Comparison table

How derivative products compare



CFDsFuturesCovered warrantsProduct optionsSpread bets
Stamp dutyNoIf stock futures exercisedNoIf exercisedNo
CGT on gainsYesYesYesYesNo
Margin required1-20%5-10%n/a5-10%1-20%
Dividend adjustmentLongs – 90% receivable
Shorts – 100% payable
YesNoYesNo
Commission per transaction0.1% to 0.25% of total transaction or dealing spread£1.50 to £4.00Online Nominee - £15
Telephone Nominee - 1% on first £5,000, then 0.2% thereafter with minimum of £35
£1.50 to £4.00None
SpreadsDeal at cash market price of with market maker spreadTight in index futures; less tight in stock futuresfrom £0.002Tight in index options and liquid stock optionsVaries with firm, less on daily bets
Potential strategiesShort/long, hedge, cash equivalent, leverageShort/long hedge, synthetic cash, leverageCash Extraction, Speculation, Hedging, Diversification & StraddlesArray of long, short, spread and arbitrage strategiesShort/long, hedge, leverage
Pricing Same as cash underlyingFutures fair value based on carry modelOptions pricing modelOptions pricing modelDefined per point stake
StockNoNoNoNoNo
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