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Odey Asset Management and Morgan Stanley – two of Plus500’s (LON:PLUS) stakeholders have sold some more of their shares in the forex broker, shows a series of filings with the London Stock Exchange (LSE) from last week.
As a result, the US multinational financial company Morgan Stanley’s share in Plus500 fell below the 3% threshold, down from 5.85% towards the end of April. The company has been selling its shares in the broker in the past few months.
Odey still has a much more significant share – 22.98%, after several transactions that took place last week, down from 23.02%.
As of today Plus500 has a market capitalization of GBP 698.98 million. Odey’s 26 400 422 shares are worth a little over GBP 158 million, while Morgan Stanley has 5 718 528 million shares, worth GBP 34 million.
The new sales are part of a trend that was started by JP Morgan Chase in early April when it slashed its stake in Plus500 by almost two-thirds.
Meanwhile, in May the forex broker gained a “buy” recommendation from Liberum Capital, which valued its shares at GBP 7 apiece. A week later Plus500 appointed the German investment bank Berenberg as a joint-broker.
Plus500 offers trading in forex, options, contracts for difference (CFDs), commodities, indices, and exchange-traded funds (ETFs). It operates its own online trading platform for CFDs available in over 31 languages. It operates its own online trading platform for CFDs available in over 31 languages on desktop and Android, Windows and iOS mobile operating systems.
According to Investment Trends report from July 2015, Plus500 is the second largest CFD provider in the UK. It is licensed by three regulators – the Cyprus Securities and Exchange Commission (CySEC), UK’s Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).