Volatile markets have improved the trading performance over at paddypowertrader.com.
Recent international market turmoil has seen in an emergency Federal Reserve rate cut in the US and a Rogue Trader lose €4.9bn (£3.7bn, $7.1bn) for Societe Generale in France.
However, Paddy Power’s new financial spread betting service, paddypowertrader.com has seen an increase in players and winners over the past number of days.
"The main attraction of spread betting is that you can potentially make money no matter which direction prices move, unlike regular share trading where you can only make money if the price rises. Therefore many spread bettors have been taking advantage of the volatile markets to realise potential gains. There may have been €240bn wiped from European stocks on Monday but it’s not all bad news for savvy spread bettors," said Davin McAnaney, Commercial Manager of paddypowertrader.com.
"We have seen double the number of trades we would expect. Even though volatile markets such as these are difficult to predict, there have been a glut of clients taking profits from the changing markets. The spread betting fraternity in the UK and Ireland has really warmed to the idea of going short, or betting against the markets" he said.
The sharp falls in the markets earlier this week followed by strong rallies and the 0.75% interest rate cut has led to increases in both the number of clients trading and the number of account applications.
"The movement of indices by 100 to 200 points in a matter of minutes is definitely hitting the headlines and leading many spread bettors to take a position in the hope of winning big. As the markets continue to swing wildly on rumours of a US and global recession we are likely to see more people spread betting. This is despite the fact that it is a difficult time to trade with these huge fluctuations." concluded McAnaney.
'Paddy Power Spread Betting' by DB, updated 08-May-08
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