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Zetters Group PLC (“Zetters” or the “Company”)

Acquisition of Financial Spreads for £8.7 million

Placing and Open Offer by WestLB Panmure Limited
to raise £4.7 million (net)


Highlights


· IFX Limited, Zetters’ principal subsidiary, has conditionally acquired Financial Spreads for £8.7 million in cash from Sporting Index


· The total purchase price is to be financed by a placing and open offer made by WestLB Panmure raising £4.7 million (net) and as to £4 million from Zetters’ existing resources


· Financial Spreads is the financial spread-betting arm of Sporting Index with a substantial and active client base


· The acquisition significantly enhances the ability of IFX to offer a fully operational web-based financial spread-betting operation


· Financial Spreads’ UK customer base will complement IFX’s predominantly overseas current client base


· IFX’s international contacts should enable IFX to distribute Financial Spreads’ products in continental Europe and the Far East subject to legal and regulatory approvals


· There are opportunities for significant synergies in various areas such as hedging costs, operational infrastructure and marketing



Graham Wellesley, CEO of Zetters, said: "The acquisition complements IFX's significant business in foreign exchange, contracts for difference and other products. It also brings excellent people, an exceptionally good business and robust trading technologies. It is an important step in our development as a specialist financial services group. It widens our offering to our merged client base and underlines our commitment to provide all our customers with the best possible trading technology."



Richard Glynn, CEO of Sporting Index added: “Sporting Index is now in an excellent position to accelerate its strategy of focusing on core sports-related markets in line with the board’s strategy. Such markets present substantial growth opportunities for the business and value creation opportunities for our shareholders especially over an 18 month period which includes three different world cup events.”



Kevin Taylor, CEO of Financial Spreads, commented: “We feel confident that we have a dynamic partner in IFX, whose products and expertise will add greatly to the product range offered to our clients. Financial Spreads’ management and staff remain committed to continuing to developing the business and IFX offers an excellent way forward in terms of people, synergies and financial security.”



Enquiries:


Zetters Group PLC
020 7890 8990
Graham Wellesley
gwellesley@ifx.co.uk

Steve Reeves
sreeves@ifx.co.uk



http://www.ifx.co.uk



WestLB Panmure Limited
020 7020 4000
Dominic Morley
dominic.morley@westlbpanmure.com




Bankside Consultants Limited
020 7444 4140
Peter Curtain/Russell Elliott
russell.elliott@bankside.com




WestLB Panmure Limited, which is regulated by The Financial Services Authority, is acting exclusively for Zetters and will not be responsible to anyone other than Zetters for providing the protections afforded to customers of WestLB Panmure Limited nor for providing advice in relation to the contents of this announcement or any matter referred to herein.


This announcement has been approved by WestLB Panmure Limited solely for the purposes of section 21 of the Financial Services and Markets Act 2000.


This press announcement is not for distribution in or into the United States, Canada, the Republic of Ireland, Australia or Japan. The new Ordinary Shares have not been nor will they be registered under the United States Securities Act of 1993, as amended or under the securities laws of any state of the United States, any province or territory of Canada, the Republic of Ireland, Australia or Japan. The new Ordinary Shares will not, subject to certain exceptions, be offered, sold, taken up or delivered in the United States, Canada, the Republic of Ireland, Australia or Japan or their respective territories or possessions.



Zetters Group PLC (“Zetters” or the “Company”)



Acquisition of Financial Spreads for £8.7 million

Placing and Open Offer by WestLB Panmure Limited
to raise £4.7 million (net)


Introduction



Zetters announces that its subsidiary, IFX, has entered into a conditional agreement with Sporting Index to acquire Financial Spreads for a total consideration of £8.7 million, to be satisfied in cash. The purchase price will be satisfied as to £4.7 million by way of a Placing and Open Offer and as to £4.0 million from Zetters’ existing resources. Financial Spreads is a leading operator in the UK financial spread betting industry.



Zetters also announces the terms of the Placing and Open Offer, which is being made at 125 pence per share. Under the Placing and Open Offer, 2,962,485 new Ordinary Shares have been placed with institutional investors subject to recall by Qualifying Shareholders and 1,489,341 new Ordinary Shares have been placed firm with institutional investors. The Placing and Open Offer, which is conditional, inter alia, upon completion of the Acquisition, will be used to fund part of the consideration for the Acquisition.




The Acquisition is subject to the approval of Shareholders.



Information on Financial Spreads



History



Sporting Index, one of the market leaders in sports spread betting, established Financial Spreads as its financial spread betting operation in April 1999 by recruiting five traders and a back office team from within the industry.



Online dealing was introduced in February 2001, providing an alternative to Financial Spreads’ established telephone-based operations. Since then, the business has seen betting volumes increase rapidly as clients have been attracted to the Internet as a distribution channel. In June 2001, an average of 1,206 opening bets, where clients take a new position on a financial instrument, were placed daily via the Internet. This has increased to 2,723 in March 2002, accounting for nearly 90 per cent. of all bets placed. Financial Spreads has developed over the past two years and now represents one of the five major financial spread betting businesses in the UK market, together with IG Index, City Index, Cantor Index and CMC.



Business


Financial spread betting provides clients with a sophisticated but simple route for speculating on global financial markets. It is similar to trading conventional futures and currencies, interest rates, stocks and stock exchange indices on a margin, except that the contracts are structured as bets and therefore do not attract stamp duty or capital gains tax. Clients deposit a small percentage of the underlying contract value of the instrument, which can create a geared return. Transactions are usually smaller and spreads wider than trading in the underlying market.



Product categories



Financial Spreads’ turnover is divided into three product categories: stock market indices, shares and other markets (including currencies, commodities and interest rates). Indices and shares make up more than 90 per cent. of the total turnover.



Distribution channels



Financial Spreads’ clients can trade either by telephone or the Internet. Financial Spreads’ interactive web-based trading system at http://www.finspreads.com was launched in February 2001. This has enhanced the way investors are able to trade with Financial Spreads. The site offers comprehensive market access and price information, in some cases when the underlying market is closed, with swift execution of trades and immediate access to account information.



Spread bets made via Financial Spreads’ web site now account for nearly 90 per cent. of Financial Spreads’ opening bet volumes, whilst telephone volumes have remained fairly constant since February 2001. Financial Spreads’ Internet betting system allows increased betting volumes to be processed at minimal incremental cost.



The Directors believe that Financial Spreads’ on-line service is a success for the following reasons:



· it is simple, efficient and robust and requires no software to be downloaded


· it provides prices which are refreshed every few seconds


· there is a nominal minimum stake of 1 pence


· trading on-line only requires a deposit of £100


· it allows clients to place bets on some markets out of normal exchange hours


· it provides free financial news and charting facilities.



New accounts



As at 31 March 2002 over 8,800 accounts had been opened with an average of over 310 accounts being opened each month since February 2001. Around 50 per cent. of the existing client base has been active in the last three months.



Financial Spreads monitors the number of bets per client and the total value of stakes placed. Transaction volumes have increased substantially over the past two years and Financial Spreads has taken an average of approximately 60,000 opening bets per month over the three months ended 31 March 2002.



Trading System



Financial Spreads uses a proprietary real-time betting system. The software, which carries both telephone and on-line orders, was developed specifically for Financial Spreads’ financial spread-betting business and has been developed since April 1999. The software is scalable, modular and flexible, enabling it to cope with future internal technical advances and to be compatible with numerous electronic platforms. Telephone bets are entered into the system by Financial Spreads’ dealers.



Regulatory issues



Spread betting is regulated by the FSA as spread bets are contracts for difference and therefore promoting and dealing in them are regulated activities. As one of the principal requirements of the FSA, Financial Spreads is required to have adequate financial resources to support the volume of trading undertaken. Customers funds are defined as “client money” under FSA rules and must be held in segregated bank accounts. Following Completion, these requirements will be met by IFX in accordance with the terms of the method of transfer of customer accounts from Financial Spreads.



The Directors believe that the cost of complying with regulation under the Financial Services and Markets Act 2000 acts as a considerable barrier to entry to the financial spread betting market in terms of the personnel and systems required. Zetters’ regulatory capital requirements will increase following Completion as a result of the acquisition of Financial Spreads.



Hedging policy and risk


Financial Spreads has maintained a conservative approach to the management of trading risk. Most clients’ trades are hedged via one of four external brokers. Position risk is managed by Financial Spreads’ dealers.


As a result, Financial Spreads has historically absorbed hedging costs in three areas: market spread, brokers’ commission and loss of interest on initial margin monies paid to Financial Spreads’ brokers.



However, IFX will adopt a more dynamic approach to Financial Spreads’ current hedging policy which will result in larger proprietary positions. The Directors believe that this will increase revenues and reduce hedging costs.



Management and staff



Financial Spreads has an experienced management team, led by Kevin Taylor, which meets regularly to discuss results, marketing, customer procurement, margins, debtors and broker funding.



Financial Spreads also has a team of traders, led by Stuart Lane, who have extensive industry experience in managing exposure to financial markets. Five of the team were recruited from the industry specifically for the launch of Financial Spreads in April 1999.



Financial Spreads currently employs 47 full-time staff and 2 part-time staff.



Financial information on Financial Spreads



Financial Spreads had net assets as at 31 May 2001 of £1.516 million. A summary of the trading results for Financial Spreads is set out below.


* Period ended 31 May 1999/£’000

Gross profit - 25

Administrative expenses - (750)-------

Loss on ordinary activities before interest - (725)

Interest receivable - 7

Interest payable --------

Loss on ordinary activities before taxation - (718)-------



* Period ended 31 May 2000/£’000

Gross profit - 2,587

Administrative expenses - (3,229)-------

Loss on ordinary activities before interest - (642)

Interest receivable - 209

Interest payable - (7)-------

Loss on ordinary activities before taxation - (440)-------



* Year ended 31 May 2001/£’000

Gross profit - 3,963

Administrative expenses - (4,776)-------

Loss on ordinary activities before interest - (813)

Interest receivable - 455

Interest payable - (258)-------

Loss on ordinary activities before taxation - (616)-------



Background to the Acquisition



In September 2000, Zetters bought IFX, transforming the focus of the Group from the operation of football pools to making markets in spot and forward foreign exchange, over-the-counter currency options and base and precious metals and contracts for difference on some European and North American equities. In December 2001, Zetters announced that there may be opportunities for consolidation within the areas of financial services in which IFX operates, and that it was actively pursuing other transactions to enhance the scale and profitability of the business.



Since late 2000, IFX has been developing its contract for difference business. As the main target audience for spread betting is private customers, spread betting is regulated more strictly than businesses whose customer bases consist solely of intermediate customers and market counterparties. Save for the manner in which they are regulated, spread bets and contracts for difference are similar products, both from the customer’s point of view and in terms of their respective risk profiles. Following regulatory approval, IFX announced the launch of its financial spread betting service, IFX Financial, in July 2001. The initial product portfolio of spread bets on stock market indices has been broadened by the inclusion of single stocks.



Zetters’ pools business is not considered a core business to the Enlarged Group and the Directors have no intention of expanding the Enlarged Group’s operations in the sporting field.



Benefits of the Acquisition



The Directors believe that the Acquisition benefits the Company in a number of ways:



· Acceleration of the development of its internet financial spread betting platform



The acquisition of Financial Spreads significantly enhances the ability of IFX to offer a fully operational web-based financial spread betting operation and avoids the costs and risks associated with the ongoing development of its own relatively new web-based financial spread betting operation. The average number of daily opening bets generated by Financial Spreads’ customer base via the Internet has increased from 1,206 in June 2001 to 2,723 in March 2002, accounting for almost 90 per cent. of all opening bets placed.



· Acquisition of one of the major financial spread betting brands in the UK market



Financial Spreads is a well-known brand name in the spread betting industry and has a substantial and active client base. Financial Spreads has a strong management team, with an established track record of growing its business from start-up three years ago to one of the leading financial spread betting companies in the United Kingdom. The Directors believe that Financial Spreads’ team remains focused on developing further the business following completion of the Acquisition by IFX.



· Complementary client bases and opportunities for international distribution



Financial Spreads’ primarily UK customer base will complement IFX’s predominantly overseas client base. Furthermore, IFX’s international contacts should enable IFX to distribute Financial Spreads’ products in continental Europe and the Far East subject to legal and regulatory approvals.



· Systems will be integrated with those of IFX



IFX will select the best elements of its own and Financial Spreads’ trading system with a view to combining these over the next few months.



· Significant synergies



The Directors believe that there will be significant synergies in areas such as hedging costs, operational infrastructure and marketing.



At present Financial Spreads hedges a major proportion of customer bets through one of four external brokers. As a result Financial Spreads pays broker commissions and market spreads and loses interest income. Financial Spreads’ and IFX’s respective businesses have very similar risk profiles. Following completion of the Acquisition, Financial Spreads’ dealers will, wherever possible, hedge their client bets internally with IFX’s dealing desks and so IFX will retain some of the spreads, reduce third party commissions and continue to earn interest on the funds which will not be required for margin purposes. Where IFX does hedge its exposure with market counterparties the Directors believe that it will be able to do so under appreciably better terms than Financial Spreads has been able to command.



Principal terms of the Acquisition



Under the terms of the Acquisition Agreement, Sporting Index has conditionally agreed to sell its Financial Spreads Division to IFX. The total consideration is £8,700,000 to be satisfied by the payment of a cash sum of £6,654,060, and by IFX undertaking to make an incentive payment of a total of £2,045,940 to certain employees of Financial Spreads. The consideration is subject to adjustment by reference to the net asset value of Financial Spreads at Completion. If the net asset value of Financial Spreads at Completion exceeds £2,491,000 IFX is to pay an amount equal to the excess over that amount and if the net asset value of Financial Spreads at Completion falls short of £2,491,000 an amount equal to the shortfall is repayable by Sporting Index. Pursuant to the Acquisition Agreement, Sporting Index has agreed to sell certain of Financial Spreads’ assets used in or connected with the business of Financial Spreads and IFX has agreed to assume debts owed to trade creditors of the business.



Completion of the Acquisition is conditional, inter alia, upon approval by Zetters’ Shareholders of the Acquisition, and the Directors expect Completion to occur following the passing of the Resolution approving the Acquisition to be proposed at the Extraordinary General Meeting convened for 20 May 2002. The IFX Group Trust, which represents approximately 37.1 per cent. of the current issued share capital of Zetters, has irrevocably undertaken to vote in favour of the resolutions to be proposed at the Extraordinary General Meeting.



Under the terms of the Acquisition Agreement, in order to obtain the consent of customers to the transfer of their accounts to IFX, Sporting Index is required to send letters to each of the customers prior to Completion informing them of the sale and requesting their consent to have their contracts transferred to IFX. An acceptance mechanism will also be set up on Financial Spreads’ web-site to allow customers electronically to consent to the transfer. Sporting Index is also required to send follow up letters and telephone customers who have not responded. Sporting Index has applied to the FSA for a waiver in the event that customers do not respond and cannot be contacted within 5 weeks of the first letter being sent. If granted, the waiver would allow Sporting Index to transfer open positions and pay into segregated accounts at IFX, cash and debit balances held as client money for those customers who have not previously consented to the transfer of their accounts. If the waiver is not granted by the FSA in respect of such non consenting customers, IFX has the right after Completion to require Sporting Index to close such accounts subject to FSA rules.



Principal terms of the Placing and Open Offer



The Placing and Open Offer, which will raise approximately £4.7 million after expenses, will be used to fund part of the consideration for the Acquisition. In order to give existing Shareholders the opportunity to participate in the issue of the new Ordinary Shares, Zetters has arranged for WestLB Panmure as its agent to invite applications from Qualifying Shareholders to subscribe for new Ordinary Shares at the Placing Price under the Open Offer. Qualifying Shareholders may apply for new Ordinary Shares on the basis of:



- new Ordinary Shares for every 37 existing Ordinary Shares


held at the Record Date and so in proportion for any greater or lesser number of Ordinary Shares then held. The new Ordinary Shares will rank pari passu with the existing issued Ordinary Shares.



To the extent that WestLB Panmure is unable to procure placees for the new Ordinary Shares at 125 pence per Ordinary Share, WestLB Panmure will subscribe at the Placing Price for any of the new Ordinary Shares for which valid applications are not received from Qualifying Shareholders under the Open Offer.


Individual entitlements will be rounded down to the nearest whole number of new Ordinary Shares. Fractions of new Ordinary Shares that would otherwise arise will not be allotted.


The Placing and Open Offer are conditional, inter alia, on completion of the Acquisition Agreement and Admission becoming effective. Application has been made to the UK Listing Authority and the London Stock Exchange for the new Ordinary Shares to be admitted to listing on the Official List and to trading on the London Stock Exchange. It is expected that Admission will become effective and that dealings in the new Ordinary Shares will commence on 21 May 2002.


IFX Group Trust has undertaken not to take up 1,489,341 new Ordinary Shares which constitute part of its entitlement to new Ordinary Shares under the Open Offer and these shares have therefore been placed firm by WestLB Panmure. IFX Group Trust intends to take up 160,000 new Ordinary Shares which represent the balance of its entitlement under the Open Offer.


Adam Mills and Neil Chisman each intend to subscribe for 40,000 Firm Placed Shares as part of the Placing and Open Offer.


The Open Offer is not a rights issue and therefore new Ordinary Shares not applied for under the Open Offer will not be sold in the market for the benefit of Qualifying Shareholders who do not apply under the Open Offer.



Current trading and prospects



Since 30 September 2001, trading at IFX has recovered from the market downturn experienced in October and November. Volumes in IFX’s foreign exchange business have increased particularly during December and January. In IFX’s contracts for difference business, customer procurement and trading volumes continue to grow and further expansion is expected this year. Galliano Investments Inc., which was acquired in December 2001, has performed well and is trading in line with budget. In addition, customer funds have continued to rise substantially over the last six and twelve months. Zetters’ pools business continues to trade in line with management expectations. Following the effects of the tragic events of 11 September 2001, therefore, Zetters’ business has recovered strongly.



Since 31 May 2001, Financial Spreads has also traded well with the number of customers, and frequency of trading improving over the year. The principal feature of the improved performance has been the increase in the average number of opening bets made monthly per account over the Internet by over 55 per cent. since 31 May 2001. In the 10 months ended 31 March 2002, Financial Spreads became profitable in terms of both earnings before interest and taxation and in terms of profit before taxation. This improved performance has principally been attributable to lower hedging commissions and increased turnover.



Following Completion, Financial Spreads will be integrated within IFX. This will represent a substantial acceleration of the development of IFX’s financial spread betting business and also presents a number of opportunities to increase the scale and profitability of the Enlarged Group’s financial spread betting business, mainly by providing an opportunity to market Financial Spreads’ products in continental Europe and the Far East, subject to legal and regulatory approvals, and by making savings on hedging costs, advertising and general head office expenses.


The Directors therefore believe that Zetters’ prospects for the current year are strong and that the acquisition of Financial Spreads represents an important milestone in IFX’s growth and diversification.



Enquiries:


Zetters Group PLC
020 7890 8990
Graham Wellesley
gwellesley@ifx.co.uk


Steve Reeves
sreeves@ifx.co.uk


http://www.ifx.co.uk




WestLB Panmure Limited
020 7020 4000
Dominic Morley
dominic.morley@westlbpanmure.com




Bankside Consultants Limited
020 7444 4140
Peter Curtain/Russell Elliott
russell.elliott@bankside.com



APPENDIX


Timetable of principal event - 2002

Record date for the Open Offer - Close of business on 22 April

Ex-entitlement date - 24 April


Latest time and date for splitting of application forms (to satisfy bona fide market claims) - 3.00 p.m. on 14 May


Latest time and date for receipt of completed application forms and payment in full under the Open Offer - 3.00 p.m. on 16 May

Latest time and date for receipt of forms of proxy - 10.00 a.m. on 18 May

Extraordinary General Meeting - 10.00 a.m. on 20 May

Completion of the Acquisition, commencement of dealings in the new Ordinary Shares and CREST stock accounts credited - 21 May

Despatch of definitive share certificates - by 21 May


Definitions


“Acquisition” - the proposed acquisition of Financial Spreads pursuant to the Acquisition Agreement


“Acquisition Agreement” - the conditional agreement dated 24 April 2002 between Sporting Index, Sporting Index Holdings Plc, IFX and Zetters relating to the Acquisition


“Admission” - admission of the new Ordinary Shares (i) to listing on the Official List and (ii) to trading on the London Stock Exchange’s market for listed securities becoming effective in accordance with paragraph 7.1 of the Listing Rules of the UK Listing Authority and the Standards respectively


“application form” - the application form relating to the Open Offer being sent to Qualifying Shareholders with this document


“Completion” - completion of the Acquisition


“Directors” - the directors of the Company


“Enlarged Group” - Zetters and its subsidiary undertakings following Completion


“Financial Spreads” - the business and assets of the Financial Spreads Division of Sporting Index


“Firm Placed Shares” - the 1,489,341 new Ordinary Shares in respect of which irrevocable undertakings not to apply under the Open Offer have been received by WestLB Panmure and the Company


“FSA” - the Financial Services Authority


“IFX” - IFX Ltd, a wholly-owned subsidiary of Zetters


“IFX Group Trust” - Duncan Lawrie Offshore Services Limited acting in its capacity as trustee of the IFX Group Trust


“London Stock Exchange” - London Stock Exchange Plc


“New Ordinary Shares” - the 4,451,826 new Ordinary Shares to be issued pursuant to the Placing and Open Offer


“Official List” - the Official List of the UKLA


“Ordinary Shares” - ordinary shares of 5 pence each in the capital of Zetters


“Open Offer” - the conditional invitation by WestLB Panmure on behalf of the Company to Qualifying Shareholders to apply for new Ordinary Shares


“Placing” - the conditional placing of new Ordinary Shares at the Placing Price, subject to the Conditions and on the terms of the Placing and Open Offer Agreement and to the right of Qualifying Shareholders to apply for shares pursuant to the Open Offer


“Placing and Open Offer Agreement” - the conditional agreement dated 24 April 2002 between the Company and WestLB Panmure


“Placing Price” - 125 pence per new Ordinary Share


“Qualifying Shareholders” - Shareholders (other than certain overseas Shareholders) on the register of members of the Company at the Record Date


“Record Date" - the close of business on 22 April 2002


“Shareholders” - holders of Ordinary Shares


“Sporting Index” - Sporting Index Limited


“Sporting Index Group” - Sporting Index Holdings Plc and its subsidiary undertakings


“Standards” - the requirements contained in the publication “Admission and Disclosure Standards” containing, inter alia ,the admission requirements for trading on the London Stock Exchange’s markets for listed securities


“UKLA” - the Financial Services Authority acting in its capacity as the competent authority for the purpose of Part IV of the Financial Services and Markets Act 2000 and the exercise of its functions in respect of the admission to the Official List otherwise than in accordance with Part VI of the Financial Services and Markets Act 2000


“United States” - the United States of America, its territories and possessions, and any state of the United States of America and the District of Columbia and all other areas subject to its jurisdiction


“WestLB Panmure” - WestLB Panmure Limited


“Zetters” or “Company” - Zetters Group PLC


“Zetters Group” or “Group” - Zetters and its subsidiary undertakings before Completion



The Company expects to post the circular and application form to Qualifying Shareholders today. Applications forms will be personal to shareholders and may not be transferred except to satisfy bona fide market claims. The Acquisition is conditional on shareholder approval at an Extraordinary General Meeting notice of which will be included with the circular.



WestLB Panmure Limited, which is regulated by The Financial Services Authority, is acting exclusively for Zetters and will not be responsible to anyone other than Zetters for providing the protections afforded to customers of WestLB Panmure Limited nor for providing advice in relation to the contents of this announcement or any matter referred to herein.



This announcement has been approved by WestLB Panmure Limited solely for the purposes of section 21 of the Financial Services and Markets Act 2000.



This press announcement is not for distribution in or into the United States, Canada, the Republic of Ireland, Australia or Japan. The new Ordinary Shares have not been nor will they be registered under the United States Securities Act of 1993, as amended or under the securities laws of any state of the United States, any province or territory of Canada, the Republic of Ireland, Australia or Japan. The new Ordinary Shares will not, subject to certain exceptions, be offered, sold, taken up or delivered in the United States, Canada, the Republic of Ireland, Australia or Japan or their respective territories or possessions.



Notes to Editors:


IFX Limited


IFX is authorised and regulated in the UK by the FSA and is a member of the London Stock Exchange. Zetters Group PLC, IFX’s parent company, has been fully listed on the London Stock Exchange since 1965.


IFX was established in August 1995 as a primary market maker in spot and forward foreign exchanges and is now a leading non-bank foreign exchange market maker in London. The Company has grown the range of its products through a continuing investment in people and technology.


IFX is a primary market-maker in:


· Spot and forward foreign exchange


· Over the counter (OTC) currency options


· Exchange for Physical Currency Futures (EFPs)


· Base and Precious Metals


· Equity and Index Contracts for Difference (CFDs)


IFX announced the launch of its financial spread betting service, IFX Financial, in July 2001.


Sporting Index Holdings Plc


Sporting Index Limited, the company within which the Financial Spreads business resides, is 100% owned by Sporting Index Holdings Plc which is itself owned by a range of investors including management and staff, various institutional investors and private shareholders.


The Sporting Index Group was formed in 1992 to specialise in sports spread-betting and has subsequently developed to become one of the leaders in this field. Sporting Index operates two betting businesses:


“Sporting Index”, the spread-betting business; and
“Sporting Odds”, the fixed-odds on-line betting operator.


In 1999, five senior traders and a back-office team were recruited by Sporting Index from within the financial services industry to provide a platform on which to develop financial spread-betting operations. Both the financial spread-betting and sports betting businesses have grown substantially as clients have turned to, and accepted, the interactive dynamics that on-line spread-betting offers and the Internet as a distribution channel.


Sporting Index will continue to grow as a market-leading sports-focused operator offering markets in a range of sports and fun or topical markets

This press release was distributed by ResponseSource Press Release Wire on behalf of Lothbury Financial in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.