CFD Spreads
Stock CFDs are traded on a highly competitive bid/ask spread.
Ticket fees for low-value trades
For CFD trades below the Ticket Fee Threshold, a small ticket fee is added to the trade to cover administration costs as follows:
| CFDs | Ticket Fee Threshold | Ticket Fee |
|---|---|---|
| US | USD 10,000 | USD 50 |
| Euro-based | EUR 10,000 | EUR 50 |
| UK | GBP 8,000 | GBP 50 |
| Swiss | CHF 15,000 | EUR 50 |
| Australian | AUD 10,000 | AUD 30 |
| New Zealand | NZD 10,000 | NZD 50 |
| Swedish | SEK 100,000 | EUR 50 |
| Norwegian | NOK 100,000 | EUR 50 |
CFD interest and accrual rates
As CFDs are a margined product, you finance the trade value and a financing fee or accrual for every day you hold the CFD after the stock market closes will be charged.
When you buy a CFD, you are subject to a financing charge at the Inter-Bank Offer Rate for the currency in which the share is traded (e.g. LIBOR plus 3%).
When you short sell a CFD, you receive an interest accrual at the Inter-Bank Bid Rate for the currency in which the share is traded (e.g. LIBID minus 2.5%).
If you open and close a CFD position within one trading day, you are not subject to these charges or accruals.
Index CFD spreads
Index CFDs are traded on the index level with the following bid/ask spreads:
| Stock Index | Spread | Trading Hours (GMT) |
|---|---|---|
| S&P 500 Index | 1 index point | 13:30 - 20:00 |
| NASDAQ 100 Stock Index | 3 index points | 13:30 - 20:00 |
| Dow Jones Industrial Average | 7 index points | 13:30 - 20:00 |
| FTSE 100 Index | 3 index points | 07:00 - 15:30 |
| DAX 30 Performance Index | 3 index points | 07:00 - 15:30 |
| CAC 40 Index | 5 index points | 07:00 - 15:25 |
| Swiss Market Index | 7 index points | 07:00 - 15:30 |
| ASX S&P 200 Index | 4 index points | 00:00 - 06:00 |
| OMX Stockholm Index | 1 index point | 07:00 - 15:20 |
Stock Exchanges for CFDs
The Sharemarket College currently offers CFDs on the following exchanges:
| Exchange name | Country | Trading Hours (GMT) |
|---|---|---|
| American Stock Exchange (AMEX) | United States of America | 13:30 - 20:00 |
| Euronext Amsterdam (AMS) | Netherlands | 07:00 - 15:25 |
| Australian Stock Exchange Ltd. (ASX) | Australia | 00:00 - 06:00 |
| Euronext Brussels (BRU) | Belgium | 07:00 - 15:25 |
| Copenhagen Stock Exchange (CSE) | Denmark | 07:00 - 14:50 |
| Frankfurt Stock Exchange (FSE) | Germany | 07:00 - 15:30 |
| Helsinki Stock Exchange (HSE) | Finland | 07:00 - 15:20 |
| Euronext Lisbon (LISB) | Portugal | 07:00 - 15:25 |
| London Stock Exchange (LSE) | United Kingdom | 07:00 - 15:30 |
| London Stock Exchange SEAQ Market (LSE_SEAQ) | United Kingdom | 07:00 - 15:30 |
| London Stock Exchange SETS Market (LSE_SETS) | United Kingdom | 07:00 - 15:30 |
| Milano Stock Exchange (MIL) | Italy | 07:10 - 15:25 |
| Nasdaq National Market (NASDAQ NM) | United States of America | 13:30 - 20:00 |
| Nasdaq SmallCap Market (NASDAQ SC) | United States of America | 13:30 - 20:00 |
| New York Stock Exchange (NYSE) | United States of America | 13:30 - 20:00 |
| Oslo Stock Exchange (OSE) | Norway | 08:00 - 14:00 |
| Euronext Paris (PAR) | France | 07:00 - 15:25 |
| Singapore Exchange Securities Trading Limited (SGX-ST) | Singapore | 01:00 - 09:00 |
| Sistema De Interconexion Bursatil Espanol (SIBE) | Spain | 07:00 - 15:30 |
| Stockholm Stock Exchange (SSE) | Sweden | 07:00 - 15:20 |
| Swiss Exchange (SWX) | Switzerland | 07:00 - 15:30 |
| Tokyo Stock Exchange (TYO) | Japan | 00:00 - 06:00 |
| Vienna Stock Exchange (VIE) | Austria | 07:21 - 15:30 |
| Virt-X (VIRT-X) | Switzerland | 07:00 - 15:20 |
CFD Margins
You must maintain funds in your account to cover your CFD exposure at all times:
Conversion of currencies
All conversions will be done using the prevailing exchange rate plus/minus 0.5%. This includes, but is not limited to, conversions of transferred amounts and profits and losses from trading activities.
Short Selling CFDs
When short selling a CFD directly on an exchange (that we do not market-make), you will be affected by the rules for the stock market in that country. For example:
For US CFDs, an up-tick rule applies where you can only short sell on an up-tick.
For Australian CFDs, you may experience limitations on the amount of CFDs you can short trade in a single day due to limited borrowing availability in the underlying market.
When short selling CFDs, you can experience forced closure of a position if your CFDs get recalled. The risk is particularly high if the stock becomes hard to borrow due to take overs, dividends, rights offerings (and other merger and acquisition activities) or increased hedge fund selling of the stock.
Partial Fills
Partial fills may occur on limit orders and the remaining amount stays in the market as a limit order and may be filled within the order duration.
Market orders can be filled at numerous levels, the price paid will be the volume weighted average price of all the fills.
The commission and margin rates referred to above may vary from time to time especially for very active or inactive customers. The Sharemarket College reserves the right to amend the commission rates, brokerage fees, margin rates and interest rates referred to according to the General Business Terms or Trading Agreement covering the client relationship between The Sharemarket College and the Client.
Please select a feature from the list on the right to view more information.