Rollover is the adjustment applied to eligible contract for difference (CFD) positions when the underlying futures contract reaches its expiration and the position is moved to the next contract.
Why is a rollover adjustment needed?
The expiring futures contract and the next contract may trade at different prices. Moving between them can therefore create a price change unrelated to the underlying market movement during your trade.
Therefore, a cash adjustment is applied to account for the difference between the contracts. This prevents the change in contract price from creating an artificial profit or loss solely because of the rollover.
How does rollover work?
When a futures-based CFD reaches its rollover date:
- The position is transitioned from the expiring contract to the next contract.
- The difference between the old and new contract prices is reflected as a debit or credit cash adjustment to the trading account.
- The adjustment is shown separately in the account statement or trading history.
The adjustment may be a credit or a debit, depending on the price difference between the expiring and new contracts and the direction of your position.
Which products are affected by rollover?
Rollover applies to CFDs that are based on futures contracts with an expiration date. The affected products and rollover dates can change.
Check the latest Moneta Markets Notifications page for the affected products and dates.
Where can I see my rollover adjustment?
Review your trading account history or statement for the rollover adjustment.
It may appear as:
Cash Adjustment – Rollover
The adjustment is separate from the profit or loss generated by market movements on the position.
Why can external rollover figures differ?
The adjustment uses Moneta Markets' applicable contract prices. External platforms or data sources may use different prices or contracts, so their figures may differ.
The final adjustment can only be confirmed once the relevant pricing inputs are available.
What should I consider before a rollover?
- If you hold an affected position through the rollover date, the position will be subject to the applicable rollover adjustment.
- If you do not want your position to be rolled over, you can close it before the applicable rollover date.
- Before trading or holding a futures-based CFD through its expiration date, check the latest rollover notification for the product.
Important: Closing a position before a rollover may avoid the rollover adjustment but may also realise any profit or loss on the position. Clients should consider their own circumstances before making trading decisions.
Is rollover the same as swap?
No. Rollover and swap are separate adjustments:
- Rollover applies to eligible futures-based CFDs when the underlying futures contract approaches expiration.
- Swap refers to overnight financing that may apply when a position is held overnight.
A futures-based CFD position may therefore be subject to a rollover adjustment as well as applicable swap or overnight financing.
