3 Cyprus Firms Pull CFD Derivative Products From UK Market
Law360, London (June 15, 2020, 3:34 PM BST) -- The Financial Conduct Authority said Monday that three Cypriot companies have voluntarily rescinded their right to sell so-called contracts for difference to clients in the U.K.
The FCA said the companies are no longer allowed to open new accounts with British customers. It advised clients with open positions or cash balances with the firms to consult the companies' websites for instructions.
Contracts for difference, or CFDs, are a form of spread betting that allows investors to trade on swings in the price movements of securities.
"U.K. consumers should be aware that these Cyprus-registered firms no longer hold relevant permissions to...
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