XTrade Updates Client Money Handling in Australia, Launches PayPal Deposits
- XTrade fully compliant with ASIC’s requirements about daily settlement of client money facilities, adds PayPal deposit option.
The Australian Securities and Investments Commission (ASIC) has guided its licensed retail OTC derivatives issuer XTrade.au Pty Ltd to change the way the brokerage handles Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term. The Australian subsidiary of XTrade has successfully revamped its payment processes to comply with the requirements of the regulator.
ASIC has issued a communique this morning announcing that the company has been guided to implement changes to the ways it handles Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. The watchdog states that it was concerned that XTrade's parent company was depositing a 'buffer' into the client trust account to cover any potential shortfalls.
Challenges for brokerages have been related to client settlement challenges arising from dealings with local banks. Daily settlement facilities from Australian banks have been too hard to obtain for some new entrants into the market. Some firms have been doing reconciliation on a daily basis while banks weren’t providing daily settlements.
Commenting to Finance Magnates, a company spokesperson stated: “XTrade is fully compliant with the Australian regulatory framework and ASIC’s announcement has not affected our business in any way.”
In the meantime XTtrade has managed to secure for its clients a new lucrative deposit option: PayPal. The company has already activated for its clients one of the most renowned online payments systems, an effort which brokerages know to be very time consuming.
Clients of XTrade are already able to deposit via PayPal using the cashier system of the brokerage. For the time being the deposit option is available for clients who have registered their accounts with the European subsidiary of XTrade.
The Australian Securities and Investments Commission (ASIC) has guided its licensed retail OTC derivatives issuer XTrade.au Pty Ltd to change the way the brokerage handles Client Money Client Money Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Client money refers to the money or margin – which may be any currency in the form of cash, check, draft, or electronic transfer – that a firm receives or holds for a client. Money held by a firm in the form of a stakeholder, which is are not payable on demand or immediately due, also refers to client money. The definition of client money does not apply to money held by businesses that operate in its own name on behalf of a client. Although the client does have to be in agreement before this arr Read this Term. The Australian subsidiary of XTrade has successfully revamped its payment processes to comply with the requirements of the regulator.
ASIC has issued a communique this morning announcing that the company has been guided to implement changes to the ways it handles Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. The watchdog states that it was concerned that XTrade's parent company was depositing a 'buffer' into the client trust account to cover any potential shortfalls.
Challenges for brokerages have been related to client settlement challenges arising from dealings with local banks. Daily settlement facilities from Australian banks have been too hard to obtain for some new entrants into the market. Some firms have been doing reconciliation on a daily basis while banks weren’t providing daily settlements.
Commenting to Finance Magnates, a company spokesperson stated: “XTrade is fully compliant with the Australian regulatory framework and ASIC’s announcement has not affected our business in any way.”
In the meantime XTtrade has managed to secure for its clients a new lucrative deposit option: PayPal. The company has already activated for its clients one of the most renowned online payments systems, an effort which brokerages know to be very time consuming.
Clients of XTrade are already able to deposit via PayPal using the cashier system of the brokerage. For the time being the deposit option is available for clients who have registered their accounts with the European subsidiary of XTrade.