CFDs on Bonds are over-the-counter (OTC) leveraged financial instruments the value of which is determined based on the movement of the value of an underlying bond futures. The Client makes a profit or a loss on the CFD based on the direction chosen (Buy or Sell) and the value of the underlying Bond futures. The amount of profit or loss is determined based on the value of the underlying Bond futures at the opening of a position and its value at closing of the same position. The Product is settled in cash only and the Client has no rights whatsoever on the actual underlying asset (i.e. no actual delivery of the underlying).