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Ireland to ban binary options and restrict CFD trades permanently

Jun 12 2019
By
Jonathan Smith

 

The Central Bank of Ireland (CBI), which also serves as a financial services regulator, announced its plans to make ESMA’s product intervention measures permanent. These measures are aimed at guaranteeing greater investor protection for retail investors, and include a ban on binary options and a set of restrictions for CFD trades, the most important of which is a cap on leverage of up to 1:30.

 

Based on our ongoing work on CFDs at a domestic and EU level, we have concluded that retail investors must be protected from excessive levels of leverage, which can result in unexpectedly high levels of losses and from the risk of losing more money than they put into their CFD account,” commented Derville Rowland, director general of financial conduct at the Central Bank of Ireland.

 

As regards binary options, Rowland said that “They are no more an investment than betting on a horse.”

 

The restrictive rules were imposed by the Pan-European regulator in March last year and it keeps renewing them since then, as they have a limited duration of three months. CBI’s move will take effect immediately after ESMA’s latest temporary restrictions expire in July this year.

 

 Actually, the CBI is following the steps of other European regulators, who have already announced their plans to make ESMA’s product intervention measures permanent: the UK’s Financial Conduct Authority, the French Autorité des Marchés Financiers (AMF), Germany’s BaFin, the Danish Financial Supervisory Authority (FSA), and the Dutch financial regulator AFM.

 

TAGS: Central Bank of Ireland  ESMA product intervention measures  leverage cap  EU  Ireland  binary options ban 

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