Mobile technology means spread betting clients who want to trade on the move are no longer chained to their desks.
Provided there is a signal, clients can now stay in touch with their accounts, and the markets in general, whenever the mood takes them.
And as volatility in global markets has increased, brokers say the function has gained popularity with clients keen to keep a constant watch on their investments.
“As clients have become more sophisticated they have become more demanding and they want access to the financial markets on the go,” says Angus Campbell, head of sales at Capital Spreads.
Before the iphone, mobile phones offered the technology to access accounts, but in a way that was not always clear. Traders complained that the screens were too small and functionality had not been thought out properly.
But the advent of large-view touch-screen formats has improved significantly the way accounts can be viewed. And whilst clients are not yet able to bring up a chart on their mobile, brokers say it probably will not be long before this is also possible.
However, the shift to mobile communication is not total: brokers say clients still tend to place their deals through a traditional computer.
Only around 3 per cent of trades at IG Index are currently placed using a mobile phone, but one in 10 clients use a mobile to access their accounts and prices.
“This would seem to support the view that mobiles are used to monitor things, rather than trade aggressively while out and about,” says Tim Hughes at IG Index. “Their value is in peace of mind.”
The global growth of spread betting and contracts for difference has also led London-based firms that want to provide services across the world to extend their opening hours. Brokers say they have also seen a direct correlation between the increase in the number of tradeable markets offered by spread betting companies and the demand for 24-hour trading.
Five years ago the majority of clients traded purely on the FTSE and Dow Jones indices, according to Joshua Raymond, market strategist at City Index.
But now investors want to trade in foreign exchange, Asian and Australian markets. And as a result they have a corresponding need for companies whose services extend beyond European and US market hours.
“Constant access is one of the most important aspects to clients who will not want to see the Asian markets tumbling and have to wait until 8am to close their position,” says Mr Raymond.
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