Invast Global, a multi-asset prime broker, has expanded its product suite by adding new index and commodity contracts for differences (CFDs), the company announced this Friday.
Namely, the Sydney-headquartered broker has released two new Cash Oil CFDs, Brent Crude Oil (Cash) and WTI Crude Oil (Cash) as well as six new Equity Index CFDs, Japan 225 (USD settled), US 2000, Netherlands 25, Swiss 20, India 50 and the Taiwan Index.
Invast Global diversifies away from FX
The launch of these new CFDs appears to be part of the broker’s attempts to diversify its product offering away from foreign exchange (forex), as volumes have taken a real hit for most trading providers this year, and to cater to changing demand from its client base.
Staying Ahead: How Brokers Are Approaching 2020Go to article >>
According to the statement released by the company today, average spreads for the new CFDs over the past two weeks have been consistent. WTI Crude Oil (WTC/USD) has been at USD 0.016 and Brent Crude Oil (BRC/USD) at USD 0.017.
Commenting on the launch, James Alexander, Chief Commercial Officer, said: “It is no secret that FX volumes have been impacted significantly across the industry this year. As a result, we are seeing enormous demand for access to new products and asset classes from our broker clients, to diversify their revenue and have an edge over their competitors.”
As Finance Magnates has reported consistently throughout the year, forex trading volumes have largely been lower on a yearly comparison during 2019. November proved to be a particularly difficult month, with many trading providers reporting volumes in the red.
As a result, multiple brokers have been expanding their product offerings, adding products such as cryptocurrency investment products, stocks, exchange-traded funds, CFDs, and more.
The shifting regulatory landscape across the industry has also prompted companies to continue diversifying. Earlier this year, regional heavyweight in the APAC region, Invast Global, opened a new office location in Hong Kong.