natgillin/translations-raw huggingface dataset:
Working Paper.
v izračun vključijo vsi stroški v zvezi s CFD-ji, povezanimi s trgovalnim računom s CFD-ji, vključno z vsemi dajatvami, nadomestili in provizijami;
This work was funded by a public research grant but was developed in consultation with the UK-FCA.
iz izračuna izključijo naslednje postavke:
Joint Position on ‘Manufacturers' Product Oversight and Governance Processes’ (JC-2013-77).
vsak trgovalni račun s CFD-ji, s katerim v obdobju izračuna ni bila povezana nobena odprta pozicija CFD-jev;
Opinion on ‘MiFID practices for firms selling complex products’ (ESMA/2014/146.
vsi dobički ali izgube od produktov, ki niso CFD-ji, povezani s trgovalnim računom s CFD-ji;
This opinion specifically included references to CFDs and binary options.
vsi pologi ali dvigi sredstev s trgovalnega računa s CFD-ji.
Opinion on ‘Structured Retail Products — Good practices for product governance arrangements’ (ESMA/2014/332).
Z odstopanjem od odstavkov od 2 do 4, če ponudnik CFD-jev v zadnjem 12-mesečnem obdobju izračuna ni zagotovil odprtja pozicij CFD-ja, povezanega s trgovalnim računom malega vlagatelja s CFD-ji, navedeni ponudnik CFD-jev uporabi standardno opozorilo o tveganju iz oddelkov D in E, kot je primerno.
‘The Responsibilities of Providers and Distributors for the Fair Treatment of Customers’ https://www.handbook.fca.org.uk/handbook/document/RPPD_FCA_20130401.pdf.
ODDELEK B
The guidance is linked to the UK's Principles for Businesses (PRIN) https://www.handbook.fca.org.uk/handbook/document/rppd/RPPD_Full_20180103.pdf
Opozorilo o tveganju na trajnem nosilcu in spletni strani, specifično za ponudnika
ESMA has emphasised the risk of regulatory arbitrage in its opinion on Impact of the exclusion of fund management companies from the scope of the MiFIR Intervention Powers of 12 January 2017(ESMA50-1215332076-23), in which it has expressed concerns for the risk of regulatory arbitrage and the potential reduction in effectiveness of future intervention measures arising from the exclusion of certain entities from the scope of the relevant measures (UCITS management companies and Alternative investment fund managers).
Pogodbe na razliko so kompleksni instrumenti in prinašajo veliko tveganje hitre izgube denarja zaradi finančnega vzvoda.
The Commission has proposed amendments to enhance legal certainty in this respect by amending Regulation (EU) No 600/2014 (COM(2017) 536/948972).
Pri trgovanju s pogodbami na razliko pri tem ponudniku denar izgubi [navedite odstotek ponudnika] % računov malih vlagateljev.
Council Regulation (EC) No 1234/2007 of 22 October 2007 establishing a common organisation of agricultural markets and on specific provisions for certain agricultural products (Single CMO Regulation) (OJ L 299, 16.11.2007, p. 1).
Razmislite, ali razumete, kako delujejo CFD-ji, in ali se lahko odločite za veliko tveganje, da boste izgubili denar.
ANNEX I
ODDELEK C
INITIAL MARGIN PERCENTAGES BY TYPE OF UNDERLYING
Skrajšano opozorilo o tveganju, specifično za ponudnika
3,33 % of the notional value of the CFD when the underlying currency pair is composed of any two of the following currencies: US dollar, Euro, Japanese yen, Pound sterling, Canadian dollar or Swiss franc;
Razmislite, ali se lahko odločite za veliko tveganje, da boste izgubili denar.
5 % of the notional value of the CFD when the underlying index, currency pair or commodity is:
ODDELEK D
any of the following equity indices: 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);
Standardno opozorilo o tveganju na trajnem nosilcu in spletni strani
a currency pair composed of at least one currency that is not listed in point (a) above; or
Pri trgovanju s pogodbami na razliko denar izgubi od 74 % do 89 % računov malih vlagateljev.
gold;
ODDELEK E
10 % of the notional value of the CFD when the underlying commodity or equity index is a commodity or any equity index other than those listed in point (b) above;
Skrajšano standardno opozorilo o tveganju
50 % of the notional value of the CFD when the underlying is a cryptocurrency; or
Rok za predložitev dokazov je potekel 5. februarja 2018.
20 % of the notional value of the CFD when the underlying is:
Organ ESMA je prejel skoraj 18500 odzivov.
a share; or
82 odzivov so poslali ponudniki produktov, trgovinske organizacije, borze in borzni posredniki, ki so vpleteni v posle v zvezi s CFD-ji in/ali binarnimi opcijami, 10 so jih poslali predstavniki potrošnikov, ostale odzive pa so poslali posamezniki.
not otherwise listed in this Annex.
Velika večina odzivov posameznikov je bila posredovana prek ponudnikov CFD-jev in/ali binarnih opcij.
ANNEX II
Nekateri pristojni nacionalni organi so organu ESMA poročali, da so številni mali vlagatelji med sprostitvijo tečaja švicarskega franka januarja 2015 izgubili zelo veliko denarja.
RISK WARNINGS
Številni mali vlagatelji se niso zavedali, da lahko izgubijo več denarja, kot so ga vložili.
SECTION A
organ CySEC (CY) je analiziral vzorec računov malih vlagateljev (približno 290000 računov strank) 18 velikih ponudnikov CFD-jev v obdobju od 1. januarja 2017 do 31. avgusta 2017.
Risk warning conditions
Ugotovljeno je bilo, da je v tem obdobju v povprečju 76 % računov strank ustvarilo izgubo, približno 24 % računov strank pa dobiček.
The risk warning shall be in a layout ensuring its prominence, in a font size at least equal to the predominant font size and in the same language as that used in the communication or published information.
španski pristojni nacionalni organ, Comisión Nacional del Mercado de Valores (CNMV (ES)), je ugotovil, da je v 21-mesečnem obdobju med začetkom leta 2015 in koncem leta 2016 na splošno izgubilo denar približno 82 % malih vlagateljev.
If the communication or published information is in a durable medium or a webpage, the risk warning shall be in the format specified in Section B.
Povprečna izguba na malega vlagatelja je bila 4700 EUR;
If the communication or information is in a medium other than a durable medium or a webpage, the risk warning shall be in the format specified in Section C.
Poleg tega je bilo iz podatkov, ki jih je organ AMF (FR) predložil iz urada varuha človekovih pravic, ugotovljeno, da je povprečna skupna letna izguba pritožnikov glede CFD-jev v letu 2016 znašala 15207 EUR.
The risk warning shall include an up-to-date provider-specific loss percentage based on a calculation of the percentage of CFD trading accounts provided to retail clients by the CFD provider that lost money.
Varuh človekovih pravic je opozoril še, da so zlasti v letih 2016 in 2017 prakse reguliranih ponudnikov postale še agresivnejše in vse bolj usmerjene v vlagatelje, za katere je bilo verjetno, da bodo vplačali velike zneske.
The calculation shall be performed every 3 months and cover the 12-month period preceding the date on which it is performed (‘12-month calculation period’).
V študiji so bile ocenjene izgube ali dobički 267 malih vlagateljev v obdobju trgovanja od januarja do septembra 2016.
For the purposes of the calculation:
Organ HANFA (HR) je ugotovil, da skupne izgube strank v tem obdobju znašale približno 1017900 EUR, skupni dobiček malih vlagateljev pa je bil približno 420000 EUR;
an individual retail client CFD trading account shall be considered to have lost money if the sum of all realised and unrealised net profits on CFDs connected to the CFD trading account during the 12-month calculation period is negative;
Leta 2017 je bil povprečni rezultat izguba na stranko v višini 12156 PLN.
any costs relating to the CFDs connected to the CFD trading account shall be included in the calculation, including all charges, fees and commissions;
Delež aktivnih strank, ki so izgubile denar, je znašal 81 % (leta 2012), 81 % (leta 2013), 80 % (leta 2014), 82 % (leta 2015), 79 % (leta 2016) in 80 % (leta 2017);
the following items shall be excluded from the calculation:
Po obsežnem posvetovanju med julijem in novembrom 2017 je 13. decembra 2017 napovedalo posodobitev projekta z javnim posvetovanjem, ki je potekalo od 13. do 22. decembra 2017.
any CFD trading account that did not have an open CFD connected to it within the calculation period;
Z novim projektom se bosta uvedli dve najvišji omejitvi finančnega vzvoda: 100: 1 za izkušene male vlagatelje (tiste, ki so sklenili vsaj 40 poslov, in to v 24 mesecih pred sklenitvijo novega posla, za katerega se določa omejitev finančnega vzvoda) in 50: 1 za neizkušene male vlagatelje;
any profits or losses from products other than CFDs connected to the CFD trading account;
zmanjšanje tveganja zavajajoče prodaje CFD-jev in njenih povezanih finančnih posledic.
any deposits or withdrawals of funds from the CFD trading account.
To je velika korist za male vlagatelje in za finančne trge kot celoto;
By way of derogation from paragraphs 2 to 4, if in the last 12-month calculation period a CFD provider has not provided an open CFD connected to a retail client CFD trading account, that CFD provider shall use the standard risk warning specified in Sections D and E, as appropriate.
Posebna pozornost je namenjena Združenemu kraljestvu, kjer se je število računov strank, financiranih s CFD-ji, povečalo s 657000 leta 2011 na 1051000 konec leta 2016.
SECTION B
Vendar pa te številke ne izključujejo spečih računov strank ali več računov, ki jih uporablja isti mali vlagatelj.
Durable medium and webpage provider-specific risk warning
Evidence from the Forex Market (Je uporaba finančnega vzvoda boljši pokazatelj pretiranega samozaupanja?
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Dokazi s trga forex), 30. avgust 2017.
[insert percentage per provider] % of retail investor accounts lose money when trading CFDs with this provider.
Na voljo na spletišču SSRN: https://ssrn.com/abstract=2860103.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Organ FCA (UK), Dear CEO Letter, Client take-on review in firms offering contract for difference (CFD) products (Pregled sprejemanja strank v podjetjih, ki ponujajo pogodbe na razliko), 2. februar 2016.
SECTION C
Glej: https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cfd.pdf.
Abbreviated provider-specific risk warning
Organ FCA (UK), CFD firms fail to meet our expectations on appropriateness assessments (Podjetja s CFD-ji ne izpolnjujejo naših pričakovanj glede presoj ustreznosti), 29. junij 2017.
You should consider whether you can afford to take the high risk of losing your money.
Glej: https://www.fca.org.uk/publications/multi-firm-reviews/cfd-firms-fail-expectations-appropriateness-assessments.
SECTION D
Glej Heimer, Z. Rawley, in Simsek, Alp, Should Retail Investors' Leverage Be Limited?
Durable medium and webpage standard risk warning
Organ FCA (UK) je podobni analitični okvir uporabil pri posvetovanju, ki ga je objavil decembra 2016.
Between 74-89 % of retail investor accounts lose money when trading CFDs.
Na voljo na povezavi: https://www.fca.org.uk/publication/consultation/cp16-40.pdf.
SECTION E
Should Retail Investors' Leverage Be Limited?
Abbreviated standard risk warning
Mullett, T. L., in Stewart, N., The effect of risk warning content for contract for difference products (Učinek vsebine opozorila o tveganju pri pogodbah na razliko), delovni dokument, 2017.
European Securities and Markets Authority Decision (EU) 2018/1466
Sklep Evropskega organa za vrednostne papirje in trge (EU) 2018/1466
renewing and amending the temporary prohibition in Decision (EU) 2018/795 on the marketing, distribution or sale of binary options to retail clients
o podaljšanju in spremembi Sklepa (EU) 2018/795 o začasni prepovedi trženja, razširjanja ali prodaje binarnih opcij malim vlagateljem
THE EUROPEAN SECURITIES AND MARKETS AUTHORITY BOARD OF SUPERVISORS,
ODBOR NADZORNIKOV EVROPSKEGA ORGANA ZA VREDNOSTNE PAPIRJE IN TRGE JE –
Having regard to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC, and in particular Articles 9(5), 43(2) and 44(1) thereof,
ob upoštevanju Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta z dne 24. novembra 2010 o ustanovitvi Evropskega nadzornega organa (Evropski organ za vrednostne papirje in trge) in o spremembi Sklepa št. 716/2009/ES ter razveljavitvi Sklepa Komisije 2009/77/ES ter zlasti člena 9(5), člena 43(2) in člena 44(1) Uredbe,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, and in particular Article 40 thereof,
ob upoštevanju Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov in spremembi Uredbe (EU) št. 648/2012 ter zlasti člena 40 Uredbe,
Having regard to Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions, and in particular Article 19 thereof,
ob upoštevanju Delegirane uredbe Komisije (EU) 2017/567 z dne 18. maja 2016 o dopolnitvi Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta v zvezi z opredelitvijo pojmov, preglednostjo, stiskanjem portfelja ter nadzornimi ukrepi glede poseganja v zvezi s produkti in pozicij ter zlasti člena 19 Uredbe,
By Decision (EU) 2018/795, the European Securities and Markets Authority (ESMA) prohibited the marketing, distribution or sale of binary options to retail clients with effect from 2 July 2018 for a period of three months.
1.
In accordance with Article 40(6) of Regulation (EU) No 600/2014, ESMA must review a temporary product intervention measure at appropriate intervals and at least every three months.
Evropski organ za vrednostne papirje in trge (ESMA) je s Sklepom (EU) 2018/795 prepovedal trženje, razširjanje ali prodajo binarnih opcij malim vlagateljem.
ESMA's review of the prohibition on binary options has been informed by, inter alia, a survey amongst national competent authorities (NCAs) on the practical application and impact of the product intervention measure as well as additional information provided by NCAs and stakeholders.
Ukrep začne veljati 2. julija 2018 za obdobje treh mesecev.
NCAs detected only limited examples of non-compliance with the ESMA product intervention measures.
V skladu s členom 40(6) Uredbe (EU) št. 600/2014 mora organ ESMA začasne ukrepe prepovedi v zvezi s produkti pregledati v ustreznih časovnih presledkih in vsaj vsake tri mesece.
Furthermore, no new authorisations have been provided to firms that market, distribute or sell binary options since the announcement of the agreed measures on 27 March 2018.
Organ ESMA se je v okviru svojega pregleda prepovedi binarnih opcij med drugim opiral na raziskavo med pristojnimi nacionalnimi organi o praktični uporabi in učinku ukrepa za poseganje v zvezi s produkti ter na dodatne informacije, ki jih je dobil od teh organov in deležnikov.
However, the number of professional clients on request is relatively small in comparison to the previous number of retail clients of providers of binary options.
Poleg tega od objave dogovorjenih ukrepov dne 27. marca 2018 podjetjem, ki tržijo, razširjajo ali prodajajo binarne opcije, niso bila izdana nobena nova pooblastila.
ESMA is aware that some third-country firms are actively approaching Union clients.
Organ ESMA se zaveda, da določena podjetja iz tretjih držav dejavno nagovarjajo vlagatelje iz Unije.
However, without authorisation or registration in the Union, these firms are only allowed to offer services to clients established or situated in the Union at the client's own exclusive initiative.
Vendar lahko ta podjetja brez dovoljenja ali registracije v Uniji storitve opravljajo samo na lastno pobudo vlagateljev, ki imajo sedež ali se nahajajo v Uniji.
ESMA is also aware that firms are starting to provide other speculative investment products.
Organ ESMA se prav tako zaveda, da so podjetja začela ponujati druge špekulativne investicijske produkte.
ESMA will continue to monitor the offer of these other products to determine whether any other Union measures are appropriate.
Zato bo še naprej spremljal ponudbo teh drugih produktov, da bo ugotovil, ali bi bili ustrezni še kateri koli drugi ukrepi Unije.
During the review period, ESMA did not obtain evidence contradicting its overall finding of a significant investor protection concern identified in Decision (EU) 2018/795.
Organ ESMA med obdobjem pregleda ni pridobil dokazov, ki bi nasprotovali njegovi splošni ugotovitvi o resni zaskrbljenosti glede zaščite vlagateljev, ugotovljeni v Sklepu (EU) 2018/795.
ESMA has therefore concluded that the significant investor protection concern identified in Decision (EU) 2018/795 would persist if its decision to prohibit the marketing, distribution or sale of binary options to retail clients is not renewed.
Zato je zaključil, da bi resna zaskrbljenost glede zaščite vlagateljev, ugotovljena v Sklepu (EU) 2018/795, obstajala še naprej, če svojega sklepa o prepovedi trženja, razširjanja ali prodaje binarnih opcij malim vlagateljem ne bi podaljšal.
Since the adoption of that Decision, the applicable existing regulatory requirements under Union law have not changed and continue not to address the threat identified by ESMA.
Od sprejetja navedenega sklepa se veljavne obstoječe regulativne zahteve v skladu s pravom Unije niso spremenile in še naprej ne obravnavajo nevarnosti, ki jo je ugotovil organ ESMA.
Furthermore, NCAs have not taken action to address the threat or the actions taken do not adequately address the threat.
Poleg tega pristojni nacionalni organi niso sprejeli ukrepov, s katerimi bi odpravili nevarnost, ali pa sprejeti ukrepi ne zadostujejo za njeno odpravo.
In particular, since the adoption of the Decision, no NCA has adopted its own national product intervention measure under Article 42 of Regulation (EU) No 600/2014.
Od sprejetja sklepa namreč noben pristojni nacionalni organ ni sprejel svojega nacionalnega ukrepa za poseganje v zvezi s produkti v skladu s členom 42 Uredbe (EU) št. 600/2014.
The renewal of the prohibition set out in Decision (EU) 2018/795 does not have a detrimental effect on the efficiency of financial markets or on investors that is disproportionate to the benefits of the action and does not create a risk of regulatory arbitrage for the same reasons set out in that Decision.
Podaljšanje prepovedi, ki je določena v Sklepu (EU) 2018/795, nima negativnega učinka na učinkovitost finančnih trgov ali na vlagatelje, ki bi bil nesorazmeren glede na koristi ukrepa, in ne povzroča tveganja regulativne arbitraže iz istih razlogov, kot so navedeni v navedenem sklepu.
If the temporary prohibition is not renewed, ESMA considers it is likely that binary options will again be offered to retail clients and that the same or similar products will return to the market that gave rise to the consumer detriment identified in Decision (EU) 2018/795.
Če se začasna prepoved ne podaljša, obstaja po mnenju organa ESMA velika verjetnost, da se bodo binarne opcije ponovno ponujale malim vlagateljem ter da se bodo na trg vrnili isti ali podobni produkti, ki so povzročili škodo za potrošnike, ugotovljeno v Sklepu (EU) 2018/795.
In view of these reasons, taken together with the reasons set out in Decision (EU) 2018/795, ESMA has decided to renew the prohibition for a further three-month period to address the significant investor protection concern.
Organ ESMA je ob upoštevanju teh razlogov ter skupaj z razlogi, izraženimi v Sklepu (EU) 2018/795, sklenil, da za nadaljnje tri mesece podaljša prepoved, dokler se ne odpravi resna skrb glede zaščite vlagateljev.
In renewing the prohibition, ESMA has taken care to examine whether there is any new evidence relating to specific products within the scope of its measure that should be exempted in the renewed period of application due to their specific features not giving rise to the significant investor protection concern set out in Decision (EU) 2018/795.
V času podaljšanja prepovedi bo organ ESMA preučil, ali obstajajo kakršni koli novi dokazi v zvezi z določenimi produkti v okviru ukrepa, ki bi jih bilo treba zaradi nekaterih njihovih značilnosti, ki ne povzročajo skrbi glede zaščite vlagateljev, opredeljenega v Sklepu (EU) 2018/795, izvzeti v podaljšanem obdobju uporabe ukrepa.
In this respect, ESMA obtained new information relating to binary options that are sufficiently long-term, are accompanied by a prospectus and are fully hedged by the provider or another entity in the provider's group, are unlikely to give rise to the significant investor protection concern identified in Decision (EU) 2018/795.
V zvezi s tem je organ ESMA prejel nove informacije o binarnih opcijah, ki so dolgoročne, katerim je priložen prospekt in so s strani ponudnika ali drugega subjekta v ponudnikovi skupini v celoti zavarovane pred tveganjem ter verjetno ne bi povzročile zaskrbljenosti glede zaščite vlagateljev, ugotovljenega v Sklepu (EU) 2018/795.
An example of this kind of binary option is an inline warrant that cumulatively meets these conditions.
Primer te vrste binarne opcije je posebna oblika nakupnega bona, t. i. „inline warrant“, ki kumulativno izpolnjuje te pogoje.
While the degree of complexity of this specific type of binary option is comparable to that of binary options generally, the minimum term requirement ameliorates the negative effects of complexity and opacity for investors.
Medtem ko je stopnja kompleksnosti te posebne vrste binarne opcije primerljiva z binarnimi opcijami na splošno, pa zahteva glede minimalnega trajanja izboljšuje negativne učinke kompleksnosti in nepreglednosti za vlagatelje.
Investors can more reasonably take an informed view of the market over a period of 90 days or longer from the date when the product was first issued than over the very brief terms characteristic of the wider binary options market that existed prior to the application of Decision (EU) 2018/795.
Vlagatelji lahko v 90 dneh ali še daljšem časovnem okviru od datuma prve izdaje produkta lažje sprejmejo razumno stališče o trgu kot v zelo kratkem obdobju, ki je značilno za širši trg binarnih opcij, ki so obstajale pred objavo Sklepa (EU) 2018/795.
A term of 90 days or longer reduces the scope for frequently-repeated speculative trades that worsen losses and are associated with addictive behaviour.
Z 90-dnevno ali daljšo dospelostjo se zmanjša možnost za pogosto ponavljajoče špekulativne posle, ki povečujejo izgube in so povezane z odvisnostjo.
A particular feature of binary options acting as a significant driver of potential detrimental consequences and exacerbating the disparity between returns for investors and the risk of loss is the conflict of interest that exists between many providers of binary options and their clients.
Posebna značilnost binarnih opcij, ki delujejo kot glavno gonilo za morebitne negativne posledice ter še poslabšujejo razlike med donosom vlagateljev in tveganjem za izgube, je nasprotje interesov, ki obstaja med številnimi ponudniki binarnih opcij in njihovimi strankami.
However, some firms provide binary options that are fully hedged against market risk throughout their terms.
Nekatera podjetja sicer ponujajo binarne opcije, ki so skozi celotno njihovo trajanje v celoti zavarovana pred tržnim tveganjem.