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Author Topic: ASIC product intervention order.  (Read 1579 times)

Online diyforexskills

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Re: ASIC product intervention order.
« Reply #15 on: November 14, 2020, 01:31:29 AM »
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Offline reddevil

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Re: ASIC product intervention order.
« Reply #16 on: November 15, 2020, 02:47:48 AM »

ASIC can stipulate that Australian residents must ....
What I am trying to say is that ASIC does not have the POWER to stipulate regarding what an individual can or cannot do.

Let's leave the discussion for now until next year.  :)

Offline peter_s

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Re: ASIC product intervention order.
« Reply #17 on: November 15, 2020, 04:33:51 PM »
The IC Markets portal ( and assuming you are not Australian) allows you to select your IC Markets 'entity' and move to a 'global' setting, which I assume is their 500:1 unregulated offshore option.  Obviously nothing needs to change until next April anyway. IC Markets is one of the very few brokers I would trust to deliver their ususal excellent service if moved offshore - however in the event of a 'black swan' traders would be left without any protection.

Online HFT Group

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Re: ASIC product intervention order.
« Reply #18 on: November 16, 2020, 10:05:21 PM »

ASIC can stipulate that Australian residents must ....
What I am trying to say is that ASIC does not have the POWER to stipulate regarding what an individual can or cannot do.

Let's leave the discussion for now until next year.  :)

I am preparing for changes before the new regulations take effect. Alternative options need to be made available to Australian traders. ASIC does have the power to stipulate where individuals residing in Australia can trade when it comes to Australian brokers. ASIC have already stated that brokers licensed under their jurisdiction are not allowed to offer any incentives to clients. That will be the end of discounted commission rates and rebates.
« Last Edit: December 01, 2020, 09:58:09 PM by HFT Group »

Offline FLechdrop

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Re: ASIC product intervention order.
« Reply #19 on: November 17, 2020, 02:13:32 PM »
I think I am just moving to futures for my manual trading, anyway. Futures firms seem to be a lot more professional oriented, and I can trade at a US regulated big firm with much more leverage than I would ever want.

Offline reddevil

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Re: ASIC product intervention order.
« Reply #20 on: November 26, 2020, 06:08:34 AM »
I just had a read of the actual ASIC directive: Especially this section:

Subsection (1) applies only if one or both of the following apply:

(a)     the CFD issuer is:

(i)      a body corporate incorporated or carrying on business in Australia; or

(ii)     an Australian citizen; or

(iii)    ordinarily resident in Australia;

(b)     the issue of the CFD occurs in this jurisdiction, or an offer to issue the CFD, or to apply for the issue of the CFD, is received in this jurisdiction


It is clear the rules applies to the company/broker. There is no mention forbidding retail clients from trading with overseas broker
But if you are an australian and ask ICM if you can sign up with their seychelles office, the answer is likely to be NO. Their staff will not encourange an australian to circumvent this rule.
Can you go to their seychelles website and sign up? What's the difference with signing up broker FBS also based in offshore jurisdiction?
If you look at the countries that has leverage rules in place and who can sign up and other exclusion: it excludes - USA/Japan/NZ/EU/Singapore/UK/Iran/North Korea
China
So that leaves other parts Asia, MIddle east, Africa, south america. Why would they setup seychelles just to handle clients from such a small list of countries?

Offline alaali

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Re: ASIC product intervention order.
« Reply #21 on: December 01, 2020, 02:01:22 PM »
I contacted ICMARKETS today to ask them about the process to move to ICM Global.

They said that first of all I need to close all my open trades and then they will offer new account details.

So if you have an EA which is tied to your account number you will need to get that updated by the vendor. Also if you are using EA which is always has open trades then you need to close these trades and accept the loss to be able to move.

Offline reddevil

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Re: ASIC product intervention order.
« Reply #22 on: December 02, 2020, 10:52:15 PM »
I contacted ICMARKETS today to ask them about the process to move to ICM Global.

They said that first of all I need to close all my open trades and then they will offer new account details.

So if you have an EA which is tied to your account number you will need to get that updated by the vendor. Also if you are using EA which is always has open trades then you need to close these trades and accept the loss to be able to move.

Actually, you need to ask them why you need to close them. e.g icmarkets-live16 server has the same backend as icmarketsSC-live16. You can use your existing MT4 account to login to both server and it will be recognized. icmarkets uses proxies. i.e. what you login into is not the actual server. Both the above have different IP address but the backend still points to the same server.
So asking you to close your acct in liveXX and giving you the same acct to login to SC-livexx doesn't mean it difference. You can switched to SC on a weekend without closing your open orders.

I did asked ICM what restriction that Seychelles Authority placed on IC Market on what  clients can they accept (i.e from which country).
They told me it is confidential !!.
IN other words, iC Market decide who they want to accept in Seychelles, I doubt Seychelles Authority published any restriction. Global Prime will be more sensible I am sure.
e.g. HSBC in USA may not allow Iranian nationals to open account there, but HSBC Malaysia allows Iranians to open an acct since each country jurisdiction laws need to be followed.  HSBC HQ don't decide since they are in UK.

 

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