Cantor launches spot FX spread betting product
June 13, 2007admin No Comments »Cantor Index, has today announced that it is to launch a spot FX spread betting product, based upon the institutional spot market price and delivering some of the most competitive spreads in the industry. Quarterly foreign exchange trading, based on the price of listed currency futures, has traditionally been one of Cantor Index’s most popular products and now clients will have the opportunity to trade spot prices for the first time at much tighter spreads. Seven major currency crosses are available to trade online, with all thirty-two quoted currencies available to trade over the telephone. In time, this service, which will be offered to Cantor Index’s established private client base, will see all quoted pairs available to trade online.
Spot FX bets are quoted at a far tighter spread than the traditional quarterly futures based spread bet, making this FX product as competitive as some private client FX services, but with the added advantage of all profits not being subject to capital gains tax and of being much more suitable for short-term investing. All open positions automatically roll over to the next day (unless closed by the client), with trades closing at the end of the trading day, and reopening at a new rate which reflects the overnight net effect of interest rates for the two currencies quoted in the pair.
The seven major currency pairs offered online are:
US Dollar / Swiss Franc
Euro / Sterling
Euro / Yen
US Dollar / Yen
Australian Dollar / US Dollar
Euro / US Dollar
Sterling / US Dollar
Dominic Crosthwaite, Co-Managing Director of Cantor Index said today: “The launch of spot FX spread betting is a natural extension of our existing service, providing our clients with a very cost effective way to trade FX and further supporting our drive to provide our clients with the most competitive priced products, and the highest level of execution.
“We will be building on our extensive private client experience and institutional backing to ensure we build an unrivalled service in the FX space. In the short-term, this will include extending the range of online currency pairs with an additional 25 currency crosses.”
Clients can open or close spot FX bets on the telephone or online from as little as GBP1 a point. They also have the option to request an autoclose at 20:00 on any trading day, rather than rolling the position.
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