FAQs

Prime is an online facility that enables you to buy and sell ASX-listed securities as well as Direct Market Access (DMA) CFDs on the Macquarie Prime Trading Platform. The Macquarie Prime Facility also allows you to:

• buy and sell shares and Contract for Differences ("CFD") online
• borrow money to enter into Long Positions in shares; and
• borrow shares to enter into Short Positions in those shares. 

Prime is an all-in-one investment platform that allows you to combine online trading, investment borrowing, CFDs, risk management or cash funds into one integrated account.

Tailored to suit long term investors as well as active traders Prime offers many potential cost and tax efficiencies such as:

• Flexible gearing levels
• Interest offsets for loans to invest in shares 
• Franking credits and concessional CGT treatment^#
• Potential tax deductions for interest and interest prepayment^#

Prime also provides a number of tools to help you effectively manage your risk, such as Guaranteed Stop Loss ("GSL") protection.

Additionally, if you have existing share holdings you can transfer these into your Prime facility to extract cash for further investment or to refinance an existing loan.

One integrated facility	A single online facility that seamlessly integrates online share trading with a variable gearing facility, CFDs  and a bank account.
Low cost trading and interest rates	Trade shares and CFDs from 0.07%^ and borrow to invest from 7.20%pa~
Borrow to invest in shares with variable gearing from 0 - 95%	Invest in shares and CFDs with as little as 5% as an initial deposit.
Funding Offsets	Cash generated from short positions can be used to offset any cash borrowed to fund long positions.
Conditional orders	Trigger orders and OCOs are available on shares and CFDs.
Prepay your interest#	Borrow to invest in shares and prepay your interest for up to 12 months.
Transfer existing shares or refinance an existing loan	Transfer existing shareholdings into Prime to unlock capital without selling existing shares.
Tax Efficient investing	Access franking credits, concessional tax treatment and potential tax deductions.#
Use Prime’s risk management capabilities to protect your shares	Choose your own gearing risk level, protect a share position with a Guaranteed Stop-Loss or use CFDs to hedge share positions.
Ability to take short positions	Take advantage of a downward move in a share price.

• Investment Decisions
  You are responsible for the selection of the product in which you invest in via Prime. As such, the performance of any Position will depend mainly on your own investment decisions. Positions may be speculative.
•  Gearing magnifies losses
  Positions can be highly Geared and can carry a high degree of risk. If you are considering opening a Prime Facility and entering into Positions (especially a CFD or with a loan facility), you should be experienced in equity derivatives and understand and be comfortable with the risks of Gearing. Gearing can magnify your losses, just as it can also magnify your gains.
• You may lose more money than the amount in your Cash Account
  Your potential losses on a Position can be substantial and may exceed how much margin is required to support a Position and even the total funds in your Prime Account.  Where your liability to us exceeds the funds in your Prime Account, we have recourse to you for any outstanding amount as a debt.
• Providing margin is an ongoing and constant obligation
  You must meet margin requirements on your Positions at all times and may be required to deposit additional funds into your Prime Account at short notice. Failure to meet margin obligation may result in us Closing-out your open Positions.
• Involuntary Close-out
  We may Close-out a Position in a number of circumstances, including where you have insufficient funds in your Prime Account to meet your obligations.
• Short Positions
  A Prime Facility allows you to enter into short positions in Shares. If you do not take out Guaranteed Stop Loss protection, your potential losses on a (or in relation to) short position are unlimited. Gearing can magnify the level of losses on a short position.
• Systems infrastructure may be disrupted
  Your ability to operate your Prime Facility depends on the continued operation of, among other things, the Trading Platform. The Prime Website, the internet, and your personal computer. A fault, delay or failure of any of these things could prevent you from making Orders and may result in losses on your open Positions.
• Macquarie’s discretion, indemnities and limitations on liability
  We have discretions which can affect your Orders or Positions, including the power to accept or refuse any Order you place, close your Prime Facility or Close-out any Position.  You do not have the authority to direct us about the exercise of any discretion.

These and other key risks relating to the Prime Facility and Positions are described in greater detail in the Prime Account PDS for the Prime Facility, which you should read carefully.

The taxation consequences of investing using a Prime Facility depend on your personal circumstances and you should obtain independent professional taxation advice. Please refer to the section dealing with Taxation Considerations for Australian residents of the Transaction Documents.

If you buy shares through, or transfer shares into, your Prime Facility, you hold the shares in your own HIN. So, you have legal ownership of the shares as long as you continue to meet your obligations under the facility.

No. Macquarie has no right to borrow your stock in order to short sell it or lend it to a third party.

When you buy CFDs (Contracts For Difference), you’re not investing in shares – you are investing in a derivative. 

CFDs offer you exposure to share price movements, however, you do not have any entitlement to the underlying share. When investing in CFDs you have credit exposure to your CFD provider, in this case Macquarie Bank Limited, and you rely on your provider to meet its contractual obligations under the CFD^# .

The amount you prepay will offset your interest costs on your Funds Balance, on a daily basis, up to the level you prepaid. Consider this example:

You prepay interest in respect of a $100,000 loan for the term you have selected (3, 6, 9 or 12 months). Assuming a prepaid rate of 7.20%pa, this equates to an annual interest cost of $7,200.

You have a Funds Balance in your Prime Facility of -$150,000, as you have borrowed to invest in shares.

After making the prepayment the balance you have to pay interest on a daily basis is reduced from $150,000 to $50,000 for the term of the interest prepayment. So while you still owe us net $150,000 on your Funds Balance, you only pay variable interest on the balance of $50,000. You cannot prepay interest on your CFDs.

Before deciding to apply for a Macquarie Prime Facility, you must ensure that you have read and fully understood the

• Prime Account PDS  
• Prime Client Agreement

If you also intend to invest in some of the Facility's optional features (e.g. CFDs) you should read the transaction document relevant to that feature.

• Required documents - these will be available to you during the online application process
• Original certified^* photocopy of a form of photo ID (passport or driving licence)
• We may require an original copy of your bank statement
• We may require a proof of address (a copy of a bill)

Email:	prime@macquarie.com.au
Fax:	1800 428 152
Post:	Macquarie Bank Ltd Prime Client Account Team GPO Box 3466 Sydney NSW 2001

If you have any questions about the account opening process, please contact us at prime@macquarie.com.au or call 1800 187 434.

The minimum Initial Deposit Amount required to open an account is $5,000⁺. This can be created by transferring in cash, or transferring an equivalent value in stock.

Once you have received confirmation that your Prime Account has been opened, you can transfer funds into your account in the following ways:

Transfer funds from an external bank account

Arrange an electronic funds transfer from your bank account to your Macquarie Prime Cash Account.

Bank:     Macquarie Bank Ltd
BSB:      182 555
Account Number: [Enter your Prime Account Number]

BPAY

Log onto your Internet bank account or call your phone banking service and use the BPAY details below.

Biller Code: 20339
Reference:   [Enter your Prime Account Number]

RTGS Transfer (Real-time gross settlement system)

To organise a RTGS transfer, contact your bank and give these payment details:

Bank:    Macquarie Bank Ltd
BSB:     182 555
Account Number:  [Enter your Macquarie Prime Account Number]

Risk Limit means, in relation to an Investor's Prime Facility, a limit placed by Macquarie on the Utilised Risk Limit of the Investor.

Utilised Risk Limit means an amount calculated as follows;

• the sum of the Values for all Long Positions and Orders for Long Positions in the Facility (expressed as a positive number); plus
• the sum of the Values for all Short positions and Orders for Short position in the Facility (also expressed as a positive number); plus
• the sum of the CFD Face Values of CFD Orders and CFDs held within the Facility; less
• the Net Equity of the investor's Prime Facility 

However, we have discretion to determine that your Utilised Risk Limit is a lower amount than calculated above. If you do not utilise a Risk Limit for an extended period, we may reduce this limit. Superannuation funds are given a zero risk limit automatically.

You can transfer shares or refinance an investment loan during the online Macquarie Prime application or subsequent to opening your Macquarie Prime Facility.

To do this after your Facility has been opened, follow these steps:

• Log in to Macquarie Prime macquarie.com.au/login
• Select Forms in the Administration drop down menu at the top of the page
• Select Apply Online next to Macquarie Prime Share Transfer Request 
• Complete the online Share Transfer Request Application Form and follow the steps at the end to return your signed form to us.

When you begin trading on the Macquarie Prime Trading Platform, Macquarie will provide the relevant share registry with your tax file number (if you have provided it to us) and your Macquarie Prime Account details in order for the entire amount of dividends to be credited to this Account.

When transferring shares into your Macquarie Prime Facility from another broker, you may either transfer your entire HIN and CHESS holdings, or you may nominate individua

For more information please Contact us by:

Telephone: 1800 187 434
Email: prime@macquarie.com.au

Yes. Orders can be placed on the Trading Platform after market hours in order to participate in the next market opening auction. However, orders to enter into short position can only be placed as "day only"; meaning to participate in the opening auction you must place the sell order before market on that day. 

Standard market hours for the ASX are 10:00am to 4:11pm on business days although these may change.

All Orders placed are subject to acceptance by Macquarie at its sole discretion. Investors should note that Orders placed outside ASX market hours are unlikely to be accepted by Macquarie until normal trading commences or Macquarie is otherwise able to purchase or sell the underlying shares on the ASX and Orders will remain queued until that time.

The basic types of Orders you can place when opening, altering or Closing–out a Position are set out below.

Market-to-Limit Orders 

This is an Order to enter into a new Share Position or Close-out an existing Share Position by buying or selling Shares at the best prevailing price at which the Shares are being offered for sale or bought respectively on the ASX. If there is not a sufficient quantity of Shares at the best prevailing offer or bid price to completely fill your Market-To-Limit Order, the remaining quantity will remain unfilled and will be treated as a Limit Order at that original best prevailing offer or bid price.

Market-to-Limit Orders are valid until accepted by Macquarie or cancelled by either party.

For example, you decide to place a Market-To-Limit Order to buy 1,000 XYZ Shares. The best current “offer” price (i.e. the lowest price at which someone is prepared to sell an XYZ Share on the ASX) is $10.00 per Share. There are 600 XYZ Shares available at this price. Your Order will be filled for 600 XYZ Shares at $10.00 per Share. The rest of your Order (i.e., for the 400 XYZ Shares that have not been filled) will only be filled if another offer is entered into the market at $10.00 or lower.

Limit Orders

This is an Order to enter into a new Share Position or Close-out at a specified level (the "Limit Price") or better.

If we accept this Order:

• where you are buying Shares, the Order may be filled at the prevailing “offer” price when that price is equal to, or less than the Limit Price; or
• where you are selling Shares, the Order may be filled at the prevailing “bid” price when that price is equal to, or greater than the Limit Price.

Limit Orders expire at the end of the Limit Order Period that you select unless cancelled by either party.

For example, you decide to place a Limit Order to sell 500 ABC Shares at $10.00 per Share.  The current “bid” price (i.e. the highest price at which someone is prepared to buy an ABC Share on the ASX) is $9.99.

Your Order will not be accepted until either:

• another bid is entered into the market at $10.00 or higher, which case your ABC Shares are sold at $10.00 per share until your Order is completely filled; or
• the Order expires at the end of the Limit Order Period.

Trigger Orders

This is an Order requesting the placement of a Market-To-Limit or Limit Order if a particular event (a “Trigger Event”) occurs. You specify the Share, a Share Price at which you would like the Trigger Event to occur (the “Trigger Level”), and whether the Share Price must be above or below (or equal to) the Trigger Level for the Trigger Event to occur.  If a Trigger Event occurs, the Market-to-Limit or Limit Order is placed, as applicable and operates as a normal Order of that type.

For example, ABC Shares are currently trading at $9.80. You would like to buy ABC Shares at a limit price of $10.10 but only if ABC Share Price trades above $10.00. In this example;

• the Trigger Level is set at $10.00; and
• if ABC trades at $10.00 or greater, a Trigger Event occurs and Limit Order to buy ABC Shares at $10.10 or less is placed.

Stop-Loss Orders

This is an Order requesting the Close-out of an existing Share Position if the Shares reach a price you specify in the Order (the "Stop-Loss Level").

If we accept this Order, it will be filled at the prevailing Share Price when:

• for a Long Position, the Share Price becomes equal to, or less than the Stop-Loss level; or
• for a Short Position, the Share Price becomes equal to, or greater than, the Stop-Loss Level.

Guaranteed Stop-Loss Orders over shares (GSL)

 A GSL Order over a Share Position is a request for Macquarie to pay you a GSL Compensation Payment if the prevailing Share Price is beyond a specified level (the “GSL Level”) during the GSL Period. This is known as the “triggering” of the GSL and will occur when:

• for a Long Position, the Share Price is equal to or less than the GSL Level; or
• for a Short Position, the Share Price is equal to or greater than the GSL Level.

If you have not Closed-out your Position prior to the GSL being triggered, the triggering of the GSL will also result in you placing an Order to Close-out the Position, which we will accept. Subject to the payment of the GSL Fee, at the time the GSL is triggered Macquarie will pay you the GSL Compensation Payment, which will be equal to:

• for a Long Position, the GSL Level less the Share Price at which the Position is Closed-out, multiplied by the Share Parcel; or
• for a Short Position, the Share Price at which the Position is Closed-out less the GSL Level, multiplied by the Share Parcel.

GLS Orders over CFDs

A GSL Order over a CFD is a request for Macquarie to Close-out your CFD at a specified level (the “GSL Level”) if the prevailing Share Price is equal to or beyond that GSL Level during the GSL Period. This is known as the “triggering” of the GSL and will occur when:

• for a Long Position, the Share Price is equal to or less than the GSL Level; or
• for a Short Position, the Share Price is equal to or greater than the GSL Level.
• If you have not Closed-out your Position prior to the GSL being triggered, the triggering of the GSL will also result in you placing an Order to Close-Out the Position, which we will accept. Subject to the payment of the GSL Fee, at the time the GSL is triggered Macquarie will Close-out your CFD at the GSL Level.

> Find out more about Guaranteed Stop-Loss orders

You can specify how long you would like your Order to remain active, assuming the Order is not already accepted by Macquarie. Following are the two types of period you can specify;

1. Good 'Til Cancelled (GTC) Orders 
   These orders remain open for an indefinite period until they are accepted by Macquarie or cancelled by either party.
2. Day Only Orders
   Day only orders expire at the end of the business day on which they were placed.

You should note that in certain circumstances your Orders in relation to a particular security may be cancelled.  In particular, Macquarie is likely to cancel any Orders (other than Stop-Loss Orders) placed by an investor in relation to a security if any orders placed on the ASX in relation to that security are purged by the ASX (for example, when the security is about to go ex-dividend, or is undergoing a corporate action or where there is an error trade).   Macquarie may also cancel your Order where your Prime Account does not contain the margin required for the Order.

If your Order is accepted, the Shares will be bought from, or sold to, us, in which case we will enter into corresponding trades in the relevant Shares on the ASX (except in limited circumstances). You will receive the same Share Price that we receive when we enter into the relevant corresponding trades. We do not make any profit or margin on these corresponding trades.

If we are restricted from buying or selling the Shares as a result of a legal, regulatory, or internal trading restriction or we otherwise decide your trade will be executed as an agency trade, the Shares will be bought or sold on the ASX on your behalf by the Trading Participant, in which case you will receive the price at which the Shares are bought or sold on the ASX.

While a Position is open, generally the Share Price will be equal to the last traded price of the Share on the ASX. However, you should note that there are a number of cases where we will determine Share Prices in our sole discretion, including when: 

• the Share is undergoing an Adjustment Event; or
• the Share is otherwise subject to a Market Disruption Event.

The Sponsorship Account shows you which and how many ASX-listed products, like shares are sponsored for you within CHESS by the Sponsor under the Sponsorship Agreement.

Shares which you hold in Long Positions will be held in the Sponsorship Account.

A HIN or Holder Identification Number is your individual number for CHESS. Your HIN designates the account containing the shares owned by you in Long Positions.

An SRN or Shareholder Registration Number is an identification number for the Issuer Sponsored Sub-register system. Any Issuer sponsored shares will be held on an SRN. If you wish to trade CHESS approved securities on your SRN in Prime, they will need to be converted to CHESS sponsored and moved into your HIN.

CHESS stands for Clearing House Electronic Sub-register System. Shares will be held in the company’s Issuer Sponsored Sub-register system until you ask your CHESS sponsor to register them.

You can enter into a sponsorship agreement with a CHESS sponsor who will register you on the CHESS sub-register & opening a CHESS account in your name. The application for a Macquarie Prime Facility includes a CHESS sponsorship agreement so that your shareholdings can be held on your HIN as part of your Macquarie Prime Facility.

Generally, the minimum "deal size" for a share position is one share. You may be required to place an Order for a "marketable parcel" of securities (currently market value of $500).

In general finance, the term “to go long” describes the act of buying a security, such as a share, and holding that security. If you have a long position, you will make a gain if the value of the security goes up, but will make a loss if the the value of the security goes down.

You may decide to open a “Long Position” if you expect a share price to go up.

You can open a Long Position by placing an Order to buy Shares on the Macquarie Trading Platform. If and when your Order is accepted, your Long Position will be created and after which, the shares will settle to your CHESS Sponsorship Account typically three days later. If you have a Loan Facility, the cost of these shares will be funded by drawing down a loan. If you do not have a Loan Facility, you will pay for these shares using your Available Funds.

You can also open a Long Position by:

• transferring your existing holdings of Shares into your CHESS Sponsorship Account;
• refinancing an existing loan held in respect of Shares, and transferring those Shares into your CHESS Sponsorship Account; or
• financing the exercise of your vested and exercisable employee options and having the Shares issued upon exercise delivered into your CHESS Sponsorship Account.

In general finance, the term “to go short” describes the act of borrowing a security, such as a Share, and then selling the borrowed security. You must eventually buy back the borrowed security and return it to the lender. If  you have a short position, you will make a gain if the value of the security goes down, but will make a loss if the value of the security goes up.

You may decide to open a “Short Position” if you expect the share price to go down. You can open a Short Position by placing an Order to sell Shares that you don't currently hold, on the Macquarie Trading Platform. If and when your Order is accepted, your Short Position will be created by the following transactions:

• you borrowing the Shares from us under the Shorting PDS;
• you immediately selling those Shares; and
• Macquarie crediting the proceeds of the sale of Shares to your Funds Balance, where this cash is held as security for your obligations to re-deliver those Shares to us under the Shorting PDS.

You can Close-Out:

• a Long Position by placing an Order to sell the Shares on the Macquarie Trading Platform; and
• a Short Position by placing an Order to buy the Shares on the Macquarie Trading Platform.

You may place an Order requesting the Close-Out of a Share Position at any time. Your Position will only be Closed-Out if and when your Order has been accepted. Please note that your CHESS statement may update after your Position is closed due to settlement delay (Typically T+3).

When you borrow to invest in shares, enter into CFDs or enter into short positions, instead of paying for the full value of a position, an investor will pay a portion of the order or position as security.

This is referred to as the margin. The amount of margin required depends on a number of factors, including the market value of the (potential) position.

The margin deposited is held as security by Macquarie for your orders and positions. You are required to hold the relevant margin amount for each new position you open, in addition to any currently held positions and any fees and cost associated with your investments.

You will be notified of the required Margin for each Order and you should ensure that you have sufficient funds in your Prime Account to cover that amount plus any fees or costs (like trading fees).

The Online Portal is a secure website that you can access – with your MAC and password – from any computer.

Once logged on, if on a shared computer, please ensure you protect your account by logging off. Closing the webpage is sufficient to log out of the Online Portal. As an additional security measure, you will be automatically logged out after 20 minutes of inactivity.

The trading platform uses the latest technology (Sun Java Applet ) and operates in a fully redundant fail over environment to keep system down time is kept to an absolute minimum. This means that, if the system fails, it automatically reverts to an active standby environment running at a separate location.

Security of the platform is of a very high level with key processes residing behind secure corporate firewalls, sensitive data protected using 128 bit encryption and the use of role based permissioning.

However, you should be aware that we cannot guarantee you will have access at all times. For example, the platform will not be available during emergency or routine maintenance. We will endeavour to alert investors to 'downtimes', where practicable.

If you buy shares, either outright or through borrowing to invest, or transfer shares into your Macquarie Prime Facility, you hold the shares in your own HIN, so you own the shares as long as you continue to meet your obligations under the facility. This is different to share exposure through holding CFDs.

When you buy CFDs (Contracts for Difference) you're not investing in shares - you are investing in a derivative.  CFDs offer you exposure to share price movements, however you do not have any entitlement to the underlying share.  When investing in CFDs, you have credit exposure to your CFD provider, in this case Macquarie, and you rely on your provider to meet its contractual obligations under the CFDs.

Note that Prime offers many of the benefits of CFDs without forgoing the benefits of share ownership.

No.  Macquarie has no right to borrow your stock in order to short sell it or lend it to a third party.

Each Prime Account is an individual bank account with its own BSB and Account number. Macquarie is an authorised deposit taking institution under s9 of the Banking Act 1959 (Commonwealth).

Any funds in the Prime Account represent a deposit liability of Macquarie.

The government guarantee applies to Prime Accounts. Please see the Prime Account PDS for details.

If you have forgotten your MAC at any time, please call the Macquarie Prime Client Service Team on 1800 187 434.

We take your security and privacy very seriously, and will ask you several questions to identify you using information provided during the application process prior to providing you with your MAC.

You can reset your password at any time by selecting Forgotten your password? Also available from the login page.

View the current list of securities available for investors short CFD positions. With a short CFD, you don't short the physical stock but rather buy a derivative from Macquarie that mimics the transaction.

View all pricing information associated with trading CFDs.

The taxation consequences of investing in CFDs depend on your personal circumstances. Please refer to Section 7 of the Macquarie CFD PDS and seek advice from a taxation professional.

The Prime Account is a deposit account with Macquarie Bank, through which CFD cash flows are settled. Each Prime account is an individual bank account.

CFD cash flows are settled through your Prime Account which is an online bank account integrated with your Prime facility

CFDs can be used to hold long and short positions.

A long position is opened through a ‘buy’ order that profits if the price of the relevant security rises.

A short position is opened through a ‘sell’ order that profits if the price of the relevant security falls. No actual securities are bought and sold by you; but rather you acquire a derivative from Macquarie that mimics the economic effect of that transaction.

There is no minimum "deal size" in the conventional sense (ie marketable parcel) as the minimum exposure for a CFD trade is one underlying security.

There are two distinct models by which CFD prices are offered by the various CFD providers:

Some CFD providers act as a market maker where they offer synthetic CFD prices which have the potential to be different to the relevant market price. Investors trade at prices determined by the provider - which gives the provider the flexibility to offer CFDs based on security prices which are higher or lower than the prices in the underlying market.

Other providers offer direct market access (DMA) where they offer CFD prices and liquidity that are generally identical to the relevant market. Investors enter into CFDs at the relevant market price.  

Macquarie offers the  DMA model as Macquarie considers this model offers the most transparent pricing and cost structure to clients^{^}.

Unlike many other derivative products, CFDs have no fixed expiry date and remain open until Closed-out by the investor or Macquarie under the terms of the Macquarie CFD PDS. CFDs can be used to hold long and short positions.

The contract value of a CFD (called the CFD Face Value) is calculated by multiplying the price of the relevant reference security determined by Macquarie by the number of securities specified in the contract.

Mark-To-Market payments are payments required to be made by you or Macquarie in accordance with any movements in the Reference Security Price. Mark-to-Market payments reflect the profit or loss with respect to the CFD which would be realised if the CFD were Closed-out immediately (without accounting for any fees, charges or other costs).

If the Reference Security Price increases whilst the CFD is open, the Short Party must pay the amount of the corresponding increase in the CFD Face Value to the Long Party. Conversely if the Reference Security Price decreases whilst the CFD is open, the Long Party must pay the amount of the corresponding decrease in the CFD Face Value to the Short Party. You will be the Long or the Short Party depending on the type of CFD you acquire.

While Mark-to-Market payments are made generally only at the end of each Business Day,  they can occur more frequently and CFD Face Values are in fact recalculated continuously. Accordingly, you should ensure that sufficient cleared funds are available in your Prime Cash Account to cover such payments at all times.

You will be notified of any Margin breaches via the Macquarie Trading Platform or via an optional SMS service; however it is your responsibility  that your Prime Account has sufficient cleared funds at all times to meet Margin Obligations and Mark-to-Market Payments and Macquarie may act prior to your receipt of any notice. Margin Obligations and Mark-to-Market Payments are calculated continuously.  In the event there are insufficient funds in your Prime Account to meet your Margin Obligations or Mark-to-Market payments, your CFD Positions may be Closed-out; your CFD Orders or other Orders may be cancelled; you may be required to pay default interest on the cash shortfall; and your Prime Facility (including your Prime Account) may be closed. 

Note: Funds transferred into your Prime Facility from your linked account may take up to 2-3 business days to clear.

CFDs are a leveraged product requiring a deposit of cash Margin rather than the full value of the relevant position. Effectively cash is being 'borrowed' by the long party to the CFD and 'lent' by the short party to the CFD. As a result, if an investor holds a long CFD position overnight, the investor will be charged interest on the CFD Face Value of that position. Conversely, if an investor holds a short CFD position overnight, that investor will receive interest on the CFD Face Value of that position. This interest is calculated daily and paid each Business Day.

All dividend payments in relation to CFDs occur on the ex-dividend date.

If you hold a long position in a CFD on the close of business on the day prior to the ex-dividend date of the relevant security, you will receive an amount equal to the cash dividend on that security, excluding any franking credits.

If you hold a short position in a CFD on the close of business on the day prior to the ex-dividend date, you must pay an amount equal to the cash dividend to Macquarie. In some circumstances you may also be required to pay the value of any franking credits applicable to the dividend (for example if Macquarie has to borrow stock locally in order to hedge its exposure under the CFD position).

If a position has a GSL over the ex-dividend date of the underlying security, the GSL Level is adjusted down (for both long and short positions) by the amount of the cash dividend.

To receive dividends and franking credits you must be the beneficial holder of the securities - which is not the case for CFDs. The amount paid as a dividend in respect of a long CFD position represents the cash dividend paid by the issuer of the relevant security, without any franking credits (for more information on franking credits, see "What happens when the underlying security pays a dividend?" above).

Where the relevant security is affected by a corporate action, amendments are likely to be required to any CFDs, Orders or Guaranteed Stop-Loss positions that refer to that security.  Macquarie will in its sole discretion determine the appropriate adjustment, if any, as Macquarie considers necessary to preserve the economic equivalence of the rights and obligations of the parties immediately prior to the event.  Examples of corporate actions include bonus issues, rights issues, share buybacks, takeovers, and cash returns of capital.

No. To receive voting rights related to ASX listed securities you must actually own the securities in your own name, which is not the case for a CFD.