Saxo Group welcomes ASIC product intervention powers

Saxo Capital Markets has welcomed the Australian Securities and Investments Commission (ASIC) product intervention powers and reinforced the importance of responsible leverage.

In particular, the firm reinforced the importance of responsible leverage for retail investors trading in Contracts for Difference (CFDs) and Foreign Exchange (FX) in Australia.

Saxo expressed concern significant parts of the margin trading industry had not been sufficiently focused on protecting clients’ interests.

Related News:

The multi-asset trading firm also said that some providers still offered excessive leverage, resulting in the significant risk of frequent stop-outs, which led to client loss.

Adam Smith, Saxo Capital Markets Australia chief executive officer, said he welcomed the move by ASIC to enhance protection and bring Australia in-line with other global markets.

“We look forward to seeing this new legislation being implemented in a practical sense, which will ultimately bring further protection for Australian traders and investors,” Smith said.




Related Content

Minimal super changes welcomed by Actuaries

The absence of any major changes to superannuation in the Federal Budget has been welcomed by the Australian Institute of Actuaries.At the same time a...Read more

Has ASIC finally become a watchdog with teeth?

It is now eight years since Tony D’Aloisio was the chairman of the Australian Securities and Investments Commission (ASIC) and was heard likening th...Read more

FPA urges ASIC to act on fee comparability

Consumers need more rather than less information on fees and costs when it comes to selecting superannuation products and will be well-served by recei...Read more

Author

Comments

Comments

Saxo - the entity behind the collapse of Sonray, BBY and having been involved with Halifax is concerned about protecting client interests. What rubbish. These guys support so many shadow brokers. They just want to reduce their leverage and up their charges. The request for reform is a money making scam for them.

Add new comment