Charged 3 days interest for index CFD despite closing positions before 10pm cut-off time
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Last Friday, I wanted to hold an index CFD cash short for a longer period of time, so I closed the short and immediately opened a short CFD futures on the equivalent index for the equivalent exposure. I did this because I specifically wanted to avoid overnight funding interest charges, which according to IG's website, will apply in the following circumstance:
"Please note that open positions held through 10pm (UK time) on Fridays will be adjusted for three days’ worth of funding to cover the weekend."
I had taken out 40 US 500 Cash (A$1) short contracts at the beginning of the week last week, and closed it out on Saturday 14 Aug at 2:11 am Australian Eastern Standard Time. This is approx Friday 13 Aug at 5:11pm in UK time (Australia is approx 9 hours ahead of the UK). The short was the only active position on my CFD account. I then opened a short SEP-21 futures contract.
I went to bed thinking that because I closed my position 4 to 5 hours before the 10pm Friday UK time cut-off date, I had avoided overnight interest charges.
This morning, I go to check my transaction history, and find that I've been charged A$43.20 under description of "short interest for 13/08/21 to 15/08/21".
Can anyone help me understand why I've been charged overnight funding interest for 3 days, when I closed my index CFD on Friday afternoon UK time? I thought I did everything right - switching to futures from cash contracts before the cut-off time avoid overnight funding, but apparently this is not the case.
Any help appreciated.
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