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Brokers' Update: OANDA Scraps Onshore Chinese Yuan, French AMF Vigilant

Brokers have kept updating their offerings by adding and removing features and instruments while the French AMF updated its brokers

During the last couple of days a number of brokers have continued updating their offerings. OANDA has become the latest with the removal of some managed float currencies such as the onshore Chinese yuan and the Taiwanese dollar.

The broker published an update on its website officially announcing the suspension of currency trading in the onshore Chinese yuan to be enforced the end of the trading tomorrow. With the risks associated with the onshore Chinese currency due to the increased stock market volatility in the country, and the limited access to the market, OANDA could be limiting its exposure to the instrument.

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OANDA will continue offering the offshore Chinese yuan

Doubts about the sustainability of the Chinese yuan managed peg have been increasing in recent weeks, as the government has stated that it remains committed to liberalize the currency market in the country.

The Canadian division of OANDA will also stop offering trading for palladium (USD/XPD). The U.S. division will also scrap the Indian rupee cross to the U.S. dollar, while the European, Asia-Pacific, Australian and the Japanese divisions will only remove the Chinese yuan and the Taiwanese dollar.

OANDA will continue offering the offshore Chinese yuan which is much easier for hedging and is coded as USD/CNH, instead of the USD/CNY which is the suspended currency pair.

All the open positions of clients who are trading the USD/CNY will be closed at the market price registered at the closing of the trading day for the pair on Friday, the 17th of July.

Forex and Binary Options Broker Updates

Saxo Bank restored margin requirements for its clients to lower levels after taking steps to protect its clients and the brokerage from excessive volatility related to the Greek crisis.

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The Japanese brokerage which took over FXCM Japan and FXCM Hong Kong, Rakuten Securities, has urged its clients to update to the latest version of the trading platform offered by the company. The users should take action before the 30th of July when the brokers suspend the support of older versions of Rakuten’s trading software.

Darwinex has listened to its customers’ feedback and introduced a number of filtering options for its clients. They will get an optimized view of the so-called DARWINs, the way in which the company calls a list of trade leaders within the community of traders signed up with the U.K. FCA regulated broker.

Opteck decided to introduce binary options on the GBP/CHF currency pair

Binary options brokerage Opteck decided to introduce binary options on the GBP/CHF currency pair. The Swiss franc has not been a favorite of binary options retail investors in the past due to the lack of volatility as the pair was pegged to the euro. Most notably, some binary brokers have simply ignored CHF pairs until recently.

Tickmill embarked on a growing trend of customizing trading applications to run natively on Apple’s MacOSX operating system. The company announced that it has launched a native solution which runs within the familiar MT4 platform on Mac computers.

Regulatory Update

The British Colombia regulator has warned the public in the country about an unregistered and unregulated entity presenting itself as an investment company under the name Bulls and Bears Traders (BnB). Instead of providing a brokerage or investment service the company’s website appears to be modeled under a typical multi-level marketing (MLM) scheme.

The French regulator AMF has announced an updated list of forex brokers which are not authorized to operate in the country. Some of the firms present on the list also provide binary options. The full details of companies operating without proper authorization by the French financial watchdog can be found below.

French_AMF_List

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