Calculation of Interest
Calculation of Interest
How is interest calculated?
Daily Overnight Interest = Entry price x Agreed unit x Interest rate announced by trader /360
What is the difference between closing a position within the same day and retaining a position overnight?
When a customer opens and closes a position during the same day, no overnight interest will be incurred. If the customer retains the position overnight, interest will be charged for the overnight position. The interest rate fluctuates with the market; please promptly contact your customer service officer.
Calculation of Interest during Weekends or Holidays
If the order placed on Friday and holding until next Monday, it will charge a 3-day interest (Friday, Saturday and Sunday).
Trading Time on Loco London Gold/Silver
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Mondays |
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Market opens at 8:00 a.m. |
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Tuesdays to Thursdays |
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Market rolls over and opens at 4:00 a.m. the following day |
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Fridays |
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Market closes at 3:00 a.m. the following day (summer time) Market closes at 4:00 a.m. the following day (winter time) |