Canada wants to follow ESMA and introduce product intervention on FX / CFD

At the beginning of November we reported that Israel plans to introduce restrictions on the local Forex market like ESMA. This time we hear about similar ideas from the Canadian regulator. The consultation period has just begun and will last until February.

Canada wants its own "ESMA"?

The Canadian Regulatory Organization of the Investment Industry (IIROC), i.e. the local financial supervision, wants to "civilize" the local Forex and CFD market. IN document published yesterday presents his ideas for change. Among them, there are options for introducing the status of a professional client, both for retail investors (the possibility of obtaining the status with a deposit of more than $ 5 million) and institutional investors (the possibility of obtaining the status with a deposit of more than $ 25 million). It is not known at this stage what IIROC wants to do with the financial leverage and to what extent - it will be discussed during stage II, after the consultation.

The consultation period has just been opened and will last until 19 February 2020 year. Traders, brokers, as well as other interested and market participants can send their ideas and suggestions for changes.