Investec has become the first financial institution in South
Africa to offer contracts for differences (CFDs) on a range of
offshore equities and indices. CFDs are leveraged contracts
that mirror the performance of a share or index, without having
to physically own the underlying instrument - similar to a
futures contract but with no expiration date.
Gary Gorman, head of internet trading at Investec's Treasury
and Specialised Finance division, told FO Week the
group will be offering only international CFD trading on its
FXideal on-line platform, across a range of about a dozen
offshore exchanges and indices from the US to Finland and New
Zealand. South African investors will be able to use a portion
of their R750,000 offshore allowance for their initial
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