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Medusa123

ESMA RULING AND WHAT I AM DOING

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There does not seem to be any discussion about what retail traders can do in light of the ESMA rulings.   I want to know if anyone can let me know a company which is not subject to the Draconian ruling.  My opinion is that retail traders are being discriminated against and also are being punished for wanting to spend their money in the way they want;  It seems Spfeadbetting is being classed as gambling and therefore spreadbetters are a stupid lot.  EMSA really have no idea how things work in real life - they need CONTROL over people and think they know best.

I am nieve I know, but I do not care - I have asked ESMA what compensation they will be paying me for the money spent on useless courses, loss of any earnings, and loss of freedom to choose.

 

I am also taking this to the Ombudsman as I sincerely think retail traders are being grossly treated and demonised an also being discriminated against.   My opinion and also other peoples opinions obviously do not matter to them.

i do think this is a DRACONIAN move on their part and not well thought out at all.  It seems to me that they want to be seen as 'doing something' rather than looking for a solution - they obviously think retail traders are a dumb lot and cannot think for themselves.

They are supposedly doing it in the name of' PROTECTION, we know all about this as prohibition has always been a first move for people who need to show they are in control of peoples lives - there is no  true caring thught  here - just an if you don't like it, you will have to lump it attitude.  EMSA is not a parent and retail traders are not children.

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The EU are authoritarian and heading further to the left all the time which is why 17 million voted to leave but they are not going to make it easy. The new rules are to save us from ourselves which is always the excuse they use to take power away from people.

 

There are only two things you can do, either get used to trading in smaller size or find a broker outside FCA, EU jurisdiction but that comes with added risk of it's own. The 2 places arousing most interest are Australia and Cyprus, Cyprus just staged a major expo  https://www.ifxexpo.com/  which included IG as an exhibitor but their regulation has had serious issues in the past. Australia seems better regulated but you are going to be a long way away from your money. 

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"The CySEC note to licensed CIF brokers indicates very clearly that the new rules will apply not just to clients which brokers take from within the EU, but also very much applies to clients from outside the EU who deposit and trade with the EU-licensed broker."

 

https://www.leaprate.com/forex/regulations/cysec-esma-cfd-leverage-restrictions-non-eu-clients/

 

Switzerland on the other hand seems to ignore EU/ESMA?

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Thank you all for addressing my concerns as well .

 

 

Tt

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IG operates in Switzerland; they have registered offices there. I wonder if the new rules prohibit IG from taking on UK clients via their Swiss arm.

 

Can anyone confirm this?

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IG have offices in Oz and Switzerland. You can open accounts there, but they’d be CFD accounts (spread betting is uk only and there’s no way around it). Go to IG.com and click the flag in the footer > go to relevant site > open a new account.

 

Simples

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Soon this community site will be very quiet when the esma ruling comes into force as none of us will be able to afford to trade .  It would be nice if IG would make a comment on this topic .

 

Peter Ward

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Hi @cscokid,  if you type esma into the search box you will find a number of threads on the topic to which there are a number posts from IG staff explaining the process and IG's position.

Essentially it boils down to the fact that IG are bound by  FCA regulation and the FCA are bound by ESMA regulation.

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Thank you all for replying to the enclosed i posted  , my concern is i will have to put up multiple margin on  my trades come August and that i will be forced out of trading  i appreciate IG are bound by esma   and will look at the other posts more closely.

 

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