In Australia, ASIC is planning on implementing leverage restrictions not dissimilar to those in place in Europe. Except, according to the regulator’s consultation paper, the leverage restrictions will be tougher than in the EU.
Specifically, the Aussie watchdog proposed that it will not distinguish between major and minor currency pairs. Instead, ASIC proposed a single leverage ratio limit for all currency pairs 20:1. For equity indices, ASIC suggests a ratio of 15:1, commodities excluding gold 10:1, Gold 20:1, crypto-assets 2:1, and equities 5:1.
Finance Magnates has previously provided analysis on whether ASIC’s measures are in the best interest of Australia, with Pepperstone, an Australian FX broker, being particularly vocal about the fact that the restrictions proposed by the regulator will stifle innovation in Australia and make the country a less attractive destination for companies.
Will ASIC delay implementation of restrictions?
Now with the onset of COVID-19, will brokers within the retail FX and CFD space have more time to prepare for the measures? Is it possible that amidst the chaos and fallout that the pandemic has created, the authority might delay the implementation of leverage restrictions?
Sophie Gerber, principal of legal firm Sophie Grace and the co-CEO of TRAction Fintech, a company that focuses on providing trade and transaction regulatory reporting services for financial products, including OTC FX and Derivatives, said that ASIC had not changed its mind on implementing the restrictions.
“I understand that ASIC’s views on the issue of CFD leverage restrictions has not changed and they are seeking to pursue the enforcement and regulatory agenda they had in place prior to COVID-19 becoming an issue in Australia. A number of brokers have been asked to voluntarily provide data to ASIC on a regular basis regarding their client profitability statistics,” she said.
So when can we expect the regulations to come into effect? According to Gerber, there are two ways to think - optimistically and pessimistically.
“I would be surprised if the product intervention order was released prior to more of the COVID-19 restrictions being lifted, however it is not outside the realm of possibility,” Gerber explained.
“An optimist would say that the order won’t be released until the economy has recovered and can withstand the losses that will be sustained to the Australian tax base from losing many of Australia’s largest brokers that make a substantial contribution, including to employment. A pragmatist or a pessimist may say that regulators have no real concern for such things.”
Client losses
As Finance Magnates has previously analyzed, client losses have been used by financial regulators to justify restrictive product intervention measures. It was the main support for the European Securities and Markets Authority (ESMA) and now ASIC.
Namely, in recent years regulators have started to say that the 80:20 ratio is problematic, where 80 represents a percentage of loss. However, it is worth pointing out that client losses have always hovered around the 80 percent mark.
Nonetheless, April has seen significant growth in new account openings and trading activity. In addition, despite oil prices plunging into negative territory for the first time in history, retail traders continued to want exposure to oil contracts and take long positions.
Among this influx of new account openings, are new traders, being driven to FX and other asset trading because of the extra attention being given to the markets, as volatility causes wild moves. Therefore, it could be argued that we have more people trying to trade FX without really understanding the asset.
Earlier this week in a webinar hosted by Finance Magnates, the Virtual Leaders Roundtable, Natallia Hunik, Chief Revenue Officer, Advanced Markets explained how retail traders were flocking to oil, and taking out long positions, despite prices going into negative territory.
“I think a lot of newbies, especially retail users are not understanding the implications… I think in terms of protecting the retail users I think definitely there needs to be more education, trying to communicate with them,” Hunik outlined.
Do retail traders need to be protected now more than ever?
This raises the question - do retail traders need to be protected now more than ever? And could this prompt ASIC to implement the measures despite the fact that it could damage the Australian economy further?
“There have been huge losses sustained by retail clients across the financial product landscape in the past few months,” Gerber highlighted. “This includes to the stock market broadly and to blue chip stocks which are cutting their dividend (negatively impacting many retirees reliant on this income stream) and the bond market (Virgin bondholders have been very vocal in the mainstream press)."
“Whether these losses are greater or more significant or have caused more consumer detriment to retail clients than the losses sustained by CFD and margin FX traders is something which will no doubt be a point of contention once any product intervention order is released.”
In Australia, ASIC is planning on implementing leverage restrictions not dissimilar to those in place in Europe. Except, according to the regulator’s consultation paper, the leverage restrictions will be tougher than in the EU.
Specifically, the Aussie watchdog proposed that it will not distinguish between major and minor currency pairs. Instead, ASIC proposed a single leverage ratio limit for all currency pairs 20:1. For equity indices, ASIC suggests a ratio of 15:1, commodities excluding gold 10:1, Gold 20:1, crypto-assets 2:1, and equities 5:1.
Finance Magnates has previously provided analysis on whether ASIC’s measures are in the best interest of Australia, with Pepperstone, an Australian FX broker, being particularly vocal about the fact that the restrictions proposed by the regulator will stifle innovation in Australia and make the country a less attractive destination for companies.
Will ASIC delay implementation of restrictions?
Now with the onset of COVID-19, will brokers within the retail FX and CFD space have more time to prepare for the measures? Is it possible that amidst the chaos and fallout that the pandemic has created, the authority might delay the implementation of leverage restrictions?
Sophie Gerber, principal of legal firm Sophie Grace and the co-CEO of TRAction Fintech, a company that focuses on providing trade and transaction regulatory reporting services for financial products, including OTC FX and Derivatives, said that ASIC had not changed its mind on implementing the restrictions.
“I understand that ASIC’s views on the issue of CFD leverage restrictions has not changed and they are seeking to pursue the enforcement and regulatory agenda they had in place prior to COVID-19 becoming an issue in Australia. A number of brokers have been asked to voluntarily provide data to ASIC on a regular basis regarding their client profitability statistics,” she said.
So when can we expect the regulations to come into effect? According to Gerber, there are two ways to think - optimistically and pessimistically.
“I would be surprised if the product intervention order was released prior to more of the COVID-19 restrictions being lifted, however it is not outside the realm of possibility,” Gerber explained.
“An optimist would say that the order won’t be released until the economy has recovered and can withstand the losses that will be sustained to the Australian tax base from losing many of Australia’s largest brokers that make a substantial contribution, including to employment. A pragmatist or a pessimist may say that regulators have no real concern for such things.”
Client losses
As Finance Magnates has previously analyzed, client losses have been used by financial regulators to justify restrictive product intervention measures. It was the main support for the European Securities and Markets Authority (ESMA) and now ASIC.
Namely, in recent years regulators have started to say that the 80:20 ratio is problematic, where 80 represents a percentage of loss. However, it is worth pointing out that client losses have always hovered around the 80 percent mark.
Nonetheless, April has seen significant growth in new account openings and trading activity. In addition, despite oil prices plunging into negative territory for the first time in history, retail traders continued to want exposure to oil contracts and take long positions.
Among this influx of new account openings, are new traders, being driven to FX and other asset trading because of the extra attention being given to the markets, as volatility causes wild moves. Therefore, it could be argued that we have more people trying to trade FX without really understanding the asset.
Earlier this week in a webinar hosted by Finance Magnates, the Virtual Leaders Roundtable, Natallia Hunik, Chief Revenue Officer, Advanced Markets explained how retail traders were flocking to oil, and taking out long positions, despite prices going into negative territory.
“I think a lot of newbies, especially retail users are not understanding the implications… I think in terms of protecting the retail users I think definitely there needs to be more education, trying to communicate with them,” Hunik outlined.
Do retail traders need to be protected now more than ever?
This raises the question - do retail traders need to be protected now more than ever? And could this prompt ASIC to implement the measures despite the fact that it could damage the Australian economy further?
“There have been huge losses sustained by retail clients across the financial product landscape in the past few months,” Gerber highlighted. “This includes to the stock market broadly and to blue chip stocks which are cutting their dividend (negatively impacting many retirees reliant on this income stream) and the bond market (Virgin bondholders have been very vocal in the mainstream press)."
“Whether these losses are greater or more significant or have caused more consumer detriment to retail clients than the losses sustained by CFD and margin FX traders is something which will no doubt be a point of contention once any product intervention order is released.”
eToro Welcomes Back Naomi Rarmani as Head of Compliance Operations
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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.
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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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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.
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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.
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.
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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.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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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.
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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.
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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.
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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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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.
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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
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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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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
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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:
🔗 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!🔔
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!🔔
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!🔔