Potential mass exodus from Spreadbetters.

This is a discussion on Potential mass exodus from Spreadbetters. within the First Steps forums, part of the Reception category; Like cbrads, I've just received the same e-mail from IG and it's very clear they think that ESMA's proposals include ...

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Old Jan 19, 2018, 6:51pm   #25
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Like cbrads, I've just received the same e-mail from IG and it's very clear they think that ESMA's proposals include spread betting. Yes, it's possible that they're mistaken but, given the changes will impact their business massively, it strikes me that the CEO would have checked and double checked the facts before e-mailing IG's entire client base.
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Old Jan 19, 2018, 10:48pm   #26
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"ESMA is currently discussing
whether CFDs on cryptocurrencies, whose underlying assets have displayed very high price variation, should be addressed in the measures and whether a 5:1 initial leverage would provide investors with sufficient protection. Alternatively, a lower leverage limit (2:1 or 1:1) or stricter measures (such as a prohibition on the marketing, distribution or sale of CFDs in cryptocurrencies to retail clients) could be considered."

https://www.leaprate.com/forex/regul...everage-limit/


is this a revenge for brexit
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Old Jan 20, 2018, 12:38am   #27
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Nice that IG are being pro-active and contacting their clients. I have suggested to LCG they could do likewise but they won't yet say whether they will or won't, nor whether they will do anything but wait for the ESMA decision. Not very encouraging.

If contacted for my opinion on these proposed leverage rates I would have to say I would close my account immediately they became mandatory, no point continuing.
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Old Jan 20, 2018, 12:46am   #28
 
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Quote:
Originally Posted by tomorton View Post
Nice that IG are being pro-active and contacting their clients. I have suggested to LCG they could do likewise but they won't yet say whether they will or won't, nor whether they will do anything but wait for the ESMA decision. Not very encouraging.

If contacted for my opinion on these proposed leverage rates I would have to say I would close my account immediately they became mandatory, no point continuing.
What would be the alternative if you still wanted a reasonable size leverage ? Some of the uk brokers have offices outside the EU, Does it apply to where the broker is situated or the client ?
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Old Jan 20, 2018, 1:26am   #29
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I don't like the risk of trading with a company not regulated in the UK.

I suppose I'll have to go to DMA with a UK broker if SB is effectively closed down.

What do other people think they will do?
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Old Jan 20, 2018, 1:44am   #30
 
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spoze we will have to wait and see the outcome of the esma debate, Roll on Brexit...
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Old Jan 20, 2018, 5:38am   #31
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Originally Posted by mike. View Post
spoze we will have to wait and see the outcome of the esma debate, Roll on Brexit...
Brexit won't make any difference, or that's what IG told me on friday.

EUR/USD..................£611.................£4073
Germany 30...............£660................£6600
Oil – Brent Crude........£1035................£6900
Apple......................£8950................£3 2,800

To be realistic, if one cant stump up the above kind of money to trade then one shouldn't be in the game and it seems obvious why some sort of change is deemed necessary, to point blame one could start with the foolishness of trading the Swissy last year etc.

To consider that to trade the Dax @£5 a point you would need a deposit of £3300 is not out of the question for anyone serious.
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