One of the biggest UK-based spread betting, forex and CFD trading providers has announced that it will be launching trading on Sundays, thereby expanding trading hours. Clients of the firm are able to trade in select equity, binary and bitcoin markets.
Aside from a number of its peers, the indices which the company will be offering are not those which are regularly traded on Sunday, such as Middle Eastern bourses. IG Group will be offering prices on the FTSE 100 (FTSE), the German Dax 30 (DAX) and the Dow Jones Industrial Average (DJIA) markets on Sunday between 8:00am and 10.40pm.
The move will permit traders on major indices to start digesting weekend news in advance. The UK elections are around the corner and, as seen this week, even smaller countries’ electoral views can influence markets in major ways.
With the new Greek government choosing a collision course against the so called “Troika” represented by the IMF, the European Commission and the European Central Bank, there is a big likelihood that traders will be seeing more market-moving weekend discussions going forward.
Clients of IG will also be able to trade on select binary options and the digital currency bitcoin, which is being continuously quoted on a 24/7 basis.
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Any positions which are open at the time of the Sunday trading session’s closing time at 10.40pm will automatically be rolled over into IG’s existing weekday contracts for free.
IG Group Head of Dealing, Matt Brief, commented in the announcement, “Global news which impacts the financial markets does not stop on a Friday and restart on a Monday, and neither does clients’ desire to react to that news. This new Sunday offering, alongside our other out of hours’ services, provides traders with a more immediate way of responding to the big news events”.
Soeaking to Forex Magnates’ reporters, Mr. Brief added, “Instruments will be priced based on client business, news feeds, and equity markets that are open on Sunday such as those in Saudi Arabia, Israel and the UAE.”
“If the concept of Sunday trading takes off, IG will be adding more products in the future,” he concluded.
Another set of products more commonly appearing for Sunday trading are the major Saudi Arabian and Israeli indices.
The company has also introduced a spread betting product called “Political markets” where traders can place their bets on a set of different outcomes related to the U.K. elections in May 2015 and who the next U.S. President will be.