elbak283

Thanks Arvin, appreciate it.

Thanks for that Arvin. So I was looking in the wrong place for information on how to calculate overnight funding interest on Australian cash market index CFD's. Instead of using the rules on the page "Why is overnight funding charged and how is it calculated?", I should have been using the rules on the page "What are IG's indices CFD product details?" in a side tab in the middle of the page, in the 7th note in that tab. I don't know how I feel about that. I feel like it was reasonable for me to look for information on how to calculate overnight funding interest on the page "Why is overnight funding charged and how is it calculated?", and rely on that information. I clearly made a mistake here, but if I'm honest I feel like I don't know how to avoid more mistakes, and incurring more unexpected charges, without reading every single thing, and every little detail, on the website.

Hi, 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." Source: https://www.ig.com/au/help-and-support/cfds/fees-and-charges/why-is-overnight-funding-charged-and-how-is-it-calculated- 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.