“FR40 (CAC 40)”: what the index is and how the CFD works

• FR40

What the CAC index is

The “CAC 40”, usually called simply the CAC, is the main stock index of France. It tracks the largest companies listed on Euronext Paris, weighted by free-float market value. Larger companies move the index more than smaller ones.

At Exness and many other brokers, the CAC is traded as a CFD under the symbol “FR40”. A CFD (contract for difference) is an agreement to exchange the change in price. You do not own any shares. You gain or lose the difference between your opening and closing price. For the basics, see Index CFDs explained and Stock indices.

What drives the CAC

Luxury and industrial weight

A large share of the CAC comes from luxury goods, cosmetics and fashion groups. Industrial, aerospace, energy and banking companies also carry real weight. Because of this mix, the index often reacts to:

• Global consumer demand, especially from China and the US, which matters a lot for luxury sales.
• Earnings reports from the heaviest constituents. A strong or weak report from a big luxury group can move the whole index.
• Industrial and energy cycles, including oil prices and orders for aircraft and capital goods.

Euro-area sensitivity

The CAC is a euro-area index, so regional factors matter:

• European Central Bank (ECB) decisions on interest rates and statements about inflation.
• Euro exchange rate. A stronger euro can reduce the value of foreign sales for exporters when they convert those sales into euros.
• Euro-area data, such as inflation, PMI surveys and GDP releases.
• French politics and public finances, including budget debates and government bond yields.

The CAC often moves together with DE30 (DAX) and the Euro Stoxx index, but its luxury weight can make it react differently on consumer-demand news. For how to read these drivers, see Fundamental analysis.

Trading the French index CFD at Exness: what to check

Exness lists indices among the instruments on its Standard account: forex, metals, cryptocurrencies, energies, stocks, indices. Per the Help Center, leverage on indices is fixed for most indices except JP225, USTEC, USTEC_x100, US500, US500_x100, US30, US30_x10. The French index is not in that exception list, so its leverage is fixed rather than dynamic.

Trading hours for indices differ by underlying instrument; servers run on UTC+0. Convert server time to Pakistan time yourself, and remember that European daylight-saving changes shift the session.

Before trading, open the symbol specification in MetaTrader or the Exness terminal and check:

Conditions change. Treat the platform specification as the current source, not this page.

Calculate pip value and margin

The pip calculator shows the value of a pip for your lot size, in the quote currency (EUR for this index) and in your account currency.

The margin calculator shows how much margin a position needs at a given leverage. Enter the contract size from the platform specification.

More tools are on the Calculators page.

Costs and account types

Spreads and commissions depend on the account type. The figures Exness publishes are general account ranges, not quotes for this index. For example, the Standard account spread is from 0.2 pips with no commission, and the Raw Spread account has a commission of up to 3.50 USD each side per lot. Check the actual spread for this symbol in the platform during the hours you plan to trade. Spreads usually widen at the session open, around news and at low liquidity. To compare accounts, see Account types.

On swaps, Exness states that by default all accounts are swap-free on listed instruments; the status can be lost. Exness also assigns swap-free status automatically to clients from a list of countries: Algeria, Azerbaijan, Bahrain, Bangladesh, Brunei, Chad, Comoros, Côte d'Ivoire, Djibouti, Egypt, Indonesia, Iraq, Jordan, Kazakhstan, Kyrgyzstan, Kuwait, Lebanon, Libya, Maldives, Mauritania, Morocco, Niger, Oman, Pakistan, Qatar, Saudi Arabia, Senegal, Tajikistan, Tunisia, Turkiye, Turkmenistan, United Arab Emirates, Uzbekistan. See Islamic finance.

Risk and the legal position in Pakistan

Index CFDs are leveraged. A gap at the Paris open or a sharp reaction to an ECB decision can move the price past your stop. Leveraged CFD trading can lose money fast. Size positions with the calculators and read Risk management first.

Also note the regulators' position. Two official positions apply: per the SBP, the purchase of offshore forex/margin/CFD products by Pakistani residents violates section 4(1) of FERA 1947; and per the SECP, offshore forex/CFD platforms operate without regulatory approval in Pakistan. Read Law and regulators before you open any account.

Frequently asked questions

Is “FR40” the same as the “CAC 40”?

The symbol is a CFD that tracks the CAC index. You trade its price changes and do not own the underlying shares.

Is leverage on the French index fixed at Exness?

Per the Help Center, leverage is fixed for most indices except JP225, USTEC, USTEC_x100, US500, US500_x100, US30, US30_x10. The French index is not listed as an exception. Confirm the current value in the platform specification.

When can I trade the French index CFD?

Index trading hours differ by underlying instrument; servers run on UTC+0. Check the symbol's schedule in the platform and convert it to Pakistan time.

What happens if my margin runs low?

Exness levels by account are: Standard Cent: margin call 60%, stop out 0%; Standard: margin call 60%, stop out 0%; Pro: margin call 30%, stop out 0%; Raw Spread: margin call 30%, stop out 0%; Zero: margin call 30%, stop out 0%. If a stop out would leave a negative balance, Exness states the balance reset to 0 after stop out.

Why does the French index sometimes move differently from the DAX?

The CAC has more luxury and consumer weight, while the DAX leans more towards industrials and autos. Demand news from China or the US can therefore affect the two indices differently.