Game Rules - Financial Odds

Financial Odds Betting
What is a Financial Odds Bet?
What are the advantages of Financial Odds Betting?
What types of bets does Cantor Financial Odds offer?
What is the difference between a Moving Odds/Static Level bet and a Static Odds/Moving Level bet?
How are the index Levels calculated?
What are the expiry/settlement times for the bet types offered?

Financial Odds betting with Cantor Financial Odds is an innovative and exciting new way to speculate on the movements of financial markets. Financial Odds betting offers you the ability to place a bet on odds offered on whether a specific product (e.g. UK 100 index) will finish above or below a predetermined market level.

What is a Financial Odds Bet?

Financial Odds bets are fixed odds bets. They pay a fixed amount on expiry. If your financial bet loses, your loss is limited to the value of your stake.

Example: Daily UK 100 bet

You want to place a bet when the UK 100 level is 6200.0. The odds that the UK 100 will be higher than this at market close are 5/6.

You bet £10 that the UK 100 will close above 6200.0.

The UK 100 closes at 6210.3 so you win £18.33 (including the return of your £10 stake). If the UK 100 had closed below 6200.0, you would have lost your £10 stake.

If the UK 100 had closed at exactly 6200.0 then your bet is deemed to be a dead heat and half your stake will pay full odds, so you would win £9.17 (including the return of half your £10 stake).

What are the advantages of Financial Odds Betting?

Financial Odds betting has the following advantages:

When you place a bet you know the exact potential profit you can make at the time of bet placement.
Your potential loss is limited to the value of your stake.
You can choose different bet types, market expiry times, and odd variations.
You can make money whether markets rise or fall.
Tax-free profits from betting the financial markets.
No fees or commissions.

What types of bets does Cantor Financial Odds offer?

Cantor Financial Odds offers a range of bets on markets including the UK 100 Index, the US 30 Index, US 500 Index, Germany 30 Index, HK Index, India 30 Index, FX and commodity products. There are two different bet types available which are explained below:

With moving odds/static level betting, the market levels are static but the odds are constantly changing.
With static odds/moving level betting, the odds are fixed but the market levels are constantly moving.

What is the difference between a Moving Odds/Static Level bet and a Static Odds/Moving Level bet?

Moving Odds/Static Level Betting

This option offers three different (static) market levels on which you can place your bets during your chosen betting period. There is a mid line (starting level), a high line and a low line at which you can place a bet. The mid line (starting level) displayed is the actual market close price at the end of the last betting period, with a high and low level either side of this. The high line and low line market levels are based on a reasonable assessment of market volatility for your chosen time period. These high and low lines allow you to get greater leverage from your betting if you think that the market level is going to significantly rise or fall during your chosen betting period.

For each line you can take one of two views:

The market will finish above the fixed market level at expiry, or
The market will finish below the fixed market level at expiry.

During the betting period, these market levels remain fixed. The odds move to reflect the changing likelihood of the outcome.

The two examples below detail an hourly betting period available on the UK 100. Five minute, hourly and daily betting periods are available on the UK 100, the US 30, the Germany 30, and a range of FX and commodities markets.

Example: UK 100 Moving Odds/Static Level hourly bet expiring at 11:00

The UK 100 market level at 10:00 was 6436.8. This corresponds to the expiry level at the end of the previous betting period. This level forms the basis for the Starting level of betting. Based on a reasonable assessment of market volatility for this time period, the high line and low lines are fixed at 6459.3 and 6414.3 respectively. Therefore odds offered on each line during the betting period could be as shown below:

Moving Odds/Static Level Betting

Example 1:

You expect the market to rise above and beyond 6459.3 by the close of the period at 11:00. You stake £100 at 12/1.

Three outcomes are now possible:

At 11:00, the market finishes at a level above 6459.3, for example 6511.2. You have won and collect returns of £1300 including your original stake of £100.
At 11:00, the market finishes at a level below 6459.3, for example 6450.8. Your bet has lost.
At 11:00, the market finishes at a level of exactly 6459.3. This is a dead heat and you have won £650 including half of your original stake of £100.

Example 2:

You have chosen to bet on the mid line (starting level) at 10:32. You have checked to see what the real-time level for UK 100 is currently and find it at 6432.6 (since the real-time live level for UK 100 has changed the odds associated with each level have moved). You feel that this level is going to fall between now and 11:00 and expect the expiry at 11:00 to be less than the mid line level of 6436.8. We are now offering odds of 4/11 on the UK 100 mid line market level finishing lower than 6436.8 as shown in the illustration below. You decide to stake £20.

Moving Odds/Static Level Betting

Once again, three outcomes are possible:

At 11:00, the market finishes at a level below 6436.8, for example 6430.2. You have won and collect winnings of £27.27 including your original stake of £20.
At 11:00, the market finishes at a level above 6436.8, for example, 6440.2. Your bet has lost.
At 11:00, the market finishes at a level of exactly 6436.8. This is a dead heat and you have won £13.64 including half of your original stake of £20.

You may bet on either direction (up or down) on any of the three fixed lines at any point during the betting period. It is important to note that odds will change with market movement and the passage of time and, that odds may be more or less favourable at some point after the bet has been placed.

PLEASE NOTE: Outcomes may become so certain that they are no longer available to bet on.

Static Odds/Moving Level Betting

This option offers four different (moving) market levels on which you can place your bets during your chosen betting period. In this market there is a mid line (current level), a high line, a low line and mid line market spread. The mid line is the current market level for UK 100. The high and low levels either side of the mid line give you the opportunity to get greater value from your betting if you think that the market level is going to significantly rise or fall during your chosen betting period. The distance of the high line and low line compared to the mid line (current level) depends on three factors:

The odds associated with each line, and
The time left to expiry of that particular market
The volatility of the underlying market

You may take one of two views on each line:

The market will finish above the current market level at expiry, or
The market will finish below the current market level at expiry.

The mid line market spread offers odds of evens (1/1) on two market levels based around the current level for UK 100. Looking at the diagram below to illustrate this, it can be seen that the Current level is 6408.0. The mid line market spread levels are 6410.2 and 6405.8. The mid line spread offers better odds than the standard mid line market because the actual UK 100 price has to experience greater change in order for your bet to win.

Whether you are betting on the mid, high or low line, or the mid line market spread, the odds associated with each line remain fixed. The resulting movement in the market levels across the various lines reflects the changing likelihood of the outcome.

Follow the diagram and example below to illustrate this bet type.

Static Odds/Moving Level Betting

Example: Static Odds/Moving Level daily bet for UK 100 expiring at 16:30

Daily betting on the UK 100 begins at 08:10. In this market odds remain fixed for all lines for the duration of the bet. The passage of time, volatility and movement of the underlying market determines the level of the lines.

You expect the market level to finish below the low line (6391.2) at the close of the period at 16:36. You decide to stake £10 on the low line that the market level will finish lower than 6391.2 with odds of 5/1.

Two outcomes are now possible:

At 16:36, the market finishes below 6391.2, for example 6389.9. You have won and collect winnings of £60 including your original stake of £10.
At 16:36, the market finishes above 6391.2, for example 6391.8. Your bet has lost.
At 16:36, the market finishes at a level of exactly 6391.2. This is a dead heat and you have won £30 including half of your original stake of £10.

It is important to note that the levels will change with market movement and over the passage of time. Levels may be more or less favourable at some point after the bet has been placed. As the end of the betting period is reached, the lines will naturally converge. The same odds are always offered, so to reflect the changing likelihood of outcomes, the lines will move towards a limiting value.

The fixed odds for this bet type are as follows:

Above or below the current level (mid line - real-time live level) 5/6
Above the high and below the low line 5/1
Below the high and above the low line 1/20
Above or below the mid line spread Evens or 10/11 dependent on the market

How are the market Levels calculated?

All markets on Cantor Financial Fixed Odds feature live streaming market levels and odds updates. The market levels and odds available are real-time and are derived as detailed in the table below, where the settlement of each product is also detailed. Please also note that all times mentioned are London times.

UK 100 Index
Derivation of Price	Blended futures derived cash price from the nearest quarterly futures contract. Derived price = Nearest quarterly + Fair Value
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0835, 0840, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 1630hrs, with the last betting time being two minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official auction closing price is released.
Settlement Basis	First print by Reuters after the product has expired. The daily bets will be settled against the official index closing auction price.
Betting Hours	5 minute products open at 0830hrs and the last betting time is 1624hrs. Hourly products open at 0900hrs and the last betting time is 1558hrs. Daily products open at 0810hrs and the last betting time is 1628hrs.

US 30 Index
Derivation of Price	Blended futures derived cash price from the nearest quarterly futures contract. Derived price = Nearest quarterly + Fair Value
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 1455, 1500, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being two minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official auction closing price is released.
Settlement Basis	First print by Reuters after the product has expired. If the print is exactly on the minute or hour at the end of the market this print will be used for settlement. The daily bets will be settled against the official index closing auction price.
Betting Hours	5 minute products open at 1450hrs and the last betting time is 2054hrs. Hourly products open at 1445hrs and the last betting time is 2058hrs. Daily products open at 1445hrs and the last betting time is 2058hrs

Sterling/Dollar Currency (£/$)
Derivation of Price	The spot FX price is a BGC composite 5 decimal place price derived from rates provided by several banks.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0805, 0810, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being one minute before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	First print of BGC composite price after the product has expired.
Betting Hours	5 minute products open at 0800hrs and the last betting time is 2059hrs. Hourly products open at 0800hrs and the last betting time is 2059hrs. Daily products open at 0800hrs and the last betting time is 2059hrs.

Euro/Dollar Currency (€/$)
Derivation of Price	The spot FX price is a BGC composite 5 decimal place price derived from rates provided by several banks.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0805, 0810, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being one minute before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	First print of BGC composite price after the product has expired.
Betting Hours	5 minute products open at 0800hrs and the last betting time is 2059hrs. Hourly products open at 0800hrs and the last betting time is 2059hrs. Daily products open at 0800hrs and the last betting time is 2059hrs.

Dollar/Yen Currency ($/¥)
Derivation of Price	The spot FX price is a BGC composite 3 decimal place price derived from rates provided by several banks
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0805, 0810, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being one minute before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	First print of BGC composite price after the product has expired.
Betting Hours	5 minute products open at 0800hrs and the last betting time is 2059hrs. Hourly products open at 0800hrs and the last betting time is 2059hrs. Daily products open at 0800hrs and the last betting time is 2059hrs.

Dollar/Swiss Franc Currency ($/CHF)
Derivation of Price	The spot FX price is a BGC composite 5 decimal place price derived from rates provided by several banks.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0805, 0810, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being one minute before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	First print of BGC composite price after the product has expired.
Betting Hours	5 minute products open at 0800hrs and the last betting time is 2059hrs. Hourly products open at 0800hrs and the last betting time is 2059hrs. Daily products open at 0800hrs and the last betting time is 2059hrs.

Euro/Sterling Currency (€/£)
Derivation of Price	The spot FX price is a BGC composite 5 decimal place price derived from rates provided by several banks.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0805, 0810, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being one minute before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	First print of BGC composite price after the product has expired.
Betting Hours	5 minute products open at 0800hrs and the last betting time is 2059hrs. Hourly products open at 0800hrs and the last betting time is 2059hrs. Daily products open at 0800hrs and the last betting time is 2059hrs.

Euro/Yen Currency (€/¥)
Derivation of Price	The spot FX price is a BGC composite 3 decimal place price derived from rates provided by several banks
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0805, 0810, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being one minute before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	First print of BGC composite price after the product has expired.
Betting Hours	5 minute products open at 0800hrs and the last betting time is 2059hrs. Hourly products open at 0800hrs and the last betting time is 2059hrs. Daily products open at 0800hrs and the last betting time is 2059hrs

Australian Dollar/ US Dollar Currency (A$/$)
Derivation of Price	The spot FX price is a BGC composite 5 decimal place price derived from rates provided by several banks.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 0805, 0810, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last betting time being one minute before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	First print of BGC composite price after the product has expired.
Betting Hours	5 minute products open at 0800hrs and the last betting time is 2059hrs. Hourly products open at 0800hrs and the last betting time is 2059hrs. Daily products open at 0800hrs and the last betting time is 2059hrs.

IPE Brent Crude Oil (as traded on the Intercontinental Exchange - ICE)
Derivation of Price	Futures price for most liquid month (as displayed on the betting interface) for the IPE Brent Crude Oil futures as traded on ICE Exchange.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 1200, 1205, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 1930hrs, with the last betting time being 2 minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official closing price is released as shown by the ICE Exchange for the IPE Brent Crude Oil futures.
Settlement Basis	The settlement for the hourly and 5 minute products will be the price of the IPE Brent futures contract at the settlement time. The daily bets will be settled against the official closing price for the IPE Brent futures contract at 1930hrs, as shown by the exchange.
Betting Hours	5 minute products open at 1030hrs and the last betting time is 1924hrs. Hourly products open at 1100hrs and the last betting time is 1859hrs. Daily products open at 1030hrs and the last betting time is 1928hrs.

Nymex Crude Oil - West Texas Intermediate (WTI) - Traded on the Nymex (New York Mercantile) Exchange
Derivation of Price	Futures price for most liquid month (as displayed on the betting interface) for the Nymex Crude Oil E-mini futures.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 1505, 1510, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 1930hrs, with the last betting time being 2 minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official closing price is released at approximately 1930hrs as shown by the exchange for the Nymex E-mini futures.
Settlement Basis	The settlement for the hourly and 5 minute products will be the price of the E-mini Nymex contract at the settlement time. The daily bets will be settled against the official closing price for the Nymex E-mini futures at 1930hrs, as shown by the exchange.
Betting Hours	5 minute products open at 1400hrs and the last betting time is 1924hrs. Hourly products open at 1400hrs and the last betting time is 1858hrs. Daily products open at 1400hrs and the last betting time is 1928hrs

Gold (as traded on the Chicago Board of Trade - CBOT)
Derivation of Price	Futures price for most liquid month (as displayed on the betting interface) for the CBOT Gold 100 ounce futures as traded on CBOT Exchange.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 1320, 1325, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 1830hrs, with the last betting time being 2 minutes before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	The settlement for the daily, hourly and 5 minute products will be the price of the CBOT Gold 100 ounce futures contract at the settlement time.
Betting Hours	5 minute products open at 1320hrs and the last betting time is 1824hrs. Hourly products open at 1320hrs and the last betting time is 1759hrs. Daily products open at 1320hrs and the last betting time is 1828hrs.

Silver (as traded on the Chicago Board of Trade - CBOT)
Derivation of Price	Futures price for most liquid month (as displayed on the betting interface) for the CBOT Silver 5000 ounce futures as traded on CBOT Exchange.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial betting period, i.e. 1320, 1325, and can be bet upon up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 1830hrs, with the last betting time being 2 minutes before expiry.
Settlement Time	5 minute, hourly and daily bets will be settled no later than 15 seconds after the stated expiry time.
Settlement Basis	The settlement for the daily, hourly and 5 minute products will be the price of the CBOT Silver 5000 ounce futures contract at the settlement time.
Betting Hours	5 minute products open at 1320hrs and the last betting time is 1824hrs. Hourly products open at 1320hrs and the last betting time is 1759hrs. Daily products open at 1320hrs and the last betting time is 1828hrs.

Germany 30 Index
Derivation of Price	Blended futures derived cash price from the nearest quarterly futures contract. Derived price = Nearest quarterly + Fair Value
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial trading period, i.e. 0815, 0820, and can be traded up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 1630hrs, with the last trading time being two minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official auction closing price is released.
Settlement Basis	First print by Reuters after the product has expired. The daily bets will be settled against the official index closing auction price.
Betting Hours	5 minute products open at 0815hrs and the last trading time is 1624hrs. Hourly products open at 0900hrs and the last trading time is 1558hrs. Daily products open at 0815hrs and the last trading time is 1628hrs.

US 500 Index
Derivation of Price	Blended futures derived cash price from the nearest quarterly futures contract. Derived price = Nearest quarterly + Fair Value
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial trading period, i.e. 1455, 1500, and can be traded up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 2100hrs, with the last trading time being 2 minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official closing price is released.
Settlement Basis	First print by Reuters after the product has expired. If the print is exactly on the minute or hour at the end of the market this print will be used for settlement. The daily bets will be settled against the official index closing auction price.
Betting Hours	5 minute products open at 1450hrs and the last trading time is 2054hrs. Hourly products open at 1500hrs and the last trading time is 2058hrs. Daily products open at 1445hrs and the last trading time is 2058hrs.

HK Index
Derivation of Price	Blended futures derived cash price from the nearest liquid futures contract. Derived price = Liquid Futures Contract + Fair Value.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial trading period, i.e. 0215, 0220, and can be traded up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 0800hrs, with the last trading time being 2 minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official closing price is released.
Settlement Basis	First print by Reuters after the product has expired. If the print is exactly on the minute or hour at the end of the market this print will be used for settlement. The daily bets will be settled against the official index closing price.
Betting Hours	5 minute products open at 0215hrs and the last trading time is 0755hrs. Hourly products open at 0210hrs and the last trading time is 0758hrs. Daily products open at 0210hrs and the last trading time is 0758hrs. Note: There is a break in trading between the hours of 0435hrs and 0630hrs.

India 30
Derivation of Price	Blended futures derived cash price from the nearest liquid futures contract. Derived price = Liquid Futures Contract + Fair Value.
Markets Offered	5 minute moving odds 5 minute static odds Hourly moving odds Hourly static odds Daily moving odds Daily static odds
Expiry Time	5 minute products expire every 5 minutes from the start of the initial trading period, i.e. 0440, 0445, and can be traded up until 30 seconds before expiry. Hourly products expire on the hour, with the last betting time being one minute before expiry. Daily products expire at 1000hrs, with the last trading time being 30 minutes before expiry.
Settlement Time	5 minute and hourly bets will be settled no later than 15 seconds after the stated expiry time. Daily bets settle when the official closing price is released.
Settlement Basis	First print by Reuters after the product has expired. If the print is exactly on the minute or hour at the end of the market this print will be used for settlement. The daily bets will be settled against the official index closing price.
Betting Hours	5 minute products open at 0440hrs and the last trading time is 0955hrs. Hourly products open at 0500hrs and the last trading time is 0858hrs. Daily products open at 0440hrs and the last trading time is 0930hrs.

What are the expiry/settlement times for the bet types offered?

Bets will be settled as quickly as possible after the market has finished. This will depend on the number of bets that are awaiting settlement and should not, on average, take longer than a minute.

All settled bets will show immediately on your account and the five most recent settle levels of the mid line markets will be shown at the bottom of the betting application.