Overnight fees on London Coco

[greenscorpio1000]

Having gone short on London Coco spot, I am now debited for overnight fees,(previously credited) I may hold this trade for several more weeks, the fees have peaked to a high over last couple of days ,I  am wondering if the charges will continue to rise or maybe decline , 

Appreciate any feedback

[OfentseIG]

3 hours ago, greenscorpio1000 said:

Having gone short on London Coco spot, I am now debited for overnight fees,(previously credited) I may hold this trade for several more weeks, the fees have peaked to a high over last couple of days ,I  am wondering if the charges will continue to rise or maybe decline , 

Appreciate any feedback

Hi @greenscorpio1000

Thanks for reaching out. 

You can use the platform to check how much the daily charge would be. You can add the Swap bid (Rate used to calculate your overnight funding) on the platform by searching Cocoa- London >> Right click on it and add to Watchlist >> Add the Watchlist to your Workspace. 

Once this is done, click on the three lines next to 'Market' on the top left and add Swap bid/Swap offer to view the expected daily rate. You simply take this rate and multiply it by your size to estimate the daily interest payment on your account. 

Overnight Funding = Bet Size x Rate 

• Negative number is a charge
• Positive Number is a credit

Using an example with the figures shown in the above screenshot, if you are short London Cocoa with  bet size GBP2, your overnight funding will be GBP2 x -2.36 = -GBP 4.72 charge

We have an example on How we calculate Overnight Funding for Commodities on our website. This will give you a clear indication if this will be a credit or a debit in your account. 

All the best, OfentseIG

 

 

[greenscorpio1000]

Thank you but unfortunately for the time being I  am only able to trade via mobile

Edited October 7, 2022 by greenscorpio1000

[OfentseIG]

3 hours ago, greenscorpio1000 said:

Thank you but unfortunately for the time being I  am only able to trade via mobile

Hi @greenscorpio1000

Unfortunately we do not have this feature on the mobile app. You can only access the Swap rates on the web platform. The screenshot attached is an indication of todays rate (now at -2.67) which will be a charge on the account. 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.

All the best, O.D