Financial Spread Betting Help Guide

How do I open an account?

• Opening an account can be done in either of two ways;
• The quickest and easiest way is to go to the trading account form.
• Alternatively you can call us on 0800 015 6565 or +44 (0) 207 903 6362 and we will be happy to send you an account opening pack and application form which you will need to complete and send back to the following address:

• New Accounts
• ODL Markets
• Northern & Shell Building
• 10 Lower Thames Street
• London EC3R 6AD

Please note accounts can not be opened over the telephone or by email.

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What do I need to do to open an account?

If you are a UK resident and you pass our Security checks, you will not need to provide any documentation to open an account.                                  

If you are not a UK resident, you can open an account as long as current regulations in the country you reside in permit you to spread bet. We will require the following from you:

ONE copy of photo identification, for example:

• Government-issued passport OR
• Photo drivers licence OR
• National ID Card, which is currently valid and includes date of birth or residential address;

AND ONE Proof of Address, for example:

• Utility bill proving your residential address, issued within 3 months, OR
• Annual utility or tax bill for current year.  Please note that mobile phone bills, or bills printed from the internet, will not be accepted. 

Certification of documents will depend upon the country you reside in.

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How do I fund my account?

The quickest and easiest way to deposit funds on your account is via the online trading platform. If you wish to make a card payment to your account click the ‘Payments’ icon in the top right hand corner of the trading screen.  Alternatively, call the Customer Service desk on 08000 15 48 00.

You can credit your spread betting account using the following methods:

• Debit Card
• Visa and MasterCard (fees apply)
• Bank Transfer
• Cheque (cheques will have to clear before funds are credited to your account)

Please note: Transaction fees apply when using credit cards:

• 1.45%* of the value of British Pound transactions.
• 2.00%* of the value of Euro transactions.
• 2.25%* of the value of US Dollar transactions

*Please note that Credit Charge surcharges can change.

The Credit Card surcharge will automatically be deducted from your account where applicable.

There are no transaction fees payable when using UK debit cards.

Bank Transfer: To carry out a bank transfer you will need our banking details:

• ODL Markets Bank Details
• National Westminster Bank (SWIFT NWBKGB2L)
• City of London Office
• Account name: ODL Markets

GBP: Account Number: 39279448 | Sort Code: 60-00-01

USD: Account Number: 140/00/42046203

EUR: IBAN: GB98NWBK60721442046157

When sending a payment, please always ensure your account number and name is attached. This speeds up the process of allocating funds to your account.

Cheque: Cheques must be made payable to ODL Markets and sent to: ODL Markets, Northern and Shell Building, 10 Lower Thames Street, London, EC3R 6AD.

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Can I deposit money online?

Yes.  Please access the Payments tab at the top right hand side of the ODL trading platform

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Are the funds I deposit at ODL safe?

Yes. Our online payments process is powered by the Secure Trading system which means that your card details are fully encrypted using highly sophisticated e-payment software

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How can I withdraw funds from my account?

You will be able to withdraw funds via the online trading platform using the form available. Alternatively, please call our Customer Services department on 0800 015 4800 or +44 (0) 207 9036359

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Can I send money from my account to a third party?

No, under the current FSA Money Laundering regulations, ODL will not be able to make or take any 3rd party payments.

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When will I receive any profits I make?

The profits from any closing trade will be credited to your spread betting account immediately. If you wish to remove funds from your account, these will be sent back to the card or bank from which they were deposited, depending on how you funded your account.

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When will I be required to fund my account?

You will be required to have sufficient funds on your account to open any positions. Please see the market information sheets or click on the information icon next to each market to see the margin requirement for each product.

You will also be required to fund your account in the event of a margin call or a deficit cash balance. There may be times when you are required to fund your account within a specific or short notice period.

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How do I receive statements?

You will receive statements via e-mail.  ODL recommends that you have statements sent by e-mail for speed, reliability and security. 

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Do I receive contract notes?

Yes, trade notifications will be e-mailed once a trade is opened or closed. Trading activity can also be viewed online in the account management screen.

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In the unlikely event of a discrepancy in my statement what should I do?

If you spot any discrepancies on your statements or on your open positions you must contact a member of ODL client services or trading team immediately on 0800 015 4800 or +44 (0) 207 9036359.

To help deal with disputes, ODL maintain a comprehensive audit trail of all telephone calls and internet trades. ODL would advise you to keep detailed records of your transactions, particularly the time of your trades and phone calls to us.

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Can anyone else trade on my behalf?

Yes, only after you have completed a Power of Attorney form stating who can trade on your account. This person will go through the same credit checks as if they were a new client and you will be solely responsible for any transactions on your account. Please contact 0800 015 4800 or +44 (0) 207 9036359 to obtain a Power of Attorney form.

How do I place a bet?

You can place a bet over the phone with one of our friendly dealers or over our online trading platform.  Information on how to place a bet can be found in the “Help Guide” section of the platform.

Before placing any bets you must be sure of the market you wish to trade. It is also advisable to gain awareness of how that market operates and the risks involved in trading in it.

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How do I find a market?

You can find any market we offer by using the search facility on the trading platform. In the Pricing window there is a Search tab which allows you to enter the name, or part name, of the market you wish to view.

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How will I know the margin requirements of particular markets?

All margin requirements for any particular market are listed in our market information sheets.  They can also be found by clicking the information button next to any particular market you wish to trade on our online platform. Alternatively, you can speak to a member of our trading team.

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What are the minimum and maximum stakes I can trade?

The minimum and maximum stakes you may trade will vary between markets and the type of account you hold. Please note minimum stakes will differ between different account types and whether you are trading via the internet or phone. Please view the market information sheets for further information.

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What is an order?

An order gives you the option to place a bet at a specific price chosen by you. You may choose to buy or sell a particular market at your chosen level in order to open or close a position. They are useful if you are unable to follow the live prices of that market, as you can choose at what price you wish to enter the market (by placing an opening order) or exit the market (by placing a closing order). Closing orders can be used for limiting your risk or taking profits. An order will continue to work until a market move triggers that order, the order expires or the order is cancelled.

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What are Stops and Limits?

A stop order is an order which executes only when the market price reaches your specified level or at a less favourable level than the current market price.

A stop loss is an order to close a position at a level specified by you in order to control your risk on that particular bet. By placing a stop loss on a position you may in some cases also reduce the amount of your margin requirement on that trade.

A limit order is an order in which the customer sets a maximum price he is willing to pay as the buyer or a minimum price he is willing to accept as the seller.

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How do I place an order?

An order can be placed in a similar way to placing a bet. You may place an order to open any new positions or to close any existing positions at a level chosen by you. This can be done on our online trading platform or over the telephone with a member of our trading team.

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What happens if the market gaps through my order level?

In a fast moving market or when there is a substantial difference between the opening and closing price of a market, an order can be in risk of ‘gapping.’ In this situation your order will be filled at the first or most reasonable price available to ODL. If you have a secured stop loss on your position, your order will be filled at the level you have requested.

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What is a secured order?

You may choose to place a secured stop loss on a bet. This will work in exactly the same way as a normal stop loss but you have the added security that in the event of a fast moving market, your stop loss will be filled at your elected level and not at a more disadvantaged price. There is a small premium for having a secured stop loss ( free of charge if you have a Discover Limited Risk Account). Please note the rules for secure stops that apply to your account type.

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What happens to closing orders when a position is closed?

When an opening position is closed all orders attached to that specific bet will be cancelled.

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What is a rolling bet and how does it work?

A rolling bet offers a tighter spread than the equivalent futures bet and is based on the underlying cash market. These bets are literally rolled from one day to the next and therefore differ from a futures bet. There is a small overnight financing charge for holding a long position and a small credit for holding a short position in a rolling bet overnight. If a client deals in an index or equity product there may be an adjustment for dividends. Long positions receive the dividend and short positions will pay the dividend (rolling indices will be adjusted for the index points).

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How and when is financing charged, and how is it calculated?

A position will be subject to financing for each night that it is held open, therefore an applicable product that is held open on a Friday night that is tradable again on Monday, will be subject to financing for 3 days to cover Friday, Saturday and Sunday nights, until the product is tradable once again on the Monday.

Long rolling bets will be charged financing at LIBOR (or the equivalent depending on the jurisdiction) + 2.25%* .

Short rolling bets will be credited financing at LIBOR (or the equivalent depending on the jurisdiction) - 2.25%* .

*Please be aware that financing rates and haircuts are subject to change.

Financing on FX positions is calculated slightly differently and follows the convention of the FX Spot market. Financing to cover a weekend period is normally transacted on a Wednesday evening. You will therefore pay or receive 3 days of financing to hold your position over a Wednesday night to Thursday. Financing over public holidays will also be incorporated into the Spot Next rates and will again be applied according to market convention. Gold and Silver bets pay/receive financing by the same method as the FX financing

Financing Calculation (except FX): The overnight financing rate is calculated using the following formula:

F = (P/B) x S x I

     N

Where: F = daily financing | P = Last Closing Price | B = Bet Per | S = stake | I = applicable financing rate | N = day basis (365 for UK, 360 ex UK)

Please review the dealing guide on the website to see worked examples.

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If I trade equity rolling spread-bets what will happen when the underlying stock pays a dividend?

There will be an adjustment on your account when a stock goes ex-div:

UK shares for long and short positions: If you hold a long (buy) spread bet position we will credit your account 90% of the gross dividend.

If you hold a short (sell) position we will debit 90% of the gross dividend.

European and US and other stocks: If you hold a long position we will credit you 85% of the gross dividend.

If you hold a short position we will debit 100% of the gross dividend

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If I trade Index rolling bets will there be a dividend adjustment?

If the stock that goes ex-div has a large enough weighting in an index it can have a material impact on the price of that index. Therefore, if you trade for example UK 100 Rolling, there will be cash adjustments made to your account to reflect these dividends.

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Are there dividend payments on Index futures?

No, index futures already have dividends factored into the price.

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Can I roll my future positions over?

Futures positions may be rolled over to the next futures contract at a reduced spread. Clients who roll a monthly or quarterly future will close their existing position at the current mid-point of the spread and then open a new position at the mid-point of the forward contract plus/minus half the ODL spread.

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What happens if I want to maintain open positions whilst on holiday?

If you are going to travel abroad and wish to leave open positions on your account, please make sure that you have sufficient funds or stop orders on your account to cover any potential market moves. In addition we request that you leave contact numbers with us, so we can contact you should the need arise.

What are the minimum PC requirements?

The ODL Markets online platform is a web based trading platform.  Therefore, all you require is a browser and access to the internet.  The platform works well on both Microsoft Internet Explorer and Mozilla Firefox browsers.  To gain the full advantage out of your platform ODL recommend Firefox, which can be downloaded from www.firefox.com

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What happens if I cannot log on to the online platform?

If you have any difficulties in using the platform or have lost your password please email helpdesk@odlmarkets.co.uk or alternatively contact our client services department on 0800 015 4800.

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Can I trade using Apple Mac?

Yes you can – ODL recommend using Firefox on your Apple Mac.

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How does the platform cope with Firewalls?

The website should be accessible behind most firewalls, please email helpdesk@odlmarkets.co.uk or call 0800 015 4800 should you require further help.

What are your dealing hours?

Our trading desk is normally open 24 hours a day from Sunday 22.00 to Friday 22.00. Specific trading times for our products can be found in the relevant market information sheets or by clicking the ‘Product Information’ panel next to the relevant market in the pricing panel. It is advisable to see the 'Trading Hours' section of our platform for exact details of our trading hours and any market holiday details.

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Can I trade outside regular market hours?

ODL will quote certain markets outside normal trading hours and these are known as “Grey Market Prices”.  Orders that are based on our quote will be filled at a level based on our price, which reflects the prevailing world markets at that time.

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What markets does ODL offer to trade as a spread bet?

We offer a wide range of markets which include Foreign Exchange, Indices, Commodities, Individual Equities, Bonds and Short-Term Interest Rate products and other bespoke products. The entire range can be found within the trading market information sheets and on our platform.

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Are there any trading tools available?

We have a comprehensive charting package and news service. In addition we have a number of other tools such as heat maps, stock screeners, top movers and performance tables, all accessible via the trading platform.

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Can I trade in a different base currency?

Yes, depending on your account type, many products are available to trade in a number of currencies including GBP, USD and EUR.

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Does ODL advise clients on how to spread bet?

No, ODL are a purely execution only service and cannot offer an advisory service in spread betting. The Financial Services Authority have stipulated that spread betting firms are not allowed to advise clients over any trading matter. We may give market commentary but we will never advise on which markets you should trade on.

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Does ODL charge for spread betting?

No, there is no cost to open and hold an account. There are no commission fees involved in spread betting with ODL, clients trade on our bid and offer spread.

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Can I trade over the telephone?

Telephone trading is available to all clients as long as it meets our minimum telephone stake size.  Please view our market information sheets for all minimum stakes for both telephone and online trading. 

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Do I have to pay tax on my winnings?

Under current legislation all profits made from spread bets are tax free*.  There is also no stamp duty payable on UK shares** and no commission payable on your trades as the dealing charge is incorporated in the spread. 

*Tax Laws may be subject to change

** Subject to change.  Please note that stamp duty may be applicable to Irish Stocks.  Please ring the dealing desk for further information

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What are the procedures if I have a complaint?

If you have any complaints or queries please contact us either by phone, e-mail or letter.

Telephone: +44 (0)20 7903 63659 or 0800 015 48 00

E-mail:  clientservices@odlmarkets.co.uk

Postal:  ODL Markets, Northern & Shell Building, 10 Lower Thames Street, London, EC3R 6AD.

If you are still unhappy with the outcome and would like to make a formal complaint to our Compliance department, then please put your complaint in writing to: Compliance Officer, ODL Securities Ltd, 8th Floor, Northern & Shell Building, 10 Lower Thames Street, London, EC3R 6AD.

A copy of our complaints handling procedure is available on request.

If you are not satisfied with the outcome of a dispute, you are entitled to contact the Financial Ombudsman Service for an independent view. The address is: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.

Telephone: 0845 080 1800

Website: http://www.financial-ombudsman.org.uk/