Ig Spread Betting Shares
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What are IG's shares and ETF spread bet product details?
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
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Browse by country, get Reuters ticker codes, see guaranteed stop premiums, and find out which shares and ETFs you can short.
href="https://www.marketdatasystems.com/content/files/Tiered%20Margin_spreadbetting_retail.xlsx">Product details for ETFs, like shares, are listed on the same exchange in terms of spread, funding and other charges. Where there are multiple spread groups for an exchange, ETFs are treated as a minor/other share.
We offer permanently low spreads across all share and ETF markets on both daily funded bets (DFBs) and quarterly bets.
*The spread on US shares is capped at $0.04.
UK and international stocks are divided into three categories, depending on our assessment of their volatility.
Shares considered to be more volatile will incur slightly higher guaranteed stop premiums and slightly larger minimum stop distances (expressed as a percentage of the current share price).
US stocks are all classified as low volatility (0.3%) and have a minimum stop distance of 10%.
These categories will only affect spread sizes for guaranteed stop bets; spread sizes for non-guaranteed stop
bets are not affected .
Dealing spreads on shares and ETFs are subject to variation, especially in volatile market conditions or other unusual circumstances. Bets are opened and closed at the market bid/offer, adjusted for the contract month in the case of quarterly bets, minus/plus our spread. Market spreads can widen significantly, particularly at the beginning and end of the trading day, and minimum spreads may exist.
Our spread for a particular share or ETF is calculated as a percentage of the current price.
Our 'all-in' spread on all individual share and ETF options will include both our spread and market spread. This applies to both opening and closing transactions. No spread is charged on option bets which are left to expire. The size of the spread varies, depending on the option premium, the time to expiry and the volatility and liquidity of the underlying stock or ETF.
When you open a share spread betting position with us, it will be aggregated with other IG clients' positions in the same market. We do this to keep our hedging costs down, and to provide you with competitive spreads. IG’s brokers may also aggregate IG client positions with their other clients’ positions where it is a regulatory requirement for them to so (in the US for example).
By IG aggregating its client positions, you may be able to ‘go short’ even when there’s no borrowable stock available in the underlying market. This does mean that when your order interacts with the underlying market, its treatment by brokers and/or exchanges will be based on the net aggregate position (i.e. the aggregate of all client and hedged positions) rather than your own. This also applies in the case where our brokers aggregate IG client positions with their other clients’ positions for regulatory reasons.
In certain situations, this may have an impact on the outcome of an order. For example, if the net aggregate position is short in a specific market and you’re closing a long position in the same market, we’ll treat your order as a short sell. In cases like this, your order will be subject to exchange rules on naked short-selling, uptick rules and short-sell restrictions – please refer to our ‘notes’ section for more information.
Naked short-selling occurs when a trader attempts to short without first securing borrowable stock. We generally don’t allow clients to go short when borrowable stock is difficult to obtain. All short positions do, however, carry a risk of recall should borrowable stock later become unavailable
Uptick rules prevent rapid sell-offs, and stipulate that short-selling may only occur once the price of a particular market has ‘ticked up’
Short-sale restrictions promote market stability by prohibiting the short-selling of stocks which have declined by a certain percentage in a trading session
Guaranteed stop bets are available on certain shares at our discretion – please ask our dealers for current information.
The guaranteed stop premium for bets on UK shares depends on the volatility of the share concerned. We’ll classify a UK share as having a low, medium or high volatility and the premium will vary accordingly. We maintain up-to-date lists of guaranteed stop premiums for individual shares.
For retail clients, the minimum margin factor for spread bets and CFDs on all shares is 20% of the share price. Please note that tiered margins apply; this means that more margin may be required for large positions. Please see our margins page for more details.
The margin required for 'buying' a share option is the opening level times the size of the bet. For 'selling' a share option, the margin required is the same as an equivalent equity position.
Minimum bet sizes in pounds, dollars and euros apply, for both quarterly and daily funded bets (DFBs). Please see the individual stock contract details for more information. For bets on share options, the minimum bet size is £10/point for UK share options, and $5/point for US share options.
Bets on UK shares are usually denominated in pounds per point. For each share, one point means one penny. A £10/point bet is the equivalent to a position in 1000 shares.
Bets on US shares are denominated in dollars or pounds per point, at your choice. For each share, one point means one cent. A $10/point bet is the equivalent to a position in 1000 shares.
A £10/point bet is the equivalent of a position in the number of shares equal to 1000 multiplied by the £/$ exchange rate.
Bets on European shares are denominated in pounds per point or in the local currency (normally euros), at your choice. For each share, one point means one cent. A €10/point bet is the equivalent to a position in 1000 shares. A £10/point bet is the equivalent of a position in the number of shares equal to 1000 divided by the €/£ exchange rate.
Bets on shares in other markets are denominated in pounds per point or in the local currency at your choice. The bet size equivalent to a position in a particular number of shares is calculated in the same way as detailed above.
Bets on UK share options are always denominated in pounds per point. Bets on US share options are always denominated in dollars per point.
8am to 4:30pm (London time) for UK shares (LSE)
9.30am to 4pm (New York time) typically for American shares
For some US shares, we offer extended trading hours: 4am to 8pm (New York time) Monday to Thursday and 4am to 5pm (New York time) on Friday.
For a full list of affected shares please visit our US Extended Hours page.
European Shares – market hours for the relevant Exchange. Please ask for current details.
All other shares – market hours for the relevant Exchange. Please ask for current details.
The contract months for quarterly bets rotate on a March, June, September, December cycle. The contract months for a UK share option will normally be the same as the contract months for the equivalent option quoted on LIFFE.
Quarterly bets – Tuesday before the third Wednesday of the contract month
UK share options – third Friday of the contract month
US share options – third Friday of the expiry month, or the previous business day if it’s a market holiday.
For all shares quarterly bets, positions will be rolled over to a later date by default, unless agreed otherwise with IG. If you’ve agreed with IG to expire a position, we’ll do so on or after the last dealing day. This will be at the closing bid or offer price of the relevant exchange, plus or minus half of our spread.
When a bet is of sufficient size that an equivalent transaction on the exchange would be in excess of four times normal market size (or where any number of bets are together in excess of four times normal market size) then bets not already closed by the client by the last time for dealing will be automatically rolled over, unless we exercise our reasonable discretion to close the bet.
Bets on share options not already closed will be done so on or after the last dealing day for those share options, on the following basis:
DFBs, which do not have a daily rollover, have an interest adjustment applied daily. Interest adjustments for long and short positions are either debited or credited from/to your account.
The interest adjustment on a DFB is derived from the relevant interest rate benchmark of the currency of the share in which you're dealing, adjusted for our funding.
For example, if you're taking a long DFB position on a UK-listed share priced in sterling, the interest adjustment is calculated by adding the latest SONIA rate to our funding adjustment, usually 2.5% per annum. So, if SONIA is 1.5%, the total daily interest adjustment to a long position would be 0.011% (1.5% + 2.5% ÷ 365).
Conversely, if you're taking a short DFB position on a UK-listed share priced in sterling, the total interest adjustment is calculated by subtracting our funding adjustment, usually 2.5% per annum, from SONIA. Unlike long positions, the total interest adjustment on short positions can result in either a higher or lower opening level. If SONIA is greater than our funding adjustment, the opening level will be higher than the closing level. If SONIA is less than our funding adjustment, the opening level will be lower than the closing level.
For example, if SONIA is 4% (greater than our funding adjustment), the interest adjustment to a rolled DFB short position would be 0.004% (4% - 2.5% ÷ 365). If SONIA is 1.5% (less than our funding adjustment fee), the daily interest adjustment to a rolled DFB short position would be -0.0027% (1.5% - 2.5% ÷ 365).
Note that when you are shorting a stock via a DFB spread bet, you will incur a borrow charge . The borrow charge will be accounted for in a daily cash adjustment applied to the account. The charge varies according to the stock, is notified to us by our brokers or agents and includes a 0.5% administration fee. The borrow charge, and the ability to hold a short position, can be changed at short notice. To determine whether a borrow charge applies and if so, what the charge is, call our dealers in advance of betting.
These are applied when a share passes its ex-dividend date, including the ex-date of any special dividend, in the underlying stock market. In the case of long positions, the dividend adjustment is credited to your account. In the case of short positions, the dividend adjustment is debited from your account. In the case of UK shares, the dividend adjustment is equal to the amount of the net dividend. The dividend adjustment for shares in other markets varies depending on local tax arrangements; please ask our dealers for current details.
For all shares quarterly bets, positions will be rolled over to a later date unless you’ve agreed otherwise with IG. For most positions that haven’t been automatically closed, you can ask for the position not to be rolled over to a later date. Rolling over a position involves closing the old position and opening a new one. We normally attempt to contact you shortly before a position is due to expire, to offer the opportunity to roll the position over. But we can’t always do this, and it remains your responsibility to communicate your preferences for any positions before expiry. Bets on share options can’t be rolled over.
When a quarterly shares bet is rolled over to the next quarter, the expiring bet is closed at the middle of the market price after the close of the relevant exchange, plus or minus half our normal spread as shown in the ‘our spreads explained’ tab. No IG or market spread is charged on the opening of the new bet.
If you have a stop or a limit order on a daily position when it’s rolled over, we’ll place the stop on the new bet at the same level as the stop on the expiring bet, unless instructed otherwise.
If you have stops or limits on a quarterly bet when it’s rolled over, we’ll place the stop or limit on the new bet at the same level, adjusted for fair value, unless otherwise instructed. For example, if the price of the new contract is 20 points higher than the expiring contract, your stop or limit would be rolled forward at your existing level plus 20 points. This applies to both guaranteed and non-guaranteed stops and limits.
If there is a bonus share issue, special dividend, rights issue, or any other event making it appropriate by normally accepted standards to adjust the opening level or size of a bet, we will make whatever adjustment we believe to be fair and reasonable. We will always attempt to replicate the rights and adjustments afforded to shareholders or the underlying stock when adjusting a spread bet.
Please be aware that, with certain corporate actions such as entitlements or rights issues, those clients who have shorted a stock will not have the option to take up the rights or entitled shares. They may be also be assigned a larger position in terms of pounds, or any other currency, per point.
If you have an open share spread bet with a guaranteed stop, and the underlying share is subject to a right issue or open offer, our treatment depends on the subscription price of the underlying share on its last trading day immediately before the ex-date:
We’ll do this regardless of whether the rights issue or open offer succeeds or not.
Importantly, in both situations we’ll alter your stop level to ensure that your maximum exposure to risk remains the same after any adjustment caused by the rights issue or open offer.
There are four different types of price feed offered on equity markets across the platform – delayed, derived, level 1 and level 2.
In most cases this feed is delayed by 15mins, although in some cases it may be 20 mins. The length of the delay is indicated by a small icon containing the number 15 or 20 next to the update time for that instrument. The delayed price feed is free, and is the default offering across all equity instruments unless a real-time free option is available, such as pricing from multilateral trading facilities (MTFs). Markets that show a delayed price will display a ‘start live data’ button in their deal tickets. Clicking this button will change the visible price to a live price for up to ten price updates, before reverting to the delayed price.
These are real-time prices created from the underlying exchange price. Derived prices have been adjusted to make them non-reverse-engineerable – an exchange requirement which allows IG to distribute real-time data without having to charge you. The adjustment is purely for display purposes and doesn’t affect the execution of trades placed on markets which display derived prices.
This data is the real-time feed of the top level of the exchange order book. Level 1 data can only be viewed if non-free data is activated in the ‘data feeds’ section of the platform. A monthly fee is charged if activated.
This data is the real-time feed of the top five levels of the exchange order book. Level 2 data also requires activation, incurs a higher charge than Level 1 data.
For more information, please log in to the platform, go to ‘help and support’ in the top-right corner and search for 'derived prices'.
Go long or short on over 13,000+ international shares with our easy-to-use platform. Create your account for free, and start trading today.
Go long or short on over 13,000+ international shares with our easy-to-use platform. Create your account for free, and start trading today.
Log in to your account now to access today’s opportunity in a huge range of markets.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.
The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
IG Group is a UK company headquartered in London, and is probably best known amongst the readers of this article as the world’s longest-running and largest financial spread betting company. It was founded in 1974 to trade gold as an index rather than as the physical metal, and IG originally stood for Investors Gold. It was shortened to the initials when other products started to be offered.
This is a daily OHLC (open-high-low-close) bar chart of the stock price, complete with Bollinger Bands indicating the expected range of trading.
The company rapidly expanded, and it was the first spread betting company to introduce Internet dealing facilities, in 1998. It officially became IG Group in 2000 when it became listed on the London Stock Exchange. In 2002, it entered the Australian financial markets with contracts for difference (CFDs) as soon as they were declared legal. In recent years, it has expanded its operations around the world.
With a management buyout it delisted from the LSE in 2003, but was subsequently relisted in 2005. It has not been able to crack the US market yet, despite buying HedgeStreet, a US derivatives dealer, in 2007. Currently, both spread betting and contracts for difference are illegal in the States, but IG has been working to get around the financial regulations by a redefinition of its derivative products.
The chief companies in the IG Group were IG Index, the spread betting provider, and IG Markets which handles CFDs and foreign-exchange bets. However, since September 2012 these divisions have been brought together under the banner “IG”.
You can see from the chart above that the pricing of IG is volatile, and may go both up and down. It is in a heavily regulated industry, so minor changes in laws can impact its profitability.
IG has been volatile recently, and in a downtrend. If you think this is going to continue you might want to place a short or sell bet on the stock, which is currently offered at 416.53 – 417.47 for a rolling daily bet. The short
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