natgillin/translations-raw huggingface dataset:
By eroding the client's funds close to 0, the provider is placing the client at increased risk of losing more money than they had invested.
Povezano tveganje finančnega vzvoda je tisto, zaradi katerega lahko stranke izgubijo več denarja, kot so ga vložile.
Some NCAs also observe that it is standard market practice to apply margin close-out on a per account basis.
To je ključno tveganje, ki ga mali vlagatelji kljub pisnim opozorilom morda ne bodo razumeli.
This means that minimum margin requirements are applied based on the combined margin required for all a client's open positions connected to the CFD account, including across different asset classes.
Kritje, ki ga vplača stranka, velja kot zavarovanje v podporo poziciji stranke.
This allows profitable positions to offset losing positions across the client's account.
Če cena osnovnega instrumenta na primer ne deluje v prid strankine pozicije in presega začetno vplačano kritje, je lahko stranka izpostavljena izgubam, ki tudi po zaprtju vseh odprtih pozicij CFD-ja presegajo sredstva na njenih trgovalnih računih s CFD-ji.
A related risk of leverage is that it places clients at risk of losing more money than they have invested.
Trgovanje z visokim finančnim vzvodom poveča tudi vpliv „razkoraka“ med obdobji precejšnje nestanovitnosti trga (na primer hitrega padca britanskega funta ali sprostitvijo švicarskega franka).
This is a key risk which retail clients may not understand, even despite written warnings.
Razkorak se pojavi v primeru nenadnega gibanja v ceni osnovnega instrumenta.
If the price of the underlying, for example, moves against the client's position in excess of the initial margin posted, the client can be liable for losses in excess of the funds in their CFD trading account, even after the closure of all their other open CFD positions.
Če se razkorak pojavi, stranka na izgubi odprte pozicije CFD-ja morda ne bo mogla zapreti po zaželeni ceni, zato lahko pri trgovanju z visokim finančnim vzvodom stranki prinese precejšnje izgube.
Some NCAs have reported to ESMA that a number of retail clients lost significant sums of money during the de-pegging of the Swiss Franc in January 2015.
V primeru pretresa s švicarskim frankom leta 2015 so na primer zaradi tega mali vlagatelji izgubili precej več od zneska, ki so ga prvotno vložili.
Many retail clients were unaware that they could lose more money than they had invested.
Zaradi pogosto visokega finančnega vzvoda, ponujenega malim vlagateljem, in nestanovitnosti nekaterih osnovnih instrumentov, skupaj s stroški za izvedbo posla, ki vplivajo na uspešnost naložbe, se lahko hitro spremeni stanje naložb stranke.
Trading at high leverage levels also increases the impact of ‘gapping’ during periods of significant market volatility (for example the Sterling flash crash and Swiss franc de-pegging).
Stranka mora zato hitro ukrepati, da bi obvladala izpostavljenost tveganju s pologom dodatnega kritja in se izognila samodejnemu zaprtju pozicije.
Gapping occurs when there is a sudden movement in the price of the underlying.
V takih primerih lahko visok finančni vzvod privede do velikih izgub za male vlagatelje v zelo kratkem času in poslabša tveganje, da bodo stranke izgubile več sredstev, kot so jih plačale za trgovanje s CFD-ji.
Gapping is not unique to CFDs, but the risks related to such events are exacerbated by high leverage.
Navedeni dejavniki potrjujejo, da v zvezi s temi CFD-ji obstaja resen zadržek glede zaščite vlagateljev.
If gapping occurs, the client on the losing side may be unable to close an open CFD at their preferred price and can result in significant client losses when trading at high leverage.
Obseg morebitnih negativnih posledic ter stopnja neskladnosti med pričakovanim donosom ali dobičkom za vlagatelje in tveganjem izgube
In the case of the Swiss franc shock in 2015 for example, this has led to retail clients losing significantly more than the sum initially invested.
Naslednje informacije, ki so jih pristojni nacionalni organi zagotovili organu ESMA, kažejo, da sta se povečali število malih vlagateljev, ki vlagajo v CFD-je, in število ponudnikov, ki ponujajo te produkte po celotni Uniji:
The often high levels of leverage offered to retail clients, the volatility of certain underlying assets, together with the application of transaction costs which impact the investment's performance, can result in rapid changes to a client's investment position.
večina pristojnih nacionalnih organov je organu ESMA poročala, da so v njihovih jurisdikcijah prisotni pooblaščeni ponudniki, ki CFD-je ponujajo malim vlagateljem.
This results in the client having to take swift action to manage the risk exposure by posting additional margin to avoid the position being automatically closed out.
Skoraj vsi pristojni nacionalni organi so organu ESMA poročali, da ponudniki CFD-jev, ki čezmejno opravljajo storitve iz drugih držav članic, ponujajo CFD-je v njihovih jurisdikcijah.
In such instances, high leverage can lead to large losses for retail clients over a very short time span and exacerbates the risk that clients will lose more than the funds paid to trade CFDs.
Nekateri so navedli tudi ponudnike CFD-jev, ki za čezmejno opravljanje storitev v tujih jurisdikcijah uporabljajo podružnice ali vezane zastopnike;
The above factors confirm that a significant investor protection concern exists in respect of these CFDs.
ciprski pristojni nacionalni organ CySEC (CY) in pristojni nacionalni organ v Združenem kraljestvu FCA (UK) sta poročala, da se je v obdobju 2016–2017 povečalo število števila ponudnikov CFD-jev, ki so specializirani za čezmejno prodajo teh produktov malim vlagateljem, in sicer s 103 na 138 ponudnikov na Cipru in s 117 na 143 ponudnikov v Združenem kraljestvu;
The size of potential detrimental consequences and the degree of disparity between the expected return or profit for investors and the risk of loss
organ FCA (UK) je ugotovil tudi povečanje števila zahtevkov za dovoljenje investicijskim podjetjem, ki ponujajo CFD-je.
The following information provided by NCAs to ESMA indicates that the number of retail clients investing in CFDs as well as the number of providers offering these products across the Union has grown:
Tudi novejši trgi, kot so Grčija, Madžarska, Portugalska in Slovaška, so ugotovili povečanje števila zahtevkov za dovoljenje investicijskim podjetjem, ki ponujajo CFD-je.
most NCAs reported to ESMA that they have observed providers offering CFDs to retail clients that are authorised in their jurisdiction.
Število aktivnih strank v zvezi s temi produkti se spreminja zaradi razmeroma kratkega trajanja računov strank s CFD-ji in čezmejne narave dejavnosti.
Nearly all NCAs reported to ESMA that CFD providers passporting from other Member States offer CFDs in their jurisdiction.
Organ ESMA na podlagi podatkov, ki jih je zbral od številnih pristojnih nacionalnih organov, ocenjuje, da se je število trgovalnih računov malih vlagateljev pri ponudnikih CFD-jev in binarnih opcij s sedežem v Evropskem gospodarskem prostoru (EGP) povečalo z 1,5 milijona leta 2015 na približno 2,2 milijona leta 2017.
Some NCAs also mentioned CFD providers using branches or tied agents to passport to host jurisdictions;
Podatki o pritožbah malih vlagateljev kažejo tudi na stalne pomisleke potrošnikov na tem področju.
the Cyprus Securities and Exchange Commission (‘CY-CySEC’), the Cypriot NCA, and the Financial Conduct Authority (‘UK-FCA’), the UK NCA, have reported an increase in the number of CFD providers specialising in the sale of these products to retail clients on a cross border basis from 103 to 138 providers in Cyprus and from 117 to 143 providers in the UK between 2016 and 2017;
Pristojni nacionalni organi so organu ESMA poročali o skrbi, da bodo ponudniki CFD-jev, ko bodo nekateri nacionalni trgi omejeni zaradi nacionalnih ukrepov (na primer Belgija in Francija), poiskali stranke v drugih državah članicah.
the UK-FCA, has also noted an increase in the number of requests for authorisation for investment firms offering CFDs.
Iz posebnih študij, ki so jih naslednji pristojni nacionalni organi izvedli glede rezultatov za vlagatelje za male vlagatelje, ki vlagajo v CFD-je, je razvidno, da večina malih vlagateljev v teh državah članicah, ki vlagajo v te produkte, pri trgovanju izgublja denar:
Newer markets such as Greece, Hungary, Portugal and Slovakia have also noted an increase in applications for authorisation for investment firms offering CFDs.
Povprečna izguba na račun je bila približno 1600 EUR;
Active client numbers in relation to these products are fluid due to the relatively short life span of CFD client accounts and the cross-border nature of activities.
francoski pristojni nacionalni organ, Autorité des marchés financiers (AMF (FR)), je ugotovil, da je na splošno v štiriletnem obdobju 2009–2013 denar izgubilo več kot 89 % malih vlagateljev, in da je bila povprečna izguba na malega vlagatelja 10887 EUR.
Based on data gathered by ESMA from a number of NCAs, ESMA estimates that the number of retail clients' trading accounts from EEA-based CFD and binary option providers increased from 1,5 million in 2015 to approximately 2,2 million in 2017.
Več pritožb glede primerov nadlegovanja in manipulacije so vložili pritožniki s precejšnjimi prihranki.
NCAs have reported to ESMA the concern that as some national markets become restricted due to national measures (for example Belgium and France) CFD providers will seek out clients in other Member States.
Izgube, ki so jih utrpeli nekateri vlagatelji, so presegle 90000 EUR, kumulativne izgube v zadevah, obravnavanih na podlagi argumentov, ki so torej vključevale pooblaščene družbe, pa so presegle 1 milijon EUR.
CY-CySEC conducted analysis of a sample of retail client accounts (approximately 290000 client accounts) of 18 major CFD providers for the period from 1 January 2017 to 31 August 2017.
To velja tudi za tiste, ki čez čas nadaljujejo, kar kaže, da ni krivulje učenja;
On average, the loss per account was around EUR 1600;
irski pristojni nacionalni organ, Central Bank of Ireland (CBI (IE)), je leta 2015 izvedel pregled, ki je pokazal, da je 75 % malih vlagateljev, ki so v letih 2013 in 2014 trgovali s CFD-ji, utrpelo izgube, pri čemer je povprečna izguba teh strank znašala 6900 EUR.
the Comisión Nacional del Mercado de Valores (‘ES-CNMV’), the Spanish NCA, found that approximately 82 % of retail clients have lost money overall in a 21-month period between early 2015 and late 2016.
Pri nadaljnjem pregledu vzorca največjih ponudnikov CFD-jev na Irskem je bilo ugotovljeno, da je v dveletnem obdobju 2015–2016 denar izgubilo 74 % malih vlagateljev s povprečno izgubo v višini 2700 EUR;
The average loss per retail client was EUR 4700;
delo, ki ga je italijanski pristojni nacionalni organ CONSOB (IT) izvedel leta 2016, je pokazalo, da je v obdobju 2014–2015 78 % italijanskih malih vlagateljev določenega ponudnika CFD-jev izgubilo denar z vlaganjem v CFD-je, 75 % pa jih je izgubilo denar z vlaganjem v valutno trgovanje forex, pri čemer je povprečna izguba znašala 2800 EUR.
the Autorité des marchés financiers (‘FR-AMF’), the French NCA, found that more than 89 % of retail investors lost money overall over a 4-year period from 2009 to 2013, and that the average loss per retail client was EUR 10887.
Ugotovljeno je bilo tudi, da obstaja pozitivna povezava med številom poslov, ki so jih izvedli mali vlagatelji, in višino utrpelih izgub.
In addition, data provided by the FR-AMF from the office of the Ombudsman identified that the average overall loss per annnum for complainants of CFDs was EUR 15207 in 2016.
V okviru raziskave, ki se je za organ CONSOB (IT) izvedla marca 2017 o petih italijanskih podružnicah ponudnikov, ki poslujejo s CFD-ji, je bilo ugotovljeno, da so leta 2016 izgube malih vlagateljev znašale do 83 %, posamezna stranka pa je v povprečju izgubila približno 7000 EUR;
Furthermore, the Ombudsman noted that particularly in 2016 and 2017, the practices of regulated providers became even more aggressive and increasingly targeted investors likely to make significant payments.
poljski pristojni nacionalni organ, Komisja Nadzoru Finansowego (KNF (PL)), je v prvem četrtletju leta 2017 izvedel študijo na podlagi podatkov, ki jih je predložilo 10 investicijskih podjetij, ki ponujajo CFD-je (na podlagi 130399 računov strank, od tega 38691 aktivnih računov), in ugotovil, da je leta 2016 denar izgubilo 79,28 % strank.
Figures for 2016 mediations before the French Ombudsman appear to support this, with the average amount recovered increasing to EUR 11938 and half of all cases concerning an amount above EUR 5000.
Poleg tega je podobna študija, ki jo je organ KNF (PL) izvedel v prvem četrtletju leta 2018 na podlagi podatkov, ki jih je predložilo sedem investicijskih podjetij, ki ponujajo CFD-je na Poljskem (177883 računov strank, od tega 40209 aktivnih računov), pokazala, da je leta 2017 denar izgubilo 79,69 %.
The losses incurred by some investors topped EUR 90000, and the cumulative losses in cases handled on the merits, that is involving authorised companies, exceeded EUR 1 million.
v študiji, ki jo je luksemburški pristojni nacionalni organ CSSF (LU) izvedel septembra 2017, je bilo navedeno, da so povprečne izgube na malega vlagatelja pri dveh ponudnikih, ki zagotavljata CFD-je in ju je pooblastil ta organ, znašale 4500 EUR in približno 1700 EUR;
The FR-AMF also found that retail investors who trade the most (by number of trades, average trade size or cumulative volume) lose the most.
analiza, ki jo je organ FCA (UK) izvedel leta 2014 na vzorcu računov malih vlagateljev, ki niso vključevali svetovanja, pri osmih ponudnikih CFD-jev, je pokazala, da je 82 % malih vlagateljev izgubilo denar za te produkte in da je bil povprečni rezultat v obdobju enega leta izguba v višini 2200 GBP na malega vlagatelja.
The same applies to those who continue over time, indicating there is no learning curve;
Tudi informacije, ki so bile prejete med postopkom posvetovanja organa FCA (UK) decembra 2016, so pokazale na povezavo med višjimi finančnimi vzvodi ter povečano verjetnostjo in obsegom izgub.
the Hrvatska agencija za nadzor financijskih usluga (‘HR-HANFA’), the Croatian NCA, carried out a loss-per-client study for one Croatian investment firm offering CFDs to its clients.
Nadaljnja študija organa FCA (UK) v obdobju 2016/2017 v zvezi s svetovalnimi in diskrecijskimi storitvami za CFD-je v 12-mesečnem obdobju je pokazala nadaljnje dokaze o slabih rezultatih za male vlagatelje.
The study assessed 267 retail clients' losses or gains for the trading period from January to September 2016.
Pri pregledu je bilo ugotovljeno, da je v okviru vrste podjetij, ki ponujajo CFD-je na podlagi svetovalnih in diskrecijskih storitev, 76 % malih vlagateljev izgubilo denar, pri čemer so v povprečju utrpeli izgubo v višini 9000 GBP.
HR-HANFA found that total client losses for the period was approximately EUR 1017900, while total retail client gains were approximately EUR 420000;
Tudi kadar so se upoštevali mali vlagatelji z dobičkom, je tipični mali vlagatelj, ki je vlagal prek svetovalno in diskrecijsko upravljanega računa, v povprečju izgubil približno 4100 GBP;
the Central Bank of Ireland (‘IE-CBI’), the Irish NCA, carried out a thematic review in 2015 which showed that 75 % of retail clients trading CFDs during 2013 and 2014 suffered losses with the average loss amongst those clients being EUR 6900.
portugalski pristojni nacionalni organ, Comissãdo Mercado de Valores Mobiliários (CMVM (PT)), je ugotovil, da so pri hipotetični vrednosti pozicij vlagateljev v višini 44700 milijonov EUR leta 2016 in 44200 milijonov EUR leta 2017 povezane izgube za male vlagatelje znašale 66,8 milijona EUR in 47,7 milijona EUR za leto 2016 oziroma 2017.
the work of the Commisione Nazionale per le Società e la Borsa (‘IT-CONSOB’), the Italian NCA, conducted during 2016 has shown that in 2014-2015 78 % of the Italian retail clients of a specific CFD provider lost money investing in CFDs and 75 % lost money investing in rolling spot forex, with the average loss being EUR 2800.
Študija je vključevala približno 1000 malih vlagateljev, ki so s CFD-ji trgovali eno do dve leti, in sicer so s trgovanjem začeli januarja 2014, končali pa med decembrom 2014 in decembrom 2015 (v povprečju 1,5-letno obdobje trgovanja).
It was also found that there is a positive correlation between the number of trades carried out by retail clients and the amount of losses suffered.
Pokazala je, da je 82 % teh strank izgubilo denar, povprečna izguba na stranko pa je bila v višini 29000 EUR.
A subsequent survey conducted for IT-CONSOB in March 2017 on five Italian branches of providers operating in CFDs found that in 2016 retail client losses were up to 83 % with the average loss per client of approximately EUR 7000;
Povprečni stroški za izvedbo posla glede na lastniški kapital stranke so znašali 37 % (zaradi visokega finančnega vzvoda in pogostega trgovanja).
the Komisja Nadzoru Finansowego (‘PL-KNF’), the Polish NCA, conducted in Q1 2017 a study based on the data provided by 10 investment firms offering CFDs (based on 130399 client accounts of which 38691 active accounts) and concluded that 79,28 % of the clients lost money in 2016.
Zlasti je razviden dosleden vzorec povprečnih izgub za male vlagatelje v CFD-je skozi čas in po državah kljub pozitivnim donosom za male vlagatelje pri drugih finančnih produktih v številnih zadevnih letih.
The average result was a loss per client of PLN 10060.
Delež malih vlagateljev iz študije organa AMF (FR) iz uvodne izjave 35(iii), ki so vsako leto v obdobju 2009–2013 izgubili denar, je izredno dosleden kljub na primer različnim letnim donosom na trgu lastniških vrednostnih papirjev in indeksom na blago v istem obdobju.
Moreover, a similar study conducted by PL-KNF in Q1 2018 based on the data provided by seven investment firms offering CFDs in Poland in 2017 (177883 client accounts, of which 40209 active accounts) showed that 79,69 % of the clients lost money in 2017.
Vztrajanje vzorca izgub za male vlagatelje v CFD-je kaže strukturno značilnost profila donosa v nasprotju s pozitivnimi preteklimi donosi (dolgoročnih) naložb v druge finančne produkte, kot so skladi kapitala.
The average result was a loss per client of PLN 12156 in 2017.
Iz teh študij je jasno razviden resen zadržek glede zaščite vlagateljev, ki izvira iz ponujanja teh CFD-jev malim vlagateljem.
The percentage of active clients losing money amounted to 81 % (2012), 81 % (2013), 80 % (2014), 82 % (2015), 79 % (2016) and 80 % (2017);
Vrsta udeleženih strank
a study carried out by the Commission de Surveillance du Secteur Financier (‘LU-CSSF’), the Luxembourgish NCA,stated in September 2017 that from two LU-CSSF authorised providers providing CFDs the average losses per retail client are EUR 4500 and approximately EUR 1700;
CFD-ji se tržijo, razširjajo ali prodajajo malim vlagateljem in profesionalnim strankam.
an analysis carried out by the UK-FCA in 2014 on a sample of non-advised retail client accounts from 8 CFD providers, suggested that 82 % of retail clients lost money on these products and that the average outcome was a loss of GBP 2200 per retail client over a year.
Vendar mali vlagatelji (v nasprotju s profesionalnimi strankami) običajno nimajo izkušenj ter splošnega in strokovnega znanja za sprejemanje investicijskih odločitev, s katerimi bi ustrezno ocenili tveganja v zvezi s kompleksnimi CFD-ji, ki so omejeni s tem sklepom.
Information received during the UK-FCA's December 2016 consultation process also found a correlation between higher leverage levels, and increased probability and size of losses.
Dejansko je ena študija v državi članici pokazala, da so bili najvišji finančni vzvodi na zgornji meji pogosto ponujeni malim vlagateljem, profesionalnim strankam in primernim nasprotnim strankam pa so bili ponujeni najvišji finančni vzvodi na spodnji meji.
A further study by the UK-FCA in 2016/2017 in relation to advisory and discretionary services provided for CFDs over a 12-month period found further evidence of poor outcomes for retail clients.
Glede na dokaze o izgubah, ki jih je organ ESMA ugotovil glede računov malih vlagateljev, opisanih v tem sklepu, je jasno, da v zvezi z neomejenim trženjem, razširjanjem ali prodajo CFD-jev tej skupini strank obstaja resen zadržek glede zaščite vlagateljev.
The review found that within the population of firms offering CFDs on an advisory and discretionary services, 76 % of retail clients lost money, experiencing an average loss of GBP 9000.
Dejavnosti trženja in razširjanja v zvezi s CFD-ji
Even when the profitable retail clients were taken into consideration, on average, a typical retail client investing under an advisory and discretionary managed account lost around GBP 4100;
Čeprav so CFD-ji kompleksni produkti, so malim vlagateljem najpogosteje ponujeni prek elektronskih platform za trgovanje, brez zagotavljanja investicijskega svetovanja ali upravljanja portfelja.
the Comissãdo Mercado de Valores Mobiliários (PT-CMVM), the Portuguese NCA, found that on a notional value of investors' position of EUR 44700 million in 2016 and EUR 44200 million in 2017, the associated losses for retail investors were EUR 66,8 million and EUR 47,7 million for the years 2016 and 2017 respectively.
V takih primerih je treba v skladu s členom 25(3) Direktive 2014/65/EU izvesti presojo ustreznosti.
In addition, a study carried out by the Finanstilsynet (‘NO-Finanstilsynet’), the Norwegian NCA, on the trading results of 6 CFD providers' clients in 2016.
Vendar ta presoja ponudnikom CFD-jev ali njihovim strankam ali morebitnim strankam ne preprečuje, da po enostavnem opozorilu stranki nadaljujejo poslovanje.
The study included approximately 1000 retail clients trading in CFDs over 1 to 2 years with January 2014 as the start date and the end date ranging between December 2014 and December 2015 (on average a trading period of 1,5 years).
Do tega lahko pride v primeru, kadar stranka ponudniku binarnih opcij ni posredovala ali mu je posredovala nezadostne informacije o svojem znanju in izkušnjah na investicijskem področju v zvezi z določeno vrsto produkta in kadar ponudnik ugotovi, da produkt ni primeren za stranko.
It showed that 82 % of those clients lost money with an average loss per client of EUR 29000.
Tako lahko mali vlagatelji dostopajo do produktov, kot so CFD-ji, ki se jim glede na značilnosti ne bi smeli razširjati.
The average transaction costs relative to a client's equity was 37 % (due to high leverage and frequent trading).
Organ FCA (UK) je ugotovil ponavljajoče se pomanjkljivosti pri pristopu ponudnikov CFD-jev k opravljanju presoje ustreznosti, vključno s pomanjkljivostmi presoje, nezadostnimi opozorili o tveganju malim vlagateljem, ki niso uspešno opravili presoje ustreznosti, in pomanjkanjem vzpostavitve postopka za presojo, ali bi bilo treba strankam, ki presoje ustreznosti niso uspešno opravile, vendar kljub temu želijo trgovati s CFD-ji, dovoliti, da nadaljujejo s posli s CFD-ji.
Notably, the consistent pattern of average losses for retail clients in CFDs over time and across countries comes despite positive returns for retail clients in other financial products in many of the years in question.
Ob ponovni obravnavi tega vprašanja konec leta 2016 je ugotovil, da precej podjetij po predhodnih povratnih informacijah, ki so jim bile predložene, teh pomanjkljivosti ni odpravilo.
The percentage of retail clients losing money in the AMF study referred to in recital 35(iii) in each year from 2009 to 2013 is remarkably consistent, despite varying annual returns in stock market and commodity indices over the same period, for example.
Poleg tega so pristojni nacionalni organi izrazili pomisleke glede skladnosti ponudnikov CFD-jev „z njihovimi obveznostmi, da strankam zagotovijo informacije, ki so jasne in ne zavajajo, ali delujejo v najboljšem interesu strank“.
The persistence of the pattern of losses for retail clients in CFDs indicates a structural feature of the return profile, in contrast to positive historical returns on (long term) investments in other financial products such as equity investment funds.
Pomisleke so izrazili tudi glede nezadostnega izvajanja preskusov ustreznosti v praksi in nezadostnih opozoril strankam, ko tega preskusa ustreznosti niso uspešno opravile.