Saxo Group welcomes ASIC product intervention powers


Saxo Capital Markets has welcomed the Australian Securities and Investments Commission (ASIC) product intervention powers and reinforced the importance of responsible leverage.
In particular, the firm reinforced the importance of responsible leverage for retail investors trading in Contracts for Difference (CFDs) and Foreign Exchange (FX) in Australia.
Saxo expressed concern significant parts of the margin trading industry had not been sufficiently focused on protecting clients’ interests.
The multi-asset trading firm also said that some providers still offered excessive leverage, resulting in the significant risk of frequent stop-outs, which led to client loss.
Adam Smith, Saxo Capital Markets Australia chief executive officer, said he welcomed the move by ASIC to enhance protection and bring Australia in-line with other global markets.
“We look forward to seeing this new legislation being implemented in a practical sense, which will ultimately bring further protection for Australian traders and investors,” Smith said.
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.