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February 2008


Response to FSA’s Consultation on Disclosure of Contracts for Difference

The Exchange has responded to FSA’s consultation on a possible disclosure regime for Contracts for Difference (CFDs). In assessing the issues surrounding disclosure of CFDs, FSA has been faced with a difficult task. This is inevitable since the problems related to (lack of) CFD disclosure are only the symptom of a far more significant problem, namely the seriously detrimental effect of stamp duty on UK equity market liquidity and efficiency - the imposition of which has precipitated the rapid growth and market penetration of CFDs.

We agree that some form of action needs to be taken. However, we believe that additional work needs to be undertaken before conclusions on the design of such a regime can be reached.

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Response to FSA's consultation on disclosure of contracts for difference (pdffile pdf - 58 KB)

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