Spreadex breaks records in October

SPREAD betting firm Spreadex recorded its highest ever monthly betting volumes in October, boosted by the launch of its new website at the start of the month.<br /><br />The numbers &ndash; which include trading on the company&rsquo;s ShortsandLongs.com platform &ndash; were up 8.6 per cent on previous best-ever levels. The privately-owned company declined to give actual numbers.<br /><br />Spreadex spokesperson Andy MacKenzie said that 2009 had been a tough year, with customers being &ldquo;extremely cautious&rdquo; with their trading after the markets went into freefall at the end of last year.<br /><br />&ldquo;But with the FTSE having added 50 per cent from its March lows before last week&rsquo;s pullback, we&rsquo;ve seen more and more people gaining confidence in the market conditions, culminating in last month&rsquo;s record high levels of bet numbers,&rdquo; he added.<br /><br />MacKenzie said last month saw a rise in currency trading, with spot sterling to dollar trading the second highest, behind FTSE trading at number one. Traders were coming in and out of those trades very quickly, he said. Gold trading also climbed higher as clients were keen to take advantage of precious metal prices surging to record highs.<br /><br />&ldquo;For the first six months of the year we saw a noticeable switch to the oil and mining companies but people have been returning to trade on the banks in the past two or three months as shown by Barclays being ninth in the table below,&rdquo; he said.