|Bid||144.40 x 0|
|Ask||145.20 x 0|
|Day's Range||143.81 - 147.20|
|52 Week Range||74.30 - 151.40|
|Beta (3Y Monthly)||0.50|
|PE Ratio (TTM)||16.74|
|Forward Dividend & Yield||0.04 (2.42%)|
|1y Target Est||N/A|
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(Bloomberg) -- The U.K.’s financial services regulator is proposing a ban on retail sales of derivatives tied to some crypto assets, as it seeks to clamp down on risky financial products.The Financial Conduct Authority said cryptocurrencies have no reliable basis for valuation, while market abuse and financial crime are prevalent in the secondary market for digital assets. The watchdog estimates that a ban on retail trading could prevent between 75 million pounds ($94 million) and 234.3 million pounds in losses a year, according to a statement on Wednesday.Retail investors in the U.K. are able to speculate on cryptocurrencies through complex derivatives known as contracts for difference, or CFDs. Largely banned in the U.S. and under increasing scrutiny in Europe, these instruments allow amateur traders to make risky bets on assets without owning them.“Most consumers cannot reliably value derivatives based on unregulated crypto assets,” said Christopher Woolard, Executive Director of Strategy & Competition at the FCA. “Prices are extremely volatile and as we have seen globally, financial crime in crypto-asset markets can lead to sudden and unexpected losses.”Scams involving cryptocurrencies and foreign exchange boomed last year, losing British investors more than 27 million pounds, according to the FCA, which told consumers in May to watch out for online trading platforms offering get-rich-quick schemes.Companies that currently offer CFDs tied to cryptocurrencies include CMC Markets Plc, Plus500 Ltd. and IG Group Holdings Plc, according to their websites. The shares of all three companies briefly declined on the news.“This is further mood music that the regulatory environment for these kinds of business continues to be tough,” said Portia Patel, analyst at Canaccord Genuity. “Expect retail CFD companies to lobby hard against this.”(Updates with CFD providers’ share price moves in fifth paragraph.)\--With assistance from Viren Vaghela.To contact the reporters on this story: Alastair Marsh in London at email@example.com;Donal Griffin in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ambereen Choudhury at email@example.com, Marion Dakers, Keith CampbellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Building up an investment case requires looking at a stock holistically. Today I've chosen to put the spotlight on CMC...
The main index, whose companies earn more than two-thirds of their profit from abroad, ended 0.1% higher, while the more domestically-focused FTSE 250 slipped 0.7%. A slump in sterling lifted internationally-exposed companies GlaxoSmithKline, Unilever and AstraZeneca, the biggest boosts to the FTSE 100. Stocks most sensitive to the any increased risk of a hard Brexit stumbled after multiple media reported rumours May's ministers could oust her in a row over her latest deal to exit the European Union.
Contract for difference trading is in trouble. Since its inception in the 1990s, CFD trading has evolved into a trillion-dollar industry. The advancement of the internet opened CFD trading to retail traders and, as such, an ever-increasing number of online brokerages sprang up very quickly.
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The FTSE 100 was up 0.3 percent and the FTSE 250 rose 0.5 percent to cling to a six-month high hit in the previous session to cap off a third straight week of gains. Plus500 slumped more than 31 percent on its worst day in almost four years after its quarterly revenue plummeted to below a fifth of a year earlier. It took a hit from less market volatility creating fewer trading opportunities and new rules affecting retail clients.
New rules reducing leverage and protecting amateur retail investors from heavy losses have been in place for a year but are only beginning to show up more dramatically in results of Plus500 and peers like IG and CMC Markets. A cryptocurrency boom that was in full swing at the start of 2018 has also collapsed, with bitcoin trading at around $5,000 from highs near $20,000, adding to the platforms' problems. Plus500's revenue sank to $53.9 million in the first quarter from $297.3 million a year ago, sending shares down 43 percent to a two-year low of 399.7 pence and dragging IG and CMC around 5 percent lower.
The FTSE 250 bounced 1.2 percent - its biggest rise in two-and-a-half months - for a fifth straight session of gains, while the FTSE 100 added 0.4 percent and ended the session at its highest level since early October. Prime Minister Theresa May said on Tuesday said she would seek another Brexit delay beyond April 12, hoping to try to agree a European Union divorce deal with the opposition Labour leader. "None of this guarantees Britain won't bumble out of the EU sans deal, especially given the frothing fury May's cross-party olive branch has caused among the hard right of her Tory party," said Spreadex Analyst Connor Campbell.
The profit warning dragged down shares in Britain's biggest online trading firms IG Group and Plus500 Ltd. Regulators are tightening rules on products that allow anyone with a bank card to make highly leveraged bets on financial markets through apps and online platforms. CMC Markets said it expected net operating income of 131 million pounds ($172.17 million) for the year to March 31, compared with 187.1 million pounds a year before.
Traders struggled to pinpoint reasons for the rally, though some noted a flood fresh interest after Bitcoin breached the $4,200 level. The cryptocurrency briefly topped $5,000 and the value of digital assets tracked by CoinMarketCap.com jumped by about $17 billion in less than an hour. Sudden swings in Bitcoin are nothing new, but price action had been relatively subdued this year as investors weighed the prospects for mainstream adoption after last year’s 74 percent crash.