BetFair-TradeFair press release (2007-12-03):
Betfair enters financial markets with Tradefair launch
Tradefair to provide a revolutionary new retail binaries exchangeBetfair, the world’s leading online betting exchange has announced the formation of an exciting new business, Tradefair. Established to provide a range of financial products to the retail market, Tradefair launches with a binaries trading exchange and a traditional spread betting offering.
Tradefair is based on the same core values of innovation and championing the customer that gave birth to Betfair. Tradefair also shares with Betfair the appetite for hugely ambitious goals. Tradefair aims to become the leading financial trading destination of choice offering its customers a range of traditional and exchange traded products.
Betfair’s CEO, David Yu said:
Tradefair is a tremendous addition to the Betfair portfolio. It is a clear demonstration of Betfair’s continued commitment to growth and innovation, and we hope to have the same revolutionary impact on the financial market as we have had on the sports betting market.
Using Betfair’s revolutionary technology, the binaries exchange allows anyone to set the price, be the market-maker and drive the best price on a range of major financial markets.
The Tradefair concept originated from Betfair’s New Ventures team, but will operate independently within the Betfair group of companies. Set up by David Jack and Martyn Holman, Tradefair has also been aided in its development by Ed Warner, the former IFX Markets CEO.
Applying Betfair’s world class exchange technology to financial markets will have far reaching implications for the type of markets offered, the level of access and overall value and opportunities for the customer,
said David Jack.
Tradefair is hoping to encourage leading financial businesses and institutional market-makers to participate on the exchange in order to generate liquidity and intra-business trading and even hedge their own exposures. Regardless of whether the trader is an individual or a business, everyone will have the equivalent to direct market access through Tradefair’s web based trading site and standard industry interfaces.
Tradefair’s initial offering will focus on two types of financial trading products (both of which are currently free from capital gains tax and stamp-duty for UK tax residents): binaries offered on a binaries exchange and traditional financial spread betting.
Anyone can be a market-maker on the exchange – assuming they have the capital – enabling smarter, more cost-efficient traders to compete in setting the price. The exchange also offers traders the ability to gain exposure to what might traditionally be called ‘esoteric’ markets which in reality underpin the driving forces of the world economy, including economic indicators such as central bank decisions and employment data. The range of markets available on the exchange will grow over time, but already includes major indices, currency pairings and commodities markets.
Tradefair Spreads, provided via a white label agreement with London Capital Group, is Tradefair’s traditional financial spread betting product. Tradefair Spreads believes that it offers traders some of the best prices and lowest funding charges available with many added extras to assist with analysis and information to inform trading decisions.
Previously: Binaries and Spreads: BetFair spins off TradeFair. + Meet David Jack, the managing director of TradeFair. + TradeFair Binaries User Guide – What is Trading? + BetFair’s Global Warming Prediction Markets — CFM’s Views + Why does Tradefair care about Prediction Markets – by TradeFair’s David Jack – 2007-12-06
