Contract for difference

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

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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. 3137: 567: 717:

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 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 733:

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

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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

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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

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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

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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

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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

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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 128:

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 £2,200 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

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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

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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. 1495: 380:

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.

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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.

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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.

226: 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. 1409: 169:

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).

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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.

1984: 1556: 2886: 2144: 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. 1980: 1609: 1954: 1924: 1647: 743: 1468: 672:

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. 2680: 2255: 165:

In the late 1990s, CFDs were introduced to retail traders. They were popularized by a number of UK companies, characterized by innovative

1172: 2685: 1384: 2186: 1532: 1587: 351: 268: 261: 17: 1004: 3020: 899: 869: 2710: 2092: 405: 397: 384:(ASIC) has established leverage limits for retail CFD trading. In March 2021, ASIC reduced the maximum leverage ratio to 30:1. 141:

to include global stocks, commodities, bonds, and currencies. Index CFDs, which were based on key global indexes including the

1840: 1816: 1446: 1095: 421: 109:(LSE), partly because they required only a small margin but also, since no physical shares changed hands, they also avoided 238: 116:

It remains common for hedge funds and other asset managers to use CFDs as an alternative to physical holdings (or physical

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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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are generally believed to have less counterparty risk. Ultimately, the degree of counterparty risk is defined by the

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GNI provided retail stock traders with the opportunity to trade CFDs on LSE stocks through its innovative front-end

3080: 2248: 1345: 2009: 2155: 1247: 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. 3167: 3015: 2660: 1670: 577: 294: 1243:"Reimagining a Centralized Cryptocurrency Regulation in the US: Looking through the Lens of Cryptoderivatives" 2034: 377: 59:." The contract stipulates that the buyer will pay the seller the difference between the current value of an 1895: 2182: 1946: 1916: 1699: 454: 436: 310: 2213: 2059: 3055: 2593: 2447: 2241: 2067: 1551: 1528: 1177: 863: 458: 365: 1472: 3172: 2911: 2852: 2674: 1205: 280: 2956: 2767: 2149: 2087: 936: 173: 90: 1298: 3075: 3070: 797: 546: 409: 211: 204: 2222: 1547:"FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers" 221:

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

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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

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who started to popularize the service in 2000. Subsequently, European CFD providers such as

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The CFD market most resembles the futures and options market, the major differences being:

533: 529: 256:

CFDs are treated as a gambling product in Hong Kong unless they have been permitted by the

250: 177: 31: 1751:, Elsevier Global Energy Policy and Economics Series, Oxford: Elsevier, pp. 179–243, 8: 2994: 2782: 2705: 2528: 1583: 1442: 664: 623:

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 2931: 2870: 2865: 2847: 2777: 2543: 2538: 2510: 2462: 2341: 2281: 1844: 1752: 1648:"CMC, IG and More: 7 CFDs Brokers Violated Aussie Leverage Rules, Returns AU$ 4.3M" 1624: 1252: 802: 688: 668: 516: 313:(FSA) implemented a general disclosure regime for CFDs to avoid them being used in 82: 120:) for UK listed equities, with similar risk and leverage profiles. A hedge fund's 3141: 3111: 3106: 3060: 2896: 2891: 2837: 2747: 2655: 2628: 2568: 2563: 2533: 2482: 2467: 2384: 2364: 837: 704: 660: 417: 401: 200: 125: 105:

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

274: 130: 117: 461:(LMP) over time at a specific location. Second, CFDs are not traded through 2916: 2690: 2618: 2598: 2558: 2427: 2399: 2389: 2331: 2226: 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: 827: 777: 327: 289: 121: 51:

is a financial agreement between two parties, commonly referred to as the "

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Minimum contract sizes are small, so it's possible to buy one share CFD;

3121: 2757: 2752: 2518: 2404: 146: 110: 102: 2311: 2233: 1413: 1142: 999: 782: 542: 246: 196: 184: 142: 711: 595:. Statements consisting only of original research should be removed. 2881: 2603: 2500: 2321: 641:

CFD contract is normally one to one with the underlying instrument;

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Trading is done over-the-counter with CFD brokers or market makers;

537: 439:, the price may be fixed by the government rather than an auction. 335: 222: 207:

have made significant progress in establishing global CFD markets.

188: 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

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GNI and its CFD trading service GNI Touch was later acquired by

3136: 2010:"Futures vs. CFDs: comparing the two derivative contract types" 1438: 1292: 56: 926: 924: 556: 214:

in the UK except that spread betting profits were exempt from

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CFDs : the definitive guide to contracts for difference

921: 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.

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decided to ban all advertising of the CFDs. In March the

154: 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" 2143:

Washington, Stuart; Ferguson, Adele (27 August 2010).

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will act as the counterparty to CFD, and will often

1286:Michael, Andrew (12 May 2022). Pratt, Kevin (ed.). 996:"Gadget Shop deal unmasks the City's silent trader" 345: 2154: 2142: 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 3154: 890: 382:Australian Securities and Investments Commission 891:Fattouh, Bassam; Imsirovic, Adi (1 June 2019). 416:Contracts for Difference (CfD) are a system of 1228:"The Laws That Govern the Securities Industry" 321: 304: 97:Asset management and synthetic prime brokerage 2249: 1662: 2084:"ASIC raises alarm over new CFD trade risks" 1493: 1138:"Rookies roll the dice on high-risk trading" 557:Comparison with other financial instruments 442: 30:"CFDs" redirects here. For other uses, see 2256: 2242: 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; 2081: 1494:Golovtchenko, Victor (30 November 2016). 1433:Griffiths, Katherine (13 November 2007). 1432: 1410:"FSA brings forward CFD disclosure rules" 611:Learn how and when to remove this message 387: 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 2220: 1210:Australian Journal of Financial Planning 993: 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: 1285: 930: 900:The Oxford Institute for Energy Studies 404:, progressively replacing the previous 249:, Fidelity Personal Investing (part of 14: 3155: 2263: 2211: 1804: 1723: 1668: 1577: 1407: 1288:"Best Investment Trading Apps UK 2022" 1083: 225:(first CFD provider to be licensed by 64:resulting in a profit for the seller. 2237: 2113: 2111: 2004: 2002: 1957:from the original on 29 November 2016 1889: 1887: 1841:"Contract for difference Market risk" 1645: 1622: 1029: 931:Sampson, Annette (2 September 2009). 494: 199:and Australian CFD providers such as 3016:Collateralized debt obligation (CDO) 2133: 2060:"Covered warrants – an introduction" 1893: 1514: 1360: 1240: 1131: 1129: 1079: 1077: 1030:Elder, Alexander (27 October 2014). 1025: 1023: 560: 523: 239:Commodity Futures Trading Commission 2179:"Not Losing Keeps You From Winning" 1435:"FSA calls for more CFD Disclosure" 1203: 994:Fletcher, Richard (20 March 2005). 698: 504: 463:regional transmission organizations 309:In June 2009, the UK regulator the 24: 2205: 2108: 2082:Battersby, Lucy (24 August 2009). 1999: 1927:from the original on 21 March 2017 1884: 1498:. Finance Magnates. Archived from 1241:Gazi, Sangita (26 November 2019). 235:Securities and Exchange Commission 25: 3184: 2221:Mitchell, Cory (18 August 2024). 1531:. 6 December 2016. Archived from 1135: 1126: 1074: 1020: 720: 528:Another dimension of CFD risk is 258:Securities and Futures Commission 160: 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 2171: 2075: 2052: 2027: 1969: 1939: 1909: 1867:"What Are Cfds, Shares Details" 1859: 1833: 1811:. Petersfield: Harriman House. 1798: 1772: 1749:Competitive Electricity Markets 1739: 1717: 1692: 1639: 1616: 1602: 1571: 1539: 1487: 1461: 1426: 1401: 1377: 1338: 1313: 1279: 1248:Social Science Research Network 1234: 1220: 1197: 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 1165: 987: 955: 884: 851: 477: 295:Australian Securities Exchange 13: 1: 2853:Zero-coupon inflation-indexed 1680:(Report). UK Parliament. 7940 844: 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" 736: 455:financial transmission right 311:Financial Services Authority 101:CFDs were initially used by 72: 27:Form of financial derivative 7: 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 770: 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 10: 3189: 933:"It's a gamble either way" 683: 654: 508: 446: 67: 29: 3130: 3089: 3008: 2965: 2957:Stock market index future 2861: 2738: 2646: 2509: 2418: 2355: 2289: 2280: 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 472: 453:CFDs are different from 443:CFDs difference from FTR 410:House of Commons Library 212:financial spread betting 167:online trading platforms 18:Contracts for difference 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. 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. 414: 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: 2286: 2258: 2251: 2244: 2235: 2234: 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: 2208: 2206:Further reading 2203: 2202: 2192: 2190: 2177: 2176: 2172: 2162: 2160: 2141: 2134: 2124: 2122: 2117: 2116: 2109: 2099: 2097: 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: 1892: 1885: 1875: 1873: 1865: 1864: 1860: 1850: 1848: 1839: 1838: 1834: 1819: 1803: 1799: 1789: 1787: 1778: 1777: 1773: 1767: 1744: 1740: 1730: 1728: 1722: 1718: 1708: 1706: 1698: 1697: 1693: 1683: 1681: 1673: 1667: 1663: 1653: 1651: 1644: 1640: 1630: 1628: 1621: 1617: 1608: 1607: 1603: 1593: 1591: 1576: 1572: 1562: 1560: 1545: 1544: 1540: 1523: 1522: 1515: 1505: 1503: 1492: 1488: 1478: 1476: 1467: 1466: 1462: 1452: 1450: 1431: 1427: 1406: 1402: 1394: 1387: 1383: 1382: 1378: 1369: 1368: 1361: 1351: 1349: 1344: 1343: 1339: 1329: 1327: 1319: 1318: 1314: 1304: 1302: 1284: 1280: 1239: 1235: 1226: 1225: 1221: 1202: 1198: 1188: 1186: 1171: 1170: 1166: 1156: 1154: 1136:Dunne, Eithne. 1134: 1127: 1111: 1110: 1098: 1090:. Petersfield. 1082: 1075: 1059: 1058: 1046: 1028: 1021: 1011: 1009: 992: 988: 973: 961: 960: 956: 946: 944: 929: 922: 912: 910: 906: 895: 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: 3176: 3175: 3170: 3165: 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: 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: 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: 2333: 2330: 2328: 2325: 2323: 2320: 2318: 2317:Open interest 2315: 2313: 2310: 2308: 2305: 2303: 2300: 2298: 2297:Delta neutral 2295: 2294: 2292: 2288: 2285: 2283: 2279: 2275: 2270: 2266: 2259: 2254: 2252: 2247: 2245: 2240: 2239: 2236: 2228: 2224: 2219: 2215: 2210: 2209: 2188: 2184: 2180: 2174: 2157: 2152: 2151: 2146: 2139: 2137: 2120: 2114: 2112: 2094: 2089: 2085: 2078: 2070: 2069: 2061: 2055: 2040: 2036: 2030: 2015: 2011: 2005: 2003: 1986: 1982: 1978: 1972: 1956: 1952: 1948: 1942: 1926: 1922: 1918: 1912: 1897: 1890: 1888: 1872: 1868: 1862: 1846: 1842: 1836: 1828: 1824: 1820: 1814: 1810: 1809: 1801: 1785: 1781: 1775: 1768: 1766:9780080471723 1762: 1758: 1754: 1750: 1742: 1727: 1720: 1705: 1701: 1695: 1679: 1672: 1671:Tidal lagoons 1665: 1649: 1642: 1626: 1619: 1611: 1605: 1589: 1585: 1581: 1574: 1558: 1554: 1553: 1548: 1542: 1534: 1530: 1526: 1520: 1518: 1501: 1497: 1490: 1474: 1470: 1464: 1448: 1444: 1440: 1436: 1429: 1420: 1415: 1411: 1404: 1393: 1386: 1380: 1372: 1366: 1364: 1347: 1341: 1326: 1322: 1316: 1300: 1296: 1294: 1289: 1282: 1274: 1270: 1266: 1262: 1258: 1254: 1250: 1249: 1244: 1237: 1229: 1223: 1215: 1211: 1207: 1200: 1184: 1180: 1179: 1174: 1168: 1153: 1149: 1145: 1144: 1139: 1132: 1130: 1121: 1115: 1107: 1103: 1099: 1093: 1089: 1088: 1080: 1078: 1069: 1063: 1055: 1051: 1047: 1045:9781118443927 1041: 1037: 1033: 1026: 1024: 1006: 1001: 997: 990: 982: 978: 974: 972:9781906096038 968: 964: 958: 942: 938: 934: 927: 925: 905: 901: 894: 887: 871: 867: 865: 860: 854: 850: 839: 836: 834: 831: 829: 826: 824: 821: 819: 818:Point shaving 816: 814: 811: 809: 806: 804: 801: 799: 796: 794: 791: 789: 786: 784: 781: 779: 776: 775: 768: 764: 760: 757: 751: 747: 745: 734: 731: 730:margin buying 727: 718: 709: 706: 696: 692: 690: 681: 679: 673: 670: 666: 662: 649: 646: 643: 640: 637: 634: 633: 632: 629: 626: 615: 612: 604: 594: 590: 586: 580: 579: 574:This section 572: 563: 562: 554: 552: 548: 544: 539: 535: 531: 521: 518: 512: 502: 498: 496: 491: 489: 485: 470: 468: 464: 460: 456: 450: 440: 438: 432: 429: 425: 423: 419: 413: 411: 407: 403: 399: 395: 385: 383: 379: 375: 371: 367: 362: 357: 353: 350:In 2016, the 343: 341: 337: 333: 329: 319: 316: 312: 302: 298: 296: 292: 291: 286: 282: 272: 270: 265: 263: 259: 254: 252: 248: 244: 240: 236: 232: 228: 224: 219: 217: 213: 208: 206: 202: 198: 194: 190: 186: 181: 179: 175: 170: 168: 158: 156: 152: 148: 144: 140: 134: 132: 131:UK stamp duty 127: 123: 119: 118:short selling 114: 112: 108: 104: 94: 92: 88: 84: 80: 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:. 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