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Swap rate/Funding rate are only indicative and can be changed whenever they want..


Guest Inequiv

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Guest Inequiv

I had a position open and checked the swap rate for it on the IG platform for the "swap bid/offer" so I had an idea what I was going to be charged for keeping it open overnight, however I contacted support on live chat and they said the swap rate is only indicative and can be changed before rollover meaning I have NO idea at all what I will actually be charged.

Was live staff wrong or is that correct? Why cant IG be like other brokers who when swap rates are updated they are honoured for that day..? 

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The swap rates are indicative, in fact we have made sure that we are as clear about this as possible on the platform. You can see this statement when you roll over the swap bid/offer. 

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The reason this is indicative is that the swap rates are only decided at 5pm New York time (which is 10pm UK time). Before that the rates are not known so we wouldn't be able to speculate on the 10pm rate for someone who opens their positions at say, 2pm. These indicative rates are as accurate as we can possibly make them. I can't comment on what other providers do, but they also wouldn't be able to know the exact TomNext rate prior. 

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Guest Inequiv
5 minutes ago, JamesIG said:

The swap rates are indicative, in fact we have made sure that we are as clear about this as possible on the platform. You can see this statement when you roll over the swap bid/offer. 

image.png

The reason this is indicative is that the swap rates are only decided at 5pm New York time (which is 10pm UK time). Before that the rates are not known so we wouldn't be able to speculate on the 10pm rate for someone who opens their positions at say, 2pm. These indicative rates are as accurate as we can possibly make them. I can't comment on what other providers do, but they also wouldn't be able to know the exact TomNext rate prior. 

For all MT4/MT5 brokers that are FCA regulated im with the swap rates are updated by 3 PM latest and those rates are applied at 10pm uk time, from 3pm-10pm the rates are fixed and would not be changed.. standard practice for most. But thanks for clarifying. 

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4 minutes ago, Inequiv said:

For all MT4/MT5 brokers that are FCA regulated im with the swap rates are updated by 3 PM latest and those rates are applied at 10pm uk time, from 3pm-10pm the rates are fixed and would not be changed.. standard practice for most.

As I said I can't comment on other providers as I don't know their practices. What I do know is that in the underlying market TomNext rates are in constant fluctuation and there is no freeze or fixed rate between 3pm and 10pm as you stated others do.

After 10pm each night we shop around all the liquidity providers (banks) we have access to and get the best possible rate we can. Different LP's (banks) can skew their TomNext rates based on a number of factors such as their exposure, so it's good practice to make sure we do this. We then pass the best possible rate onto our clients positions.

Finally, it goes without saying that we are regulated by the regions in which we operate, namely the FCA in the UK.

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Guest Inequiv
6 minutes ago, JamesIG said:

As I said I can't comment on other providers as I don't know their practices. What I do know is that in the underlying market TomNext rates are in constant fluctuation and there is no freeze or fixed rate between 3pm and 10pm as you stated others do.

After 10pm each night we shop around all the liquidity providers (banks) we have access to and get the best possible rate we can. Different LP's (banks) can skew their TomNext rates based on a number of factors such as their exposure, so it's good practice to make sure we do this. We then pass the best possible rate onto our clients positions.

Finally, it goes without saying that we are regulated by the regions in which we operate, namely the FCA in the UK.

Really appreciate all the info, also just final question the rates shown on ig platform, the rates shown are the rate at that current time? So right now 17:40 it shows -0.71 for long USD/CAD, is that the rate for that exact time? I just want to have a rough estimate of how much I'll be charged. 

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15 hours ago, Inequiv said:

Really appreciate all the info, also just final question the rates shown on ig platform, the rates shown are the rate at that current time? So right now 17:40 it shows -0.71 for long USD/CAD, is that the rate for that exact time? I just want to have a rough estimate of how much I'll be charged. 

yes thats correct - that should be the rate which is prevailing in the market at that time. For major currencies there really isn't much fluctuation in this (unless there is an interest rate change by the central banks) or significant manipulation by way of central governments (for example the recent TRY spikes). 

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