There could be trouble ahead

Trader333

Moderator
8,612 939
Bertie,

The problem is that if you have an account based in the UK then IB will, (because they have already said they will), abide by the law as will all brokers that have a base in the UK. The only way around this is to have an account, or address, that is not EU based. Unless, of course, the brokers find a way around this which they may well do.

Remember esignal started charging vat on subscriptions because they have a base in the UK and needed to comply with UK law.

Also SB firms will not allow US residents to place bets and is one of the reasons they have CFD accounts. Again this can be got around if you can show you have a UK address.

I totally agree with your sentiments though and I am sick to death of having more and more of my freedoms taken away by living in this country. Did you know that since 1997 there have been 4000 new pieces of legislation introduced that all small businesses have to abide by. If you dont many of them can result in imprisonment but what chance has a small business person got of staying upto date with all of this nonsense.

I have also noticed that many people are being hounded by the "Politically Correct Thought Police" which acts as a means to stop people thinking freely without being accused of all sorts of crimes against humanity.

I had better shut up now


Paul
 

Rognvald

Established member
916 15
Paul
Just wait until you have to pay for your very own compulsory "entitlement" card with (initially) only a "few" personal details on it. How long before it will be linked to GPS (only 1 possibiity) so that "they" know where you are at any time? A few years ago we didn't think we could be tracked around by cctv but now we accept it as normal
This is freedom?
I'd better shut up too
Ron
 

2468steve

Experienced member
1,076 39
microchips in clothes is another,which I believe is already in place.
So there you have it.We'll have to sit in front of our trading screens in the far flung reaches of siberia,stark naked,with our ID cards stuck where the sun don't shine.

cheers
 

rglenn

Well-known member
379 4
You guys think this is bad!


This is just the beginning of the end of all things as we know it.

Wait until your money is worthless and you can't buy any food etc without first receiving a mark in your forehead or in your right hand.

Now this is what I call bad- Receiving this means your fate will be sealed and you will be doomed for all eternity.
 

stevet

Established member
917 5
if you call a broker and ask him how you can trade - he has to tell you only via him - but if you tell him you want to trade directly yourself on your own behalf - then its okay for him to do it - but he is not allowed to tell you that it is even possible - and you have to initiate the idea - that was my last understanding at a meeting we had

incredible how all these jumped up parasitical politicians skim millions making up rules to protect us - but fsa approved and sanctioned funds, are allowed to piss all your money away ,and cover it up for a while by trading between themselves, and this on the strict understanding, that they use safe long term strategies!
 

Oldun

Active member
139 1
Rglen,

This is probably what comes of voting for the new crony party.

And the electorate has been wise enough to fall for it twice!!!
 

seancass

Well-known member
329 1
Oldun,

Crony or corny?

Sean
 

oatman

Senior member
2,879 22
Thank you for your enquiry.

UKIP is strongly opposed to any interference in the UK Financial Services market by the EU.

Yours sincerely,
Michael Harvey
General Secretary

UKIP Head Office Administration
Bridgeman House, 54 Broadwick Street, London W1F 7AH
Tel: 020 7434 4559 Fax: 020 7439 4659
E-mail: [email protected] Web: www.ukip.org
 

seancass

Well-known member
329 1
I had a telephone call this afternoon from Mr. Aggarwal, the main compliance officer with IB UK, in reply to certain queries I presented to them in the light of the proposed line which may be taken by the EEC in respect of Direct Access.

He is talking to many colleagues about this throughout Europe, but whatever happens he has assured me that IB will do everything they can to protect Direct Access facilities for UK traders. He is optimistic that any ruling from Europe which may, on the face of it, appear hostile to intra-day traders will, in effect, be perhaps of more significance to the brokers themselves in term of ensuring 'due diligence.'

Much of their assessment of an individual's ability to make their own decisions and understand the risks etc. in trading are inherent already in the account application process. He was most positive when I said to him that our principal interest as traders was to secure the right to trade as informed individuals without having to seek third party advice on those trades, and that we looked to brokers like IB to assist in facilitating that choice as a means of earning a living.

He left me in no doubt that IB are very well informed of the events in the European parliament, are considering the matter in detail and will do all that they can, within the law, to protect UK traders' rights.

We shared common ground in our views of IFAs offering professional traders advice on trading. I think you can guess what the common ground was!

SeanC
 

dazzam

Active member
106 0
Chaps,

Just to let you know I work for a firm of Execution Only brokers, in Compliance. I am actively involved with this issue as part of my day to day work. It is very complex and long winded but I will keep you informed as I get any further news on this.
 
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