LeapRate Exclusive... LeapRate has learned from sources in Poland that the country's Ministry of Finance has decided to delay its plans to further limit the Retail FX and CFDs sector in the country. Poland was one of the first EU countries to rein in Retail FX trading, passing a law in July 2015 which set…
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The New Zealand Financial Markets Authority (FMA) has announced that it has decided to grant an exemption to enable personalised robo-advice and is publishing the responses to its earlier consultation. As we reported back in June, the FMA started consultation on whether it should use its exemption powers to enable personalised robo-advice (also known as online or…
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CySEC financial regulator CySEC has issued a circular regarding the requirement for regulated companies to acquire an LEI number, before EU MiFID II rules kick in on January 3, 2018. What is an LEI number? LEI, or Legal Entity Identifier, is a unique identifier for persons that are legal entities or structures including companies, charities and…
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CySEC financial regulator CySEC has issued a clarification statement regarding the provision of negative balance protection to clients of FX brokers who utilize leverage in their trading. When CySEC announced back at the end of November - which was first exclusively reported at LeapRate a week prior - that it was changing the rules for FX…
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The Malaysian Straight Times is reporting that a group of Malaysian investors is now seeking answers after they thought they were investing in a reliable FX trading strategy from a company called RCFX but, in the end, failed to get their promised returns. The group claimed they have been cheated out of RM703,000 Malaysian Ringgit…
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Belize financial regulator IFSC has issued a number of Warning Notices regarding several Retail Forex and Binary Options brokers. The IFSC noted that an entity calling itself ‘Binary/Forex Trade’ affiliated with ‘James Emiliev’ with address, Front Street, Spring City, Nashville Tennessee is falsely and fraudulently representing to hold an Expert Advisor / Consultancy / Advisory Services for…
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Cyprus financial regulator CySEC has issued a circular highlighting the changes which will take effect come January 2018 in how CySEC-regulated brokers can passport their CIF license to other EU countries. Cyprus based CIF license holders, and in particular Retail FX and CFD brokers, rely on passporting to allow them to do everything from take…
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A full eight months after first being proposed, new rules governing CFD trading and brokerage take effect this week in Germany. A quick timeline.... German regulator BaFin proposed the new rules for brokers providing off-market leveraged CFD trading on December 8, 2016. That came just two days after BaFin's UK counterpart, The FCA, came out…
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Australia financial regulator ASIC has announced that it has agreed with cash equities broker OpenMarkets Australia Limited for an independent expert to monitor, evaluate and report on OpenMarkets' implementation of recommendations arising from an independent review of its trading and compliance arrangements. The independent expert completed their review of OpenMarkets’ trading and compliance arrangements in…
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Three United Kingdom nationals and former traders of major banks voluntarily surrendered to the FBI and were arraigned on a charge arising from their alleged roles in a conspiracy to manipulate the price of U.S. dollars and euros exchanged in the foreign currency exchange (FX) spot market, the Justice Department announced today. A one-count indictment,…
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