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ESMA and its implication

ovisun
Sep 25 2018 at 13:24
438 ieraksti
Last phrase from the link provided by togr is:
'Next steps

MiFIR gives ESMA the power to introduce temporary intervention measures on a three monthly basis. Before the end of the three months, ESMA will review the product intervention measures and consider the need to extend them for a further three months.'

In my opinion, at the end of October these measures will be extended for another three months, then after full 6 month will be made as permanent measures 'for the financial protection' of the European citizens.
emotionaltrader
Sep 25 2018 at 14:08
100 ieraksti
Anybody think ESMA will change their mind? I'm not trading or analysing charts anymore and I'm bored silly and suffering withdrawal symptoms. Furthermore, I spent several years dedicating my time and energy to technical analysis and learning to trade. This is so UNFAIR!!!


PLEASE ESMA RESTORE THE OLD LEVERAGES!!!
ovisun
Sep 25 2018 at 14:26
438 ieraksti
emotionaltrader posted:
Anybody think ESMA will change their mind? I'm not trading or analysing charts anymore and I'm bored silly and suffering withdrawal symptoms. Furthermore, I spent several years dedicating my time and energy to technical analysis and learning to trade. This is so UNFAIR!!!


PLEASE ESMA RESTORE THE OLD LEVERAGES!!!

If you want desperately to use only european brokers, then Forex maybe is not for you anymore.
But some European brokers are already starting to offer to their customers the option to register outside Europe. I already received such an offer from XM, which until now was located only in Cyprus, now they have also 'XM Global' which is outside ESMA long arms reach.
Sublime Markets (sublimemarkets)
Sep 26 2018 at 07:23
27 ieraksti
togr posted:
So ESMA started to mess up the trading in Europe earlier than expected.
Got this email today. It is 29th MAY and the email says it will be applied since 28th May :)
Dear Client,

We would like to inform you about a new leverage limitation for EU clients which came into effect starting 28th of May, 2018. The leverage for all the clients from the European Union has been reduced to 1:50.

Please note that this restriction applies to both current clients and newly registered customers. We recommend to consider updated conditions when opening new trades.

All changes are made in accordance with the requirement of the European Securities and Markets Authority (ESMA)
Thank you.

Best Regards,
ForexMart Team

As im sure someone else has told you the leverage is 1:30 for FX and various from 1:2 on Cryptos up to 1:12.5 on indices, BUT you can elect to become a pro client, by doing this you get 1:200 leverage again, but you are unable to go to the regulator and make a complaint.
SublimeMarkets on Facebook too
emotionaltrader
Sep 26 2018 at 07:28
100 ieraksti
How are these measures by ESMA protecting European Citizens? It's just an excuse by the elite rich few. Bunch of killjoys if you ask me. Haven't banned Sports Betting or Casinos!!!


It's unfair and unjust and there is no justification considering Negative Balance Protection was introduced!!!
emotionaltrader
Sep 26 2018 at 08:03
100 ieraksti
I really do hope ESMA restore the old leverages because I'm as good a manual trader as any Artificial Intelligence and my analysis is just as good.

Artificial Intelligence isn't the be all and end all!!!
emotionaltrader
Sep 26 2018 at 08:03
100 ieraksti
Just opened demo using old leverage 1:500 with £100 and making £25 already (10 mins)
emotionaltrader
Sep 26 2018 at 08:04
100 ieraksti
emotionaltrader a moment ago
Just opened demo using old leverage 1:500 with £100 and making £25 already (10 mins)

Wouldn't make that in a week/2 weeks under new leverage rates @ 1:30!!!
emotionaltrader
Sep 26 2018 at 08:05
100 ieraksti
Some people just don't get it. You need £500,000 to trade at higher rates of leverage, to be considered a professional trader. I haven't got £500,000, I haven't got £500. This is why the system is unfair, because only those with thousands of £'s to spare are going to make money.


It's a rich mans game now and people like myself have no chance of making a living from it. Could make more putting your money in an ISA!!!
emotionaltrader
Oct 17 2018 at 06:33
100 ieraksti
With 5 weeks of this Trial Period to go is there any sign, any news updates regarding what ESMA intend doing? Are they sticking with these new restrictions or are they going to go back to the old rules?
s1m3nk0n
Oct 19 2018 at 09:20
9 ieraksti
The biggest implication is that traders are flowing out of EU-based brokerages into the brokerages that still offer 1:100-500 leverages. Not much will change besides that.
vontogr (togr)
Oct 21 2018 at 06:24
4862 ieraksti
s1m3nk0n posted:
The biggest implication is that traders are flowing out of EU-based brokerages into the brokerages that still offer 1:100-500 leverages. Not much will change besides that.

Well US traders are already forced to follow stupid US rules over the globe
EU will maybe force the same.
vontogr (togr)
Oct 24 2018 at 13:29
4862 ieraksti
The end of October is nearby.
ESMA should be either prolonged or cancelled.
IMHO it will remain here forever.
estraub
Oct 24 2018 at 14:34
23 ieraksti
They have announced that it will be prolonged.
Nothing unexpected.
It just doesn't make sense to develop these rules 2 years and remove them after only 3 months...
Penrose2000
Oct 28 2018 at 07:42
10 ieraksti
Did they say how long they would be prolonged? Or is this just a perminant thing now?
bellabella
Nov 01 2018 at 07:09
12 ieraksti
As far as I know, the ESMA restrictions were extended until December 31, 2019. Or is it already outdated information? Unfortunately I do not follow such news.
jamesgwyther
Nov 02 2018 at 06:13
289 ieraksti
Is there any serious issues with using say JAFX to get round these implications?
Tiffany (TiffanyK)
Nov 02 2018 at 09:36
427 ieraksti
The extension was expected. I heard the same 2019 but probably will remain for longer (like forever).
Accept the loss as experience
Hannibal55
Nov 04 2018 at 07:36
7 ieraksti
I don't know why they don't just say it is a permanent thing. It clearly is going to be renewed forever
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