CMC Markets to Stop Offering Countdowns

In a short notice posted on its website today, CMC Markets​ announced that it will stop offering countdowns to trade on its Next Generation platform from 5pm AEST 30 April 2021.

Countdowns are fixed-odds trades based on whether the settlement price of a product will be above or below the current Countdown price at the end of a range of short-term timeframes.

Prior to the decision, CMC Markets clients can trade countdowns on 27 of the company's most popular indices, FX and commodities products.

This move of the London-listed broker follows the commencement on 29 March 2021 of ASIC's product intervention order​ imposing conditions on contracts for difference offered to retail clients.

Fazzaco has reported earlier​, as the effective date of ASIC’s product intervention order approached, brokers including OANDA, eToro, Rakuten Securities Australia, FP Markets and CMC Markets have published announcement regarding the new rules.