Why is Australia’s ‘local market time zones (UTC +01:00) Europe/London”?

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Viewing 7 posts - 1 through 7 (of 7 total)
  • 08/05/2022 at 2:49 PM #198561
    SkippyTrader

    For all “CFDA” Indices  = meaning all $AUD-dominated CFD’s the “local market time zone” appears to be set to (UTC +01:00) Europe / London , this is case for USA Indices, for HK Indices or others regardless of the location; but Australia being 9 hours (AEST standard times) or 11 hours (during AEDT daylight savings) time difference making it hard for us to code strategies out this side of the world.

    The USD , the GBP and various Local Currency denominated indices i see on PRT appear to have charts with local market time zone choices on their charts? But for Australian IG customers, if we used those charts that would incur a 0.5% fee (“CFDs traded in a currency other than your account’s base currency incurs a currency conversion charge of 0.5%”), which you could imagine is a lot of fee’s if trading large valued indices or futures like Dow Jones (Imagine a 0.5% of just 1x lot of the Dow Jones Index and then multiple by how many trades one does annually).

    Is there not something so simple i’m missing here ?

    08/05/2022 at 3:18 PM #198564
    GraHal
    SkippyTrader wrote:

    Imagine a 0.5% of just 1x lot of the Dow Jones Index

    It’s the same for all of us, but surely the 0.5% currency conversion fee is only applied to any gains or losses?   So if we make £10,000 in Gains, we incur conversion fee of £50?

    Conversion fee is not, for example, applied to a 32,500 1 Lot contract as you are implying above every time we trade it??

    We are not really buying a 1 Lot Contract for real, it’s all in-house / inside IG.

    I guess IG charge us 0.5% conversion fee on Gains / Losses (because thay can get away it! 🙁 ) but also because at times thay may have to go into the REAL market and hedge against out bets so then IG would have to pay conversion fees so IG compensate by making us pay each and every Gain / Loss.

    Or am I missing something here now!!?? 🙂

    08/07/2022 at 3:04 AM #198645
    SkippyTrader
    GraHal wrote:

    but surely the 0.5% currency conversion fee is only applied to any gains or losses?

    Doing a quick check myself the last few days changing to ‘US Indices” (in USD), my transaction record indeed suggests what you said that the fee’s IG charged me were only on the gains/loses or on any overnight funding fee’s for positions. Otherwise yeah it be like $162 fee for just one lot on Dow Jones if on the entire value of the indices, but instead i had fee’s of few $’s or less then $ only – but still i prefer not having a few $’s coming out of my profits on each trade.

    It looks like this ‘local market time zone’ isn’t just problem for Australian customers too though – as i see the “Indices – Asia” have local market time zone as “London/Europe” too (attached), strangely.

     

     

    08/07/2022 at 9:10 AM #198661
    GraHal

    What happens if you select (and adjust to your local time) the middle option in the panel above what you show with the red arrows … i.e. ‘Display all data in this Timezone’?

    08/07/2022 at 1:13 PM #198676
    SkippyTrader

    That (“Display All Data in this timezone: eg. Hong Kong” ) is the option i currently always use [only real option i could use actually], i set to whatever markets chart i want to open (eg. show it all in HK time zone before opening a HK chart) and then have to close down and restart PRT every-time i want a different chart / different market.

    But that doesn’t fix the actual problem / issue here at all, why doesn’t PRT make the local timezone the actual local timezone? Cos if we wanted to use say “display intraday charts of this market” we cant, as its not this markets timezone (its London +0100 UTC’s ‘intraday’, and not say Hong Kong’s time). It would also save me a lot of time, so i dont have to close down and restart my PRT platform every time i want to open and look at a different chart.

    08/08/2022 at 1:43 PM #198744
    GraHal
    SkippyTrader wrote:

    have to close down and restart PRT every-time i want a different chart / different market.

    I have my Timezones set as attached and I never do as you say above.

    Is it ‘ignorance is bliss’ with me or are you trying to do something different than I ever do?

    Is it because I accept that IG is a 24 hour market and you are trying to see ONLY official market-open data? 

     

    08/08/2022 at 1:48 PM #198746
    GraHal
    SkippyTrader wrote:

    its London +0100 UTC’s ‘intraday’, and not say Hong Kong’s time

    IG worldwide (likely) use one set of bars / candles in 1 Timezone.

    The way you would like it would mean loads of independent operated IG Offices all operating in different Timezones and therefore all ‘running their own books’ etc etc?

    Just thinking aloud, may not be correct?

    You may get a better answer from IG staff on IG Forums?

    Let us know if you find out anything new?

    https://community.ig.com/forums/forum/15-ig-trading-support-dealing-questions/

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