natgillin/translations-raw huggingface dataset:
De anvendte omkostningsantagelser var baseret på omkostningsdata fra CFD-udbydere.
Section 3 of Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA-35-36-794) as updated on 31 March 2017 and one example from UK-FCA.
Omkostningsantagelserne blev varieret som led i robusthedskontrollen, hvilket ikke medførte væsentlige ændringer i resultaterne.
For example, ES-CNMV.
Dette indikerer ikke, at spreads, gebyrer og afgifter ikke er en kilde til væsentlig skade generelt, især ved høj gearing.
UK-FCA, CY-CySEC and DE-BaFin.
Faktisk er disse omkostninger en afgørende årsag til, at et flertal af detailkunder taber penge og en kilde til betydelige tab for kunder, som ofte handler mange positioner.
In particular the UK-FCA.
Snarere viser robusthedskontrollen simpelthen, at typiske spreads, gebyrer og afgifter ikke gør close-out væsentligt mere sandsynligt under de anvendte forudsætninger.
In Germany legislation was introduced to protect clients from losses (DE-BaFin General Administrative Act published on 8 May 2017.
I modelleringsøvelsen blev en enkelt CFD-position simuleret i alle tilfælde.
It bans the marketing, distribution or sale of CFDs to retail clients that do not exclude additional payment obligations).
Se betragtning 26.
ES-CNMV for example found that clients usually operate for a short time given the negative results obtained.
F.eks. udtalte DE-BaFin, at nogle investorer tabte flere penge, end de investerede, på grund af den schweiziske nationalbanks beslutning om ikke længere at binde den schweiziske franc til euroen.
Section 6 of the Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA-35-36-794) as updated on 31 March 2017 states that it is unlikely that a firm offering a bonus that is designed to incentivise retail clients to trade in complex speculative products such as CFDs, CFDs and rolling spot forex could demonstrate that it is acting honestly, fairly and professionally and in the best interests of its retail clients.
Tilgængelig på: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Aufsichtsrecht/Verfuegung/vf_170508_allgvfg_cfd_wa_en.html.
For example, FR-AMF, UK-FCA and ES-CNMV.
»Schweizisk franc-begivenhed« refererer til den pludselige prisstigning i den schweiziske franc mod euroen på 15 % om morgenen torsdag den 15. januar 2015.
For example, CZ-CNB, FR-AMF, HU-MNB, LU-CSSF and UK-FCA.
Den skade, der blev forårsaget i en sådan situation, var tydelig i forhold til det schweiziske franc crash, hvor nogle investorer ubevidst blev ansvarlige for titusindvis af euro, beløb, som de ikke kunne betale.
Section 2 of Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA35-36-794) as updated on 31 March 2017 discusses some of these conflicts of interest in more detail.
Forud for at blive præsenteret for den standardiserede risikovarsel, oplyste 66 % af deltagerne i undersøgelsen præcist, at CFD'er er mere risikabelt end sparekonti, obligationer og tracker-midler, 50 % præcist angivet, der kunne tabe flere penge end du investerede i CFD'er, og 54 % præcist sagde, at de fleste kunder taber penge ved hjælp af disse produkter.
Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (OJ L 352, 9.12.2014, p. 1).
Efter at have præsenteret den standardiserede risikovarsel på firmaets hjemmeside, viste undersøgelsen, at 90 % af deltagerne præcist beskrev CFDs risikoprofil (det vil sige, at de er risikable end de ovenfor beskrevne aktiver).
Previously Article 19(2) and (3) of Directive 2004/39/EC.
Mens kunder, der fejlagtigt sagde, at alle investorer tjener penge, er sandsynligheden for, at en kunde svarer korrekt (ved at sige at de fleste investorer taber penge) 91,5 %.
Previously Article 19(4) and (5) of Directive 2004/39/EC.
Dette indikerer, at standardiserede risikovarsler, herunder offentliggørelse af klientkonto, kan betydeligt forbedre kundens forståelse af produktet.
Previously Article 21 of Directive 2004/39/EC.
Fra Mullett, T.L. & Stewart, N. (2017) The effect of risk warning content for contract for difference products.
Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical standards with regard to the presentation, content, review and revision of key information documents and the conditions for fulfilling the requirement to provide such documents (OJ L 100, 12.4.2017, p. 1).
Working Paper.
For example, the IE-CBI expressed concerns on the criteria used to assess knowledge and experience for the purposes of the assessment following their themed inspection (https://www.centralbank.ie/news/article/inspection-finds-75-percent-of-cfd-clients-lost-money).
Dette arbejde blev finansieret af et offentligt forskningsbidrag, men blev udviklet i samråd med UK-FCA.
Furthermore, firm data received by the UK-FCA in Q1 2017 from CFD providers shows that, at some of the largest retail CFD providers in the UK (representing approximately 70 % of the relevant UK market), approximately 50 % of clients had failed the appropriateness test but continued to trade after receiving an enhanced risk warning.
Fælles holdning om »Manufacturers' Product Oversight and Governance Processes« (JC-2013-77).
Furthermore, the UK-FCA has observed repeated failings by firms in relation to the adequacy of their appropriateness assessments and related policies and procedures (see above).
Udtalelse om »MiFID praksis for virksomheder, der sælger komplekse produkter« (ESMA/2014/146.
Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail investors under MiFID (ESMA35-36-794) as updated on 31 March 2017.
Denne udtalelse indeholdt specifikt henvisninger til CFD'er og binære optioner.
ESMA ‘Guidelines on MiFID II product governance requirements’ of 2 June 2017 (ESMA35-43-620).
Udtalelse om »Strukturerede detailprodukter — God praksis for produktstyringsordninger« (ESMA/2014/332).
For example London Capital Group Ltd, Dom Maklerski TMS Brokers S.A., GKFX Financial Services Limited, AxiCorp Financial Services Pty Ltd, Swissquote and also some confidential responses explicitly referred to a 100:1 leverage.
»The Responsibilities of Providers and Distributors for the Fair Treatment of Customers« https://www.handbook.fca.org.uk/handbook/document/RPPD_FCA_20130401.pdf.
Regulation of the BE-FSMA governing the distribution of certain derivative financial instruments to the clients.
Vejledningen er knyttet til UK's principper for virksomheder (PRIN) https://www.handbook.fca.org.uk/handbook/document/rppd/RPPD_Full_20180103.pdf.
CY-CySEC Circular No C168, dated 30 November 2016.
ESMA har understreget risikoen for lovgivningsmæssig arbitrage i sin udtalelse om virkningen af udelukkelse af fondsstyringsselskaber fra anvendelsesområdet for MiFIR-interventionsbeføjelserne den 12. januar 2017 (ESMA50-1215332076-23), hvori den har udtrykt bekymring for risikoen for lovgivningsmæssig arbitrage og den potentielle reduktion i effektiviteten af fremtidige interventionsforanstaltninger som følge af udelukkelse af visse enheder fra anvendelsesområdet for de relevante foranstaltninger (investeringsinstitutter og investeringsforvaltere).
Article 72 de Loi no 2016-1691 du 9 décembre 2016 relative à la transparence, à la lutte contre la corruption et à la modernisation de la vie économique.
Rådets forordning (EF) nr. 1234/2007 af 22. oktober 2007 om en fælles markedsordning for landbrugsprodukter og om særlige bestemmelser for visse landbrugsprodukter (fusionsmarkedsordningen) (EUT L 299 af 16.11.2007, s. 1).
Available at: http://legislacja.gov.pl/docs//2/12300403/12445426/12445427/dokument298571.pdf
5 % af den nominelle værdi af CFD når det underliggende indeks, valutapar eller vare er:
The intended measures were announced by ES-CNMV's communication Measures on the Marketing of CFDs and Other Speculative Products to Retail Investors, dated 21 March 2017.
et af følgende equity indekser: Financial Times Stock Exchange 100 (FTSE 100), Cotation Assistée en Continu 40 (CAC 40); Deutsche Bourse AG German Stock Index 30 (DAX30), Dow Jones Industrial Average (DJIA), Standard & Poors 500 (S&P 500), NASDAQ Composite-indekset (NASDAQ), NASDAQ 100-indekset (NASDAQ 100), Nikkei-indekset (Nikkei 225), Standard & Poors / Australian Securities Exchange 200 (ASX 200) og EURO STOXX 50-indekset (EURO STOXX 50).
Consultation Paper 107 on the Protection of Retail Investors in relation to the Distribution of CFDs.
et valutapar bestående af mindst en valuta, der ikke er anført i litra a) ovenfor, eller
HCMC Circular No 56/10.5.2017.
guld
Available at: https://www.finanstilsynet.no/contentassets/455795d40fe4445f88a3b71b35079c94/horingsnotat---produktintervensjon.pdf
10 % af CFD'ens nominelle værdi, når det underliggende råvare- eller aktieindeks er en vare eller et andet equity indeks end dem, der er anført i litra b) ovenfor
The CONSOB Communication was published on 13 February 2017 in the CONSOB newsletter, available at: (Italian version) http://www.consob.it/web/area-pubblica/avvisi-ai-risparmiatori/documenti/tutela/cns/2017/ct20170207.html; (English version) http://www.consob.it/web/consob-and-its-activities/newsletter/documenti/english/en_newsletter/2017/year_23_n-05_13_february_2017.html#news2
50 % af CFD'ens nominelle værdi når det underliggende instrument er en kryptovaluta eller
Available at: https://www.fca.org.uk/news/news-stories/consumer-warning-about-risks-investing-cryptocurrency-cfds
20 % af CFD'ens nominelle værdi når det underliggende instrument er:
33 % of all complaints received by the AMF in 2017 relate to CFDs and binary options.
en aktie eller
In the UK and Cyprus, where most CFD providers are established, the CY-CySEC and the UK-FCA have reported an increase in the number of providers specialising in the sale of CFDs to retail clients on a cross-border basis from 103 to 138 providers and from 117 to 143 providers respectively between 2016 and 2017.
ikke ellers opført i dette bilag.
Articles 34 and 35 of Directive 2014/65/EU.
BILAG II
The higher the leverage, the more likely client losses are because spreads and fees make up a larger proportion of the initial margin.
RISIKOADVARSLER
Higher leverage also makes it more likely that a client will lose a given percentage of the margin, increasing the risk of material detriment to the investor.
AFSNIT A
Rawley Z. Heimer and Alp Simsek.
Risiko advarselsforhold
NBER Working Paper No 24176, issued in December 2017 and available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150980
Risikoadvarslen skal være i et layout, der sikrer dets fremtrædende karakter, i en skriftstørrelse, der mindst svarer til den overvejende skriftstørrelse og på samme sprog som den, der anvendes i kommunikationen eller de offentliggjorte oplysninger.
See, Heimer, Rawley, and Simsek, Alp, Should Retail Investors' Leverage Be Limited?
Hvis kommunikationen eller de offentliggjorte oplysninger er i et varigt medium eller på en hjemmeside, skal risikovarslet være i det format, der er angivet i afsnit B.
NBER Working Paper No 24176, issued in December 2017 and available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150980
Hvis kommunikationen eller oplysningerne er på et andet medium end et varigt medium eller en hjemmeside, skal risikovarslet være i det format, der er angivet i afsnit C.
As such, initial margin protection should also reduce the extent to which these products are distributed to particularly vulnerable investors, such as low income groups of clients.
Risikoadvarslen skal indeholde en opdateret udbyderspecifik tabsprocent baseret på en beregning af den procentdel af CFD-handelskonti, hvor CFD-udbyderen har tabt penge for detailkunder.
Leverage limits are for instance in force in the US, Japan, Hong Kong and Singapore.
Beregningen udføres hver tredje måned og dækker 12-månedersperioden forud for den dato, hvor den udføres (»12-måneders beregningsperiode«).
Leverage limits and minimum margin requirements are also included in IOSCO's Consultation Paper dated February 2018 available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD592.pdf
Med henblik på beregningen:
A similar analytical framework was used by the FCA in its consultation published in December 2016.
En individuel CFD-handelskonto for detailkunder anses for at have tabt penge, hvis summen af alle realiserede og urealiserede nettoresultater på CFD'er, der er knyttet til CFD-handelskontoen i den 12-måneders beregningsperiode, er negativ
Available at: https://www.fca.org.uk/publication/consultation/cp16-40.pdf
eventuelle omkostninger i forbindelse med CFD'erne, der er knyttet til CFD-handelskontoen, indgår i beregningen, herunder alle gebyrer, gebyrer og provisioner
In most cases, approximately 10 years of data were used.
Følgende punkter er udelukket fra beregningen:
The exception was for some equities, for which price data was only available for the period starting at the relevant initial public offering and cryptocurrencies.
enhver CFD-handelskonto, der ikke havde en åben CFD forbundet med den inden for beregningsperioden
The cost assumptions used were based on cost data from CFD providers.
ethvert overskud eller tab fra andre produkter end CFD'er, der er knyttet til CFD -handelskontoen
The cost assumptions were varied as part of robustness checks, which did not lead to material changes in the results.
eventuelle indskud eller tilbagekøb af midler fra CFD-handelskonto.
This does not indicate that spreads, fees and charges are not a source of material detriment in general, especially at high leverage.
Uanset stk. 2-4 skal en CFD-udbyder i den sidste 12-måneders beregningsperiode ikke have leveret en åben CFD, der er forbundet til detailkundens CFD-handelskonto, og CFD-udbyderen skal anvende den standardrisici, der er angivet i afsnit D og E, i fornødent omfang.
Indeed, these costs are a key reason that a majority of retail clients lose money and a source of substantial losses for clients who trade many positions frequently.
AFSNIT B
Rather, the robustness checks simply indicate that typical spreads, fees and charges do not make close-out substantially more likely under the assumptions used.
Varigt medium og hjemmeside-udbyderspecifik risikoadvarsel
In the modelling exercise a single CFD position was simulated in all cases.
CFD'er er komplekse instrumenter og der er stor risiko for at tabe penge hurtigt på grund af gearing.
See recital 26.
[indsæt procent pr. udbyder] % af detailinvestorkonti taber penge, når der handles CFD'er med denne udbyder.
For example, DE-BaFin stated that some investors lost more money than they invested due to the decision of the Swiss National Bank to no longer peg the Swiss Franc to the Euro.
Du bør overveje, om du forstår, hvordan CFD'er virker, og om du har råd til at tage en høj risiko for at tabe dine penge.
Available at: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Aufsichtsrecht/Verfuegung/vf_170508_allgvfg_cfd_wa_en.html
AFSNIT C
‘Swiss franc event’ refers to the sudden appreciation in the Swiss franc against the euro, of the order of 15 %, on the morning of Thursday, 15 January 2015.
Forkortet udbyder-specifik risiko advarsel
The detriment caused in such a situation was evident in relation to the Swiss franc crash, where some investors unwittingly became liable for tens of thousands of euros, sums they were unable to pay.
Du bør overveje, om du har råd til at tage en høj risiko for at tabe dine penge.
In particular, prior to being presented with the standardised risk warning, 66 % of participants in the study accurately stated that CFDs are riskier than savings accounts, bonds, and tracker funds, 50 % accurately stated that could lose more money than you invested in CFDs, and 54 % accurately said that most clients lose money using these products.
AFSNIT D
After being presented with the standardised risk warning on the firm's webpage, the study found that 90 % of participants accurately described the risk profile of CFDs (that is that they are risky than the above described assets).
Standardrisikoadvarsel for varige medier og websider
For clients who inaccurately said that all investors make money, the probability of a client responding accurately (by stating that most investors lose money) was 91,5 %.
Mellem 74-89 % af detailinvestorkonti taber penge ved handel med CFD'er.
This indicates that standardised risk warnings, including the disclosure of client account performance, can significant improve a client's understanding of the product.
AFSNIT E
From Mullett, T.L. & Stewart, N. (2017) The effect of risk warning content for contract for difference products.
Forkortet standardrisikoadvarsel
Working Paper.
Opfordringen til indsendelse af dokumentation løb frem til den 5. februar 2018.
This work was funded by a public research grant but was developed in consultation with the UK-FCA.
ESMA modtog næsten 18500 svar.
Joint Position on ‘Manufacturers' Product Oversight and Governance Processes’ (JC-2013-77).
Blandt disse svar kom 82 fra udbydere, erhvervssammenslutninger, fondsbørser og mæglere, der arbejder inden for CFD'er og binære optioner, 10 kom fra forbrugerrepræsentanter, og resten af svarene kom fra enkeltpersoner.
Opinion on ‘MiFID practices for firms selling complex products’ (ESMA/2014/146.
Langt størstedelen af svarene fra enkeltpersoner blev formidlet og kanaliseret via CFD-udbydere og/eller udbydere af binære optioner.
This opinion specifically included references to CFDs and binary options.
Nogle kompetente nationale myndigheder har rapporteret til ESMA, at en række detailkunder tabte betydelige summer under afviklingen af den schweiziske franc i januar 2015.
Opinion on ‘Structured Retail Products — Good practices for product governance arrangements’ (ESMA/2014/332).
Mange detailkunder var uvidende om, at de kunne tabe flere penge, end de havde investeret.
‘The Responsibilities of Providers and Distributors for the Fair Treatment of Customers’ https://www.handbook.fca.org.uk/handbook/document/RPPD_FCA_20130401.pdf.
CY-CySEC har foretaget en analyse af en stikprøve af detailkundekonti (ca. 290000 kundekonti) hos 18 større CFD-udbydere for perioden 1. januar 2017 til 31. august 2017.
The guidance is linked to the UK's Principles for Businesses (PRIN) https://www.handbook.fca.org.uk/handbook/document/rppd/RPPD_Full_20180103.pdf
Det blev konstateret, at i gennemsnit 76 % af kundekonti led tab i den pågældende periode, mens omkring 24 % af kundekontiene havde overskud.
ESMA has emphasised the risk of regulatory arbitrage in its opinion on Impact of the exclusion of fund management companies from the scope of the MiFIR Intervention Powers of 12 January 2017(ESMA50-1215332076-23), in which it has expressed concerns for the risk of regulatory arbitrage and the potential reduction in effectiveness of future intervention measures arising from the exclusion of certain entities from the scope of the relevant measures (UCITS management companies and Alternative investment fund managers).
Comisión Nacional del Mercado de Valores (ES-CNMV), den spanske NCA, konstaterede, at ca. 82 % af detailkunderne led tab samlet set i en 21 måneders periode mellem begyndelsen af 2015 og slutningen af 2016.
The Commission has proposed amendments to enhance legal certainty in this respect by amending Regulation (EU) No 600/2014 (COM(2017) 536/948972).
Det gennemsnitlige tab pr. detailkunde var 4700 EUR
Council Regulation (EC) No 1234/2007 of 22 October 2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) (OJ L 299, 16.11.2007, p. 1).
Desuden viste data fra FR-AMF fra Ombudsmandens kontor, at det gennemsnitlige samlede tab pr. år for klagerne af CFD'er var på 15207 EUR i 2016.
ANNEX I
Endvidere bemærkede Ombudsmanden, at praksis for regulerede udbydere især i 2016 og 2017 blev endnu mere aggressive og mere målrettede mod investorer, der sandsynligvis ville foretage betydelige betalinger.
INITIAL MARGIN PERCENTAGES BY TYPE OF UNDERLYING
Undersøgelsen vurderede 267 detailkunders tab eller gevinster i handelsperioden fra januar til september 2016.
3,33 % of the notional value of the CFD when the underlying currency pair is composed of any two of the following currencies: US dollar, Euro, Japanese yen, Pound sterling, Canadian dollar or Swiss franc;
HR-HANFA konstaterede, at de samlede kundetab i perioden var ca. 1017900 EUR, mens de samlede detailkundegevinster var ca. 420000 EUR
5 % of the notional value of the CFD when the underlying index, currency pair or commodity is:
Det gennemsnitlige resultat var et tab pr. kunde på 12156 PLN i 2017.
any of the following equity indices: Financial Times Stock Exchange 100 (FTSE 100); Cotation Assistée en Continu 40 (CAC 40); Deutsche Bourse AG German Stock Index 30 (DAX30); Dow Jones Industrial Average (DJIA); Standard & Poors 500 (S&P 500); NASDAQ Composite Index (NASDAQ), NASDAQ 100 Index (NASDAQ 100); Nikkei Index (Nikkei 225); Standard & Poors / Australian Securities Exchange 200 (ASX 200); EURO STOXX 50 Index (EURO STOXX 50);
Procentdelen af aktive kunder, der tabte penge udgjorde 81 % (2012), 81 % (2013), 80 % (2014), 82 % (2015), 79 % (2016) og 80 % (2017)
a currency pair composed of at least one currency that is not listed in point (a) above; or
Efter den brede offentlige høring mellem juli og november 2017, den 13. december 2017, offentliggjorde det polske finansministerium en opdatering af projektet med en offentlig konsultation fra den 13. til den 22. december 2017.
gold;
Det nye projekt vil introducere to forskellige maksimale gearingslofter: 100:1 for erfarne detailkunder (dem, der har indgået mindst 40 transaktioner i 24 måneder inden indgåelse af en ny transaktion, hvor der er etableret en gearingsgrænse) og 50:1 for uerfarne detailkunder
10 % of the notional value of the CFD when the underlying commodity or equity index is a commodity or any equity index other than those listed in point (b) above;
reduktion af misvisende risici for CFD'er og dermed forbundne finansielle konsekvenser.
50 % of the notional value of the CFD when the underlying is a cryptocurrency; or
Dette er en stor fordel for detailkunder og for de finansielle markeder som helhed
20 % of the notional value of the CFD when the underlying is:
Tilgængelig på: https://www.esma.europa.eu/sites/default/files/library/esma50-164-1284_joint_esas_warning_on_virtual_currenciesl.pdf, EBA advarsel fra 2013.
a share; or
Tilgængelig på: https://www.eba.europa.eu/documents/10180/598344/EBA+Warning+on+Virtual+Currencies.pdf, og se IOSCOs hjemmeside for at få et overblik over regulatorens advarsler om virtuelle valutaer og Initial Coin Offering (ICO).
not otherwise listed in this Annex.
Tilgængelig på: http://www.iosco.org/publications/?subsection=ico-statements.
ANNEX II
Navnlig for så vidt angår Det Forenede Kongerige er antallet af CFD-baserede kundekonti steget fra 657000 i 2011 til 1051000 i slutningen af 2016.
RISK WARNINGS
Disse tal medtager dog »sovende« kundekonti eller flere konti, der anvendes af samme detailkunde.
SECTION A
Bevis fra Forex Market (30. august 2017).
Risk warning conditions
Tilgængelig på SSRN: https://ssrn.com/abstract=2860103.
The risk warning shall be in a layout ensuring its prominence, in a font size at least equal to the predominant font size and in the same language as that used in the communication or published information.
UK-FCA, Dear CEO Letter, »Client take-on review in firms offering contract for difference (CFD) products« 2. februar 2016.
If the communication or published information is in a durable medium or a webpage, the risk warning shall be in the format specified in Section B.
Se: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd.pdf.
If the communication or information is in a medium other than a durable medium or a webpage, the risk warning shall be in the format specified in Section C.