Stocks

This table shows trading conditions for the MetaTrader platform. Margin Pro column shows the margin applicable to professional clients. The minimum trading volume is 1 share (1 lot).

¹ Commission is payed for every deal made - for opening and closing a position. The commission charged is in the account currency.

* Available only in Metatrader 5.

Trading hours

The trading hours of stock CFDs depend on the working hours of the exchange, on which it is being offered. Below you can find a list with the working hours of the exchanges:

CFD's on equities from Germany make a daily pause between 12:00 and 12:05 GMT.

Quotes in real time

The quotes offered in MetaTrader 4/5 platforms, are in real time and they are completely free for clients of Benchmark.

Interest on CFD on stocks

For positions in CFDs on stocks, left open for each new working day, an interest is charged, depending on the type of the position. The interest is charged from the account if the client leaves a position open for the next exchange session:

• Regarding long position in CFD, an interest is owed, based on Inter-Bank Offer Rate for the currency in which the stock is traded, plus markup of around 2.5%;
• Regarding short position in CFD, an interest is received*, based on Inter-Bank Offer Rate for the currency in which the stock is traded, minus markup of around 2.5%.

If you open and close a position in CFD on stock in the same trading session, the position is not subjected to the aforementioned debits.

*If Inter-Bank Offer Rate for the currency, in which the stock on CFD is traded, minus the 2.5% markup, gives a negative value, interest for short CFD positions will be charged.

Dividends and other corporate actions when trading CFD on stocks

Dividends are received from a client account, if he has long position in stock CFD where the issuer of the stock pays dividend. The dividend payment is made on the "Ex dividend" date. Clients with short positions in stock CFDs with a dividend payment, have to pay this dividend and the required amount will be debited from their accounts.

Important: The margin requirements for stock CFDs with upcoming financial report and/or corporate event can be increased up to 5 times from the standard levels. BenchMark reserves the right to keep the higher margin rates several days after the corporate event, depending on the market conditions with the stock.

Accrual of dividends on CFD on stocks

If you have an opened position in stock CFD where the issuer of the stock pays dividends, at the beginning of the trading day that coincides with the "Ex dividend" date, a dividend will be applied to your account. If you have long position, you will receive the net amount of the dividend. If you have short position, you will be charged the gross amount of the dividend. The exact amount of the dividend is shown in Swap column in the platform, together with the daily interest. The actual value that will be credited/debited at the begging of the "Ex dividend" date, will be available in the MetaTrader 4/5 platforms after 17:00 GMT on the previous day.

The accrual of dividends in CFDs on equities in the MetaTrader platform is perform as follows:

• For long positions - The Net amount of the dividend is credited to the client's account and is added in the Swap column. This amount is equal to the dividend that the issuer has payed, reduced with the tax due. Please notice that the tax on dividends might be different for every country;
• For short position - The Gross amount of the dividend is debited from the client's account and is added in the Swap column.

On the "Ex dividend" date, the stock starts trading without the right for receiving a dividend. This circumstance is reflected in the price of the respective share.

Split/Reverse Split on CFDs on stocks

Since there is no effect on the market value of the company, the split is reflected in the stock price in the ratio announced by the issuer.

Example: A client has 100 shares in Apple, opened at 180 USD per share. The current market price of Apple is 200 USD per share so the current P/L is 2 000 USD (without commissions or interest applied). Apple announces a split in 1 to 2 ratio. The current position of a client will be closed with zero P/L. Instead, the client will receive new position with 200 shares of Apple with an opening price of 90 USD (180/2). Since the market value of Apple will be left unchanged, it will be 100 USD (200/2) and the current P/L of the client will remain 2 000 USD (without commissions or interests applied).

Important: When a Split or Reverse Split is announced, all working pending orders for this particular CFD on stock will be removed.

Issue of Rights on CFD on stocks

If an issuer announces stock rights, a client holding CFD on stock will not be able to exercise any rights in the MetaTrader platforms.

Verification of the daily applied dividends and swap rates

The applied daily swap rates for both long and short position in CFD on stocks can be checked on this link.

Note: Swap rates, which will be applied for the next day, are updated in the calculator after 16:00 GMT.

The rates are calculated at the beginning of the next business day (17:00 New York time). When opening and closing a position within the same business day, the position will not be swaped.

Short selling CFD on stocks

Short selling CFD on stocks is done by the rules of the respective exchange. For example, in a short sell of CFD on stocks, you can be forced to close your position, in case the traded by you CFD is being recalled.

That can happen, if the borrowing of the base stock is limited, because of corporate actions, like acquisitions, dividends, rights and other actions of stock restructuring.

Important: If the issuer of the stock announces that the stock will be delisted from the exchange it is being traded, this will mean that the trading with the shares will be terminated. If a client of BenchMark has a position in such stock, he will have to close it. If on the last trading day the client positions are still opened, BenchMark will close the positions at the closing price on the last trading day.

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