Market Information Sheets

Market Information Sheets

MARKET INFORMATION SHEETS

Contents

  1. MT4 - Forex
  2. Interest Rates Used for Overnight Finance Adjustments
  3. MT4 - Index & Commodity CFD Markets
  4. DMA CFD (Equities) Markets & Margin Rates*
  5. DMA CFD (Futures) 
  6. Platform Margin and Liquidation Levels

 

 

MT4 - Forex

See the table below for our full range of Forex and Metals instruments available on the MT4 platform.

*Please note that exotic pairs are prone to wider spreads outside of normal market conditions.

Our FX CFDs are a special form of CFD which give you exposure to underlying exchange rates BUT they are cash-settled, so they cannot result in delivery of the underlying currency.

All of Invasts’ FX markets are based on the spot FX markets. Our currency markets are traded 24 hours. Any trades not closed out by approximately 17:00 ET time will be subject to a finance adjustment (credit or debit).

Finance adjustments are made to trades held overnight (i.e. after 17:00 ET time) on rolling markets. For trades on currencies, this is calculated as follows:

f = (s x p x r) / d
where
f = daily financing charge
s = the number of CFDs you hold in the 1st currency
p = roll-over price (the Invasts mid-price at 17:00 ET time that day)
r = differential of relevant overnight LIBOR rate of 1st named currency and that of 2nd named currency
d = number of days, i.e. where the 2nd named currency is GBP or AUD we use 365 days. Otherwise we use 360 days

If the first currency has a higher interest rate, then you are credited interest for running a long position and debited interest for running a short position.
If the first currency has a lower interest rate, then you are debited interest for running a long position and credited interest for running a short position.

A quick way to work out potential profit is to think of the value of one "pip", i.e. for GBP/USD, for 100,000 CFDs each pip has a value of $10).

Interest Rates Used for Overnight Finance Adjustments

Finance adjustments apply to open positions at 17:00 ET.

Currency

Rate Used

 

 

AED

EIBOR 1 week

EIBOR = Emirates Interbank Offer Rate

 

AUD

Australian Dollar Overnight Deposit Rate

   

CAD

Canadian Dollar Overnight Rate

   

CHF

BBA LIBOR spot next

BBA = British Bankers’ Association

LIBOR = London Interbank Offered Rate

CZK

PRIBOR overnight

   

DKK

DKK Deposit Overnight Rate

   

EUR

BBA LIBOR overnight

BBA = British Bankers’ Association

LIBOR = London Interbank Offered Rate

GBP

BBA LIBOR overnight

BBA = British Bankers’ Association

LIBOR = London Interbank Offered Rate

HKD

HIBOR overnight

HIBOR = Hong Kong Interbank Offered Rate

 

HUF

BUBOR overnight

BUBOR = Budapest Interbank Offered Rate

 

ILS

Tel Aviv Interbank Offered 1 Month

   

JPY

BBA LIBOR overnight

BBA = British Bankers’ Association

LIBOR = London Interbank Offered Rate

MXN

Mexican overnight T-bill rate

   

NOK

NIBOR one week

NIBOR = Norway Interbank Offered Rate

 

NZD

NZD Overnight Deposit Rate

   

PLN

Warsaw Interbank Offer Rate overnight

   

RON

BUBRON

BUBRON = Bucharest Interbank Offer/Bid Rates

 

RUB

Russian Moscow Interbank Annual Non Compounding 1 Day

   

SAR

SAR Tomorrow Next Deposit

SAR = Saudi Riyal

 

SEK

Stockholm Interbank Offered Rate tom next

   

SGD

Association of Banks in Singapore SIBOR 1 month

SIBOR = Singapore Interbank Borrowing Rate

 

THB

Thailand BIBOR Fixings Overnight

BIBOR = Bangkok Interbank Offered Rate

 

TRY

TUIBON

TUIBON = Turkish Interbank Rates

 

USD

BBA LIBOR overnight

BBA = British Bankers’ Association

LIBOR = London Interbank Offered Rate

ZAR

Johannesburg Interbank Agreed Rate 1 month

   

 

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 Invasts 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 Invasts’ usual times for trading a market; these may vary e.g. on market holidays and where daylight saving applies.

Unless indicated otherwise, times shown are Eastern time.

Our normal dealing hours are from 07:00 ET Sunday to 17:00 ET on Friday.

Spreads

The spreads shown may vary according to underlying market liquidity, or in "fast markets".

MT4 - Index & Commodity CFD markets

Traders often make the transition to Index CFDs due to the depth of liquidity and the simple nature of the product. Rather than reflecting the price of a single stock, Index CFDs track the value of an overall market. Traders can take a long or short trade in the index CFD and potentially profit from a market move in either direction.

Index CFDs offer a great way for you to take a position according to your view of the overall market, without trying to pick individual stocks and assemble a portfolio. Your exposure is taken in one trade - quick and easy.

Index CFDs are also a great way to hedge your equity portfolio quickly and easily in times of doubt. If you are uncertain about the direction of the market, you can protect the value of your equity portfolio by selling Index CFDs.

Click the button below to download our full range of MT4 Index and Commodity CFD markets.

Financial Adjustments

All finance adjustments for open positions in cash indices are carried out at or after 17:00 ET.

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 Invast
r = relevant overnight LIBOR rate, PLUS 250 basis points for long positions, or MINUS 250 basis points for short positions
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 charge.

Short (sell) positions are credited the daily financing charge.

Trading Hours

Times shown are Invast's 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". Invast will make adjustments to those accounts with a position in an affected index, if that position is open at 17:00 Eastern Time on the day prior to the ex-dividend date of the constituent shares.

Invast 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. Invast 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.

Fair Value: Invast 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 Invast's estimate of current fair value. Invast will adjust its internal fair value calculations at 17:00 Eastern Time on the day prior to constituent shares going ex-dividend, to reflect an index dividend.

IRESSTrader - DMA CFD markets and margin rates

DMA CFD (Equities) Markets & Margin Rates*

*Information was last updated on the 16th June 2016. Margin rates can change on a daily basis. Clients should refer within the IRESSTrader platform for the most up to date information.

DMA CFD (Futures)   

It is important to note that futures CFDs are expiring contracts that are cash settled according to predetermined schedules and settlement procedures published by the relevant underlying exchange.

IRESSTrader - FX/Precious Metals & Index CFDs

FX & Precious Metals

*Information was last updated on the 24th August 2016.

Index CFDs 

*Information was last updated on the 24 August 2016.

Platform Margin and Liquidation Levels

Invast has policies around monitoring client positions, Variation Margin Calls and liquidations. Invast uses real-time monitoring and open risk positions can be viewed on the respective platforms. It is your responsibility to monitor your positions and to ensure that you meet your margin requirements and maintenance levels at all times. You will need to allow additional time for funds to be cleared in your trading account.  Invast does not send out email notifications for margin call or liquidations, and any emails sent should be treated as optional courtesy emails only. 

Please see below are the margin call and liquidation levels for our respective platforms. 

MT4

Margin Level (%) = Equity / Margin
Margin Call: Margin Level (%) ≤120% 
Liquidation: Margin Level (%) = 90%

IRESSTrader

Initial Margin Used (%) = Initial Margin / GLV (Gross Liquidation Value)
Margin Call: Initial Margin Used >100%
Liquidation: Margin Level (%) ≥150%

PortfolioInvestor

Initial Margin Used (%) = Initial Margin / GLV (Gross Liquidation Value)
Margin Call: Initial Margin Used >100%
Liquidation: Margin Level (%) ≥150%