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CFD means Contract for Difference, CFDs are a financial agreement made between a buyer and seller to make good the profit or loss incurred between the CFD was purchased to when it was sold. CFDs are popular in both Australia as well as the UK, they are mostly offered over indices, shares and currencies.
In the early days in the UK where CFDs began they were commonly called SWAP contracts. It wasn’t until around 2001 that CFDs grew to become popular with retail investors. It was CMC Markets and IG Markets, two large spread betting companies based in the UK that bought CFDs to the forefront in the retail trader’s arsenal. CFDs suddenly became widespread in the UK as they did not attract any stamp duty.
In 2002 both CMC Markets and IG Markets opened offices in Australia and began to actively promote CFDs to Australian traders, the popularity of CFDs peaked in 2007. As a result of their popularity amongst Australian traders and investors many foreign CFD providers saw the potential in Australia and opened up offices. There are over 13 CFD companies operating in Australia and an estimated 35,000 retail CFD traders.
In recent times CFDs have received much negative publicity because of traders incurring losses due to overexposing themselves to the market during volatility. This combined with the recent failure of CFD provider Sonray Capital Markets has led to increased scrutiny by the Australian financial Services Regulator ASIC relating to how CFD providers deal with client money.
Today CFDs continue to be the most common financial product for retail traders in Australia, although unconfirmed it’s estimated that CFD volumes account for around 35% of ASX exchange turnover. As CFDs are an over the counter product it’s difficult to confirm this number.
CFDs in Australia are mostly traded using the net through a variety of proprietary CFD trading platforms offered by the major companies. Many of these platforms had been originally developed for forex CFD trading however due to the similarities between share CFDs and forex CFDs the platforms have be adapted to suit share CFD traders.
As Australia has the largest percentage of share ownership in the world on a per capita basis it isn’t unexpected that almost all CFD traders have experience buying and selling shares online. The past growth of the Australian share market has made share and CFD trading a prevalent pass-time for Australians.
Before you run out and join the 35,000 CFD traders in Australia you should ensure that you are fully conscious of the risks involved in CFD trading. Like all leveraged financial product CFDs offer substantial benefits however these do not come without risk. You should ensure that before you jump into CFD trading you read the Product Disclosure Statement (PDS) available from your CFD provider that outlines the risks and benefits of buying and selling CFDs.
Tags: CFD, cfd trading, cfds, contract for difference, contracts for difference
Posted in Banking · July 25th, 2010 · Comments (0)
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Tags: Banking
Posted in Banking · June 27th, 2010 · Comments (0)