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Risk Warning

Please be aware that FSBs carry a high level of risk and there is the possibility that you may lose more than you initially invested.

A small price movement in your favour can result in a positive return on the money placed on deposit, however, a small price movement against you may result in substantial losses, possibly more than the money placed on deposit. Prices can move quickly.

What is Financial Spread Betting (FSB)?

Benefits at a glance

  • Leverage - enables you to produce a greater percentage profit or loss from each trade.
  • Hedging - gives the ability to protect your portfolio against share price drops.
  • Trade short - you could profit from falling share prices.
  • Trade long - you could profit from rising share prices.
  • Financial Spread Betting is currently free of UK Capital Gains Tax. All spread bets are currently free from stamp duty.*
  • Exposure to UK, US, European and other international equities, indices, sectors, commodities and FX.

* Financial Spread Betting is currently free of UK Capital Gains Tax. All spread bets are free from stamp duty. Tax laws may change and are subject to individual circumstances.

A Financial Spread Bet is an agreement between a customer and a provider to exchange the difference between the opening and closing value of the bet.

With Financial Spread Betting, you are simply speculating on the direction of the future price movements in an underlying instrument; you specify an amount you want to bet on each point movement. Your profit or loss is the difference between the opening price and closing price of your bet multiplied by your stake.

Financial Spread Betting offers a tax-free* alternative to trading on underlying financial instruments such as equities and index markets. Financial Spread Betting is a versatile tool that can help you to profit from both upward and downward movements in prices (although you can make losses).

*Tax laws may change and depend on your individual circumstances.

Financial Spread Bets are a margined product. You only deposit a fraction of the overall value of the trade (typically 10%). Financial Spread Betting therefore allows you to take a much larger position than if you were buying the full-value instrument. However, losses are magnified in exactly the same way.

In addition to the Margin Requirement to establish a position, if your position moves against you, you may need to make further deposits. This is because you must meet the full value of running losses as well as maintaining the Margin Requirement. It is important to understand that you can make or lose much more than your initial deposit, unless you use a Guaranteed Stop Loss order. . When you hold an open position with an FSB, the minimum deposit level must be maintained at all times otherwise an auto-close out function will come into force. However, you can still potentially lose more than your initial deposit.

Bets are generally made in Sterling (in £ per point) even if you bet in non-Sterling products. Bet sizes can vary from small to very large although in order to hedge larger bets, there may be a delay while we work the order in the relevant market.

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TD Waterhouse Financial Spread Betting is a trading name of City Index Limited (CI), who is a provider of financial spread betting and whose head and registered office is City Index, Park House, 16 Finsbury Circus, London EC2M 7EB. For the purposes of financial spread betting any contract is between you and CI and all dealing, administration and settlement is carried out by them and TD Waterhouse Investor Services (Europe) Limited are not responsible for any of the functions they perform. Your account is held with City Index Limited (CI), which is authorised and regulated by The Financial Services Authority (FSA Registered Number: 113942).