Interactive Brokers Group Inc. is expanding its predictive markets trading services into Canada, as the electronic broker’s burgeoning futures contract sector looks to grow its clients outside of the U.S., according to a statement seen by Bloomberg News.
Customers can use the IBKR ForecastTrader web platform to bet “yes” or “no” on the outcomes of market-moving events, such as economic data releases or political decisions.
Each contract is priced between US$0.02 and $0.99, based on the market’s assessment of the probability that the event will occur. If the investor is correct, the contract settles at $1.00, but settles at zero if the investor is wrong.
“Forecast Contracts allow investors to engage with the most important questions driving today’s markets, from inflation and interest rates to geopolitical developments and climate change,” Steve Sanders, the firm’s executive vice president of marketing and product development, said in a statement. “They provide a direct and accessible way to manage risk and express market views through a focused, easy-to-use platform.”
Interactive Brokers first rolled out its future contract services in the U.S. in August for clients in eligible countries. The online broker offered future contracts for the U.S. presidential election and saw more than $560 million in presidential-election contracts traded as of midday on Nov. 6 through its prediction-market offering, the firm said at the time.
Clients of Interactive Brokers Canada Inc. will not be permitted to trade futures contracts tied to the upcoming Canadian election on April 28, due to regulatory reasons, the company said.
Georgia Hall, Bloomberg News
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