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Afterpay (APT) falls as Square deal completion delayed

By Mensholong Lepcha

07:05, 2 December 2021

Afterpay logo on smartphone screen with Square logo in background
The Australian firm has not received regulatory approval from the Bank of Spain yet – Photo: Shutterstock

Australian buy-now-pay-later firm Afterpay closed at its lowest in over four months after the company postponed a shareholders meeting scheduled to vote on its AUD39bn ($27.7bn) acquisition deal by US-based fintech Square.

The company said it has not yet received the regulatory approval for the deal from the Bank of Spain, which is expected by mid-January.

Afterpay said the shareholders meeting for the vote is likely to be delayed until next year and the completion of Australia’s biggest buyout deal in history is expected to be completed by the first quarter of 2022.

Worst day since mid-July

On Thursday, Afterpay shares fell 6.1% to AUD100.02, its third straight day of losses, its worst intraday fall since mid-July and its lowest close since 30 July.


0.63 Price
+0.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


2,021.36 Price
+0.110% 1D Chg, %
Long position overnight fee -0.0197%
Short position overnight fee 0.0115%
Overnight fee time 22:00 (UTC)
Spread 0.30

Oil - Crude

71.63 Price
-0.860% 1D Chg, %
Long position overnight fee -0.0227%
Short position overnight fee 0.0007%
Overnight fee time 22:00 (UTC)
Spread 0.030


15,927.50 Price
+0.380% 1D Chg, %
Long position overnight fee -0.0263%
Short position overnight fee 0.0041%
Overnight fee time 22:00 (UTC)
Spread 1.8

On Wednesday, parent company Square announced that it will officially change its name to “Block” as the company looks to expand from digital payments into blockchain technology.

Earlier this week, Square-founder Jack Dorsey stepped down from his role as chief executive of microblogging site Twitter.

Read more : Square to acquire Afterpay in largest-ever Australian buyout

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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