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ESMA and its implication

togr (togr)
Jun 07 2018 at 13:43
4862 posts
TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.


well then I should look for some daily job :)

FxMasterGuru (FxMasterGuru)
Jun 07 2018 at 13:45
1607 posts
TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.


Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...

I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.

'For even the very wise cannot see all ends.' - J. R. R. Tolkien

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
ovisun
Jun 07 2018 at 13:47
427 posts
FxMasterGuru posted:
TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.


Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...

I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.

'For even the very wise cannot see all ends.' - J. R. R. Tolkien


Most probable, more than 75% of brokers will be out of business

togr (togr)
Jun 08 2018 at 07:44
4862 posts
ovisun posted:
FxMasterGuru posted:
TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.


Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...

I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.

'For even the very wise cannot see all ends.' - J. R. R. Tolkien


Most probable, more than 75% of brokers will be out of business


bad for all as I said

Adribaasmet
Jun 08 2018 at 07:59
947 posts
ovisun posted:
FxMasterGuru posted:
TradingtheCloud posted:
It is possible for EU regulators can go after offshore brokers accepting EU clients. Just like US and Japanese regulators fined many brokers signing up their citizens.


Off-shore operations have been historically 'untouchable' by outside authorities, so I doubt that the EU the can do anything about them. Nevertheless, should this unlikely scenario play out, then TRADERS can also go 'off-shore' and it would be practically impossible to limit off-shore brokers to provide high leverage for their 'LOCAL' customers...

I would also add that the impending exodus of EU traders will jeopardize not only the traders (as mentioned before), but it will also put MANY retail brokers out of business, resulting in lost jobs and lost licensing & tax revenues.

'For even the very wise cannot see all ends.' - J. R. R. Tolkien


Most probable, more than 75% of brokers will be out of business


Exactly it is; that’s why I don’t prefer to use such a new broker (less than 2 years market experience).

abforex
Jun 08 2018 at 07:59
13 posts
For now the rule changes seem to be that if the broker has multiple jurisdictions, which one is EU, then if you are an EU citizen your account will be opened there.

I.E. if you live in the U.K. and trade through a duly regulated FCA/ASIC broker you can't go to their ASIC regulation.


But, if an ASIC regulated broker doesn't have any ties to Europe (no Cysec, no FCA) and you are an EU citizen you can freely open accounts there.


We will see how long this lasts though.

togr (togr)
Jun 08 2018 at 08:45
4862 posts
abforex posted:
For now the rule changes seem to be that if the broker has multiple jurisdictions, which one is EU, then if you are an EU citizen your account will be opened there.

I.E. if you live in the U.K. and trade through a duly regulated FCA/ASIC broker you can't go to their ASIC regulation.


But, if an ASIC regulated broker doesn't have any ties to Europe (no Cysec, no FCA) and you are an EU citizen you can freely open accounts there.


We will see how long this lasts though.


Let us hope that will last forever.
These new ESMA rules should be valid only for 3 months.
Most probably they will prolong it but we will see.

FxMasterGuru (FxMasterGuru)
Jun 10 2018 at 06:16
1607 posts
abforex posted:
For now the rule changes seem to be that if the broker has multiple jurisdictions, which one is EU, then if you are an EU citizen your account will be opened there.

I.E. if you live in the U.K. and trade through a duly regulated FCA/ASIC broker you can't go to their ASIC regulation.


But, if an ASIC regulated broker doesn't have any ties to Europe (no Cysec, no FCA) and you are an EU citizen you can freely open accounts there.


We will see how long this lasts though.


So probably the Aussie brokers will benefit from the stupidity of the EU. (Except for Pepperstone and AxiTrader.)

I guess the next logical move of the EU will be limiting the maximum bets in European CASINOS probably to 1 Euro per bet... 😁

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TradingtheCloud (TradingtheCloud)
Jun 12 2018 at 06:22
38 posts
Here is a broker who is both UK and Seychelles FCA regulated. In their faq section, clients can opt in for Seychelles regulation for higher leverage but has to be a resident outside Europe.

Can I choose to trade under Tickmill Ltd (FSA SC Regulated) as a Retail Client?
In the event you do not wish or do not meet the criteria to be classified as a Professional Client but, at the same time, wish to receive higher leverage, you may be entitled to register under Tickmill Ltd (FSA Seychelles). The condition to be able to register with Tickmill Ltd at the moment is to be a permanent resident of a country outside the European Economic Area.

togr (togr)
Jun 12 2018 at 06:49
4862 posts
TradingtheCloud posted:
Here is a broker who is both UK and Seychelles FCA regulated. In their faq section, clients can opt in for Seychelles regulation for higher leverage but has to be a resident outside Europe.

Can I choose to trade under Tickmill Ltd (FSA SC Regulated) as a Retail Client?
In the event you do not wish or do not meet the criteria to be classified as a Professional Client but, at the same time, wish to receive higher leverage, you may be entitled to register under Tickmill Ltd (FSA Seychelles). The condition to be able to register with Tickmill Ltd at the moment is to be a permanent resident of a country outside the European Economic Area.


Would be the best to ask broker

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