Good morning. The 30 per cent fall in full-year operating income reported by CMC Markets this morning should not surprise investors: the spreadbetting firm issued its last profits warning in April, the third in only six months. Like its rivals CMC has been hit hard by tough new regulations introduced last year when regulators finally woke up to the fact that the vast majority of spreadbetting clients lose money, a lot of money. Pre-tax profits fell 89 per cent to £6.3 million in the year to the end of March as the number of active clients slipped 10 per cent to 53,308. “This has been a difficult period of trading for CMC and our sector, but having now weathered the ESMA [European Securities and Markets…

Source: The Times June 06, 2019 08:03 UTC