{"component": "clause", "props": {"groups": [{"samples": [{"hash": "4QFMK1oJUhR", "uri": "/contracts/4QFMK1oJUhR#contracts-for-differences", "label": "Sub Advisory Agreement (Morgan Stanley ETF Trust)", "score": 34.0746078491, "published": true}, {"hash": "9fZhHxdTeDF", "uri": "/contracts/9fZhHxdTeDF#contracts-for-differences", "label": "Sub Advisory Agreement (Morgan Stanley ETF Trust)", "score": 32.7604370117, "published": true}, {"hash": "k05QGtFHOQR", "uri": "/contracts/k05QGtFHOQR#contracts-for-differences", "label": "Sub Advisory Agreement (Morgan Stanley Institutional Fund Inc)", "score": 31.5284061432, "published": true}], "size": 68, "snippet_links": [{"key": "buyer-and-seller", "type": "clause", "offset": [61, 77]}, {"key": "seller-will", "type": "clause", "offset": [100, 111]}, {"key": "to-the-buyer", "type": "clause", "offset": [116, 128]}, {"key": "current-value", "type": "definition", "offset": [156, 169]}, {"key": "contract-time", "type": "definition", "offset": [199, 212]}, {"key": "long-or-short-positions", "type": "clause", "offset": [264, 287]}, {"key": "futures-contracts", "type": "definition", "offset": [300, 317]}, {"key": "expiry-date", "type": "definition", "offset": [332, 343]}, {"key": "contract-size", "type": "definition", "offset": [347, 360]}, {"key": "contract-for-differences", "type": "definition", "offset": [468, 492]}, {"key": "the-investment-adviser", "type": "clause", "offset": [555, 577]}, {"key": "set-out", "type": "definition", "offset": [606, 613]}, {"key": "in-contracts", "type": "clause", "offset": [667, 679]}, {"key": "contingent-liability", "type": "definition", "offset": [712, 732]}, {"key": "leveraged-products", "type": "definition", "offset": [852, 870]}, {"key": "maximum-exposure", "type": "clause", "offset": [872, 888]}, {"key": "not-limited", "type": "clause", "offset": [892, 903]}, {"key": "initial-investment", "type": "clause", "offset": [911, 929]}], "snippet": "A contract for difference is a contract between two parties, buyer and seller, stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time. Contracts for differences allow investors to take long or short positions, and unlike futures contracts have no fixed expiry date or contract size. Trades are conducted on a leveraged basis and these contracts can only be settled in cash. Investing in a contract for differences carries the same risks as investing in a future or option and the Investment Adviser should be aware of these as set out in paragraphs 3.1 and 3.2 respectively. Transactions in contracts for differences may also have a contingent liability and the Investment Adviser should be aware of the implications of this as set out in paragraph 7.2 below. As with many leveraged products, maximum exposure is not limited to the initial investment; it is possible to lose more than one put in.", "hash": "de9bd901b9131ead21dcb87d7ebf3862", "id": 1}, {"samples": [{"hash": "l2goMohnm6s", "uri": "/contracts/l2goMohnm6s#contracts-for-differences", "label": "Client Agreement", "score": 30.3816318512, "published": true}, {"hash": "fYmqXELR6fA", "uri": "/contracts/fYmqXELR6fA#contracts-for-differences", "label": "Client Agreement", "score": 30.1284141541, "published": true}, {"hash": "6k68aX6UGwJ", "uri": "/contracts/6k68aX6UGwJ#contracts-for-differences", "label": "Client Agreement", "score": 29.8492031097, "published": true}], "size": 11, "snippet_links": [], "snippet": "Warrants;", "hash": "00491674dd5c454ff54296dfd2abcecd", "id": 4}, {"samples": [{"hash": "5Ig3zqvF7ox", "uri": "/contracts/5Ig3zqvF7ox#contracts-for-differences", "label": "Professional Client Agreement", "score": 32.8428688049, "published": true}, {"hash": "5CdNBT0szzG", "uri": "/contracts/5CdNBT0szzG#contracts-for-differences", "label": "Eligible Counterparty Agreement", "score": 32.1366271973, "published": true}, {"hash": "gWyCXLmschJ", "uri": "/contracts/gWyCXLmschJ#contracts-for-differences", "label": "Professional Client Agreement", "score": 31.87458992, "published": true}], "size": 22, "snippet_links": [{"key": "options-contracts", "type": "definition", "offset": [12, 29]}, {"key": "ftse-100", "type": "definition", "offset": [124, 132]}, {"key": "interest-rate-swaps", "type": "definition", "offset": [185, 204]}, {"key": "contract-for-differences", "type": "definition", "offset": [309, 333]}, {"key": "set-out", "type": "definition", "offset": [430, 437]}, {"key": "in-contracts", "type": "clause", "offset": [499, 511]}, {"key": "contingent-liability", "type": "definition", "offset": [544, 564]}], "snippet": "Futures and options contracts can also be referred to as contracts for differences. These can be options and futures on the FTSE 100 index or any other indexes, as well as currency and interest rate swaps. However, unlike other futures and options, these contracts can only be settled in cash. Investing in a contract for differences carries similar risks as investing in a future or an option and you should be aware of these as set out in paragraphs 3.11 and 3.12 above respectively. Transactions in contracts for differences may also have a contingent liability and you should be aware of the implications of this as set out in paragraph 3.15 below.", "hash": "a689c3b050bcd281890e5c77cf780551", "id": 2}, {"samples": [{"hash": "khCAr2XdvIh", "uri": "/contracts/khCAr2XdvIh#contracts-for-differences", "label": "Eligible Counterparty Agreement", "score": 24.6372356415, "published": true}, {"hash": "arBeC9YXIRK", "uri": "/contracts/arBeC9YXIRK#contracts-for-differences", "label": "Eligible Counterparty Agreement", "score": 24.6372356415, "published": true}, {"hash": "GsrX4cpGge", "uri": "/contracts/GsrX4cpGge#contracts-for-differences", "label": "Eligible Counterparty Agreement", "score": 24.6372356415, "published": true}], "size": 13, "snippet_links": [{"key": "options-contracts", "type": "definition", "offset": [16, 33]}, {"key": "contract-for-differences", "type": "definition", "offset": [63, 87]}, {"key": "ftse-100", "type": "definition", "offset": [129, 137]}, {"key": "interest-rate-swaps", "type": "definition", "offset": [188, 207]}, {"key": "in-contracts", "type": "clause", "offset": [416, 428]}, {"key": "contingent-liability", "type": "definition", "offset": [461, 481]}], "snippet": "4.1 Futures and options contracts can also be referred to as a contract for differences. These can be options and futures on the FTSE 100 index or any other index, as well as currency and interest rate swaps. However, un\u00ad like other futures and options, these contracts can only be settled in cash. Investing in a contract for differenc\u00ad es carries the same risks as investing in a future or an option. Transactions in contracts for differences may also have a contingent liability and you should be aware of the implications of this.", "hash": "e4e25bec6ff83601fb39459456895c70", "id": 3}, {"samples": [{"hash": "bslBAppDNaA", "uri": "/contracts/bslBAppDNaA#contracts-for-differences", "label": "Client Agreement", "score": 33.6170463562, "published": true}, {"hash": "6WqNYZlxxRp", "uri": "/contracts/6WqNYZlxxRp#contracts-for-differences", "label": "Client Agreement", "score": 28.1978092194, "published": true}, {"hash": "1Oc0aEnEn2H", "uri": "/contracts/1Oc0aEnEn2H#contracts-for-differences", "label": "Client Agreement", "score": 27.5598907471, "published": true}], "size": 10, "snippet_links": [{"key": "to-exchange", "type": "clause", "offset": [82, 93]}, {"key": "time-at-which", "type": "clause", "offset": [169, 182]}, {"key": "the-agreement", "type": "clause", "offset": [183, 196]}, {"key": "entered-into", "type": "clause", "offset": [200, 212]}, {"key": "effect-of", "type": "definition", "offset": [299, 308]}, {"key": "in-particular", "type": "clause", "offset": [317, 330]}, {"key": "other-instruments", "type": "clause", "offset": [345, 362]}, {"key": "ownership-of", "type": "clause", "offset": [388, 400]}, {"key": "our-website", "type": "clause", "offset": [470, 481]}], "snippet": "CFDs, which are traded off-exchange (or Over-the-Counter (\u2018OTC\u2019)), are agreements to exchange the difference in value of a particular instrument or currency between the time at which the agreement is entered into and the time at which it is closed. This allows the Clients to replicate the economic effect of trading in particular currencies or other instruments without requiring actual ownership of those assets. A full list of the CFDs on offer by us is available on our Website.", "hash": "d530eb7d5e6b006e33c48229b620db30", "id": 5}, {"samples": [{"hash": "dqvg4xYx32w", "uri": "/contracts/dqvg4xYx32w#contracts-for-differences", "label": "Customer Agreement", "score": 36.4114456177, "published": true}, {"hash": "gDlKExSGUvc", "uri": "/contracts/gDlKExSGUvc#contracts-for-differences", "label": "Customer Agreement", "score": 36.1881484985, "published": true}, {"hash": "bgg4SyG3kFG", "uri": "/contracts/bgg4SyG3kFG#contracts-for-differences", "label": "Customer Agreement", "score": 36.0689239502, "published": true}], "size": 7, "snippet_links": [{"key": "option-contracts", "type": "clause", "offset": [28, 44]}, {"key": "contract-for-differences", "type": "definition", "offset": [75, 99]}, {"key": "for-example", "type": "clause", "offset": [104, 115]}, {"key": "relating-to", "type": "definition", "offset": [127, 138]}, {"key": "equity-index", "type": "definition", "offset": [142, 154]}, {"key": "futures-contract", "type": "definition", "offset": [290, 306]}, {"key": "the-customer-should", "type": "clause", "offset": [334, 353]}, {"key": "set-out", "type": "definition", "offset": [375, 382]}, {"key": "risk-disclosure-statement", "type": "clause", "offset": [418, 443]}, {"key": "in-contracts", "type": "clause", "offset": [464, 476]}, {"key": "margin-requirements", "type": "definition", "offset": [502, 521]}], "snippet": "Certain futures, forward or option contracts can also be referred to as a \"contract for differences\" -- for example, a forward relating to an equity index. However, these contracts can only be settled in cash. Investing in a contract for difference carries the same risks as investing in a futures contract, forward or an option, and the Customer should be aware of these as set out in the respective sections of this risk disclosure statement above. Transactions in contracts for differences may have margin requirements and the Customer should be aware of the implications of this as set out in the section below entitled \"Margin and Leveraged Transactions\".", "hash": "9846a79338bb380aeaccce3f1f5f0110", "id": 6}, {"samples": [{"hash": "9ULVnAlrlWL", "uri": "/contracts/9ULVnAlrlWL#contracts-for-differences", "label": "Investment and Custodial Services Agreement", "score": 23.0766601562, "published": true}, {"hash": "2v32XT2rZvf", "uri": "/contracts/2v32XT2rZvf#contracts-for-differences", "label": "Investment and Custodial Services Agreement", "score": 23.0766601562, "published": true}, {"hash": "2XDCnfCEKx8", "uri": "/contracts/2XDCnfCEKx8#contracts-for-differences", "label": "Investment and Custodial Services Agreement", "score": 23.0766601562, "published": true}], "size": 5, "snippet_links": [{"key": "contract-for", "type": "clause", "offset": [46, 58]}, {"key": "between-the-parties", "type": "clause", "offset": [70, 89]}, {"key": "based-on", "type": "clause", "offset": [90, 98]}, {"key": "certain-assets", "type": "clause", "offset": [134, 148]}, {"key": "the-contract", "type": "definition", "offset": [184, 196]}], "snippet": "Contracts for differences generally cover any contract for adjustment between the parties based on the respective values or levels of certain assets or index references at the time of the contract and a tan agreed future time. These can be options and futures on any index, as well as commodities, securities, currency and interests waps, etc.", "hash": "0ac21ee1c6212d12d1dd2c6fb653baf0", "id": 7}, {"samples": [{"hash": "czCbw2UBZml", "uri": "/contracts/czCbw2UBZml#contracts-for-differences", "label": "Investment Agreement", "score": 31.5453548431, "published": true}, {"hash": "frWcxgs4sIt", "uri": "/contracts/frWcxgs4sIt#contracts-for-differences", "label": "Investment Services Agreement", "score": 30.4914684296, "published": true}, {"hash": "96eEDb6rjO5", "uri": "/contracts/96eEDb6rjO5#contracts-for-differences", "label": "Investment Agreement", "score": 25.4668045044, "published": true}], "size": 4, "snippet_links": [], "snippet": "If you have marked any of the above fields field (2.1. \u2013 2.", "hash": "0d84d01d63c4fd75de86a40bc7861624", "id": 8}, {"samples": [{"hash": "fGsR0wFbEMY", "uri": "/contracts/fGsR0wFbEMY#contracts-for-differences", "label": "Customer Agreement", "score": 28.2085037231, "published": true}, {"hash": "8dgSU0zPnZF", "uri": "/contracts/8dgSU0zPnZF#contracts-for-differences", "label": "Customer Agreement", "score": 28.1373329163, "published": true}, {"hash": "b6MJ5Qm0yvJ", "uri": "/contracts/b6MJ5Qm0yvJ#contracts-for-differences", "label": "Customer Agreement", "score": 24.4565372467, "published": true}], "size": 4, "snippet_links": [{"key": "contract-for-differences", "type": "definition", "offset": [15, 39]}, {"key": "set-out", "type": "definition", "offset": [124, 131]}, {"key": "in-contracts", "type": "clause", "offset": [152, 164]}, {"key": "contingent-liability", "type": "definition", "offset": [197, 217]}], "snippet": "Investing in a Contract for Differences carries the same risks as investing in a future and you should be aware of these as set out above. Transactions in Contracts for Differences may also have a contingent liability and you should be aware of the implications of this as set out below.", "hash": "741fdc4f9766b32f1ca7d790d7dd8fd8", "id": 9}, {"samples": [{"hash": "ls0XiXgYJb3", "uri": "/contracts/ls0XiXgYJb3#contracts-for-differences", "label": "Subadvisory Agreement", "score": 29.3408622742, "published": true}, {"hash": "e551bunderC", "uri": "/contracts/e551bunderC#contracts-for-differences", "label": "Subadvisory Agreement (Columbia Funds Variable Series Trust II)", "score": 23.3668727875, "published": true}, {"hash": "fCBRSuXmJXb", "uri": "/contracts/fCBRSuXmJXb#contracts-for-differences", "label": "Subadvisory Agreement (Riversource Global Series Inc)", "score": 18.0, "published": true}], "size": 4, "snippet_links": [{"key": "options-contracts", "type": "definition", "offset": [12, 29]}, {"key": "ftse-100", "type": "definition", "offset": [124, 132]}, {"key": "interest-rate-swaps", "type": "definition", "offset": [183, 202]}, {"key": "contract-for-differences", "type": "definition", "offset": [307, 331]}, {"key": "set-out", "type": "definition", "offset": [429, 436]}, {"key": "in-contracts", "type": "clause", "offset": [488, 500]}, {"key": "contingent-liability", "type": "definition", "offset": [533, 553]}, {"key": "section-9", "type": "definition", "offset": [620, 629]}], "snippet": "Futures and options contracts can also be referred to as contracts for differences. These can be options and futures on the FTSE 100 index or any other index, as well as currency and interest rate swaps. However, unlike other futures and options, these contracts can only be settled in cash. Investing in a Contract for Differences carries the same risks as investing in a future or an option and you should be aware of these as set out in Sections 5.1 and 5.2 respectively. Transactions in Contracts for Differences may also have a contingent liability and you should be aware of the implications of this as set out in Section 9.", "hash": "f00ae51462fc81891aea8268ecbf2ffd", "id": 10}], "next_curs": "CmISXGoVc35sYXdpbnNpZGVyY29udHJhY3Rzcj4LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiJjb250cmFjdHMtZm9yLWRpZmZlcmVuY2VzIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["derivatives", "Derivatives"], ["risk-disclosure", "RISK DISCLOSURE"], ["governing-law", "Governing Law"], ["limited-liability", "Limited Liability"], ["indemnity-for-inaccurate-information", "Indemnity for Inaccurate Information"]], "title": "Contracts for Differences", "size": 181, "children": [["payments-reflecting-dividends-on-the-underlying-product", "Payments Reflecting Dividends On The Underlying Product"], ["nature-of-cfds-no-voting-or-other-rights-in-underlying-product", "Nature Of CFDs; No Voting Or Other Rights In Underlying Product"], ["financing-charges-interest-for-cfds", "Financing Charges (Interest) For CFDs"], ["commissions-spreads", "Commissions, Spreads"], ["market-abuse", "Market Abuse"]], "id": "contracts-for-differences", "related": [["price-adjustments-for-ogs-centralized-contracts", "Price Adjustments for OGS Centralized Contracts", "Price Adjustments for OGS Centralized Contracts"], ["other-service-contracts", "Other Service Contracts", "Other Service Contracts"], ["service-contracts", "Service Contracts", "Service Contracts"], ["public-contracts-and-procurement-fraud", "PUBLIC CONTRACTS AND PROCUREMENT FRAUD", "PUBLIC CONTRACTS AND PROCUREMENT FRAUD"], ["solicitations-for-subcontracts-including-procurement-of-materials-and-equipment", "Solicitations for Subcontracts, Including Procurement of Materials and Equipment", "Solicitations for Subcontracts, Including Procurement of Materials and Equipment"]], "related_snippets": [], "updated": "2026-02-26T05:44:22+00:00", "also_ask": ["What are the essential terms to include in a Contracts for Differences (CFD) clause to ensure enforceability?", "How can parties strategically allocate risk in a CFD to protect their interests?", "What are the most common legal pitfalls or fatal flaws in CFD drafting?", "How do CFD clauses differ across key jurisdictions, and what are the implications?", "What factors do courts consider when determining the enforceability of a CFD clause?"], "drafting_tip": "Define key terms precisely to avoid ambiguity, specify calculation methods to ensure enforceability, and outline settlement procedures to clarify parties\u2019 obligations.", "explanation": "A Contracts for Differences (CFD) clause establishes an agreement between two parties to exchange the difference in value of a specified asset between the time the contract is opened and when it is closed. In practice, this means that neither party takes ownership of the underlying asset; instead, they settle the contract based on the asset's price movement, with one party paying the other depending on whether the price has risen or fallen. This clause is commonly used in financial markets to allow parties to speculate on price changes or hedge existing positions without the need to physically buy or sell the asset, thereby providing flexibility and efficiency in managing financial exposure."}, "json": true, "cursor": ""}}