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Market Commentary

Zeg Choudhry

Managing Director

T: +44 (0)20 3907 9400

zeg.choudhry@lontrad.com

Stockbroking | Trading | Investment Management

Issued by The London Trading Company (UK) Ltd which is authorised and regulated by the Financial Conduct Authority. FCA No. 678985.

The investment services and products described on this website are directed exclusively to the professional investment community. “Retail Clients” as defined by the Financial Conduct Authority should not proceed to enter this site. If you are in any doubt as to your client classification you should seek independent advice.

Further our services are not directed at residents of the United States or to any person in any jurisdiction where (by reason of that person’s nationality, residence of otherwise) such services are prohibited.

Warning: The value of investments can fall and you may get back less than you invested. Additionally dealing in margined products such as CFDs involves a high level of risk and you can lose more than your original investment. Please ensure you understand the risks involved and seek professional financial advice if necessary.

You should not deal in margined products such as CFDs unless you understand their nature and the extent of your exposure to risk. You should also be satisfied that the product is suitable for you in the light of your circumstances and financial position.

Although CFDs can be utilised for the management of investment risk, it may not be suitable for some investors. In deciding whether to trade in CFDs, you should be aware of the following points. CFDs can only be settled in cash. Investing in a CFD carries the same risks as investing in a future or an option or other derivative product. Transactions in CFDs may also have a contingent liability and you should be aware of the implications of this as set out below.

Contingent liability investment transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If you trade in CFDs, you may sustain a total loss of the margin you deposit with your firm to establish or maintain a position. If the market moves against you, you may be called upon to pay substantial additional margin at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be responsible for the resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered the contract.

Before you begin to trade, you should obtain details of all commissions and other charges for which you will be liable. If any charges are not expressed in money terms (but, for example, as a percentage of contract value), you should obtain a clear and written explanation, including appropriate examples, to establish what such charges are likely to mean in specific money terms. For example in the case of CFDs, when commission is charged as a percentage, it will normally be as a percentage of the total contract value, and not simply as a percentage of your initial payment.

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