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CFD Trade
Conditions
 Introduction of minimum order values (commencing
April 30 2008)
Beginning 30 April 2008, we will
introduce minimum small trade values for stocks and CFDs on all markets.
From this date clients will not be able to open any new positions via
the trading platform below the minimum value. The minimum trade value
for each market is listed in the table below. Should you need to close
an existing position below the minimum value then you can do this via
the phone or the chat system on the trading platform.
The minimum order amount is 50 units of
the local currency with the exception of Norway, Sweden, Denmark, Hong
Kong where the minimum order amount is 500 units of the local currency,
Japan where the minimum order is 5000 JPY and Poland where the minimum
order is 150 PLN
Interest:
Clients
receive or pay interest depending on long or short positions
Dividends:
Dividends
are received for long and paid for short positions.
See below >>
Trade
Costs on TFG CFDs:
CFD
Currency/
Exchange |
Spread
Markup |
Ticket
Fee Threshold |
Ticket
Fee |
CFD
Financing (long/short) |
| Helsinki (HSE) |
+/-0.1% |
10,000 |
10 |
+3pp/-2.5pp |
| AUD |
+/-0.1% |
10,000 |
10 |
+3pp/-2.5pp |
| CHF |
+/-0.1% |
15,000 |
18 |
+3pp/-2.5pp |
| DKK |
+/-0.1% |
100,000 |
65 |
+3pp/-2.5pp |
| EUR |
+/-0.1% |
10,000 |
12 |
+3pp/-2.5pp |
| GBP |
+/-0.1% |
8,000 |
8 |
+3pp/-2.5pp |
| JPY |
+/-0.15% |
1,000,000 |
1,000 |
+3pp/-2.5pp |
| NOK |
+/-0.1% |
100,000 |
65 |
+3pp/-2.5pp |
| PLN |
+/-0.45% |
35,000 |
80 |
+3pp/-2.5pp |
| SEK |
+/-0.1% |
100,000 |
65 |
+3pp/-2.5pp |
| SGD |
+/-0.2% |
17,000 |
17 |
+3pp/-4.5pp |
| USD |
+/-0.1% |
10,000 |
20 |
+3pp/-2.5pp |
| Athens (AT) |
+/-0.6% |
10,000 |
12 |
+3pp/-2.5pp |
| HKD |
+/-0.25% |
95,000 |
90 |
+3pp/-4.5pp |
Trade Costs on CFD
Indices:
Dividends:
Holders of long CFD positions will, when dividends are paid on the
underlying share, qualify for a proportional payout. Holders of short
CFD positions will have to pay an amount equal to the full (gross)
dividend paid on the underlying share.
The amount will be credited/debited your trading account on ex-date,
unless the dividend rate is unconfirmed in which case the dividend is
paid on pay date (e.g. ADR's).
Dividends on CFD positions are paid and debited by TFG Ltd. and not by
the underlying company. Dividends paid or debited are cash adjustments
reflecting corporate actions in the underlying share and as a result
will not take into account special dividend taxes that may be
applicable. CFD dividends may therefore differ from the dividends
payable on the underlying share. Holding a CFD does not confer the
rights to any dividend imputation credits.
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New:
CFDs Trailing Stops from 1 May 2006! Just as with
FX, CFD trailing stop orders are placed to protect any unrealized profit on
a position. The stop order moves with the price of the instrument, and will
stay in place if the instrument price goes against the trader. The order
will be executed if the instrument price falls (long positions) or rises
(short positions) to reach the order's level. The distance (number of pips)
between the instrument price and trailing stop order is specified by the
trader ('Distance to Market').
Example:
Here is an example of
a stop order placed to protect unrealized gains on a long position:
(1) A CFD is bought at 35.43 and a trailing stop order
placed at 35.40. (2) The CFD price rises. (3)
The CFD price continues to rise, but the difference between the price and
the order level is still less than the Distance to Market defined by the
trader. (4) The difference between the CFD price and the
order level exceeds the Distance to Market defined by the trader, and the
order is automatically moved upwards. (5-10) The CFD price
falls, then begins to rise. (11-12) The difference between
the CFD price and the order level again exceeds the Distance to Market, and
the order is automatically moved. (13-14) The price falls.
(15) The CFD market price reaches the level of the order,
and the order is executed at 35.58. (16) The price
continues to fall. (17) The original level of the stop
order, 35.40, is reached. This is where a traditional, non-trailing, stop
order would have been executed.
The Distance to Market
('Dist.') as well as the increments the order moves in ('Step') are defined
by the trader:
 The
distance to market and step size are both in the currency of the CFD |
New: Good Till Date (GTD) order
The order duration is
defined by the user and set at a certain date. The order is cancelled if it
is not executed by that date.
Good Till Date orders are often used when numbers are due
to be published. |
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