The potential clampdown on spread betting led to sharp falls in the shares of London-listed trading businesses aimed at individual investors.
The European Securities and Markets Authority (Esma), the European financial markets watchdog, said it was considering restricting the sales of contracts for difference and binary options.
It was also looking at other “speculative products” amid concerns investors are being encouraged to take on risks they cannot afford or have not had properly explained to them, reports The Times.
Shares in CMC Markets and IG Group, two of the world’s largest spread betting companies, were particuarly hard hit on the London market yesterday. They lost more than 12 per cent and 9 per cent of their value respectively.
Shares in Plus500, a smaller operator, fell almost 11 per cent.
These products have proved popular with investors as it enabled them to place bets on movements in share prices or assets such as commodities without needing to own the underlying product.
In a statement to investors, CMC Markets said the new rules “may have an impact” on its business, but played down their potential seriousness.
“The group has focused on higher value clients and has one of the highest revenues per client in the industry. This, coupled with geographic diversity, a growing institutional business and a partnership with ANZ Bank to provide stockbroking services in Australia from September 2018 will help to mitigate any impact from Esma’s proposals,” CMC said.
IG Group said that it was “supportive” of Esma’s work considering their user base: “Whilst IG has historically categorised the vast majority of its clients as retail as a matter of course, IG’s client base is different from most in the industry due to the company’s long term focus on clients of high value and sophistication,” IG Group said.
European authorities are to begin a public consultation on the rule changes next month. The Financial Conduct Authority said it backed the work of the watchdog. “Any permanent FCA policy measures would take in to account any prospective Esma measures,” it said.
The shares in CMC Markets closed 21p lower at 146¾p, while IG Group’s ended the day down 68p at 665 and Plus500’s lost 100p to 825p.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Company%20Profile
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
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