Barclays has launched an online gambling service focused on the financial markets. The Financial Spread Trading service, launch by its stockbrokers division, is aimed at the public. Users will be able to speculate on the movement stock market indices, currencies and share prices.
The service has been launched in partnership with City Index, one of the longest-running spread betting firms operating in the City.
Barclays decided to launch the service after research showed that 40% of its customers already use or plan to use a financial spread trading service.
The group claims it is a tax-efficient way for investors to potentially make a profit on both upward and downward movements in prices. Profits from spread betting are not currently subject to capital gains tax or stamp duty.