The Australian government is enforcing new client money rules that are going to dramatically impact the industry
Bloomberg
The Australian Minister for Revenue and Financial Services, Hon Kelly O’Dwyer has communicated that the Australian government is proceeding with reforms to the retail over-the-counter foreign exchange and CFDs sector that is going to dramatically impact the local industry.
The reforms which the government says are designed to protect clients, could cause operation difficulties for a number of companies in the country. The companies that are holding a regulatory license from the Australian Securities and Investments Commission (ASIC) will no longer be able to use client money “for a wide range of purposes, including for working capital”.
The government states in its official announcement on the matter that the use of client money for certain activities is not permitted in a number of G20 economies.
Sophie Gerber, Director of Sophie Grace
Commenting on the announcement, the Director of financial services consultancy Sophie Grace, Sophie Gerber, stated, “There's around 55 licensees in the OTC derivatives sector according to ASIC Report 482. Without being able to see the annual FS70 and FS71 (i.e. financial statements) of each of these companies (i.e. everyone that is a Pty Ltd), it is impossible to know if they are all adequately capitalized to cope with these client money reforms, i.e. that they have sufficient capital to hedge their client positions where they consider it necessary.”
“However given ASIC's comments in Report 482 on the poor level of NTA compliance, I'm concerned that most entities are not in a position to withstand these changes. This will potentially lead to unfortunate insolvency issues over the next couple of years to the severe detriment of clients or many AFSL sales before the rules come into force as smaller players seek to exit the industry,” Ms Gerber explained.”
How to be an STP Broker When Client Funds Can’t be Used for Working Capital?
Commenting on today's announcement the General Manager of transaction reporting focused Fintech company TRAction and former managing director of AxiTrader, Quinn Perrott, said, "I think the big winners here are large brokers that are already running a B book as this effectively puts pressure on smaller less sophisticated brokers and also less capitalised brokers. It also puts another obstacle to entry on the industry (as if there wasn’t enough already). In my opinion, the big losers of the day are Prime of Prime (PoP) firms and fully straight through processing (STP) brokers. PoP brokers will find their clients (often smaller STP firms) don’t have enough of their own capital to cover margin and will probably be forced to adopt a B book model."
"Fully STP brokers will find hedging too capital intensive without the use of client funds and the return on capital often won’t be worth the risk. For retail clients, in general I see this as neutral. I think there are a few cases in the past where it could have saved clients from losses but there are also plenty of examples where it would have made no difference. Even with client money staying in trust there is plenty of room for error, poor accounting or outright fraud. Also this legislation may reduce competition and severely limit the STP model, neither being good for the retail client. Basically this was a win for IG markets and CMC, who went to great lengths to try and stifle competition," Mr Perrot explains.
Ms Gerber elaborated on the matter, “Some applicants are being afforded an opportunity to meet with the regulator to discuss their proposed business model and operations, whereas others are being outright ignored for months on end and then finally rejected (often with ill-conceived reasoning, however the process to refute these decisions is very time-consuming). I'd like to see ASIC start facilitating a flow-through of investment in this industry as well as others so we can all benefit.”
While the government claims that the ban on the use of client money for working capital is designed to ensure the safekeeping of clients’ funds, companies that are willing to transmit their clients’ order on to the broad marketplace will have to warrant their positions with the broker’s own finds.
“I hope alongside this that ASIC will solidify its position on its review and approval of AFSLs which has, as everyone knows, been most difficult in the past few years, with no proper guidance being released by ASIC, rather it being done in an ad hoc and inefficient way to various industry players as they see fit,” the Director of Financial Services consultancy Sophie Grace elaborated.
One Year Grace Period
Australian authorities will give a one year term to all companies to begin complying with the new regulatory framework. While no official timeline has been provided, the new Bill mandating the client funds regulations will be introduced at the earliest opportunity to enhance consumer protection.
In an official announcement, the Australian authorities have stated, “The Government has conducted extensive consultation on the proposed regime, with almost 50 submissions received on the discussion paper and draft Bill. In addition, numerous consultation the government meetings have been held with a broad range of stakeholders, including industry associations, the Australian Securities and Investments Commission and the ASX.”
“While the Government acknowledges that the Bill may cause some disruption to firms that use a particular business model, the Government’s primary objective is to ensure the protection of retail client monies, and these reforms will achieve this objective,” the official statement reads.
The Australian Minister for Revenue and Financial Services, Hon Kelly O’Dwyer has communicated that the Australian government is proceeding with reforms to the retail over-the-counter foreign exchange and CFDs sector that is going to dramatically impact the local industry.
The reforms which the government says are designed to protect clients, could cause operation difficulties for a number of companies in the country. The companies that are holding a regulatory license from the Australian Securities and Investments Commission (ASIC) will no longer be able to use client money “for a wide range of purposes, including for working capital”.
The government states in its official announcement on the matter that the use of client money for certain activities is not permitted in a number of G20 economies.
Sophie Gerber, Director of Sophie Grace
Commenting on the announcement, the Director of financial services consultancy Sophie Grace, Sophie Gerber, stated, “There's around 55 licensees in the OTC derivatives sector according to ASIC Report 482. Without being able to see the annual FS70 and FS71 (i.e. financial statements) of each of these companies (i.e. everyone that is a Pty Ltd), it is impossible to know if they are all adequately capitalized to cope with these client money reforms, i.e. that they have sufficient capital to hedge their client positions where they consider it necessary.”
“However given ASIC's comments in Report 482 on the poor level of NTA compliance, I'm concerned that most entities are not in a position to withstand these changes. This will potentially lead to unfortunate insolvency issues over the next couple of years to the severe detriment of clients or many AFSL sales before the rules come into force as smaller players seek to exit the industry,” Ms Gerber explained.”
How to be an STP Broker When Client Funds Can’t be Used for Working Capital?
Commenting on today's announcement the General Manager of transaction reporting focused Fintech company TRAction and former managing director of AxiTrader, Quinn Perrott, said, "I think the big winners here are large brokers that are already running a B book as this effectively puts pressure on smaller less sophisticated brokers and also less capitalised brokers. It also puts another obstacle to entry on the industry (as if there wasn’t enough already). In my opinion, the big losers of the day are Prime of Prime (PoP) firms and fully straight through processing (STP) brokers. PoP brokers will find their clients (often smaller STP firms) don’t have enough of their own capital to cover margin and will probably be forced to adopt a B book model."
"Fully STP brokers will find hedging too capital intensive without the use of client funds and the return on capital often won’t be worth the risk. For retail clients, in general I see this as neutral. I think there are a few cases in the past where it could have saved clients from losses but there are also plenty of examples where it would have made no difference. Even with client money staying in trust there is plenty of room for error, poor accounting or outright fraud. Also this legislation may reduce competition and severely limit the STP model, neither being good for the retail client. Basically this was a win for IG markets and CMC, who went to great lengths to try and stifle competition," Mr Perrot explains.
Ms Gerber elaborated on the matter, “Some applicants are being afforded an opportunity to meet with the regulator to discuss their proposed business model and operations, whereas others are being outright ignored for months on end and then finally rejected (often with ill-conceived reasoning, however the process to refute these decisions is very time-consuming). I'd like to see ASIC start facilitating a flow-through of investment in this industry as well as others so we can all benefit.”
While the government claims that the ban on the use of client money for working capital is designed to ensure the safekeeping of clients’ funds, companies that are willing to transmit their clients’ order on to the broad marketplace will have to warrant their positions with the broker’s own finds.
“I hope alongside this that ASIC will solidify its position on its review and approval of AFSLs which has, as everyone knows, been most difficult in the past few years, with no proper guidance being released by ASIC, rather it being done in an ad hoc and inefficient way to various industry players as they see fit,” the Director of Financial Services consultancy Sophie Grace elaborated.
One Year Grace Period
Australian authorities will give a one year term to all companies to begin complying with the new regulatory framework. While no official timeline has been provided, the new Bill mandating the client funds regulations will be introduced at the earliest opportunity to enhance consumer protection.
In an official announcement, the Australian authorities have stated, “The Government has conducted extensive consultation on the proposed regime, with almost 50 submissions received on the discussion paper and draft Bill. In addition, numerous consultation the government meetings have been held with a broad range of stakeholders, including industry associations, the Australian Securities and Investments Commission and the ASX.”
“While the Government acknowledges that the Bill may cause some disruption to firms that use a particular business model, the Government’s primary objective is to ensure the protection of retail client monies, and these reforms will achieve this objective,” the official statement reads.
EuropeFX's Sole Director Banned in Australia for 5 Years
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In our discussion with Rhonda K. Müller, CEO of Muinmos, during iFX EXPO International, she covered regulatory changes impacting the trading industry, particularly focusing on new frameworks like MICA and Dora. She highlights the positive effects of regulation, such as increased order and transparency, and predicts that these changes will ignite more competition in the crypto market. Rhonda also touches on the rising trend of prop trading and anticipates future regulations in this area to ensure legitimacy. Finally, she shares Mooz's commitment to digitization and connectivity, aiming to provide comprehensive solutions from investor protection to risk profiling.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24