Extended Trading Hours with Capital Spreads

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Annoucement letter from Capital Spreads follows -:

‘We are pleased to announce that from 23:00 on Sunday 13th September 2009 our dealing desk will operate 24 hours a day which means that we will quote more markets around the clock for you to trade.

What are the benefits to you?

- Take advantage of overnight price movements.

- Dealing lines will be open 24 hours a day which means you are able to trade these markets over the phone.

- Maximum overnight stake sizes will be removed on these markets.

- Your positions will be filled overnight if our quote reaches your stop/limit level so will reduce slippage.

- Overnight financing will now be run just before midnight as opposed to 21:15.

- Trade 24 hours a day on new markets such as US Unleaded Gasoline, Hong Kong Index Future, China Enterprise, Brazil Index and US $ Index.

Please familiarise yourself with the changes to the markets listed in the table below as our new overnight quoting times will affect how your orders are filled.’

FTSE	(23:00 — 21:15) (21:30 — 22.30)	Sun (23:00) — Fri (21:00)
DAX	(23:00 — 21:15) (21:30 — 22:30)	Sun (23:00) — Fri (21:00)
Platinum	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Gold	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Silver	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Copper	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Light Crude Oil	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Natural Gas	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Heating Oil	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Brent	01:00 — 23:00	Mon (01:00) — Fri (21:15)
Gas Oil	01:00 — 23:00	Mon (01:00) — Fri (21:15)
R2K	01:00 — 23:00	Mon (01:00) — Fri (21:15)
Corn	(00:00 — 12:15) (15:30 — 19:15)	Mon (00:00) — Fri (19:15)
Wheat	(00:00 — 12:15) (15:30 — 19:15)	Mon (00:00) — Fri (19:15)
Soybeans	(00:00 — 12:15) (15:30 — 19:15)	Mon (00:00) — Fri (19:15)
Soybean Meal	(00:00 — 12:15) (15:30 — 19:15)	Mon (00:00) — Fri (19:15)
Soybean Oil	(00:00 — 12:15) (15:30 — 19:15)	Mon (00:00) — Fri (19:15)
Live Cattle	23:00 — 22:00	Mon (15:05) — Fri (19:55)
Lean Hogs	23:00 — 22:00	Mon (15:05) — Fri (19:55)
Eurodollar	23:00 — 22:00	Sun (23:30) — Fri (21:15)
US 30 Year	23:30 — 22:00	Sun (23:30) — Fri (21:15)
US 5 Year	23:30 — 22:00	Sun (23:30) — Fri (21:15)
US 10 Year	23:30 — 22:00	Sun (23:30) — Fri (21:15)
Nikkei	(00:45 — 07:25) (09:00 — 21:15)	Mon (00:45) — Fri (21:15)
Oats	(00:00 — 12:15) (15:30 — 19:15)	Sun (00:00) — Fri (19:15)
US Unleaded Gasoline	23:00 — 22:15	Sun (23:00) — Fri (21:15)
Hong Kong Index Future	(02:45 — 05:00) (07:30 — 09:15)	Mon (02:45) — Fri (09:15)
China Enterprise	(02:45 — 05:00) (07:30 — 09:15)	Mon (02:45) — Fri (09:15)
Brazil Index	14:05 — 20:55	Mon (14:05) — Fri (20:55)
US $ Index	01:01 — 22:59	Mon (01:01) — Fri (21:15)

If a market is open for ‘24 hour’ trading this will affect all orders attached to that market.

Markets open after London Capital Group’s normal hours of business (Mon-Fri 07:00-21:00) may be offered on a wider spread than that available in the normal trading hours.

If a 24 hr market is not available for trading for whatever reason clients will not be able to add ‘new’ or amend ‘existing’ orders. If a 24-hour market is not available to trade for whatever reason any orders, which may have been eligible for activation, had the market been open will NOT be filled unless they are still subject to activation upon reopening of the market. If the order is still subject to activation they will be filled at the first available quote on our platform upon reopening of the market.

If a market is unavailable for trading clients will be unable to make any trades in that market until such time as the market reopens.

‘24 hour trading’ may not, in fact, mean the whole 24 hours in any day but may be used as a generic term to refer to a market that is quoted by London Capital Group outside of the company’s normal hours of business (Mon-Fri 07:00-21:00).

Out of hours trading is restricted to much smaller stakes than those available in normal business hours, although clients may close out existing positions of whatever size. Clients will also be unable to build stakes in out of hours markets as, in general, the maximum single stake available will also be the total allowable open position. If a client already has a total open position greater than the maximum allowable stake he/she will not be able to increase that position.

Should any trade subsequently be shown to have been made at an erroneous or unreasonable price to either the client or to London Capital Group that trade will be either rejected or amended to reflect the correct price prevalent at that time. An unreasonable price is defined as a price that is more than the spread quoted by London Capital Group away from the prevailing open market price at the time of placing the trade (i.e. a ‘buy’ made at 1.7589 in GBP/USD or lower when the existing underlying market price should have reflected a quote on our trading platform of 1.7590-96).

All clients’ trades in relevant markets are subject to the market activity of ‘24 hour’ products even if the positions were opened during normal hours of business.

If a ‘new’ order is activated in ‘24hr’ market time that order is subject to the trading limits permissible during ’24 hr’ trading. (i.e. if the trading limit in a ‘24 hour’ market is £10 a point but a client has placed a £20 a point ‘new’ order (even if the order was placed in normal market hours) then that order will be cancelled if activated during hours outside of London Capital Groups’ normal hours of business and no position will be created). This order limit does not apply to stops.

Comments: After-hours trading is a thing of the present although of course before you decide to start spread betting after-hours, you need to educate yourself about the differences between regular and extended trading hours – one of the main differences being that spreads during out-of-hours markets will usually be wider as the underlying market is closed. Prices quoted out-of-hours are based on in-house provider algorithms and other markets (depending on the product).

Tags: capital spreads, CapitalSpreads

This entry was posted on Tuesday, September 8th, 2009 at 9:19 pm and is filed under Broker News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.