CFD Stock Indices (Cash)

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CFD Stock Indices (Futures)

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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

"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 CFD 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 EUR
.F40; F40xx	22:00 - 08:00 CET	100 EUR
.N25; N25xx	22:00 - 08:00 CET	100 EUR
.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	2500 JPY
.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)	200 AUD

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 CFD futures markets.

As you hold a position overnight, (i.e. after 17:00 ET) 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
r = relevant overnight LIBOR rate, PLUS 300 basis points for long positions, or MINUS 300 basis points for short positions
d = number of days, i.e. 365 for UK and Australian indices and 360 for all others

Long (buy) trade positions are debited the daily financing charge
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 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 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's usual times for trading a market; 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 Time.

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.