Anybody any idea what below means re conditions for a Professionsl Trader?
The determining factors of what constitutes ‘best execution’ may vary, as we are not required to prioritise the overall price and cost of a transaction for professional clients
It sounds like you get a worse execution as a Professional Trader, but surely that can’t be so!?
GraHal
I think it just means that just because you are professional does not mean that you will get any preferential treatment regarding best execution. Lawyer speak in other words.
Hi all, I’m in the same situation trying to understand better the effects of this change.
I read also a worse news about the ESMA regulation: for not professional traders the use of pro order would be forbidden…so bye bye algo trading for small traders. I’m quite upset and worry with this: a strong limitation for me and I suppose for you all in this forum.
trying to figure out a solution, I thought about Switzerland. It is not forbidden to open an account in Switzerland with IG and the country shouldn’t be under ESMA regulation. But this is only a supposition. Does anybody have more info?
WHAT? We cant even use automatic trading?? Lol! Fuck me then!! I need to call some investors and banks and scrap together 1 mill so i can continue 😀 I got this mail from IG about 24 h ago! let me know if there’s something that you dont understand cus norwegian.
Valutakryss = forex
Indekser = indicies
Råvarer = commodities
Aksjer = stocks
Edit2: Im pretty sure this is for EVERY COUNTRY in europe. 98% sure tho. What im wondering is if lets say IG moves its company outside of europe, will we still be able to use IG/CFD then? im gonna guess no..
Who said this nonsense that you cannot use automated trading ? Stay calm. In the official ESMA announcement, I read nothing like this. Has anyone read it at all ?
About the use of automatic trading, I read something for pro order related to guaranteed stop loss: many countries are imposing to set guaranteed stop loss (and in any case this means an additional cost) when a ppsition is open. And since pro order does not allow to manage these stops….
In France and Germany, ProOrder for inexperienced retail clients already allows only guaranteed stops. So far, so good.
I heard from IG and from PRT customer service some months ago that they plan to introduce ProOrder commands to handle guaranteed stops freely, but they could not tell me when this will happen.
This would be not bad at all to have free choice between normal and guaranteed stops, for example for week-end positions.
ive missed the guaranteed stop loss, and thats one of the reasons i dont like the forex market.. even if its only a 1% of it happening, that 1% might be enough to empty my account.. So guaranteed stop loss would be very welcomed by me
Good to know. And in case ESMA will confirm the new rules, what about Switzerland to open a trading account? It should be out of european regulation. Does anybody have info?
I know that it is not possible to open a UK account with IG when they have an office in your country. Unless you have a residence in UK, of course.
Hi, for in swiss page of IG I found this:
- We can open a Swiss CFD trading account for people from most countries, but it may be more convenient for you to trade with an office closer to home.
so it seems it is possible to open a swiss account, although you’re from Germany, Italy, etc… but you’re right, looking in UK page as well as in italian one, apparently there’s no way to open an account if you don’t live in the country.
OK, so let’s go offshore to Geneva, in case the ESMA remains stubborn. Nice place with a lake. Australia or Singapore are other alternatives…
OK, so let’s go offshore to Geneva, in case the ESMA remains stubborn. Nice place with a lake. Australia or Singapore are other alternatives…
….and the Swiss are supposedly more efficient so maybe opening an account will be much less stressful than my recent experiences with IG UK!
