Like me, you may have received an email from Cantor Index the other day advising that “all of its non-single stock, financial spread betting account holders will be taken on by SpreadEx as of the close of business on Wednesday, 20th March, 2013.”
I’d be happy to be moved to SpreadEx, but since I have essentially an empty account with Cantor Index, it will be interesting to see what happens “by default” in this unusual situation. Especially since I already have an account with SpreadEx.
Anyway, my contact at SpreadEx provided the following press release giving their side of the story:
Spreadex acquires non-equities fsb clients from Cantor Index
Spreadex can confirm it has acquired the non-equities, financial spread betting customer base of Cantor Index, strengthening its position as one of the UK’s leading spread betting providers.
Spreadex is currently involved in a transitional period which will see all current non-equities Cantor Index clients transferred to the Spreadex platform on 7.30pm on Wednesday, March 20th 2013.
The acquisition follows Spreadex taking on the client lists of ShortsandLongs.com, extrabet – the sports betting arm of IG Index – and MF Global spreads in recent years.
Jonathan Hufford, Managing Director at Spreadex, said: “We are delighted to welcome clients from Cantor Index and hope they enjoy trading on our vast range of financial markets as well as on our sports spread betting and sports fixed odds betting platform.
“With 14 years of spread betting experience behind us and having been named number one for customer service for the past two years in the Investment Trends CFD, FX and financial spread betting report, we are confident Cantor Index clients will be very comfortable in their new surroundings.”
The move follows Spreadex last year reporting record turnover of £25.7m for the 12 months to the end of May 31, 2012 with profits before tax of £11.5m.
The company which is based in St Albans, Hertfordshire, now employs 100 people and has three-times been listed in the Sunday Times PriceWaterHouseCoopers list of the UK’s most profitable companies.
Mr Hufford added: “We now have a large base of loyal and satisfied clients who can trade 24 hours a day on the financial markets or global sports events either online, on their mobile, on their tablet device or by calling up our trading room in the traditional manner.
“These are exciting times for SpreadEx and we have other plans to further expand the company into 2014 and beyond.”
Editor’s note: In relation to spread betting, 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. In relation to fixed odds, Spreadex Ltd is licensed and regulated by the Gambling Commission under license number 000-008835-R-104580-004.
Two Steps to Better Spread Betting:
Disclaimer: this posting is for general education only; it is not trading advice.