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Breaking: Australian Parliament Passes Product Intervention

  • #161
  • Nov 15, 2020 3:29am Nov 15, 2020 3:29am
Yep, knee jerk. Well done ASIC.

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.
  • #162
  • Nov 15, 2020 3:57am Nov 15, 2020 3:57am
So...Aussies can't trade?

Just kidding.
I will tear the world apart for you.
  • #163
  • Nov 15, 2020 4:11am Nov 15, 2020 4:11am
Hahaa, trade yes, maybe win - no. 5weeks, $774 mill = ~ $150 mill per week losses


My definition of knee jerk.

Following hot on the heels of the #1 chair and #2 chair of ASIC falling under internal scrutiny and Govt admonishment.

https://www.abc.net.au/news/2020-10-...aside/12807278

https://www.abc.net.au/news/2020-10-...enses/12799174


Let's appear to do "something" to justify our existence in FX oversighting.
  • #164
  • Nov 15, 2020 4:11am Nov 15, 2020 4:11am
Quoting TimeTells
Yep, knee jerk. Well done ASIC. 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...
I wonder how much gamblers loss in online sports betting during that time, but that's OK.
The point is they have been talking about this for 18 months now and I doubt the losses this year mattered much at all.
They are just following the rest of the world.
Trading thin liquidity at the boundary of the charts
  • #165
  • Nov 15, 2020 4:12am Nov 15, 2020 4:12am
And, what’s more, if ASIC were truly genuine in their efforts to “help” retail traders then …

This $774 million that retail traders lost.

You have by definition, ASIC, confirmed that the net $774 million losses didn’t go to OTHER retail trader winners.

And IF this is the case ASIC, then maybe you should serve the Retail industry better by investigating just who DID WIN the missing $774 million that retail lost.

This might help a lot more than just adjusting leverage.


For example ASIC, was it the Liquidity Providers that won the $774 mill that retail lost?

Or was it split up between the Broker B-Book firms?


Come on ASIC investigate properly and advise who were the $774 million winners.


If you say Retail lost it, then investigate “where it went” (zero sum game, and all).

I won’t hold my breathe.

And retail will now “Pony Up” extra cash into their accounts to simply trade at the same level as before.
  • #166
  • Nov 15, 2020 4:17am Nov 15, 2020 4:17am
Quoting TimeTells
And, what’s more, if ASIC were truly genuine in their efforts to “help” retail traders then … .
Thanks God ASIC has no influence on whiskey price to help drinkers...
  • #167
  • Nov 15, 2020 4:20am Nov 15, 2020 4:20am
These new laws will not affect offshore clients right?
I will tear the world apart for you.
  • #168
  • Nov 15, 2020 4:29am Nov 15, 2020 4:29am
Lol, I'm just going with the flow, and will deposit the extra.

Pretty sure that's what they want in the end. No other outcome or option.


It's this sanctimonius rhetoric from ASIC that they are "helping" retail that sticks in my throat


And PS, we have one of the highest national taxations on alcohol in the free world. It's indexed twice a year.

@B. It is for Aussie brokerage houses. Regardless of where their clients come from, is my understanding.
  • #169
  • Nov 15, 2020 4:30am Nov 15, 2020 4:30am
Quoting TimeTells
Lol, I'm just going with the flow, and will deposit the extra. Pretty sure that's what they want in the end. No other outcome or option. It's this sanctimonius rhetoric from ASIC that they are "helping" retail that sticks in my throat And PS, we have one of the highest national taxations on alcohol in the free world. It's indexed twice a year. @B. It is for Aussie brokerage houses. Regardless of where their clients come from, is my understanding.
I just dropped an email to my premium account manager at Pepperstone. Let's see what he says.
I will tear the world apart for you.
  • #170
  • Nov 16, 2020 1:58am Nov 16, 2020 1:58am
Quoting Drolph
Good train of thought. But having a look aside from this theoretical point of view it does not play a major role for me. The possibility for me as an european trader to get support from ASIC in case of a dispute is very limited even now. And my argument of the brokers motivation to stay away from any shady measures remains intact. Once a broker gets caught doing dirty stuff he will lose most of his regular revenue from retail clients totally independent where it is regulated. I guess you know FXPig right? They are a good example of serious and sophisticated...
I'm a bit torn on FXPig as I've heard they're good, though if you dig deeper you'll see that in the past they got in trouble with the FPA guys for bribing customers with inducements for posting positive reviews..
  • #171
  • Nov 16, 2020 2:23am Nov 16, 2020 2:23am
Quoting Barnell
{quote} I just dropped an email to my premium account manager at Pepperstone. Let's see what he says.
He replied and said to arrange for a call, but I'm lazy to speak...told him to email me the details, lol.
I will tear the world apart for you.
  • #172
  • Nov 20, 2020 11:06pm Nov 20, 2020 11:06pm
For people affected by ASIC and who would like 500:1 leverage with a similar feed to the Pepperstone Razor Account.... just consider a move over to these guys in New Zealand. Fully licensed and regulated.

https://blackbullmarkets.com/en/
  • #173
  • Nov 22, 2020 4:03am Nov 22, 2020 4:03am
One thing strange about blackbullmarkets is that their NZ company do not accept NZ citizens as clients. This was the rule when FMA clamp down on forex trading.
If an NZ company doesn't accept NZ clients, what does it says about being regulated?
Also for FMA, client money can be used for hedging. By ASIC rules, money in client trust account cannot be used for Hedging. Just be aware of this.
  • #174
  • Nov 22, 2020 9:01pm Nov 22, 2020 9:01pm
Quoting reddevil
One thing strange about blackbullmarkets is that their NZ company do not accept NZ citizens as clients. This was the rule when FMA clamp down on forex trading. If an NZ company doesn't accept NZ clients, what does it says about being regulated? Also for FMA, client money can be used for hedging. By ASIC rules, money in client trust account cannot be used for Hedging. Just be aware of this.
Thanks for that. I just spoke to Black Bull and they do accept NZ clients as of August this year due to a lengthy licensing process that has been completed. As for the hedging... the customer service rep couldn't specify on that. Their feed looks very good so I'm going to go with it for now.
Thanks.
  • #175
  • Edited 9:21pm Nov 22, 2020 9:10pm | Edited 9:21pm
Quoting tomislav
{quote} Thanks for that. I just spoke to Black Bull and they do accept NZ clients as of August this year due to a lengthy licensing process that has been completed. As for the hedging... the customer service rep couldn't specify on that. Their feed looks very good so I'm going to go with it for now. Thanks.
gave the company a look see.

their current head of FX Anish Lal seem to have a shady past, use to run a fraudulent binary options brokerage. might wanna check how much skin he has in e company.
https://www.forexpeacearmy.com/commu...ets-com.63786/

if NZ is your destination of choice, i'd suggest OMF, has almost $400m under management.
Rockfort is another good one offering FX futures.
  • #176
  • Nov 24, 2020 7:29pm Nov 24, 2020 7:29pm
Pepperstone made its move.
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  • #177
  • Nov 24, 2020 9:42pm Nov 24, 2020 9:42pm
Quoting Bicarus
Pepperstone made its move. {image}

Cheers Bic, one down, three to go, then business as usual.


In a free society any business should be allowed to offer whatever business model they wish, to a potential customer.

That customer then does their own due diligence, and chooses whether to do business there.

The rest is caveat emptor.
  • #178
  • Nov 28, 2020 12:43am Nov 28, 2020 12:43am
Quoting Bicarus
Pepperstone made its move. {image}
Thanks maybe after Xmas Ill make my move unless NZ doesnt follow suit with leverage

OMG........ OMF doesn't have Metatrader4 from what I can see but Rockford does so I shall have to do some due diligence.

really appreciate the input Wait Rockford only offer 100:1 leverage on Forex
  • #179
  • Dec 1, 2020 3:25am Dec 1, 2020 3:25am
have shortlisted a few offshore ones after looking at the company's financials & past filings.
In no way am i recommending them, just stating that they do have potential

1) Axiory
2) Fxtm
3) Fxpig
4) Jfd Bank
5) Fxchoice*

*can't find its financial filings but some colleague swears by it.

if anyone has experience with those listed above, kindly do share experience.
  • #180
  • Dec 1, 2020 3:47am Dec 1, 2020 3:47am
Quoting Bicarus
have shortlisted a few offshore ones after looking at the company's financials & past filings. In no way am i recommending them, just stating that they do have potential 1) Axiory 2) Fxtm 3) Fxpig 4) Jfd Bank 5) Fxchoice* *can't find its financial filings but some colleague swears by it. if anyone has experience with those listed above, kindly do share experience.

Got experience with 3) and 4).

Would not recommend JFD, they are pretty expensive considering they lousy execution. I also found their general appearance, how do I phrase it.. outdated. I had to send manually filled in documents (printed!) for various issues. Never experienced that anywhere else. Felt like a time travel back to 1997.

FXPig is a solide option. They offer a lot of features for a MT4/5 broker. Only disadvantage for me here is their deposit and withdrawals, which lack in possibilities and costs imho compared to competitors.
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