High-value Spread bets

Does anyone have experience of placing high value spread bets using the leading SB providers. By high-value i mean placing more than £1000/point for equities.

The reason i am asking, is that I want to know how far you can push spread betting, before the "broker" simply says NO to you.

All replies welcome.

In my experience you start to run into problems if you go much above the NMS for the underlying. Not that I regularly bet £1000/point but do spreadbet small caps where the NMS can be quite small, and it's then that you'll get a 'reduce size' type message when you try and place your bet.

Jack o'Clubs said:

In my experience you start to run into problems if you go much above the NMS for the underlying. Not that I regularly bet £1000/point but do spreadbet small caps where the NMS can be quite small, and it's then that you'll get a 'reduce size' type message when you try and place your bet.

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thanks jack for the reply,

i agree with your point about the NMS. However, assuming the presence of adequate liquidity, one way of getting around NMS limitations would be to buy in packets rather than a single bundles. NMS seems to be a misnomer to some extent, volume/liquidity are so dynamic it seems odd that LSE attempts to define "normal" but hey.....

The problem I've found is not buying, but selling. Buying steadily above NMS in a steady market is not a big problem, but if you want to get out in a hurry on a big down day, they've got you by the short and curlies for your exit price. Although, I've had more problems with a normal stockbroker and their market maker for a stock in that kind of situation than I have had from a spreadbet firm, to be fair.

i agree totally, squaring out a big position is a problem. I tried closing a trade this morning at the open, and found myself pulling outs in packets rather a single chunk.