|Bid||215.00 x 0|
|Ask||216.50 x 0|
|Day's range||210.50 - 223.50|
|52-week range||74.30 - 223.50|
|Beta (5Y monthly)||-0.03|
|PE ratio (TTM)||24.71|
|Forward dividend & yield||0.04 (1.83%)|
|Ex-dividend date||28 Nov 2019|
|1y target est||N/A|
(Bloomberg) -- Plus500 Ltd.’s first-quarter revenue surged as market volatility driven by the coronavirus outbreak enticed the spread-betting firm’s customers to trade.The Haifa, Israel-based company said 2020 profit would be “substantially ahead” of expectations after revenue in the first three months jumped almost sixfold to $316.6 million, according to a trading update on Tuesday.The shares jumped as much as 11% in early London trading. Plus500, which is known for sponsoring Spain’s Atletico Madrid soccer team, deals in contracts for difference, or CFDs -- derivatives largely banned in the U.S. that traders use to wager on stocks, bonds and commodities, often with borrowed funds that juice the size of their bets.The coronavirus pandemic has prompted some of the most volatile markets in history. It’s also been a boon for the spread-betting industry, which had been hit by a regulatory crackdown on the leverage allowed to its individual investors.Rival CMC Markets Plc reported client-trading activity in March was more than double that of more normalized market conditions, while IG Group Holdings Plc also said revenue would be higher. The three companies’ shares have been surging for the past three weeks as much of the rest of the market slumps.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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The company said it expected CFD net trading revenue to nearly double to 214 million pounds ($265 million) for the year ended March 31, with higher transaction volumes offsetting a hit from regulatory restrictions on the sale of complex financial products to retail clients. CMC has been targeting professional clients, who are typically unaffected by the regulatory restrictions.
(Bloomberg) -- For a group of firms selling risky derivatives to retail investors in Britain and beyond, the coronavirus has meant good business.CMC Markets Plc reported client-trading activity in March was more than double that of “more normalized market conditions,” and expects full-year profit to beat expectations, according to a statement Friday. Rivals IG Group Holdings Plc and Plus500 Ltd. have both reported similar surges in revenue this week.The companies, all listed on the London stock market, deal in contracts for difference, or CFDs -- derivatives largely banned in the U.S. that traders use to wager on stocks, bonds and commodities, often with borrowed funds that juice the size of their bets. The firms’ revenue has been constrained in recent years as regulators across Europe criticize their products as inappropriate for inexperienced investors, while clamping down on what they can do.The chaos triggered by the spreading coronavirus has prompted a trading surge among CFD customers as they attempt to profit from some of the most volatile markets on record. While shares in the firms are down so far this year, they’re outperforming European and U.S. banks.“At times like these it is not just about our financial performance, which is clearly very good, but it is about protecting the business, our clients and our staff,” CMC Chief Executive Officer Peter Cruddas said in the statement. “We are operating very well and there are no major commercial or technology issues that concern me.”Shares in CMC soared 17% to 158 pence at 9:44 a.m. in London trading, the most since it went public in 2016. The stock is down 8% for the year so far, compared with a 41% slump for the Bloomberg Europe 500 Banks and Financial Services Index.Stuart Duncan, an analyst at Peel Hunt, said CMC is able to operate “indefinitely” from recovery sites and with staff working from home. The company is a “clear beneficiary” in times of volatility and uncertainty, he wrote.IG’s revenue for the quarter ended Feb. 29 surged 29% from a year earlier to 139.8 million pounds ($164.5 million). That was the strongest period since the European Securities and Markets Authority imposed restrictions on CFDs in August 2018, according to the London-based firm.Plus500, based in Haifa, Israel, reported a “significantly increased level of customer trading activity” on March 16 and said it expects “revenue and profitability to be substantially ahead of current consensus expectations.”Plus500 says it profits from “customer trading performance,” meaning it’s exposed to customers’ winning and losing trades. CMC and IG say they hedge that risk away, gaining their income from commissions and financing trades. ESMA, the European watchdog, and the U.K. Financial Conduct Authority crimped the amount of borrowed funds that amateur traders can load on to their bets, while some jurisdictions have banned the products outright. Regulators said they were concerned at how often investors lost money on CFD trades they didn’t understand.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Net operating income for the year ending March 31 should likely beat the current market consensus of 199 million pounds to 202.3 million pounds, CMC said. The coronavirus, which has quickly spread to dozens of countries and claimed more than 3,000 lives, has rocked global financial markets, but the outbreak has also resulted in more intensive trading activity and higher volatility, helping online trading platforms.
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British online trading firm CMC Markets Plc said on Thursday it expects its full-year results will top analysts' forecasts as it bounces back after being hit by regulatory changes in the industry. Shares in CMC briefly jumped more than 7% after the company said its net operating income and pretax profit for the year ending next March would slightly exceed analysts' highest estimates. CMC and rivals Plus500 Ltd and IG Group lost clients after regulators in Europe and Britain tightened online trading rules last year, but their recent trading updates have signalled the situation has stabilised.
Shares in CMC briefly jumped more than 7% after the company said its net operating income and pretax profit for the year ending next March would slightly exceed analysts' highest estimates. CMC and rivals Plus500 Ltd and IG Group lost clients after regulators in Europe and Britain tightened online trading rules last year, but their recent trading updates have signalled the situation has stabilised. Australia is now set to follow, and has proposed a ban on the sale of binary options to retail clients, and restrictions on the sale of Contracts for Differences (CFDs) among other products, CMC said in its results statement.
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"Client trading activity in our CFD (contract for difference) and spreadbet business has now stabilised as clients adapt to the new regulatory changes," Chief Executive Officer Peter Cruddas said on Thursday. The company and its rivals, Plus500 Ltd and IG Group , have had to weather a drop in client numbers over the past year as regulators in Europe and Britain tightened the rules on products that allowed anyone with a bank card to make highly-leveraged bets on financial markets. In June, Cruddas, who had set up CMC Markets as a foreign exchange broker with a 10,000 pound investment in 1989, said the worst of the regulatory clampdown on the sector was over.
(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.