Leading financial spread betting firm Capital Spreads is to take on active trading accounts from Paddy Power Trader, the spread betting arm of Paddy Power, as they wind up their spread betting operation.

Capital Spreads, one of the UK’s largest financial spread betting brokers, will take over the accounts of existing Paddy Power Trader investors when the company winds down its financial spread betting arm, according to an announcement made today.

Paddy Power trading clients will have their accounts and open positions moved to Capital Spreads in the next few days, following a review of the bookmaker’s strategy in the financial markets and opportunities in alternative sectors.

Deciding the risks of operating a spread betting division were too significant to continue to justify, Paddy Power will pass their trading clients to Capital Spreads from April 9th, accounting for some 17% of current Capital Spreads trading accounts.

The move follows the termination of a prior white label arrangement with Capital Spreads parent company, London Capital Group, which had previously administered the Paddy Power trading infrastructure.

Commenting on the decision to terminate their spread betting service, a spokesperson for Paddy Power said clients will “enjoy the same features”, and will benefit from proprietary additional features built in to the Capital Spreads trading platform.