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Contract Details - Share CFDs

When trading our Share CFDs you deal at the real market price.

Our CFDs give a client exposure to changes in share prices but cannot result in delivery of actual shares by or to the client.
  1. CFDs are available on most major share listed on the JSE.

  2. Commission charges for CFDs are calculated as a percentage of the transaction value, and are charged in addition to market spread. Market spreads can widen significantly in some circumstances.

  3. Clients will be informed in writing of the commission rates and financing rates which apply to their account at the time the account is opened.

  4. Limited Risk transactions are available on certain shares at our discretion. The premium for a Limited Risk transaction is normally 1.0% for these shares (please note that the Limited Risk premium for all shares may be as much as 1.5% of the transaction value depending on market conditions and the volatility of the particular share).

    The Limited Risk premium is charged when the transaction is opened.

  5. The Margin Percentage for any particular CFD is calculated as a percentage of the opening value of the transaction. Margin requirements for particular shares vary according to volatility and market conditions.

    The Margin Percentage for a Limited Risk CFD transaction is equal to the amount which would be lost if the Stop were triggered, plus a variable % to cover interest and dividend adjustments.

    We reserve the right to alter the Margin Percentage at any time.

  6. There is no minimum opening contract value for CFDs on individual shares.


  7. Dealing hours are as follows:

    SA Shares: 09:00-16:50 (SA time)

  8. For CFDs on individual shares, adjustments to reflect the effect of interest and dividends are calculated daily and posted to the client's account daily.

    • Interest adjustments are calculated as follows:

      D = n x C x i / 360

      Where:
        D = daily interest adjustment
        n = number of shares
        C = current share price
        i = applicable annual interest rate

      Interest in respect of long positions is debited from a client's account and interest in respect of short positions is credited to a client's account at rates which are agreed with each client.

    • A dividend adjustment is applied when a share passes its ex-dividend date (including the ex-date of any special dividend) in the underlying stock market. In the case of long positions, the dividend adjustment is credited to the client's account. In the case of short positions, the dividend adjustment is debited from the client's account. The dividend adjustment is equal to the amount of the net dividend.

  9. Where you open a short share CFD position, you may incur a "borrowing charge" which will be subtracted from the relevant applicable annual interest rate. You will only incur a borrowing charge if we too incur such a charge when we open a hedging trade in respect of the same share in the underlying market; and we will pass the charge onto you with no mark up.

    To determine whether a charge applies, call our dealers in advance of trading. The borrowing charge, and your ability to go short, can be changed at short notice.