For a while, Australia has been The Land of the Free for retail forex traders. But, no more.
In 2 years or less, Australia will be just another Nanny State, like the US, the UK, and all of Europe. Here’s the story from Finance Magnates, and LeapRate –
Considering Australia’s commitment to the G-20 financial regulatory synchronization regime after the Great Financial Crisis of 2008, the changes are likely to be similar to those already in place in the EU, Japan, and the US. Considering the flow of retail forex traders to Australia from Europe, the likelihood of regulatory harmonization is significant.
According to some sources with knowledge of the legislation, firms might have about two years to implement the measures.
The reason for the changes is once more a long list of clients that complained to the local regulator.
The measures will mean that Australia is no longer viewed as an easy target for global providers that aim to circumvent or bypass the leverage restrictions in other locations …
- Looks like ASIC will get the same powers as ESMA, and two sources already confirmed that they are planning to introduce the same CFD/FX-restrictions in Australia from 2021 on.