Turbo certificates, which were not covered by the European Securities and Markets Authority’s (ESMA) regulation, are similar to CFDs but have some differentiating features.
Turbos vs. CFDs: the differences
Turbo certificates and CFDs both trade with leverage, and, with the exception of CFDs on futures, they do not have an expiration date. However, certificates are structured products whose upside return is a derivation of the underlying security and offers a guaranteed return.
Turbo certificates allow traders to make money from market fluctuations with leverage, they have a built-in stop loss, and positions are automatically closed once a predetermined price level is reached. For example, Turbo Long Certificates allow you to benefit from rising prices, whereas Turbo Short Certificates benefit from falling prices.
In particular, CFDs are closer to futures with the risk of unlimited losses when prices move against the investor; turbo certificates are closer to options where loss is effectively restricted to the premium paid.
As highlighted by Mazhar Manzoor, the Director of Risk, Regulation & Financial Crime at ESMA Compliance Consultants, Turbo certificates have the following product features:
Turbo certificates qualify as a transferable security as defined in Article 4 (1) (44) (c) of MiFID;
Turbo certificates are typically listed and traded on a regulated market or a multilateral trading facility (MTF), which includes additional transparency requirements;
Turbo certificates are not margined products, i.e., investors buy the turbo-certificate and are charged transactional fees, for entering the contract;
Turbo certificates do not have a contingent liability for the retail client, ie after the purchase of the product, the retail client cannot be liable for a further payment when the transaction is completed, or the position is closed (other than the commission, transaction fees or other related costs);
Structured finance products are also not within the scope of ESMA’s binary options or CFD decision.
The movement has caught the attention of regulators. However, as of yet, they remain outside the scope of European leverage restrictions.
The Financial Conduct Authority (FCA) did share its concern on the rise of similar products to CFDs that are being offered to retail investors at higher leverage. Namely, the regulator believes that products that have similarities with CFDs could still result in significant losses to retail clients.
Speaking on the rise of Turbo certificates, the British regulator said last year: “we will therefore work with ESMA and other European regulators to monitor and assess the sale of these alternative, speculative products to retail clients. If we have evidence that these products are causing similar harms, we will work with ESMA and will, if necessary, support further action to extend the scope of its intervention”.
ESMA, on the other hand, said that the investment product is exempt from the restrictions due to the fact that it has different product features. Namely, Turbos are not margined products, and investors can’t change the leverage of the Turbo certificate, they don’t have a contingent liability for retail clients, and they’re typically listed and traded on a regulated market or MTF.
Who are offering Turbo certificates?
The product is not widely offered by brokers. In the forex space, one of the main players that offer Turbo certificates is IG Group. As Finance Magnates reported, the company started offering the turbo24 on-venue product from its subsidiary in Frankfurt - Spectrum, an MTF.
Although initially offering Turbo warrants for indices, currencies, and commodities, in the medium and long term, new products will be added as more venue participants are brought on board. According to a recent trading update, the initial uptake has been promising, and around 700 clients have traded turbo24s since its launch in October.
In addition to IG Group, other players to offer certificates are large European banks such as Raiffeisen, Commerzbank, and Erste Group, among others.
Are certificates the answer to CFD restrictions?
Although Turbo certificates do have some similarities to CFDs, they're not the same. From a broker's perspective, CFDs are easier products to pitch and sell to traders as they are more understandable. Furthermore, the revenue that brokers can make off certificates is limited in comparison to what they can make off of CFDs, even with the leverage restrictions.
Speaking on the profitability of Turbo certificates, Manzoor said: "...gains for the firms on client losses are limited so this will only be of limited attractiveness and will restrict any wholesale expansion into this area.
"A CFD is an over the counter contract and the €730,000 IFPRU provider company dealing as principal has a profit equal to the client's loss on any position it has not hedged. For a turbo certificate the potential gain has a maximum of the amount paid by the investor."
It is because of this, it is unlikely that Turbo certificates will become an alternative for CFDs, at least in the short term, and any meaningful adoption outside of countries such as Germany in Europe is unlikely.
"In the UK tax advantages make spread bets one of the more popular ways to deal in CFDs," Manzoor continued. "Some countries have placed an outright restriction on CFDs and it is in these that providers are most likely to offer turbos. For the majority of EU countries including UK and for the reasons... above I do not expect significant numbers of CFD firms to seek to offer these products to retail clients."
Nonetheless, that doesn't mean that their popularity amongst FX brokers won't continue to rise in the long-term, particularly given the fact that the increasingly challenging regulatory environment is forcing institutions to diversify their product offering. But in the short-term, it appears that CFDs will maintain their dominance.
Turbo certificates, which were not covered by the European Securities and Markets Authority’s (ESMA) regulation, are similar to CFDs but have some differentiating features.
Turbos vs. CFDs: the differences
Turbo certificates and CFDs both trade with leverage, and, with the exception of CFDs on futures, they do not have an expiration date. However, certificates are structured products whose upside return is a derivation of the underlying security and offers a guaranteed return.
Turbo certificates allow traders to make money from market fluctuations with leverage, they have a built-in stop loss, and positions are automatically closed once a predetermined price level is reached. For example, Turbo Long Certificates allow you to benefit from rising prices, whereas Turbo Short Certificates benefit from falling prices.
In particular, CFDs are closer to futures with the risk of unlimited losses when prices move against the investor; turbo certificates are closer to options where loss is effectively restricted to the premium paid.
As highlighted by Mazhar Manzoor, the Director of Risk, Regulation & Financial Crime at ESMA Compliance Consultants, Turbo certificates have the following product features:
Turbo certificates qualify as a transferable security as defined in Article 4 (1) (44) (c) of MiFID;
Turbo certificates are typically listed and traded on a regulated market or a multilateral trading facility (MTF), which includes additional transparency requirements;
Turbo certificates are not margined products, i.e., investors buy the turbo-certificate and are charged transactional fees, for entering the contract;
Turbo certificates do not have a contingent liability for the retail client, ie after the purchase of the product, the retail client cannot be liable for a further payment when the transaction is completed, or the position is closed (other than the commission, transaction fees or other related costs);
Structured finance products are also not within the scope of ESMA’s binary options or CFD decision.
The movement has caught the attention of regulators. However, as of yet, they remain outside the scope of European leverage restrictions.
The Financial Conduct Authority (FCA) did share its concern on the rise of similar products to CFDs that are being offered to retail investors at higher leverage. Namely, the regulator believes that products that have similarities with CFDs could still result in significant losses to retail clients.
Speaking on the rise of Turbo certificates, the British regulator said last year: “we will therefore work with ESMA and other European regulators to monitor and assess the sale of these alternative, speculative products to retail clients. If we have evidence that these products are causing similar harms, we will work with ESMA and will, if necessary, support further action to extend the scope of its intervention”.
ESMA, on the other hand, said that the investment product is exempt from the restrictions due to the fact that it has different product features. Namely, Turbos are not margined products, and investors can’t change the leverage of the Turbo certificate, they don’t have a contingent liability for retail clients, and they’re typically listed and traded on a regulated market or MTF.
Who are offering Turbo certificates?
The product is not widely offered by brokers. In the forex space, one of the main players that offer Turbo certificates is IG Group. As Finance Magnates reported, the company started offering the turbo24 on-venue product from its subsidiary in Frankfurt - Spectrum, an MTF.
Although initially offering Turbo warrants for indices, currencies, and commodities, in the medium and long term, new products will be added as more venue participants are brought on board. According to a recent trading update, the initial uptake has been promising, and around 700 clients have traded turbo24s since its launch in October.
In addition to IG Group, other players to offer certificates are large European banks such as Raiffeisen, Commerzbank, and Erste Group, among others.
Are certificates the answer to CFD restrictions?
Although Turbo certificates do have some similarities to CFDs, they're not the same. From a broker's perspective, CFDs are easier products to pitch and sell to traders as they are more understandable. Furthermore, the revenue that brokers can make off certificates is limited in comparison to what they can make off of CFDs, even with the leverage restrictions.
Speaking on the profitability of Turbo certificates, Manzoor said: "...gains for the firms on client losses are limited so this will only be of limited attractiveness and will restrict any wholesale expansion into this area.
"A CFD is an over the counter contract and the €730,000 IFPRU provider company dealing as principal has a profit equal to the client's loss on any position it has not hedged. For a turbo certificate the potential gain has a maximum of the amount paid by the investor."
It is because of this, it is unlikely that Turbo certificates will become an alternative for CFDs, at least in the short term, and any meaningful adoption outside of countries such as Germany in Europe is unlikely.
"In the UK tax advantages make spread bets one of the more popular ways to deal in CFDs," Manzoor continued. "Some countries have placed an outright restriction on CFDs and it is in these that providers are most likely to offer turbos. For the majority of EU countries including UK and for the reasons... above I do not expect significant numbers of CFD firms to seek to offer these products to retail clients."
Nonetheless, that doesn't mean that their popularity amongst FX brokers won't continue to rise in the long-term, particularly given the fact that the increasingly challenging regulatory environment is forcing institutions to diversify their product offering. But in the short-term, it appears that CFDs will maintain their dominance.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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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
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
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▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
📸 Instagram: https://www.instagram.com/financemagnates_official
🐦 X (Twitter): https://twitter.com/financemagnates/
📡 RSS Feed: https://www.financemagnates.com/feed/
▶️ Telegram: https://t.me/financemagnatesnews
Don't miss out on our latest videos, interviews, and event coverage.
🔔 Subscribe to our YouTube channel for more!🔔