatically closed, ask for the position to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact a client shortly before a position is due to expire and offer him the opportunity to roll the position over. However, we cannot undertake to do this in every case and it remains the client's responsibility to give instructions, if he so wishes, to roll the position over before it expires.
- The quotation for Decimalised Treasury Bonds is presented in hundredths of a full Treasury Bond point. Contracts will be settled to the nearest 1/100th of a point, as calculated from the relevant settlement provided by CBOT, converted into decimal form. This contract cannot be dealt online.
- All times shown in the table are local times unless otherwise noted. Dealing hours for the Japanese Government Bond are from 09.00 to 11.00 and from 12.30 to 15.00 Tokyo time, and from 07.00 until 16.00 London time.
- Please note that our contracts for the T-Bond and T-Notes can only be traded by telephone and cannot be traded online.
- 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.
- 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.