Interest Rates Bet Details
These contracts allow you to bet on the direction of a country's 3-month interest rates. In each case, the price of the contract is 100 minus the interest rate. So a price of 93 means an interest rate of 7%, a price of 94 means an interest rate of 6%, and so on. If you think short-term interest rates will fall you 'buy', and if you think they will rise you 'sell'.
Short-term Interest Rates
Notes in [square brackets] are detailed in the 'Notes' tab.
| Market name & dealing hours [6] |
One point means | Bet size equivalent to one contract |
Minimum bet | IG Index spread [2][5] |
Controlled risk premium |
Deposit factor |
|---|---|---|---|---|---|---|
| Australian 30-Day Interbank Rate 21.34-07.30; 08.14-22.30 |
0.01 | AUD25 (varies per contract) | £2 | 1 | 2 | 25 |
| Canadian Bankers' Acceptance Future 11.00-21.00 |
0.01 | CAD25 | £2 | 2 | 1 | 25 |
| Euribor 01.00-06.00; 07.00-21.00 |
0.01 | €25 | £5 | 1 | 2 | 25 |
| Eurodollar 23.00-22.00 |
0.01 | $25 | $2 | 2 | 2 | 25 |
| Euroswiss 07.30-18.00 |
0.01 | CHF25 | £5 | 1 | 4 | 25 |
| Euroyen 23.40-11.05 |
0.01 | JPY2500 | £2 | 3 | 3 | 25 |
| Sterling Deposit 07.30-18.00 |
0.01 | £12.50 | £2 | 1 | 2 | 25 |
These are reflected in the price of government bonds. Bond futures allow you to bet on the direction of long-term interest rates in various countries. For instance, US Treasury Bond, or T-Bond, futures allow you to take a view on long-term interest rates in the US.
Long-term Interest Rates
Notes in [square brackets] are detailed in the 'Notes' tab.
| Market name & dealing hours [6] |
One point means | Bet size equivalent to one contract |
Minimum bet | IG Index spread [2][5] | Controlled Risk premium |
Deposit factor |
|---|---|---|---|---|---|---|
| German Bobl 07.00-21.00 |
0.01 | €10 | £2 | 2 | 3 | 75 |
| German Bund 07.00-21.00 |
0.01 | €10 | £2 | 2 | 5 | 70 |
| German Buxl 07.00-21.00 |
0.01 | €10 | £2 | 2 | 3 | 270 |
| German Schatz 07.00-21.00 |
0.01 | €10 | £2 | 1 | 4 | 10 |
| OAT French Government Bond 07.00-18.00 |
0.01 | €10 | £2 | 4 | 4 | 150 |
| Long-term BTP Italian Government Bond 07.00-18.00 |
0.01 | €10 | £2 | 4 | n/a | 95 |
| Japanese 10-year Government Bond 17.45-18.15 19.30-20.00 21.30-00.00 00.30-08.30 |
0.01 | JPY 10,000 | £2 | 8 | 4 | 26 |
| Canadian 10-year Government Bond 11.00-13.05; 13.20-21.00 |
0.01 | CAD10 | £0.50 | 6 | 5 | 60 |
| Long-term Gilt 08.00-18.00 |
0.01 | £10 | £2 | 2 | 3 | 100 |
| Short-term Gilt 08.00-18.00 |
0.01 | £10 | £2 | 2 | 3 | 20 |
| Treasury Bond (Decimalised) 23.30-22.00 |
0.01 [7] | $10 | £2 | 4 | 8 | 110 |
| Treasury Note (2-year Decimalised) 23.30-22.00 |
0.01 [7] | $10 | £2 | 2 | 8 | 27 |
| Treasury Note (5-year Decimalised) 23.00-22.00 |
0.01 [7] | $10 | £2 | 2 | 8 | 60 |
| Treasury Note (10-year Decimalised) 23.30-22.00 |
0.01 [7] | $10 | £2 | 4 | 8 | 70 |
Find the expiry details for our interest rates markets, including contract months and last dealing days.
Expiry Details
Notes in [square brackets] are detailed in the 'Notes' tab.
| Market name | Contract months | Last dealing day [1][4] |
|---|---|---|
| Short-term interest rates | ||
| Australian 30-Day Interbank Rate |
All months | Last bus. day of month |
| Canadian Bankers' Acceptance Future |
Quarterly | Second bus. day prior to third Wed. of the contract month |
| Euribor (3-month) |
Mar, Jun, Sep, Dec | Two bus. days prior to third Wed. of contract month |
| Eurodollar (3-month) |
Mar, Jun, Sep, Dec | Second bus. day prior to third Wed. of contract month at 11.00 (London time) |
| Euroswiss | Mar, Jun, Sep, Dec | Two bus. days prior to third Wed. of contract month at 11.00 (London time) |
| Euroyen | Mar, Jun, Sep, Dec | Two Singapore bus. days preceding the third Wed. of the contract month |
| Sterling Deposit (3-month) |
Mar, Jun, Sep, Dec | Third Wed. of contract month at 11.00 (London time) |
| Long-term interest rates | ||
| German Bobl | Mar, Jun, Sep, Dec | 3rd bus. day before the 10th of the month |
| German Bund | Mar, Jun, Sep, Dec | 3rd bus. day before the 10th of the month |
| German Buxl | Mar, Jun, Sep, Dec | 3rd bus. day before the 10th of the month |
| German Schatz | Mar, Jun, Sep, Dec | 3rd bus. day before the 10th of the month |
| OAT French Government Bond | Mar, Jun, Sep, Dec | 3rd bus. day before the 10th of the month |
| Long-term BTP Italian Government Bond | Mar, Jun, Sep, Dec | 3rd bus. day before the 10th of the month |
| Japanese 10-year Government Bond | Mar, Jun, Sep, Dec | Usually the 8th Tokyo bus. day prior to 20th calendar day of month at 15.00 JST |
| Canadian 10-year Government Bond | Quarterly | Fourth last bus. day of prior month |
| Long Gilt (6%) | Mar, Jun, Sep, Dec | Third last bus. day of previous month |
| Medium-term Gilt | Quarterly | Third last bus. day of prior month |
| Short-term Gilt | Quarterly | Third last bus. day of prior month |
| Treasury Bond (decimalised) | Mar, Jun, Sep, Dec | Third last bus. day of previous month |
| Treasury Note (2-year decimalised) | Mar, Jun, Sep, Dec | Third last bus. day of previous month |
| Treasury Note (5-year decimalised) | Mar, Jun, Sep, Dec | Third last bus. day of previous month |
| Treasury Note (10-year decimalised) | Mar, Jun, Sep, Dec | Third last bus. day of previous month |
Notes
Notes
1) Bets not already closed by the client expire automatically on the IG last dealing day on the basis set out below plus or minus half the IG spread:
a) Eurodollar at the final settlement price of 90-day Eurodollar futures on CME on the IG last trading day. This settlement price is based on the BBA Interest Settlement Rate.
b) Sterling Deposit based on the Exchange Delivery Settlement Price (EDSP) of the Short Sterling futures on LIFFE. The EDSP is calculated 100 minus the BBA LIBOR for 3-month sterling deposits at 11.00 on the last trading day.
c) Euribor based on the EDSP of EURIBOR futures on LIFFE. The EDSP is calculated as 100 minus the EBF Euribor Offered Rate for 3-month Euro deposits at 11.00 Brussels time on the last trading day.
d) Euroswiss based on the EDSP of Euroswiss futures on LIFFE. The EDSP is calculated as 100 minus minus the BBA LIBOR for 3-month Euroswiss Franc deposits at 11.00 on the last trading day.
e) Euroyen based on the Final Settlement Price of Euroyen futures as reported by SGX.
f) Treasury Bonds and Treasury Notes base the official closing price on the IG last trading day of the relevant futures contract as reported by CBOT.
g) Long Gilts base the official closing price of the LIFFE Long Gilt futures contract on the IG last dealing day.The following notes apply to all of the preceding Forex tables, wherever the corresponding letter is found. This will usually be in the column heading to which it applies.
h) German Bund, Bobl, Schatz, OAT French Government Bond and Long-Term BTP Italian Government Bond at the official settlement price of the relevant futures contract as determined by Eurex at 17.15 CET on the last trading day.
i) Japanese 10-year Government Bond at the final settlement price of the 10-year mini JGB futures as reported by TSE on the last trading day.
j) Australian 30-Day Interbank Rate settles based the SFE Final Settlement Price of the 30-day Interbank Cash Rate Future on the last business day of the month.
k) German Buxl settles based on the Final Settlement Price of the Buxl futures contract as determined by Eurex on the second Frankfurt business day prior to the 10th of the month.
l) Canadian 10-year Government Bond settles based on the official closing price of the Canadian 10-year Government Bond future as reported by the Montreal Exchange on the third last business day of prior month.
m) Canadian Bankers’ Acceptance Future settles based on the official closing price of the Canadian Banking Acceptance Future as reported by the Montreal Exchange on the second business day prior to the third Wednesday of the month.
n) Short Term Gilt settles based on the final settlement price of the LIFFE Short Term Gilt future on the third last business day of the previous month.
2) Spreads shown apply only to months where there is a good volume of trading; in other months the spread may be wider.
3) A quotation in Treasury Bonds or Treasury Notes such as 125-12 means 125 and 12/32. Thus, if an Up Bet were opened at 125-12 and closed at 126-20 the difference between the two levels would be 1 and 8/32, i.e. 40 points.
4) The last dealing day shown in these Bet Details does not always coincide with the last trading day of the relevant exchange. This is because contracts can become illiquid as they approach expiry and market spreads can widen considerably.
5) Spreads are subject to variation, especially in volatile market conditions.
6) Market opening times are given in London time, unless otherwise indicated. Please note that actual trading times are governed by local time in the country of the interest rate or bond’s origin. Consequently, seasonal time adjustments (such as daylight saving) either in the UK or in the country of origin may cause the times shown to be imprecise.
7) The quotation in Treasury Bond/Note Decimalised is presented in hundredths of a full Treasury Bond/Note point. So 11325 is the equivalent of 113-08, because 113-08 means 113 and 8/32, or 113 and a quarter of a point. Contracts will be settled to the nearest 1/100th of a point, as calculated from the relevant settlement provided by the CBOT, converted into decimal form.