ACY Securities supports ASIC’s product intervention order

“We welcome ASIC’s long-awaited announcement ensuring greater client protection and we support ASIC’s efforts in implementing robust and proportional regulation in the margin and CFD sector” said ACY Securities executive Justin Pooni

ACY Securities, one of Australia’s leading FX and CFD providers, welcomes ASIC’s Product Intervention Order which was announced today and reported in detail by FinanceFeeds along with a comprehensive analysis.

Justin Pooni, Head of Branding & Communications at ACY Securities said that ACY Securities supports ASIC in its decision to introduce greater protections for clients and shield them from excessive risk.  

“We welcome ASIC’s long-awaited announcement ensuring greater client protection and we support ASIC’s efforts in implementing robust and proportional regulation in the margin and CFD sector” said Mr Pooni in a statement this morning. 

He went on to say “ACY Securities are of the view that measures introduced to improve customer outcomes will also benefit the CFD industry in supporting brokers who already put customers first. CFD traders should choose their provider carefully and these improvements will create higher barriers to entry into the Australian financial industry so that hopefully only the best brokers remain to serve FX and CFD clients”.  

From 29 March 2021, ASIC’s product intervention order will restrict CFD leverage offered to retail clients to a maximum ratio of: 

    • 30:1 for CFDs referencing an exchange rate for a major currency pair 
    • 20:1 for CFDs referencing an exchange rate for a minor currency pair, gold or a major stock market index 
    • 10:1 for CFDs referencing a commodity (other than gold) or a minor stock market index 
    • 2:1 for CFDs referencing crypto-assets 
    • 5:1 for CFDs referencing shares or other assets



Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”