The LSE (London Stock Exchange) yesterday announced that it was extending its UnaVista business service to the swaps market, automating the trading of contracts for differences and other security derivatives and allowing brokers, hedge funds and prime brokers to communicate and match data through a central, secure, audited platform. It is understood that the new service is being tested by a number of hedge funds, prime brokers and executing brokers.
Mark Husler, Head of Information Services Business Development at London Stock Exchange Group, said: “For the first time UnaVista is now available for Swaps, helping our customers to streamline trade processing. The new Swaps Portal from UnaVista avoids the need for time-intensive, manual processes such as emails and faxes. It allows both small and large firms alike to connect in a cost-efficient manner, and provides the functionality to match trades and resolve exceptions on trade date.”
Filed under: CFD News by LearnCFDs.com
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Clients of CFD trading company IC Markets are the first to benefit from the company’s new commission structure, clients are expected to save millions this year thanks to the company’s new tiered direct market access (DMA) CFD commission rates on the webIRESS Plus trading platform. An active CFD trader trades on average four times a day with a trade size of approximately $20,000. Most DMA CFD providers would charge this trader 0.10% commission on a $20,000 transaction. Over the year this trader would pay over $40,000 in commission charges alone. With IC Markets new active trader tiered commission rate of 0.05% this trader would only pay around $20,000 in commission, a 50% saving without even considering the saving in financing charges. With IC Markets tiered commission rates active traders on 0.03% commission can save as much as 70%.
International Capital Markets (IC Markets) Managing Director Andrew Budzinski said: “We understand commission rates are important to active CFD traders and we are committed to providing our clients with low DMA CFD commissions and the latest trading technology.” IC Markets new webIRESS Plus platform allows its clients to trade DMA CFDs on global exchanges as well as ASX listed shares. “IC Markets is committed to offering low commission rates allowing our clients to take of advantage of more trading opportunities and gain an edge in the market. Our new tiered commission structure on the webIRESS Plus platform reflects our commitment to provide industry leading software and excellent value for money cementing our position as a market leader in DMA CFDs,” Mr Budzinski said.
Active trading clients of IC Markets are given priority access to highly sought after Initial Public Offerings (IPO’s) in addition to a wider range of short-sellable CFDs. Contracts for Difference (CFDs) are an agreement to exchange the difference in value of a particular asset between the time at which the contract is opened and the time at which it is closed.
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Irish Finance Minister Brian Lenihan will publish new rules regulating derivatives within a month, forcing investors to disclose the building of stakes in companies using such instruments. The new rules will govern so-called contracts for difference, which enable investors to bet that a share price will rise or fall without owning any of the stock. Investors can agree at a later date to acquire the underlying shares from their CFD providers.
We expect to have legislation on the matter published within the next four weeks, spokesman for the Dublin-based Finance Ministry said, without giving any details. Last year, the U.K.’s Financial Services Authority said it would bring forward the introduction of new rules which required long positions which use CFDs to be made public when holdings reach 3 percent.
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