City Index Group

Last updated

City Index
Company type Subsidiary
Industry Financial services
FoundedSeptember 1983 (1983 -09)
HeadquartersLondon, United Kingdom
Key people
  • Sean O'Connor (StoneX CEO)
  • Glenn Stevens (Retail Chief Executive Officer)
Services Financial Spread Betting (UK), CFD Trading worldwide, Forex trading worldwide
Number of employees
Over 3,000 worldwide
Parent StoneX
Subsidiaries City Index Limited, FOREX.com, Daniels Trading,
Website www.cityindex.com

City Index is a global spread betting, FX and CFD Trading provider. [1] City Index is part of the Nasdaq listed StoneX Group and is regulated by the Financial Conduct Authority in the UK, The Australian Services and Investment Commission in Australia and Monetary Authority of Singapore (MAS) in Singapore. [2] The company has offices in the United Kingdom, Australia, and Singapore. [3]

Contents

History

City Index was founded by Chris Hales and Jonathan Sparke in September 1983 and started trading in March 1984 offering spread betting. In 2001, the company launched its CFD Trading function in the UK. During 2005, City Index acquired the IFX Group, in doing so procuring FX broker IFX Markets and spread betting provider Finspreads.com. The following year, the group opened offices in Sydney, Singapore and Shanghai to serve clients across the Asia Pacific region.

In 2008, City Index purchased FX Solutions, a US market leader in retail and white label foreign exchange services. 2009 saw City Index launch City Trading, the first spread betting and CFD trading application for the iPhone. [1] This app was later also available on Blackberry and Android devices. [4]

In Autumn 2012, City Index ran the Trading Academy – a six-week web series produced to demonstrate that with the right education, technical support, dedication and discipline, aspiring traders from a range of backgrounds and experience levels can be taught how to trade the financial markets. [5] [6]

In November 2014, the company was sold to US based rival Gain Capital for $118 million by Michael Spencer who had owned the company since it 1997, when he had purchased controlling interest from its original founders.

In 2020 INTL FCStone acquires GAIN Capital, becoming the StoneX Group.

Brands

City Index Limited – Established in 1983 as one of Britain's first spread betting providers, the company carried on growing – and in 2001 launched its Contract for difference (CFD) trading function in the UK.[ citation needed ]

Finspreads – Finspreads is a leader in interactive online spread betting starting in 1999 before it was acquired by the Group in 2005. [1] City Index Group relaunched its updated Finspreads brand in January 2013. [7] As of 24 March 2018 all Finspreads accounts ceased operating and were migrated to become part of City Index. [8]

Forex.com – Foreign exchange broker Forex.com was founded in 2001 and is part of the GAIN Capital Group. The brand operates predominantly in the United States and currently has affiliates and partners in over 140 countries, processing 62 million trades globally in 2015. [9] The Forex.com service offering was extended to the United Kingdom in 2017. [10]

SALT – Based in Truro, Cornwall, SALT (Short And Long Trading) is a personal trading service providing independently researched advice on CFDs, spread bets and rolling spot FX products. [11]

GTX – The GTX electronic communications network is owned by GAIN Capital designed to offer a pool of FX liquidity from both anonymous and disclosed liquidity providers to institutional traders. [12]

Daniels Trading – Daniels Trading is a futures brokerage firm based in Chicago, United States. The firm was established by Andy Daniels in 1995 and was acquired by GAIN Capital in March 2014. [13]

Faraday Research – Faraday Research provides real time trade signals for CFD trading, spread betting markets, cash equity and spot FX markets.[ citation needed ]

iPhone trading platform

In October 2009, City Index launched City Trading, a mobile trading application [14] for the iPhone. [15] The innovation contributed to the company's entire mobile trading offering being named 'Best Mobile Trading Platform' at the MoneyAM Online Finance Awards 2010 and 2011. [16] City Trading is also available on Blackberry OS6 and Android mobiles, the first spread betting and CFD App for these devices. [17]

Desktop Trading Platforms

City Index currently offers a suite of trading platforms [18] which include Advantage Web Trader, [19] TradingView platform, [20] and MetaTrader 4. [21]

Advantage Web is a browser-based trading platform which offers traders HTML5 charts, a fundamental and technical analysis portal, and real-time market news from Reuters. [22] The Advantage Web platform was awarded Best Platform for the Active Trader at the ADVFN International Finance Awards 2021. [23]

TradingView Platform is a downloadable, professional trading platform with enhanced functionality. Traders can create their trading indicators with Pine Script. The TradingView platform also offers trading signals, technical indicators, and access to a technical and fundamental research portal.

City Index also offers an MT4 platform [24] which is the company's dedicated FX trading platform. [25] The platform offers traders automated trading strategies, custom indicators, and a customisable economic calendar.[ citation needed ] [26]

City Index Trading Academy

In October 2012, City Index launched City Index Trading Academy – an online TV series and competition aimed to demonstrate that with education and support, anyone can learn to trade the global markets. [27]

The competition took place over six weeks as eight traders competed for a £100,000 cash prize. The series was broadcast on City Index's website and syndicated on YouTube. [28] City Index Trading Academy was won by trainee Black Taxi Cab driver John Walsh, who delivered a return on investment of 23.6% in the finale. [29]

Commercial partnerships

City Index has partnered with a number of financial institutions to provide their clients with Forex, Contract For Difference (CFD) and spread betting services.[ citation needed ]

Related Research Articles

In finance, a contract for difference (CFD) is a financial agreement between two parties, commonly referred to as the "buyer" and the "seller." The contract stipulates that the buyer will pay the seller the difference between the current value of an asset and its value at the time the contract was initiated. If the asset's price increases from the opening to the closing of the contract, the seller compensates the buyer for the increase, which constitutes the buyer's profit. Conversely, if the asset's price decreases, the buyer compensates the seller, resulting in a profit for the seller.

Garret Graham Wellesley, 8th Earl of Cowley, styled Viscount Dangan from 1975 to 2016, is a British hereditary peer and businessman. Previously an entrepreneur in derivatives and foreign exchange trading, he is the founder and CEO of UK alternative lender Wellesley & Co.

<span class="mw-page-title-main">IG Group</span> British online trading company

IG Group Holdings plc, trading as IG Group, is a United Kingdom-based online trading provider, offering access to spread betting and CFD trading, which allow traders to bet on the direction of equities, bonds and currencies without owning the underlying assets.

<span class="mw-page-title-main">First Prudential Markets</span> Financial Markets

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Retail foreign exchange trading is a small segment of the larger foreign exchange market where individuals speculate on the exchange rate between different currencies. This segment has developed with the advent of dedicated electronic trading platforms and the internet, which allows individuals to access the global currency markets. As of 2016, it was reported that retail foreign exchange trading represented 5.5% of the whole foreign exchange market.

<span class="mw-page-title-main">CMC Markets</span> British foreign exchange company

CMC Markets is a UK-based financial services company that offers online trading in shares, spread betting, contracts for difference (CFDs) and foreign exchange across world markets. CMC is headquartered in London, with hubs in Sydney and Singapore. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Matchbook FX</span>

Matchbook FX was an internet-based electronic communication network for trading currency online in the Spot-FX or foreign exchange market. It operated between 1999 and 2002.

ZuluTrade is a Greek financial technology company that operates an online and mobile social and copy trading platform. The platform allows users to copy other traders in the forex. As of 2014 ZuluTrade had around one million users and an executed trading volume of over $800 billion.

<span class="mw-page-title-main">MetaTrader 4</span> Electronic trading software

MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders. It was developed by MetaQuotes Software and released in 2005. The software is licensed to foreign exchange brokers who provide the software to their clients. The software consists of both a client and server component. The server component is run by the broker and the client software is provided to the broker's customers, who use it to see live streaming prices and charts, to place orders, and to manage their accounts.

<span class="mw-page-title-main">Finspreads</span>

Finspreads is a London-based online financial spread betting firm that offers customers access to various instruments on the world's financial markets through online and mobile trading platforms. Along with IFX Markets, FX Solutions and City Index Limited, it is a trading name of City Index Group.

OvalX is a British financial services product providing financial derivatives trading such as contracts for difference (CFDs) and financial spread betting and, As of 2020, corporate brokerage services.

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GAIN Capital was a US-based provider of online trading services, headquartered in Warren, New Jersey until it was acquired by StoneX Group in 2020. The company provided market access and trade execution services in foreign exchange, contracts for difference (CFDs) and exchange-based products to retail and institutional investors. Trading was provided via one of two electronic trading platforms, its own proprietary FOREXTrader PRO later renamed as StoneX Pro and MetaTrader 4. GAIN Capital allowed retail and institutional clients to speculate on global foreign exchange markets in what is known as ‘margin forex trading’.

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FXOpen is a retail and institutional forex broker offering online trading services via MetaTrader 4, MetaTrader 5 and TickTrader trading platforms. It provides access to the electronic communication network (ECN) to trade currency, commodity, indices and stock CFDs. FXOpen companies operate in Australia, Saint Kitts and Nevis, the United Kingdom and Cyprus and have representatives in a number of other countries.

ActivTrades is a UK-based brokerage firm providing an electronic trading platform to trade Forex, Contracts for Difference (CFDs), and spread betting. It provides services to retail and institutional traders via the electronic trading platforms ActivTrader, MetaTrader 4, MetaTrader 5 and TradingView.

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<span class="mw-page-title-main">FxPro</span> Online brokerage based in London

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References

  1. 1 2 3 "About City Index". City Index.
  2. ↑ "City Index Review 2021 - Is it a Safe and Trusted Broker?". Safer Investor. Retrieved 11 July 2021.
  3. ↑ "About GAIN Capital | Global Forex Market Leader | GAIN Capital". www.gaincapital.com. Retrieved 11 July 2021.
  4. ↑ "City Index launches mobile trading for Android, Blackberry, Java & Windows devices". UK. 9 February 2011. Retrieved 9 August 2011.
  5. ↑ "Content marketing case study: City Index and The Trading Academy". UK. 12 August 2011. Retrieved 3 September 2013.
  6. ↑ "Trainee cabbie scoops £100,000 in 'X-Factor for traders'". Financial News. UK. 5 December 2012. Retrieved 3 September 2013.
  7. ↑ "City Index Group relaunches Finspreads". fxmm. 7 January 2013.
  8. ↑ "Finspreads Trading Service Decommission FAQs". www.cityindex.co.uk. Retrieved 11 July 2021.
  9. ↑ "Forex.com About Us".
  10. ↑ "Forex.com UK".
  11. ↑ "SALT Website". Archived from the original on 9 August 2017. Retrieved 9 August 2017.
  12. ↑ "GTX Website".
  13. ↑ "Investor Relations Press Release".
  14. ↑ "City Index Mobile App Details".
  15. ↑ AM – The future of trading is here, and it's mobile
  16. ↑ Money CFD trading
  17. ↑ "City Index launches mobile trading for android, blackberry, java and windows devices". American News Report. UK. 9 February 2011.
  18. ↑ "City Index Trading Platform Details".
  19. ↑ "City Index Advantage Web Platform Details".
  20. ↑ "City Index TradingView platform Details".
  21. ↑ "City Index MT4 Platform Details".
  22. ↑ "Reuters Market News". Archived from the original on 12 April 2008.
  23. ↑ "ADVFN Awards 2021".
  24. ↑ "MetaTrader 4".
  25. ↑ "City Index MT4 Details".
  26. ↑ Contract for Difference
  27. ↑ "City Index to run Trading Academy TV series". 13 September 2012. Archived from the original on 10 November 2013.
  28. ↑ "City Index Trading Academy reaches a thrilling conclusion". 19 December 2012. Archived from the original on 6 August 2013.
  29. ↑ "Black Cabbie trainee wins City Index Trading Academy and £100,000". 4 December 2012.
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