natgillin/translations-raw huggingface dataset:
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.
Prej člen 19(2) in (3) Direktive 2004/39/ES.
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).
Prej člen 19(4) in (5) Direktive 2004/39/ES.
A study on the offer of CFDs and rolling spot forex to retail clients was conducted by the MT-MFSA.
Prej člen 21 Direktive 2004/39/ES.
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).
Delegirana uredba Komisije (EU) 2017/653 z dne 8. marca 2017 o dopolnitvi Uredbe (EU) št. 1286/2014 Evropskega parlamenta in Sveta o dokumentih s ključnimi informacijami o paketnih naložbenih produktih za male vlagatelje in zavarovalnih naložbenih produktih (PRIIP) z določitvijo regulativnih tehničnih standardov glede prikaza, vsebine, pregleda in revizije dokumentov s ključnimi informacijami ter pogojev za izpolnitev zahteve po posredovanju takih dokumentov (UL L 100, 12.4.2017, str. 1).
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.
Organ CBI (IE) je na primer izrazil pomisleke glede meril, ki so se uporabili za presojo znanja in izkušenj za namene presoje po tematskem pregledu (https://www.centralbank.ie/news/article/inspection-finds-75-percent-of-cfd-clients-lost-money).
This risk is possibly magnified by the overconfidence bias which has often been observed in recent behavioural studies.
Poleg tega je iz podatkov podjetij, ki jih je organ FCA (UK) v prvem četrtletju leta 2017 prejel od ponudnikov CFD-jev, razvidno, da pri nekaterih od največjih ponudnikov CFD-jev malim vlagateljem v Združenem kraljestvu (ki predstavljajo približno 70 % ustreznega trga v Združenem kraljestvu), približno 50 % strank ni opravilo preskusa ustreznosti, vendar so po prejetju okrepljenega opozorila o tveganju nadaljevale trgovanje.
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?
Organ FCA (UK) je ugotovil še ponavljajoče se pomanjkljivosti podjetij v zvezi z ustreznostjo njihovih presoj ustreznosti ter povezanih politik in postopkov (glej zgoraj).
UK-FCA, Dear CEO Letter, ‘Client take-on review in firms offering contract for difference (CFD) products,’ 2 February 2016.
Vprašanja in odgovori v zvezi z zagotavljanjem CFD-jev in drugih špekulativnih produktov malim vlagateljem v skladu z direktivo MiFID (ESMA35-36-794), kakor je bila posodobljena 31. marca 2017 .
See: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd.pdf
Organ ESMA, Smernice o zahtevah glede upravljanja produktov iz direktive MiFID II z dne 2. junija 2017 (ESMA35-43-620).
UK-FCA, ‘CFD firms fail to meet our expectations on appropriateness assessments,’ 29 June 2017.
Finančni vzvod 100: 1 je bil izrecno naveden v odgovorih podjetij London Capital Group Ltd, Dom Maklerski TMS Brokers S.A., GKFX Financial Services Limited, AxiCorp Financial Services Pty Ltd in Swissquote ter v nekaterih zaupnih odgovorih.
See: https://www.fca.org.uk/publications/multi-firm-reviews/cfd-firms-fail-expectations-appropriateness-assessments
Uredba organa FSMA (BE), ki ureja razširjanje nekaterih izvedenih finančnih instrumentov strankam.
For example, DE - BaFin, DK- Finanstilsynet, ES-CNMV, IE-CBI, FR-AMF, LU-CSSF NL-AFM.
Okrožnica organa CySEC (CY) št. C168 z dne 30. novembra 2016.
For example, IE-CBI.
Člen 72 zakona Loi no2016-1691 du 9 décembre 2016 relative à la transparence, à la lutte contre la corruption et à la modernisation de la vie économique.
For example, the UK-FCA.
Na voljo na povezavi: http://prawo.sejm.gov.pl/isap.nsf/DocDetails.xsp?id=WDU20150000073.
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.
Na voljo na povezavi: http://legislacja.gov.pl/docs//2/12300403/12445426/12445427/dokument298571.pdf.
For example, BE-FSMA, ES-CNMV, FR-AMF and IT-CONSOB.
Na voljo na povezavi: https://legislacja.rcl.gov.pl/docs//2/12300403/12445438/12445439/dokument321489.pdf.
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.
Organ MFSA (MT): Requirements for Category 2 or Category 3 Investment Services Firms distributing or intending to distribute CFDs and/or rolling spot forex contracts under the MiFID regime (Zahteve za podjetja za investicijske storitve kategorije 2 ali kategorije 3, ki razširjajo ali nameravajo razširjati CFD-je in/ali pogodbe za valutno trgovanje forex na podlagi ureditve MiFID), 3. april 2017, na voljo na povezavi: https://www.mfsa.com.mt/pages/readfile.aspx?f=/files/Announcements/Consultation/2017/20170403_Revised%20online%20forex%20policy_clean.pdf.
For example, ES-CNMV.
Splošni upravni zakon organa BaFin (DE) je bil objavljen 8. maja 2017, ponudniki CFD-jev pa so morali ustrezne ukrepe izvesti do 10. avgusta 2017.
UK-FCA, CY-CySEC and DE-BaFin.
Zakon je na voljo na povezavi: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Aufsichtsrecht/Verfuegung/vf_170508_allgvfg_cfd_wa.html;jsessionid=BEF7FF8ADA6FF31D076D4DE32FBF8025.2_cid290?nn=7846960.
In particular the UK-FCA.
Nameravane ukrepe je ES-CNMV objavil v sporočilu Ukrepi za trženje CFD-jev in drugih špekulativnih produktov malim vlagateljem z dne 21. marca 2017.
In Germany legislation was introduced to protect clients from losses (DE-BaFin General Administrative Act published on 8 May 2017.
Consultation Paper 107 on the Protection of Retail Investors in relation to the Distribution of CFDs (Posvetovalni dokument št. 107 o zaščiti malih vlagateljev pri razširjanju CFD-jev).
It bans the marketing, distribution or sale of CFDs to retail clients that do not exclude additional payment obligations).
Okrožnica HCMC št. 56/10.5.2017.
ES-CNMV for example found that clients usually operate for a short time given the negative results obtained.
Na voljo na povezavi: https://www.finanstilsynet.no/contentassets/455795d40fe4445f88a3b71b35079c94/horingsnotat---produktintervensjon.pdf.
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.
Obvestilo organa CONSOB (IT) je bilo objavljeno 13. februarja 2017 v biltenu tega organa, na voljo na povezavi: (v italijanskem jeziku) http://www.consob.it/web/area-pubblica/avvisi-ai-risparmiatori/documenti/tutela/cns/2017/ct20170207.html; (v angleškem jeziku) http://www.consob.it/web/consob-and-its-activities/newsletter/documenti/english/en_newsletter/2017/year_23_n-05_13_february_2017.html#news2.
For example, FR-AMF, UK-FCA and ES-CNMV.
Na voljo na povezavi: https://www.fca.org.uk/news/news-stories/consumer-warning-about-risks-investing-cryptocurrency-cfds.
For example, CZ-CNB, FR-AMF, HU-MNB, LU-CSSF and UK-FCA.
33 % vseh pritožb, ki jih je organ AMF (FR) prejel leta 2017, je povezanih s CFD-ji in binarnimi opcijami.
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.
V Združenem kraljestvu in na Cipru, kjer ima sedež večina ponudnikov CFD-jev, sta organa CySEC (CY) in FCA (UK) poročala o povečanju števila ponudnikov, specializiranih za čezmejno prodajo CFD-jev malim vlagateljem, in sicer s 103 na 138 ponudnikov in s 117 na 143 ponudnike leta 2016 oziroma 2017.
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).
Člena 34 in 35 Direktive 2014/65/EU.
Previously Article 19(2) and (3) of Directive 2004/39/EC.
Višji kot je finančni vzvod, verjetnejše so izgube za stranke, ker razmiki in nadomestila predstavljajo večji delež začetnega kritja.
Previously Article 19(4) and (5) of Directive 2004/39/EC.
Z višjim finančnim vzvodom je tudi verjetneje, da bo stranka izgubila določen odstotek kritja, s čimer se poveča tveganje materialne škode za vlagatelja.
Previously Article 21 of Directive 2004/39/EC.
(Ali bi moral biti finančni vzvod malega vlagatelja omejen?), Heimer, Z. Rawley, in Simsek, A., delovni dokument št. 24176, National Bureau of Economic Research, izdan decembra 2017 in na voljo na povezavi: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150980.
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).
Zaščita začetnega kritja bi morala kot taka tudi zmanjšati obseg, v katerem se ti produkti razširjajo zlasti ranljivim vlagateljem, kot so skupine strank z nizkimi dohodki.
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).
Omejitve finančnega vzvoda na primer veljajo v Združenih državah Amerike, na Japonskem, v Hongkongu in Singapurju.
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.
Omejitve finančnega vzvoda in zahteve po minimalnem kritju so vključene tudi v posvetovalni dokument Mednarodnega združenje nadzornikov trga vrednostnih papirjev (IOSCO) iz februarja 2018, na voljo na povezavi: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD592.pdf.
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).
V večini primerov so bili uporabljeni podatki za deset let.
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.
Izjema je bila pri nekaterih subjektih, za katere so bili podatki o cenah na voljo le za obdobje, ki se je začelo z ustrezno prvo javno ponudbo in kriptovalutami.
ESMA ‘Guidelines on MiFID II product governance requirements’ of 2 June 2017 (ESMA35-43-620).
Uporabljene predpostavke glede stroškov so temeljile na podatkih o stroških ponudnikov CFD-jev.
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.
V okviru preverjanj zanesljivosti so bile predpostavke glede stroškov različne, kar pa ni vplivalo na pomembne spremembe rezultatov.
Regulation of the BE-FSMA governing the distribution of certain derivative financial instruments to the clients.
To ne pomeni, da razmiki, nadomestila in dajatve niso vir materialne škode na splošno, zlasti pri visokem finančnem vzvodu.
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.
Namesto tega preverjanja zanesljivosti pokažejo le, da pri uporabljenih predpostavkah zaprtje pozicije zaradi običajnih razmikov, pristojbin in dajatev ni bistveno verjetneje.
Available at: http://legislacja.gov.pl/docs//2/12300403/12445426/12445427/dokument298571.pdf
Glej uvodno izjavo 26.
Available at: https://legislacja.rcl.gov.pl/docs//2/12300403/12445438/12445439/dokument321489.pdf
Organ BaFin (DE) je na primer navedel, da so nekateri vlagatelji zaradi odločitve švicarske nacionalne banke, da švicarskega franka ne bo več vezala na evro, izgubili več denarja, kot so ga vložili.
MT-MFSA: Requirements for Category 2 or Category 3 Investment Services Firms distributing or intending to distribute CFDs and/or rolling spot forex contracts under the MiFID regime, 3 April 2017; available at: https://www.mfsa.com.mt/pages/readfile.aspx?f=/files/Announcements/Consultation/2017/20170403_Revised%20online%20forex%20policy_clean.pdf
Na voljo na povezavi: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Aufsichtsrecht/Verfuegung/vf_170508_allgvfg_cfd_wa_en.html.
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.
Škoda, storjena v takem primeru, je bila vidna v primeru zloma v zvezi s švicarskim frankom, ko so nekateri vlagatelji nehote postali dolžni na deset tisoče evrov, zneske, ki jih niso mogli plačati.
Consultation Paper 107 on the Protection of Retail Investors in relation to the Distribution of CFDs.
Natančneje, preden so udeleženci v študiji prebrali standardizirano opozorilo o tveganju, jih je 66 % pravilno navedlo, da so CFD-ji bolj tvegani kot varčevalni računi, obveznice in indeksni skladi, 50 % jih je pravilno navedlo, da lahko pri CFD-jih izgubiš več denarja, kot si ga vložil, 54 % pa jih je pravilno navedlo, da večina strank pri uporabi teh produktov izgubi denar.
HCMC Circular No 56/10.5.2017.
Po tem, ko so prebrali standardizirano opozorilo o tveganju na spletni strani podjetja, je bilo v študiji ugotovljeno, da je 90 % udeležencev pravilno opisalo profil tveganja CFD-jev (tj. da so bolj tvegani kot opisana sredstva).
Available at: https://www.finanstilsynet.no/contentassets/455795d40fe4445f88a3b71b35079c94/horingsnotat---produktintervensjon.pdf
Pri strankah, ki so nepravilno navedle, da zaslužijo vsi vlagatelji, je bila verjetnost, da bo stranka odgovorila pravilno (z navedbo, da večina vlagateljev denar izgubi), 91,5-odstotna.
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
Iz tega je razvidno, da lahko standardizirana opozorila o tveganju, vključno z razkritjem uspešnosti strankinega računa, močno izboljšajo strankino razumevanje produkta.
Available at: https://www.fca.org.uk/news/news-stories/consumer-warning-about-risks-investing-cryptocurrency-cfds
To delo je bilo financirano z javnimi nepovratnimi sredstvi za raziskave, vendar se je izvedlo v posvetovanju z organom FCA (UK).
33 % of all complaints received by the AMF in 2017 relate to CFDs and binary options.
Skupno mnenje o „Postopkih nadzora in upravljanja produktov proizvajalcev“ (JC-2013-77).
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.
Opinion on MIFID practices for firms selling complex financial products (Mnenje o praksah MIFID za podjetja, ki prodajajo kompleksne finančne produkte, ESMA/2014/146).
Articles 34 and 35 of Directive 2014/65/EU.
To mnenje je izrecno vključevalo sklicevanje na CFD-je in binarne opcije.
The higher the leverage, the more likely client losses are because spreads and fees make up a larger proportion of the initial margin.
Opinion on Structured Retail Products – Good practices for product governance arrangements (Mnenje o strukturiranih produktih za male vlagatelje – dobre prakse za ureditve upravljanja produktov, ESMA/2014/332).
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.
The Responsibilities of Providers and Distributors for the Fair Treatment of Customers (Odgovornost ponudnikov in distributerjev za pravično obravnavo strank), https://www.handbook.fca.org.uk/handbook/document/RPPD_FCA_20130401.pdf.
Rawley Z. Heimer and Alp Simsek.
Smernice so povezane z načeli Združenega kraljestva za podjetja (PRIN), https://www.handbook.fca.org.uk/handbook/document/rppd/RPPD_Full_20180103.pdf.
NBER Working Paper No 24176, issued in December 2017 and available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150980
Organ ESMA je tveganje regulativne arbitraže poudaril v svojem mnenju z naslovom Impact of the exclusion of fund management companies from the scope of the MiFIR Intervention Powers (Vpliv izključitve družb za upravljanje skladov iz obsega pooblastil za poseganje iz MiFIR) z dne 12. januarja 2017 (ESMA50-1215332076-23), v katerem je izrazil zaskrbljenost zaradi tveganja regulativne arbitraže in morebitnega zmanjšanja učinkovitosti prihodnjih ukrepov za poseganje, ki izhaja iz izključitve nekaterih subjektov iz področja uporabe zadevnih ukrepov (družbe za upravljanje KNPVP in upravitelje alternativnih investicijskih skladov).
See, Heimer, Rawley, and Simsek, Alp, Should Retail Investors' Leverage Be Limited?
Komisija je predlagala spremembe za povečanje pravne varnosti v zvezi s tem s spremembo Uredbe (EU) št. 600/2014 (COM(2017)536/948972).
NBER Working Paper No 24176, issued in December 2017 and available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2150980
Uredba Sveta (ES) št. 1234/2007 z dne 22. oktobra 2007 o vzpostavitvi skupne ureditve kmetijskih trgov in o posebnih določbah za nekatere kmetijske proizvode („Uredba o enotni SUT“) ( UL L 299, 16.11.2007, str. 1).
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.
PRILOGA I
Leverage limits are for instance in force in the US, Japan, Hong Kong and Singapore.
ODSTOTKI ZAČETNEGA KRITJA GLEDE NA VRSTO OSNOVNEGA INSTRUMENTA
Available at: https://www.fca.org.uk/publication/consultation/cp16-40.pdf
kateri koli od naslednjih kapitalskih indeksov: 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);
In most cases, approximately 10 years of data were used.
valutni par sestavljen iz vsaj ene valute, ki ni navedena v točki (a), ali
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.
zlato;
The cost assumptions used were based on cost data from CFD providers.
10 % nominalne vrednosti CFD-jev, ko je osnovno blago ali kapitalski indeks blago ali kapitalski indeks, ki ni naveden v točki (b);
The cost assumptions were varied as part of robustness checks, which did not lead to material changes in the results.
50 % nominalne vrednosti CFD-ja, ko je osnovni instrument kriptovaluta, ali
This does not indicate that spreads, fees and charges are not a source of material detriment in general, especially at high leverage.
20 % nominalne vrednosti CFD-ja, ko je osnovni instrument:
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.
delnica ali
Rather, the robustness checks simply indicate that typical spreads, fees and charges do not make close-out substantially more likely under the assumptions used.
ni naveden v tej prilogi.
In the modelling exercise a single CFD position was simulated in all cases.
PRILOGA II
See recital 26.
OPOZORILA O TVEGANJU
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.
ODDELEK A
Available at: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Aufsichtsrecht/Verfuegung/vf_170508_allgvfg_cfd_wa_en.html
Pogoji v zvezi z opozorilom o tveganju
‘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.
Opozorilo o tveganju ima obliko, ki zagotavlja njegovo vidnost, velikost pisave je vsaj enaka prevladujoči velikosti pisave, uporabljen jeziki pa je isti kot v sporočilu ali objavljenih informacijah.
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.
Če so sporočilo ali objavljene informacije na trajnem nosilcu podatkov ali na spletni strani, mora biti opozorilo o tveganju v obliki, določeni v oddelku B.
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.
Če so sporočilo ali objavljene informacije na nosilcu podatkov, ki ni trajni nosilec podatkov ali spletna stran, mora biti opozorilo o tveganju v obliki, določeni v oddelku C.
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).
Opozorilo o tveganju vključuje najnovejši odstotek izgube ponudnika na podlagi izračuna odstotka trgovalnih računov s CFD-ji, ki jih je ponudnik s CFD-ji, ki je izgubil denar, zagotovil malim vlagateljem.
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 %.
Izračun se izvede vsake tri mesece in zajema 12-mesečno obdobje pred datumom, na katerega se izvede (v nadaljnjem besedilu: 12-mesečno obdobje izračuna).
This indicates that standardised risk warnings, including the disclosure of client account performance, can significant improve a client's understanding of the product.
Za namene izračuna se:
From Mullett, T.L. & Stewart, N. (2017) The effect of risk warning content for contract for difference products.
za posamezni trgovalni račun malega vlagatelja s CFD-ji šteje, da je izgubil denar, če je vsota vse realiziranih in nerealiziranih neto dobičkov od CFD-jev, povezanih s trgovalnim računom s CFD-ji, v 12-mesečnem obdobju izračuna negativna;