AMF Updates Swat List of Binary Options Providers Retail Traders Should Avoid
by
George Tchetvertakov
Almost four dozen names are added to the AMF's list of unauthorized brokers. Regulations and other deterrents are not slowing down the race-to-market between binary providers amongst whom rogues dwell.
France’s financial market regulator, the Autorité des Marchés Financiers (AMF), has updated its periodic list of websites that “offer binary options trading, for which no authorized investment services provider could be clearly identified." The new list cancels and supersedes the previously published iteration on July 2nd, 2014.
The AMF recommends binary options customers to open accounts “only with financial institutions authorized to do business in France." The AMF also warns market participants that “any unauthorized intermediaries run the risk of criminal sanctions” and advises against “responding to offers from any broker on the published lists." Any financial intermediary offering or recommending investments must be on the list of financial institutions authorized to do business in France, as can be verified via www.regafi.fr.
The number of websites listed has grown steadily since the AMF began maintaining periodic lists in late 2013, with sharp jumps in February 2014 and August-September 2014.
Since the previous publication in July this year, 45 new names have been added to the AMF list.
It’s clear that both aspiring binary options providers are not deterred from entering the financial market arena without Regulation or oversight, which underlines the frailties in the patchwork of global regulation that continues to incentivise regulatory arbitrage. Regulators can do very little aside from making public warnings, as many binary options websites and the firms operating them are based around the globe in territories that are not subject to rules or regulations.
As recently as July this year, the AMF published a report on “mapping of risk and trends in the financial markets.” The regulator highlighted risks likely to weigh on financial stability, market organization and financing of the French economy. In a key finding, the AMF reported, “Financial institutions facing an economic environment that remains fragile face stronger prudential requirements and/or whose lack of coordination favors regulatory arbitrage."
In other words, when times are tough for brokers, applying for regulatory licenses may not be cost effective if clients are happy to open accounts regardless of whether regulation is present.
France’s financial market regulator, the Autorité des Marchés Financiers (AMF), has updated its periodic list of websites that “offer binary options trading, for which no authorized investment services provider could be clearly identified." The new list cancels and supersedes the previously published iteration on July 2nd, 2014.
The AMF recommends binary options customers to open accounts “only with financial institutions authorized to do business in France." The AMF also warns market participants that “any unauthorized intermediaries run the risk of criminal sanctions” and advises against “responding to offers from any broker on the published lists." Any financial intermediary offering or recommending investments must be on the list of financial institutions authorized to do business in France, as can be verified via www.regafi.fr.
The number of websites listed has grown steadily since the AMF began maintaining periodic lists in late 2013, with sharp jumps in February 2014 and August-September 2014.
Since the previous publication in July this year, 45 new names have been added to the AMF list.
It’s clear that both aspiring binary options providers are not deterred from entering the financial market arena without Regulation or oversight, which underlines the frailties in the patchwork of global regulation that continues to incentivise regulatory arbitrage. Regulators can do very little aside from making public warnings, as many binary options websites and the firms operating them are based around the globe in territories that are not subject to rules or regulations.
As recently as July this year, the AMF published a report on “mapping of risk and trends in the financial markets.” The regulator highlighted risks likely to weigh on financial stability, market organization and financing of the French economy. In a key finding, the AMF reported, “Financial institutions facing an economic environment that remains fragile face stronger prudential requirements and/or whose lack of coordination favors regulatory arbitrage."
In other words, when times are tough for brokers, applying for regulatory licenses may not be cost effective if clients are happy to open accounts regardless of whether regulation is present.
The Menace of Clones: Malta’s Regulator Warns against Fake "Documents and Emails"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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