Finspreads

I've recently signed up with Finspreads and presumed there would be daily's for FTSE shares, however for example for vodaphone, there's only: rolling, mar, jun, sept. How come they don't offer daily for such shares??

Also, I did a test rolling yesterday @ £0.01 per point for 150.4 and got charged 0.28p interest overnight, following the example from the brochure it should be as below:

Example for brochure

Buy M&S Rolling at
346.5p for £10 per point.

(LIBOR 1 month + 1.5%) / 365
x
the total underlying value of
your position

((5% + 1.5%)/365) x (£10 x 3.465)
= 0.0178% x £34.65
= 62p

Mine Vodaphone rolling at
150.4p for £0.01 per point

(LIBOR 1 month + 1.5%) / 365
x
the total underlying value of
your position

((5% + 1.5%)/365) x (£0.01 x 1.504)
= 0.0178% x £0.01504
= 0.000267712p

Not 0.28p ??

They seem to charge interest even if you dont hold over night then? If you held 24 hours you'd end up paying 2 lots of interest?

Steve.

stevespray said:

They seem to charge interest even if you dont hold over night then? If you held 24 hours you'd end up paying 2 lots of interest?

Steve.

Click to expand...

some miscalculation here I suspect - you don't pay 2 lots of interest, just overnight.

Joolsm - what is it you want from the "daily" that you don't get from the rolling?

Cheers,
UTB

the blades said:

some miscalculation here I suspect - you don't pay 2 lots of interest, just overnight.

Joolsm - what is it you want from the "daily" that you don't get from the rolling?

Cheers,
UTB

Click to expand...

When I enquired of them (a year or two back I must admit) I was told that they charged you for finance as soon as you open the position. I used to open and close the same position sometimes several times per day and was charged interest on each opening. This lead me to consider that they would charge me a) at the time of opening and, b) at the time of the rollover if I held overnight. This means that in a single 24 hour period you would pay two financing charges. It could of course have changed since my experiences.

Steve.

stevespray said:

When I enquired of them (a year or two back I must admit) I was told that they charged you for finance as soon as you open the position. I used to open and close the same position sometimes several times per day and was charged interest on each opening. This lead me to consider that they would charge me a) at the time of opening and, b) at the time of the rollover if I held overnight. This means that in a single 24 hour period you would pay two financing charges. It could of course have changed since my experiences.

Steve.

Click to expand...

Steve -

hmmm - well I only use the forward months with them, so I'm not in a position to say. I was sure though that the rollong price is wrapped around the market price (+ their cut), with the just the finance charge applied at night when the bet rolled. This is what happens with the rolling FTSE at Fins, which I use.

Cheers,
UTB