Spread bet or trade CFDs on long-term interest rates and government debt obligations such as gilts, bunds, bonds and treasury notes. We offer prices on over 30 government bond and interest-rate instruments.
There are a number of benefits to trading on global government bonds and long-term interest rates with CMC Markets.
Take a long or short position on your chosen instrument, and trade on rising or falling prices.
Deposit just 3.3% of the full value of your position to open a trade.2
CMC Markets UK is regulated by the Financial Conduct Authority (FCA), registration numbers 173730 and 170627.
As it’s a decentralised market, you can trade key bonds 24 hours a day from Sunday night to Friday night.
Trade on over 30 different global treasuries, including Euro Bund, US T-Bond and US T-Note.
1Tax treatment depends on individual circumstances and can change or may differ in a jurisdiction other than the UK.
2When trading using margin any losses will reflect the full value of the position.
We continue to invest in our HTML5 platform and mobile apps, and this has been recognised through a number of industry accolades. We've recently been awarded 'Best Platform Features' and 'Best Mobile/Tablet App', among spread betters, CFD and FX traders, in the 2019 Investment Trends UK Leverage Trading Report.
|Instrument||Minimum spread*||Margin rate from**||Leverage equivalent|
|Canada Bank 10 YR||6||3.3%||30:1|
|Euro Bobl - Cash||2||3.3%||30:1|
|Euro BTP 3 YR||2.5||3.3%||30:1|
|Euro Bund - Cash||2||3.3%||30:1|
|Euro Buxl - Cash||4||3.3%||30:1|
|Euro Schatz - Cash||1||3.3%||30:1|
|UK Gilt - Cash||2||3.3%||30:1|
|US T-Bond - Cash||3||3.3%||30:1|
|US T-Bond Ultra||3.5||3.3%||30:1|
|US T-Note 10 YR - Cash||3||3.3%||30:1|
|US T-Note 5 YR - Cash||1.5||3.3%||30:1|
|US T-Note 2 YR - Cash||1.5||3.3%||30:1|
Your questions answered
Find everything you need to know about trading on rates and bonds with CMC Markets. Can’t find what you’re looking for? Get in touch
Pricing and costs
How much does it cost to open an account?
There’s no cost when opening a live account. You can also view prices and use tools such as charts, Reuters news or our pattern recognition scanner free of charge. You will need to deposit funds in your account to place a trade.
View the full list of rates and bonds on the platform
What is the minimum trade size for rates and bonds?
You can spread bet from £0.10/point on rates and bonds. You can see the minimum trade size for all instruments on the platform, in the ‘Product Overview’ under ‘Betting and Position Limits’.
What are the costs of trading on rates and bonds?
There are a number of costs to consider when trading on rates and bonds, including spread costs, holding costs (for trades held overnight), rollover costs (forward instruments only) and guaranteed stop-loss order charges (if you use this risk-management tool).
The spread is the key cost involved in spread betting and CFD trading, and is the difference between the buy and sell price of an instrument. The narrower the spread, the better value you receive, because the market only has to move slightly in your favour to offer the possibility of a profit on your spread bet.
Some spread bets held open past the end of the trading day (5pm, New York time) are subject to holding costs, which can be positive or negative depending on your trade direction and the applicable holding rate.
You can add a guaranteed stop-loss order (GSLO) to your trade, which guarantees to close you out at your specified level, regardless of market volatility or gapping. A cost is applied for using a GSLO, but if it's not triggered we'll refund 100% of the original GSLO charge. The charge, or ‘premium’, is calculated by multiplying the premium rate by the trade size.
You’re also able to roll forward positions over to keep a trade open beyond its expiry date. When you roll a forward position to the next contract, your profit or loss is realised and you enter the new trade at the mid-price, saving 50% on the spread cost.
What are your spreads on rates and bonds?
Minimum spreads for our treasury instruments start from 1-point on Euribor, Euro Schatz and UK Short Sterling, from 2 points on Euro Bund and 3 points on US T-Bond and US T-Note 10 YR.
What are your margin rates on rates and bonds?
Margin rates on our bonds are from 3.34%, with margins on rates from 20%. Margin rates show the percentage of the total trade value that you need to put forward to open a position.
Where do your prices come from?
Our automated pricing engine collates and checks thousands of prices per second streamed from our liquidity providers. The most representative price is then used to create the quotes on our platform. Our pricing on treasuries aims to mirror the underlying market. Learn more
How does CMC Markets make money?
Our income comes mainly from our spreads, while other fees – such as overnight holding costs – make a minor contribution to our overall revenue.
We never aim to profit from our clients’ losses – this is simply not the way we want to do business. Our aim is to build long-term relationships with our clients by providing them with the best possible trading experience, through our technology and customer service.
Our clients usually offset each other’s trades, with some going long on a particular instrument while others are short. In this way, CMC Markets isn’t exposed to the profits or losses of clients trading that instrument. Occasionally, if a large number of our clients all trade in the same direction, we hedge in the underlying market to protect our exposure to risk.
Products and accounts
Why spread betting?
Spread betting allows you to trade tax-free on a wide range of financial markets 24 hours a day, from Sunday nights through to Friday nights. Trade on your phone, tablet, PC or Mac on a wide range of instruments using leverage. Tax treatment depends on individual circumstances and can change or may differ in a jurisdiction other than the UK.
What is leveraged trading?
One of the advantages of spread betting or trading CFDs is that you only need to deposit a percentage of the full value of your position to open a trade, known as trading on leverage. Remember, trading on leverage can also amplify losses, so it’s important to manage your risk. Learn more
Is CMC Markets regulated by the FCA?
Yes, CMC Markets plc (registration number 173730) and CMC Spreadbet plc (registration number 170627) are fully authorised and regulated by the Financial Conduct Authority (FCA) in the UK. Retail client money is held in segregated client bank accounts and money held on behalf of clients is distributed across a range of major banks, which are regularly assessed against our risk criteria.
Is CMC Markets covered by the FSCS?
Yes, your eligible deposits with CMC Markets are protected up to a total of £85,000 by the Financial Services Compensations Scheme (FSCS), the UK’s deposit guarantee scheme. If CMC Markets ever went into liquidation, retail clients would have their share of segregated money returned, minus the administrators’ costs in handling and distributing these funds. Any shortfall of funds up to £85,000 may be compensated under the FSCS.
What can I trade?
Choose from a wide range of treasury bonds and long-term interest rates, including Euro Bund, US T-Bond and US T-Notes (10 YR, 5 YR and 2 YR).
You can spread bet on a wide range of cash and forward instruments across these asset classes:
300+ forex pairs – EUR/GBP, EUR/USD, AUD/USD, GBP/USD,
USD/JPY and more
60+ indices – UK 100, Germany 30, US 30, US SPX 500, Australia 200 and more
90+ commodities – including Gold, Brent and West Texas crude oil, Silver, Natural Gas
9,000+ shares & ETFs – Apple, Netflix, Lloyds, Rio Tinto, BP, Tesco, Amazon, Google and more
15 cryptocurrency instruments – bitcoin, bitcoin cash, ethereum, litecoin, ripple and more
30+ treasuries – including UK Gilt, Euro Bund, Euribor, US T-Bond, US T-Note 10 YR
Do you offer a demo account?
If you want to try trading on rates and bonds risk-free, you can open a demo account now with just your email address and a password.
How to start trading on rates and bonds
Complete and submit our straightforward online application form. Apply now
Deposit funds with a debit card, PayPal or bank transfer.
Once you’ve funded your new account, you’re ready to start trading.
Trade on FX, indices, cryptos, commodities, shares and treasuries from a single account.
Access free trading webinars, platform guides, advanced trading strategies and more.
Get the latest economic news and analysis from our global market experts.
*A minimum spread is the lowest spread that will be shown on the given instrument. If the underlying market spread widens throughout the trading day, or you are trading out of hours, the platform spread may also widen. The spreads shown are for the first price available for the average market trade/bet sizes in the relevant instrument. The spread will widen for larger trade/bet sizes; see our platform for more information.
**Spreads, commissions and margins (as applicable) are provided for information only. Please refer to the product overview area of our trading platform for the most up-to-date information including trading hours and spreads.