Trading via SIPP

[timcatapult]

Help please:

Most of my trading is via SIPP. Searching for UK based broker who operate SIPP accounts.

In particular wish to trade US mini index futures intraday on line via a standard dial up modem. Cannot get broadband at present.

Of those brokers who advertise SIPP account, it appears all will only accept instructions telephone dealing which is 'not for me'

I understand Interactive Brokers are working on a dealing platform which will have this capacity but will not be available until testing is fully completed poss at end of year.

Any ideas?

Tim

 

[Skimbleshanks]

Comdirect.com do SIPPs and you can certainly trade Nasdaq stocks online with them.

As futures are derivatives, I don't know of any SIPP which allows you to trade them, but I will happily be corrected on this.

 

[Dentalfloss]

ib dont do sipps.the best method of trading is covered warrants.small spreads,good leverage.indexes oil gold stocks incl nas /some.see kensmith/a daytrader in covered warrants

 

[timcatapult]

Thanks Skimbleshanks - have not tried comdirect.

With a SIPP it is possible to trade derivatives - futures, option, warrants, as long as the 'wrapper' allows. The Trustees I use are IPM and their wrapper allows. What you cannot trade (at present) are OTC products such as CFDs and SB.

It might be that the news rules coming in in 2006 might permit CFDs, but given our 'nanny state' SB being 'horror of horrors' BETTING it might be a long time such as 'never' that becomes available.

 

[seancass]

I think Skim is correct regarding SIPpS and index futures.

We covered some of this ground back in October. However, things do change. If the link below doesn't work, type 'SIPP' into T2W search engine.

Good luck. If you find a broker who will allow you to trade the e mini futures via a SIPP on direct access (or otherwise) please let me - and others - know. Good luck.

Sean

http://www.trade2win.co.uk/boards/showthread.php?threadid=6944&referrerid=3958

 

[seancass]

Online quote:
Originally posted by Naz
I ran a course at e trades offices on Friday and they told me that sometime in the future they were looking at offering cfd's within a SIPP.



Hi Naz,

Do you know if E Trade have moved any closer towards the intention of allowing CFDs within SIPP trading?

Best wishes,
Sean


__________________

 

[LevII]

Try ODL securities

 

[Dentalfloss]

cfd is off exchange.a big no no for sipps.as you see covered warrants are in the lse,a sure fire meaning that everybody is honest????

 

[timcatapult]

thanks for replies.
Use ODL at present - can trade FTSE future on line but to deal US future min indicies requires phone dealing, which in my view is impractical for intraday.

Sean waiting reply from Comdirect - will post answer

 

[seancass]

Thanks Tim. Good luck.
Sean

 

[knorrie]

dentist+seancass

You mentioned kenmegsmith, a day trader who posts on Motley Fool UK. He got E*Trade to allow him to trade CFDs in his SIPP earlier this year. I don't know if this is generally available yet, it might just be because he is a big ticket player, but there's no harm in asking.

BTW he gave up trading covered warrants because he felt that the prices were being brazenly manipulated against him, I think he reported this to the FSA, don't know what the outcome was.

KenN

 

[seancass]

Interesting. Thank you Ken.

Sean

 

[Orion]

I'd always thought that futures contracts and CFDs could not be traded within a SIPP because the potential loss or liability was infinite. Accordingly the Inland Revenue did not allow their use within pension funds.