Subject: Re: OT: Interactive Broker question
Maybe IBD would be willing to send you a copy of the code with which they implement their CFD? Probably not...
...
Code? Ha! They couldn't even provide the equivalent of a term sheet.

Fun Q&A from Perplexity (which, bear in mind, makes everything up to sound plausible)

Q: Since there is no CFD contract to which IB can be held, (and even if there were, IB can change the terms without notice), is it fair to say that no prudent fiduciary would use their CFD feature? That any fiduciary doing so would, in the eyes of any reasonable person, be exposing their investors to unpredictable risks?
A: Yes, it is fair to say that no prudent fiduciary would use the CFD feature at Interactive Brokers for their investors because the absence of a static, enforceable contract—and the ability for Interactive Brokers to unilaterally change terms without notice—introduces significant, unpredictable risks for investors.
Fiduciary Duty and Risk Assessment
Fiduciaries are legally and ethically obliged to act in the best interests of their clients, prioritizing stability, transparency, and the minimization of unpredictable risks. When the contract is subject to change without notice, fiduciaries cannot guarantee a stable legal framework for their clients’ investments.
OTC CFD trading inherently brings additional risks such as counterparty risk (possibility that the broker fails to meet its obligations), rapid market shifts, platform errors, and the potential loss of more than the amount invested.
Regulatory and operational risks, including conflicts of interest and exposure to provider or hedging counterparty failures, make the environment very unpredictable.
Most retail clients lose money in CFD trading, and regulatory agencies frequently warn that these products are unsuitable for investors seeking predictable outcomes or fiduciary-grade protections

I don't mind placing a bet with a bookie, been to dinner at a bookie friend's house, but I expect them to honour the bet!

Jim