IG have just done a complete U-turn on their new Knock Out trades, now the margin needed is just the same as their other trades and in some cases even greater!
Seems like a big balls up.
I recon their loophole has it's own holes in it!
Seems like a big balls up.
I recon their loophole has it's own holes in it!
Yes, I've just been reading your post in the death of spread betting thread.
At the moment it looks as though you called that correctly right from the start.
I'll carry on with S.B with the new children's leverage (which is fine for entry)
But what has really messed me up is in pyramiding and divirsification.
koteltrader
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Anyone resident in Europe who opened an account with an Aussie broker in order to sidestep the more onerous terms of the ESMA regs (i.e. margin) may want to take a look at this statement from Aussie regulator ASIC:
19-088MR Some AFS licensees may be breaking overseas laws
I asked IC Markets whether the content of this statement is likely to affect clients who are resident in Europe. The first answer was "no, it won't affect you." But when I asked whether this was based on a legal opinion, I was told that staff hadn't been briefed on this matter.
Can anyone with more of a legal brain help translate the regulator-speak in this statement?
19-088MR Some AFS licensees may be breaking overseas laws
I asked IC Markets whether the content of this statement is likely to affect clients who are resident in Europe. The first answer was "no, it won't affect you." But when I asked whether this was based on a legal opinion, I was told that staff hadn't been briefed on this matter.
Can anyone with more of a legal brain help translate the regulator-speak in this statement?
No surprise that ESMA want to close this loophole. Their first priority of course is to protect the health and stability of the market they regulate.
new_trader
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My GUESS...based on hearing and reading about other interstate/international differences in law and regulation involving online activities is this:
It may/might come down to citizenship rather than residence. If you can prove you are an Australian citizen then you might (and I mean very might) be allowed to have an account even if you are resident in another country. I have dual citizenship and there are some things I can't do because I am not resident in the country of citizenship.
On the bright side, these new MICRO Futures from CME might be a new opportunity, unless you trade forex.
Ref: http://www.cmegroup.com/cme-group-futures-exchange/micro-futures.html
koteltrader
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Am I right this is about as clear as what's been agreed (or otherwise) on Brexit!
koteltrader
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Heads up for anyone who moved their account(s) to Australian brokers following the introduction of the ESMA rules in the UK and Europe.
The Australian Securities and Investment Commission (ASIC), has launched a consultation on proposals to align the Australian market with ESMA-type changes.
This is the press release:
19-220MR ASIC proposes ban on the sale of binary options to retail clients, and restrictions on the sale of CFDs
In particular, the proposals include imposing restrictions on margin and leverage for retail customers.
While anyone can respond to the consultation paper by 1 Oct, it's a safe assumption that these will be enshrined in regulation by early next year.
The Australian Securities and Investment Commission (ASIC), has launched a consultation on proposals to align the Australian market with ESMA-type changes.
This is the press release:
19-220MR ASIC proposes ban on the sale of binary options to retail clients, and restrictions on the sale of CFDs
In particular, the proposals include imposing restrictions on margin and leverage for retail customers.
While anyone can respond to the consultation paper by 1 Oct, it's a safe assumption that these will be enshrined in regulation by early next year.
