Indices
Printer-friendly version
Send to friend
PDF version|
Index |
Symbol |
AM Financials Spread in (out of) market hours |
IM Factor (Margin Req) |
AM Financials Trading Hours |
Basis of Price and Interest Rate used for Finance Adjustments |
Min/ Max Size |
† Tick Factor |
Example Price |
Currency |
Guaranteed Stops (charge / minimum distance) |
Underlying Index |
Last Update |
|
Australia 200 Index |
.AUS200 |
Day session 2 |
0.5% |
09:50 - 16:30 and 17:10 - 07:00 Sydney time during US daylight savings time; |
BBA AUD LIBOR Spot Next rate at 17:00 ET |
1 / 250 |
1 index point |
5502.5 |
AUD |
2 / 50 |
S&P/ASX200 Index™ |
04/12/2008 |
|
EU Stocks 50 Index |
.STOXX50 |
2 |
1% |
8:00 - 22:00 CET |
BBA EUR LIBOR Overnight rate at 17:00 New York time |
1 / 500 |
1 index point |
2106.1 |
EUR |
3 / 100 |
Dow Jones EURO STOXX50 Index™ |
18/02/2009 |
|
France 40 Index |
.F40 |
From 1 to 6 points |
0.5% |
23:05 - 23:00 CET (ie 24 hours with a 5 min break); (Friday close 22:15 CET, Monday open 00:00 CET) |
BBA EUR LIBOR Overnight rate at 17:00 ET |
1 / 1000 |
1 index point |
5601.3 |
EUR |
2 / 50 |
CAC40 Index™ |
30/11/2009 |
|
Germany 30 Index |
.DE30 |
From 1 to 10 points |
0.5% |
23:05 - 23:00 CET (ie 24 hours with a 5 min break); (Friday close 22:15 CET, Monday open 00:00 CET) |
BBA EUR LIBOR Overnight rate at 17:00 ET |
1 / 1000 |
1 index point |
4165.2 |
EUR |
2 / 50 |
Xetra DAX Index™ |
30/11/2009 |
|
Hong Kong 40 Index |
.HK40 |
15 |
1% |
09:45 - 12:30; |
HIBOR Overnight rate at 17:00 ET |
1 / 2500 |
1 index point |
16830 |
HKD |
10 / 750 |
Hang Seng Index™ |
13/11/2009 |
|
Italy 40 Index |
.IT40 |
15 |
1% |
09:00 - 17:40 CET |
BBA EUR LIBOR Overnight rate at 17:00 ET |
1 / 250 |
1 index point |
16540 |
EUR |
10 / 1000 |
FTSE/MIB Index™ |
05/08/2009 |
|
Japan 225 Index |
.JP225 |
From 5 to 8 points |
1% |
24 hours, but we do not quote the break in CME hours from 15:15 to 15:30 ET-1. Sundays open 17:00 ET-1, Fridays close 15:15 ET-1 |
BBA JPY LIBOR Overnight rate at 17:00 ET |
100 / 25000 |
1 index point |
8240 |
Yen |
10 / 400 |
Nikkei 225 Index™ |
16/08/2009 |
|
Netherlands 25 Index |
.N25 |
From 0.2 to 0.6 points |
1% |
23:05 - 23:00 CET (ie 24 hours with a 5 min break); (Friday close 22:15 CET, Monday open 00:00 CET) |
BBA EUR LIBOR Overnight rate at 17:00 ET |
1 / 2000 |
1 index point |
236.4 |
EUR |
0.3 / 10 |
AEX-Index™ |
30/11/2009 |
|
Spain 35 Index |
.ES35 |
5 |
1% |
09:00 - 17:35 CET |
BBA EUR LIBOR Overnight rate at 17:00 ET |
1 / 250 |
1 index point |
11885 |
EUR |
5 / 400 |
IBEX-35 Index™ |
16/04/2009 |
|
Switzerland 20 Index |
.SWI20 |
3 |
1% |
09:00 - 17:27 CET |
BBA CHF LIBOR Spot Next rate at 17:00 New York time |
1/500 |
1 index point |
8541.5 |
CHF |
5 / 275 |
SMI Index™ |
16/04/2009 |
|
UK 100 Index |
.UK100 |
From 1 to 6 points |
0.75% |
22:05 - 22:00 London time (i.e. 24 hours with a 5 minute gap) (Friday close 21:15, Sunday open 23:00 London time) |
BBA GBP LIBOR Overnight rate at 17:00 ET |
1 / 1000 |
1 index point |
6100 |
GBP |
2 / 50 |
FTSE 100 Index™ |
30/11/2009 |
|
UK 250 Index |
.UK250 |
20 |
1% |
08:15 - 16:30 London Time |
BBA GBP LIBOR Spot Next rate at 17:00 ET |
1 / 100 |
1 index point |
7901 |
GBP |
20 |
FTSE 250 cash index |
05/11/2009 |
|
US Small Cap 2000 Index |
.US2000 |
0.4 |
1% |
20:00 - 18:00 (Friday closes 17:00) ET; Sunday opens 18:00 ET |
BBA USD LIBOR Overnight rate at 17:00 ET |
1/ 500 |
1 index point |
462.1 |
USD |
0.5 / 5 |
Russell 2000 Index™ |
16/04/2009 |
|
US SPX 500 Index |
.US500 |
0.5 |
1% |
24 hours, with a break from 15:15 to 15:30 Chicago time and 16:30 to 17:00 Chicago time. Sundays open 17:00 and Fridays close 15:15 Chicago time. |
BBA USD LIBOR Overnight rate at 17:00 New York time |
1 / 5,000 |
1 index point |
790.7 |
USD |
0.4 / 10 |
S&P 500 Index™ |
18/02/2009 |
|
US Tech 100 Index |
.USTEC |
2 |
1% |
24 hours, with a break from 15:15 to 15:30 ET-1 and 16:30 to 17:00 ET-1. Sundays open 17:00 and Fridays close 15:15 ET-1. |
BBA USD LIBOR Overnight rate at 17:00 ET |
1 / 2,500 |
1 index point |
1188.1 |
USD |
1 / 10 |
Nasdaq 100™ |
10/08/2009 |
|
US Wall Street 30 index |
.US30 |
From 2 to 4 points |
0.75% |
24 hours, with a break from 15:15 to 15:30 ET-1 and 16:30 to 17:00 ET-1. Sundays open 17:00 and Fridays close 15:15 ET-1. |
BBA USD LIBOR Overnight rate at 17:00 ET |
1 / 1000 |
1 index point |
11440 |
USD |
4 / 100 |
DJIA Index™ |
02/12/2009 |
CFD Stock Indices (Futures)
|
Index |
Symbol |
AM Financials Spread in (out of) market hours |
IM Factor (Margin Req) |
Trading Hours |
Contract Months |
Last Dealing Day |
Basis of Settlement |
Min/ Max Size |
† Tick Factor |
Example Price |
Currency |
Guaranteed Stops (charge / minimum distance) |
Underlying Index |
Last Update |
|
Australia 200 Index |
AUS200XX |
Day session 4 |
0.5% |
09:50 - 16:30 and 17:10 - 07:00 Sydney time during US daylight savings time; |
Mar, Jun, Sep, Dec |
3rd Thursday of contract month until 12:00 Sydney time |
S&P / ASX final settlement price for SPI 200™ on AM Financials last dealing day, basis a Special Opening Quotation of the underlying S&P/ASX 200 index on the last dealing day. SFE Clearing publishes the final settlement price on the first business day after expiry. |
1 / 250 |
1 index point |
5502.5 |
AUD |
2 / 50 |
S&P/ASX200 Index™ Futures |
04/12/2008 |
|
Austria 20 Index |
AUT20XX |
3 + Underlying market spread |
1% |
09:00 - 17:30 CET |
Mar, Jun, Sep, Dec |
3rd Friday of contract month at 12:00 CET |
The official settlement price is the value of the ATX index on the basis of the auction prices for the ATX stocks from 12:00 to 12:05 CET. |
1 / 1500 |
1 index point |
4588.6 |
EUR |
3 / 100 |
ATX Index™ Futures |
04/12/2008 |
|
Canada 60 Index |
CAN60XX |
1.0 |
1% |
09:30 - 16:15 Montreal time |
Mar, Jun, Sep, Dec |
Business day prior to 3rd Friday of contract month at 16:15 |
Official Settlement Price of S&P/TSE 60 index on the 3rd Friday of the contract month |
1 / 1500 |
1 index point |
750.8 |
CAD |
1 / 20 |
S&P/TSX 60 Index™ Futures |
14/10/2008 |
|
China H-Shares Index |
CHINAHXX |
12 |
1% |
09:45 - 12:30; 14:30 - 16:15 Hong Kong time |
Monthly |
Business day immeditaely preceeding last business day of contract month at 16:00 Hong kong time |
The HKFE Official Settlement Price is an average of quotions of the HSCEI index taken at 5 minute intervals during the AM Financials last trading day. |
1 / 7500 |
1 index point |
17199 |
HKD |
12 / 400 |
Hang Seng China Enterprises Index™ Futures |
20/10/2008 |
|
Denmark 20 Index |
DEN20xx |
1 + underlying market spread |
1% |
09:00 - 16:50 Copenhagen time |
Monthly |
3rd Friday or previous business day of contract month at 16:50 CET |
Official OMX Nordic Exchange™ settlement price on AM Financials last dealing day. |
1 / 5000 |
1 index point |
414.85 |
DKK |
1 / 15 |
OMX C20 Index™ Futures |
20/02/2009 |
|
EU Stocks 50 Index |
EU50XX |
3 |
1% |
8:00 - 22:00 CET |
Mar, Jun, Sep, Dec |
3rd Friday of contract month until 12:00 CET |
EUREX official settlement price on AM Financials last dealing day |
1 / 500 |
1 index point |
2106.1 |
EUR |
3 / 100 |
Dow Jones EURO STOXX50 Index™ Futures |
18/02/2009 |
|
Euro Sector Futures |
FESxx |
3 - 5 |
5% |
Open 09:15 Close 17:15 CET |
Mar, Jun, Sep, Dec |
3rd Friday of contract month until 12:00 CET |
Eurex Official Settlement price on AM Financials last day of dealing |
1 / 500 |
1 index point |
0 |
N/A |
N/A |
Eurex |
12/05/2009 |
|
France 40 Index |
F40XX |
From 3 to 10 points |
0.5% |
24 hours (Friday close at 22:15 CET, Monday open at 00:00 CET) |
Monthly |
3rd Friday of contract month until 16:00 CET |
Euronext.LIFFE official settlement price on AM Financials last dealing day |
1 / 1000 |
1 index point |
5601.3 |
EUR |
2 / 50 |
CAC40 Index™ Futures |
30/11/2009 |
|
Germany 30 Index |
DE30xx |
From 4 to 10 points |
0.5% |
24 hours (Friday close 22:15 CET, Monday open 00:00 CET) |
Mar, Jun, Sep, Dec |
3rd Friday of contract month until 13:00 CET |
EUREX official settlement price on AM Financials last dealing day |
1 / 1000 |
1 index point |
4165.2 |
EUR |
2 / 50 |
Xetra DAX Index™ Futures |
30/11/2009 |
|
Hong Kong 40 Index |
HK40XX |
25 |
1% |
09:45 - 12:30; |
Monthly |
Business day preceding last HK business day of contract month until 16:00 HK time |
HKFE official settlement price on AM Financials last dealing day |
1 / 2500 |
1 index point |
16830 |
HKD |
10 / 750 |
Hang Seng Index™ Futures |
13/11/2009 |
|
Hungary 14 Index |
HU14XX |
140 + underlying market spread |
1% |
09:05 - 16:30 CET |
Dec |
Thursday before 3rd Friday of contract month until 16:30 CET |
Official Budapest Stock Exchange settlement price on AM Financials last dealing day |
1/10000 |
1 index point |
25960 |
HUF |
20/750 |
BUX Index™ Futures |
27/02/2009 |
|
India 50 Index (USD contract) |
IND50xx |
2 + Underlying Spread |
1% |
09:00 - 18:15 Singapore time (May vary due to Sun outage) |
Monthly |
Last Thursday of the contract month until 18:15 Singapore Time |
The Final Settlement Price shall be the official closing price of the CNX Nifty Index, which is based on the average weighted prices of the individual component stocks of the index during the last 30 minutes of trading. |
1/ 250 |
1 Index point |
4420 |
USD |
3 / 150 |
SGX CNX Nifty Index Futures |
28/07/2009 |
|
Italy 40 Index |
IT40XX |
20 |
1% |
09:00 - 17:40 CET |
Mar, Jun, Sep, Dec |
Business day preceding 3rd Friday of contract month until 17:30 CET |
MSE official settlement price on 3rd Friday of contract month |
1 / 250 |
1 index point |
16540 |
EUR |
10 / 1000 |
FTSE/MIB Index™ Futures |
05/08/2009 |
|
Japan 225 Index |
JP225XX |
From 8 to 15 points |
1% |
24 hours, but we do not quote the break in CME hours from 15:15 to 15:30 ET-1. Sundays open 17:00 ET-1, Fridays close 15:15 ET-1 |
Mar, Jun, Sep, Dec |
Day before 2nd Friday of contract month until 14:30 Singapore time |
Nikkei 225™ special opening quotation (from SGX) based on the opening prices of each component in the Nikkei 225 ™ index on the business day following AM Financials last trading day |
100 / 25000 |
1 index point |
8240 |
Yen |
10 / 400 |
SGX Nikkei 225 Index™ Futures |
16/08/2009 |
|
Korea 200 index |
KOR200XX |
20 |
1% |
09:00 - 15:05 Seoul time |
Mar, Jun, Sep, Dec |
2nd Thursday of contract month at 14:50 Seoul time. |
Official Settlement Price of KOSPI 200™ Index on AM Financials last trading day. |
1 / 200000 |
1 index point (AM Financials price is 100 times greater than the price of underlying index) |
20750 |
KRW |
20 / 600 |
KOSPI 200 Index™ Futures |
05/11/2009 |
|
Mexico 35 Index |
MEX35XX |
30 + underlying market spread |
1% |
07:30 - 15:00 Mexico Time |
Mar, Jun, Sep, Dec |
3rd Friday of the contract month at 15:00 Mexico time |
Official IPC (Mexico Bolsa Index futures)closing price on AM Financials last dealing day |
1 / 2200 |
1 index point |
30928 |
MXN |
30 / 800 |
IPC Index™ Futures |
05/12/2008 |
|
Netherlands 25 Index |
N25xx |
From 0.4 to 1.0 points |
1% |
24 hours (Friday close 22:15 CET, Monday open 00:00 CET) |
Monthly |
3rd Friday of contract month until 16:00 CET |
Official Euronext.LIFFE settlement price of AEX-index™ on AM Financials last day of dealing |
1 / 2000 |
1 index point |
236.4 |
EUR |
0.3 / 10 |
AEX-Index™ Futures |
30/11/2009 |
|
Norway 25 index |
NOR25XX |
0.6 + underlying market spread |
1% |
09:00 - 17:20 CET |
Monthly |
3rd Thursday or previous business day of contract month at 17:20 CET |
Official Oslo Stock Exchange™ closing price on AM Financials last dealing day. |
1 / 2000 |
1 index point |
192.8 |
NOK |
1 / 10 |
OBX Index™ Futures |
20/02/2009 |
|
Poland 20 Index |
P20XX |
4.0 |
1% |
08:30 - 16:10 CET |
Mar, Jun, Sep, Dec |
3rd Friday of contract month until 15:00 CET |
3rd Friday of contract month until 16:30 CET |
1 / 500 |
1 index point |
3669.3 |
PLN |
3 / 85 |
WIG20 Index™ Futures |
27/07/2009 |
|
Singapore Blue Chip Index |
SINGXX |
0.4 + underlying market spread |
1% |
08:30 - 17:10; 18:15 - 01:00 Singapore Time |
Monthly |
2nd last Singapore business day of contract month at 17:10 Singapore Time |
Special Opening Quotation on day following AM Financials last trading day. |
1 / 3000 |
1 index point |
454.8 |
SGD |
2 / 10 |
MSCI Singapore Index™ Futures |
08/01/2010 |
|
South Africa 40 index |
ZAF40XX |
20 |
1% |
08:30 - 17:30 JHB time |
Mar, Jun, Sep, Dec |
3rd Thursday of the contract month at 13:40 JHB time |
Official Settlement Price of the FTSE / JSE Top 40 ALSI ™ index on AM Financials last day of trading |
1 / 1500 |
1 index point |
28755 |
ZAR |
10 / 700 |
FTSE/JSE Africa Top 40 Index™ Futures |
05/12/2008 |
|
Spain 35 Index |
ES35xx |
8 |
1% |
09:00 - 17:35 CET |
Monthly |
3rd Friday of contract month until 16:15 CET |
MEFF official settlement price on AM Financials last dealing day |
1 / 250 |
1 index point |
11885 |
EUR |
5 / 400 |
IBEX-35 Index™ Futures |
16/04/2009 |
|
Sweden 30 index |
SWE30XX |
1.5 |
1% |
09:00 - 17:20 CET |
Monthly |
3rd Friday of contract month at 17:20 CET |
Difference between the previous days future closing price and a volume weighted average price of the OMXS30™ index on AM Financials last dealing day |
1 / 15000 |
1 index point |
1220.75 |
SEK |
1 / 35 |
OMX Stockholm 30 Index™ Futures |
05/12/2008 |
|
Switzerland 20 Index |
SWI20XX |
5 |
1% |
09:00 - 17:27 CET |
Mar, Jun, Sep, Dec |
Business day preceding 3rd Friday of contract month until 17:27 CET |
Eurex official settlement price on day following AM Financials last dealing day |
1/500 |
1 index point |
8541.5 |
CHF |
5 / 275 |
SMI Index™ Futures |
16/04/2009 |
|
UK 100 Index |
UK100XX |
From 3 to 6 points |
0.75% |
24 hours (Friday close 21:15, Sunday open 23:00 London time) |
Mar, Jun, Sep, Dec |
3rd Friday of contract month until 10:00 London time |
Euronext. LIFFE official settlement price on AM Financials last dealing day |
1 / 1000 |
1 index point |
6100 |
GBP |
2 / 50 |
FTSE 100 Index™ Futures |
30/11/2009 |
|
US Dollar Index |
DXxx |
3 (underlying market spread may be added) |
1% |
20:00 - 18:00 ET (Sunday open 18:00 ET) |
Mar, Jun, Sep, Dec |
Two days prior to the 3rd Wed. of the contract month until 10:16 ET |
Basis ICE settlement on the third Wednesday of the expiration month. |
1 / 250 |
0.01 |
88.025 |
USD |
N/A |
ICE Dollar Index™ Futures |
05/11/2009 |
|
US Small Cap 2000 Index |
US2000xx |
0.8 |
1% |
20:00 - 18:00 (Friday closes 17:00) ET; |
Mar, Jun, Sep, Dec |
Business day preceding 3rd Friday of contract month until 16:00 ET |
ICE Cash settlement to a special calculation of the Russell 2000 Index based on the opening prices of the component stocks on the third Friday of the contract month. |
1/ 500 |
1 index point |
462.1 |
USD |
0.5 / 5 |
Russell 2000 Mini Index™ Futures |
16/04/2009 |
|
US SPX 500 Index |
US500xx |
0.7 |
1% |
24 hours, with a break from 15:15 to 15:30 ET-1 and 16:30 to 17:00 ET-1. Sundays open 17:00 and Fridays close 15:15 ET-1. |
Mar, Jun, Sep, Dec |
Business day preceding 3rd Friday of contract month until 15:00 ET-1. |
CME official settlement price on day following AM Financials last dealing day |
1 / 5,000 |
1 index point |
790.7 |
USD |
0.4 / 10 |
E-mini S&P 500 Index™ Futures |
18/02/2009 |
|
US Tech 100 Index |
USTECxx |
4 |
1% |
24 hours, with a break from 15:15 to 15:30 ET-1 and 16:30 to 17:00 ET-1. Sundays open 17:00 and Fridays close 15:15 ET-1. |
Mar, Jun, Sep, Dec |
Business day preceding 3rd Friday of contract month until 15:00 ET-1 |
CME official settlement price on day following AM Financials last dealing day |
1 / 2,500 |
1 index point |
1188.1 |
USD |
1 / 10 |
E-mini Nasdaq 100™ Futures |
10/08/2009 |
|
US Volatility Index |
VXx |
0.10 + underlying market spread |
1% |
08:30 - 15:15 ET-1 |
Monthly |
Tuesday Before the Wednesday which is 30 days prior to the 3rd Friday of the calendar month following the contract month until 15:15 ET-1. |
Official settlement price of CBOE Volatility Index™ ("VIX") futures contract on the day following the AM Financials Last Dealing Day. |
1/ 100,000 |
1 index point |
43.45 |
USD |
n/a |
CBOE VIX Index™ Futures |
16/10/2009 |
|
US Wall Street 30 index |
US30XX |
8 (far month = 10) |
0.75% |
24 hours, with a break from 15:15 to 15:30 ET-1 and 16:30 to 17:00 ET-1. Sundays open 17:00 and Fridays close 15:15 ET-1. |
Mar, Jun, Sep, Dec |
Business day preceding 3rd Friday of contract month until 15:00 ET-1 |
CBOT official settlement price on day following AM Financials last dealing day |
1 / 1000 |
1 index point |
11440 |
USD |
4 / 100 |
Mini-sized DJIA Index™ Futures |
02/12/2009 |
† 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
"Out of Hours" Markets
AM Financials quote some indices "out of hours", i.e. when a comparable corresponding futures market is closed. For example we quote the UK 100 index even when the FTSE 100 Index ™ futures market is closed.
AM Financials’s "out of hours" quotes are based on but not restricted to: movements in other indices (when available); movements in other financial markets such as commodities or foreign exchange; news flow; movements in other CFD providers’ quotes and customer trade flow. Please note that orders which are triggered during "out of hours" times which are greater in size then the Indicative Normal Market Size values shown in the table below are typically subject to higher levels of slippage and lower levels of liquidity than when the underlying futures market is open.
The following table details the markets to which out of hours quoting is applied:
| Index Symbol | "Out of Hours" Times | Indicative Normal Market Size during "Out of Hours" Times |
| .UK100; UK100xx | 21:00 - 08:00 London time | 100 GBP |
| .DE30; DE30xx | 22:00 - 08:00 CET | 100 EUR |
| .F40; F40xx | 22:00 - 08:00 CET | 100 EUR |
| .N25; N25xx | 22:00 – 08:00 CET | 100 EUR |
| .JP255; JP225xx | From the end of trading in the CME Yen-denominated Nikkei futures at 15:15 ET-1 until the open of the SGX futures at 07:45 Singapore time |
2500 JPY |
Finance Adjustments
All finance adjustments for open positions in cash indices are carried out at or after 17:00 ET. For examples on how the rollover process is applied, please see Examples. Finance adjustments are not made on open positions on CFD futures markets.
|
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 = your stake p = closing price as determined by AM Financials 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. 365 for UK and Australian indices and 360 for all others Long (buy) trade positions are debited the daily financing charg Short (sell) positions are credited the daily financing charge |
Dividends
Dividend adjustments to cash index CFD trades apply as follows:
Buy trades are credited with (number of points by which the index concerned has been adjusted x trade size).
Sell trades are debited with (number of points by which the index concerned has been adjusted x trade size).
Minimum / Maximum Trade Sizes
Maximum trading 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 minimum 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".
Index Dividends
When an individual stock which is a constituent of a cash stock index goes ex-dividend, this will have a weighted effect on that cash index, known as the "index dividend" or "index impact". AM Financials will make adjustments to those accounts with a position in an affected index, if that position is open at the close of the underlying cash market on the day prior to the ex-dividend date of the constituent shares.
AM Financials will credit long positions and debit short positions (by means of a cash adjustment) as follows:
Index dividend x position size
The weighted effect of an individual stock's dividend is calculated as follows:
Index Dividend = Share Dividend x (Shares in index / Index Divisor)
The "Index Divisor" varies from index to index, It is a value which is adjusted by the underlying exchange to offset the effect of changes resulting from, but not limited to, stock splits, bonus issues and constituent substitutions. This allows the index value to remain comparable over time. AM Financials uses various data providers in determining its calculation of the index dividend.
The DAX 30 index is not subject to adjustments; it is a total returns index and as such all ex-dividends are automatically reflected in the price.
Futures indices are not affected as anticipated future dividends are already priced in to the market.
Fair Value: AM Financials bases the quote of its cash indices on a corresponding futures market. As a result we include a "fair value" adjustment in the quote to reflect a derived cash price of the index as opposed to the futures price. Fair value is a constantly changing variable and will vary during trading hours according to AM Financials's estimate of current fair value. AM Financials will adjust its internal fair value calculations at the close of the cash market on the day prior to constituent shares going ex-dividend, to reflect an index dividend.
العربية