natgillin/translations-raw huggingface dataset:
Der blev taget højde for, hvor forskelligt aktiverne bliver handlet.
As the costs a client faces are increasing in notional investment exposure, initial margin protection will reduce the probability of client losses compared to those that would be expected if the client were to trade at higher leverage.
F.eks. bliver CFD'er på råvarer, olie og guld almindeligvis handlet af detailkunder, men simuleringer tyder på, at gearing, der indebærer en 5 % sandsynlighed for margin-close-out for CFD'er i guld, er ca. to gange så stor som CFD'er i olie.
As further explained below, empirical academic research corroborates this analysis and establishes that leverage limits improve average outcomes for investors.
Leverage grænsen for CFD'er i guld er derfor anderledes end for olie og andre råvarer.
In coming to its conclusion, ESMA has taken into account the responses from its call for evidence.
Fastsættelse af initialmarginbeskyttelse på denne måde, især gennem simulerede positioner, der varer mindst en dag, giver et konsekvent og nødvendigt beskyttelsesniveau for detailkunder, som måske ikke aktivt overvåger deres position i løbet af en handelsdag eller måske ikke kan vurdere behovet for hurtige reaktioner i lyset af volatiliteten i det underliggende marked.
The responses from providers, trade organisations and other interested entities to the call for evidence were, with some exceptions, generally negative on the proposed leverage limits.
I tilfælde af CFD'er på aktier, tyder data på, at holdings typisk er længere end for andre aktiver, og der tages hensyn til holdingperioder på op til 5 dage.
The main impact on providers of imposing leverage limits as proposed was an expected decrease of revenues.
ESMA overvejede alternative tilgange til kalibrering af initialmarginbeskyttelse.
However, many of them indicated that they — in general — did not oppose leverage limits as an intervention measure, but disagreed with the specific limits proposed.
F.eks. ville et alternativ være at indstille en enkelt gearingsgrænse for alle CFD'er uanset deres underliggende.
The consumer representatives were generally positive towards the proposed measures on CFDs, including the leverage limits proposed by ESMA.
ESMA fandt det imidlertid hensigtsmæssigt at skelne mellem forskellige typer underliggender, der er givet forskelle i historisk prisvolatilitet mellem forskellige klasser af underliggende, ud over forskelle i typiske gebyrstrukturer inden for den nuværende CFD-firmapopulation og typisk klientadfærd.
In almost half of the responses from consumer representatives, however, it was proposed to go beyond the measures proposed by ESMA, by adopting stricter measures such as stricter leverage limits or a full ban on the marketing, distribution or sale of CFDs to retail clients.
Mens gennemførelsen af den initialmarginbeskyttelse indebærer visse omkostninger for de CFD-udbydere, der skulle tilpasse sig de gearingslofter, der i øjeblikket stilles til rådighed for detailkunder, forventer ESMA, at disse omkostninger ikke vil være uforholdsmæssige i forhold til fordelene ved at indføre en sådan beskyttelse.
The large majority of responses from individuals expressed a generic, often very short, approval or disapproval of the proposed measures and only a very limited number qualified their comments in a more substantial way.
ESMA bemærker også, at det allerede er standardpraksis for CFD-udbydere rutinemæssigt at ændre den gearing, der tilbydes deres kunder, baseret på den ændrede risikoprofil for visse aktiver.
A vast majority of these individuals were negative towards the proposed leverage limits.
Margin close-out beskyttelse
Among the few individuals supporting ESMA's proposed measures on CFDs, some mentioned that they believe retail clients require a further layer of protection when trading these instruments.
En anden foranstaltning for at beskytte detailkunder er margin close-out beskyttelse.
Some of them referred to the amount of losses arising from CFDs trading or complained about the aggressive behaviour carried out by some firms.
Denne foranstaltning supplerer indførelsen af initialmarginbeskyttelse og mindsker risikoen for, at detailkunder taber betydelige midler ud over de midler, de har investeret i CFD under normale markedsforhold.
In some instances, the investors claimed that they have been victims of fraud.
Tilvejebringelsen af en margin-close-out-beskyttelse og standardiseringen af den procentdel, hvor CFD-udbydere er forpligtet til at lukke en klients åbne CFD (ved 50 % af den oprindelige krævede margin) er også designet til at løse den inkonsekvente anvendelse af margin close-out.
Some respondents to the call for evidence indicated that they would appreciate further fine-tuning of the categories used for the initial margin protection.
Nogle kompetente nationale myndigheder har observeret, at CFD-udbydere tillader deres kunders midler at falde til 0-30 % af initialmargin, der kræves for at åbne en CFD.
One respondent indicated several specific underlyings for reclassification due to its volatility.
Ved at give kunderne mulighed for at reducere deres margin tæt på nul, udsætter udbydere kunderne for den risiko at tabe mere end deres deponerede midler, især under en gapping-begivenhed.
Following further quantitative analysis, ESMA has reassigned the EuroSTOXX50 to the asset class of major indices.
Omvendt vil et for højt niveau på margin close-out udsætte kunder for ofte at blive lukket ud, hvilket måske ikke er i deres interesse.
Also the NASDAQ-100 is added to the asset class of major indices.
Tærskelværdien på 50 % i ESMA's foranstaltning mindsker risikoen for, at detailkunder lider betydelige tab og er derfor forholdsmæssig.
Existing research indicates that lower leverage is associated with improved client outcomes, including lower losses per trade and lower total transaction fees as a function of lower volumes of trading.
I opfordringen til indsendelse af dokumentation beskrev ESMA en margin close-out beskyttelse pr. individuel position.
In particular, detailed research by Rawley Z. Heimer and Alp Simsek, comparing client outcomes before and after the application of leverage limits in the US market concludes that leverage limits improved outcomes for the highest-leveraged clients by 18 percentage points per month and alleviated their losses by 40 %.
En sådan tilgang var rettet mod at løse en række hensyn vedrørende anvendelsen af denne funktion på en CFD-handelskonto i det nuværende marked.
This in-depth academic study demonstrates a positive relationship between lower leverage and lower trading volumes, which contributed to improved outcomes for consumers.
Navnlig, da initialmarginbeskyttelse anvendes på grundlag af CFD'ens underliggende, ville anvendelsen af en margin-close-out regel på pr. position grundlag sikre den effektive anvendelse af den første margin beskyttelse for hver underliggende klasse og sikre et hårdt værn mod gearing tilgængelig pr. underliggende klasse.
ESMA has not received during the call for evidence any quantitative data evidencing that introducing initial margin protection results in lower returns on investment for retail clients.
En anden grund til en sådan tilgang var at hjælpe med at sikre, at detailkunder er opmærksomme på og forstå deres eksponering for hver enkelt underliggende.
In addition, requiring minimum initial margin will address some of the distribution risks relating to CFDs by ensuring that only retail clients who are capable of posting sufficiently high margin can trade in these products.
ESMA foreslog oprindeligt anvendelsen af en margin-close-out regel på 50 % af initialmargin per position, for at sikre en effektiv beskyttelse for detailkunder, samtidig med at produktets kompleksitet blev reduceret og med at det ville forbedre detailkundernes forståelse af deres eksponering
Relatedly, the initial margin protection is also expected to lower the likelihood that CFD providers target a mass retail client through smaller account sizes, supported by higher leverage.
ESMA har taget hensyn til de svar, der er modtaget i forbindelse med opfordringen til indsendelse af dokumentation.
It will likely encourage firms to focus on sophisticated retail clients and professional clients, rather than ‘churning’ less sophisticated retail clients.
Et stort flertal af de udbydere, mæglere og handelsorganisationer, der reagerede på indkaldelsen af bevismateriale, opregnede deres bekymringer over en margin-close-out pr. position.
The proposed initial margin protection will therefore help ensure that CFD providers act on terms that are in the best interests of their clients instead of seeking to attract new clients or to expand market share through higher levels of leverage.
Hvad angår konsekvenser for virksomhederne, var hovedpunkterne udsigten til betydelige IT-implementerings- og løbende overvågningsomkostninger.
The initial margin protection will also help address the risk of potential conflicts of interest particularly when CFD providers do not hedge their clients' trades and so benefit directly from client losses, by reducing the risk of firms profiting from losing client trades and expected profits from trading.
Mange svar fra firmaerne markerede også bekymringer i forhold til eksisterende kunder, der er bekendt med close-out pr. konto.
It reflects a common investor protection approach taken by a number of other international jurisdictions.
Desuden fremhævede respondenterne, at investorer, der anvender specifikke handelsstrategier, ikke længere kunne anvende disse strategier effektivt, da individuelle positioner kunne lukkes på et bestemt tidspunkt, hvis kunderne ikke fylder deres marginer op for den specifikke position, hvilket resulterer i en uventet markedseksponering på de resterende positioner.
The initial margin protection for each underlying has been set according to the volatility of that underlying using a simulation model to assess the likelihood of a client losing 50 % of their initial investment over an appropriate holding period.
Et andet argument, der identificerer potentielle negative konsekvenser af margin close-out på per position basis, var, at på grund af lukningen af positioner ville kunderne blive forpligtet til at genåbne positioner, hvilket kunne føre til højere handelsomkostninger.
Specifically, ESMA undertook a quantitative simulation of the distribution of returns an investor in a single CFD might expect to receive at different leverage levels.
Lignende bekymringer med hensyn til negative konsekvenser for investorer med margin close-out pr. position blev nævnt i en væsentlig del af svarene på opfordringen til indsendelse af dokumentation fra individuelle investorer.
The starting point of the simulation was approximately 10 years of daily market price data (in most cases) for various underlying types commonly used in CFDs sold to retail clients.
De hyppigste argumenter var, at en pr. position regel ville hæmme brugen af visse handelsstrategier, og det ville kræve, at investorerne løbende overvåger deres positioner, da de ikke længere kunne stole på visse kurssikringer, som de havde placeret.
For the purpose of the analysis, ESMA considered a CFD that is automatically closed out if the margin reaches 50 % of its initial value.
De fleste forbrugerrepræsentanter var enige i de foreslåede foranstaltninger eller havde endog foreslået betydeligt mere restriktive foranstaltninger vedrørende CFD'er (såsom et fuldstændigt forbud mod markedsføring, distribution eller salg af disse finansielle instrumenter til detailkunder).
The simulated probability with which close-out occurs depends on (and is increasing in) the given leverage.
Der var også i opfordringen til indsendelse af dokumentation svar fra virksomheder, der var til fordel for den pr. position margin close-out regel, der blev foreslået i opfordringen til indsendelse af dokumentation.
A metric examined was the probability of (automatic) close-out as a function of leverage.
Disse firmaer angav, at de allerede anvender en sådan tilgang og er tilfredse med resultaterne.
This metric allows for leverage limits to be set according to a model that is expected to address detriment on a consistent basis across different underlying types.
ESMA gennemførte en analyse af forventede investorresultater, afhængigt af om der blev anvendt en margin close-out per position (en CFD vil blive lukket, når dens værdi falder under 50 % af initialmarginværdien) eller per CFD-handelskonto (en CFD vil blive lukket, når værdien af alle åbne CFD'er forbundet med handelskontoen sammen med alle midler i denne konto falder under 50 % af værdien af den samlede initialmargin for alle de åbne CFD'er).
ESMA considered that, given the retail nature of investors and statistics on the distributions of CFD holding periods (using data collected by NCAs) it was appropriate to set initial margin protection by assuming retail clients hold an asset for at least 1 day.
Analysen vurderede især hyppigheden af close-out og virkningen af krystallisering af kundernes tab for en simuleret portefølje af CFD-positioner under hvert scenario.
To provide a consistent reference point, ESMA then simulated what leverage would lead to margin close-out with a 5 % probability, for different underlying assets.
Denne analyse estimerede ikke præcise numeriske resultater, hvilket afspejler, at der er et ekstremt stort udvalg af forskellige potentielle porteføljer, som en investor kunne ligge inde med.
The range of results within each asset class then informed the selection of leverage limits.
I stedet vurderede analysen, om en af de to baser forventes generelt at føre til bedre resultater for investorer.
In most cases, the limits were set conservatively towards the lower end of the range.
Den generelle konklusion var, at det bedre investorresultat for en position eller konto grundlag for margin close-out afhænger af kursbevægelserne på CFD'ernes underliggende i investeringsporteføljer.
Consideration was given to how widely traded different assets are.
Årsagen til dette er, at efter en close-up, som ville ske afhængig af en base, men ikke den anden, kan prisen på et underliggende instrument stige eller falde.
For example, among CFDs on commodities, oil and gold are both commonly traded by retail clients, but simulations indicate that the leverage implying a 5 % probability of margin close-out for CFDs in gold is around twice that of CFDs in oil.
Generelt forventes close-out at forekomme lidt hyppigere under en position, forudsat at en investors portefølje var den samme i hvert enkelt tilfælde.
The leverage limit for CFDs in gold is accordingly different to that for those in oil and other commodities.
Det forventes dog at close-out vil blive sjældent under alle omstændigheder på grund af initialmarginbeskyttelsen.
Determining initial margin protection in this way, in particular through simulated positions lasting at least 1 day, provides a consistent and necessary level of protection for retail clients who may not actively monitor their position over the course of a trading day or may not be able to assess the need for quick reactions in light of the volatility of the underlying market.
For kunder med en enkelt position i deres CFD-handelskonto ville der ikke være nogen forskel mellem en kontobase og positionsbase.
In the case of CFDs on equities, data suggest that holdings are typically longer than for other assets, and consideration was given to holding periods of up to 5 days.
Fra opfordringen til indsendelse af dokumentation er det klart, at der er mange CFD-handelsregnskaber, der kun omfatter en position.
ESMA considered alternative approaches to the calibration of the initial margin protection.
Mens forskellen i resultater, der er resultatet af pr. position, i modsætning til pr. konto, forventes at være lille for mange investorer (men kan ikke nøjagtigt kvantificeres i mangel af en repræsentativ portefølje) fremhævede svarene på opfordringen til indsendelse af dokumentation yderligere begrundelser for, at et kontogrundlag kan være bedre for nogle investorer.
For example, an alternative would be to set a single leverage limit for all CFDs irrespective of their underlying.
For det første ved at tillade gevinster fra en position opveje tab fra en anden, understøtter et kontobaseret en mangfoldig portefølje af investeringer.
However, ESMA considered it appropriate to distinguish between different underlying types given differences in historic price volatility between different classes of underlying, in addition to differences in typical fee structures within the current CFD firm population and typical client behaviour.
For det andet, i det omfang close-out sker mindre hyppigt på en konto, reduceres mulighederne for, at investorer bærer omkostninger som følge af genåbne positioner.
While implementing the initial margin protection will imply certain costs for those CFD providers that would need to adjust the leverage limits currently made available to retail clients, ESMA expects these costs will not be disproportionate to the benefits of introducing such a protection.
Under hensyntagen til ovennævnte analyse og svarene fra opfordringen til indsendelse af dokumentation vurderer ESMA at en standardbaseret margin close-out regel pr. kontobasis på 50 % af den samlede initialmarginbeskyttelse som en individuel foranstaltning i denne afgørelse er mere proportional som en minimumsbeskyttelse, der skal anvendes.
ESMA also notes that it is already standard practice for CFD providers routinely to modify the leverage offered to their clients based on the changing risk profile of certain assets.
Navnlig bør denne regel indeholde en close-out af en eller flere CFD'er på vilkår, der er mest fordelagtige for detailkunden for at sikre, at kontoens værdi ikke falder under 50 % af den samlede initialmarginbeskyttelse, der blev indbetalt for at komme ind i alle for tiden åbne CFD'er på ethvert tidspunkt.
Margin close-out protection
Værdien af kontoen til disse formål bør bestemmes af midlerne på den konto sammen med eventuelle urealiserede nettoresultat fra åbne CFD'er, der er knyttet til den pågældende konto.
Another measure to protect retail clients is the margin close-out protection.
Margin close-out beskyttelse, som ESMA foreslår, forhindrer ikke en udbyder i at anvende en per position close-out-regel til 50 % af det initialmarginkrav for den specifikke position i stedet for en regel for close-out af en konto per konto.
This measure complements the introduction of initial margin protection and mitigates the risk of retail clients losing significant funds in excess of the funds they have invested in a CFD, under normal market circumstances.
Det kan faktisk reducere kompleksiteten for detailkunder.
The provision of a margin close-out protection and the standardisation of the percentage at which CFD providers are required to close-out a client's open CFD (at 50 % of the initial required margin) is also designed to address the inconsistent application of margin close-out practices by CFD providers.
Endvidere opfylder udbyderen ved at benytte en pr. position-close-out-regel close-out kravene, da alle enkeltpositioner vil blive lukket i overensstemmelse med 50 % close-out-reglen.
Some NCAs have observed that CFD providers allow their clients' funds to fall to 0 – 30 % of the initial margin required to open a CFD.
Negativ saldobeskyttelse
By allowing clients to erode their margin close to zero, providers are placing clients at risk of losing more than their deposited funds particularly during a gapping event.
Beskyttelsen mod en negativ saldo har til formål at beskytte detailkunder i usædvanlige tilfælde, hvor der er en prisændring i det underliggende instrument, der er tilstrækkelig stor og pludselig forhindrer CFD-udbyderen i at lukke positionen som krævet af margin close-out beskyttelsen, således at klienten har en negativ konto værdi.
Conversely, a too high level of margin close-out would expose clients to be frequently closed out which might not be in their interest.
Med andre ord kan store markedsbegivenheder forårsage gapping, hvilket forhindrer den automatiske margin close-out beskyttelse i at være effektiv.
The 50 % threshold set out in ESMA's measure mitigates the risk of substantial loss by retail clients and is therefore proportionate.
En række kompetente nationale myndigheder har observeret, at kunderne efter disse begivenheder har skyldt betydeligt mere, end de investerede, hvilket resulterer i en negativ saldo på deres CFD-handelskonto.
In the call for evidence, ESMA described a margin close-out protection per individual position.
Formålet med en negativ saldobeskyttelse er at sikre, at en investors maksimale tab fra CFD'er ved handel, herunder alle relaterede omkostninger, er begrænset til de samlede midler i forbindelse med den handel af CFD'er, der er på investorens CFD-handelskonto.
Such approach was intended to address a number of concerns about the application of this measure on an CFD trading account basis in the current market.
Dette bør omfatte eventuelle beløb, der endnu mangler at blive indbetalt på denne konto på grund af nettoresultatet fra lukningen af åbne CFD'er, der er knyttet til den pågældende konto.
In particular, as initial margin protection is being applied based on the underlying of the CFD, applying a margin close-out rule on a per position basis would ensure the effective application of the initial margin protection for each underlying class and ensure a hard cap on leverage available per underlying class.
En investor bør ikke pådrage sig noget ekstra ansvar i forbindelse med handel med CFD'er.
Another reason for such an approach was the intention to help ensure that retail clients are aware and understand their exposure to each individual underlying.
Andre konti bør ikke indgå i investorens risikokapital.
ESMA originally proposed the application of a margin close-out rule at 50 % of initial margin on a per position basis to provide an effective protection for retail clients while also reducing the complexity of the product, and with improving retail clients' understanding of their exposure.
Hvis en handelskonto også omfatter andre finansielle instrumenter (f.eks. UCITS eller aktier), er det kun de midler, der udtrykkeligt er afsat til CFD-handel, og ikke dem, der er afsat til andre finansielle instrumenter, der er i risikozonen.
ESMA has taken into account the responses provided to its call for evidence.
Formålet med den negative saldobeskyttelse er også at give en »backstop« i tilfælde af ekstreme markedsforhold.
A vast majority of the providers, brokers and trade organisations that responded to the call for evidence listed their concerns about a margin close-out rule on a per position basis.
ESMA gennemførte en analyse af den schweiziske franc-begivenhed i januar 2015 for at estimere dens direkte indvirkning på investorer på tværs af en række scenarier.
Regarding impacts on firms, key points raised were the prospect of significant IT implementation costs and ongoing monitoring costs.
Disse scenarier var følgende:
Many responses from firms also flagged concerns in relation to existing clients who are familiar with close-out per account.
beskyttelse mod enhver negativ saldo på en detailkundes CFD-handelskonto
Additionally, respondents highlighted that investors that apply specific trading strategies would no longer be able to use these strategies effectively, as individual positions could be closed at a certain moment if clients do not top up their margins for the specific position, therefore resulting in unanticipated market exposure on the remaining positions.
beskyttelse mod enhver negativ saldo på hver CFD-position, som en detailkunde besidder, og
Another argument identifying potential negative consequences of margin close-out on a per position basis was that due to the closure of positions, clients would be required to re-open positions which could lead to higher costs of trading.
ingen negativ saldobeskyttelse.
Similar concerns with regard to negative consequences for investors of margin close-out on a per position basis were mentioned by a substantial part of the responses from individual investors to the call for evidence.