Bjorn Krog Andersen named Chairman of new Binary Options industry association EUBOA – LeapRate Exclusive


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LeapRate Exclusive… LeapRate has learned that the newly formed European Brokers Association (EUBOA) has named Bjorn Krog Andersen (pictured at left) as the Chairman of the association.

Mr. Andersen was Senior Vice President, Legal and Compliance at Saxo Bank for the past six years, before leaving the Denmark-based multi-asset broker about six months ago. He joined Saxo Bank after a distinguished legal career including work for the Danish government and army.

LeapRate broke the story of the formation of the association in early September, led by some of the leading regulated Binary Options brokers including IQ option, Banc de Binary, Rodeler (24option), and anyoption, as well as leading Binary technology platform providers TechFinancials Inc (LON:TECH) and SpotOption. The EUBOA is the newly-created self-regulatory organization of the binary options trading industry.

Bjorn Krog Andersen
Bjorn Krog Andersen

LeapRate has learned that the second meeting of the newly named EUBOA took place in Limassol, Cyprus earlier this week.

The key focus of the EUBOA is to interact with regulators, ensure that members adhere to its code of conduct aimed at eradicating bad practices and encourage market participants to become members.

At the meeting this week, we understand that the assembled discussed key issues that will form the purpose and aims of the EUBOA including its manifesto, code of conduct and interaction with regulators.

The manifesto sets out to ensure binary options trading conforms to a basic set of guidelines and behaviour. The EUBOA will aim to eradicate bad practices in the industry that are harmful to customers, and also to encourage the regulation of the industry in a way that is deemed appropriate in given jurisdictions.

The Association is developing a code of conduct for members to follow and adhere to, which will help members to better implement best practice in binary options trading. All participants were apparently in agreement that this was required in an industry that is growing so rapidly and is still only partially regulated.

Encouraging regulators across Europe to be open to dialogue with the EUBOA was also agreed to be a priority. The Board and founding members of the EUBOA are speaking to all regulated brokers to encourage participation as members in what is widely seen to be in the best interest of the growth and professionalization of the industry.

Meetings of the EUBOA Board are planned to be held regularly over the coming months, to ensure the rapid implementation of the code of conduct and the opening of discussions with regulators.

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  • Real Bob

    Nice write up. The key phrase that jumped out at me was ‘self regulatory’.
    I think they would struggle to do this.
    They would not have had to set this up if they had acted in a responsible when legally obliged to..

  • LeapRate Staff

    Thanks for the compliment, Real Bob.

    We think that virtually ALL self regulatory bodies start in this way and for this reason – left alone without supervision, companies get near-term greedy and do silly things, even to the detriment of the long term viability of the company and industry.

    What’s happening here, in our view, is that there is a wide dichotomy in the Binary Options sector between ‘good guys’, and let’s call them not-so-good-guys. There’s absolutely wrong with the Binary Options product itself. If anything, it is simpler to understand for retail traders and hard harder to manipulate than forex pair trading.

    However the implementation of the product has been problematic – high pressure sales tactics, withholding client withdrawals… The new Association clearly wants to educate clients and potential clients, and work with regulators, to make it harder to the not-so-good-guys to succeed. Not that much different than the change which the Forex sector went through a few years ago, when it was full of unregulated brokers doing bad things to clients.

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Bjorn Krog Andersen named Chairman of new Binary Options industry association EUBOA - LeapRate Exclusive

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