Global Prime As many of you may be aware, Australian brokers recently received notice from ASIC regarding the legality of offering services to clients from offshore jurisdictions.
As a global business with clients from many countries, we are now required to obtain advice from a number of foreign jurisdictions on whether we are authorised to accept clients from these countries.
Because it is not practical to get these advices before the time we are required to report back to ASIC (30 June 2019), we believe it would be prudent to transfer accounts from certain jurisdictions to our associate company, Gleneagle Securities Pty Ltd trading as Global Prime FX, by 28 June 2019.
AxiTrader Due to recent Australian regulatory announcements AxiCorp has decided to cease servicing clients who are resident outside of Australia and New Zealand on 30 June 2019. To minimise the impact to clients, AxiCorp has arranged for AxiTrader Limited to take over the provision of financial services. AxiTrader is 100% owned by AxiCorp, is incorporated in Saint Vincent and the Grenadines (number 25417 BC 2019) and registered by the Financial Services Authority of Saint Vincent and the Grenadine
Even if ASIC decided to restrict AU Brokers or will try to enforce some kind of heavy downgrades, unlike the Puffy European Brokers Australians will stand their grounds. Also for any such heavy implementations it will take years to fully integrate them. The ESMA implementations still did not complete btw.
Brokers Take Legal Action: This recent action is not something that Aussie brokers are willing to comply with. They have decided to fight back in the courts. Rumours have surfaced that the brokers are going after high-level legal advice. Many brokers think that the action taken by ASIC is illegal and needs to countered.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.