691:, like futures, are established products that are exchange traded, centrally cleared and used by professionals. Options, like futures, can be used to hedge risk or to take on risk to speculate. CFDs are only comparable in the latter case. The main advantage of CFDs over options is the price simplicity and range of underlying instruments. An important disadvantage is that a CFD cannot be allowed to lapse, unlike an option. This means that the downside risk of a CFD is unlimited, whereas the most that can be lost on an option (by a buyer) is the price of the option itself. In addition, no margin calls are made on options if the market moves against the trader.
260:(SFC). The SFC treats CFDs, where the underlying is a security, as futures contracts, meaning they have to be exchange-traded, effectively precluding their being offered in Hong Kong. However, the SCF has a separate regulatory regime for rolling spot FX contracts, which it terms leverage foreign exchange contracts. These can be offered to retail clients as an over-the-counter derivative. Brokers in Hong Kong can also offer CFDs on the spot price of precious metals, which aren't regulated as securities, using prices derived from contracts trading on the
218:. Most CFD providers launched financial spread betting operations in parallel to their CFD offering. In the UK, the CFD market mirrors the financial spread betting market and the products are in many ways the same, the FCA defines spread betting as, "a contract for differences that is a gaming contract". However, unlike CFDs, which have been exported to a number of different countries, spread betting, inasmuch as it relies on a country-specific tax advantage, has remained primarily a UK and Irish phenomenon.
742:
response to this concern most financial regulators that cover CFDs specify that risk warnings must be prominently displayed on all advertising, web sites and when new accounts are opened. For example, the UK FSA rules for CFD providers include that they must assess the suitability of CFDs for each new client based on their experience and must provide a risk warning document to all new clients, based on a general template devised by the FSA. The
Australian financial regulator, the
501:
an investment vehicle buys 100 shares for $ 10,000 in cash, this provides the same exposure to the shares as entering into a CFD for the same 100 shares with $ 500 of margin, and retaining $ 9,500 as a cash reserve. The use of CFDs in this context therefore does not necessarily imply an increased market exposure (and where there is an increased market exposure, it will generally be less than the headline leverage of the CFD).
746:, on its trader information site suggests that trading CFDs is riskier than gambling on horses or going to a casino. Even a small price change against one's CFD position can have an impact on trading returns or losses. It recommends that trading CFDs should be carried out by individuals who have extensive experience of trading, in particular during volatile markets and can afford losses that any trading system cannot avoid.
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be challenging for retail traders particularly if trading in overseas markets. Without leverage this is capital intensive as all positions have to be fully funded. CFDs make it much easier to access global markets for much lower costs and much easier to move in and out of a position quickly. All forms of margin trading involve financing costs, in effect the cost of borrowing the money for the whole position.
354:(ESMA) issued a warning on the sale of speculative products to retail investors that included the sale of CFDs. This was after they observed an increase in the marketing of these products at the same time as a rise in the number of complaints from retail investors who have suffered significant losses. Within Europe, any provider based in any member country can offer the products to all member countries under
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233:. CFDs have since been introduced into a number of other countries. They are available in most European countries, as well as Australia, Canada, Israel, Japan, Singapore, South Africa, Turkey, and New Zealand, throughout South America and others. They are not permitted in a number of other countries – most notably the United States, where the
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trading. The main benefits of CFD versus margin lending are that there are more underlying products, the margin rates are lower, and it is easy to go short. Even with the recent bans on short selling, CFD providers who have been able to hedge their book in other ways have allowed clients to continue to short sell those stocks.
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or leveraged equities, have all the same attributes as physical shares discussed earlier, but with the addition of leverage, which means like CFDs, futures, and options much less capital is required, but risks are increased. Since the advent of CFDs, many traders have moved from margin lending to CFD
540:
of the counterparty to a contract. In the context of CFD contracts, if the counterparty to a contract fails to meet their financial obligations, the CFD may have little or no value regardless of the underlying instrument. This means that a CFD trader could potentially incur severe losses, even if the
300:
The advantages and disadvantages of having an exchange traded CFD were similar for most financial products and meant reducing counterparty risk and increasing transparency but costs were higher. The disadvantages of the ASX exchange traded CFDs and lack of liquidity meant that most
Australian traders
766:
Criticism has also been expressed about the way that some CFD providers hedge their own exposure and the conflict of interest that this could cause when they define the terms under which the CFD is traded. One article suggested that some CFD providers had been running positions against their clients
63:
and its value at the time the contract was initiated. If the asset's price increases from the opening to the closing of the contract, the seller compensates the buyer for the increase, which constitutes the buyer's profit. Conversely, if the asset's price decreases, the buyer compensates the seller,
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products, have used to support their particular offering. They argue that their offering reduces this particular risk in some way. The counter argument is that there are many CFD providers and the industry is very competitive with over twenty CFD providers in the UK alone. If there were issues with
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This is the traditional way to trade financial markets, this requires a relationship with a broker in each country, require paying broker fees and commissions and dealing with settlement process for that product. With the advent of discount brokers, this has become easier and cheaper, but can still
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have become popular in recent years as a way of speculating cheaply on market movements. CFDs costs tend to be lower for short periods and have a much wider range of underlying products. In markets such as
Singapore, some brokers have been heavily promoting CFDs as alternatives to covered warrants,
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In the professional asset management industry, an investment vehicle's portfolio will usually contain elements that offset the leverage inherent in CFDs when looking at leverage of the overall portfolio. In particular, the retention of cash holdings reduces the effective leverage of a portfolio: if
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There has also been concern that CFDs are little more than gambling implying that most traders lose money trading CFDs. It is impossible to confirm what the average returns are from trading as no reliable statistics are available and CFD providers do not publish such information, however prices of
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Some of the criticism surrounding CFD trading is connected with the CFD brokers' unwillingness to inform their users about the psychology involved in this kind of high-risk trading. Factors such as the fear of losing that translates into neutral and even losing positions become a reality when the
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is required to maintain the margin level. The CFD providers may call upon the party to deposit additional sums to cover this, in what is known as a margin call. In fast moving markets, margin calls may be at short notice. If funds are not provided in time, the CFD provider may close/liquidate the
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There has also been some concern that CFD trading lacks transparency as it happens primarily over-the-counter and that there is no standard contract. This has led some to suggest that CFD providers could exploit their clients. This topic appears regularly on trading forums, in particular when it
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Futures are often used by the CFD providers to hedge their own positions and many CFDs are written over futures as futures prices are easily obtainable. CFDs don't have expiry dates so when a CFD is written over a futures contract the CFD contract has to deal with the futures contract expiration
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Some financial commentators and regulators have expressed concern about the way that CFDs are marketed at new and inexperienced traders by the CFD providers. In particular the way that the potential gains are advertised in a way that may not fully explain the risks involved. In anticipation and
427:
CfDs work by fixing the prices received by low carbon generation, reducing the risks they face, and ensuring that eligible technology receives a price for generated power that supports investment. CfDs also reduce costs by fixing the price consumers pay for low carbon electricity. This requires
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for indices and interest rate trading over CFDs as they are a mature product and are exchange traded. The main advantages of CFDs, compared to futures, is that contract sizes are smaller making it more accessible for small traders and pricing is more transparent. Futures contracts tend to only
136:
Institutional traders started to use CFDs to hedge stock exposure and avoid taxes. Several firms began marketing CFDs to retail traders in the late 1990s, stressing its leverage and tax-free status in the United
Kingdom. A number of service providers expanded their products beyond the
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on financial markets. These range from trading in physical shares either directly or via margin lending, to using derivatives such as futures, options or covered warrants. A number of brokers have been actively promoting CFDs as alternatives to all of these products.
176:, GNI Touch, via a home computer connected to the Internet. GNI's retail service created the basis for retail stock traders to trade directly onto the Stock Exchange Electronic Trading Service (SETS) central limit order book at the LSE through a process known as
363:
the Cyprus financial regulator, where many of the firms are registered, increased the regulations on CFDs by limiting the maximum leverage to 50:1 as well prohibiting the paying of bonuses as sales incentives in
November 2016. This was followed by the UK
241:(CFTC) prohibit CFDs from being listed on regulated exchanges and being traded on foreign or domestic trading platforms due to their high-risk nature. At the same time, a number of trading apps with various usage scenarios operate on the market such as
754:
comes to rules around executing stops, and liquidating positions in margin call. This is also something that the
Australian Securities Exchange, promoting their Australian exchange traded CFD and some of the CFD providers, promoting
368:(FCA) issuing a proposal for similar restrictions on 6 December 2016. The FCA imposed further restrictions on 1 August 2019 for CFDs and 1 September 2019 for CFD-like options with the maximum leverage being 30:1. The German regulator
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its own risk under the CFD (or its net risk under all CFDs held by its clients, long and short) by trading physical shares on the exchange. Trades by the prime broker for its own account, for hedging purposes, will be exempt from
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and many of the
European financial regulators responded with new rules on CFDs after the warning. The majority of providers are based in either Cyprus or the UK and both countries' financial regulators were first to respond.
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one provider, clients could switch to another. Providers of contracts for difference (CFDs) often target potential investors through magazine advertisements, newspaper supplements, prime-time television spots and websites.
457:(FTR) in two ways. First, a CFD is usually defined at a specific location, not between a pair of locations. Thus, CFDs are a tool principally for hedging temporal price risk – the variation in the nodal pricing or
1746:
Helman, Udi; Hobbs, Benjamin F.; O'Neill, Richard P. (1 January 2008), Sioshansi, Fereidoon P. (ed.), "Chapter 5 – The Design of US Wholesale Energy and
Ancillary Service Auction Markets: Theory and Practice",
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Compared to CFDs, option pricing is complex and has price decay when nearing expiry while CFDs prices simply mirror the underlying instrument. CFDs cannot be used to reduce risk in the way that options can.
486:, as contract for difference trading is designed to pay the difference between the opening price and the closing price of the underlying asset. CFDs are traded on margin, which amplifies risk and reward via
892:
490:. A 2021 study by Saferinvestor showed that the average client loss was 74.38% when trading CFDs. The Financial Conduct Authority of the UK estimates that the average loss amounts to ÂŁ2,200 per client.
317:
cases. This was after a number of high-profile cases where positions in CFDs were used instead of physical underlying stock to hide them from the normal disclosure rules related to insider information.
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intended to give investors the confidence and certainty they need to invest in low carbon electricity generation. CfDs have also been agreed on a bilateral basis, such as the agreement struck for the
1976:
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underlying instrument moves in the desired direction. OTC CFD providers are required to segregate client funds protecting client balances in event of company default, but cases such as that of
493:
It is this risk that drives the use of CFDs, either for speculation in financial markets, or for profit in a falling market through hedging. One of the ways to mitigate this risk is the use of
667:. A futures contract is an agreement to buy or sell the underlying asset at a set price at a set date in the future, regardless of how the price changes in the meanwhile. Professionals prefer
180:(DMA). For example, if a retail trader sent an order to buy a stock CFD, GNI would sell the CFD to the trader and then buy the equivalent stock position from the marketplace as a full hedge.
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followed suit and put out a proposal to either ban CFDs or implement limitations on leverage. Beyond Europe, other regions have also set specific leverage limits. In
Australia, the
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generators to pay money back when wholesale electricity prices are higher than the strike price, and provides financial support when the wholesale electricity prices are lower.
1524:
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The costs of the CfD scheme are funded by a statutory levy on all UK-based licensed electricity suppliers (known as the 'Supplier
Obligation'), which is passed on to consumers.
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of the counterparty, including the clearing house if applicable. This risk is heightened due to the fact that custody is linked to the company or bank supplying the trading.
1980:
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Easy to create new instruments: not restricted to exchange definitions or jurisdictional boundaries, so very wide selection of underlying instruments can be traded.
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497:. Users typically deposit an amount of money with the CFD provider to cover the margin and can lose much more than this deposit if the market moves against them.
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that made it easy to see live prices and trade in real-time. The first company to do this was GNI (originally known as Gerrard & National Intercommodities).
77:
Developed in Britain in 1974 as a way to leverage gold, modern CFDs have been trading widely since the early 1990s. CFDs were originally developed as a type of
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CFDs are based on publicly available underlying instruments and odds are not stacked against traders as the CFD is simply the difference in underlying price.
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2255:
1984:
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680:' the CFD position to the next future period when the liquidity starts to dry in the last few days before expiry, thus creating a rolling CFD contract.
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converge to the price of the underlying instrument near the expiry date, while the CFD never expires and simply mirrors the underlying instrument.
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took a different approach and in response to the ESMA warning prohibited additional payments when a client made losses. While the French regulator
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based on client profiles, in the expectation that those clients would lose, and that this created a conflict of interest for the providers.
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launched centrally cleared CFDs in line with the EU financial regulators' stated aim of increasing the proportion of cleared OTC contracts.
297:(ASX) offered exchange traded CFDs. As a result, a small percentage of CFDs were traded through the Australian exchange during this period.
238:
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In the late 1990s, CFDs were introduced to retail traders. They were popularized by a number of UK companies, characterized by innovative
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384:(ASIC) has established leverage limits for retail CFD trading. In March 2021, ASIC reduced the maximum leverage ratio to 30:1.
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to include global stocks, commodities, bonds, and currencies. Index CFDs, which were based on key global indexes including the
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109:(LSE), partly because they required only a small margin but also, since no physical shares changed hands, they also avoided
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It remains common for hedge funds and other asset managers to use CFDs as an alternative to physical holdings (or physical
1137:
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1032:
The new trading for a living : psychology, discipline, trading tools and systems and risk control, trade management
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users change from a demonstration account to the real one. This fact is not documented by the majority of CFD brokers.
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1977:"FSMA Regulation governing the distribution of certain derivative financial instruments (Binary options, CFDS, etc.)"
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are generally believed to have less counterparty risk. Ultimately, the degree of counterparty risk is defined by the
172:
GNI provided retail stock traders with the opportunity to trade CFDs on LSE stocks through its innovative front-end
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2009:
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2087:
936:
173:
90:
1726:"(2022) Turkey's Feed-in Tariff For Renewable Energy Sources Support And YEKDEM 2022 Outlook | Future Energy Go"
1469:"Investor protection improved with centrally cleared CFD launched in partnership with Commerzbank, ING and Citi"
271:(ESMA) issued a warning on the sale of speculative products to retail investors that included the sale of CFDs.
3075:
3070:
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409:
211:
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1243:"Reimagining a Centralized Cryptocurrency Regulation in the US: Looking through the Lens of Cryptoderivatives"
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59:." The contract stipulates that the buyer will pay the seller the difference between the current value of an
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1547:"FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers"
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CFD providers then started to expand to overseas markets, starting with Australia in July 2002 by
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Around 2001, a number of the CFD providers realized that CFDs had the same economic effect as
644:
CFD trading is banned in Belgium (for OTC instruments only), the United States and Hong Kong;
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Business knowledge for IT in prime brokerage : a complete handbook for IT professionals
802:
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who started to popularize the service in 2000. Subsequently, European CFD providers such as
82:
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The CFD market most resembles the futures and options market, the major differences being:
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CFDs are treated as a gambling product in Hong Kong unless they have been permitted by the
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1751:, Elsevier Global Energy Policy and Economics Series, Oxford: Elsevier, pp. 179–243,
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There are a number of different financial instruments that have been used in the past to
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and may have been partially responsible for the decline in volume of covered warrant.
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remind us that guarantees can be broken. Exchange-traded contracts traded through a
85:. The invention of the CFD is widely credited to Brian Keelan and Jon Wood, both of
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2427:
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1844:
1648:"CMC, IG and More: 7 CFDs Brokers Violated Aussie Leverage Rules, Returns AU$ 4.3M"
1624:
827:
777:
327:
313:(FSA) implemented a general disclosure regime for CFDs to avoid them being used in
289:
121:
120:) for UK listed equities, with similar risk and leverage profiles. A hedge fund's
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and institutional traders to cost-effectively gain an exposure to stocks on the
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To support new low carbon electricity generation in the United Kingdom, both
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461:(LMP) over time at a specific location. Second, CFDs are not traded through
246:
196:
184:
142:
1808:
CFDs made simple : a straightforward guide to contracts for difference
1610:"Ireland looking to ban leveraged Forex and CFD trading for retail clients"
1242:
51:
is a financial agreement between two parties, commonly referred to as the "
3136:
1806:
1085:
2881:
2603:
2500:
2321:
1371:"ESMA issues warning on sale of speculative products to retail investors"
1256:
537:
335:
222:
188:
1496:"CySEC Mandates Default Leverage 1:50 for Forex and CFDs, Kills Bonuses"
647:
Minimum contract sizes are small, so it's possible to buy one share CFD;
1035:
44:
2233:
1438:
1292:
56:
595:. Statements consisting only of original research should be removed.
641:
CFD contract is normally one to one with the underlying instrument;
638:
Trading is done over-the-counter with CFD brokers or market makers;
439:, the price may be fixed by the government rather than an auction.
207:
have made significant progress in establishing global CFD markets.
1525:"FCA proposes stricter rules for contract for difference products"
536:. Counterparty risk is associated with the financial stability or
515:
If prices move against an open CFD position, additional variation
369:
360:
355:
242:
60:
52:
893:"Contracts for Difference and the Evolution of the Brent Complex"
183:
GNI and its CFD trading service GNI Touch was later acquired by
2237:
2010:"Futures vs. CFDs: comparing the two derivative contract types"
926:
924:
560:
214:
in the UK except that spread betting profits were exempt from
154:
1087:
CFDs : the definitive guide to contracts for difference
1230:. U.S: Securities and Exchange Commission. 1 October 2013.
275:
Attempt by Australian exchange to move to exchange trading
1780:"The Complete Beginner's Guide to Safer Investing (2021)"
1206:"Contracts for Difference – an Introduction for Planners"
520:
positions at a loss for which the other party is liable.
376:
decided to ban all advertising of the CFDs. In March the
1580:"IG Group reassures investors over French CfD crackdown"
965:(1st ed.). London: Essvale Corp. 2008. p. 89.
676:
date. The industry practice is for the CFD provider to '
2223:"Contract for Differences (CFD): Overview and Examples"
1346:"Is FX/CFD trading legal in Hong Kong? - TradeInformer"
584:
2143:
Washington, Stuart; Ferguson, Adele (27 August 2010).
124:
will act as the counterparty to CFD, and will often
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2965:
2861:
2738:
2646:
2509:
2418:
2355:
2289:
2280:
1286:Michael, Andrew (12 May 2022). Pratt, Kevin (ed.).
996:"Gadget Shop deal unmasks the City's silent trader"
2154:
2119:"Contracts for difference: complex and high risk?"
2091:
1981:Financial Services and Markets Authority (Belgium)
1417:
1003:
744:Australian Securities & Investments Commission
449:Transmission congestion § Transmission rights
400:, contracts for difference were introduced by the
712:Physical shares, commodities and foreign exchange
532:, a factor in most over-the-counter (OTC) traded
382:Australian Securities and Investments Commission
891:Fattouh, Bassam; Imsirovic, Adi (1 June 2019).
416:Contracts for Difference (CfD) are a system of
414:
1228:"The Laws That Govern the Securities Industry"
97:Asset management and synthetic prime brokerage
2249:
8:
2084:"ASIC raises alarm over new CFD trade risks"
1138:"Rookies roll the dice on high-risk trading"
557:Comparison with other financial instruments
30:"CFDs" redirects here. For other uses, see
2286:
2256:
2242:
2234:
1700:"How are contracts for difference funded?"
1118:: CS1 maint: location missing publisher (
1066:: CS1 maint: location missing publisher (
635:There is no expiry date, so no time decay;
1494:Golovtchenko, Victor (30 November 2016).
1433:Griffiths, Katherine (13 November 2007).
1410:"FSA brings forward CFD disclosure rules"
611:Learn how and when to remove this message
352:European Securities and Markets Authority
301:opted for over-the-counter CFD providers
293:model, but from 2007 until June 2014 the
269:European Securities and Markets Authority
1210:Australian Journal of Financial Planning
469:between individual market participants.
262:Chinese Gold and Silver Exchange Society
3081:Power reverse dual-currency note (PRDC)
3021:Constant proportion portfolio insurance
2138:
2136:
1519:
1517:
1365:
1363:
900:The Oxford Institute for Energy Studies
850:
404:, progressively replacing the previous
249:, Fidelity Personal Investing (part of
1288:"Best Investment Trading Apps UK 2022"
1111:
1059:
225:(first CFD provider to be licensed by
64:resulting in a profit for the seller.
2113:
2111:
2004:
2002:
1957:from the original on 29 November 2016
1889:
1887:
1841:"Contract for difference Market risk"
931:Sampson, Annette (2 September 2009).
494:
199:and Australian CFD providers such as
7:
3016:Collateralized debt obligation (CDO)
2060:"Covered warrants – an introduction"
1131:
1129:
1079:
1077:
1030:Elder, Alexander (27 October 2014).
1025:
1023:
239:Commodity Futures Trading Commission
2179:"Not Losing Keeps You From Winning"
1435:"FSA calls for more CFD Disclosure"
994:Fletcher, Richard (20 March 2005).
463:regional transmission organizations
309:In June 2009, the UK regulator the
2082:Battersby, Lucy (24 August 2009).
1927:from the original on 21 March 2017
1498:. Finance Magnates. Archived from
1241:Gazi, Sangita (26 November 2019).
235:Securities and Exchange Commission
25:
2221:Mitchell, Cory (18 August 2024).
1531:. 6 December 2016. Archived from
528:Another dimension of CFD risk is
258:Securities and Futures Commission
157:, immediately gained popularity.
3135:
2035:"CFDs, Contracts For Difference"
1951:www.contracts-for-difference.com
1757:10.1016/b978-008047172-3.50009-x
1669:Hinson, Suzanna (26 June 2018).
1646:Shome, Arnab (9 November 2023).
565:
412:report explained the scheme as:
346:European regulatory restrictions
279:The majority of CFDs are traded
2214:"Contracts for Difference FAQs"
2185:. 15 April 2010. Archived from
1867:"What Are Cfds, Shares Details"
1811:. Petersfield: Harriman House.
1749:Competitive Electricity Markets
1248:Social Science Research Network
859:"Contract for Difference (CFD)"
374:Autorité des marchés financiers
2843:Year-on-year inflation-indexed
2121:. Fido.gov.au. 30 January 2009
1578:Martin, Ben (9 January 2017).
1555:. 28 June 2019. Archived from
295:Australian Securities Exchange
1:
2853:Zero-coupon inflation-indexed
1680:(Report). UK Parliament. 7940
422:Hinkley Point C nuclear plant
253:), Trading212, among others.
187:. They were soon followed by
49:contract for difference (CFD)
2183:International Business Times
2145:"When brokers are the enemy"
1408:Bawden, Tom (3 March 2009).
1385:"ASX to cease offering CFDs"
455:financial transmission right
311:Financial Services Authority
101:CFDs were initially used by
27:Form of financial derivative
3056:Foreign exchange derivative
2448:Callable bull/bear contract
2068:London Stock Exchange Group
1917:"CFDS VS FUTURES CONTRACTS"
1724:Kyrylo (17 February 2022).
1625:"Understanding CFD Trading"
1552:Financial Conduct Authority
1529:Financial Conduct Authority
1178:Financial Conduct Authority
1173:"spread bet – FCA Handbook"
1038:, New Jersey. p. 186.
864:Corporate Finance Institute
591:the claims made and adding
459:locational marginal pricing
435:In some countries, such as
366:Financial Conduct Authority
322:Attempt at central clearing
305:Insider trading regulations
3189:
933:"It's a gamble either way"
508:
446:
29:
3130:
2957:Stock market index future
2271:
2150:The Sydney Morning Herald
2088:The Sydney Morning Herald
1947:"CFDs Trading vs Futures"
1896:"CFDs Trading vs Futures"
1612:. LeapRate. 6 March 2017.
1321:"Hong Kong e-Legislation"
1084:Norman, David J. (2009).
937:The Sydney Morning Herald
465:(RTOs) markets. They are
378:Irish Financial Regulator
174:electronic trading system
93:deal in the early 1990s.
3076:Mortgage-backed security
3071:Interest rate derivative
3046:Equity-linked note (ELN)
3031:Credit-linked note (CLN)
1678:House of Commons Library
798:Financial spread betting
453:CFDs are different from
443:CFDs difference from FTR
410:House of Commons Library
212:financial spread betting
167:online trading platforms
3026:Contract for difference
2327:Risk-free interest rate
2039:independentinvestor.com
1704:bridgitmendlermusic.com
1325:www.elegislation.gov.hk
113:in the United Kingdom.
18:Contract for Difference
2808:Forward Rate Agreement
1843:. NSFX. Archived from
1805:Temple, Peter (2009).
433:
388:Electricity generation
3168:Derivatives (finance)
3036:Credit default option
2380:Employee stock option
1894:Andy (19 June 2018).
1627:. CompareForexBrokers
1373:. ESMA. 25 July 2016.
406:Renewables Obligation
139:London Stock Exchange
107:London Stock Exchange
36:CFDS (disambiguation)
2990:Inflation derivative
2975:Commodity derivative
2947:Single-stock futures
2937:Normal backwardation
2927:Interest rate future
2768:Conditional variance
2274:Derivative (finance)
1535:on 3 September 2024.
1422:on 3 September 2024.
1257:10.2139/ssrn.3737947
788:Derivative (finance)
756:direct market access
703:Similar to options,
330:in partnership with
285:direct market access
251:Fidelity Investments
178:direct market access
32:CFD (disambiguation)
3142:Business portal
2995:Property derivative
2159:on 3 September 2024
2096:on 3 September 2024
1987:on 3 September 2024
1921:Bestbrokerdeals.com
1623:Grossbard, Justin.
1590:on 3 September 2024
1584:The Daily Telegraph
1559:on 3 September 2024
1502:on 3 September 2024
1449:on 3 September 2024
1443:The Daily Telegraph
1397:on 23 January 2015.
1301:on 3 September 2024
1185:on 3 September 2024
1008:on 3 September 2024
943:on 3 September 2024
909:on 3 September 2024
872:on 3 September 2024
665:derivatives trading
467:bilateral contracts
315:insider information
81:that was traded on
3000:Weather derivative
2985:Freight derivative
2967:Exotic derivatives
2887:Commodities future
2574:Intermarket spread
2337:Synthetic position
2265:Derivatives market
2212:Richardson, Andy.
1871:zdrestructuras.com
1650:. Finance Magnates
1475:on 2 November 2013
1348:. 17 February 2024
833:Technical analysis
808:Parimutuel betting
663:are both forms of
576:possibly contains
3173:Financial markets
3150:
3149:
3051:Equity derivative
3041:Credit derivative
3009:Other derivatives
2980:Energy derivative
2942:Perpetual futures
2823:Overnight indexed
2773:Constant maturity
2734:
2733:
2681:Finite difference
2614:Protective option
1818:978-1-4416-2798-8
1251:. Rochester, NY.
1097:978-0-85719-023-9
813:Prediction market
793:Financial betting
621:
620:
613:
578:original research
530:counterparty risk
524:Counterparty risk
482:The main risk is
332:Cantor Fitzgerald
326:In October 2013,
216:Capital Gains Tax
16:(Redirected from
3180:
3140:
3139:
2912:Forwards pricing
2686:Garman–Kohlhagen
2287:
2258:
2251:
2244:
2235:
2230:
2217:
2199:
2198:
2196:
2194:
2189:on 18 April 2010
2175:
2169:
2168:
2166:
2164:
2158:
2153:. Archived from
2140:
2131:
2130:
2128:
2126:
2115:
2106:
2105:
2103:
2101:
2095:
2090:. Archived from
2079:
2073:
2072:
2064:
2056:
2050:
2049:
2047:
2045:
2031:
2025:
2024:
2022:
2020:
2006:
1997:
1996:
1994:
1992:
1983:. Archived from
1973:
1967:
1966:
1964:
1962:
1943:
1937:
1936:
1934:
1932:
1913:
1907:
1906:
1904:
1902:
1891:
1882:
1881:
1879:
1877:
1863:
1857:
1856:
1854:
1852:
1847:on 23 April 2016
1837:
1831:
1830:
1802:
1796:
1795:
1793:
1791:
1776:
1770:
1769:
1743:
1737:
1736:
1734:
1732:
1721:
1715:
1714:
1712:
1710:
1696:
1690:
1689:
1687:
1685:
1675:
1666:
1660:
1659:
1657:
1655:
1643:
1637:
1636:
1634:
1632:
1620:
1614:
1613:
1606:
1600:
1599:
1597:
1595:
1586:. Archived from
1575:
1569:
1568:
1566:
1564:
1543:
1537:
1536:
1521:
1512:
1511:
1509:
1507:
1491:
1485:
1484:
1482:
1480:
1471:. Archived from
1465:
1459:
1458:
1456:
1454:
1445:. Archived from
1430:
1424:
1423:
1421:
1416:. Archived from
1405:
1399:
1398:
1396:
1390:. Archived from
1389:
1381:
1375:
1374:
1367:
1358:
1357:
1355:
1353:
1342:
1336:
1335:
1333:
1331:
1317:
1311:
1310:
1308:
1306:
1297:. Archived from
1283:
1277:
1276:
1238:
1232:
1231:
1224:
1218:
1217:
1204:Skilton, David.
1201:
1195:
1194:
1192:
1190:
1181:. Archived from
1169:
1163:
1162:
1160:
1158:
1133:
1124:
1123:
1117:
1109:
1081:
1072:
1071:
1065:
1057:
1027:
1018:
1017:
1015:
1013:
1007:
1002:. Archived from
991:
985:
984:
959:
953:
952:
950:
948:
939:. Archived from
928:
919:
918:
916:
914:
908:
902:. Archived from
897:
888:
882:
881:
879:
877:
868:. Archived from
855:
803:Futures contract
728:, also known as
705:covered warrants
699:Covered warrants
669:future contracts
616:
609:
605:
602:
596:
593:inline citations
569:
568:
561:
505:Liquidation risk
495:stop loss orders
418:reverse auctions
21:
3188:
3187:
3183:
3182:
3181:
3179:
3178:
3177:
3153:
3152:
3151:
3146:
3134:
3126:
3112:Great Recession
3107:Government debt
3085:
3061:Fund derivative
3004:
2961:
2922:Futures pricing
2897:Dividend future
2892:Currency future
2875:
2857:
2730:
2706:Put–call parity
2642:
2629:Vertical spread
2564:Diagonal spread
2534:Calendar spread
2505:
2414:
2351:
2276:
2267:
2262:
2220:
2211:
2208:
2206:Further reading
2203:
2202:
2192:
2190:
2177:
2176:
2172:
2162:
2160:
2142:
2141:
2134:
2124:
2122:
2117:
2116:
2109:
2099:
2097:
2081:
2080:
2076:
2062:
2058:
2057:
2053:
2043:
2041:
2033:
2032:
2028:
2018:
2016:
2008:
2007:
2000:
1990:
1988:
1975:
1974:
1970:
1960:
1958:
1945:
1944:
1940:
1930:
1928:
1915:
1914:
1910:
1900:
1898:
1893:
1892:
1885:
1875:
1873:
1865:
1864:
1860:
1850:
1848:
1839:
1838:
1834:
1819:
1804:
1803:
1799:
1789:
1787:
1778:
1777:
1773:
1767:
1745:
1744:
1740:
1730:
1728:
1723:
1722:
1718:
1708:
1706:
1698:
1697:
1693:
1683:
1681:
1673:
1668:
1667:
1663:
1653:
1651:
1645:
1644:
1640:
1630:
1628:
1622:
1621:
1617:
1608:
1607:
1603:
1593:
1591:
1577:
1576:
1572:
1562:
1560:
1545:
1544:
1540:
1523:
1522:
1515:
1505:
1503:
1493:
1492:
1488:
1478:
1476:
1467:
1466:
1462:
1452:
1450:
1432:
1431:
1427:
1407:
1406:
1402:
1394:
1387:
1383:
1382:
1378:
1369:
1368:
1361:
1351:
1349:
1344:
1343:
1339:
1329:
1327:
1319:
1318:
1314:
1304:
1302:
1285:
1284:
1280:
1240:
1239:
1235:
1226:
1225:
1221:
1203:
1202:
1198:
1188:
1186:
1171:
1170:
1166:
1156:
1154:
1136:Dunne, Eithne.
1135:
1134:
1127:
1110:
1098:
1090:. Petersfield.
1083:
1082:
1075:
1058:
1046:
1029:
1028:
1021:
1011:
1009:
993:
992:
988:
973:
961:
960:
956:
946:
944:
930:
929:
922:
912:
910:
906:
895:
890:
889:
885:
875:
873:
857:
856:
852:
847:
842:
838:Turbo (finance)
773:
739:
723:
714:
701:
686:
661:Futures trading
657:
617:
606:
600:
597:
582:
570:
566:
559:
526:
513:
507:
480:
475:
451:
445:
402:Energy Act 2013
390:
348:
324:
307:
277:
163:
99:
91:Trafalgar House
75:
70:
39:
28:
23:
22:
15:
12:
11:
5:
3186:
3184:
3176:
3175:
3170:
3165:
3155:
3154:
3148:
3147:
3145:
3144:
3131:
3128:
3127:
3125:
3124:
3119:
3117:Municipal debt
3114:
3109:
3104:
3102:Corporate debt
3099:
3093:
3091:
3087:
3086:
3084:
3083:
3078:
3073:
3068:
3063:
3058:
3053:
3048:
3043:
3038:
3033:
3028:
3023:
3018:
3012:
3010:
3006:
3005:
3003:
3002:
2997:
2992:
2987:
2982:
2977:
2971:
2969:
2963:
2962:
2960:
2959:
2954:
2949:
2944:
2939:
2934:
2929:
2924:
2919:
2914:
2909:
2904:
2902:Forward market
2899:
2894:
2889:
2884:
2878:
2876:
2874:
2873:
2868:
2862:
2859:
2858:
2856:
2855:
2850:
2845:
2840:
2835:
2830:
2825:
2820:
2815:
2810:
2805:
2800:
2795:
2790:
2785:
2783:Credit default
2780:
2775:
2770:
2765:
2760:
2755:
2750:
2744:
2742:
2736:
2735:
2732:
2731:
2729:
2728:
2723:
2718:
2713:
2708:
2703:
2698:
2693:
2688:
2683:
2678:
2668:
2663:
2658:
2652:
2650:
2644:
2643:
2641:
2640:
2626:
2621:
2616:
2611:
2606:
2601:
2596:
2591:
2586:
2581:
2579:Iron butterfly
2576:
2571:
2566:
2561:
2556:
2551:
2549:Covered option
2546:
2541:
2536:
2531:
2526:
2521:
2515:
2513:
2507:
2506:
2504:
2503:
2498:
2493:
2488:
2487:Mountain range
2485:
2480:
2475:
2470:
2465:
2460:
2455:
2450:
2445:
2440:
2435:
2430:
2424:
2422:
2416:
2415:
2413:
2412:
2407:
2402:
2397:
2392:
2387:
2382:
2377:
2372:
2367:
2361:
2359:
2353:
2352:
2350:
2349:
2344:
2339:
2334:
2329:
2324:
2319:
2314:
2309:
2304:
2299:
2293:
2291:
2284:
2278:
2277:
2272:
2269:
2268:
2263:
2261:
2260:
2253:
2246:
2238:
2232:
2231:
2218:
2207:
2204:
2201:
2200:
2170:
2132:
2107:
2074:
2051:
2026:
1998:
1968:
1938:
1908:
1883:
1858:
1832:
1817:
1797:
1786:. 10 June 2021
1784:Safer Investor
1771:
1765:
1738:
1716:
1691:
1661:
1638:
1615:
1601:
1570:
1538:
1513:
1486:
1460:
1425:
1400:
1376:
1359:
1337:
1312:
1278:
1233:
1219:
1196:
1164:
1125:
1096:
1073:
1044:
1019:
986:
971:
954:
920:
883:
849:
848:
846:
843:
841:
840:
835:
830:
825:
823:Sports betting
820:
815:
810:
805:
800:
795:
790:
785:
780:
774:
772:
769:
738:
735:
726:Margin lending
722:
721:Margin lending
719:
713:
710:
700:
697:
685:
682:
656:
653:
652:
651:
648:
645:
642:
639:
636:
619:
618:
573:
571:
564:
558:
555:
547:clearing house
525:
522:
509:Main article:
506:
503:
479:
476:
474:
471:
447:Main article:
444:
441:
389:
386:
347:
344:
323:
320:
306:
303:
276:
273:
201:Macquarie Bank
162:
161:Retail trading
159:
98:
95:
74:
71:
69:
66:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
3185:
3174:
3171:
3169:
3166:
3164:
3161:
3160:
3158:
3143:
3138:
3133:
3132:
3129:
3123:
3120:
3118:
3115:
3113:
3110:
3108:
3105:
3103:
3100:
3098:
3097:Consumer debt
3095:
3094:
3092:
3090:Market issues
3088:
3082:
3079:
3077:
3074:
3072:
3069:
3067:
3066:Fund of funds
3064:
3062:
3059:
3057:
3054:
3052:
3049:
3047:
3044:
3042:
3039:
3037:
3034:
3032:
3029:
3027:
3024:
3022:
3019:
3017:
3014:
3013:
3011:
3007:
3001:
2998:
2996:
2993:
2991:
2988:
2986:
2983:
2981:
2978:
2976:
2973:
2972:
2970:
2968:
2964:
2958:
2955:
2953:
2950:
2948:
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2928:
2925:
2923:
2920:
2918:
2915:
2913:
2910:
2908:
2907:Forward price
2905:
2903:
2900:
2898:
2895:
2893:
2890:
2888:
2885:
2883:
2880:
2879:
2877:
2872:
2869:
2867:
2864:
2863:
2860:
2854:
2851:
2849:
2846:
2844:
2841:
2839:
2836:
2834:
2831:
2829:
2826:
2824:
2821:
2819:
2818:Interest rate
2816:
2814:
2811:
2809:
2806:
2804:
2801:
2799:
2796:
2794:
2791:
2789:
2786:
2784:
2781:
2779:
2776:
2774:
2771:
2769:
2766:
2764:
2761:
2759:
2756:
2754:
2751:
2749:
2746:
2745:
2743:
2741:
2737:
2727:
2724:
2722:
2719:
2717:
2714:
2712:
2711:MC Simulation
2709:
2707:
2704:
2702:
2699:
2697:
2694:
2692:
2689:
2687:
2684:
2682:
2679:
2676:
2672:
2671:Black–Scholes
2669:
2667:
2664:
2662:
2659:
2657:
2654:
2653:
2651:
2649:
2645:
2638:
2634:
2630:
2627:
2625:
2624:Risk reversal
2622:
2620:
2617:
2615:
2612:
2610:
2607:
2605:
2602:
2600:
2597:
2595:
2592:
2590:
2587:
2585:
2582:
2580:
2577:
2575:
2572:
2570:
2567:
2565:
2562:
2560:
2557:
2555:
2554:Credit spread
2552:
2550:
2547:
2545:
2542:
2540:
2537:
2535:
2532:
2530:
2527:
2525:
2522:
2520:
2517:
2516:
2514:
2512:
2508:
2502:
2499:
2497:
2494:
2492:
2489:
2486:
2484:
2481:
2479:
2478:Interest rate
2476:
2474:
2473:Forward start
2471:
2469:
2466:
2464:
2461:
2459:
2456:
2454:
2451:
2449:
2446:
2444:
2441:
2439:
2436:
2434:
2431:
2429:
2426:
2425:
2423:
2421:
2417:
2411:
2408:
2406:
2403:
2401:
2400:Option styles
2398:
2396:
2393:
2391:
2388:
2386:
2383:
2381:
2378:
2376:
2373:
2371:
2368:
2366:
2363:
2362:
2360:
2358:
2354:
2348:
2345:
2343:
2340:
2338:
2335:
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2320:
2318:
2317:Open interest
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2297:Delta neutral
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2015:
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2005:
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1986:
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350:In 2016, the
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156:
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148:
144:
140:
134:
132:
131:UK stamp duty
127:
123:
119:
118:short selling
114:
112:
108:
104:
96:
94:
92:
88:
84:
80:
72:
67:
65:
62:
58:
54:
50:
46:
41:
37:
33:
19:
3163:Stock market
3025:
2917:Forward rate
2828:Total return
2716:Real options
2619:Ratio spread
2599:Naked option
2559:Debit spread
2390:Fixed income
2332:Strike price
2227:Investopedia
2191:. Retrieved
2187:the original
2173:
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2156:the original
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2100:24 September
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886:
874:. Retrieved
870:the original
862:
853:
828:Spread trade
778:Bet exchange
765:
761:
752:
748:
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724:
715:
702:
693:
687:
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607:
601:October 2016
598:
575:
527:
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492:
481:
452:
434:
430:
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415:
391:
349:
328:LCH.Clearnet
325:
308:
299:
290:market maker
288:
284:
278:
267:In 2016 the
266:
255:
220:
209:
182:
171:
164:
135:
122:prime broker
115:
100:
76:
48:
42:
40:
2848:Zero Coupon
2778:Correlation
2726:Vanna–Volga
2584:Iron condor
2370:Bond option
2014:capital.com
1991:3 September
1961:18 November
1931:18 November
1654:3 September
1631:3 September
1594:3 September
1506:3 September
1216:(2): 45–48.
1189:3 September
1012:3 September
947:3 September
913:3 September
551:credit risk
534:derivatives
511:Margin call
484:market risk
478:Market risk
340:Commerzbank
231:CMC Markets
193:CMC Markets
147:S&P 500
103:hedge funds
89:, on their
87:UBS Warburg
79:equity swap
55:" and the "
3157:Categories
3122:Tax policy
2838:Volatility
2748:Amortising
2589:Jelly roll
2524:Box spread
2519:Backspread
2511:Strategies
2347:Volatility
2342:the Greeks
2307:Expiration
1479:1 November
1295:Advisor UK
998:. London:
845:References
585:improve it
408:scheme. A
283:using the
237:(SEC) and
223:IG Markets
205:Prudential
189:IG Markets
111:stamp duty
2813:Inflation
2763:Commodity
2721:Trinomial
2656:Bachelier
2648:Valuation
2529:Butterfly
2463:Commodore
2312:Moneyness
1827:465474693
1414:The Times
1352:18 August
1330:18 August
1265:239435048
1152:0140-0460
1143:The Times
1114:cite book
1106:921845679
1062:cite book
1054:903658661
1000:The Times
981:727175393
783:Bookmaker
737:Criticism
659:CFDs and
625:speculate
589:verifying
543:MF Global
398:renewable
287:(DMA) or
247:Freetrade
197:Saxo Bank
185:MF Global
143:Dow Jones
73:Invention
2952:Slippage
2882:Contango
2866:Forwards
2833:Variance
2793:Dividend
2788:Currency
2701:Margrabe
2696:Lattices
2675:equation
2661:Binomial
2609:Strangle
2604:Straddle
2501:Swaption
2483:Lookback
2468:Compound
2410:Warrants
2385:European
2365:American
2357:Vanillas
2322:Pin risk
2302:Exercise
2193:29 April
2125:22 April
1955:Archived
1925:Archived
1851:30 March
1731:11 March
1453:29 April
771:See also
538:solvency
488:leverage
336:ING Bank
2871:Futures
2491:Rainbow
2458:Cliquet
2453:Chooser
2433:Barrier
2420:Exotics
2282:Options
2163:19 July
2044:19 July
2019:19 July
1684:12 July
1273:3737947
1036:Hoboken
689:Options
684:Options
655:Futures
583:Please
394:nuclear
68:History
45:finance
2932:Margin
2798:Equity
2691:Heston
2594:Ladder
2544:Condor
2539:Collar
2496:Spread
2443:Binary
2438:Basket
1901:17 May
1876:17 May
1825:
1815:
1790:1 July
1763:
1709:17 May
1563:1 July
1439:London
1305:17 May
1293:Forbes
1271:
1263:
1157:17 May
1150:
1104:
1094:
1052:
1042:
979:
969:
876:17 May
517:margin
437:Turkey
229:) and
153:, and
83:margin
57:seller
2803:Forex
2758:Basis
2753:Asset
2740:Swaps
2666:Black
2569:Fence
2428:Asian
2290:Terms
2063:(PDF)
1674:(PDF)
1395:(PDF)
1388:(PDF)
1261:S2CID
907:(PDF)
896:(PDF)
866:(CFI)
473:Risks
370:BaFin
361:CySEC
356:MiFID
243:eToro
126:hedge
61:asset
53:buyer
2637:Bull
2633:Bear
2375:Call
2195:2010
2165:2022
2127:2015
2102:2010
2046:2022
2021:2022
1993:2024
1963:2017
1933:2017
1903:2022
1878:2022
1853:2016
1823:OCLC
1813:ISBN
1792:2021
1761:ISBN
1733:2022
1711:2022
1686:2018
1656:2024
1633:2024
1596:2024
1565:2021
1508:2024
1481:2013
1455:2010
1354:2024
1332:2024
1307:2022
1269:SSRN
1191:2024
1159:2022
1148:ISSN
1120:link
1102:OCLC
1092:ISBN
1068:link
1050:OCLC
1040:ISBN
1014:2024
977:OCLC
967:ISBN
949:2024
915:2024
878:2022
678:roll
396:and
338:and
227:ASIC
203:and
191:and
151:FTSE
47:, a
34:and
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1753:doi
1253:doi
587:by
281:OTC
155:DAX
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