Admirals broker switched India 50 Index Futures CFDs to close-only mode on Trade.MT5 accounts. Opening new positions in those assets is temporarily unavailable.
As a global broker, Admirals offers a wide range of financial products and services to clients around the world. However, due to the upcoming exchange changes, the online broker will remove the India 50 Futures Index CFD from the various instruments it supports on Trade.MT5 accounts.
Instruments to be Closed on March 30th
From 1 March 2022 ago, the India50_H2 instrument was switched to close only trading mode and only reduction of open positions is possible. Bear in mind that the last trading day for India50_H2 was 30 March 2022. Subsequently, the instrument will expire on the Admirals platform and the remaining open positions will be closed. Unfortunately, the company will not be adding any new instruments that refer to the India50 Futures Index after this.
While there will be no new product to replace the India 50 Index Futures CFD, there is a wide selection of other CFD products for clients to implement investment strategies that require business opportunities from Indian companies. These alternative instruments include the iShares India 50 ETF CFD (platform symbol #INDY) and the iShares MSCI India ETF CFD (#INDA) which can be traded on Trade.MT5 accounts.
Recently, the global forex and CFD broker reported financial results for 2021 ending last December with mixed results across key components of its business. Compared to a period of strong growth in 2020, Admirals has seen a downturn. Evidently, Admirals net operating income recorded €35.7 million, or a decline of 43% year-on-year compared to 2020 of €62 million.