GL Trade has launched the GL World Cup Exchange, an online sports trading market targeted at traders and City-based fans of the 2002 World Cup soccer tournament.
Powered by the sports trading exchange intrade, GL World Cup Exchange will be open for trading from 21 May until the final whistle of the tournament on 30 June. Traders can open contracts on a variety of outcomes related to the tournament, ranging from the results of individual games to the number of red cards awarded to any one team during the tournament, and of course on the ultimate tournament winner.
The GL World Cup Exchange is modelled on a standard financial exchange. The intrade trading platform permits direct exchange access from both professional traders and retail participants. All contracts are freely traded in an open market between buyers and sellers, with prices determined solely by supply and demand.
Malcolm Donaldson, UK MD for GL Trade, says: "The GL World Cup Exchange is open for six weeks and will provide traders around the world with the opportunity to test their football knowledge in a real market environment and make it pay."
Ron Bernstein, chairman of the board and CEO for intrade, comments: "Both GL Trade and intrade's affinity with the Square Mile should attract significant volume from the City's trading community as World Cup fever grips the nation over the next month and a half."
Traders can access the online market through the GL Trade Web site, the intrade Web site or www.intrade.com/gltrade.