Cash versus futures
Cash indices track the spot level and carry a daily financing charge for positions held overnight. Futures-based indices have no daily financing but expire and roll on a schedule.
Take a view on an entire equity market in one position. Index CFDs give you exposure to a basket of companies without picking individual names, with most benchmarks quotable well beyond their cash-market hours.
Global indices
Spreads from, points
Maximum leverage
And futures pricing
The benchmarks that set the tone for every other market, in real time.
| Symbol | Index | Region | Typical spread | Min lot | Max leverage |
|---|---|---|---|---|---|
| US30 | Dow Jones Industrial Average | United States | 2.0 pts | 0.10 | 1:200 |
| US500 | S&P 500 | United States | 0.4 pts | 0.10 | 1:200 |
| NAS100 | Nasdaq 100 | United States | 1.2 pts | 0.10 | 1:200 |
| US2000 | Russell 2000 | United States | 0.6 pts | 0.10 | 1:100 |
| UK100 | FTSE 100 | United Kingdom | 1.0 pts | 0.10 | 1:200 |
| GER40 | DAX 40 | Germany | 1.2 pts | 0.10 | 1:200 |
| FRA40 | CAC 40 | France | 1.0 pts | 0.10 | 1:200 |
| EU50 | Euro Stoxx 50 | Eurozone | 1.5 pts | 0.10 | 1:200 |
| ESP35 | IBEX 35 | Spain | 6.0 pts | 0.10 | 1:100 |
| JP225 | Nikkei 225 | Japan | 7.0 pts | 0.10 | 1:200 |
| HK50 | Hang Seng | Hong Kong | 5.0 pts | 0.10 | 1:100 |
| AUS200 | ASX 200 | Australia | 1.8 pts | 0.10 | 1:100 |
Cash indices track the spot level and carry a daily financing charge for positions held overnight. Futures-based indices have no daily financing but expire and roll on a schedule.
When a constituent goes ex-dividend, the index level drops mechanically. On cash indices we apply an offsetting cash adjustment credited to long positions, debited from short ones.
Cash equity markets close overnight and reopen with a gap that can jump straight over a stop level. Stop-loss orders are filled at the next available price, not necessarily the level you set.
An index position expresses a view on a market rather than a company. You are not exposed to a single earnings miss, a product recall, or an executive departure the idiosyncratic risk of any one constituent is diluted across the basket.
That makes indices well suited to macro trading. If your thesis is about interest rates, inflation or growth, an index is a cleaner expression of it than picking the individual stocks you think will respond best.
Broad exposure in a single position