CFDs Market Information
Capital Spreads offer a wide variety of financial markets which include indices, shares, currencies, commodities, interest rates and bonds. LCG will not quote any markets outside of its opening hours which are generally Sunday 23:00 to Friday 21:15, UK time.
Market Information
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STIRs are interest rate prices based on the bench mark interest rates set by an individual country's central bank. For example, Short Sterling prices are based on the interest rate set by the Bank of England and the Eurodollar (not to be confused with the FX pair EUR/USD, which is also called the euro/dollar) prices are based on the interest rate set by the US's Federal Open Market Committee (FOMC).
The prices for all STIRs are calculated by taking the market's expected level for the 3 month London Interbank Offer Rate (Libor) set by the major lending banks and subtracting them from 100. So, if Short Sterling for June next year is trading in the market at 96.50 this means that the market is expecting the 3mth Libor to be around 3.50% (100.00 - 96.50) at that time.
The reason STIRs are priced like this is due to their correlation with bonds, so when central banks are expected to raise interest rates, bonds and STIRs should fall in price. Therefore, if you buy a STIR, you believe that interest rates are going to fall. See our Trading Glossary for more information.
INTEREST RATES
| Market | Exchange Hours | Quoting Hours | Underlying unit risk (currency) | Min IM | Max IM | Spread per contract | Contract Months Quoted | Last Trading Day | Settlement Details | GS Charges | Minimum GS Distances(1) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Euribor | 01:00-06:45 & 07:00-21:00 | 01:00-06:45 & 07:00-21:00 | 1 tick (EUR) | 10 | 30 | 2 | Next 4 Quarters | 2nd Business day prior to 3rd Wednesday of contract month 10:00 | Official LIFFE settlement | 2 | 10 |
| Euroswiss | 07:30-18:00 | 07:30-18:00 | 1 tick (CHF) | 10 | 30 | 2 | Next 4 Quarters | 2nd Business day prior to 3rd Wednesday of contract month 10:00 | Official LIFFE settlement | 2 | 10 |
| Short Sterling | 07:30-18:00 | 07:30-18:00 | 1 tick (GBP) | 10 | 30 | 2 | Next 4 Quarters | 3rd Wednesday of contract month 09:00 | Official LIFFE settlement | 2 | 10 |
Contract sizes
1 CFD is the equivalent of 1 currency unit in the underlying market (e.g. £1, €1, $1 etc per point).
Example
Buy 1 CFD of Euribor at 98.00 and then Sell 1 CFD of Euribor at 98.01 to close = €1 profit.
For CFD trading your profit or loss is incurred in the underlying market currency and converted back to your account currency automatically on position closure. The currency conversion is reported in the 'All Account Transactions' tab online
Spread Betting & CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit.
These trading products may not be suitable for all investors so seek independent advice. View full risk warning
