Ludwik Chodzko-Zajko IG

For those not aware – swap bands for undated commodities are now visible in platform. You’ll need to add a watchlist to your workspace and un-hide the relevant columns. The values snap at 1600 BST to reflect what we expect to adjust by that evening. Naturally this means that before 1600 BST the rates will reflect the previous day’s funding. Swap bands are inclusive of a 2.5% admin charge. Any questions, please ask.

I can confirm that Caseynotes is not, in fact, an employee of IG. @Caseynotes your contrubutions are very much appreciated however!

Here's the JUN-JUL spread - into positive territory for the first time since Feb.

Trading resumed

Dax futures remain in auction - GXM0 indicating 10711.5 ATM

Hihi Underlying spreads tend to be much wider on SA 40 futures (screenshot of the JUN futures below). We're typically 8pts round market in hours - it's likely that you'll see much wider ATM given current lack of liqudity. We will of course tighten up when possible. Ludwik

Morning all, Downside price limits for US futures: At present we have hit the 5% circuit breaker. US futures limits increase to the main session levels at 1330 UK time (0830 Chicago). https://www.cmegroup.com/trading/price-limits.html#equityIndex Clients are not able to sell (either to open or close) when futures are suspended in this state. Please note this is a function of the underlying exchange. This will apply globally for all brokers, not just for clients of IG.

Hihi, Are you able to provide any details (market, order type, trade size, date & time, direction)?

Afternoon all, To be clear - we don't weight cryptocurrency prices, based on either client trades or positions. We don't "stop hunt" client positions. It is not in our interest to do so. Such behavior would - among other things - be harmful to our reputation, unfair, and would lead to intervention by the relevant regulator. We price our crypto pairs by taking price feeds from exchanges, and combining them into a blended price. Any given combination of feeds will ultimate produce a "best price" which we would use as our mid. This price is created by taking an average bid and offer price from our exchange price feeds, and wrapping a fixed spread around the new mid. We weight these feeds in a normal distribution to reduce the impact of a spike in any single price feed. (Very rough chart from when this was in testing to give you a visual aid). This distribution means that the feeds closest to the mean will have the largest price impact, preventing the majority of price spikes that could otherwise be caused by individual feeds. Where there is a price spike we will determine whether it is valid reflection of the underlying market- and reverse trades if not.

No problem!

Last day of the early start: UK and European clocks go back one hour when daylight saving time (DST) ends on Sunday 27 October. From this date until Sunday 3 November, the end of US DST, there are a number of changes to our opening hours: • US and Canadian markets will trade one hour earlier in UK time. For example, US and Canadian shares will be quoted between 1.30pm and 8pm • All forex markets will open at 9pm on Sunday 27 October and close at 9pm on Friday 1 November • 24-hour dealing on indices will open at 10pm on Sunday 27 October and close at 9pm on Friday 1 November • US shares (all sessions) will run from 8am to midnight Monday to Thursday, and from 8am to 9pm on Friday 1 November • In-hours trading on Eurex futures (including the Germany 30) will be available one hour earlier at 12:10am • Expiring US markets will be settling an hour earlier than usual • New York Cocoa, Sugar and Coffee, and London Sugar all close an hour earlier than normal • Weekend trading on indices will open at the same time (4am Saturday), but will close one hour earlier (9.40pm Sunday) The dealing desk will also close early at 9pm on Friday 1 November.

That's right - all orders would usually be triggered & filled basis the opening price. We would, of course, pass on any positive slippage on limit orders.

Agreed - not ideal. Unfortunately no other way around the maintenance & updates required this weekend. Again sincere apologies- we remain on track for a 1200 open without any further delay. Ludwik

Morning all - please see below info sent earlier this week: There will be a delayed open on our cryptocurrency and weekend markets on Saturday 26 October, to allow for scheduled maintenance. We’re planning to reopen these markets at 12pm (UK time), rather than the normal 4am, however this is subject to change. We’re sorry if this causes you any inconvenience. If you have any questions about this or need assistance with your account, you can find answers in our help and support area or IG Community. Alternatively, our highly trained client services team is available by phone or email 24 hours a day from 8am Saturday to 10pm Friday. No changes to plan- on track for midday at this time. Thanks, Ludwik

Morning all - please see below info sent earlier this week: There will be a delayed open on our cryptocurrency and weekend markets on Saturday 26 October, to allow for scheduled maintenance. We’re planning to reopen these markets at 12pm (UK time), rather than the normal 4am, however this is subject to change. We’re sorry if this causes you any inconvenience. If you have any questions about this or need assistance with your account, you can find answers in our help and support area or IG Community. Alternatively, our highly trained client services team is available by phone or email 24 hours a day from 8am Saturday to 10pm Friday. No changes to plan- on track for midday at this time. Thanks, Ludwik

Hihi, 30pt spread on weekend cable is fixed. We're looking at reducing if feasible / volatility permitting (for reference, narrowest indicative prices we saw from 1900 Sunday were 50 pts wide). How much of a factor in deciding whether to trade on the weekend is spread, what would you see as attractive to trade? Regarding true 24/7 trading - it's very difficult. We keep having to trade off between release time & platform up time - unfortunately trading hours aren't likely to increase soon. Only silver lining is that usually the 2200-0400 period is very quiet in terms of macro events. Open to any other feedback re. weekend markets. Thanks, Ludwik

It missed...

USDBRL trades as a non-deliverable forward (NDF), as Brazilian currency rules mean we're unable to take delivery of BRL. The running profit/loss (PNL) is converted back into USD (more info here if interested https://www.investopedia.com/terms/n/ndf.asp). US clients are restricted from trading NDFs as the PNL being in the first name currency (this applies to all our EMFX pairs) creates transaction reporting issues that we, so far, have been unable to resolve. We are attempting to find a work around, but no realistic timeline as of this morning. (Non- US clients can trade as normal). Thanks, Ludwik

We saw this as a direct reaction to Merkel's comments in the Hague. GBP rallied sharply against all other pairs, sharp uptick in flow across the board.

Hihi Yes, you can reduce your requested size to 0.01 (1,000 notional) in the trade ticket. See below:

Evening all, FOMC is set to cut rates by 25bps tomorrow evening. Substantial volatility likely - current probabilities below:

For those stuck inside today -CBRT set to cut rates by at least 200bps. Reuters consensus has been creeping lower, was 22%, now showing 21.5% - so now inching towards a 2.5% cut. Some LPs suggesting closer to 350bps* this morning. Central bank governor recently resigned after failing to subscribe to President Erdogan's view that cutting rates will reduce inflation. Reaction to this was fairly muted - might give them a bit more scope to cut further. Vol highly likely - one to be careful with. Should be interesting either way.

Slim but notable chance of a rate cut by the Fed this evening (1900 UK time). You can watch IGTV live over the announcement, both here on Community and within the dealing platform.

Evening all, The shares desk have confirmed there is limited borrow available in the market this evening - current borrow charge is 100% per annum, so pretty steep. Availability & cost will likely vary over the coming days. You'll need to call in should you wish to open a short position ( buying or selling to close can be done via the platform). In other news - Honest burger also sell the BYND patty. Few of us on desk had one this evening - probably not allowed to comment on how it was so I won't...

To price undated commodities we need 2 liquid futures. With bonds, virtually 100% of the liquidity is in the front month contract. We don’t offer any other undated bonds, but in the past the back month of the Bund has had enough liquidity to make offering an undated product viable. This is no longer the case - therefore we can no longer price the undated reliably. The undated contract will remain online so long as clients have open positions and we have no plans to force people out. We'll continue to offer the dated forward contracts (which you can see in the screenshot below). Any questions please ask. All the best, Ludwik