Alpari RU, the retail Forex broker, announced today the pending termination of the biggest part of its CFD offering.
The company said the reason for the rather drastic move is the low take-up of these instruments by its clients. The decision will affect all contracts for difference apart from CFDs on Brent and WTI oil futures. The latter have traditionally enjoyed popularity amid clients of the broker.
And now let’s take a look at the particular steps the broker will make to gradually phase out the bulk of the CFD lineup.
- On March 23, 2015 (Monday), all trades with CFDs, apart from those with futures contracts on WTI and Brent oil, will be set to “Close Only” regime, meaning they can only be closed. No new positions with these instruments will be open.
- On March 27, 2015 (Friday), all “Close Only” positions that are not yet closed by the traders themselves would be closed by the broker using the last available quote.
To read the official announcement, click here.