Finspreads – Novation of Account

Clients of Finspreads have received the notice below, expected after City Index and IFX Markets (which formerly operated Finspreads) have merged.

As you may be aware City Index and IFX Markets, which includes Finspreads, have joined forces. As a result, on the 31 March 2007, IFX Markets Ltd (IFX) will be undertaking a legal transfer of your account to City Index Ltd (CityIndex).

Please click here to see a letter that tells you exactly what the changes are and what you need to do in order to ensure that your open positions and your account are moved across to City Index. Please read this carefully. We have summarised the main points below.

What does this mean for you?

This move should have very little impact on your relationship with Finspreads. There will be no change to the Finspreads client services or trading team. Your Finspreads trading platform will remain the same as will the terms of your customer agreement.

The new City Index customer agreement is an exact copy of the existing IFX customer agreement for Finspreads, the only difference will be changes to the references to IFX reflecting the fact that your counterparty has changed to City Index.

You will continue to trade with Finspreads, which from the 31st March will be legally owned by City Index. City Index was established in 1982, and is a leading provider of CFD and spread betting trading services.

What do you need to do?

1. Read through the novation letter (click here) and review the new varied customer agreement (click here), which is available on the Finspreads web site www.Finspreads.com under customer agreement.
2. If you currently use a Power of Attorney to operate your account, you will need to complete a new Power of Attorney form reflecting the transfer of your Finspreads service to City Index. Please contact client services on 08000 96 96 20 to request a new form.
3. Accept the transfer of your account to City Index by logging on to your Finspreads account and ticking the appropriate box when prompted.

N.B. If you have an open position(s) and we have not received your consent to the novation letter and varied customer agreement, your account will be transferred to City Index and will continue to operate as before until we receive your acceptance or non-acceptance of the novation letter and varied customer agreement.

If you wish to discuss the transfer of your account please contact the client services team on 08000 96 96 20.

Tags: City Index, finspreads, spread betting

This entry was posted on Wednesday, March 14th, 2007 at 3:27 am and is filed under Broker News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.