Indices' CFDs, Trading Condition

Updated on October 07, 2014

Orders and Market Times

In addition to regular orders valid only for the day, multiday orders can be entered valid 'til cancelled.

Stop-loss order are valid 'til cancelled, with the possibility to indicate an optional limit price.

OCO orders are also available starting from September 10th 2014.

Market Times
Japan 225
US SPX 500
US Tech 100
Wall Street 30
Australia 200
UK 100
France 40
Europe 50
23:05 - 23:00
Germany 30
08:00 - 22:00


All margins are requested and maintained in Euro. They usually remain unchanged while the position is open.
Occasional changes in margins are reported with a few days notice on



Profit and Loss are generated by the change occurred between the opening and closing price of the trade.

The corresponding amounts are converted in Euro, initially at the "provisional" exchange rate and then at the "final" official rate.

Price Adjustment

Price Adjustment is necessary for overnight positions and it is determined on the official closing price published daily by the LMAX Exchange.
Price Adjustment is calculated and converted in Euro at the provisional exchange rate of the following day.

For overnight positions at the beginning of each trading day Directa will cancel the last Price Adjustment and it will contextually debit/credit the updated Price Adjustment.

When the position is to will be closed, Directa will cancel the last Price Adjustment and it will contextually debit/credit the total Profit & Loss, calculated as the difference between the trade opening and closing price. The net P&L (excluding commissions) will be used for Tax purposes where applicable.


For some of these stocks dividend payment is expected, which will be automatically credited in case of long positions and debited in case of short positions. The dividend amount shown in the table refers to a single contract.


Exchange Rate

For the calculation of debits and credits, Directa will apply the value of the euro exchange rate (BID/ASK) as communicated daily by LMAX Exchange, and also as found in the table available on the trading website.



The graph's curve is built upon the average values of bid and ask tenders on the book and not on the prices of executed contracts: it is therefore possible to conclude a purchase at a price lower than the minimum resulting from the graph, or a sale at a higher price than the maximum.

Market Data

Market data (5 level book) are free for Directa customers.