Halifax Contracts For Differences (CFDs)

To download copies of our Terms, Policies, Market Information Sheets and Risk Warning Notice visit the 'Downloads' section

Clear Pricing Policy

We believe in transparent pricing.

Equity CFDs

Our Equity CFD prices are sourced directly from the relevant exchange, for example the London Stock Exchange. This means that in standard market size or less, our prices match the best bid/offer available on the exchange system. In the case of larger trades we will work your order to your price limit instruction, obtain the best possible price currently available in the market or provide a firm quote in the size.

All prices will be quoted in the currency of the underlying exchange for example, UK equities in pence, US equities in cents.

Stock Index CFDs

We provide CFDs related to the major global equity indices. CFDs are synthetically created markets that reflect the cash price by taking the equivalent futures market contract and deducting the 'fair value' and the 'cost of carry'. This is to reflect the cost of funding and dividends between the trade date and the futures expiry date. The exposure can be hedged in the relevant futures market.

Stock Index CFDs have no fixed maturity date and positions can normally be closed at any time during Halifax CFDs trading hours for that particular market.

UK Sector CFDs

There is no formal market place for these products. Share sector mid prices are calculated once per minute throughout the day by FTSE International. We create a CFD using the current spot price and adjusting it down 0.2% for the bid and up by 0.2% for the offer.

Currency CFDs

There is no publicly accessible central exchange or marketplace for foreign exchange rates.

We price our currency CFDs by taking in a minimum of three electronic price feeds from the professional market, selecting an accurate mid price and wrapping a spread around it. This gives our clients a bid to offer spread of circa three to 10 basis points depending on the currency pair.

The prices we offer on currency CFDs are highly competitive and are consistently applied even in times of market volatility such as pre and post economic statistics releases. Our spreads may be wider in situations of extreme volatility.

Precious Metals

There is no publicly accessible central exchange or marketplace for precious metals.

We take price feeds from a price aggregator of market professionals' contributions and apply our consistent spread around a mean price. In the case of Gold our bid to offer spread is circa half a dollar and in Silver circa three cents. The difference is due to the liquidity of the futures market into which Halifax CFDs hedge our exposure.

Best Execution

Our Trade and Order Execution Policy explains how best execution applies to CFDs.

Your cancellation rights

There is no minimum duration for this agreement. Should you decide to cancel your account with Halifax CFDs, you can do so by writing to us at Moorgate Hall, 155 Moorgate, London, EC2M 6XB. If you have any open trades with us, your account will remain open until they are closed, filled or cancelled in accordance with the Terms and Conditions.

Complaints procedure

Should you wish to make a complaint about any aspect of our service, you may do so by writing to the Customer Service Department at the address above. If your complaint is not dealt with to your satisfaction, it may be further referred to Halifax CFDs' Compliance Manager.

Should you remain dissatisfied with the handling of the dispute, you have the right as a private customer to refer your complaint to the Financial Ombudsman Service (FOS), South Quay Plaza, 183 Marsh Mall, London, E14 9SR.

Copies of our complaints handling procedure are available on request.

Compensation arrangements

We are covered by the Financial Services Compensation Scheme. In the unlikely event that we were to face liquidation and cannot meet our obligations, private customers may be entitled to compensation from the scheme. Most types of investment business are covered for 100% of the first £30,000 and 90% of the next £20,000, so the maximum compensation is £48,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme.

The contract and law applicable to it

The contract and all future correspondence will be in English. Without agreement to the contrary, English Law will apply and both parties will be subject to the jurisdiction of the English courts.

Charges

For CFD trading, separate commission and financing charges are made against your account. For the CFD financing rates that apply to our instruments, please refer to the CFD Market Information Sheets. For our CFD commission rates please refer to the charges page.