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ESMA and its implication

May 30, 2018 at 08:29
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272 Replies
会员从Feb 22, 2011开始   4862帖子
Jun 07, 2018 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 :)
会员从May 04, 2012开始   1608帖子
Jun 07, 2018 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)
会员从Jan 27, 2013开始   447帖子
Jun 07, 2018 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
会员从Feb 22, 2011开始   4862帖子
Jun 08, 2018 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
会员从Aug 27, 2017开始   994帖子
Jun 08, 2018 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).
会员从Nov 13, 2014开始   13帖子
Jun 08, 2018 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.
会员从Feb 22, 2011开始   4862帖子
Jun 08, 2018 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.
会员从May 04, 2012开始   1608帖子
Jun 10, 2018 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... 😁
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会员从Apr 11, 2015开始   38帖子
Jun 12, 2018 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.
会员从Feb 22, 2011开始   4862帖子
Jun 12, 2018 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
会员从Jun 13, 2018开始   13帖子
Jun 14, 2018 at 10:09
I've used tickmill. Very good broker and helpful. They should be able to sort you out
会员从Feb 12, 2016开始   427帖子
Jun 14, 2018 at 11:35
My understanding of the whole situation with these major changes is that EU is trying generally to limit retail traders and to leave only big fishes in the sea ...
Accept the loss as experience
会员从Feb 22, 2011开始   4862帖子
Jun 14, 2018 at 12:41
TiffanyK posted:
My understanding of the whole situation with these major changes is that EU is trying generally to limit retail traders and to leave only big fishes in the sea ...

Well they are trying to regulate something that does work.
That is how the whole EU works, tons of bureaucracy for even the simplest thing.
The regulation norm for banana has 30,000 pages...
会员从Nov 26, 2016开始   95帖子
Jun 14, 2018 at 14:50
What about professional trading accounts?
As far as I know, those who I asked offer them.
You must have 2 of 3:

- Bank account and financial instruments > 500k
- Trading at least ten trades with significant amount last 4 quarters
- at least one year worked in the financial sector

There might be some restrictions, though, which might be a no go:
- no FSCS
- no segregated accounts

In the end I agree with vontogr, EU is regulating until Europe is down.
会员从Feb 12, 2016开始   427帖子
Jun 15, 2018 at 06:40
Everybody will now become a professional trader :)
Accept the loss as experience
会员从Feb 22, 2011开始   4862帖子
Jun 15, 2018 at 06:55
MicF posted:
What about professional trading accounts?
As far as I know, those who I asked offer them.
You must have 2 of 3:

- Bank account and financial instruments > 500k
- Trading at least ten trades with significant amount last 4 quarters
- at least one year worked in the financial sector

There might be some restrictions, though, which might be a no go:
- no FSCS
- no segregated accounts

In the end I agree with vontogr, EU is regulating until Europe is down.

You must have either 500,000 EUR account
or be employed as professional in forex industry.
Not having 500,000 EUR account
I do manage amounts close that number but still do not qualify.
会员从Feb 22, 2011开始   4862帖子
Jun 15, 2018 at 07:40
TiffanyK posted:
Everybody will now become a professional trader :)

Not so easy to qualify for that
会员从Nov 26, 2016开始   95帖子
Jun 15, 2018 at 10:06
You need 2 out of 3.
I doubt they check it in depth.

How should they?

I'd be more concerned of the segregation issue.


会员从Feb 22, 2011开始   4862帖子
Jun 17, 2018 at 12:10
MicF posted:
You need 2 out of 3.
I doubt they check it in depth.

How should they?

I'd be more concerned of the segregation issue.



Check is easy - they will contact the company you markas your employeer
Checking the balance is even easier, right?
NottsBlade
forex_trader_524352
会员从May 25, 2018开始   75帖子
Jun 17, 2018 at 14:20
To: [email protected]


ESMA - New Trading Rules (Leverage Restrictions)

Hi

I am a small trader who has been learning to trade the financial markets for several years using demo accounts with an opening balance of £100 and leverage of 500:1. I have worked from home and have worked extremely hard for long hours, sometimes having sleepless nights to improve my trading and to learn everything I can about technical analysis. I have even considered doing a course in Technical Analysis at The Society of Technical Analysts (STA) but have been restricted by the high tuition fees. I wish to express my shock at the new rules being imposed by ESMA regarding leverage which I consider to be absurd and detrimental to the hopes, dreams and aspirations of small traders like myself. This is an abuse of power, just like politicians in the UK introduced tuition fees and have prevented ordinary people from reaching their potential and achieving their hopes and dreams. Some students are even committing suicide as a result of debt and also the realisation that their futures are being impacted by Artificial Intelligence and Automation. They feel the future is bleak.

It is easy for those who HAVE to lay down laws to the have nots, to those from unprivileged backgrounds. You assume because of your privileged backgrounds that you are in a better position to make decisions for small traders. Small traders understand the risks involved and most small traders will like myself have spent hours in private study, having spent £100's on reading material to improve their trading. I hasten to add and REPEAT that I have been trading demo accounts for several years with an opening balance of £100 and leverage of 500:1. I am a responsible person who knows the risks and I am extremely angry that you are snatching my hopes and dreams away just as I am beginning to see amazing breakthroughs in my trading. In recent weeks I have seen my £100 quadrupled in hours and on three occasions I have seen my £100 turn into over £1000.

I also wish to express that as a result of these decisions I have changed my mind about the UK staying in the EEA as I do not want to be impacted by these absurd rules. I was a staunch supporter of the UK remaining in the EU, but now I have changed my mind and as a result I feel I am being selfish in only thinking about my own interests but this is one step too far and I urge you to reconsider these rules regarding leverage restrictions.

I will be impacted by these changes and will inevitably be unable to trade and make a living from trading which I have hoped to do for many years now. Quite simply it will not be worth my while trading.

I feel that you should focus more of your attention on Insider Trading, the banks, the brokers and those who manipulate the financial markets on a daily basis, manipulating averages and making a mockery of the trading indicators. You should especially focus your attention on Artificial Intelligence and the programmers who are responsible for the wild swings in the market as happened with the SNB some years ago. It is not small traders who are responsible for these wild swings as some might stupidly suggest, it is the big players who are responsible. Whether they be politicians, economists, bankers or artificial intelligence.

My personal opinion is that this is just another ploy by the rich minority, the privileged minority dictating to the masses what and what they can't do. Suggesting that people are unable to think for themselves, make decisions for themselves hence the introduction of AI.

Please once again I urge you to reconsider this decision, please don't destroy the hopes and dreams of small traders like myself but please leave us alone. We will make mistakes in our trading, but everyone makes mistakes but hopefully we learn from them and become better at what we do. We are not stupid, we know the risks involved just like someone joining the armed forces or any other dangerous profession.

Best Regards
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