LSE broker (daytrading)

Discussion in 'Retail Brokers' started by Russsty, May 29, 2007.

  1. Russsty


    i'm looking for a broker with low fees. could anybody advise me something ??
  2. petteri


    0,5 % stamp tax makes LSE daytrading close to impossible if you want to make profit.

    Forget LSE if you want to daytrade. Try some other market instead.
  3. Trade cfds they have no stamp duty (its why they were created) There are loads of brokers over there CMC, IG Index etc you could trade all the major Europen markets this way
  4. ditto petteri's comments but if you must daytrade, consider using spreadbetting to avoid stamp duty.

    Cantorindex, CMCmarkets & finspreads spring to mind.

    good luck
  5. ssss



    Registered: May 2007
    Posts: 1

    05-29-07 08:46 PM

    i'm looking for a broker with low fees. could anybody advise me something ??

    1.If you not U.K. resident ,possilbe exempt from stamp duty
    ( auhtor disscussed this matter some time before)
    2. Any conflict FSA is worster as SEC from point of view
    retail operator ( incompetent answer, long time to wait
    answer &)
    3. CFD are offered only from "bucket shop"
    forgett this product
    4. Some of U.K. stock is high liquid on NYX ,as example VOD
    anothers as GSK,HBC alsov present.
    5. Brokers in U.K. are not pure agent's of principal's
    (Interactive broker is market -maker through TMWD)
    and trade against clients interess.

    Essentialy multiple's legal,technology risk is more as by NYX/NDAQ
  6. Russsty


    0,5% from my volume? or from my net? I' m not a UK resident. must I pay this duty?
  7. Russsty


    Guys and what about Euronext?
  8. notouch


    You can trade single stock futures with them or the FTSE futures. Available through IB.
  9. Euronext SSF's have virtually no volume. Commissions are a rip-off. ETF's are a total joke as the spreads are ridiculously wide. I actually have no idea how they make any money other than ripping off the public or why NYSE decided to merge with them.

    As for LSE, the stamp duty kills any chance of daytrading there. Commissions are a little better than Euronext but stamp duty is THE big problem. ETF names are few and spreads are also not good. (Mostly Barclays stuff).

    Btw, stamp duty is calculated as a % of transaction value.

    $100,000 of stock*.005 stamp duty=$500 tax!

  10. huge230


    I thought Swift was day trading the LSe? How did they get around the stamp tax?
    #10     May 30, 2007