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Saxo enters the UK spread betting market

Saxo announced this week that it has partnered with London Capital Group and launched a spread betting service to its UK clients

Called Saxo Bank Financial Spreads, the bank is hoping that it will lead to a substantial increase in its UK business.

Spread betting has become extremely popular in the UK for various reasons. The leading providers, such as IG Index, CMC Markets and London Capital, have arguably done more to democratize the UK market than any of the banks or regulated exchanges. UK punters can trade a vast array of products, and because positions are considered as bets, they are exempt from tax. Also, new clients do not have to show the same degree of financial expertise to start trading with spread bets as they do in FSA-regulated products.

It’s no secret that spread betting is regarded as an initial hook to reel clients in; more active traders may then migrate to other products, such as CFDs. Not having a betting service is a competitive disadvantage. “Saxo Bank is a world leader in foreign exchange and one of the fastest growing providers of CFDs and Futures, but the industry in the UK has a large weighting towards spread trading. Our main competitors here generate up to 80% of their revenues from spread trading and with this in mind it makes perfect sense for Saxo Bank UK to compete for a share of this market as well,” says Saxo’s UK chief executive Albert Maasland.

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