Best Thread CMC Markets owner answers your questions

Status
Not open for further replies.
PC at CMC Markets said:
hiRoss very quiet on the live client response, I suppose you need more live client responses to form an opinion. your mate gle101 is also very quiet, can you wake him up for me...
Click to expand...


Post-NFP-shock-disorder perhaps.

(Not really very shocking, as it turned out, I don't think).
 
Hypothetical Industry question for you Peter.
April / whenever government declares spreadbetting is no longer CGT free. What happens to spreadbetting co's then ? Are you all out of business?

From my own perspective the only reason I use spreadbetting co's is tax. I can get more leverage than I would want to use elsewhere (though it does come in handy). My money would be out in a flash.

Any Thoughts ?
Rob
 
rjmahan said:
Hypothetical Industry question for you Peter.
April / whenever government declares spreadbetting is no longer CGT free. What happens to spreadbetting co's then ? Are you all out of business?

From my own perspective the only reason I use spreadbetting co's is tax. I can get more leverage than I would want to use elsewhere (though it does come in handy). My money would be out in a flash.

Any Thoughts ?
Rob
Click to expand...

You got a direct line to Gideon Osborne there? Blimey...so all bets would be taxed? That'd kill the racing industry dead overnight and the current govt. would never do that, they'd also never harm an industry of one of their main donators/benefactors
 
An end to financial SB would mean the UK would get lots of discount futures' brokers, as in the US, so we might be better off. The 90% or whatever who lose don't have to worry about tax, anyway.
 
hi black swan
nice political question here.
Well it is myth to think that spread betting is tax free the Government just collect tax in a different way. There is a betting levy and every month we send Mr Osborne a nice fat cheque. It is a bit like paying tax on the stake rather than the winnings. This works well in other betting industries so if the Chancellor stopped it tomorrow I suspect he would lose regular monthly income and have to wait for clients to declare cgt at the end of the tax year.

This is not an informed view, I have no inside information other that a logical assessment of the question. I do not think they will stop tax free betting. It has clearly been worked out by previous governments to collect tax effectively when people bet. I say again this is personal view not informed company view.

anyway if they did ban it then we would just trade with our clients using cfds. Clients like leverage, trading all major asset classes from one platform. we already have discount brokers but in this country you have choice to trade with market makers and exchanges in some other countries there is not that freedom.

cheers pc

Black Swan said:
You got a direct line to Gideon Osborne there? Blimey...so all bets would be taxed? That'd kill the racing industry dead overnight and the current govt. would never do that, they'd also never harm an industry of one of their main donators/benefactors
Click to expand...
 
\Hi gle101
Some how I thought you would say that.
Looking forward to the day you submit, roll over and declare that we are the best. Just waiting for the immortal words I love CMC Markets... ha ha

have a good weekend.

Peter

gle101 said:
I have been taken care of some family matters, ha ha. Celebration is at hand:clap: But I am waiting for a more comprehensive report, ha ha.
Click to expand...
 
hi rjmahan

yep see my response to black swan.

regards peter
rjmahan said:
Hypothetical Industry question for you Peter.
April / whenever government declares spreadbetting is no longer CGT free. What happens to spreadbetting co's then ? Are you all out of business?

From my own perspective the only reason I use spreadbetting co's is tax. I can get more leverage than I would want to use elsewhere (though it does come in handy). My money would be out in a flash.

Any Thoughts ?
Rob
Click to expand...
 
PC at CMC Markets said:
hi black swan
nice political question here.
Well it is myth to think that spread betting is tax free the Government just collect tax in a different way. There is a betting levy and every month we send Mr Osborne a nice fat cheque. It is a bit like paying tax on the stake rather than the winnings. This works well in other betting industries so if the Chancellor stopped it tomorrow I suspect he would lose regular monthly income and have to wait for clients to declare cgt at the end of the tax year.
Click to expand...

My wife is joint executor for her Mother's estate. She has been trying to deal with a problem that has arisen over a mis-computation from about 2 tax-years ago, and has had knock-on effects. Mail has been mis-addressed and/or lost. A large sum of money seems to have gone missing. They admit to a 2-month backlog in received mail at their end. When she phones to try to break the mail log-jam she is handled politely by someone who doesn't have the necessary information, and seemingly can't get it, and there doesn't seem to be an alternative number to go to a more informed source.

What should have been a perfectly simply series of processes has got into a complete mess, and it's hard to see how it's going to be sorted out.

My wife's friend is an accountant who is dealing with an old lady's tax affairs as a private client. It seems that HMRC have now decided that correspondence will not now be automatically sent to the "agents" (as the accountant is termed) but only direct to taxpayers. So the old lady is getting correspondence she doesn't know what to do with, and doesn't necessarily inform the accountant, or does so too late; there is a danger that it will get lost or thrown away, etc, etc.

Again, what should have been perfectly simple has now gone and got unnecessarily complicated.

My wife used to work for the Inland Revenue, many reorganisations ago, before it was made all "efficient". It used to be properly staffed then by people who knew what they were doing, who didn't lose those dusty old paper files and could always keep track of correspondence. If someone like her and a qualified accountant can be struggling with today's HMRC, then I shudder to think what the average part-time spread-better who previously paid all his income tax under PAYE and never had to deal with the Revenue directly, will make of it.

If all these spread-betters (most of whom seem to be portrayed as naive innocents on forums like this one) were to have to deal with HMRC directly over their spread-betting transactions, even more chaos would probably ensue. Not, of course, that logic has always dictated policy in the past.
 
PC at CMC Markets said:
\Hi gle101
Some how I thought you would say that.
Looking forward to the day you submit, roll over and declare that we are the best. Just waiting for the immortal words I love CMC Markets... ha ha

have a good weekend.

Peter
Click to expand...
Absolutely, if CMC turns out to be one of the best services out there I am not afraid to say it, and I will. If it turns out not to live up to the high expectations, in which you personally have put a high stake, the opposite will follow. What I am saying is not of importance (I am also not able to trade with you) but live traders coming on reporting will eventually, I think give a fair estimate of your service.
 
Hi gle101
I wouldn't expect anything else.
cheers pc

gle101 said:
Absolutely, if CMC turns out to be one of the best services out there I am not afraid to say it, and I will. If it turns out not to live up to the high expectations, in which you personally have put a high stake, the opposite will follow. What I am saying is not of importance (I am also not able to trade with you) but live traders coming on reporting will eventually, I think give a fair estimate of your service.
Click to expand...
 
Good morning Benny and the links
how are you today. Wondered when you would be on to gloat about the result.
Believe it or not I have not seen the match I was in Devon for the weekend and could not get signal on my phone and the t.v didnt work at the hotel we were at.
I recorded Match of the day and bloody thing didnt work on sky plus so have seen nothing. I think my call to Arsene at Half time to let you guys have a point did the trick because I am split between Newcastle and Arsenal so was happy result for me nottttttttttt. bloody annoyed we threw away 4 goal lead.
:mad:
Benny Dorm said:
Morning Peter!

:LOL:

Benny
Click to expand...
 
Extraordinary game!

Arsenal cruising and then everything started to unravel for them. I suppose at 0-4 your going to relax a little and then they got nervous. The Arsenal fans are complaining about one or two decisions but we had a legitimate goal ruled offside! No real damage to your boys as the others at the top all dropped points except Man City.

You'll probably find it on youtube if you want to see it (just the first half maybe!)

Not gloating - just an amazing game amongst several at the week-end!

Cheers for now.
 
Hi Benny
spot on with your analysis. will get to the match eventually but might just watch the first half ha ha.

have a good week
cheers pc

Benny Dorm said:
Extraordinary game!

Arsenal cruising and then everything started to unravel for them. I suppose at 0-4 your going to relax a little and then they got nervous. The Arsenal fans are complaining about one or two decisions but we had a legitimate goal ruled offside! No real damage to your boys as the others at the top all dropped points except Man City.

You'll probably find it on youtube if you want to see it (just the first half maybe!)

Not gloating - just an amazing game amongst several at the week-end!

Cheers for now.
Click to expand...
 
PC at CMC Markets said:
...ask me questions about the Company.
I will answer all the threads personally, I type them myself and I will answer your questions as best and as honestly as I can. So if you have any questions fire away.

regards Peter Cruddas. :)
Click to expand...

Hi Peter,

I have only just found this thread and think it's great that you are putting yourself out there to answer traders questions in person, uncommonly brave in fact.

I am personally interested to know more about CMC's new trading platform if that would be acceptable, as I used the download marketmaker platform some time ago, and for quite a while, and I had the following issues with it:
a) as I became profitable I got re-quoted on lower & lower value bets, until I could only bet £2/point on Dax & Dow
b) even before the above I got re-quoted a LOT
c) you mention fixed spreads on one of your earlier posts, however I have personally seen the spread on GBP/USD move to 30 pips for a few seconds leading up to UK economic news.

Again, all of the above was on the OLD platform - can you tell me if these "issues" have been resolved on your next generation platform? And whether it is worth me signing back up for an account?

I very much appreciate any information you can offer.

Kind regards,
Andy Hawes.
 
Blackberry

Peter,

Are there any plans to extend your smartphone platform offerings to the Blackberry?

(Sorry if you have answered this already).


With thanks,
Mike
 
Status
Not open for further replies.

Similar threads

B
CMC Markets Voted 'Best Spread Betting Service' in the UK
Replies
11
Views
4K
sfarmer
S
BSD
Goldman Sachs, Merrill Lynch: Recession in 2008 unavoidable
Replies
6
Views
2K
TWI
TWI
O
CMC Markets - slippage policy
2
Replies
20
Views
10K
CFD Killer
C
G
Goldman Sachs: bidu to $145 in 6-month
Replies
0
Views
1K
godoftrading
G
F
CMC Markets - after hours trading?
Replies
3
Views
6K
TraderRod
T
Top