Quinn Perrott and Sophie Gerber
Quinn Perrott and Sophie Gerber

Leverage caps - ASIC releases submissions to its Consultation Paper

Quinn Perrott and Sophie Gerber report on how the industry has responded to the release by ASIC of Consultation Paper 322.

By Quinn Perrott and Sophie Gerber, co-CEO’s and founders of TRAction Fintech   More than a year since  the Australian Securities and Investments Commission (ASIC) stunned many with the release of Consultation Paper 322 outlining its proposal for product intervention in the OTC derivatives space (specifically margin FX, CFDs and binary options) – we hear from the industry and its clients as the Australian corporate regulator releases submissions it received in response. ASIC received 410 submissions, 41 of these were from entities and an astonishing 369 were submitted from individuals. Of the 41 entities, 19 agreed to have their submission released for public consumption.For your convenience, we have read all public submissions and have curated submissions into bite sized snapshots. Away from the submissions, the general consensus across the industry, based on supposed commentary directly from ASIC and other political types, is that the product intervention order is going...continued

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