Market Information Sheets

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CFD Commodities

Commodity	Symbol	Spread	IM Factor (Margin Req)	Trading Hours	Min / Max Size	† Tick Factor	Currency	Example Price	Lot Size of Underlying Market	Last Update
Spot Brent Crude Oil	.BRENT	5 (14:00 to 19:30 London time); Underlying futures market bid/ask spread will be added to GFT spread outside these times	2%	01:00 - 23:00 London time (close at 22:00 London time on Fridays and open at 23:00 Sundays) (can change around Daylight Savings switch). One trading day prior to the expiry of the underlying ICE futures contract, trading ceases at 19:30 London time and recommences at 01:00 London time the next trading day	1 / 100	1	USD	7450	1 CFD = 100 barrels	8/19/2009 7:46:20 PM
Spot Gold	.GOLD	0.5 (i.e. 5 with tick factor per 0.1)	1%	18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break)	1 / 500	0.1	USD	653.2	1 CFD = 10 troy ounces	8/9/2009 4:12:11 PM
Spot Silver	.SILVER	3 (i.e. 30 with tick factor per 0.1)	1%	18:00 - 17:15 ET (i.e. 24 hours with a 45 minute break)	1 / 250	0.1	USD	1393.5	1 CFD = 1000 troy ounces	8/9/2009 4:12:31 PM
Spot WTI Light Crude Oil	.WTI	0.05 (i.e. 5 with trade per 0.01) (14:00 to 19:30 London time); Underlying futures market bid/ask spread will be added to GFT spread outside these times	2%	18:00 - 17:15 ET. Sunday open at 18:00 ET, Friday close at 17:00 ET. One trading day prior to GFT's last dealing day, trading ceases at 14:30 ET and recommences at 18:00 ET	1 / 100	0.01	USD	7450	1 CFD = 100 barrels	11/16/2009 10:19:42 AM

Minimum / Maximum Trade Sizes

Maximum trade sizes vary according to underlying liquidity, market conditions and whether the underlying market is classed as being quoted by GFT Global Markets 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 minimum number of CFDs (or "trade size") for markets with GFT Global Markets is 100 for individual equities, and 1 CFD for all other markets. The lot size of the corresponding underlying market is provided for your information, as a guide to underlying 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.

Spot Oil Markets

We offer a non-expiring futures market based on the front month ("spot") futures price of WTI and Brent crude oil.

One trading day prior to the expiry date of the futures market, GFT will:

Adjust the quote of the market by the difference between the last traded prices of the spot (front) month and the next month's price at 14:30 Eastern Time (the spread).
Make a credit/debit adjustment to accounts with open positions based on the spread.
Adjust any working stop or limit orders based on the spread.

Example:

On 1 January, GFT quotes 6110 - 6115 for the spot WTI market. This price is based on the current front month for WTI, which in this example is the February 2009 contract.

You decide to BUY 10 CFDs and hold your position open through the next month.
On 15 January, GFT switches from using the February 2009 quote to the March 2009 quote as the basis for the spot price, because the underlying February 2009 futures market expires on 16 January.
The last traded prices of the underlying NYMEX futures contract for the spot month are 6150 (Feb) and for the next month 6200 (March.) so GFT's price is adjusted up by 50 points.
Your open position is adjusted by a factor of 50 (+50 for short positions, -50 for long positions.) In this example, the account will be debited (+50 x 10) = $500.
As the price has risen by 50, the net financial effect of the roll is zero.
In other words, because the spot quote rose by 50 points, your account would be debited the equivalent of 50 points to adjust for the change in quote. If the quote had fallen by 50 points, you would be credited the equivalent of 50 points.This happens each month when the new quote is issued.

Trading Hours

Times shown are GFT Global Markets' 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 London time.

Our normal dealing hours are from 22:00 Sunday to 22:00 on Friday.

Spreads

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

The spreads shown for Commodities may be added to the market spread of the underlying market.

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