LeapRate Exclusive... Is this the end of an era? LeapRate has learned that Chinese authorities have been approaching a number of foreign based Retail FX brokers with offices and operations in the country, demanding that they immediately shut down any physical presence in China. The "roundup" of foreign FX brokers began about two weeks ago…
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Australia's financial regulator ASIC has stated that it welcomes the passage through Parliament of the Bill to establish the new Australian Financial Complaints Authority (AFCA). The AFCA will start accepting complaints no later than November 1, 2018. AFCA is the culmination of more than 20 months of public consultation and inquiry, commencing with the review…
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The International Organization of Securities Commissions (IOSCO) has published a Report on Retail OTC Leveraged Products, providing its own guidance to the world's financial and securities regulators on the future of leveraged trading. IOSCO members include virtually all of the key major (and minor) global regulators including the FCA in the UK, the SEC in the…
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UK online trading leader IG Group Holdings plc (LON:IGG) revealed results of its #ReplytoESMA website survey, indicating a very strong anti-ESMA stance among the more than 14,000 replies. As we reported earlier this week, ESMA has come under a lot of pressure to alter its plans to enforce a maximum leverage cap of 30x for…
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Will ESMA change its mind? While all formal indications to date indicate that ESMA plans to carry through with its new rules governing online trading - including a 30x leverage cap on CFDs - insiders within ESMA have admitted that the pan-European regulator has seen a virtual deluge of responses to its proposals, numbering in…
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FCA regulated FX and CFDs broker ActivTrades has issued its comments on pan European regulator ESMA's proposal to limit CFD trading leverage to 30x. ESMA's proposals are now in the public consultation phase, with repsonses due by next week, February 5. Similar to the reaction and analysis of (most) other leading regulated brokers, ActivTrades believes…
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Exactly a month after dropping its bombshell proposal of a hard 30x cap on CFD leverage, European pan financial regulatory body ESMA has taken the next step in enacting its proposals by formally opening a 'call for evidence' from the public and affected parties to give formal feedback on its proposals. The consultation period will…
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Pan-European financial regulator ESMA's plans to severely restrict the online trading business in Europe, if implemented, will have far-reaching effects for traders and brokers alike. ESMA's proposals include: 30x leverage cap on Forex and CFD trading ban on 'bonus' payments to retail traders ban on Binary Options trading required negative balance protection for retail clients…
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It looks like London's Retail FX brokers and financial institutions can breathe easy. At least for now. UK financial regulator the FCA issued a statement this afternoon, indicating that it expects the UK will remain within the MiFID license passporting system after Brexit is implemented, allowing financial services companies (such as FX brokers) to receive…
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New York based FX brokerage group Gain Capital Holdings Inc (NYSE:GCAP), which operates the UK-centric City Index as well as the global FOREX.com brands, has issued a statement in response to European regulator ESMA's plans to limit leverage on FX and CFD trading to 30x. Similar to the reaction of its London-based competitor IG Group…
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