City Index gets £70m lifeline from its owner
LONDON - City Index has received a £70 million ($99 million) lifeline from its owner, Michael Spencer, following losses by clients on equity contracts for differences (CFD), according to media reports.
The London-based broker required re-capitalisation after £43 million losses related to equity bets by clients, with a single client losing £29 million on a bet on a Spanish company. Media reports say that the broker has appointed new risk and credit committees as a result, with client positions
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