As London Summit draws closer, Finance Magnates sat down with some of the event’s speakers to get a feel of what’s coming. In this latest piece, we focus on the shifting field of regulation and its impact on the brokerage industry.
Indeed, regulation has dominated the discussion as one of the most impactful trends and changes facing the financial services industry. This has especially been true over the past few years, where the space has seen a sizable shift and complexity in legislation and rules. This includes the passage of ESMA’s regulation restricting leverage in CFDs and its consequent impact on brokers. Is now the time to panic or is there light at the end of the tunnel? Quinn Perrott weighs in during our brief interview.
What is your position and what does your role entail?
I am the co-Founder and General Manager of TRAction Fintech. The role essentially crosses over all aspects of the business, from helping clients understand their reporting requirements and reviewing legislation to managing staff and keeping the company running.
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What is the single most important market event or development in 2018 so far?
The most important development has been MiFID II, MIFIR and its product intervention powers (and their usage to implement leverage restrictions).
What are the biggest challenges that the FX trading community is facing? How do they affect your field?
The biggest challenges facing the FX community are uncertainty and frequent regulatory change. Anecdotally we are seeing less new entrants into the market and more brokers closing up shop or scaling back, which could limit potential customer growth.
What is the main message you’d like to convey to London Summit delegates?
The message I would like to bestow is to keep calm and carry on. If there’s one thing FX brokers are good at, it is surviving a potential crisis. If I had a dollar for every time someone asked me if I think the FX-CFD industry was finished….
Quinn Perrott will be speaking at the upcoming 2018 London Summit about regulation in the APAC region and beyond. Learn more and register here today!