The 7th of March is the final deadline for companies to submit their comments to the FCA.
Earlier this morning, the UK’s Financial Conduct Authority, which is the chief financial regulator of foreign exchange and contracts for difference (CFDs) brokerages and spread betting providers in the country, issued a consolation paper to companies from the industry.
The watchdog outlined some proposed changes to the regulatory framework that governs the conduct of rolling spot forex, CFDs and spread betting providers. The FCA has given companies from the industry until the 7th of March 2017 to submit their comments to the regulator on the proposed changes that are aiming to better protect retail traders.
Amongst those, there is a proposed leverage cap at 1:50, mandatory reporting of the percentage of profitable traders, and last but not least, the introduction of a binary options regulatory framework by the financial regulator.
A number of publicly traded companies have been affected by the regulator’s move with CMC Markets, IG Group and Plus500 being the most affected in today’s trade on the London Stock Exchange.
Industry Response
CMC Markets has issued an official announcement highlighting that the company shares a common desire with the FCA “to see a uniform application of the highest standards of conduct across the industry”.
With the UK regulator identifying substantial risks to inexperienced retail investors, where the FCA is mandating a cap on leverage at 1:25, the continuation of a business model that relies on a high churn of clients with a high loss rate us unsustainable.
“CMC has consistently focused on higher-value experienced premium clients who understand the markets and products they are trading. Furthermore, an integral part of CMC’s “client first” proposition over the last five years is ongoing client education about markets, products and associated risks. CMC’s business model and ongoing strategy is focused on generating revenue from client trading costs and therefore believes in establishing long-term client relationships,” the company elaborated in its statement.
Gold-i’s CEO Tom Higgins doesn’t seem surprised by the announcement: “This is something I have predicted for a while and it all started with the culling of Binary Options, which are the ultimate example of selling highly risky products to people who do not know what they are doing. Highly leveraged FX & CFDs with bonus upon bonus is a very similar offering. It encourages clients to trade more and more and is much more akin to a casino or a Ponzi scheme than trading a financial product.”
“I think this is good for the industry as a whole as the ultimate customer must always be looked after. They are not usually professionals and need education and controls to stop them “blowing up” in a matter of weeks,” Mr Higgins elaborated.
He continued: “This does mean that the B-book only broker with massive leverages and 1000’s of clients that churn weekly will either die or evolve into something better. Luckily there are technology providers like Gold-i who already have all the technology they need to make this leap into a risk-managed and controlled world. I am not sure this is really a black swan event , but maybe a dark grey one!”
IG Group stated in an official communique via the London Stock Exchange that a robust and proportionate regulatory oversight of the CFD sector in the UK and Europe is supported by the firm.
The company’s statement also notes that “the FCA’s proposals do not appear to directly apply to firms operating from outside the UK offering CFDs and binaries to clients in the UK on a cross-border services passport from another EU member state.”
Cappitech’s Business Development Manager Ron Finberg commented with an optimistic note: “I believe that the Forex/CFDs industry will be able to adjust to the leverage restrictions. Both the US and Japan have long had leverage restrictions and individual traders are among the most active in the world.”
“More than bonuses and margin, a bigger blow would be an increase of minimum capital requirements. In terms of the US, it’s the $20 million minimum that drove out the brokers and destroyed the market. On a side note, I find it interesting that the FCA also mentioned that it was in the process of evaluating financial regulation for binary options,” Mr Finberg stated.
Plus500’s shares tanked the most in the aftermath of the London Stock Exchange open, as the firm highlighted in an official announcement that it expects material operational and financial impact on the UK regulated subsidiary of the firm, which represents approximately 20% of the group’s revenues.
The CEO of Stater Global Markets, Ramy Soliman, thinks that the FCA is doing the right thing.
Soliman also highlighted that if Japan is any indication, reduced leverage doesn’t necessarily mean reduced volumes but it does mean a reduced number of well capitalised, well run participants to service an increasingly sophisticated retail client base.
ThinkMarkets’s CEO Nauman Anees elaborated: “We welcome the FCA's initiative to strengthen its oversight and supervision of the CFD market, we trust their skill, expertise and insight will bring a meaningful and useful decision for the wider market.”
Earlier this morning, the UK’s Financial Conduct Authority, which is the chief financial regulator of foreign exchange and contracts for difference (CFDs) brokerages and spread betting providers in the country, issued a consolation paper to companies from the industry.
The watchdog outlined some proposed changes to the regulatory framework that governs the conduct of rolling spot forex, CFDs and spread betting providers. The FCA has given companies from the industry until the 7th of March 2017 to submit their comments to the regulator on the proposed changes that are aiming to better protect retail traders.
Amongst those, there is a proposed leverage cap at 1:50, mandatory reporting of the percentage of profitable traders, and last but not least, the introduction of a binary options regulatory framework by the financial regulator.
A number of publicly traded companies have been affected by the regulator’s move with CMC Markets, IG Group and Plus500 being the most affected in today’s trade on the London Stock Exchange.
Industry Response
CMC Markets has issued an official announcement highlighting that the company shares a common desire with the FCA “to see a uniform application of the highest standards of conduct across the industry”.
With the UK regulator identifying substantial risks to inexperienced retail investors, where the FCA is mandating a cap on leverage at 1:25, the continuation of a business model that relies on a high churn of clients with a high loss rate us unsustainable.
“CMC has consistently focused on higher-value experienced premium clients who understand the markets and products they are trading. Furthermore, an integral part of CMC’s “client first” proposition over the last five years is ongoing client education about markets, products and associated risks. CMC’s business model and ongoing strategy is focused on generating revenue from client trading costs and therefore believes in establishing long-term client relationships,” the company elaborated in its statement.
Gold-i’s CEO Tom Higgins doesn’t seem surprised by the announcement: “This is something I have predicted for a while and it all started with the culling of Binary Options, which are the ultimate example of selling highly risky products to people who do not know what they are doing. Highly leveraged FX & CFDs with bonus upon bonus is a very similar offering. It encourages clients to trade more and more and is much more akin to a casino or a Ponzi scheme than trading a financial product.”
“I think this is good for the industry as a whole as the ultimate customer must always be looked after. They are not usually professionals and need education and controls to stop them “blowing up” in a matter of weeks,” Mr Higgins elaborated.
He continued: “This does mean that the B-book only broker with massive leverages and 1000’s of clients that churn weekly will either die or evolve into something better. Luckily there are technology providers like Gold-i who already have all the technology they need to make this leap into a risk-managed and controlled world. I am not sure this is really a black swan event , but maybe a dark grey one!”
IG Group stated in an official communique via the London Stock Exchange that a robust and proportionate regulatory oversight of the CFD sector in the UK and Europe is supported by the firm.
The company’s statement also notes that “the FCA’s proposals do not appear to directly apply to firms operating from outside the UK offering CFDs and binaries to clients in the UK on a cross-border services passport from another EU member state.”
Cappitech’s Business Development Manager Ron Finberg commented with an optimistic note: “I believe that the Forex/CFDs industry will be able to adjust to the leverage restrictions. Both the US and Japan have long had leverage restrictions and individual traders are among the most active in the world.”
“More than bonuses and margin, a bigger blow would be an increase of minimum capital requirements. In terms of the US, it’s the $20 million minimum that drove out the brokers and destroyed the market. On a side note, I find it interesting that the FCA also mentioned that it was in the process of evaluating financial regulation for binary options,” Mr Finberg stated.
Plus500’s shares tanked the most in the aftermath of the London Stock Exchange open, as the firm highlighted in an official announcement that it expects material operational and financial impact on the UK regulated subsidiary of the firm, which represents approximately 20% of the group’s revenues.
The CEO of Stater Global Markets, Ramy Soliman, thinks that the FCA is doing the right thing.
Soliman also highlighted that if Japan is any indication, reduced leverage doesn’t necessarily mean reduced volumes but it does mean a reduced number of well capitalised, well run participants to service an increasingly sophisticated retail client base.
ThinkMarkets’s CEO Nauman Anees elaborated: “We welcome the FCA's initiative to strengthen its oversight and supervision of the CFD market, we trust their skill, expertise and insight will bring a meaningful and useful decision for the wider market.”
Prop Trading: YourPropFirm Taps Leverate to Enhance Services
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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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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:
🔗 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.
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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
🐦 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!🔔