IFX Contracts for Difference bought

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 20 per cent of IFX shares in the market as a strategic stake after IFX announced a strong profit rise. The property tycoon bought the CFDs through Cantor Fitzgerald, the execution-only broker. CFDs are contracts giving investors an economic interest in shares without owning them. They reflect the difference between the price of a share at the start of a contract and at the end of it. Investors do not pay stamp duty and cannot vote.

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