The UK’s Prudential Regulatory Authority (PRA) has handed Citigroup a GBP 43,890,000 fine for failings in relation to its internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. Between 19 June 2014 and 31 December 2018, or parts thereof, three entities within the group, Citigroup Global Markets Limited (CGML), Citibank N.A. London […]
Online trading provider CMC Markets has responded to the recent announcement by the European Securities and Markets Authority (ESMA) that retail clients will no longer be able to use their current leverage levels, by creating a new CMC Pro account for eligible clients.
The ESMA changes establish margin limits for clients, rather than the broker-dealers and CMC says the new account will allow clients to continue to trade with their current leverage levels.To be eligible, clients will have to demonstrate that they are capable of making their own investment decisions.
Following an announcement from the European Securities and Markets Authority (ESMA) that it is considering exercising its product intervention powers to address its concerns over the use of contracts for difference (CFD), rolling spot FX and binary options contracts by retail traders, the UK’s Financial Conduct Authority (FCA) says it will delay its own rules on the products.
In a statement, ESMA says it has been concerned about the provision of speculative products such as CFDs, rolling spot FX and binary options to retail investors for a “considerable period of time” and has conducted ongoing monitoring and supervisory convergence work in this area.
Sometimes you just hear things that make you shake your head. More specifically, the sheer arrogance of some people that loudly proclaim to be in the client service business but who are wantonly and deliberately acting against their clients’ best interest is staggering. It appals and angers me that these people still exist in the FX industry – and that some jurisdictions seemingly are content to let them operate within their borders. We should all be worried though because, sadly, the industry is broadly judged by the standards of the lowest.