IG, the biggest spread betting and CFD broker in the UK is on the hunt again to win business from smaller rivals by reducing spreads on commodities.
IG generally have pretty competitive pricing, not quite as tight in some cases as ETX or Core Spreads, which (now that the FCA has put the kibosh on bonus promotions) was how smaller brokers could win business.
Perhaps as the race to the bottom continues, we will see a reemergence of the dreaded b-book or a greater focus on customer service to win and keep clients. Hopefully the later…
In a note to clients IG said:
We’ve cut our minimum spreads on a range of stock indices and commodities, including Oil to a market-leading 2.8 points and Wall Street to just 1.6 points.
A list of other featured spreads was also included:
|Market||Old minimum spread||New minimum spread|
|Hong Kong HS50||6||5|
|Oil – Brent Crude||3||2.8|
|Oil – US Crude||3||2.8|
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.