CySEC Head Demetra Kalogerou: We May Consider Banning Binary Options
- Finance Magnates reports live from the annual industry event in Cyprus.
CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term Head Demetra Kalogerou is now presenting her keynote speech to the trading industry at the iFX Expo International 2017.
The London Summit 2017 is coming, get involved!
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As we reported earlier today, recent efforts by CySEC to better exercise control over the industry should be supported as it is in the interest of brokers to sharpen the focus of CySEC and help it establish itself as a trustworthy regulator.
#CYSEC Head addressing what's next in financial #reulation in #Cyprus pic.twitter.com/Cpq6XKVXpw
— Finance Magnates (@financemagnates) May 25, 2017
Here is a selection of takeaways from the CySEC head's speech:
"It is our mission is to ensure high quality and transparent investments."
"There will be a mechanism to scrutinize marketing and activate complex financial instruments."
"Players in the industry will have to decide if they want to play by the rules."
"We introduced a circular on bonuses. It is uncommon that a firm incentivizing traders to trade in high risk tools will do it honestly."
"We have to separate between what is fair and honest and what is aggressive marketing."
"CySEC will do product monitoring and product intervention. CySEC will introduce tougher rules on companies that provide complex investments."
"We lowered the leverage to 1:50. Those who want to raise leverage will have to make sure the client passes a test and is not trading with sums that exceed their funds."
CYSEC Head declares the death of regulated #binaryoptions in its current form for retail clients #regulation #cysec pic.twitter.com/lQQjDL7Nfa
— Finance Magnates (@financemagnates) May 25, 2017
"We are considering banning binary options but we're still consulting about it."
"The problem: conflict of interest and non-transparent pricing policy. It will be more appropriate to suggest binary options only to professional traders."
"The new supervisory plan will take measurements of on site checks to make sure of compliance."
"MiFID II will try to decrease consumer complaints."
"In the last year we imposed the largest set of fines on CIFs, $4 million. We will continue until there's full compliance."
"Fintech and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term - we're examining how to scrutinize and monitor these technologies and will introduce regulations with regard to that."
"Robo-advice is also attracting attention. We're analyzing it and will decide what to do."
"We want to regulate crowdfunding by 2018."
"We're always open to discussion and to look into ways to make the industry run smoothly. But it will not be at the expense of supervision and enforcement."
CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term Head Demetra Kalogerou is now presenting her keynote speech to the trading industry at the iFX Expo International 2017.
The London Summit 2017 is coming, get involved!
[gptAdvertisement]
As we reported earlier today, recent efforts by CySEC to better exercise control over the industry should be supported as it is in the interest of brokers to sharpen the focus of CySEC and help it establish itself as a trustworthy regulator.
#CYSEC Head addressing what's next in financial #reulation in #Cyprus pic.twitter.com/Cpq6XKVXpw
— Finance Magnates (@financemagnates) May 25, 2017
Here is a selection of takeaways from the CySEC head's speech:
"It is our mission is to ensure high quality and transparent investments."
"There will be a mechanism to scrutinize marketing and activate complex financial instruments."
"Players in the industry will have to decide if they want to play by the rules."
"We introduced a circular on bonuses. It is uncommon that a firm incentivizing traders to trade in high risk tools will do it honestly."
"We have to separate between what is fair and honest and what is aggressive marketing."
"CySEC will do product monitoring and product intervention. CySEC will introduce tougher rules on companies that provide complex investments."
"We lowered the leverage to 1:50. Those who want to raise leverage will have to make sure the client passes a test and is not trading with sums that exceed their funds."
CYSEC Head declares the death of regulated #binaryoptions in its current form for retail clients #regulation #cysec pic.twitter.com/lQQjDL7Nfa
— Finance Magnates (@financemagnates) May 25, 2017
"We are considering banning binary options but we're still consulting about it."
"The problem: conflict of interest and non-transparent pricing policy. It will be more appropriate to suggest binary options only to professional traders."
"The new supervisory plan will take measurements of on site checks to make sure of compliance."
"MiFID II will try to decrease consumer complaints."
"In the last year we imposed the largest set of fines on CIFs, $4 million. We will continue until there's full compliance."
"Fintech and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term - we're examining how to scrutinize and monitor these technologies and will introduce regulations with regard to that."
"Robo-advice is also attracting attention. We're analyzing it and will decide what to do."
"We want to regulate crowdfunding by 2018."
"We're always open to discussion and to look into ways to make the industry run smoothly. But it will not be at the expense of supervision and enforcement."