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.

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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.

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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.

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