Trading in CFDs carries a high degree of risk. Prices may change quickly and it may go down as well as up. Past performance will not necessarily be repeated and is no guarantee of future success. You should carefully consider your own personal financial circumstances before dealing in CFDs. CFDs contracts can only be settled in cash. Investing in a contract for difference carries the same risks as investing in a future or an option. Transactions in contracts for differences may also have a contingent liability. Contingent liability investment transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. You may sustain a total loss of the margin you deposit with a firm to establish or maintain a position. If the market moves against you, you may be called upon to pay substantial additional margin at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be responsible for the resulting deficit. Exedra Capital Ltd is an Introducer Appointed Representative to Guardian Stockbrokers.