Another record month for spread betters Spreadex

The unprecedented developments in the world stock markets may be leaving many companies reeling – but city spread betting specialist Spreadex has again been feeling the benefit of the volatile conditions.

The St Albans-based firm last month recorded its highest ever number of bets taken – just three months after seeing a previous record high. In total, 74,786 trades were managed by Spreadex throughout September; 269 more than its previous record level in June.

The month saw clients staking close to £10m in total on positions meaning Spreadex had to cover many millions of pounds worth of potential winnings and losses due to the extreme and volatile movements.

PR Manager Andy MacKenzie said: ‘September was a quite extraordinary period of trading but October is already proving to be even more incredible. ‘It’s been a hair-raising ride for our traders as well as many of our customers due to the unpredictability of the whole financial sector.

‘The phenomenal rises and falls seen in the FTSE, Dow Jones and Dax not to mention continued movements in currencies and in gold and oil are the perfect conditions for making – or losing – lots of money through spread betting and our clients have been piling in on all fronts.’ The figures were helped by a busy period for the sports arm of the company’s business with the Ryder Cup attracting large numbers of bets from punters.

Editor’s note: Spreadex Ltd is authorised and regulated by the Financial Services Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved.

Tags: spread betters, spreadex

This entry was posted on Tuesday, October 7th, 2008 at 11:53 pm and is filed under Financial Updates. 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.