Indices
Cash
Using a blend of the underlying benchmark index price data and futures price data (adjusted for any dividends, the applicable interest rate and the time to expiry) our automated pricing engine calculates a theoretical cash price for each cash index. The theoretical cash price is the basis for the Countdown opening price for all expiry lengths. The Countdown opening price for each expiry length is then subject to market-making (by our automated pricing engine or manually by our dealers).
Settlement prices are based on the relevant underlying benchmark index price data. (The basis of the settlement price for each expiry length is described on the platform.)
Note: the blend (of the underlying benchmark index price data and the futures price data) used for Countdown opening prices may differ from the blends used generate prices for CFD margin trades and/or digital 100s because the short-term nature of Countdowns means that their prices need to reflect the much shorter-term changes in the relationship between underlying futures price and underlying benchmark index price.
FX, Gold & Silver
Cash
Using prices sourced from several major liquidity providers to the OTC FX and bullion market (Deutsche Bank, JP Morgan, Barclays, Goldman Sachs, UBS, Citi and HSBC*) our automated pricing engine calculates aggregated prices for US dollar FX pairs such as USD/CHF or GBP/USD, weighting them by time, mid-price and spread. All non US dollar FX crosses are generally then synthetically created from the applicable US dollar FX pairs, although in some instances may be created using the same method as that for US dollar FX pairs explained above. The price is used as the basis for the Countdown opening price for all expiry lengths. The Countdown opening price for each expiry length is then subject to market-making (by our automated pricing engine or manually by our dealers).
*These liquidity providers were used at the time this content was written.
Settlement prices are based on the relevant aggregated prices generated by our automated pricing engine. (The basis of the settlement price for each expiry length is described on the platform.)
Treasuries and commodities (excluding Gold and Silver)
Forwards
The underlying futures price data is used by our automated pricing engine as the basis for Countdown opening prices for all expiry lengths. The Countdown opening price for each expiry length is then subject to market-making (by our automated pricing engine or manually by our dealers).
Settlement prices are based on the relevant underlying futures price data. (The basis of the settlement price for each expiry length is described on the platform.)
