27 March 2017: The CFD & FX Forum, whose member Firms represent the majority of trading volumes, has strongly welcomed today’s parliamentary passage of a Government bill that introduces significant protection and reform for client monies in the contracts for difference (CFD) and foreign exchange (FX) sectors. Schedule 5 of the Treasury Laws Amendment (2016 Measures No. 1) Bill 2016 amends the Corporations Act to provide greater protection for retail client money and property held by financial services licensees in relation to over-the-counter derivative products such as CFD and FX contracts. These amendments align the Australian client money regime with community expectations regarding the level of protection that should be afforded to retail consumers of complex financial products and services. Schedule 5 also allows for ASIC to have greater oversight of the sector. ASIC may, by…
Media
In October 2015, the Government, as part of a wider response to its root and branch examination of Australia’s financial system (the Inquiry), announced that it would develop legislative amendments to improve protections for client monies held in relation to derivatives.1 The Government noted that improvements were needed to ensure that investors’ monies are adequately protected when held by intermediaries. To read the Policy Paper on the enhanced protection of client money Click Here
09/03/2016 Read more
The Australian CFD & FX Forum welcomes today’s announcement of the Government’s intent to develop legislative amendments to improve protections for client monies held in relation to derivatives by the end of 2015. Forum Co-Founder Tamas Szabo of IG Markets said, “This is good news for both investors and Australia’s international standing as a well-regulated financial centre.
20/10/2015 Read more
An article published in the AFR about a plea from the Assistant Treasurer for cabinet to sign off on measures to better protect client funds in the wake of the BBY collapse, as the government prepares to announce reforms in response to the financial system inquiry.
20/10/2015 Read more
An article published in the AFR outlining government’s inability to fix a legal loophole which could cost BBY clients up to $16 million - with a call to ensure client funds are fully segregated and better protected.
20/10/2015 Read more
An article published in The Australian Business Review in relation to calls for the urgent fast-tracking of reforms to segregate client funds in retail foreign exchange broking after recent extreme volatility of the Swiss franc.
20/10/2015 Read more
Article discussing how the CFD & FX Forum is fighting to change the legal conditions that led to the MF Global collapse and how the CFD industry can improve to better protect investors. - (external link)
24/06/2015 Read more
You can download the publication through the registers.accc.gov.au which has an extract of the original article of “Misery as millions Frozen in MF Global” - (external link)
12/03/2014 Read more
Derivatives brokers are putting at risk millions of dollars invested in contracts for difference by failing to follow rules meant to safeguard client money, an investigation by the securities regulator has found. - (external link)
03/12/2012 Read more
An article published by the ARF which talks about the major global derivatives broker MF Global collapse due to a $US6 billion bet on European sovereign debt and misappropriation of client money by United states - (external link)
01/09/2012 Read more