Just wondering what action other people with spread betting accounts with MF Global are doing. At the moment trading seems to be as normal so I`m not taking any action.
Personally I have a few heavilly in loss positions held from the recent early summer falls(held in stocks I am confident,as opposed to be happy, to hold).Since the early summer generally trading has been good and profitable up to yesterdays big falls. My "trading power"(cash) is always at least 50%.So my big concern is that I am forced to close current open positions at this time of falling markets.This is because I feel I am well positioned for the future,but I would want to close positions at the time of my own choosing and not forced to sell now.

If you are happy with the positions, you could open an account elsewhere and 'move' the positions - obviously you will incur the spread again.

Thanks Skinny,I think if the account was just moved to another provider I would be quite happy (I believe other providers do use the same trading platform).Thereby moving the current paper losses.However a different psychology I feel is involved when you have to realise a real loss at a moment in time not of your own choosing, and move to another provider.

This is currently the position concerning CFD's. I suspect S/B may go the same way:
"Dear XXX,

Effective immediately, MF Global will only accept closing CFD orders.
Please do not initiate any new positions.

If you would like more information , please call the CFD sales team

Regards

CFD Sales Team
MF Global

qklink - don't IG Index offer a spread free transfer?

ptholden, many thanks just checked web site and IG Index do offer a spread free transfer.Has anybody done this recently and what was the experience like,how did it work?was there any problem transfering cash balances.Overall this seems a good solution for me.
Bye the way Harrycat, I did get a similar e-mail on Monday for spread betting but it was withdrawn 10 mins later.