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Global Prime

  • #1
  • First Post: Aug 7, 2024 1:44am Aug 7, 2024 1:44am
In light of recent regulatory guidelines, we would like to inform you that we will be discontinuing the ability for ASIC retail clients to open hedged positions at Global Prime.

Effective August 12th, opening hedged trades will no longer be available. If you attempt to place a trade in the opposite direction of an existing position, the platform will display an error message.

As of today, we are implementing these changes in demo environments.

What about existing hedges?

If you currently have open hedged trades, they will be automatically netted off against each other after market close on August 9th, leaving you with the remaining position (if any).
Ronnie Renko
  • #2
  • Aug 7, 2024 1:57am Aug 7, 2024 1:57am
i have checked ASIC WED SITE THERE IS NOTHING THERE ABOUT IT , ONLY THING THATS THERE IS THE 1-30 MARGIN FROM 2022 , IF I WERE YOU RING ASIC IN THE MORNING OR NOW IF THERE STILL OPEN
people leave, but this thread will go on for ever
  • #3
  • Aug 7, 2024 4:10am Aug 7, 2024 4:10am
the broker is the only party to benefit from "hedging"anyway.
  • #4
  • Aug 7, 2024 6:58am Aug 7, 2024 6:58am
Quoting BubaYaga
the broker is the only party to benefit from "hedging"anyway.
This is exactly right (but not what some members here like being told).
  • #5
  • Aug 8, 2024 5:24am Aug 8, 2024 5:24am
The following is not intended to be spam, (is directed at this thread and its subject matter) and is to enlighten people who can still read and think beyond the parameters of their own wallet ....

theres been growing trends worldwide of several !!bizarre!! tactics or decisions raised and too many people are not seeing the whole picture.

https://www.google.com/search?q=ASIC...hrome&ie=UTF-8

instead of me rattling off all of it use the link n read for yourself n put pieces together. as soon as money brokers stopped being a mere conduit they got invested interest n now its business of money n info detailing. gotta luv !!low s.pread.s!! hahahaha. gotta luv marketing
protein for breakfast !
  • #6
  • Edited 7:04am Aug 11, 2024 6:52am | Edited 7:04am
Quoting Ced74
In light of recent regulatory guidelines, we would like to inform you that we will be discontinuing the ability for ASIC retail clients to open hedged positions at Global Prime.
The broker is saying its a regulatory change, does anyone have any link for these regulatory changes from the government side(not the broker side)?

Quoting oochiwaawaa
The following is not intended to be spam, (is directed at this thread and its subject matter) and is to enlighten people who can still read and think beyond the parameters of their own wallet .... theres been growing trends worldwide of several !!bizarre!! tactics or decisions raised and too many people are not seeing the whole picture. https://www.google.com/search?q=ASIC...hrome&ie=UTF-8...
The search link that comes to regulatory guide 420 is from October 2022 and nothing says '2024' if you search that document, nor does it have anything about 'hedged positions'. It contains hedge fund stuff but not 'hedged positions' or even 'hedged'. I don't think that regulatory guide 420 has anything to do with what Globalprime email from OP is talking about.
  • #7
  • Aug 12, 2024 7:21pm Aug 12, 2024 7:21pm
Looks legit.

CFD issuers warned to cease ‘margin discounts’ for retail clients

https://asic.gov.au/about-asic/corpo...161-july-2024/
  • #8
  • Aug 12, 2024 7:52pm Aug 12, 2024 7:52pm
Quoting MrInbetween
Looks legit. CFD issuers warned to cease ‘margin discounts’ for retail clients https://asic.gov.au/about-asic/corpo...161-july-2024/
if you go to the ASIC site there are no regulations to stop hedgeing there is a pdf just telling brokers to warn people about the broker costs involved which came out in
feb SO I WILL PUT MY MOUTH WHERE MY SHOE FITS , AND SAY

GLOBEL PRIME IS A SCAM THEY DONT SAY WHAT REGULATION THEY RELY ON , i will delete this post if they can justify what they say and what regulation they rely on ,
people leave, but this thread will go on for ever
  • #9
  • Aug 12, 2024 7:55pm Aug 12, 2024 7:55pm
Quoting MrInbetween
Looks legit. CFD issuers warned to cease ‘margin discounts’ for retail clients https://asic.gov.au/about-asic/corpo...161-july-2024/
it only involves discounts not hedging
people leave, but this thread will go on for ever
  • #10
  • Aug 12, 2024 9:57pm Aug 12, 2024 9:57pm
Margin discount refers to the discounting of margin when trades are hedged.

ASIC said "We are concerned that some contracts for difference (CFD) issuers may be offering ‘margin discounts’ to retail clients with opposing long and short contracts in contravention of ASIC’s product intervention order".

"A CFD issuer is not permitted to net off the notional values of opposing long and short CFD positions of a retail client’s CFD trading account when calculating the initial margin a retail client is required to provide or the aggregate close out protection amount".
  • #11
  • Aug 14, 2024 7:08am Aug 14, 2024 7:08am
I d say pepole need to stop hiding from reality n expecting money (key word there) markets to do the right thing n stop !!believing!! online people. do the research n stop thinking in backwards terms. brokers aint ur parents. people disconnected but want moomy n daddy to think for em. GP was sold years ago by people who started the brokerage. now owned by fusion markets. if u read their wording its says nil bout ASIC regulations. it merely hints on the regs as pointer for change in their procedure. yes GP is just like IC n pepperstone all da others IF you look closely. IF u understand their true role. but hey look who my audience is here. brokers aint regulated they dine n dash if when possible. tippytoe da line but never cross it if they can help it.
protein for breakfast !
  • #12
  • Aug 15, 2024 12:22am Aug 15, 2024 12:22am
Quoting MrInbetween
Margin discount refers to the discounting of margin when trades are hedged. ASIC said "We are concerned that some contracts for difference (CFD) issuers may be offering ‘margin discounts’ to retail clients with opposing long and short contracts in contravention of ASIC’s product intervention order". "A CFD issuer is not permitted to net off the notional values of opposing long and short CFD positions of a retail client’s CFD trading account when calculating the initial margin a retail client is required to provide or the aggregate close out protection...
what we are talking about is they stopped hedging for there clients and that's a fact
people leave, but this thread will go on for ever
  • #13
  • Aug 15, 2024 8:09pm Aug 15, 2024 8:09pm
I think you're confusing hedging on MT4 and the netting effect this has on margin, aka "margin discount," with hedging of client trades, which is a broker's risk management decision. ASIC strictly refers to the margin discount applied on trading platforms, not how brokers manage risk.

To your point, and whether Global Prime stopped hedging client trades, yes, you're right.
  • #14
  • Aug 23, 2024 8:00am Aug 23, 2024 8:00am
its possible people dont like reading da fine print soooo ...

Attached Image (click to enlarge)
Click to Enlarge Name: cant hedge.png Size: 15 KB


now as to comments on hedging being good only for brokers ... id suggest you get off the internet sites n do some actual research. trading/vendoring/merchanting has ALWAYS involved hedges n averaged out positions. its a natural part of cost absorption n just doing good business. maybe people should stop talking rubbish n open their eyes mmm. the growing trend is NOT whether a broker offers hedging or not, its basd around the very fact that non-existent value is !!offered up!! to speculate around. intresting how much total shit people all over say n !!do!!.

CFD's are not primary but are definitely precursory to changes coming re money. so much for everyones talk bout tradin CFD's hah. gotta luv da smarty stupidity hahahaha
protein for breakfast !
  • #15
  • Oct 31, 2024 11:50pm Oct 31, 2024 11:50pm
Quoting Aussi
i have checked ASIC WED SITE THERE IS NOTHING THERE ABOUT IT , ONLY THING THATS THERE IS THE 1-30 MARGIN FROM 2022 , IF I WERE YOU RING ASIC IN THE MORNING OR NOW IF THERE STILL OPEN
Mate, what are you reading?
https://www.financemagnates.com/fore...okers-prepare/
  • #16
  • Last Post: Nov 1, 2024 12:06am Nov 1, 2024 12:06am
Quoting split41
{quote} Mate, what are you reading? https://www.financemagnates.com/fore...okers-prepare/
look post 1
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