ODL moves into spread betting

Broker ODL is to establish an FX spread-betting operation to target UK consumers early next year, the company said.

The broker is currently beta testing the new operation that will go live in the first quarter of 2007, said Alex McKinnon, head of FX. He said the platform will enable betting on 82 currency and precious metal pairs. The platform will also enable spread betting on commodities and major indexes such as Nasdaq and the FTSE 350. Customers will be able to trade on all different asset classes with a single login.

The company is setting up the operation with three hires it made from rival spread-betting firm City Index in the summer. Duncan Anderson and James Parker joined ODL in July, and Jason Gibson joined in September.

Anderson said the company would initially target existing ODL clients with a soft launch in February, with the platform opening to the wider public in March. He added that the platform would benefit from growing retail interest in FX trading. “Volumes have been up across the board and from a retail perspective they have really been pushing on.”

Tags: ODL, ODL Markets, spread betting

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