Direct Market Access (DMA) CFDs

Direct Market Access provides direct access to the exchange order book and allows you to place trades directly around the live market depth. It facilitates the placing of trades directly to the exchange, where the orders are visible on the order book.

One of the major benefits of Direct Market Access is that traders can place orders to buy on the bid price, sell at the offer price, or place limits within the "yellow strip" bid/offer spread, thus saving the standard cost of the dealing spread. Effectively, traders make their own markets.

Most CFD and stock traders are more used to having to pay the offer price or sell the bid price of a market made to them. Direct Market Access means you take control of the prices at which you wish to trade.

Trading CFDs on live market prices requires an exchange subscription agreement for each of the exchanges you want to trade. There is also a ticket fee for DMA CFDs. See full list of CFD DMA rates below.

Country Exchange name Exchange Trading Fees(GMT) Min. Fee CFD Financing (long/short)
US American Stock Exchange AMEX < USD10 - 3 cents/share USD 15 3pp/-2.5pp
Nasdaq National Market NASDAQ NM > USD10 - 5 cents/share
Nasdaq SmallCap Market NASDAQ SC
New York Stock Exchange NYSE
UK* London Stock Exchange SETS Market LSE_SETS 0.1% GBP 15 3pp/-2.5pp
London Stock Exchange LSE
Australia Australian Stock Exchange Ltd. ASX 0.1% AUD 25 3pp/-3pp
Austria Wiener Börse (Vienna) Stock Exchange WBAG 0.2% EUR 30 3pp/-2.5pp
Belgium Euronext Brussels BRU 0.1% EUR 40 3pp/-2.5pp
Denmark OMX Copenhagen CSE 0.1% DKK 65 3pp/-2.5pp
Finland OMX Helsinki HSE 0.1% EUR 10 3pp/-2.5pp
France Euronext Paris PAR 0.1% EUR 20 3pp/-2.5pp
Hong Kong Hong Kong Stock Exchange* HKEx 0.32% HKD 150 3pp/-4.5pp
Germany Frankfurt Xetra PXetra 0.1% EUR 20 3pp/-2.5pp
Italy Milano Stock Exchange MIL 0.1% EUR 20 3pp/-2.5pp
Netherlands Euronext Amsterdam AMS 0.1% EUR 20 3pp/-2.5pp
Norway Oslo Stock Exchange OSE 0.1% NOK 65 3pp/-2.5pp
Portugal Euronext Lisbon LISB 0.1% EUR 20 3pp/-2.5pp
Singapore Singapore Exchange Securities Trading Limited SGX-ST 0.22% SGX 25 3pp/-5.5pp
Spain Sistema De Interconexion Bursatil Espanol SIBE 0.1% EUR 20 3pp/-2.5pp
Sweden OMX Stockholm SSE 0.1% SEK 65 3pp/-2.5pp
Switzerland Virt-X VX 0.1% CHF 30 3pp/-2.5pp
Canada Toronto Stock Exchange TSE <CAD10 - 3 cents/share >CAD10 - 5 cents/share CAD 25 3pp/-2.5pp

* Continuous trading including a break between 04:30 - 06:30 GMT.

In-depth Market Insight
For CFD Direct Market Access investors, you can also view Level 2 market depth for the exchanges with which you have a DMA agreement. Market Depth displays the five best bid and ask prices directly in the CFD trade module, allowing you to see where the market is going before you make your trading decisions.

CFD Interest and Accrual Rates
If you hold a CFD after the stock market closes, you are subject to a financing fee or accrual:

  » When you buy a CFD, you are subject to a financing charge at the Inter-Bank Offer Rate for the currency in which the share is traded (e.g. LIBOR plus a mark-up as stated in the table above under CFD Financing (long/short) column).
  » When you short sell a CFD, you receive an interest accrual at the Inter-Bank Bid Rate for the currency in which the share is traded (e.g. LIBID minus a mark-up as stated in the table above under CFD Financing (long/short) column).

If you open and close a CFD position within one trading day, you are not subject to these charges or accruals.

* Interests will be paid for short positions if the appropriate Inter-bank Bid Rate minus the mark-down equals a negative number.