Trading conditions

The FX Fixed Trading Conditions display the Standard Bid-Ask Spread (Pips) for FX Instruments unless otherwise stated. Standard Spreads are as stated under Normal Market Conditions. Spreads can widen depending on market conditions up to a maximum of Standard Spread x3 (Triple).

Spread Cost Formula: Spread x Trade Size = Spread Charge in Secondary Currency*

*Secondary Currency is the Second Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example 1

For a 1,000 EUR/USD Trade, with a Spread of 3 pips (0.0003), the calculation is as follows:

0.0003 X 1,000 = $0.30*

*The $0.30 is a US Dollar amount as Pips are calculated in the Secondary Currency, in this example the USD is the Secondary Currency in the pair EUR/USD (EUR = Primary, USD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1,000 USD/JPY Trade, with a Spread of 4 pips (0.04), the calculation is as follows:

0.04 X 1,000 = ￥40.00*

*The ￥40.00 is a Japanese Yen amount as Pips are calculated in the Secondary Currency, in this example the JPY is the Secondary Currency in the pair USD/JPY (USD = Primary, JPY = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 1,000 GBP/CAD Trade, with a Spread of 12 pips (0.0012), the calculation is as follows:

0.0012 X 1,000 = C$1.20*

*The C$1.20 is a Canadian Dollar amount as Pips are calculated in the Secondary Currency, in this example the CAD is the Secondary Currency in the pair GBP/CAD (GBP = Primary, CAD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Spreads for FX Fixed Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE is a market maker and is therefore compensated through the Bid-Ask spread except when otherwise stated. FLTRADE does not charge commissions on any trade.

All Instruments are traded on Margin allowing you to Leverage your positions. The FX Fixed Trading Conditions display both Margin & Leverage Amounts; Margin is displayed as a Percentage (%) while Leverage is displayed as a Ratio.

Percentage Margin Formula: Trade Size x Margin (%) = Margin Required in Primary Currency*

Leverage Margin Formula: Trade Size / Leverage = Margin Required in Primary Currency*

*Primary Currency is the First Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example 1

For a 1,000 EUR/USD Trade, with a Margin Requirement of 0.50% or Leverage of 200:1, the calculation are as follows:

Percentage Margin Requirement: 1,000 x 0.005 = €5.00*

Leverage Margin Requirement: 1,000 / 200 = €5.00*

*The €5.00 is a Euro amount as Margin is calculated in the Primary Currency of the pair (EUR/USD: EUR = Primary, USD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1,000 USD/JPY Trade, with a Margin Requirement of 0.50% or Leverage of 200:1, the calculations are as follows:

Percentage Margin Requirement: 1,000 x 0.005 = $5.00*

Leverage Margin Requirement: 1,000 / 200 = $5.00*

*The $5.00 is a US Dollar amount as Margin is calculated in the Primary Currency of the pair (USD/JPY: USD = Primary, JPY = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 1,000 GBP/CAD Trade, with a Margin Requirement of 0.25% or Leverage of 400:1, the calculations are as follows:

Percentage Margin Requirement: 1,000 x 0.0025 = ￡2.50*

Leverage Margin Requirement: 1,000 / 400 = ￡2.50*

*The ￡2.50 is a Great British Pound amount as Margin is calculated in the Primary Currency of the pair (GBP/CAD: GBP = Primary, CAD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Margin Requirements for FX Fixed Instruments can be found on the FLTRADE Trading Conditions Table above .

The FX Fixed Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a 360 day basis for holding a position open past our End of Day time. These rates are displayed in the "Premium Buy" and "Premium Sell" columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Daily Premium amount using the published Premiums:

Trade Amount x Premium or Interest Rate x Number of days = Premium Charged/Paid*360 Days

*Premium Charged/Paid will be calculated in the Primary Currency; Primary Currency is the First Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example 1

For a 1,000 EUR/USD Trade, with a Premium Buy (or Sell) rate of -1.00% and subject to a charge for 1 day, the calculation is as follows:

(1,000 x -0.01 x 1)/360 = -10/360 = -0.02778 = -€0.03* rounded

*The -€0.03 is a Euro amount as the EUR is the Primary Currency in the pair (EUR/USD: EUR = Primary, USD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a 1,000 USD/JPY Trade, with a Premium Buy (or Sell) rate of -1.00%, and subject to a charge for 1 day, the calculation is as follows:

(1,000 x -0.01 x 1)/360 = -10/360 = -0.02778 = -$0.03* rounded

*The -$0.03 is a US Dollar amount as the USD is the Primary Currency in the pair (USD/JPY: USD = Primary, JPY = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a 1,000 GBP/CAD Trade, with a Premium Buy (or Sell) rate of -1.00%, and subject to a charge for 1 day, the calculation is as follows:

(1,000 x -0.01 x 1)/360 = -10/360 = -0.02778 = -￡0.03* rounded

*The -￡0.03 is a Great British Pound amount as the GBP is the Primary Currency in the pair (GBP/CAD: GBP = Primary, CAD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All Premium Buy & Sell Rates for FX Fixed Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE includes a standard mark-up of -30 basis points on the Bid & +30 basis points on the Ask of the O/N Market Lending Rates used in calculating its Buy/Sell Premiums; these rates are updated on a regular basis. Please note that some Premium calculations include a higher mark-up.

The FX Floating (MT4 only) Trading Conditions display the Minimum & Typical Bid-Ask Spreads (Pips) for Floating Instruments unless otherwise stated. Typical Spreads are derived from the median value of the respective spreads during trading hours (07.00-18.00 GMT) from the previous quarter.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Secondary Currency*

*Secondary Currency is the Second Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example 1

For a 1,000 EUR/USD Trade, with a Spread of 3 pips (0.0003), the calculation is as follows:

0.0003 X 1,000 = $0.30*

*The $0.30 is a US Dollar amount as Pips are calculated in the Secondary Currency, in this example the USD is the Secondary Currency in the pair (EUR/USD: EUR = Primary, USD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1,000 USD/JPY Trade, with a Spread of 4 pips (0.04), the calculation is as follows:

0.04 X 1,000 = ￥40.00*

*The ￥40.00 is a Japanese Yen amount as Pips are calculated in the Secondary Currency, in this example the JPY is the Secondary Currency in the pair (USD/JPY: USD = Primary, JPY = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 1,000 GBP/CAD Trade, with a Spread of 12 pips (0.0012), the calculation is as follows:

0.0012 X 1,000 = C$1.20*

*The C$1.20 is a Canadian Dollar amount as Pips are calculated in the Secondary Currency, in this example the CAD is the Secondary Currency in the pair (GBP/CAD: GBP = Primary, CAD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Spreads for FX Floating (MT4 only) Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE is a market maker and is therefore compensated through the Bid-Ask spread except when otherwise stated. FLTRADE does not charge commiss ions on any trade.

All Instruments are traded on Margin allowing you to Leverage your positions. The FX Floating (MT4 only) Trading Conditions display both Margin & Leverage Amounts; Margin is displayed as a Percentage (%) while Leverage is displayed as a Ratio.

Percentage Margin Formula: Trade Size x Margin (%) = Margin Required in Primary Currency*

Leverage Margin Formula: Trade Size / Leverage = Margin Required in Primary Currency*

*Primary Currency is the First Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example 1

For a 1,000 EUR/USD Trade, with a Margin Requirement of 0.25% or Leverage of 400:1, the calculation are as follows:

Percentage Margin Requirement: 1,000 x 0.0025 = €2.50*

Leverage Margin Requirement: 1,000 / 400 = €2.50*

*The €2.50 is a Euro amount as Margin is calculated in the Primary Currency of the pair (EUR/USD: EUR = Primary, USD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1,000 USD/JPY Trade, with a Margin Requirement of 0.25% or Leverage of 400:1, the calculations are as follows:

Percentage Margin Requirement: 1,000 x 0.005 = $2.50*

Leverage Margin Requirement: 1,000 / 200 = $2.50*

*The $2.50 is a US Dollar amount as Margin is calculated in the Primary Currency of the pair (USD/JPY: USD = Primary, JPY = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 1,000 GBP/CAD Trade, with a Margin Requirement of 0.25% or Leverage of 400:1, the calculations are as follows:

Percentage Margin Requirement: 1,000 x 0.0025 = ￡2.50*

Leverage Margin Requirement: 1,000 / 400 = ￡2.50*

*The ￡2.50 is a Great British Pound amount as Margin is calculated in the Primary Currency of the pair (GBP/CAD: GBP = Primary, CAD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Margin Requirements for FX FX Floating (MT4 only) Instruments can be found on the FLTRADE Trading Conditions Table above .

The FX Floating (MT4 only) Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a 360 day basis for holding a position open past the End of Day time. These are displayed in the "Premium Buy" and "Premium Sell" columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

You can use the following formula to calculate your Daily Premium amount using the published Premiums:

Trade Amount x Premium or Interest Rate x Number of days = Premium Charged/Paid*360 Days

*Premium Charged/Paid will be calculated in the Primary Currency; Primary Currency is the First Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example 1

For a 1,000 EUR/USD Trade, with a Premium Buy (or Sell) rate of -1.00% and subject to a charge for 1 day, the calculation is as follows:

(1,000 x -0.01 x 1)/360 = -10/360 = -0.02778 = -€0.03* rounded

*The -€0.03 is a Euro amount as the EUR is the Primary Currency in the pair (EUR/USD: EUR = Primary, USD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a 1,000 USD/JPY Trade, with a Premium Buy (or Sell) rate of -1.00%, and subject to a charge for 1 day, the calculation is as follows:

(1,000 x -0.01 x 1)/360 = -10/360 = -0.02778 = -$0.03* rounded

*The -$0.03 is a US Dollar amount as the USD is the Primary Currency in the pair (USD/JPY: USD = Primary, JPY = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a 1,000 GBP/CAD Trade, with a Premium Buy (or Sell) rate of -1.00%, and subject to a charge for 1 day, the calculation is as follows:

(1,000 x -0.01 x 1)/360 = -10/360 = -0.02778 = -￡0.03* rounded

*The -￡0.03 is a Great British Pound amount as the GBP is the Primary Currency in the pair (GBP/CAD: GBP = Primary, CAD = Secondary). If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All Premium Buy & Sell Rates for FX Floating (MT4 only) Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE includes a standard mark-up of -30 basis points on the Bid & +30 basis points on the Ask of the O/N Market Lending Rates used in calculating its Buy/Sell Premiums; these rates are updated on a regular basis. Please note that some Premium calculations include a higher mark-up.

The Commodities Trading Conditions display the Standard Bid-Ask Spread OR 'Spread Over Market' for Commodity Instruments unless otherwise stated. Standard Spreads are as stated under Normal Market Conditions while the 'Spread Over Market' is the Mark-up FLTRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example 1

For a 10 barrel Crude Oil Trade, with a Spread of 4 pips ($0.04), the calculation is as follows:

0.04 X 10 = $0.40*

*The $0.40 is a US Dollar amount as Pips for Commodities are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1 bushel Soybean Trade, with a Spread of 6 pips ($1.50), the calculation is as follows:

1.50 X 1 = $1.50*

*The $1.50 is a US Dollar amount as Pips for Commodities are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 1 oz. Gold Trade, with a Spread of 60 pips ($0.60), the calculation is as follows:

0.60 X 1 = $0.60*

*The $0.60 is a US Dollar amount as Pips for Commodities are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Spreads & Currency Denominations for Commodities Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE is a market maker and is therefore compensated through the Bid-Ask spread except when otherwise stated. FLTRADE does not charge commissions on any trade.

All Instruments are traded on Margin allowing you to Leverage your positions. The Commodities Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example 1

For a 10 barrel Crude Oil Trade, with a Market Price of $98.00 and a Margin Requirement of 1.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 98 x 0.01 = $9.80*

*The $9.80 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1 bushel Soybean Trade, with a Market Price of $1450 and a Margin Requirement of 3.00%, the calculation is as follows:

Percentage Margin Requirement: 1 x 1450 x 0.03 = $43.50*

*The $43.50 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 1 oz. Gold Trade, with a Market Price of $1650 and a Margin Requirement of 0.50%, the calculation is as follows:

Percentage Margin Requirement: 1 x 1650 x 0.005 = $8.25*

*The $8.25 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Margin Requirements for Commodities Instruments can be found on the FLTRADE Trading Conditions Table above .

The Commodities Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a 360 day basis for holding a position open past the End of Day time. These are displayed in the "Premium Buy" and "Premium Sell" columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

Formula to calculating your Daily Premium charge using the published Premiums:

Amount x Current Price x Premium Buy or Sell Rate x Number of days = Premium Charged/Paid * 360 Days

*Premium Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example 1

For a 10 barrel Crude Oil Trade, with a Market Price of $98.00 and a Premium Buy (or Sell) rate of -0.20%, and subject to a charge for 1 day, the calculation is as follows:

(10 x 98.00 x -0.002 x 1)/360 = -1.96/360 = -0.005444 = -$0.01* rounded.

*The -$0.01 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a 1 bushel Soybean Trade, with a Market Price of $1450 and a Premium Buy (or Sell) rate of -0.25%, and subject to a charge for 1 day, the calculation is as follows:

(1 x 1450 x -0.0025 x 1)/360 = -3.625/360 = -0.010069 = -$0.01* rounded.

*The -$0.01 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a 1 oz. Gold Trade, with a Market Price of $1650 and a Premium Buy (or Sell) rate of -1.00%, and subject to a charge for 1 day, the calculation is as follows:

(1 x 1650 x -0.01 x 1)/360 = -16.50/360 = -0.04583 = -$0.05* rounded.

*The -$0.05 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All Premium Buy/Sell Rates & Currency Denominations for Commodity Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE includes a standard mark-up of -30 basis points on the Bid & +30 basis points on the Ask of the O/N Market Lending Rates used in calculating its Buy/Sell Premiums; these rates are updated on a regular basis. Please note that some Premium calculations include a higher mark-up.

FLTRADE quotes futures contracts on many of its non-FX instruments; specified under the "Quoted Months" column of the Trading Conditions for that Instrument.

When a Futures Contract approaches its Expiry Date or First Notice Date FL will Rollover all Open Positions to the next Tradable Contract at the time specified in the CFD Rollover Dates section of our website.

Clients with Open Positions who do not wish to have their positions Rolled Over into the Next Contract should close their positions before the Scheduled Rollover.

FLTRADE adjusts accounts with Open Positions in Maturing Instruments to ensure Clients do not Gain/Lose due to differences in Price between Old & New contracts. Clients will incur costs in relation to the Spread Cost in closing the Old contract and Opening the New Contract and a Standard O/N Premium charge.

To Calculate the Rollover FLTRADE takes a MID Rate for the Old Contract (Current Traded Contract) and the New Contract (Next Tradable Contract) at exactly the same time before the contract closes for trading. We then calculate the Difference in Price between Contracts, adjust this for our Spread and Overnight Premium Costs, and the resulting amount is either Credited or Debited to the clients account via Premiums.

Note: There are NO other costs incurred by Clients involved in the rolling over of Futures Contracts.

Formula used by FL for calculating a Rollover Charge:

(Amount x (New Contract Price - Old Contract Price)) + (Spread Costs*) + (Overnight Premium Costs)

*Spread Costs are calculated based on Market Spreads at the time of the Rollover Calculation.

General Rule of Thumb:

New Price < Old Price = Credit for Long Positions / Debit for Short Positions

New Price > Old Price = Debit for Long Positions / Credit for Short Positions

Example 1

For a 10 barrel Crude Oil Trade, with a Market Price of $98.50 and a Difference in Contracts of +50 Pips ($0.50), the calculation is as follows:

Long Position: (10 x -0.50) + (-0.04 x 10) + ((10 x 98.50 x -0.002 x 1)/360)) = -5.00 + (-0.40) + (-0.01) = -$5.41
Short Position: (10 x +0.50) + (-0.04 x 10) + ((10 x 98.50 x -0.002 x 1)/360)) = 5.00 + (-0.40) + (-0.01) = +$4.59

Example 2

For a 1 bushel Soybean Trade, with a Market Price of $1450 and a Difference in Contracts of -6,000 Pips (-$60), the calculation is as follows:

Long Position: (1 x +60.00) + (-1.25 x 1) + ((1 x 1450 x -0.0025 x 1)/360)) = 60.00 + (-1.25) + (-0.01) = +$58.74
Short Position: (1 x -60.00) + (-1.25 x 1) + ((1 x 1450 x -0.0025 x 1)/360)) = -60.00 + (-1.25) + (-0.01) = -$61.26

All Rollover Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All upcoming Rollover Dates for ALL Instruments can be found on the FLTRADE CFD Rollover Dates page: CFD-Rollover-Dates

FLTRADE cannot provide Rollover Adjustment Information before the Adjustment occurs, if clients do not wish to incur a Rollover Adjustment please close Open Positions in Maturing Instruments before the Scheduled Rollover.

The Stock Indices Trading Conditions display the 'Spread Over Market' for Stock Index Instruments unless otherwise stated. The 'Spread Over Market' is the Mark-up FLTRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example 1

For a 1 index S&P500 Trade, with a Spread of 75 Pips ($0.75), the calculation is as follows:

0.75 X 1 = $0.75*

*The $0.75 is a US Dollar amount as Pips for Stock Indices are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1 index CAC 40 Trade, with a Spread of 300 pips (€3.00), the calculation is as follows:

3.00 X 1 = €3.00*

*The €3.00 is a Euro amount as Pips for Stock Indices are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 100 index NIKKEI225 Trade, with a Spread of 30 pips (￥30), the calculation is as follows:

30.00 X 100 = ￥3,000*

*The ￥3,000 is a Japanese Yen amount as Pips for Stock Indices are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Spreads & Currency Denominations for Stock Index Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE is a market maker and is therefore compensated through the Bid-Ask spread except when otherwise stated. FLTRADE does not charge commissions on any trade.

All Instruments are traded on Margin allowing you to Leverage your positions. The Stock Indices Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example 1

For a 1 Index S&P500 Trade, with a Market Price of $1400 and a Margin Requirement of 0.50%, the calculation is as follows:

Percentage Margin Requirement: 1 x 1, 400 x 0.005 = $7.00*

*The $7.00 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a 1 Index CAC 40 Trade, with a Market Price of €3500 and a Margin Requirement of 2.00%, the calculation is as follows:

Percentage Margin Requirement: 1 x 3,500 x 0.02 = €70.00*

*The €70.00 is a Euro amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a 100 Index NIKKEI225 Trade, with a Market Price of ￥10500 and a Margin Requirement of 2.00%, the calculation is as follows:

Percentage Margin Requirement: 100 x 10,500 x 0.02 = ￥21,000*

*The ￥21,000 is a Japanese Yen amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Margin Requirements for Stock Index Instruments can be found on the FLTRADE Trading Conditions Table above .

The Stock Indices Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a 360 day basis for holding a position open past the End of Day time. These are displayed in the "Premium Buy" and "Premium Sell" columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

Formula to calculating your Daily Premium charge using the published Premiums:

Amount x Current Price x Premium Buy or Sell Rate x Number of days = Premium Charged/Paid * 360 Days

*Premium Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example 1

For a 1 Index S&P500 Trade, with a Market Price of $1400 and a Premium Buy (or Sell) rate of -0.50%, and subject to a charge for 1 day, the calculation is as follows:

(1 x 1,400 x -0.005 x 1)/360 = -7.00/360 = -0.01944 = -$0.02* rounded.

*The -$0.02 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a 1 Index CAC 40 Trade, with a Market Price of €3500 and a Premium Buy (or Sell) rate of -0.50%, and subject to a charge for 1 day, the calculation is as follows:

(1 x 3,500 x -0.005 x 1)/360 = -17.50/360 = -0.04861 = -€0.05* rounded.

*The -€0.05 is a Euro amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a 100 Index NIKKEI225 Trade, with a Market Price of ￥10500 and a Premium Buy (or Sell) rate of -1.00%, and subject to a charge for 1 day, the calculation is as follows:

(100 x 10,500 x -0.01 x 1)/360 = -10,500/360 = -29.16667 = -￥29.17* rounded.

*The -￥29.17 is a Japanese Yen amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All Premium Buy/Sell Rates & Currency Denominations for Stock Index Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE includes a standard mark-up of -30 basis points on the Bid & +30 basis points on the Ask of the O/N Market Lending Rates used in calculating its Buy/Sell Premiums; these rates are updated on a regular basis. Please note that some Premium calculations include a higher mark-up.

FLTRADE quotes futures contracts on many of its non-FX instruments; specified under the "Quoted Months" column of the Trading Conditions for that Instrument.

When a Futures Contract approaches its Expiry Date or First Notice Date FL will Rollover all Open Positions to the next Tradable Contract at the time specified in the CFD Rollover Dates section of our website.

Clients with Open Positions who do not wish to have their positions Rolled Over into the Next Contract should close their positions before the Scheduled Rollover.

FLTRADE adjusts accounts with Open Positions in Maturing Instruments to ensure Clients do not Gain/Lose due to differences in Price between Old & New contracts. Clients will incur costs in relation to the Spread Cost in closing the Old contract and Opening the New Contract and a Standard O/N Premium charge.

To Calculate the Rollover FL takes a MID Rate for the Old Contract (Current Traded Contract) and the New Contract (Next Tradable Contract) at exactly the same time before the contract closes for trading. We then calculate the Difference in Price between Contracts, adjust this for our Spread and Overnight Premium Costs, and the resulting amount is either Credited or Debited to the clients account via Premiums.

Note: There are NO other costs incurred by Clients involved in the rolling over of Futures Contracts.

Formula used by FL for calculating a Rollover Charge:

(Amount x (New Contract Price - Old Contract Price)) + (Spread Costs*) + (Overnight Premium Costs)

*Spread Costs are calculated based on Market Spreads at the time of the Rollover Calculation.

General Rule of Thumb:

New Price < Old Price = Credit for Long Positions / Debit for Short Positions

New Price > Old Price = Debit for Long Positions / Credit for Short Positions

Example 1

For a 1 index S&P500 Trade, with a Market Price of $1425 and a Difference in Contracts of +2500 Pips ($25), the calculation is as follows:

Long Position: (1 x -25.00) + (-0.50 x 1) + ((1 x 1425 x -0.005 x 1)/360)) = -25.00 + (-0.50) + (-0.02) = -$25.52
Short Position: (1 x +25.00) + (-0.50 x 1) + ((1 x 1425 x -0.005 x 1)/360)) = 25.00 + (-0.50) + (-0.02) = +$24.48

Example 2

For a 1 Index CAC 40 Trade, with a Market Price of €3500 and a Difference in Contracts of -7,500 Pips (-€75), the calculation is as follows:

Long Position: (1 x -75.00) + (-1.50 x 1) + ((1 x 3500 x -0.005 x 1)/360)) = -75.00 + (-1.50) + (-0.05) = -€76.55
Short Position: (1 x +75.00) + (-1.50 x 1) + ((1 x 3500 x -0.005 x 1)/360)) = +75.00 + (-1.50) + (-0.05) = +€73.45

All Rollover Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All upcoming Rollover Dates for ALL Instruments can be found on the FLTRADE CFD Rollover Dates page: CFD-Rollover-Dates

FLTRADE cannot provide Rollover Adjustment Information before the Adjustment occurs, if clients do not wish to incur a Rollover Adjustment please close Open Positions in Maturing Instruments before the Scheduled Rollover.

The Individual Equities Trading Conditions display the 'Spread Over Market' for Individual Equity Instruments unless otherwise stated. The 'Spread Over Market' is the Mark-up FLTRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example 1

For a trade of 1 APPLE share, with a Spread of 12 pips (0.12), the calculation is as follows:

0.12 X 1 = $0.12*

*The $0.12 is a US Dollar amount as Pips for Individual Equities are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a trade of 10 ALLIANZ shares, with a Spread of 150 pips (0.150), the calculation is as follows:

0.150 X 10 = €1.50*

*The €1.50 is a Euro amount as Pips for Individual Equities are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a trade of 100 HSBC shares, with a Spread of 80 pips (0.80), the calculation is as follows:

0.80 X 100 = 80.0 or ￡0.80*

(UK shares are quoted in pennies so divide by 100: 80/100)

*The ￡0.80 is a Great British Pounds amount as Pips for Individual Equities are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Spreads & Currency Denominations for Individual Equity Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE is a market maker and is therefore compensated through the Bid-Ask spread except when otherwise stated. FLTRADE does not charge commissions on any trade.

All Instruments are traded on Margin allowing you to Leverage your positions. The Individual Equities Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

*Margin Required is calculated in the Currency the Instrument is Denominated in.

FL may double margin requirements on specific stocks prior to earnings release. This is a preventative measure to avoid clients with large exposures in the said equity, falling into negative equity.

Example 1

For a trade of 1 APPLE share with a Market Price of $500 and a Margin Requirement of 5.00%, the calculation is as follows:

Percentage Margin Requirement: 1 x 500 x 0.05 = $25.00*

*The $25.00 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a trade of 10 ALLIANZ shares, with a Market Price of €102.50 and a Margin Requirement of 10.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 102.50 x 0.10 = €102.50*

*The €102.50 is a Euro amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a trade of 100 HSBC shares, with a Market Price of 650.50 pennies and a Margin Requirement of 10.00%, the calculation is as follows:

Percentage Margin Requirement: 100 x 650.50 x 0.10 = 6,505.00 pennies or ￡65.05*

(UK shares are quoted in pennies so divide by 100: 6505/100)

*The ￡65.05 is a Great British Pound amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Margin Requirements for Individual Equity Instruments can be found on the FLTRADE Trading Conditions Table above .

The Individual Equities Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a 360 day basis for holding a position open past the End of Day time. These are displayed in the "Premium Buy" and "Premium Sell" columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

Formula to calculating your Daily Premium charge using the published Premiums:

Amount x Current Price x Premium Buy or Sell Rate x Number of days = Premium Charged/Paid * 360 Days

*Premium Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example 1

For a trade of 1 APPLE share, with a Market Price of $500 and a Premium Buy (or Sell) rate of -2.55%, and subject to a charge for 1 day, the calculation is as follows:

(1 x 500 x -0.0255 x 1)/360 = -12.75/360 = -0.03542 = -$0.04* rounded.

*The -$0.04 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a trade of 10 ALLIANZ shares, with a Market Price of €102.50 and a Premium Buy (or Sell) rate of -3.45%, and subject to a charge for 1 day, the calculation is as follows:

(10 x 102.50 x -0.0345 x 1)/360 = -35.363/360 = -0.09823 = -€0.10* rounded.

*The -€0.10 is a Euro amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a trade of 100 HSBC shares, with a Market Price of 650.50 pennies and a Premium Buy (or Sell) rate of -1.85%, and subject to a charge for 1 day, the calculation is as follows:

(100 x 650.50 x -0.0185x 1)/360 = -1,203.43/360 = -3.3428/100 = -￡0.03* rounded.

(UK shares are quoted in pennies so divide by 100: -3.3428/100)

*The -￡0.03 is a Great British Pound amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All Premium Buy/Sell Rates & Currency Denominations for Individual Equity Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE includes a standard mark-up of -30 basis points on the Bid & +30 basis points on the Ask of the O/N Market Lending Rates used in calculating its Buy/Sell Premiums; these rates are updated on a regular basis. Please note that some Premium calculations include a higher mark-up.

Individual Equities may at some stage partake in a Corporate Action; these can include Dividends, Rights Issues, Stock/Reverse Splits, Mergers, Acquisitions, Takeovers etc.

Dividends: For any individual equity on the FLTRADE trading platforms that declares a dividend, FLTRADE will make an Adjustment to every account that holds said equity, at the end of the cum-dividend day. This will be one day before the ex-dividend day.

The adjustment made to accounts will be:

1. Long Positions will be Credited with 90% of the Gross dividend.

   (Amount of Shares x Gross Dividend) x 0.90

2. Short Positions will be Debited with 100% of the Gross dividend.

   (Amount of Shares x Gross Dividend) x -1

Note: There are no other costs to clients in relation to Dividends.

Example 1

For a trade of 1 APPLE share, with a GROSS Div. of $1.00, the calculation is as follows:

Long Position: (1 x 1.00) x 0.90 = 1.00 x 0.90 = +$0.90
Short Position: (1 x 1.00) x -1 = 1.00 x -1 = -$1.00

All Dividend Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a trade of 10 ALLIANZ shares, with a GROSS Div. of €0.14, the calculation is as follows:

Long Position: (10 x 0.14) x 0.90 = 1.40 x 0.90 = +€1.26
Short Position: (10 x 0.14) x -1 = 1.40 x -1 = -€1.40

All Dividend Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a trade of 100 HSBC shares, with a GROSS Div. of ￡0.04, the calculation is as follows:

Long Position: (100 x 0.04) x 0.90 = 4.00 x 0.90 = +￡3.60
Short Position: (100 x 0.04) x -1 = 4.00 x -1 = -￡4.00

All Dividend Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

For ALL other Corporate Actions: Rights Issue, Stock/Reverse Splits, Mergers, Acquisitions, Takeovers etc, and as these actions can happen suddenly and without prior knowledge, Open Positions and Orders will be Closed/Removed at the end of the cum-action day at market price on the particular equity.

Note: There are no costs to clients in relation to these other Corporate Actions.

The Bonds Trading Conditions display the 'Spread Over Market' for Bond Instruments unless otherwise stated. The 'Spread Over Market' is the Mark-up FLTRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example 1

For a trade of 10 Bonds on the 5 Year US T-NOTE, with a Spread of 5 pips (0.05), the calculation is as follows:

0.05 X 10 = $0.50*

*The $0.50 is a US Dollar amount as Pips for Bonds are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a trade of 10 Bonds on the EURO-BUND, with a Spread of 4 pips (0.04), the calculation is as follows:

0.04 X 10 = €0.40*

*The €0.40 is a Euro amount as Pips for Bonds are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a trade of 100 Bonds on the JAPAN GOVT BOND, with a Spread of 14 pips (0.14), the calculation is as follows:

0.14 X 100 = ￥14.00*

*The ￥14.00 is a Japanese Yen amount as Pips for Bonds are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Spreads & Currency Denominations for Bonds Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE is a market maker and is therefore compensated through the Bid-Ask spread except when otherwise stated. FLTRADE does not charge commissions on any trade.

All Instruments are traded on Margin allowing you to Leverage your positions. The Bonds Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example 1

For a trade of 10 Bonds on the 5 Year US T-NOTE, with a Market Price of $124.50 and a Margin Requirement of 1.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 124.50 x 0.01 = $12.45*

*The $12.45 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a trade of 10 Bonds on the EURO-BUND, with a Market Price of €142.50 and a Margin Requirement of 1.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 142.50 x 0.01 = €14.25*

*The €14.25 is a Euro amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a trade of 100 Bonds on the JAPAN GOVT BOND, with a Market Price of ￥144.50 and a Margin Requirement of 1.00%, the calculation is as follows:

Percentage Margin Requirement: 100 x 144.50 x 0.01 = ￥144.50*

*The ￥144.50 is a Japanese Yen amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Margin Requirements for Bonds Instruments can be found on the FLTRADE Trading Conditions Table above .

The Bonds Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a 360 day basis for holding a position open past the End of Day time. These are displayed in the "Premium Buy" and "Premium Sell" columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

Formula to calculating your Daily Premium charge using the published Premiums:

Amount x Current Price x Premium Buy or Sell Rate x Number of days = Premium Charged/Paid * 360 Days

*Premium Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example 1

For a trade of 10 Bonds on the 5 Year US T-NOTE, with a Market Price of $124.50 and a Premium Buy (or Sell) rate of -0.50%, and subject to a charge for 1 day, the calculation is as follows:

(10 x 124.50 x -0.005 x 1)/360 = -6.225/360 = -0.01729 = -$0.02* rounded.

*The -$0.02 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a trade of 10 Bonds on the EURO-BUND, with a Market Price of €142.50 and a Premium Buy (or Sell) rate of -0.50%, and subject to a charge for 1 day, the calculation is as follows:

(10 x 142.50 x -0.005 x 1)/360 = -7.125/360 = -0.019792 = -€0.02* rounded.

*The -€0.02 is a Euro amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a trade of 100 Bonds on the JAPAN GOVT BOND, with a Market Price of ￥144.50 and a Premium Buy (or Sell) rate of -0.50%, and subject to a charge for 1 day, the calculation is as follows:

(100 x 144.50 x -0.005 x 1)/360 = -72.25/360 = -0.20069 = -￥0.20* rounded.

*The -￥0.20 is a Japanese Yen amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All Premium Buy/Sell Rates & Currency Denominations for Bonds Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE includes a standard mark-up of -30 basis points on the Bid & +30 basis points on the Ask of the O/N Market Lending Rates used in calculating its Buy/Sell Premiums; these rates are updated on a regular basis. Please note that some Premium calculations include a higher mark-up.

FLTRADE quotes futures contracts on many of its non–FX instruments; specified under the "Quoted Months" column of the Trading Conditions for that Instrument.

When a Futures Contract approaches its Expiry Date or First Notice Date FL will Rollover all Open Positions to the next Tradable Contract at the time specified in the CFD Rollover Dates section of our website.

Clients with Open Positions who do not wish to have their positions Rolled Over into the Next Contract should close their positions before the Scheduled Rollover.

FLTRADE adjusts accounts with Open Positions in Maturing Instruments to ensure Clients do not Gain/Lose due to differences in Price between Old & New contracts. Clients will incur costs in relation to the Spread Cost in closing the Old contract and Opening the New Contract and a Standard O/N Premium charge.

To Calculate the Rollover FL takes a MID Rate for the Old Contract (Current Traded Contract) and the New Contract (Next Tradable Contract) at exactly the same time before the contract closes for trading. We then calculate the Difference in Price between Contracts, adjust this for our Spread and Overnight Premium Costs, and the resulting amount is either Credited or Debited to the clients account via Premiums.

Note: There are NO other costs incurred by Clients involved in the rolling over of Futures Contracts.

Formula used by FL for calculating a Rollover Charge:

(Amount x (New Contract Price – Old Contract Price)) + (Spread Costs*) + (Overnight Premium Costs)

*Spread Costs are calculated based on Market Spreads at the time of the Rollover Calculation.

General Rule of Thumb:

New Price < Old Price = Credit for Long Positions / Debit for Short Positions

New Price > Old Price = Debit for Long Positions / Credit for Short Positions

Example 1

For a trade of 10 Bonds on the 5 Year US T-NOTE, with a Market Price of $124.68 and a Difference in Contracts of +18 Pips ($0.18), the calculation is as follows:

Long Position: (10 x -0.18) + (-0.05 x 10) + ((1 x 124.68 x -0.005 x 1)/360)) = -1.80 + (-0.50) + (-0.02) = -$2.32
Short Position: (10 x +0.18) + (-0.05 x 10) + ((1 x 124.68 x -0.005 x 1)/360)) = 1.80 + (-0.50) + (-0.02) = +$1.28

Example 2

For a trade of 10 Bonds on the EURO-BUND, with a Market Price of €142.50 and a Difference in Contracts of -22 Pips (-€0.22), the calculation is as follows:

Long Position: (10 x +0.22) + (-0.04 x 10) + ((1 x 142.50 x -0.005 x 1)/360)) = 2.20 + (-0.40) + (-0.02) = +€1.78
Short Position: (10 x -0.22) + (-0.04 x 10) + ((1 x 142.50 x -0.005 x 1)/360)) = -2.20 + (-0.40) + (-0.02) = -€2.62

All Rollover Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All upcoming Rollover Dates for ALL Instruments can be found on the FLTRADE CFD Rollover Dates page: CFD-Rollover-Dates

FLTRADE cannot provide Rollover Adjustment Information before the Adjustment occurs, if clients do not wish to incur a Rollover Adjustment please close Open Positions in Maturing Instruments before the Scheduled Rollover.

The Exchange Traded Funds Trading Conditions display the 'Spread Over Market' for Bond Instruments unless otherwise stated. The 'Spread Over Market' is the Mark-up FLTRADE adds to the Current Market Spread.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Currency Instrument is denominated in.

Example 1

For a trade of 10 Financial Select Sector SPDR shares, with a Spread of 6 pips (0.06), the calculation is as follows:

0.06 X 10 = $0.60*

*The $0.60 is a US Dollar amount as Pips for Exchange Traded Funds are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a trade of 10 Dow Jones U.S. Home Construction Index Fund shares, with a Spread of 7 pips (0.07), the calculation is as follows:

0.07 X 10 = $0.70*

*The $0.70 is a US Dollar amount as Pips for Exchange Traded Funds are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a trade of 10 MSCI Australia Index Fund shares, with a Spread of 14 pips (0.14), the calculation is as follows:

0.14 X 10 = $1.40*

*The $1.40 is a US Dollar amount as Pips for Exchange Traded Funds are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Spreads & Currency Denominations for Exchange Traded Fund Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE is a market maker and is therefore compensated through the Bid-Ask spread except when otherwise stated. FLTRADE does not charge commissions on any trade.

All Instruments are traded on Margin allowing you to Leverage your positions. The Exchange Traded Funds Trading Conditions display Margin Amounts as a Percentage (%).

Percentage Margin Formula: Position Size x Current Price x Margin (%) = Margin Required*

* Margin Required is calculated in the Currency the Instrument is Denominated in.

Example 1

For a trade of 10 Financial Select Sector SPDR shares, with a Market Price of $18.50 and a Margin Requirement of 5.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 18.50 x 0.05 = $9.25*

*The $9.25 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 2

For a trade of 10 Dow Jones U.S. Home Construction Index Fund shares, with a Market Price of $24.90 and a Margin Requirement of 5.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 24.90 x 0.05 = $12.45*

*The $12.45 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

Example 3

For a trade of 10 MSCI Australia Index Fund shares, with a Market Price of $26.10 and a Margin Requirement of 5.00%, the calculation is as follows:

Percentage Margin Requirement: 10 x 26.10 x 0.05 = $13.05*

*The $13.05 is a US Dollar amount as Margin Required is calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Current Market Rate.

All Margin Requirements & Currency Denominations for Exchange Traded Fund Instruments can be found on the FLTRADE Trading Conditions Table above .

The Exchange Traded Funds Trading Conditions display the Over-Night (O/N) Interest Rates Charged/Paid on a 360 day basis for holding a position open past the End of Day time. These are displayed in the "Premium Buy" and "Premium Sell" columns. End of Day is 22:00 GMT except during Daylight Savings when it changes to 21:00 GMT.

Formula to calculating your Daily Premium charge using the published Premiums:

Amount x Current Price x Premium Buy or Sell Rate x Number of days = Premium Charged/Paid * 360 Days

*Premium Charged/Paid is calculated in the Currency the Instrument is Denominated in.

Example 1

For a trade of 10 Financial Select Sector SPDR shares, with a Market Price of $18.50 and a Premium Buy (or Sell) rate of -2.855%, and subject to a charge for 1 day, the calculation is as follows:

(10 x 18.50 x -0.02855 x 1)/360 = -5.2818/360 = -0.01467 = -$0.01* rounded.

*The -$0.01 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a trade of 10 Dow Jones U.S. Home Construction Index Fund shares, with a Market Price of $24.90 and a Premium Buy (or Sell) rate of -2.855%, and subject to a charge for 1 day, the calculation is as follows:

(10 x 24.90 x -0.02855 x 1)/360 = -7.1090/360 = -0.01975 = -$0.02* rounded.

*The -$0.02 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 3

For a trade of 10 MSCI Australia Index Fund shares, with a Market Price of $26.10 and a Premium Buy (or Sell) rate of -2.855%, and subject to a charge for 1 day, the calculation is as follows:

(10 x 26.10 x -0.02855 x 1)/360 = -7.4516/360 = -0.02070 = -$0.02* rounded.

*The -$0.02 is a US Dollar amount as Premiums are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

All Premium Buy/Sell Rates & Currency Denominations for Exchange Traded Funds Instruments can be found on the FLTRADE Trading Conditions Table above .

FLTRADE includes a standard mark-up of -30 basis points on the Bid & +30 basis points on the Ask of the O/N Market Lending Rates used in calculating its Buy/Sell Premiums; these rates are updated on a regular basis. Please note that some Premium calculations include a higher mark-up.

Exchange Traded Funds (ETF's) may at some stage partake in a Corporate Action; these can include Dividends, Rights Issues, Stock/Reverse Splits, etc.

Dividends: For any ETF on the FLTRADE trading platforms that declares a dividend, FLTRADE will make an Adjustment to every account that holds said equity, at the end of the cum-dividend day. This will be one day before the ex-dividend day.

The adjustment made to accounts will be:

1. Long Positions will be Credited with 90% of the Gross dividend.

   (Amount of Shares x Gross Dividend) x 0.90

2. Short Positions will be Debited with 100% of the Gross dividend.

   (Amount of Shares x Gross Dividend) x -1

Note: There are no other costs to clients in relation to Dividends.

Example 1

For a trade of 10 Financial Select Sector SPDR shares, with a GROSS Div. of $1.00, the calculation is as follows:

Long Position: (1 x 1.00) x 0.90 = 1.00 x 0.90 = +$0.90
Short Position: (1 x 1.00) x -1 = 1.00 x -1 = -$1.00

All Dividend Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

Example 2

For a trade of 10 Dow Jones U.S. Home Construction Index Fund shares, with a GROSS Div. of €0.14, the calculation is as follows:

Long Position: (10 x 0.14) x 0.90 = 1.40 x 0.90 = +€1.26
Short Position: (10 x 0.14) x -1 = 1.40 x -1 = -€1.40

All Dividend Adjustments are calculated in the Currency the Instrument is denominated in. If your account is denominated in a different currency the system will automatically convert this to the Currency of your Account using the Market Rate at that time.

For ALL other Corporate Actions: Rights Issue, Stock/Reverse Splits, etc. and as these actions can happen suddenly and without prior knowledge, Open Positions and Orders will be Closed/Removed at the end of the cum-action day at market price on the particular equity.

Note: There are no costs to clients in relation to these other Corporate Actions.

The FLOPTIONS Trading Conditions display the Typical Bid-Ask Spreads (Pips) for Instruments (Spot Spread) as well as for Options on the Instruments (Option Spread). Standard Spreads are as stated under Normal Market Conditions. Option spreads are based on 1-month at-the-money options.

Spread Cost Formula: Spread x Trade Size = Spread Charge in Secondary Currency*

Secondary Currency is the Second Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example

For a 10,000 EUR/USD Spot Trade, with a Spread of 2.1 pips (0.00021), the calculation is as follows:

0.00021 X 10,000 = $2.10*

Fair Lane is compensated through the Bid-Ask spread, except when otherwise stated. Fair Lane does not charge commissions on any trade.

The FLOPTIONS Trading Platform allows traders to buy and sell options on Instruments, typically FX pairs, as shown in the Trading Conditions.

When purchasing an option, the cost of the option (also called the Option Premium) is deducted from the account cash balance, using free available cash. Free available cash is the cash balance that is in excess of the Required Margin.

When selling an option, the cash proceeds of the sale are immediately credited to the account cash balance. If writing an option (selling an option short), any required margin must be met from free available cash.

If the account does not have sufficient free available cash to meet the required margin, the trade will not be executed.

Option Premium is quoted in Price of the Second Currency.

Option Premium Formula: Price x Trade Size = Cost in Secondary Currency*

*Secondary Currency is the Second Currency quoted in an FX pair (CUR1/CUR2: USD/JPY, EUR/USD, etc.)

Example

For a 10,000 EUR/USD CALL OPTION offered at 0.00560, the calculation is as follows:

0.00560 X 10,000 = USD 56.00

If the Account Currency is not the same as the Second Currency, the Option Premium will be immediately converted into the Account Currency at the prevailing spot rate, which can be found in the Open Positions window.

Fair Lane is compensated through the Bid-Ask spread, except when otherwise stated,Fair Lane does not charge commissions on any trade.

The FLOPTIONS platform calculates required margin according to the riskiness of the portfolio, applying standardized stresses to each currency pair using a system known as SPAN, for Standardized Portfolio Analysis.

We divide customer portfolios by currency pair, and evaluate portfolio values for each currency pair under 16 scenarios:

	Underlying Price	Volatility	% of Risk
1	Down Margin%	Up	100%
2	Down Margin%	Down	100%
3	Down 2/3 Margin%	Up	100%
4	Down 2/3 Margin%	Down	100%
5	Down 1/3 Margin%	Up	100%
6	Down 1/3 Margin%	Down	100%
7	Unchanged	Up	100%
8	Unchanged	Down	100%
9	Up 1/3 Margin%	Up	100%
10	Up 1/3 Margin%	Down	100%
11	Up 2/3 Margin%	Up	100%
12	Up 2/3 Margin%	Down	100%
13	Up Margin%	Up	100%
14	Up Margin%	Down	100%
15	Up 2 * Margin%	Unchanged	35%
16	Down 2 * Margin%	Unchanged	35%

Scenarios 1-14 evaluate the portfolio with volatilities higher and lower at seven spot levels. For a currency pair with a spot margin requirement of 1%, the spot levels are -1%, -.67%, -.33%, Unchanged, +.33%, +67%, and +1%.

Scenarios 15 and 16 move spot up and down by double the margin requirement (e.g. 2%), and take 35% of the observed portfolio change as risk. These scenarios are designed to capture risk of options that are further out of the money, without impacting margin for spot positions.

The greatest portfolio loss observed in these 16 scenarios is taken as margin for that currency pair. The sum of margin for each currency pair is the total Required Margin.

One may note that for a portfolio of spot positions, the margin under SPAN is equal to the Margin% times the total spot position, identical to most spot trading platforms, and neither implied volatilities nor scenarios 15 and 16 have any impact.

Each option’s implied volatility is moved up and down according to the following formula:

Vol Shift = Volatility Factor X Max( Implied Vol, Minimum Vol)

Implied Vol = the current mid-market implied volatility of the option

Minimum Vol = 10%

Table of Volatility Factors:

Days to Expiration	G10	EM
7	31%	41%
14	22%	29%
30	15%	20%
90	9%	12%

For example, a 2 week G10 option implied volatility is shifted +/- 22%, with a minimum move of 2.2 vol. For a 6 month option, vol is bumped +/- 9%, with minimum move of 0.9 vol.

The Volatility Factor normalizes volatility of volatility, as a 1 week option’s implied volatility can move more drastically than can that of a 1 year option. Its math is as follows:

Volatility Factor = SQRT( 30/ADTE ) * Reserve ADTE = Days to Expiration, with minimum of 7 and maximum of 90. Reserve = 15% for G10 currency pairs, and 20% for pairs including one or more emerging market currencies.