Commodities
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Commodity |
Symbol |
Spread |
IM Factor |
Trading Hours |
Contract Months |
Last Dealing Day |
Basis of |
Min/Max Size |
† Tick Factor |
Currency |
Equivalent Underlying Quantity |
Last Update |
|
Brent Crude Oil Futures |
LCOxx |
Near month: 5 (14:00 to 19:30 London time; market spread will be added outside these times) Far month market spread + 5 |
2% |
01:00 - 23:00 London time (close at 22:00 London time on Fridays and open at 23:00 Sundays) (can change around Daylight Savings switch) |
Monthly |
1st or 2nd Business day preceding the 15th day prior to 1st day of contract month at 19:30 London time. (If 15th is a non-business day, use 2nd bus. day preceding the 15th) |
Official ICE settlement price on AM Financialss last day of dealing |
1 / 100 |
1 |
USD |
1 CFD = 100 barrels |
09/08/2009 |
|
Carbon Emissions |
CFI2xx |
14 + Underlying market spread |
10% |
07:00-17:00 London time |
Dec |
1st business day preceding the last Monday of the contract month. However, if the last Monday is a Non-Business Day or there is a Non-Business Day in the 4 days following the last Monday, the last day of trading will be the 1st business day preceding the penultimate Monday of the delivery month. Where the penultimate Monday of the delivery month falls on a Non-Business Day, or there is a Non-Business Day in the 4 days immediately following the penultimate Monday, the last day of trading shall be the 1st business day preceding the antepenultimate Monday of the delivery month. |
ICE settlement price on AM Financials Last Dealing Day |
1/250 |
1 |
EUR |
1 CFD = 100 metric tons |
01/12/2009 |
|
Gold Futures |
GCxx |
0.7 (i.e. 7 with trade per 0.1) |
1% |
18:00 - 17:15 ET |
Feb, Apr, Jun, Aug, Oct, Dec |
3rd Friday or previous business day of previous month at 13:30 ET |
Official COMEX settlement price of contract on AM Financialss last day of dealing |
1 / 500 |
0.1 |
USD |
1 CFD = 10 troy ounces |
19/01/2010 |
|
Heating Oil |
HOxx |
30 plus underlying futures bid/offer (i.e. 30 + underlying with trade per 0.001) |
10% |
18:00 - 17:15 ET. Sunday open at 18:00 and Friday close at 17:00 ET |
Monthly |
2nd to last business day of previous month until 14:30 ET |
Offical NYMEX settlement price on AM Financialss last dealing day |
1/ 100 |
0.01 |
USD |
1 CFD = 100 Gallons |
13/11/2009 |
|
High Grade Copper Futures |
HGxx |
0.8 (i.e. 16 with trade per 0.05) |
3% |
18:00 – 17:15 ET |
Jan, Mar, May, July, Sep, Dec |
3rd Friday or previous business day of previous month at 13:00 ET |
Official COMEX settlement on AM Financialss last day of dealing |
1 / 500 |
0.05 |
USD |
1 CFD = 2000 LBS |
08/01/2010 |
|
Lean Hogs Futures |
HExx |
0.4 plus underlying futures bid/offer (i.e. 40 + underlying with trade per 0.01) |
4% |
09:05 - 13:00 ET-1 |
Feb, Apr, May, Jun, Jul, Aug, Oct, Dec |
3rd Friday or Previous business day of previous month at 13:00 ET-1 |
Official CMEsettlement price of contract on AM Financialss last day of dealing |
1 / 500 |
0.01 |
USD |
1 CFD = 10,000 LBS |
17/06/2009 |
|
Live Cattle Futures |
LExx |
0.4 plus underlying futures bid/offer (i.e. 40 + underlying with trade per 0.01) |
2% |
09:05 - 13:00 ET-1 |
Feb, Apr, Jun, Aug, Oct, Dec |
3rd Friday or Previous business day of previous month at 13:00 ET-1 |
Official CME settlement price of contract on AM Financialss last day of dealing |
1/ 500 |
0.01 |
USD |
1 CFD = 10,000 LBS |
17/06/2009 |
|
London Cocoa Futures |
LCCxx |
8 |
5% |
9:30 - 16:50 London time |
Mar, May, July, Sep, Dec |
2nd Friday or previous business day of previous month until 16:50 London time |
Official Euronext.LIFFE settlement price on AM Financialss last day of dealing |
1 / 100 |
1 |
GBP |
1 CFD = 1 Metric Ton |
27/03/2009 |
|
London Coffee Futures |
LRCxx |
10 |
5% |
08:00 - 17:30 London time |
Jan, Mar, May, July, Sep, Nov |
Last business day of previous month until 17:30 London time |
Official Euronext.LIFFE settlement price on AM Financialss last day of dealing |
1 / 50 |
1 |
USD |
1 GBP = 1 Metric Ton |
27/03/2009 |
|
London Gas Oil Futures |
LGOxx |
100 (i.e. 4 with trade per 25) |
4% |
01:00 - 23:00 London time (close at 22:00 London time on Fridays and open at 23:00 Sundays) (can change around Daylight Savings switch) |
Monthly |
5th business day prior to 14th calendar day of contract month at 16:30 London time |
Official ICE settlement on AM Financialss last day of dealing |
1/250 |
25 |
USD |
1 CFD = 4 Tonnes |
12/01/2010 |
|
London Sugar Futures |
LSUxx |
1 (i.e. 10 with trade per 0.1) |
2% |
08:45- 17:30 London Time |
Mar, May, Aug, Oct, Dec |
1st business day of previous month until 17:30 London time |
Official Euronext.LIFFE settlement price on AM Financialss last day of dealing |
1 / 50 |
0.1 |
USD |
1 CFD = 10 Metric Tons |
08/01/2010 |
|
London Wheat futures |
LWBxx |
0.4 + underlying futures bid/offer (i.e. 40 + underlying with trade per 0.01) |
8% |
09:25 - 17:28 London time |
Jan, Mar, May, Jul, Nov |
First Friday or previous business day of previous month at 17:28 London time |
Official LIFFE settlement price on AM Financialss last day of dealing |
1 / 100 |
0.01 |
GBP |
1 CFD = 100 Tons |
27/08/2009 |
|
Natural Gas |
NGxx |
30 plus underlying futures bid/offer (i.e. 30 + underlying with trade per 0.001) |
15% |
18:00 - 17:15 ET. Sunday open at 18:00 and Friday close at 17:00 ET |
Monthly |
4th Business day preceding the 1st day of the contract month at 14:30 ET |
Offical NYMEX settlement price on AM Financialss last dealing day |
1/ 100 |
0.001 |
USD |
1 CFD = 1000 MMBtu |
16/11/2009 |
|
Orange Juice Futures |
OJxx |
0.5 (i.e. 50 with trade per 0.01) |
3% |
08:00 - 14:00 ET |
Jan, Mar, May, July, Sep, Nov |
3rd last business day of previous month at 13:30 ET |
Official ICE settlement price of FCOJ-A Futures on AM Financialss last day of dealing |
1 / 100 |
0.01 |
USD |
1 CFD = 10000 LBS |
04/11/2009 |
|
Palladium Futures |
PAxx |
4 (i.e. 40 with trade per 0.1) |
5% |
18:00 - 17:15 ET |
Mar, Jun, Sep, Dec |
3rd Friday or previous business day of previous month until 13:00 ET |
Official NYMEX settlement price on AM Financialss last day of dealing |
1 / 50 |
0.1 |
USD |
1 CFD = 10 troy ounces |
08/01/2010 |
|
Platinum Futures |
PLxx |
3 plus underlying futures bid/offer (i.e. 30 + underlying with trade per 0.1) |
5% |
18:00 - 17:15 ET |
Jan, Apr, Jul, Oct |
3rd Friday or previous business day of previous month until 13:00 ET |
Official NYMEX settlement price on AM Financialss last day of dealing |
1 / 50 |
0.1 |
USD |
1 CFD = 10 troy ounces |
08/01/2010 |
|
Silver futures |
SIxx |
3 (i.e. 30 with trade per 0.1) |
1% |
18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break) |
Jan, Mar, May, July, Sep, Dec |
3rd Friday or previous business day of previous month until 13:25 ET |
Official NYMEX settlement price on AM Financialss last day of dealing. |
1 / 50 |
0.1 |
USD |
1 CFD = 1000 troy ounces |
08/01/2010 |
|
US Cocoa Futures |
CCxx |
10 |
3% |
04:00 - 14:00 ET |
Mar, May, July, Sep, Dec |
2nd Friday or previous business day of previous month until 11:50 ET |
Official ICE settlement price of Cocoa Futures on AM Financialss last day of dealing |
1 / 100 |
1 |
USD |
1 CFD = 1 Metric Ton |
04/11/2009 |
|
US Coffee C Futures |
KCxx |
0.6 (i.e. 60 with trade per 0.01) |
3% |
03:30 - 14:00 ET |
Mar, May, July, Sep, Dec |
2nd Friday or previous business day of previous month until 13:30 ET |
Official ICE settlement price of Coffee C Futures on AM Financialss last day of dealing |
1 / 100 |
0.01 |
USD |
1 CFD = 10,000 LBS |
04/11/2009 |
|
US Corn Futures |
ZCxx |
8 plus underlying futures bid/offer (tick factor of 0.25) |
8% |
09:30 - 13:15 ET-1 |
Mar, May, July, Sep, Dec |
3rd Friday or previous business day of previous month until 13:15 ET-1 |
Official CBOT settlement price on AM Financials last day of dealing |
1 / 250 |
0.25 |
USD |
1 CFD = 400 bushels |
13/05/2009 |
|
US Cotton No. 2 Futures |
CTxx |
0.3 (i.e. 30 with trade per 0.01) |
3% |
21:00 - 14:30 ET |
Mar, May, July, Oct, Dec |
2nd Friday or previous business day of previous month until 14:15 ET |
Official ICE settlement price of Cotton No. 2 Futures on AM Financialss last day of dealing |
1/100 |
0.01 |
USD |
1 CFD = 10,000 LBS |
04/11/2009 |
|
US Soybean Meal Futures |
ZMxx |
20 plus underlying futures bid/offer |
8% |
09:30 - 13:15 ET-1 |
Jan, Mar, May, Jul, Aug, Sep, Oct, Dec |
3rd Friday or previous business day of previous month at 13:15 ET-1 |
Official CBOT settlement price on AM Financials last day of dealing |
1 / 250 |
0.1 |
USD |
1 CFD = 10 Short Tons |
28/07/2009 |
|
US Soybean Oil Futures |
ZLxx |
8 plus underlying futures bid/offer |
8% |
09:30 - 13:15 ET-1 |
Jan, Mar, May, Jul, Aug, Sep, Oct, Dec |
3rd Friday or previous business day of previous month at 13:15 ET-1 |
Official CBOT settlement price on AM Financials last day of dealing |
1 / 250 |
0.01 |
USD |
1 CFD = 10,000 lbs |
18/05/2009 |
|
US Soybeans Futures |
ZSxx |
2 plus underlying futures bid/offer (tick factor 0.25) |
8% |
09:30 - 13:15 ET-1 |
Jan, Mar, May, Jul, Aug, Sep, Nov |
3rd Friday or previous business day of previous month at 13:15 ET-1 |
Official CBOT settlement price on AM Financials last day of dealing |
1 / 250 |
0.25 |
USD |
1 CFD = 400 bushels |
13/05/2009 |
|
US Sugar No. 11 Futures |
SBxx |
0.06 (i.e. 6 with trade per 0.01) |
8% |
03:30 - 14:00 ET |
Mar, May, July, Oct |
4th last business day of previous month at 13:30 ET |
Official ICE settlement price of Sugar No.11 Futures on AM Financialss last day of dealing |
1 / 100 |
0.01 |
USD |
1 CFD = 10,000 LBS |
04/11/2009 |
|
US Wheat futures |
ZWxx |
2 plus underlying futures bid/offer (tick factor 0.25) |
8% |
09:30 - 13:15 ET-1 |
Mar, May, Jul, Sep, Dec |
3rd Friday or previous business day of previous month at 13:15 ET-1 |
Official CBOT settlement price on AM Financials last day of dealing |
1 / 250 |
0.25 |
USD |
1 CFD= 400 bushels |
13/05/2009 |
|
WTI Crude Oil Futures |
CLxx |
Near month: 0.05 (i.e. 5 with trade per 0.01) (14:00 to 19:30 London time) *market spread will be added outside these times Far month: market spread + 0.05 (i.e. + 5 with trade per 0.01) |
2% |
18:00 - 17:15 ET. Sunday open at 18:00 ET, Friday close at 17:00 ET. |
Monthly |
4th business day prior to the 25th calendar day of the month preceding the delivery month at 14:30 ET. If the 25th calendar day of the month is a non-business day, trading shall cease on the 4th business day prior to the business day preceding the 25th calendar day at 14:30 ET. |
Official NYMEX settlement price on AM Financialss last day of dealing |
1 / 100 |
0.01 |
USD |
1 CFD = 100 barrels |
16/11/2009 |
CFD Commodities (spot metals)
|
Commodity |
Symbol |
Spread |
IM Factor |
Trading Hours |
Min/ Max Size |
† Tick Factor |
Currency |
Example Price |
Lot Size of |
Last Update |
|
Spot Gold |
.GOLD |
0.5 (i.e. 5 with tick factor per 0.1) |
1% |
18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break) |
1 / 500 |
0.1 |
USD |
653.2 |
1 CFD = 10 troy ounces |
09/08/2009 |
|
Spot Mini Gold |
.MGOLD |
0.5 (i.e. 0.5 with tick factor per 1.0) |
1% |
18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break) |
1 / 500 |
1 |
USD |
653.2 |
1 CFD = 1 troy ounce |
09/08/2009 |
|
Spot Silver |
.SILVER |
3 (i.e. 30 with tick factor per 0.1) |
1% |
18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break) |
1 / 250 |
0.1 |
USD |
1393.5 |
1 CFD = 1000 troy ounces |
09/08/2009 |
CFD Commodities (spot oil)
|
Commodity |
Symbol |
Spread |
IM Factor |
Trading Hours |
Min/ Max Size |
† Tick Factor |
Currency |
Example Price |
Lot Size of |
Last Update |
|
Spot Brent Crude Oil |
.BRENT |
5 (14:00 to 19:30 London time); Underlying futures market bid/ask spread will be added to AM Financials spread outside these times |
2% |
01:00 - 23:00 London time (close at 22:00 London time on Fridays and open at 23:00 Sundays) (can change around Daylight Savings switch). |
1 / 100 |
1 |
USD |
7450 |
1 CFD = 100 barrels |
19/08/2009 |
|
Spot WTI Light Crude Oil |
.WTI |
0.05 (i.e. 5 with trade per 0.01) (14:00 to 19:30 London time); Underlying futures market bid/ask spread will be added to AM Financials spread outside these times |
2% |
18:00 - 17:15 ET. Sunday open at 18:00 ET, Friday close at 17:00 ET. One trading day prior to AM Financials's last dealing day, trading ceases at 14:30 ET and recommences at 18:00 ET |
1 / 100 |
0.01 |
USD |
73.95 |
1 CFD = 100 barrels |
16/11/2009 |
† Tick Factor = the price increment representing 1 whole trading unit, by which P&L and both initial and variation margin is calculated. For non-FX CFDs, the Notional Value of your underlying transaction is Price * Number of CFDs/Tick Factor.
Symbols
AM Financials Symbols use the following format: Symbol Root + Month Code + Year final digit
Month codes are as follows: Jan F; Feb G; Mar H; Apr J; May K; June M; July N; Aug Q; Sep U; Oct V; Nov X; Dec Z
E,g, Brent Crude Oil June 2009 would use the symbol LCOM9
Minimum / Maximum Trade Sizes
Maximum trade sizes vary according to underlying liquidity, market conditions and whether the underlying market is classed as being quoted by AM Financials as "out of hours", i.e. outside of regular trading hours.
The market information sheets indicate the usual minimum and maximum trading sizes in GBP; currency equivalents apply for non-GBP accounts, or when trading on markets denominated in a currency other than GBP.
Restrictions may be applied to maximum trade sizes whether opening or closing.
The lot size of the corresponding underlying market is provided for your information, as a guide to underlying market trading size.
| When you trade CFDs you are always trading the in "base" currency of the underlying market. E.g. if you trade a US share, you are trading in US dollars per one cent movement. |
Trading Hours
Times shown are AM Financials ' usual times for trading a market; these may vary e.g. on market holidays and where daylight saving applies.
Our normal dealing hours are from 17:00 Sunday to 17:00 on Friday Eastern Time.
Spreads
The spreads shown may vary according to underlying market liquidity, or in "fast markets".
The spreads shown for Commodities may be added to the market spread of the underlying market.
Finance Adjustments
All finance adjustments are carried out at on open positions at or after 17:00 ET. For examples on how the rollover process is applied, please see Examples.
|
As you hold a position overnight (i.e. after 17:00 ET), a finance adjustment is made to your account. This is calculated as follows: f = (s x p x r) / d where f = daily financing charge s = number of CFDs p = closing price as determined by AM Financials (usually this will be the price on close of the underlying share) r = relevant interest rate, PLUS 300 basis points for long positions, or MINUS 300 basis points for short positions, e.g. (4.50% + 3.00%) = 7.50% d = number of days, i.e. where the 2 nd named currency is GBP or AUD we use 365 days. Otherwise we use 360 days. Long (buy) trade positions are debited the daily financing charge Short (sell) positions are credited the daily financing charge |
Spot Oil Markets
We offer a non-expiring futures market based on the front month ("spot") futures price of WTI and Brent crude oil.
One trading day prior to the expiry date of the futures market, AM Financials will:
- Adjust the quote of the market by the difference between the last traded prices of the spot (front) month and the next month's price at 14:30 Eastern Time (the spread).
- Make a credit/debit adjustment to accounts with open positions based on the spread.>
- Adjust any working stop or limit orders based on the spread.
Example:
On 1 January, AM Financials quotes 6110 - 6115 for the spot WTI market. This price is based on the current front month for WTI, which in this example is the February 2009 contract.
- You decide to BUY 10 CFDs and hold your position open through the next month.
- On 15 January, AM Financials switches from using the February 2009 quote to the March 2009 quote as the basis for the spot price, because the underlying February 2009 futures market expires on 16 January.
- The last traded prices of the underlying NYMEX futures contract for the spot month are 6150 (Feb) and for the next month 6200 (March.) so AM Financials's price is adjusted up by 50 points.
- Your open position is adjusted by a factor of 50 (+50 for short positions, -50 for long positions.) In this example, the account will be debited (+50 x 10) = $500.
- As the price has risen by 50, the net financial effect of the roll is zero.
- In other words, because the spot quote rose by 50 points, your account would be debited the equivalent of 50 points to adjust for the change in quote. If the quote had fallen by 50 points, you would be credited the equivalent of 50 points.This happens each month when the new quote is issued.
Trading hours
18:00 ET to 17:15 ET, apart from on rollover day, when trading ceases at 14:30 ET and recommences at 18:00 ET. These markets are not subject to a financing charge as they are already based on a futures price.
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