The SONIA3M's underlying instrument is the ICE 3 Month SONIA Index Futures, which is a cash settled future based on the interest rate on a three month sterling deposit.
Margin Requirement's may differ depending on account type and can be viewed in the dealing rates and create order windows on the trading station or by clicking here.
Trading Hours, Expiration and Reference Month
Please click here for trading hours. Please note, however, that hours are subject to change based on Daylight Savings Time. Any holiday hours will be posted here. FXCM expiration dates and current reference month for SONIA3M are located in the FXCM CFD Expiration PDF.
If you have an open position, the reference month you are trading will not be changed, although expiration dates may be amended. Upcoming reference months may be changed with no prior notice. Please ensure you are aware of which reference month is currently being priced, prior to opening a trade.
Clients that hold an open position on the ‘FXCM Expiration’ will be closed at our bid/offer at 17:00 New York time for SONIA3M, which means the client will realise any floating P/L at the time it is closed. When SONIA3M expires, all pending Entry orders and Stop/Limit orders that are associated with the expiring contract will be cancelled. Clients will need to re-establish another position if desired after the expiration and reinsert Stop and Limit orders to the new open position.
The SONIA3M has a target spread of 1.3 pips/points.
Max Contract Size
The maximum number of contracts per click (trade) for SONIA3M is 500.
Minimum Pip Cost (Value)
The SONIA3M has a minimum value of 0.10 GBP per point (Your per point value may be different if your account is denominated in a different currency. Please refer to the Simple Dealing Rates Window in Trading Station for this value).
The pip/point location is shown below. Each 0.01 price movement on the SONIA3M is 1 pip/point. FXCM’s pricing displays an additional decimal place - ideal for scalpers in a fast-moving market.
Number of FXCM Contracts to Equal 1 Future
250 FXCM SONIA3M Contracts are currently equivalent to one 3 Month Sonia Future.
The SONIA3M has no financing cost (Rollover).