Got a shocking and upsetting email today:
In light of recent regulatory developments within Australia, International Capital Markets Pty Ltd (IC Markets AU), AFSL 335692, cannot guarantee that it will be able to provide its services to clients residing outside of Australia (“Overseas Clients”) and therefore, has decided that it will cease providing services to its Overseas Clients on 30 June 2019 (Effective Date).
To minimise the impact on you as a client of our ASIC regulated company, IC Markets AU, we have arranged for IC Markets (SC) to provide financial services to you pursuant to clause 29.6 of the IC Markets AU Account Terms. IC Markets (SC) is the registered business name of True ECN Trading Ltd (regulated under Financial Services Authority of Seychelles, Securities Dealer Licence number: SD018). IC Markets (SC) is a related entity of IC Markets AU.
To make the transition smoother we have automated the migration process, it is completely seamless and will not affect your account balance, existing orders, open positions, trading history and client area login. Post-migration you will be able to continue trading as usual.
What options do I have?Option 1:
Transfer your account, open positions and client money to IC Markets (SC) on the effective date.
What do I need to do?
No further action is required from youBy continuing to trade on your account after the 30th of June 2019 (effective date) you consent for your account details, account balance, existing orders, open positions, trading history and client area login to be transferred from IC Markets AU to IC Markets (SC) and you will be able to continue trading as a client of IC Markets (SC) with the same trading conditions going forward just as you were with IC Markets AU in the past.
Important Notice: The financial services laws of Seychelles do not provide the same protection as Australian law. Under Australian law, ASIC has the power to regulate IC Markets AU conduct and the power to protect consumers (like you) against misleading, deceptive and unconscionable conduct relating to the provision of financial products and services by IC Markets AU to you. The Australian Financial Complaints Authority has the power to externally and independently resolve complaints about the products and services IC Markets AU has provided to you. If you transfer to IC Markets (SC) you will lose all these protections.
Under the laws of Seychelles, True ECN Trading Ltd is regulated under Financial Services Authority of Seychelles, (Securities Dealer Licence number: SD018). IC Markets (SC) is the trading name of True ECN Trading Ltd. IC Markets (SC) will keep offering its products and services in line with its terms and conditions which are substantially the same as those of IC Markets AU. This includes the provision to segregate client money and hold it on trust. IC Markets (SC) holds client money with AA-rated banking institutions in Australia regulated by the Australian Prudential Regulation Authority (APRA). IC Markets (SC) will also continue to handle complaints in accordance with its well-established internal dispute resolution procedures which are similar to IC Markets AU.
For more information please refer to the IC Markets (SC) Account Terms
Maintain your account with IC Markets AU
What do I need to do?If you choose not to migrate you will need to opt out of the migration process, you can do so by clicking on the button below and completing the form. IC Markets AU cannot guarantee that you will be able to continue trading on your account after 30 June 2019. Furthermore, we cannot guarantee that we will be able to continue to offer certain features of your account such as your current leverage.
We will also need to open a new account for you so that we can properly manage any changes that may occur in the future (e.g. leverage), this will mean that you will lose your account history.
IC Markets AU will provide you with notification should we be unable to continue trading with you under our Australian Financial Services Licence after the 30 June 2019.