Yep, knee jerk. Well done ASIC.
https://fxnewsgroup.com/forex-news/r...#comment-22096
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On the heels of a massive $75 million court order against now-defunct binary options and CFD broker AlphaBinary, Australia’s financial regulator ASIC issued what it calls “a product intervention order” imposing conditions on the issue and distribution of contracts for difference (CFDs) to retail clients.
Beyond the AlphaBinary case, what really seems to have tipped ASIC over the edge was its review of how retail traders fared during the first volatile weeks of the COVID-19 pandemic in March and April of this year.
During a volatile five-week period in March and April 2020, the retail clients of a sample of 13 CFD issuers made a net loss of more than $774 million.
https://fxnewsgroup.com/forex-news/r...#comment-22096
-----------------
On the heels of a massive $75 million court order against now-defunct binary options and CFD broker AlphaBinary, Australia’s financial regulator ASIC issued what it calls “a product intervention order” imposing conditions on the issue and distribution of contracts for difference (CFDs) to retail clients.
Beyond the AlphaBinary case, what really seems to have tipped ASIC over the edge was its review of how retail traders fared during the first volatile weeks of the COVID-19 pandemic in March and April of this year.
During a volatile five-week period in March and April 2020, the retail clients of a sample of 13 CFD issuers made a net loss of more than $774 million.