City Index
May 11, 2009 | By Spreadbetting
City Index is owned by IPGL, the private investment vehicle owned by Michael Spencer, the founder and Chief Executive of ICAP plc the world’s biggest money broker. While a student reading physics at Oxford, Spencer made £300m in share dealings. In the 2008 Sunday Times Rich List he was placed 62nd with an estimated fortune of £1150m.
IPGL’s biggest stake is in ICAP and this generates significant funds for re-investment. IPGL receives about ten to twenty proposals a month, but invests in very few. IPGL is one of the biggest backers of the Conservative Party and Michael Spencer supported the No campaign against joining the euro.
City Index was established in 1983 and in 2005 acquired forex broker IFX Markets and spread better provider Finspreads.com. In 2008 it acquired FX Solutions, a specialist in retail and white label foreign exchange services. In 2001 City Index launched Contracts for Difference (CFDs) in the U.K.
Features
• airmiles offered to new account holders, and for eligible trades
• a series of short animated film tutorials, to guide traders clearly through each step of the trading process
• “a new mobile trading service will be announced over the coming weeks” (as at September 2008)
• market experts record two podcasts each day. The AM London markets bulletin takes a look at the day’s expected activity, and the PM update covers the US markets opening, and any important news that has broken in the morning trading session. Podcasts are published at 0830 and 1445 Monday to Friday. Earlier bulletins are archived for two days, allowing catch up on news
• suite of charting tools for the novice trader, offering a simple interface that displays clear and relevant information; for the more advanced trader, there is an archive of data immediately available which stretches back to 1994
• spreads on thousands of individual stocks on U.K., U.S. and European markets. Equities on offer include the entire U.K. 350, U.S. stocks on the NYSE and NASDAQ with market capitalisation of more than $1 billion and European equities quoted on the major exchanges with capitalisation of more than €1 billion
• free seminars on a range of subjects including spread betting, contracts for difference and technical analysis
• fair and transparent pricing even in volatile markets
• live on-line chat facility to advisors
• no software required
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