Markets · Indices
Whole markets in a single position
26 index markets in cash and futures form, from the SMI in CHF to the Nasdaq 100 quoted 21 hours a day. Dividend adjustments and rebalance dates published before they hit your ledger.
- Index markets
- 26
- SMI spread from, pts
- 0.4
- Retail leverage
- 1:20
- Daily quoting window
- 21h
Two basis types
Cash or futures, chosen for the hold, not the habit
The same index, two cost structures. Picking the right one is usually worth more than shaving a tenth off the spread.
Cash index
- Tracks the underlying spot index continuously
- Overnight financing applied at 22:00 CET
- Dividend adjustment credited or debited on ex-date
- Best for holds measured in hours or days
Futures index
- Tracks the front-month exchange contract
- No overnight financing, cost sits in the basis
- No dividend adjustment — already priced in
- Best for holds measured in weeks or months
Coverage
Three regions, quoted around the clock between them
Switzerland & Europe
SMI 20
0.4
09:00 – 17:30 CET
DAX 40
0.8
08:00 – 22:00 CET
EURO STOXX 50
1.0
08:00 – 22:00 CET
FTSE 100
1.0
09:00 – 23:00 CET
Americas
S&P 500
0.4
00:00 – 23:00 CET
Nasdaq 100
1.0
00:00 – 23:00 CET
Dow 30
1.6
00:00 – 23:00 CET
Russell 2000
0.4
00:00 – 23:00 CET
Asia & Pacific
Nikkei 225
7.0
01:00 – 22:00 CET
Hang Seng
5.0
03:15 – 20:00 CET
ASX 200
1.0
01:00 – 22:00 CET
Nifty 50
2.5
05:00 – 12:00 CET
Adjustments
Dividend adjustments, posted before the ex-date
Index points attributable to dividends, applied to cash markets only. Futures markets carry no adjustment.
| Index | Next ex-date | Points | Direction | Applies to |
|---|---|---|---|---|
| SMI 20 | 21 Aug 2026 | 4.82 | Debit | Short positions |
| DAX 40 | — | 0.00 | None | Total return index |
| S&P 500 | 19 Sep 2026 | 6.14 | Credit | Long positions |
| EURO STOXX 50 | 18 Sep 2026 | 9.40 | Credit | Long positions |
| FTSE 100 | 04 Sep 2026 | 12.66 | Credit | Long positions |
How it works
What we do when the index does something unusual
01
One price, two products
Cash and futures markets share an order ticket, so you can switch basis without closing exposure.
02
Auction handling
During opening and closing auctions we widen rather than withdraw, so stops behave predictably.
03
Index events
Rebalances and constituent changes are announced in advance with the exact snapshot time.
04
Netted margin
Index exposure nets against single-name equity positions in the same account.
“Spreads hold through the London open, which is the only test I care about. Withdrawals land the same day.”
Questions
Indices, answered plainly
What is the difference between the cash and futures market?
Cash indices have no expiry and carry overnight financing plus dividend adjustments. Futures indices track the front-month contract, expire quarterly and price financing into the basis.
How are dividend adjustments applied?
On the ex-date we credit long positions and debit short positions by the index points attributable to that day's dividends. Every adjustment is a separate ledger line.
Can I trade indices outside exchange hours?
Yes for the US, German and UK books, which we quote up to 21 hours a day. The SMI follows SIX hours.
Is the SMI quoted in CHF?
Yes. The SMI 20 is quoted and settled in CHF, which removes the conversion step for Swiss-based accounts.
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