IG Europe introduces turbo24 product

Maria Nikolova

The turbo24s will be offered through the Group’s IG Europe subsidiary, based in Frankfurt.

Online trading major IG today announce the launch of its turbo24 product. From today, traders can trade IG’s turbo24 on-venue product across France, Germany, Italy, the Netherlands, Norway, Spain and Sweden. The turbo24s will be offered through the Group’s IG Europe subsidiary, which is based in Frankfurt.

The new turbo24 product is a type of turbo certificate that can be traded 24 hours day. Turbo24s have important client protections, IG says. These products allow traders to buy in at a price that reflects their full exposure from the outset. Turbo24s will be available for indices, currencies and commodities.

Arnaud Poutier, Head of IG Europe, commented: “The turbo24 is the culmination of over 3 years work and sees IG move into the on-exchange trading space. IG is underpinned by fantastic technology, a drive for innovation and a commitment to offering clients the very best trading experience. The ability to trade 24 hours a day, 5 days a week with all the security and benefits associated with trading on a fully regulated European exchange, represents real choice for retail traders.”

Let’s recall that back in July 2018, the European Securities and Markets Authority (ESMA) explained that product intervention measures will not apply to turbo certificates and structured finance products. Turbo certificates are not margined products and the investor cannot change the leverage of the turbo certificate by adding margin to or detracting margin from a specific trading account. Investors buy the turbo-certificate and are charged transactional fees, for entering the contract.

ESMA also noted that turbo certificates do not have a contingent liability for the retail client. In other words, after the purchase of the product, the retail client has no possibility of being liable for a further payment when the transaction is completed or the position is closed (other than commission, transaction fees or other related costs).

Finally, ESMA said that turbo certificates are typically listed and traded on a regulated market or MTF, which includes additional transparency requirements.

ESMA’s position is important to consider given that the majority of EU member states implemented national product intervention measures that are the same as those introduced by ESMA.

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