Digital 100s pricing

Digital 100s are priced between 0-100. If the price is closer to 100 then we are pricing the event as more likely to occur, while if the price is closer to 0 then we are pricing the event as less likely to occur.

​​The outcome of a digital 100 ie whether a specified event has occurred or not, is determined against the reference price, known as the settlement price. The settlement price is only relevant for determining whether you have won or lost a digital 100.

Indices

Cash

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 a theoretical cash price for each digital 100 expiry (the timeframe for each digital 100).  The theoretical cash price along with the strike price, time to expiry, effective interest rate and our expectation of volatility are factored when calculating our digital 100 prices. Each digital 100 expiry is then subject to market-making (by our automated pricing engine or manually by our dealers).

Settlement prices are based on the relevant underlying benchmark index price data. (The basis of the settlement price for each digital 100 expiry is described on the platform.)

Note: the blend (of the underlying benchmark index price data and futures price data) used in pricing calculations may be different for each digital 100 expiry and this may also differ from the blends used to generate CFD and spread bet margin trade prices and/or Countdown opening prices. This is because digital 100 prices need to reflect the respective short- to medium-term changes in the relationship between the underlying futures price and the underlying benchmark index price, which itself differs depending on the duration of the digital 100 expiry.

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. This price along with the strike price, time to expiry, effective interest rate and our expectation of volatility is used by our automated pricing engine to create our digital 100 prices. Each digital 100 expiry is then subject to market-making (by our automated pricing engine or manually by our dealers).

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

Settlement prices are based on the relevant aggregated prices automatically generated by our automated pricing engine. (The basis of the settlement price for each digital 100 expiry is described on the platform.)

Treasuries and commodities (excluding Gold and Silver)

Forwards

The underlying futures price data is used by our automated pricing engine to calculate our digital 100 prices along with the strike price, time to expiry, effective interest rate and our expectation of volatility. Each digital 100 expiry is then subject to market-making (by our automated pricing engine or manually by our dealers).

Settlement prices are based on the relevant underlying futures price data. (The basis of the settlement price for each expiry length is described on the platform.)

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