natgillin/translations-raw huggingface dataset:
Ved vurderingen af disse muligheder bemærkede ESMA, at den direkte indvirkning på investorer som følge af de forskellige muligheder i tilfælde af ekstreme markedshændelser skulle vejes mod de løbende omkostninger i forbindelse med denne beskyttelse.
The most frequent arguments were that a per position rule would inhibit the use of certain trading strategies, and would require investors to continuously monitor their positions as they could no longer rely on certain hedges they placed.
CFD-udbydere vil især blive udsat for løbende omkostninger, der kan henføres til yderligere kapital eller afdækning som led i deres risikostyring.
Most consumer representatives were in favour of the proposed measures or even proposed considerably more restrictive measures in relation to CFDs (such as a full ban of the marketing, distribution or sale of these financial instruments to retail clients).
En del af disse omkostninger kan igen overføres til investorerne selv i form af højere spreads eller andre afgifter.
There were also responses from firms in the call for evidence that were in favour of the per position margin close-out rule proposed in the call for evidence.
På den anden side er en væsentlig risiko den store forbrugerulempe, der opstår i mangel af negativ saldobeskyttelse, muligheden for, at en investor skylder penge til et firma som følge af ekstreme markedsforhold.
These firms indicated that they already apply such an approach and are content with the outcomes of it.
En sådan situation er særlig skadelig for investorer uden en betydelig likviditet.
ESMA conducted analysis on expected investor outcomes according to whether a margin close-out rule was applied per position (a CFD will be closed out when its value falls below 50 % of the value of the initial margin) or per CFD trading account (a CFD will be closed out when the value of all open CFDs connected with the trading account together with all funds in that account falls below 50 % of the value of the total initial margin for all those open CFDs).
ESMA besluttede at vedtage en negativ saldobeskyttelse pr. CFD-handelskonto som en måde at løse denne kilde til potentielle store ulemper ved samtidig at minimere de dermed forbundne omkostninger for virksomheder og investorer.
In particular, it assessed the frequency of close-out and the impact of crystallising clients losses for a simulated portfolio of CFD positions under each scenario.
ESMA mente især, at indførelsen af en negativ saldobeskyttelse pr. CFD ville have risikeret at pålægge investorer og virksomheder uforholdsmæssige omkostninger.
This analysis did not estimate precise numerical outcomes, reflecting that there is an extremely large range of different potential portfolios that an investor could hold.
Hvis en negativ saldobeskyttelse pr. position blev indført, ville virksomheder blive forpligtet til at acceptere ethvert tab, som kunden led ud over de midler, der er afsat til denne position, herunder initialmargin og eventuelt yderligere margin indbetalt af kunden.
Instead, the analysis considered whether either of the two bases would be expected in general to lead to better outcomes for investors.
Da negativ saldobeskyttelse ikke ville muliggøre netting af et betydeligt tab med andre positioner i en kundes portefølje, ville en pr. position-regel øge den markedsrisiko, som virksomhederne påtager sig.
The general conclusion was that the better investor outcome for a position or account basis of margin close-out depends on the price movements of the underlyings of the CFDs in investment portfolios.
Dette vil sandsynligvis resultere i en stigning i kapitalkravene for virksomheder, hvis omkostninger sandsynligvis vil blive videregivet til detailkunde.
The reason for this is that following a close-out which would happen on one basis but not the other, the price of an underlying may recover or may deteriorate.
Med hensyn til forslaget om negativ saldobeskyttelse havde et flertal af udbyderne, mæglere og handelsorganisationer en positiv holdning.
In general, close-out would be expected to happen slightly more frequently under a position basis, assuming an investor's portfolio were the same in each case.
Nogle udbydere bad om yderligere præcisering af denne regel.
However, close-out is expected to be rare under either basis, due to the initial margin protection.
De bekymringer, der blev markeret, var relateret til virkningen af foranstaltningerne på virksomhedernes kapitalkrav og muligheden for, at kunderne kunne bruge dette til at spekulere imod udbyderne ved at indtaste to modsatte stillinger med samme mægler på forskellige konti.
For clients with one single position in their CFD trading account, there would not be any difference between the account basis and the position basis.
Forbrugerrepræsentanterne var positive over for de foreslåede foranstaltninger, herunder negativ saldobeskyttelse.
From the call for evidence, it is clear that there are many retail CFD trading accounts that include just one position.
Generelt angav de personer, der reagerede på opfordringen til indsendelse af dokumentation, udtrykkeligt i deres svar på forslagene om beskyttelse mod negativ saldobeskyttelse at være positive over for disse forslag.
While the difference in outcomes resulting from the per position basis versus the per account basis is expected to be small for many investors (but cannot be precisely quantified in the absence of a representative portfolio), the call for evidence responses highlighted additional reasons why an account basis may be better for some investors.
ESMA har overvejet virkningerne for CFD-udbydere for at yde negativ saldobeskyttelse såvel som den væsentlige skade for detailkunder, der kan opstå uden denne beskyttelse.
Firstly, in allowing gains from one position to offset losses from another, an account basis supports a diverse portfolio of investments.
ESMA mener, at der på balancen er en negativ saldobeskyttelse på en konto, der omhandler investorbeskyttelsesproblemet, der er identificeret og står i rimeligt forhold til forholdet.
Secondly, to the extent close-out happens less frequently on an account basis, it reduces the scope for investors to bear costs arising from re-entering positions.
Risikoadvarsler
Taking into consideration the above analysis and the responses from the call for evidence, ESMA considers a standardised margin close-out rule per account basis at 50 % of the total initial margin protection, as an individual measure to take in addition to the other measures described in this Decision, is more proportionate as a minimum protection to be applied.
En anden foranstaltning til at håndtere risici for detailkunder i forhold til CFD'er er at kræve standardiserede og effektive virksomhedsspecifikke risikovarsler, herunder oplysninger om procentdelen af detailkundekonti-tab.
In particular, this rule should provide for close-out of one or more CFDs on terms most favourable to the retail client to ensure that the value of the account does not fall lower than 50 % of the total initial margin protection that was paid to enter into all currently open CFDs at any point in time.
Som tidligere nævnt har flere kompetente nationale myndigheder noteret sig risikovarslernes lave kvalitet for kunderne og har rapporteret om CFD-udbydere, der ofte ikke klart angiver produktets højrisiko og komplekse karakter.
The value of the account for these purposes should be determined by the funds in that account together with any unrealised net profits from open CFDs connected to that account.
Risikovarslerne forklarer ofte ikke klart muligheden for hurtige tab, der kan overstige de beløb, der investeres af kunderne, eller meddelelserne er fortyndet af, hvordan advarsler fremlægges eller af udsagn om potentielle overskud.
The margin close-out protection proposed by ESMA does not prevent a provider from applying a per position close-out rule at 50 % of the initial margin requirement of the specific position instead of a per account close-out rule; indeed this could reduce the complexity for retail clients.
I deres svar på opfordringen til indsendelse af dokumentation modsatte kun et mindretal af udbyderne og mæglerne sig indførelsen af en standardiseret risikovarsel.
Furthermore, by applying a per position close-out rule at 50 %, the provider inherently fulfils the close-out requirement on a per account basis as all the single positions will be closed in accordance with the 50 % close-out rule.
Nogle firmaer har markeret, at de sætter pris på en virksomhedsspecifik tabsprocent i stedet for en mere standardiseret advarsel.
Negative balance protection
Forbrugerrepræsentanterne holdninger var blandede, da næsten halvdelen af svarene viste, at de var tilhængere af strengere foranstaltninger vedrørende CFD'er (f.eks. et forbud).
The negative balance protection aims at protecting retail clients in exceptional circumstances where there is a price change in the underlying that is sufficiently large and sudden to prevent the CFD provider from closing out the position as required by the margin close-out protection, such that the client has a negative account value.
De forbrugerrepræsentanter, der udtrykkeligt omtalte risikovarslet i deres svar, var positive over for forslaget, så længe det benyttedes i kombination med de øvrige foreslåede foranstaltninger.
In other words, large market events can cause gapping, preventing the automatic margin close-out protection from being effective.
De specifikke risikovarsler, der indføres i denne afgørelse, vil give detailkunder væsentlige oplysninger om disse særlige produkter, nemlig procentdelen af detailkunder, der taber penge, når de handler CFD'er.
A number of NCAs have observed that, following such events, clients have owed considerably more than they invested, ending up with a negative balance on their CFD trading account.
En undersøgelse viste, at en standardiseret risikovarsel forbedrede signifikant detailkundens forståelse for produktet, herunder muligheden for at tabe flere penge end de investerede og sandsynligheden for at opnå en fortjeneste.
The purpose of a negative balance protection is to ensure that an investor's maximum losses from trading CFDs, including all related costs, are limited to the total funds related to trading CFDs that are in the investor's CFD trading account.
Et krav for CFD-udbydere om at angive procentdelen af detailkunders konti, der har lidt tab, er designet til at kompensere for CFD-udbyderes tendens til at fremhæve det potentielle overskud frem for tab.
This should include any funds yet to be paid into that account due to net profits from the closure of open CFDs connected to that account.
Desuden forventes advarslerne at støtte detailkunder i at træffe en informeret beslutning om, hvorvidt de ønsker at fortsætte med et højrisikoprodukt, der mere sandsynligt vil resultere i tab end en gevinst.
An investor should not incur any additional liability connected with its trading of CFDs.
For at advare investorer om risikoen for tab forbundet med at investere i CFD'er mener ESMA, at hver CFD-udbyder bør oplyse deres kunder om den procentdel af CFD-handelskonti hos detailkunder, der har tabet penge i den sidste 12-månedersperiode.
Other accounts should not be part of the investor's capital at risk.
For at sikre at tallet holdes ajourført, skal denne beregning opdateres kvartalsvis.
In case a trading account also includes other financial instruments (for example, UCITS or shares), only the funds explicitly dedicated to CFD trading, and not those dedicated to other financial instruments, are at risk.
Den viste procentsats skal præsenteres på en enkel og klar måde som en del af en risikovarsel i hver udbyders kommunikation.
The purpose of the negative balance protection is also to provide a ‘backstop’ in case of extreme market conditions.
For at afgøre, om en konto tabte penge, skal både de realiserede og urealiserede gevinster eller tab tages i betragtning.
ESMA conducted analysis of the Swiss franc event in January 2015 to consider its direct impact on investors across a number of scenarios.
Realiserede overskud og tab vedrører CFD positioner, der blev lukket i løbet af beregningsperioden.
These scenarios were the following:
Urealiserede overskud og tab vedrører værdien af åbne positioner ved udgangen af beregningsperioden.
protection against any negative balance on a CFD trading account held by a retail client;
For at give et komplet billede af procentdelen af konti, der medførte en fortjeneste eller tab, skal alle omkostninger i forbindelse med handel med CFD'er tages i betragtning ved beregningen.
protection against any negative balance on each CFD position held by a retail client; and
For nyetablerede CFD-udbydere og CFD-udbydere, der ikke har haft nogen åbne CFD-positioner i de seneste 12 måneder, er det ikke muligt at beregne en sådan procentdel i løbet af de sidste 12 måneder.
no negative balance protection.
Denne afgørelse foreskriver for disse virksomheder en standardiseret risikovarsel, hvori der henvises til de procentdele, som kompetente nationale myndigheder har fundet i deres eksisterende undersøgelser.
In assessing these options, ESMA noted that the direct impact on investors resulting from the different options in the case of extreme market events needed to be weighed against the resulting ongoing costs of providing this protection.
Som nævnt ovenfor støttede næsten alle udbydere, der reagerede på opfordringen til indsendelse af dokumentation, en standardiseret risikovarsel eller var neutrale i forhold til den.
In particular, CFD providers would face ongoing costs attributable to additional capital or hedging, as part of their risk management.
De respondenter, der var negative, stillede spørgsmålstegn ved effektiviteten af en risikovarsel eller var uenig i de procentdele, der blev fundet ved NCA-undersøgelserne.
Some portion of these costs could in turn be passed through to investors themselves in the form of higher spreads or other charges.
En ofte fremsat bemærkning er, at virksomheder anmodede om en mere kondenseret version af risikovarslet, der kunne anvendes til digital markedsføring af virksomhederne.
On the other hand, an important risk of major consumer detriment that arises in the absence of negative balance protection is the potential for an investor to owe money to a firm as a result of extreme market conditions.
ESMA har overvejet muligheden at kræve en generisk risikovarsel, der kun angiver risikoen for, at detailkunder kan tabe penge hurtigt på grund af CFD'ernes gearing eller en mere specifik risikovarsel baseret på gennemsnitlige tab for detailkunder baseret på NCA's undersøgelser.
Such a situation is especially detrimental for investors without considerable liquid wealth.
Den første mulighed er blevet kasseret, fordi den ikke effektivt gør detailkunderne opmærksom på den faktiske risiko, der er specifik for CFDs-handel.
ESMA decided to adopt negative balance protection per CFD trading account as the way to address this source of potential major detriment while minimising associated costs to firms and investors.
Sidstnævnte mulighed er blevet kasseret, fordi disse undersøgelser ikke afspejler specifikationer (f.eks. et firma, der kun tilbyder bestemte typer CFD'er).
In particular, ESMA considered that the imposition of a negative balance protection per each CFD would have risked imposing disproportionate costs on investors and firms.
Selv om firmaspecifikke beregninger kan være mere byrdefulde for udbydere end en generisk risikoadvarsel, mener ESMA i overensstemmelse med tilbagemeldingen fra opfordringen til indsendelse af dokumentation, at de er nødvendige for korrekt at advare investorer om risikoen for tab.
If a negative balance protection per position were introduced, firms would be required to forgive any losses by the client in excess of the funds dedicated to that position, including initial margin and any additional margin paid by the client.
En risiko, som ESMA og kompetente nationale myndigheder anerkender for de virksomhedsspecifikke tabsprocenter er, at disse procentsatser vil blive brugt til markedsføring i stedet for det oprindelige formål, nemlig som risikovarsel.
As negative balance protection would not enable the netting of a significant loss with other positions in a client's portfolio, a per position rule would increase the market risk assumed by firms.
Af disse grunde bør de kompetente nationale myndigheder overvåge, at investeringsselskaber ikke vil anvende de virksomhedsspecifikke procentsatser på en uhensigtsmæssig måde og vil gennemgå anvendelsen af denne foranstaltning.
This would likely result in an increase of the capital requirements for firms, the costs of which would likely be passed on to retail clients.
I overensstemmelse med tilbagemelding fra opfordringen til indsendelse af dokumentation vurderer ESMA, at en mere proportional tilgang også ville tilpasse risikovarslen til typen af kommunikationskanaler, der anvendes.
Regarding the proposal on negative balance protection, a majority of the providers, brokers and trade organisations expressed a positive view.
Af denne årsag er en forkortet risikovarsel for kommunikation via et ikkevarigt medium, som f.eks. mobile applikationer eller sociale medier, foreskrevet i denne afgørelse.
Some providers asked for further clarification of this rule.
Forbuddet mod monetære og ikkemonetære fordele
The concerns flagged were related to the impact of the measures on firms' capital requirements and the possibility that clients could use this to speculate against the providers by entering two opposite positions with the same broker on different accounts.
En endelig foranstaltning til at afhjælpe risici ved distribution af CFD'er til detailkunder er et forbud mod monetære (f.eks. såkaldte »handelsbonusser«) og visse former for ikkemonetære fordele.
The consumer representatives were positive towards the proposed measures, including negative balance protection.
Finansielle kampagner, der tilbyder bonusser eller andre incitamenter til handel med CFD'er, distraherer ofte detailkunder fra CFD-produkters højrisiko.
In general, the individuals that responded to the call for evidence and explicitly referred in their response to the proposals on a negative balance protection were positive on these proposals.
De tiltrækker detailkunder, som måske ikke ellers ville vælge at investere i disse produkter.
ESMA has considered the effects on CFD providers for providing negative balance protection as well as the substantial detriment to retail clients, which can arise without this protection.
Sådanne fordele er ofte betinget af, at kunder deponerer penge på kontoen eller ved udførelse af en vis mængde handler.
ESMA considers that, on balance, negative balance protection on an account basis addresses the investor protection concern identified and is proportionate.
ESMA's forbud mod ydelser indfanger imidlertid ikke informations- og forskningsværktøjer til detailkunder, for så vidt de vedrører CFD'er (ekskluderet ikkemonetære fordele), selv om disse ville hjælpe kundernes beslutningstagning.
Risk warnings
Et flertal af svarene fra udbydere, handelsorganisationer og mæglere gik ind for foranstaltningerne vedrørende incitamenter for kunderne.
Another measure to address risks to retail clients in relation to CFDs is to require the provision of standardised and effective firm specific risk warnings including information on the percentage of retail client accounts' losses.
Også forbrugerrepræsentanterne, der udtrykkeligt henviste til disse foranstaltninger, var positive.
As previously noted, several NCAs have noted the low quality of risk warnings provided to clients and have reported on CFD providers often failing to clearly set out the high-risk and complex nature of the products.
I betragtning af de risici, som detailkunderne udsættes for i forhold til fordele, anser ESMA, at det er nødvendigt og rimeligt at begrænse dem.
In particular, risk warnings often do not clearly explain the potential for rapid losses that could exceed the money invested by clients, or the messages are diluted by the way warnings are presented or by statements about potential profits.
Samlet proportionalitet
In their responses to the call for evidence, only a minority of the providers and brokers opposed introducing a standardised risk warning.
ESMA har nået grænsen for effektiviteten af sine ikkebindende redskaber på dette område.
Some firms flagged that they appreciate a firm-specific loss percentage instead of a more standardised warning.
ESMA anerkender i denne forbindelse, og navnlig for så vidt angår produktstyring, at principperne om produktstyring allerede er en del af tilsynskulturen for finansielle tjenesteydelser i EU.
The consumer representatives were mixed as almost half of the responses indicated that they were in favour of more strict measures on CFDs (for example a ban).
Desuden kom i marts 2007 en vejledning i fastlæggelse af principper for produktstyring på plads i Det Forenede Kongerige .
The consumer representatives that explicitly mentioned the risk warning in their response were positive on the proposal, as long it is considered in combination with the other proposed measures.
På trods af disse tilsynsprincipper og de lovgivningsmæssige krav, der er beskrevet i denne afgørelse, har den negative påvirkning i forbindelse med markedsføring, distribution eller salg af CFD'er til detailkunder fortsat udviklet sig i de seneste år.
The firm specific risk warnings introduced in this Decision would provide retail clients with essential information about these particular products, namely the percentage of retail accounts losing money when trading CFDs.
ESMA's overordnede foranstaltning er nødvendig og proportional med hensyn til det identificerede investorbeskyttelseshensyn.
A study found that a standardised risk warning significantly improved a retail client's understanding of the product, including the possibility of losing more money than they invested and the likelihood of making a profit.
Generelt forventes det, at det vil reducere unormale og betydelige tab, som detailkunder kan udsættes for med CFD'er, samt forbedre detailkundernes bevidsthed om risiciene i forbindelse med disse produkter.
A requirement for CFD providers to state the percentage of retail client accounts that are at a loss is designed to offset the tendency of CFD providers to highlight the potential profits over losses.
De fordele, der er opnået ved at behandle investorbeskyttelseshensynet, der er identificeret på den foreslåede måde, opvejer de potentielle konsekvenser for CFD-udbydere, herunder de gennemførelsesomkostninger, der er forbundet med at overholde disse krav og en potentiel reduktion af CFD-udbyderes indtægter (gennem lavere handelsvolumen, lavere samlede transaktionsgebyrer betalt af kunder og mindre tab for kunderne).
Furthermore, the warnings are expected to support retail clients in making an informed decision about whether they wish to proceed with a high risk product that is more likely to result in a loss than a gain.
Derudover vil ESMA's foranstaltning finde anvendelse fra to måneder efter offentliggørelsen af denne afgørelse i Den Europæiske Unions Tidende (EUT).
In order to warn investors of the risk of losses related to investing in CFDs, ESMA considers that each CFD provider should inform their clients of the percentage of its CFD trading accounts of retail clients that lost money over the last 12 month period.
Dette indebærer en opsigelsesperiode på to måneder efter offentliggørelsen, der har til formål at afbalancere detailkundernes interesse for en øjeblikkelig reduktion af den skade, der skyldes den nuværende handel med CFD'er, og behovet for at give tilstrækkelige tid til relevante markedsdeltagere til at organisere og ændre deres forretningsmodeller på en korrekt måde.
To ensure the figure is kept up-to-date, this calculation should be updated on a quarterly basis.
Denne afgørelse fastsætter fælles krav, der har til formål at tilvejebringe et nødvendigt minimumsniveau for beskyttelse til detailkunder i hele EU ud over eksisterende krav.
The percentage shown should be presented in a simple and clear manner as part of a risk warning in every communication of the provider.