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ESMA and its implication
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togr

Członek od Feb 22, 2011  4016 postów vontogr (togr) Jun 07 at 13:43
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 :)

I like what I trade, I trade what I like
FxMasterGuru

Członek od May 04, 2012  1598 postów FxMasterGuru (FxMasterGuru) Jun 07 at 13:45
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

Członek od Jan 27, 2013  320 postów ovisun Jun 07 at 13:47
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

Członek od Feb 22, 2011  4016 postów vontogr (togr) Jun 08 at 07:44
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

I like what I trade, I trade what I like
Adribaasmet

Członek od Aug 27, 2017  346 postów Adribaasmet Jun 08 at 07:59
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

Członek od Nov 13, 2014  11 postów abforex Jun 08 at 07:59
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

Członek od Feb 22, 2011  4016 postów vontogr (togr) Jun 08 at 08:45
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.

I like what I trade, I trade what I like
FxMasterGuru

Członek od May 04, 2012  1598 postów FxMasterGuru (FxMasterGuru) Jun 10 at 06:16
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... lol

Please click "Vouch" if you liked my post. If not, just put me on your Blocked list. :o)
TradingtheCloud

Członek od Apr 11, 2015  38 postów GENESIS ASSET (TradingtheCloud) Jun 12 at 06:22
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

Członek od Feb 22, 2011  4016 postów vontogr (togr) Jun 12 at 06:49
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

I like what I trade, I trade what I like
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