ASIC poised to ban risky financial products

Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • #99363 quote
    Finning
    Participant
    Veteran

    Hi all,

    It happened in the UK, should we be surprised that it’s now going to happen in Australia? Just saw this headline, and it appears that it’s only a matter of time till we face much higher levels-or total-regulation of this sector in Australia. Looking at tightly regulating or banning CFDs and margined FX.  I couldn’t read the article, but it gives a pretty clear idea. Would this effectively bring IG down, or would we be faced with 5% margins at best (pretty much the same thing…)??

    It appears that the hardest thing in this game isn’t developing a successful strategy-which I have now done-but having access to a market to trade it!!

    Can an Aussie run a VPN and have a Swiss IG account??

    If I convert my codes to easy language and go tradestation, what brokers could I go with where I could get decent  margin access??? Is it just IB with its 10k minimum? Or will that be smashed now in Australia too??

    I don’t have half a million to trade with-yet. Why is it that the world just wants to smash the little guy? Yes I get it that there are a lot of discretionary  gambling degenerates who can’t find the off button and are totally not suited to 200% leverage, but what about those of us who are going down the professional path?? Surely at the very least if you’re systems building, programming and automating and not just clicking that mouse for more free spins, that would show some level of ability and understanding to a regulator???
    Any news on this, please post.
    Finning.

    Screenshot_20190524-213412_Chrome.jpg Screenshot_20190524-213412_Chrome.jpg
    #101860 quote
    Finning
    Participant
    Veteran
    #103311 quote
    David
    Participant
    Veteran

    I feel confident that you would be able to apply for a “professional account” and maintain high leverage.

    #103322 quote
    Vonasi
    Moderator
    Master

    I feel confident that you would be able to apply for a “professional account” and maintain high leverage.

    If the recent changes in the UK are used as an example then it is likely that you will have to have a very large portfolio or a large amount of time employed in the financial industry and be able to provide evidence of either before it is possible to be classified as a professional.

    #104351 quote
    Maxime Baudin
    Participant
    Veteran

    Hi Finning,

    In concrete terms, I see quite a few brokers who are still finding solutions following various regulations, and in the end, there is always a way to continue to operate on these assets in question, and this often involves a professional account, depending on the broker in question it is quite easy to obtain the status in question 🙂

    #105244 quote
    Finning
    Participant
    Veteran

    It looks like the change is coming sooner rather than later.

    https://www.abc.net.au/news/2019-08-22/asic-flags-major-changes-to-online-trading-industry/11437550
    https://www.moneymanagement.com.au/news/policy-regulation/asic-proposes-ban-retail-binary-options-and-cfds
    #105291 quote
    Finning
    Participant
    Veteran
Viewing 7 posts - 1 through 7 (of 7 total)
  • You must be logged in to reply to this topic.

ASIC poised to ban risky financial products


General Trading: Market Analysis & Manual Trading

New Reply
Author
author-avatar
Finning @finning Participant
Summary

This topic contains 6 replies,
has 4 voices, and was last updated by Finning
6 years, 6 months ago.

Topic Details
Forum: General Trading: Market Analysis & Manual Trading
Language: English
Started: 05/24/2019
Status: Active
Attachments: 1 files
Logo Logo
Loading...