A CFD offers you all the benefits of trading shares without having to physically own them. Simply put, it is a contract that mirrors the performance of an underlying instrument. It is traded on margin, and just like physical shares your profit or loss is determined by the difference between the price you buy at and the price you sell at.

Margin trading allows you to free up your capital by placing only a small percentage of the value of trade in your account. Profit and loss is credited and debited to your margin deposit as the market moves. Margins are typically 10% or less on Share CFDs and 1% on Index, Commodity and Treasury CFDs.

Hoodless Brennan Markets offers commission free trading on index, commodity and treasury CFDs. A low commission charge is applied to equity CFDs. As is our commitment to offering you the most competitive trading service, it is our intention that this commission charge will be the lowest in the market. Please refer to our rates schedule for current commission levels.

Only financing on equity positions held overnight is charged, and this may be paid or received dependant upon the position. There may be some administrative charges associated with your account. Please speak to our Sales advisors for more information.

If you carry a CFD Share position overnight, it incurs a financing cost. Finance is calculated on 100% of the value of the equivalent position. It is calculated on a daily basis at market price. If you are long, you'll have to pay interest to Hoodless Brennan Markets; if you are short, you may receive interest from Hoodless Brennan Markets. Financing on Commodity and Treasury CFDs is factored into the futures price and therefore no overnight rates will apply. Financing is charged on any equity positions held overnight (positions open at 22.00 London time).

Yes, please refer to the Rate Schedule for the current interest qualification level and relevant interest rates.

Please call 0800 279 9831 to request the Rate Schedule.

The minimum deal size is one (1) CFD. This is the equivalent of one share.

Yes, CFDs can be traded over the telephone, although clients will generally find that trading over the internet is faster than telephone trading. There is, however, no penalty for trading over the telephone.

Trades placed on US, European or Asian markets are denominated in the currency used by the exchange. Your P/L will be reported in the currency of your choice, and different currency ledgers are created on your account.

A CFD is an open-ended contract, if you have not closed your position by the end of the trading day, then the position is rolled into the next day. At this point, financing is paid or received. Provided that you maintain enough available margin, your position is maintained indefinitely.

Yes, Hoodless Brennan Markets customers can also trade Commodities, Treasuries and Foreign Exchange from their CFD account.

Yes. Although a CFD trader does not physically own the share, s/he can partake in Corporate Actions and receive dividends. However, as the CFD trader does not own the share itself, s/he is not entitled to any voting rights.

A client can short sell Share and Index CFDs. This means that the trader can sell a CFD as an opening position. "How can a trader sell something they don't own?" This can be done as what the client is buying is a contract between themselves and the CFD provider, based upon the price movement of a share. It does not matter who agrees to buy and who agrees to sell, as neither party physically owns the share anyway. The important thing is how far the price of the Share or Index moves, and whether or not it moves the way you want it to. Using this facility, a trader may be able to profit from a falling market.

Yes, you will be charged a low rate of commission on equity CFDs. Please refer to our Rates Schedule for current pricing.

No commission is charged on commodity CFD products.

No you do not. Because the position is rolled upon expiry, the price you pay will already incur financing in the contract value.

Hoodless Brennan Markets' margin rate on commodity CFDs are as little as 1%.

As commodity and treasury CFDs deal on differing point increments ranging from 0.01 to 1.0, margin calculations may vary. Your margin requirement can be calculated as follows:

For example: You buy 10 USCRUDE DEC04 CFDs @USD$50
Your margin can be calculated as follows [(10 x 50) / 0.01] x 3% = USD$1500

GTC orders placed on treasury or commodity CFDs are automatically cancelled at 22:00 London Time on the Hoodless Brennan Markets expiry date for the relevant CFD contract.

No commission is charged on Treasury CFD products.

No you do not. Because the position is rolled upon expiry, the price you pay will already incur financing in the contract value.

All spreads are 3 pips, with the exception of long term US bills and Australian bonds. The T-Bond, 5 & 10 year T-Note have a spread of 6. Australian bonds have a spread of 4.

All pending orders are automatically cancelled by the dealing software at 19:00 London time on the day of expiry.

Currency Future CFDs are contracts over the performance of an underlying referenced currency futures contract.

Trade times are Sunday 21:00 bst to Friday 20:00 bst (Intraday trading break 22:00 bst - 23:00 bst).

Open positions are valued every night at the close of normal trading hours 22:00 (bst), at the official settlement price of the relevant underlying futures contract. Profits and losses are calculated in US Dollars.

Hoodless Brennan Markets' margin rate on currency future CFDs are as little as 1%.

No commission is charged on Currency Futures CFD products.

No you do not. Because the position is rolled upon expiry, the price you pay will already incur financing in the contract value.

Hoodless Brennan Markets will need to determine whether CFDs are appropriate for you, taking into account what you tell us about your knowledge and experience of the financial markets.

To open an account online please click here, or contact a Sales Representative on 0800 279 9831.

No. Hoodless Brennan Markets only open deposit accounts.

Hoodless Brennan Markets have a number of dealers trading on the internet and the telephone. When you open your account you will be provided with a logon for the Marketmaker® trading software and all relevant telephone numbers.

Hoodless Brennan Markets is a trading name of CMC Markets UK Plc . CFD accounts are opened with CMC Markets UK Plc which is authorised and regulated by the Financial Services Authority.

Clients benefit from margin trading, commission free trading on index, commodity and treasury CFDs and low commission rates on equity CFDs, reduced trading costs (no Stamp Duty), quick execution and a 24 hour online trading service.

• Individual Shares
• Indices
• Commodities
• Treasuries
• Sectors

Hoodless Brennan Markets offers the instruments above in 18 different markets around the world.

Hoodless Brennan Markets is a market maker, not a broker, and acts as a principal, not as an agent.

Yes. The prices Hoodless Brennan Markets publishes are real-time and the service is price driven. Clients can execute trades and receive confirmation within seconds. The prices quoted can be dealt on at any time, at the click of a mouse. However, requotes may occur during large market movements or if share availability is exceeded by a single order or multiple client orders.

No, Hoodless Brennan Markets provides an execution only service. Hoodless Brennan Markets is able to provide factual information upon request but is not authorised to give direct or indirect trading advice. Through Hoodless Brennan Markets' Marketmaker® trading software, traders can access world-leading research and analysis from Reuters Research, advanced charting and analytic tools, and real-time news from Dow Jones.

1. Should you have reason to complain it is important that you first speak to your usual contact. Alternatively contact a member of the helpdesk staff who will also be happy to assist. Complaints will usually be resolved at this early stage.
2. If your complaint is not resolved to your satisfaction in the first instance you will be able to refer the matter to our Compliance Department, in order for them to conduct their own investigation. A final response will be issued by Compliance.