IFX秉持如一的交易规则，历史悠久的经纪商无所畏惧

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秉持如一的交易规则，历史悠久的经纪商无所畏惧

来源：亚洲外汇网

作者：IFX

瑞士央行意外宣布将瑞郎与欧元解除绑定，引发了货币间的剧烈波动，导致外汇市场的急剧沉浮。此次事件不仅影响到客户和交易者，也影响到了经纪商。但是，并非每一家经纪商都难逃劫难。

在市场巨变之后，一些零售交易经纪商宣布重大亏损，其严重程度可以说超越我们的想象。然而，大多数体制完善、总部位于伦敦的英国经纪商，得益于审慎的管理和合理调控，保持住了强劲的经营态势。

许多业内分析行家至今忽略的一个问题是，正是因为健康的行业监管，这些公司才成为幸运儿。

根据现行规定，例如，零售客户的资金必须保管于一个完全独立的银行账户，和经纪商的自有资本完全分离。这意味着，即使当企业面临财务困难时，也不会利用零售客户的资金支付公司的任何资金短缺，哪怕是暂时性的。所以，如果一个FCA监控下的经纪商濒临破产，不得不承担其监管和法律责任时，零售客户的资金仍会得到充分的保障。

客户资金隔离是监管者和被监管经纪商长期合作的成果写照，能够有效保护客户和整个行业。

像City Index这样的零售经纪商已经建立了超过三十年，并通过经验的积累，认识到金融市场随时可能让你胆战心惊。我们意识到这是不可避免的交易副产品，尤其是在这样一个时代，各国政府和央行都可能意外介入。

有效的、明确的和一贯的监管政策才是上策，始终受到老牌经纪商的欢迎。

我们这个行业最大的问题不是监管政策本身，而是其是否能充分应用于所有的运营商，大型的、小型的。在英国市场上，我们行业里有一些经纪商热衷于扎根在背景迥异的海外市场，罔顾适用于英国大型经纪商的政策，也就是说没有全盘接受FCA的严格监管。

根据欧盟的规定，金融机构可以“办签证”到英国并与英国的客户开展业务。这些金融机构必须由他们本国的监管机构授权，例如德国，塞浦路斯或马耳他。

这同样也适用于英国公司，同样可以“办签证”到其他国家去经营。母国监管机构应当负责这些企业的全面管理，包括规定的资本要求等。对于海外当地的监管机构而言，他们的工作是负责监督这些经纪商如何在当地开展业务，比如他们一般是如何运作的，他们是如何对待客户和客户资金的。

有几个问题需要考虑。首先，在欧洲，不是所有的监管机构都实施和FCA一样高水平的监管。其次，对资产要求的严格程度在欧洲也并非一致，英国在这方面代表了最严格水平。结合FCA以风险为基础的监管办法，意味着小的经纪商，尤其是那些“办签证”到英国做生意的经纪商，受到的直接监督要少很多。

上述情况都和客户资金隔离有莫大关联，FCA对此有一套自己的方法去跟踪记录客户资金的隔离实施。如果客户与非英国公司发生关联，他们的钱就不受FCA的《客户资产规则》保护。

重要的是还需指出，交易并不适合每一个人。差价合约，外汇保证金交易和点差这些投资形式，首先应该被投资的客户充分了解——了解杠杆、了解自身愿意承担多少风险的增加。

FCA要求：客户申请帐户应遵循一个合适的过程。此外，我们同时提供模拟帐户练习交易，无需提交真正的资金，还提供对新手的教育支持、经验丰富交易者的帮扶等。所有主要的零售经纪商做到这一点作为标准的做法，这是非常重要的，其他较小的零售经纪公司纷纷效仿。

那些鼓吹可以轻松获取回报的经纪商实际辜负了他们的客户以及整个行业。我们的首要任务作为一个行业应该是长久地保证客户在英国的监管范围内受到高度的保护，并选择有信誉的交易商进行交易。

瑞郎事件已经引起了监管增加的必然要求，但更紧迫的问题是确保监管适用于每位交易者。那些被严格监管已久的英国经纪商能从黑天鹅事件中勇敢生存下来，我相信这不是巧合。

作者Mark·Preston是City Index集团董事长兼首席执行官

关于星期日电讯报

《星期日电讯报》（The Sunday Telegraph）是英国主流大报，创办于1961年，在英国周日出版的大报中发行量名列前茅，深受英政府、议会、智库、文化等各界精英青睐。

关于City Index在英国的监管历史

在英国FCA网站查询我们的监管号113942，您便可发现我们从80年代已开始接受英国证券与期货监管局Securities and Futures Authority（SFA）监管，SFA于2001年12月1日并入英国金融服务监管局Financial Service Authority（FSA），2013年4月1日FSA改组为英国金融市场行为监管局Financial Conduct Authority（FCA）。我们伴随着英国金融行业监管当局的成长而发展，从未停止。

Trading rules protect clients in volatile times

By Mark Preston|Telegraph–Sat,Feb 7,2015 15:06 GMT

Long-established brokerages have nothing to fear from consistent regulation,writes Mark Preston

The unexpected move by the SNB to de-peg the Swiss franc from the euro triggered wild volatility in the currency,causing violent moves in the forex markets.As well as affecting clients and traders,this has also affected brokers.But it would be wrong to think everyone has been hit in the same way.

In the aftermath of the market moves,a number of retail trading brokers announced significant losses,the full extent of which we are yet to know.However,most of the well-established,London-based UK trading houses with a long experience of working in financial markets and looking after clients,remain in robust health thanks to prudent management and sensible regulation.

One aspect of these developments,missed by many analysts so far,is that they prove an excellent example of industry regulation working.

Under existing regulation,for example,the retail client’s money must sit in a fully segregated bank account,separate and carved out from a broker’s own capital.This means that even when a firm enters into financial difficulty,it is precluded from using retail client funds to cover any of the firm’s shortfalls,even on a temporary basis.So if an FCA-regulated broker were to collapse and had adhered to its regulatory and legal responsibilities,retail client funds would be fully protected.

Client money segregation is a good illustration of how regulators and the brokers they oversee have worked together to help deliver rules that protect clients and the industry as a whole.

Retail brokerages like City Index have been around for more than three decades and through a depth of experience,appreciate that financial markets can spring surprises when you least expect them.We understand this is an inevitable by-product of trading,especially in an age where governments and central banks have demonstrated a willingness to step in unexpectedly.

Effective,clear and consistent regulation will always be welcomed by established brokerage firms.

The biggest concern for our industry is not the regulation itself,but the consistency of its application across all the operators,large and small.In the UK market our industry has a significant number of brokerages domiciled in exotic overseas markets,without the full scope of the strict regulatory oversight applied to large UK brokers,who are directly authorised and regulated by the FCA.

Under the EU,financial institutions can“Passport”into the UK to conduct business with UK clients.These financial firms have to be authorised by their home state regulator,for example Germany,Cyprus or Malta.

This also works to the advantage of UK firms who can“Passport”out to other countries as well.The home state regulator is responsible for the overall regulation of these firms,including the capital requirements imposed.The local regulators in the overseas jurisdictions where they operate are responsible for overseeing how they conduct their business,including how they operate generally,how they treat customers and their application of client money protections.

There are couple of matters to consider in relation to this.Firstly,across Europe,not all regulators apply the same level of oversight as the FCA.Secondly,the application of capital requirements is not always as stringent across Europe as in the UK.This,combined with the FCA’s use of a risk-based approach to supervision,means that the smaller players,especially those who are“Passported”into the UK,are subject to less direct oversight.

This is particularly pertinent around segregation of client money,where the FCA has a robust track record of enforcing effective controls.If the client’s relationship is with a non-UK firm,their money is not held under the FCA’s Client Asset rules.

It is important to also recognise that trading is not suitable for everyone.CFDs,margin forex exchange and spread bets are forms of investment which should be embraced by those who understand leverage and are willing to undertake an increased degree of risk to their investments.

It is an FCA requirement that potential clients applying for accounts go through an appropriateness process.In addition,we provide both demo accounts to practice trading,without clients having to commit real funds and educational support for novices and experienced traders alike.All the major retail brokers do this as standard practice and it is important that other smaller retail brokers follow suit.

Those brokerages who preach easy returns are letting down their clients and the industry.Our priority as an industry should be to keep clients for the long-term,with the reassurance that they are afforded high levels of protection under the UK regulatory umbrella and the reputable brokerages with which they trade.

This latest episode has drawn the inevitable calls for heavier regulation,but the more pressing issue is ensuring that scrutiny is applied to everyone in equal measure.The long-established UK brokerages who have long been stringently regulated are the ones to have emerged from this situation in the best possible position and I believe this is no coincidence.

Mark Preston is chairman and chief executive of City Index

http://adm.yzforex.com/ades/click/aid/114;

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