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The new rule sets are going to affect the business of retail forex and cfd brokers in an unprecedented manner. MiFIR Transaction Reporting require investment firms to report almost in real time all sorts of information related to individual trades. Relevant information that needs to be reported is buyer information, seller information, price, quantity, venue, ticket number, maturity data, and the underlying currency of the product.
Transaction Reporting already exists, i. But the new regulation has widened the selection of financial instruments under scope of Transaction Reporting. MiFID II has expanded reporting to include all financial instruments traded or based on venue traded product.
Regarding forex trading, products offered by retail brokers are based on OTC forex pricing and not venue based trades. In addition, MiFID II definitions of trading venue will cause some bilateral trading platforms to become registered venues as well.
As a result these venue listed forex products will thus cause the retail version of the product to fall under the scope of MiFIR Transaction Reporting. The CySEC illustrated the new reporting obligations to be met by Cyprus investment firm in a circular dated Transaction Reporting is going to have a severe impact on Cyprus investment firms, which are mostly small or medium sized and low capitalized. Transaction reporting cannot be performed manually, but requires an expensive IT infrastructure.
In order to meet the requirements, these companies will have to invest in data management and reporting resources. The provision of services by Data Reporting Service Providers will be required, if investment firms cannot establish an internal reporting infrastructure. This means that sensitive data i. According to media reports, few financial institutions are ready to meet the requirements of transaction reporting under MiFID II. The effects on small Cypriot MT4 brokerages podcast.
Cypriot brokers trying to onboard clients via offshore entities. What is MiFid II? The decline of the OTC derivatives industry. How to make the Reports? The measures taken against above practices, if any, have not been adequate and dissuasive, since these practices have been persisting until now. The most frequent sanction imposed by Cyprus authorities was a fine. If you consider that the forex market achieves volumes amounting to trillions, fines of this size are neither adequate nor dissuasive.
Fines of the above size could be possibly dissuasive, would not hit honest market participants and would be an alternative to over regulating the market. Verbot in Europa steht unmittelbar bevor. Januar von admin. Even large firms in the UK are struggling. Setze ein Lesezeichen auf den Permalink.
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