Irish Online Spreadbetting Firm Goes to Scotland

Published Sunday, June 07, 2009 -

WorldSpreads, the Irish online spreadbetting company will be expanding into Scotland, as reported by The Scotsman newspaper. Based in Edinburgh, the venture, will fill the hole left by CMC which pulled out of Scotland, earlier this year after a speculated unsuccessful year in business.

This is WorldSpreads, first UK based operation outside of London. The firm has recruited Douglas Wood, who worked with CMC in Edinburgh as a sales trader to run the office. Spread betting allows clients to trade on financial markets without having to own stocks and shares.It offers the advantage of profits being free of capital gains tax and allows investors to move quickly in and out of trades. However, its critics describe it as another form of gambling and too risky for inexperienced investors. Woods plans to organise seminars for clients to introduce them to spread betting.

"The average client needs support to get to understand spread betting. We're not a massive brand like CMC or IG Index. We want to be able to offer a smaller, local market and personalised service," Mr.Woods said.

WorldSpreads was set up in Dublin in 2000 to allow investors to trade individual shares, foreign exchange, stock indices, commodities and interest rates, by phone or online. It expanded into the UK with the opening of its London office in 2005. The company is listed on the London AIM market and on the IEX market in Dublin. It was co-founded by Conor Foley, chief executive, and Brian O'Neill, chief operations officer, who built their careers in financial services in Ireland.

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