natgillin/translations-raw huggingface dataset:
Many responses from firms also flagged concerns in relation to existing clients who are familiar with close-out per account.
Drugič, ker je zaprtje pozicij manj pogosto pri uporabi pravila MCO na ravni posameznega računa, se zmanjša možnost, da bodo morali vlagatelji nositi stroške, ki izhajajo iz ponovnega odprtja pozicij.
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.
Organ ESMA ob upoštevanju te analize in odgovorov na poziv k predložitvi dokazov meni, da je standardizirano pravilo MCO na ravni posameznega računa pri 50 % celotne zaščite začetnega kritja kot posamezen ukrep, ki se sprejme poleg drugih ukrepov, opisanih v tem sklepu, bolj sorazmerno kot minimalna zaščita, ki jo je treba uporabiti.
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.
Zlasti bi se s tem pravilom moralo zagotoviti zaprtje ene ali več pozicij CFD-jev pod pogoji, ki so najugodnejši za malega vlagatelja, da bi se zagotovilo, da vrednost računa nikoli ni manjša od 50 % celotne zaščite začetnega kritja, ki se je vplačalo za odprtje vseh trenutno odprtih pozicij CFD-ja.
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.
Vrednost računa za te namene bi morala biti določena s sredstvi na tem računu skupaj z morebitnimi nerealiziranimi neto dobički od odprtih pozicij CFD-jev, povezanih s tem računom.
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.
Zaščita z MCO, ki jo predlaga organ ESMA, ponudniku ne preprečuje, da pri zahtevanih 50 % začetnega kritja določene pozicije namesto pravila zapiranja pozicij na ravni posameznega računa uporabi pravilo zapiranja pozicij na podlagi posameznih pozicij; dejansko bi to lahko zmanjšalo zapletenost za male vlagatelje.
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).
Poleg tega ponudnik z uporabo pravila zapiranja pozicij na podlagi posameznih pozicij pri 50 % sam po sebi izpolni zahtevo glede zapiranja pozicij na ravni posameznega računa, saj bodo vse posamične pozicije zaprte v skladu s pravilom zapiranja pozicij pri 50 %.
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.
Zaščita pred negativnim stanjem
These firms indicated that they already apply such an approach and are content with the outcomes of it.
Zaščita pred negativnim stanjem je namenjena zaščiti malih vlagateljev v izjemnih okoliščinah, kadar je sprememba cene osnovnega instrumenta dovolj velika in nenadna, da ponudniku CFD-jev prepreči zaprtje pozicije, kot bi jo moral zaradi zaščite z MCO, tako da ima stranka na računu negativno stanje.
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).
Povedano drugače, pomembni dogodki na trgu lahko povzročijo nastajanje razkoraka, zaradi česar samodejna zaščita z MCO ne more biti učinkovita.
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.
Številni pristojni nacionalni organi so ugotovili, da so stranke po takih dogodkih dolgovale precej več, kot so vložile, in so imele na svojem trgovalnem računu s CFD-ji negativno stanje.
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.
Namen zaščite pred negativnim saldom je zagotoviti, da so največje izgube vlagatelja zaradi trgovanja s CFD-ji, vključno z vsemi povezanimi stroški, omejene na vsa sredstva, povezana s trgovanjem s CFD-ji, ki so na trgovalnem računu vlagatelja s CFD-ji.
Instead, the analysis considered whether either of the two bases would be expected in general to lead to better outcomes for investors.
To bi moralo vključevati vsa sredstva, ki jih je še treba vplačati na navedeni račun zaradi neto dobička pri zaprtju odprtih pozicij CFD-jev, povezanih z navedenim računom.
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.
Vlagatelj ne bi smel imeti nobene dodatne obveznosti, povezane z njegovim trgovanjem s CFD-ji.
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.
Drugi računi ne bi smeli biti del ogroženega kapitala vlagatelja.
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.
Kadar trgovalni račun vključuje tudi druge finančne instrumente (na primer KNPVP ali delnice), so ogrožena le sredstva, ki so izključno namenjena trgovanju s CFD-ji, ne pa tudi tista, ki so namenjena drugim finančnim instrumentom.
However, close-out is expected to be rare under either basis, due to the initial margin protection.
Namen zaščite pred negativnim stanjem je tudi zagotoviti varovalni mehanizem v primeru izjemnih razmer na trgu.
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.
Organ ESMA je januarja 2015 analiziral dogodek s švicarskim frankom, da bi proučil njegov neposredni učinek na vlagatelje v več scenarijih.
From the call for evidence, it is clear that there are many retail CFD trading accounts that include just one position.
Ti scenariji so bili naslednji:
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.
zaščita pred negativnim stanjem na trgovalnem računu s CFD-ji, ki ga ima mali vlagatelj;
Firstly, in allowing gains from one position to offset losses from another, an account basis supports a diverse portfolio of investments.
zaščita pred negativnim stanjem na vsaki poziciji CFD-ja, ki jo ima mali vlagatelj, in
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.
nobene zaščite pred negativnim stanjem.
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.
Organ ESMA je pri presoji teh možnosti ugotovil, da je treba neposredni učinek na vlagatelje, ki izhaja iz različnih možnosti v primeru izjemnih razmer na trgu, pretehtati glede na tekoče stroške, ki izhajajo iz zagotavljanja te zaščite.
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.
Zlasti bi imeli ponudniki CFD-jev tekoče stroške zaradi dodatnega kapitala ali zaščite pred tveganjem v okviru svojega upravljanja tveganja.
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.
Neki delež teh stroškov bi se lahko prenesel na vlagatelje v obliki večjih razmikov ali drugih dajatev.
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.
Po drugi strani je pomembno tveganje za večjo škodo za potrošnike, ki nastane v odsotnosti zaščite pred negativnim stanjem, možnost, da vlagatelj zaradi izjemnih razmer na trgu podjetju dolguje denar.
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.
Tak položaj je še posebej škodljiv za vlagatelje brez znatnega likvidnega premoženja.
Negative balance protection
Organ ESMA se je odločil, da bo sprejel zaščito pred negativnim stanjem na ravni posameznega trgovalnega računa s CFD-ji kot način za obravnavanje tega vira potencialne velike škode ob hkratnem zmanjšanju povezanih stroškov za podjetja in vlagatelje.
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.
Zlasti je menil, da bi se z uvedbo zaščite pred negativnim stanjem na posameznem CFD-ju pojavilo tveganje, da se vlagateljem in podjetjem naložijo nesorazmerni stroški.
In other words, large market events can cause gapping, preventing the automatic margin close-out protection from being effective.
Če bi se uvedla zaščita pred negativnim stanjem na podlagi posameznih pozicij, bi morala podjetja odpustiti morebitne izgube stranke, ki bi presegale višino sredstev, namenjene zadevni poziciji, vključno z začetnim kritjem in morebitnim dodatnim kritjem, ki bi ga plačala stranka.
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.
Ker zaščita pred negativnim stanjem ne bi omogočila pobota precejšnje izgube z drugimi pozicijami v portfelju stranke, bi pravilo na podlagi posameznih pozicij povečalo tržno tveganje, ki ga prevzamejo podjetja.
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.
Zaradi tega bi se verjetno povečale kapitalske zahteve za podjetja, zadevni stroški pa bi se verjetno prenesli na male vlagatelje.
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.
V zvezi s predlogom o zaščiti pred negativnim stanjem je večina ponudnikov, posrednikov in trgovinskih organizacij izrazila pozitivno mnenje.
An investor should not incur any additional liability connected with its trading of CFDs.
Nekateri ponudniki so zaprosili za dodatno pojasnilo tega pravila.
Other accounts should not be part of the investor's capital at risk.
Izpostavljeni pomisleki so bili povezani z učinkom ukrepa na kapitalske zahteve podjetij in možnostjo, da bi lahko stranke to izkoristile za špekulacijo proti ponudnikom z odprtjem dveh nasprotnih pozicij pri istem posredniku na različnih računih.
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.
Predstavniki potrošnikov so pozitivno sprejeli predlagane ukrepe, vključno z zaščito pred negativnim stanjem.
The purpose of the negative balance protection is also to provide a ‘backstop’ in case of extreme market conditions.
Na splošno so posamezniki, ki so se odzvali na poziv k predložitvi dokazov in se v svojih odgovorih izrecno sklicevali na predloge o zaščiti pred negativnim stanjem, pozitivno sprejeli te ukrepe.
ESMA conducted analysis of the Swiss franc event in January 2015 to consider its direct impact on investors across a number of scenarios.
Organ ESMA je proučil učinke na ponudnike CFD-jev zaradi zagotavljanja zaščite pred negativnim stanjem ter precejšnjo škodo za male vlagatelje, ki lahko nastane brez te zaščite.
These scenarios were the following:
Meni, da zaščita pred negativnim stanjem na ravni posameznega računa odpravlja opredeljeni zadržek v zvezi z zaščito vlagateljev in je sorazmerna.
protection against any negative balance on a CFD trading account held by a retail client;
Opozorila o tveganju
protection against any negative balance on each CFD position held by a retail client; and
Naslednji ukrep za odpravo tveganj za male vlagatelje v zvezi s CFD-ji je zahteva, da morajo podjetja zagotoviti standardizirana in učinkovita opozorila o tveganju, ki vključujejo informacije o odstotku izgub računov malih vlagateljev.
no negative balance protection.
Kot je bilo že navedeno, je več pristojnih nacionalnih organov ugotovilo, da so opozorila strankam o tveganju slabe kakovosti, in poročalo o ponudnikih CFD-jev, ki pogosto niso jasno poudarili visoko tvegane in kompleksne narave teh produktov.
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.
V opozorilih o tveganju zlasti pogosto ni jasno pojasnjena možnost za hitro izgubo, ki bi lahko bila višja od zneskov, ki so jih vložile stranke, ali pa so sporočila slabo predstavljena z izjavami o potencialnem dobičku.
In particular, CFD providers would face ongoing costs attributable to additional capital or hedging, as part of their risk management.
V svojih odgovorih na poziv k predložitvi dokazov je le manjše število ponudnikov in posrednikov nasprotovalo uvedbi standardiziranega opozorila o tveganju.
Some portion of these costs could in turn be passed through to investors themselves in the form of higher spreads or other charges.
Nekatera podjetja so navedla, da so bolj naklonjena navedbi odstotka izgube podjetja kot bolj standardiziranemu opozorilu.
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.
Odzivi predstavnikov potrošnikov so bili mešani, saj je bilo v skoraj polovici odgovorov navedeno, da so naklonjeni strožjim ukrepom v zvezi s CFD-ji (na primer prepovedi).
Such a situation is especially detrimental for investors without considerable liquid wealth.
Predstavniki potrošnikov, ki so v svojem odgovoru izrecno navedli opozorilo o tveganju, so pozitivno sprejeli predlog pod pogojem, da se upošteva v kombinaciji z drugimi predlaganimi ukrepi.
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.
Opozorila podjetja o posebnem tveganju, vključena v ta sklep, bi malim vlagateljem zagotovila bistvene informacije o teh določenih produktih, tj. delež računov malih vlagateljev, ki so izgubili denar pri trgovanju s CFD-ji.
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.
Študija je pokazala, da je mali vlagatelj s standardiziranim opozorilom o tveganjih bistveno bolje razumel produkt, vključno z možnostjo, da izgubi več denarja, kot ga je vložil, in verjetnostjo ustvarjanja dobička.
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.
Zahteva, da morajo ponudniki CFD-jev navesti delež računov malih vlagateljev, ki so na izgubi, je namenjena izravnavi težnje ponudnikov CFD-jev, da namesto morebitnih izgub poudarijo morebitne dobičke.
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.
Poleg tega se pričakuje, da bodo opozorila malim vlagateljem pomagala pri sprejetju odločitve glede tega, ali želijo trgovati z visoko tveganim produktom, ki jim bo namesto dobička verjetneje prinesel izgubo.
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.
Da bi bili vlagatelji opozorjeni glede tveganja izgub, povezanega z vlaganjem v CFD-je, organ ESMA meni, da bi moral vsak ponudnik CFD-jev svoje stranke obvestiti o deležu svojih trgovalnih računov s CFD-ji malih vlagateljev, ki so v zadnjih 12 mesecih izgubili denar.
Regarding the proposal on negative balance protection, a majority of the providers, brokers and trade organisations expressed a positive view.
Da bi se zagotovilo, da je ta podatek vedno posodobljen, bi bilo treba ta izračun posodobiti vsako četrtletje.
Some providers asked for further clarification of this rule.
Dobljeni delež bi moral biti predstavljen preprosto in jasno kot del opozorila o tveganju v vsakem sporočilu ponudnika.
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.
Pri ugotavljanju, ali je račun izgubil denar, je treba upoštevati realizirani in nerealizirani dobiček ali izgubo.
The consumer representatives were positive towards the proposed measures, including negative balance protection.
Realizirani dobički in izgube so povezani s pozicijami CFD-jev, ki so se zaprle med obdobjem izračuna.
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.
Nerealizirani dobički in izgube so povezani z vrednostjo odprtih pozicij ob koncu obdobja izračuna.
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.
Da bi se zagotovil popoln prikaz deleža računov, ki so imeli dobiček ali izgubo, bi bilo treba pri izračunu upoštevati vse stroške v zvezi s trgovanjem s CFD-ji.
ESMA considers that, on balance, negative balance protection on an account basis addresses the investor protection concern identified and is proportionate.
Za novoustanovljene ponudnike CFD-jev in ponudnike CFD-jev, ki v zadnjih 12 mesecih niso imeli nobenih odprtih pozicij CFD-jev, ni mogoče izračunati takega odstotka za obdobje zadnjih 12 mesecev.
Risk warnings
Ta sklep za ta podjetja predpisuje standardizirano opozorilo o tveganju, v katerem so navedeni odstotki, ki so jih pristojni nacionalni organi ugotovili v svojih obstoječih študijah.
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.
Kot je bilo navedeno, so skoraj vsi ponudniki, ki so se odzvali na poziv k predložitvi dokazov, podprli standardizirano opozorilo o tveganju ali pa o njem niso izrazili mnenja.
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.
Sodelujoči, ki so izrazili negativno mnenje, so imeli pomisleke glede učinkovitosti opozorila o tveganju ali pa se niso strinjali z odstotki, ugotovljenimi v študijah pristojnih nacionalnih organov.
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.
Pogosto podana pripomba je bila, da podjetja zahtevajo bolj zgoščeno različico opozorila o tveganju, ki bi ga lahko podjetja uporabila za digitalno trženje.
In their responses to the call for evidence, only a minority of the providers and brokers opposed introducing a standardised risk warning.
Organ ESMA je proučil možnost, da bi zahteval splošno opozorilo o tveganju, v katerem bi bilo navedeno le tveganje, da lahko mali vlagatelji hitro izgubijo denar zaradi finančnega vzvoda CFD-jev ali bolj specifično opozorilo o tveganju na podlagi povprečnih izgub za male vlagatelje na podlagi študij pristojnih nacionalnih organov.
Some firms flagged that they appreciate a firm-specific loss percentage instead of a more standardised warning.
Prva možnost je bila zavržena, ker malih vlagateljev ni učinkovito opozorila na dejansko tveganje, značilnemu za trgovanje s CFD-ji.
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).
Druga možnost je bila zavržena, ker te študije ne zajemajo nobenih posebnosti (na primer podjetja, ki ponuja le določene vrste CFD-jev).
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.
Čeprav izračuni za posamezno podjetje ponudnike morda obremenjujejo bolj kot splošno opozorilo o tveganju, organ ESMA v skladu s povratnimi informacijami iz poziva k predložitvi dokazov meni, da so ti potrebni, da bi bili vlagatelji ustrezno opozorjeni glede tveganja izgub.
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.
Eno tveganje, ki ga organ ESMA in pristojni nacionalni organi priznavajo v zvezi z navedbo odstotkov izgube podjetja, je, da se bodo ti deleži uporabljali za trženje namesto prvotnega namena, tj. opozorila o tveganju.
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.
Pristojni nacionalni organi bi morali zato spremljati, da investicijska podjetja odstotkov podjetja ne bodo uporabila na neprimeren način, in pregledati uporabo tega ukrepa.
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.
Organ ESMA v skladu s povratnimi informacijami iz poziva k predložitvi pripomb meni, da bi se z bolj sorazmernim pristopom tudi opozorilo o tveganju prilagodilo vrsti uporabljenih komunikacijskih kanalov.