You will have access to technical tools and information on various markets. Opening a trading account on IG Markets is quick and straightforward. You will be able to speculate on various financial markets, including forex, shares, commodities, and indices, without owning the underlying assets. This spread betting broker allows the application of leverage where you can open positions with margins, which are among the tightest in the industry.
Its charges on spread are also very competitive, starting from 0. In the summer of , Paddy Power was the first of the mainstream bookies to bring a financial spread betting product to the market, and was followed by Betfair, PartyGaming and Victor Chandler. The old claims that the spread betters tended to shade their prices too much when called by clients have virtually disappeared.
There is simply too much choice for the clients, who are notoriously fickle and will apparently switch their business elsewhere with little consideration. It is almost a symbol of this country that the bookies are finally catching up on the stock market. Paddy Power and other bookies commonly come up with eyecatching publicity stunts.
This may be for publicity reasons Another important factor behind why retail users have flocked to the uk spread betting companies at the expense of more traditional brokers is probably a result of the way the UK spread betting companies have repackaged the products they are offering. A spread bet on the FTSE is effectively nothing more than an OTC version of the futures contract that trades on Euronext Liffe, although many of its users may not know that.
By making such products available in virtually any amount, the uk spread betting firms have arguably opened the market up to a far wider range of potential clients. A good example of the repackaging of a complex product is the concept of binary bets. The spread betting firms in the UK have translated the probability factor in the option's price first into odds and then turned them effectively into a spread bet.
These are, by all accounts, proving incredibly popular. Because of the way they settle, normally either at zero or , they are technically classed as a fixed-odds bet and so do not have to come under the jurisdiction of FSA. At first glance, this seems a little strange. It is inconceivable that a retail client could ring up an investment bank and ask for a binary option on a market and take a position. But that is exactly what he can do through the spread betting firms in the UK.
They are classified as fixed odds because that's mathematically what they are IG Index's Austin IG index's Austin does not see this as a problem. We would much rather classify them as spread bets, as the betting duty would be lower," he says. In other words, unlike with normal spread bets, clients using binaries know exactly how much they stand to lose or make as soon as they take their position. Concerns for Competitors With their wide range of products and increasingly diverse clientele, it seems the uk spread betting companies have moved mainstream.
This raises the issue of how much competition they pose to not only traditional brokers but also, perhaps, to the main markets themselves. Austin, however, is more direct. In terms of competing for the business of the active trader, there is no comparison: the gearing, the ability to go short and the freedom from stamp duty and capital gains tax make spread betting in the uk a much more attractive way of playing the market for everyone except the riskaverse and the long term investor.
And there's also the convenience of being able to trade everything, shares, fx, futures, options, binaries, even sports events, from a single, cross-margined account. The active traders are the high value clients that are moving from brokers and physical shares across to the executiononly derivatives providers. Traditional brokers are recognising that to keep their most valuable clients happy, they need to offer more cost effective and flexible products.
That is probably why we've seen a steady stream of companies introducing spread betting and contracts for difference CFDs to their range [of products] over the past year. It is possible for the two products to work in tandem as clients use different products for different strategies. It is likely that more brokers and banks will recognize that they need to introduce spread betting and CFDs in the uk to keep the active clients' trades in their domain and not lose them to the competition.
Financial spread betting still holds negative connotations but the uk spread betting industry has definitely moved mainstream. Hundreds of our clients share trade solely through us as they used to with traditional stockbrokers and so we are becoming more competitors rather than complementary Angus Campbell head of sales and marketing at FinSpreads Nonetheless, the UK spread betting firms do not see themselves as a threat to exchanges, even if they strive to maintain as much of their business in-house to keep the spread for themselves as profit.
However, we manage our risk through portfolio hedging, which means placing large volume trades into the market on a daily basis. I would estimate that a large number of trades being transacted across the physical exchanges can be attributed to the spread betting and CFD industry, so we are helping to bolster the exchanges rather than threaten them. Whether and how much the uk spread betting companies choose to hedge is never going to make much of an impact,"he says.
None of the recent start-ups show any sign of real success. It was able to achieve liquidity because it was up against the lumbering dinosaurs of the established fixed-odds gambling industry. But, like any trading instrument, they may not be suitable for all types of investors, even if they are proving increasingly popular with participants across the whole of the market.
At IG we make it clear in our risk warnings that clients should only speculate with money they could afford to lose if the worst came to the worst," says Austin. Banks concurs:"Spread betting is high risk and it is very important to understand the nature of the product, how it works and what the risks involved are.
SPORTS BETTING EXPLAINED UK MAP
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