natgillin/translations-raw huggingface dataset:
Tilgængelig på: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html.
The Joint Group is composed of the representative of the Cyprus Securities and Exchange Commission (CY-CySEC), the Cypriot NCA, as well as the representatives of eight NCAs whose jurisdictions have been affected by the services provided by the Cyprus-based providers.
Belgien, Cypern, Danmark, Det Forenede Kongerige, Estland, Finland, Frankrig, Grækenland, Irland, Italien, Litauen, Malta, Nederlandene, Rumænien, Slovenien, Spanien, Tjekkiet, Tyskland og Østrig samt Norge, Liechtenstein og Island.
The work of the Joint Group resulted in an action plan to be implemented by CY-CySEC that included inter alia extended investigations into CFD providers as well as thematic reviews of a sample of CY-CySEC authorised firms.
AT-FMA, BE-FSMA (med nationale foranstaltninger indført for at begrænse disse produkter), CY-CySEC, CZ-CNB, DE-BaFin, DK-Finanstilsynet, EE-FSA, EL-HCMC, ES-CNMV, FI-FSA.
Opinion on MIFID practices for firms selling complex financial products (ESMA/2014/146).
FR-AMF, IE-CBI, IS-FME, IT-CONSOB, LI-FMA, LT-Lietuvos Bankas, MT-MFSA, NL-AFM, NO-Finanstilsynet, PT-CMVM, RO-ASF, SE-FI, SI -ATVP, UK-FCA.
Questions and Answers (Q&As) relating to the provision of CFDs and other speculative products to retail clients under MiFID (ESMA-35-36-794).
IT-CONSOB, IE-CBI, FR-AFM og CZ-CNB.
The Q&As were last updated on 31 March 2017.
Data i 2015 indsendt af: BG-FSMA, CY-CySEC, CZ-CNB, FR-AMF, IE-CBI, IS-FME, LU-CSSF, NL-AFM, MT-MFSA, PT-CMVM, RO-ASF, UK-FCA.
For example, the work of the Joint Group has resulted in CY-CySEC adopting a number of enforcement measures aimed at increasing compliance by investment firms offering speculative products like CFDs.
Data fremsendt i 2017 af: CY-CySEC, CZ-CNB, ES-CNMV, FR-AMF, IE-CBI, LU-CSSF, NL-AFM, MT-MFSA, NO-Finanstilsynet, SK-NBS, UK-FCA.
Call for evidence on potential product intervention measures on contracts for differences and binary options to retail clients (ESMA35-43-904).
På grund af produktudbydernes ofte grænseoverskridende aktiviteter kan dette tal omfatte kunder fra ikke-EØS-lande.
The number of respondents is lower than this figure since ESMA also received (i) multiple responses from the same respondents (for example a response on each of the proposed restrictions for CFDs in a separate email), and (ii) duplicative responses from the same respondents.
Tallene fra CY-CySEC er udarbejdet på grundlag af konti åbnet hos CY-CySEC autoriserede udbydere, der tilbyder disse produkter.
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
For UK er dette tal ikke omfattet af ikkebritiske kunder af autoriserede UK-udbydere, som i 2016 blev anslået til ca. 400000.
See recital 35.
I andre medlemsstater, som har indsendt data til ESMA, kan tallet omfatte kunder fra ikke-EØS-lande.
See recitals 73 and 75.
Klager vedrørende CFD'er er modtaget af AT-FMA, BE-FSMA, BG-FSC, HR-HANFA, CZ-CNB, CY-CySEC, DE-Bain, DK-Finanstilsynet, EE-Finantsinspektsioon, EL-HCMC, ES-CNMV), FI-Finanssivalvonta, FR-AMF, IE-CBI), IT-CONSOB, LT-Lietuvos Bankas, MT-MFSA, NL-AFM, PL-KNF), PT-CMVM), RO-ASF, SE-Finansinspektionen, SI-ATVP, UK-FCA og NO-Finanstilsynet.
CFDs do not meet the criteria to be regarded as non-complex financial instruments according to the combined reading of Article 25(4) of Directive 2014/65/EU and Article 57 of the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1).
F.eks. den tjekkiske nationalbank, den polske KNF og den spanske CNMV.
A spread quoted by a CFD provider to retail clients may include a mark-up to the market prices the provider faces from an external source, such as a liquidity provider.
Tilgængelig på: https://www.fsma.be/en/news/fsma-regulation-establishes-framework-distribution-otc-derivatives-binary-options-cfds.
See also Article 19(2)(d) of Delegated Regulation (EU) 2017/567 and, in particular, the last sub-factor listed therein, that is the use of inter alia terminology that implies a greater level of security than that which is actually possible or likely.
Tilgængelig på: http://www.amf-france.org/en_US/Actualites/Communiques-de-presse/AMF/annee-2016.html?docId=workspace%3A%2F%2FSpacesStore%2Fad42eecc-9720-49da-82a8-2ddcb72fbf1d.
See for example the joint warning by ESMA, EBA and EIOPA on virtual currencies.
På tværs af en undersøgelse af 30000 kunder, der repræsenterer ca. 100 % af detailkunderne hos CFD-udbydere, der er autoriseret af CNMV.
Available at: https://www.esma.europa.eu/sites/default/files/library/esma50-164-1284_joint_esas_warning_on_virtual_currenciesl.pdf, the EBA warning from 2013.
Udgivet på spansk: http://www.cnmv.es/Portal/verDoc.axd?t=%7bf1a92bb1-5f1b-420b-b58c-122d64a1ed9a%7d.
Available at: https://www.eba.europa.eu/documents/10180/598344/EBA+Warning+on+Virtual+Currencies.pdf, and see IOSCO's webpage for an overview of regulator's warnings on virtual currencies and initial coin offerings.
Tilgængelig på: http://www.amf-france.org/technique/multimedia%3FdocId%3Dworkspace%253A%252F%252FSpacesStore%252F9bf2caa8-1ce4-4832-85f4-4dffcace8644%26.
Available at: http://www.iosco.org/publications/?subsection=ico-statements
Tilgængelig på: https://www.centralbank.ie/docs/default-source/publications/Consultation-Papers/cp107/consultation-paper-107.pdf?sfvrsn=4.
The Financial Conduct Authority (UK-FCA), the NCA in the UK, has noted leverage levels of 200:1 for smaller position sizes.
Se side 1 og 2.
Furthermore, the UK-FCA has also observed that 200:1 is the typical leverage in ‘major’ currencies, but 500:1 and occasionally higher is available from providers targeting smaller retail clients.
Tilgængelig på: https://www.knf.gov.pl/o_nas/komunikaty?articleId=50315&p_id=18 (kun tilgængelig på polsk).
L'Autorité des marchés financiers (FR-AMF), the French NCA, has observed leverage of up to 400:1 for the most liquid currency pairs.
Disse kunder investerede hovedsageligt i CFD'er.
The Central Bank of Ireland (IE-CBI), the Irish NCA, has observed leverage of up to 400:1.
Disse data omfatter også investorer, der investerer i binære optioner, hvilket udgjorde mindre end 4 % af aktive kunder i 2017.
The Bundesanstalt für Finanzdienstleistungsaufsicht (DE-BaFin), the German NCA, highlighted one particular case in Germany of a firm offering a leverage of 400:1 with no margin call.
Tilgængelig på: https://www.fca.org.uk/publication/consultation/cp16-40.pdf.
The Commissione Nazionale per le Società e la Borsa (IT-CONSOB), the Italian NCA, and the Комисията за финансов надзор (BG-FSC) the Bulgarian NCA, have observed leverage of up to 500:1.
Se side 23 og 35.
See recital 15.
Tilgængelig på: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd-review-findings.pdf.
However, it is also market practice for CFD providers to set a margin call level which is higher than the margin close-out level and which gives the client the opportunity to post more margin to support their trade.
Hvilket repræsenterer ca. 33 % til 50 % af alle CFD-detailkunder, der er aktive i Norge.
The client can choose to do so at the risk of losing more money.
Udgivet på norsk: https://www.finanstilsynet.no/nyhetsarkiv/nyheter/2017/finanstilsynet-advarer-mot-handel-i-cfd/.
For example, if a provider sets the margin call level at 70 % of an initial margin of 100, the client would be requested to place more money in the trading account once the balance falls to 70 or lower.
På grundlag af Thomson Reuters Lipper-data om detailaktieklasser i det EU-domicilske investeringsinstituts fondssamfund vurderer ESMA, at det gennemsnitlige årlige investeringsafkast, vægtet af aktiver, eksklusive afgifter og for- og bagbelastninger, var omkring 3 % over periode 2008-2017, med mere end 5 % afkast i gennemsnit for kapitalfondsinvesteringer.
ESMA and NCAs have shared information, including through discussion, on an ongoing basis in relation to the offering of CFDs across the Union.
Yderligere oplysninger om resultater og omkostninger vedrørende EU-investeringsinstitutter findes i ESMA-rapporten om tendenser, risici og sårbarheder nr. 2 2017, side 36-44, tilgængelig på https://www.esma.europa.eu/sites/default/files/library/esma50-165-416_trends_risks_and_vulnerabilities_no.2_2017.pdf.
The Ceská národní banka (CZ-CBN), the Czech NCA, has observed that Czech CFD providers usually close-out positions when margin drops under 15 %.
En undersøgelse af udbuddet fra CFD'er og rullende spotforex til detailkunder blev foretaget af MT-MFSA.
DE-BaFIN and BG-FSC have observed that clients' positions would be closed when funds in a client's account fall between 30-50 % of the minimum margin.
Tidligere artikel 19, stk. 5, i Europa-Parlamentets og Rådets direktiv 2004/39/EF af 21. april 2004 om markeder for finansielle instrumenter, om ændring af Rådets direktiv 85/611/EØF og 93/6/EØF samt Europa-Parlamentets og Rådets direktiv 2000/12/EF og om ophævelse af Rådets direktiv 93/22/EØF (EUT L 145 af 30.4.2004, p. 1).
The Commission de Surveillance du Secteur Financier (LU-CSSF), the Luxembourgish NCA, and l'Autorité des marchés financiers (FR-AMF), the French NCA, have noted that automatic close-outs set by providers are typically between 120-150 % of the initial margin.
Bilag IV til direktiv 2014/65/EU indeholder en sammenligningstabel mellem kravene i direktiv 2004/39/EF og kravene i direktiv 2014/65/EU og forordning (EU) nr. 600/2014.
The CY-CySEC and the UK-FCA.
Denne risiko bliver eventuelt forværret af den hang til overmod, der ofte er registreret i nylige adfærdsundersøgelser.
For example, at a leverage of 50:1 a price change in excess of 2 %.
F.eks. DE - BaFin, DK-Finanstilsynet, ES-CNMV, IE-CBI, FR-AMF, LU-CSSF NL-AFM.
According to the DE-BaFin, ‘such products (CFDs) came to the public's attention primarily as a result of the ‘Swiss franc shock’ at the beginning of 2015, when the Swiss National Bank abandoned the cap on the Swiss franc's value against the euro and many CFD investors suffered major losses as a result of having to subsequently make additional payments. ’
F.eks. IE-CBI.
Available at: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html
F.eks. UK-FCA.
Some respondents to the call for evidence signalled that they lost more than EUR 100000 while trading CFDs.
Spørgsmål og svar (Q&A'er) vedrørende levering af CFD'er og andre spekulative produkter til investorer i henhold til MiFID (ESMA-35-36-794) som opdateret den 31. marts 2017.
See an example where an investor lost EUR 280000 with only EUR 2800 invested.
F.eks. BE-FSMA, ES-CNMV, FR-AMF og IT-CONSOB.
Available at: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Pressemitteilung/2016/pm_161208_allgvfg_cfd_en.html.
Afsnit 3 af »Spørgsmål og svar« (Q & A'er) vedrørende levering af CFD'er og andre spekulative produkter til investorer i henhold til MiFID (ESMA-35-36-794) som opdateret den 31. marts 2017 og et eksempel fra UK-FCA.
Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Lithuania, Malta, Netherlands, Romania, Spain, Slovenia and the United Kingdom, as well as Norway, Liechtenstein and Iceland.
F.eks. ES-CNMV.
AT-FMA, BE-FSMA (with national measures introduced to restrict these products),CY-CySEC, CZ-CNB, DE-BaFin, DK-Finanstilsynet, EE-FSA, EL-HCMC, ES-CNMV, FI-FSA.
UK-FCA, CY-CySEC og DE-BaFin.
FR-AMF, IE-CBI, IS-FME, IT-CONSOB, LI-FMA, LT- Lietuvos Bankas, MT-MFSA, NL-AFM, NO-Finanstilsynet, PT-CMVM, RO-ASF, SE-FI, SI-ATVP, UK-FCA.
Især UK-FCA.
IT-CONSOB, IE-CBI, FR-AFM and CZ-CNB.
I Tyskland blev der indført en lovgivning for at beskytte kunder mod tab (DE-BaFin General Administrative Act offentliggjort den 8. maj 2017.
In 2017, the Ελληνική Επιτροπή Κεφαλαιαγοράς (EL-HCMC), the Greek NCA, the Magyar Nemzeti Bank (HU-MNB), the Hungarian NCA, and the Národná Banka Slovenska (SK-NBS), the Slovakian NCA,, reported to ESMA that they have observed a growth in the number of applications for authorisation of CFD providers.
Den forbyder markedsføring, distribution eller salg af CFD'er til detailkunder, der ikke udelukker yderligere betalingsforpligtelser).
Data provided in 2015 by: BG-FSMA, CY-CySEC, CZ-CNB, FR-AMF, IE-CBI, IS-FME, LU-CSSF, NL-AFM, MT-MFSA, PT-CMVM, RO-ASF, UK-FCA.
ES-CNMV har f.eks. fundet ud af, at kunderne normalt opererer i en kort periode i betragtning af de opnåede negative resultater.
Data provided in 2017 by: CY-CySEC,CZ-CNB, ES-CNMV, FR-AMF, IE-CBI, LU-CSSF, NL-AFM, MT-MFSA, NO- Finanstilsynet, SK-NBS, UK-FCA.
Afsnit 6 i Spørgsmål og Svar (Q&A'er) vedrørende levering af CFD'er og andre spekulative produkter til privatinvestorer i henhold til MiFID (ESMA-35-36-794), som blev opdateret den 31. marts 2017, siger, at det ikke er sandsynligt, at et selskab, der tilbyder en bonus, der er designet til at incitere detailkunder til at handle i komplekse spekulative produkter som CFD'er, CFD'er og rullende spot-forex, kunne demonstrere, at den handler ærligt, retfærdigt og professionelt og i bedste interesse for sine detailkunder.
Given the frequent cross-border dimension of the activity of product providers, this figure may include clients from non-EEA States.
F.eks. FR-AMF, UK-FCA og ES-CNMV.
With particular regard to the UK, the number of CFD funded client accounts has risen from 657000 in 2011 to 1051000 at end-2016.
F.eks. CZ-CNB, FR-AMF, HU-MNB, LU-CSSF og UK-FCA.
However, these figures do not exclude dormant client accounts or multiple accounts used by the same retail client.
Afsnit 2 af »Spørgsmål og svar« (Q & A'er) vedrørende levering af CFD'er og andre spekulative produkter til investorer i henhold til MiFID (ESMA-35-36-794) som opdateret den 31. marts 2017 diskuterer nogle af disse interessekonflikter mere detaljeret.
The figures provided by CY-CySEC have been compiled on the basis of accounts opened in CY-CySEC authorised providers offering these products.
Europa-Parlamentets og Rådets forordning (EU) nr. 1286/2014 af 26. november 2014 om dokumenter med central information om sammensatte og forsikringsbaserede investeringsprodukter til detailinvestorer (PRIIP'er) (EUT L 352 af 9.12.2014, s. 1).
As far as the UK is concerned, this figure does not include non-UK clients of UK authorised providers which in 2016 was estimated at approximately 400000.
Tidligere artikel 19, stk. 2 og 3, i direktiv 2004/39/EF.
For the other Member States which provided the data to ESMA, the figure may include clients from non-EEA States.
Tidligere artikel 19, stk. 4 og 5, i direktiv 2004/39/EF.
Complaints relating to CFDs have been received by the AT-FMA,, the BE-FSMA, the BG-FSC, the HR- HANFA, the CZ-CNB, the CY-CySEC, the DE-Bain, the DK-Finanstilsynet, the EE-Finantsinspektsioon, the EL-HCMC, the ES-CNMV), the FI-Finanssivalvonta, the FR-AMF, the IE-CBI), IT-CONSOB, the LT-Lietuvos Bankas, the MT-MFSA, the NL-AFM, the PL-KNF), the PT-CMVM), the RO-ASF, the SE-Finansinspektionen, the SI-ATVP, the UK-FCA and the NO-Finanstilsynet.
Tidligere artikel 21 i direktiv 2004/39/EF.
For example, the Czech National Bank, the Polish KNF and the Spanish CNMV.
Kommissionens delegerede forordning (EU) 2017/653 af 8. marts 2017 om supplering af Europa-Parlamentets og Rådets forordning (EU) nr. 1286/2014 om nøgleinformationsdokumenter for pakkede detail- og forsikringsbaserede investeringsprodukter (PRIIPs) ved at fastsætte lovgivningsmæssigt bestemte tekniske standarder med hensyn til præsentation, indhold, revision og revision af nøgleinformationsdokumenter og betingelserne for opfyldelse af kravet om at fremlægge sådanne dokumenter (EUT L 100 af 12.4.2017, s. 1).
Available at: https://www.fsma.be/en/news/fsma-regulation-establishes-framework-distribution-otc-derivatives-binary-options-cfds
F.eks. har IE-CBI udtrykt bekymring over de kriterier, der er anvendt til at vurdere viden og erfaring med henblik på vurderingen efter deres temainspektion (https://www.centralbank.ie/news/article/inspection-finds-75-percent-of-cfd-clients-lost-money).
Available at: http://www.amf-france.org/en_US/Actualites/Communiques-de-presse/AMF/annee-2016.html?docId=workspace%3A%2F%2FSpacesStore%2Fad42eecc-9720-49da-82a8-2ddcb72fbf1d
Endvidere viser firmaoplysninger fra UK-FCA i 1. kvartal 2017 fra CFD-udbydere, at ca. 50 % af kunderne i nogle af de største CFD-udbydere i UK (ca. 70 % af det relevante britiske marked) havde svigtet en passende test, men fortsatte med at handle efter at have modtaget en forøget risikovarsel.
Across a study of 30000 clients representing approximately 100 % of retail clients of CFD providers authorised by CNMV.
Desuden har UK-FCA observeret gentagne mangler fra virksomheder i forbindelse med tilstrækkeligheden af deres hensigtsmæssige vurderinger og relaterede politikker og procedurer (se ovenfor).
Published in Spanish: http://www.cnmv.es/Portal/verDoc.axd?t=%7bf1a92bb1-5f1b-420b-b58c-122d64a1ed9a%7d
Spørgsmål og svar vedrørende tilbud af CFD'er og andre spekulative produkter til detailinvestorer i henhold til MiFID (ESMA35-36-794), som ajourført den 31. marts 2017.
Available at: http://www.amf-france.org/technique/multimedia%3FdocId%3Dworkspace%253A%252F%252FSpacesStore%252F9bf2caa8-1ce4-4832-85f4-4dffcace8644%26
ESMA »Retningslinjer for produktkrav for MiFID II« af 2. juni 2017 (ESMA35-43-620).
Available at: https://www.centralbank.ie/docs/default-source/publications/Consultation-Papers/cp107/consultation-paper-107.pdf?sfvrsn=4.
F.eks. henviser London Capital Group Ltd, Dom Maklerski TMS Brokers S.A., GKFX Financial Services Limited, AxiCorp Financial Services Pty Ltd, Swissquote og også nogle fortrolige svar udtrykkeligt til en 100:1 gearing.
See page 1 and 2.
Artikel 72 i lov nr. 2016-1691 af 9. december 2016 om gennemsigtighed, bekæmpelse af korruption og modernisering af det økonomiske forum.
These data also include investors investing in binary options who constituted less than 4 % of active clients in 2017.
Tilgængelig på: http://prawo.sejm.gov.pl/isap.nsf/DocDetails.xsp?id=WDU20150000073.
Available at: https://www.fca.org.uk/publication/consultation/cp16-40.pdf.
Tilgængelig på: http://legislacja.gov.pl/docs//2/12300403/12445426/12445427/dokument298571.pdf.
See page 23 and 35.
Tilgængelig på: https://legislacja.rcl.gov.pl/docs//2/12300403/12445438/12445439/dokument321489.pdf.
Available at: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd-review-findings.pdf
MT-MFSA: Krav til kategori 2 eller kategori 3 investeringsselskaber, der distribuerer eller har til hensigt at distribuere CFD'er og/eller rullende spotforexkontrakter i henhold til MiFID-regimet, 3. april 2017; tilgængelig på: https://www.mfsa.com.mt/pages/readfile.aspx?f=/files/Announcements/Consultation/2017/20170403_Revised%20online%20forex%20policy_clean.pdf.
Representing approximately 33 % to 50 % of all CFD retail clients active in Norway.
DE-BaFin General Administrative Act blev offentliggjort den 8. maj 2017 og CFD-udbydere skal gennemføre de relevante foranstaltninger senest den 10. august 2017, loven er tilgængelig på: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Aufsichtsrecht/Verfuegung/vf_170508_allgvfg_cfd_wa.html;jsessionid=BEF7FF8ADA6FF31D076D4DE32FBF8025.2_cid290?nn=7846960.
Published in Norwegian: https://www.finanstilsynet.no/nyhetsarkiv/nyheter/2017/finanstilsynet-advarer-mot-handel-i-cfd/
ES-CNMV offentliggjorde de tiltænkte foranstaltninger i sin meddelelse Measures on the Marketing of CFDs and Other Speculative Products to Retail Investors af 21. marts 2017.
For example, based on Thomson Reuters Lipper data on retail share classes of the EU-domiciled UCITS fund universe, ESMA estimates that the average annual investor return, weighted by assets, net of charges and front and back loads, was around 3 % over the period 2008-2017, with more than 5 % return on average for equity fund investments.
Høringsdokument 107 om beskyttelse af detailinvestorer i forbindelse med distribution af CFD'er.
Further details on performance and costs relating to EU UCITS may be found in the ESMA Report on Trends, Risks and Vulnerabilities No 2 2017, pages 36-44, available at https://www.esma.europa.eu/sites/default/files/library/esma50-165-416_trends_risks_and_vulnerabilities_no.2_2017.pdf).
HCMC Circular no. 56/10.5.2017.
A study on the offer of CFDs and rolling spot forex to retail clients was conducted by the MT-MFSA.
Tilgængelig på: https://www.finanstilsynet.no/contentassets/455795d40fe4445f88a3b71b35079c94/horingsnotat---produktintervensjon.pdf.
Previously Article 19(5) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).
CONSOB-meddelelsen blev offentliggjort den 13. februar 2017 i CONSOB-nyhedsbrevet, tilgængelig på: (Italiensk version) http://www.consob.it/web/area-pubblica/avvisi-ai-risparmiatori/documenti/tutela/cns/2017/ct20170207.html; (Engelsk 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.
Annex IV to Directive 2014/65/EU provides a correlation table between the requirements of Directive 2004/39/EC and the requirements of Directive 2014/65/EU and Regulation (EU) No 600/2014.
Tilgængelig på: https://www.fca.org.uk/news/news-stories/consumer-warning-about-risks-investing-cryptocurrency-cfds.
This risk is possibly magnified by the overconfidence bias which has often been observed in recent behavioural studies.
33 % af alle klager, som AMF modtog i 2017, vedrører CFD'er og binære optioner.
A recent study focussing on forex markets demonstrates that leverage is a significant indicator of overconfidence: Forman, John H. and Horton, Joanne, Is Leverage Use a Better Indication for Overconfidence?
I Det Forenede Kongerige og Cypern, hvor de fleste CFD-udbydere er etableret, har CY-CySEC og UK-FCA rapporteret en stigning i antallet af udbydere med speciale i salg af CFD'er til detailkunder på tværs af grænserne fra 103 til 138 udbydere og fra 117 til 143 udbydere henholdsvis i 2016 og 2017.
UK-FCA, Dear CEO Letter, ‘Client take-on review in firms offering contract for difference (CFD) products,’ 2 February 2016.
Artikel 34 og 35 i direktiv 2014/65/EU.
See: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd.pdf
Jo højere gearing, desto mere sandsynlige er kundernes tab er, fordi spreads og gebyrer udgør en større del af initialmarginen.
UK-FCA, ‘CFD firms fail to meet our expectations on appropriateness assessments,’ 29 June 2017.
Højere gearing gør det også mere sandsynligt, at en kunde vil tabe en given procentdel af marginen og øge risikoen for væsentlig skade for investor.
See: https://www.fca.org.uk/publications/multi-firm-reviews/cfd-firms-fail-expectations-appropriateness-assessments
Rawley Z. Heimer og Alp Simsek.
For example, DE - BaFin, DK- Finanstilsynet, ES-CNMV, IE-CBI, FR-AMF, LU-CSSF NL-AFM.
NBER Working Paper No. 24176, udgivet i december 2017 og tilgængelig på: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150980.
For example, IE-CBI.
Som sådan bør initialmarginbeskyttelse også reducere, i hvilket omfang disse produkter distribueres til særligt sårbare investorer, såsom lavindkomstgrupper blandt kunderne.
For example, the UK-FCA.
I de fleste tilfælde blev der brugt ca. 10 års data.
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.
Undtagelsen var for nogle aktier, for hvilke prisdata kun var tilgængelige for den periode, der begyndte ved den relevante børsintroduktion, og kryptovalutaer.
For example, BE-FSMA, ES-CNMV, FR-AMF and IT-CONSOB.