CFD margin trades

View the price available to you in relation to the volume you want to trade in a particular instrument from our price depth ladder, which is available on the order ticket.

​Larger trade sizes may attract a wider spread than smaller trade sizes. See our platform tools and execution pages for more information.

There are certain circumstances where we have to generate our own prices manually rather than through our automated pricing engine, for example where we quote prices on CFDs outside of the market hours of the underlying products. This in turn provides you with liquidity outside of these market hours.  Where we generate such prices manually, we will endeavour to produce a fair price taking into account certain third-party pricing sources, where available, as well as our own market for the relevant product.​​

Shares

Cash

Using the underlying share price data as a basis, our automated pricing engine derives price depth ladders containing up to ten levels of depth for each share CFD. Each level transparently displays the volume obtainable at a distinct price, with the volume and applicable spread increasing as you go further down the ladder. 

Indices

Cash

Our cash indices provide the convenience of being able to trade on a continuous price that, unlike forward indices, are not subject to an expiration date

Using a blend of the underlying benchmark index price data and futures price data (adjusted for any dividends, the applicable interest rate and the time to expiry) our automated pricing engine calculates theoretical cash prices for each cash index. Using these theoretical cash prices as a basis our automated pricing engine derives price depth ladders containing up to ten levels of depth for each cash index. Each level transparently displays the volume obtainable at a distinct price, with the volume and the applicable spread increasing as you go further down the ladder. 

Forwards

Using the underlying futures price data as a basis our automated pricing engine derives price depth ladders containing up to ten levels of depth for each forward index. Each level transparently displays the volume obtainable at a distinct price, with the volume and the applicable spread increasing as you go further down the ladder. 

FX, Gold & Silver

Cash

Using prices sourced from several major liquidity providers to the OTC FX and bullion market (Deutsche Bank, JP Morgan, Barclays, Goldman Sachs, UBS, Citi and HSBC*) our automated pricing engine calculates aggregated prices for US dollar FX pairs such as USD/CHF or GBP/USD, weighting them by time, mid-price and spread. All non US dollar FX crosses are generally then synthetically created from the applicable US dollar FX pairs, although in some instances may be created using the same method as that for US dollar FX pairs explained above. Using these prices as a basis our automated pricing engine derives price depth ladders containing up to ten levels of depth for each cash FX pair; each level transparently displaying the volume obtainable at a distinct price, with the volume and the applicable spread increasing as you go further down the ladder. 

*These liquidity providers were used at the time this content was written.

Forwards

Using the underlying futures price data as a basis our automated pricing engine derives price depth ladders containing up to ten levels of depth for each forward FX pair; each level transparently displaying the volume obtainable at a distinct price, with the volume and the applicable spread increasing as you go further down the ladder. 

Treasuries and commodities
(excluding Gold and Silver)

Cash

Our cash commodities and treasuries provide clients with the convenience of being able to trade on a continuous price that, unlike forward commodities or treasuries, are not subject to an expiration date.

Using the underlying futures price data as a basis, our automated pricing engine calculates theoretical cash prices for each cash commodity and treasury by adding or subtracting (as applicable) the implied carry cost. Using these theoretical cash prices as a basis our automated pricing engine derives price depth ladders containing up to ten levels of depth for each cash commodity and treasury. Each level transparently displays the volume obtainable at a distinct price, with the volume and the applicable spread increasing as you go further down the ladder. 

Forwards

Using the underlying futures price data as a basis, our automated pricing engine derives price depth ladders containing up to ten levels of depth for each forward commodity and treasury. Each level transparently displays the volume obtainable at a distinct price, with the volume and the applicable spread increasing as you go further down the ladder. 

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