Tweet The London market watchdog has fined a leading financial bookmaker £70,000 (€99,000) for running a “misleading” campaign promoting spread betting, it emerged today. The Financial Services Authority (FSA) said Cantor Index’s flyers, posters and press advertisements did not contain adequate warnings and could have put a large number of customers at risk. It also [...]
Tweet Spread betting traders enjoyed a healthy December, many of them managing to ride the gentle upswings in the FTSE, the US Dow Jones and the Japanese Nikkei. However bookmakers said today that punters have moved to a more bearish position on stock indices, believing that the Christmas rally is now over and, as in [...]
Tweet A former vice-president at Credit Suisse First Boston, who worked in the investment banking giant’s confidential “control room” in London, and four other men were yesterday convicted on insider trading charges at Southwark crown court. The case is believed to be the first successful prosecution for insider trading, where price-sensitive information was passed to [...]
Tweet Sharp reverses in the last week have not deterred spread betting punters from opening new long positions in the FTSE100 index, crude oil and the euro’s exchange rate against the dollar. Bookmakers said traders were having a fresh go this morning at anticipating a Christmas rally in London and New York, by making up-bets [...]
Tweet A 32-year-old worker at a large international engineering company stole more than £9 million from his firm to feed a gambling addiction, it emerged today. Wing Kit Chu, of Dell Close, Farnham Common, Buckinghamshire, carried out a “well planned series of thefts” over a four year period from Charter Plc, police said. He then [...]
Tweet Vincent Tchenguiz, the brother of Robert and co-owner of Rotch, the property group, has bought contracts for difference representing 3.3 per cent of IFX, the foreign exchange and spread-betting company, write Philip Stafford and Kate Burgess. Mr Tchenguiz, who runs Consensus, a wholly-owned Rotch subsidiary, tried unsuccessfully last week to buy between 10 and [...]
Tweet A BETTING ring accused of insider trading had no idea that information leaked to it by former Credit Suisse First Boston compliance officer Asif Butt was confidential, a court has heard. Butt, giving evidence this week in a trial in which he and four others are accused of market abuse, has admitted passing on [...]
Tweet Edmond Warner, chief executive of IFX, the financial spread-betting and foreign exchange company, said rising numbers of private investors taking financial bets had lifted the lossmaking group into operating profitably, after a loss in last year’s second half. The group incurred an interim pre-tax loss of £362,000 to the end of September, against a [...]
Tweet IFX Group , the foreign exchange and spread betting firm, was the focus of traders’ attention yesterday and it had little to do with the company’s half-year results. Not that there was anything wrong with the figures – they met expectations and the company talked of a strong start to the second half of [...]
