2.5.3Market data on spread-betting accounts

In the FX/CFD world, there are two different types of account:

"Normal", CFD accounts. A trade in EUR/USD is buying or selling a number of euros, and has a profit in US dollars (converted to the account deposit currency, if different).

Spread-bet accounts. All trades are denominated in the account deposit currency, such as GBP or AUD. A trade on EUR/USD is a bet in GBP (or AUD etc) on the EUR/USD price, on a "pound per point" basis. For example, if the EUR/USD price rises by 0.0001 (i.e. 1/100^th of a US cent) then the trade has profit of GBP 1.

On a CFD account, the quoteCurrency of an FX pair will be the same as the underlyingCurrency. For an FX pair AAA/BBB, both the quoteCurrency and the underlyingCurrency will be BBB.

On a spread-bet account, the underlyingCurrency of an FX pair will be the account deposit currency, not the BBB of the AAA/BBB pair. All trades are bets denominated in the deposit currency.