Award-winning CFD broker calls for regulatory standards to protect retail traders and investors
SYDNEY – September 25, 2014
OANDA, a global provider of innovative foreign exchange (forex) and contract for difference (CFD) trading services , has officially joined the Australian CFD Forum, an industry body that is committed to enhancing the efficient operation, transparency, and overall investor understanding and confidence in the Australian CFD and forex markets.
By joining the CFD Forum, OANDA adds its support and influence to campaign for stronger government-mandated regulations to ensure the proper segregation of client funds industry-wide. Currently, Australia and Cyprus are the only countries that allow CFD providers to use client funds for operational needs.
“We take regulations seriously and we are a strong advocate of high regulatory standards,” said Louis Cooper, Managing Director, OANDA Australia. “As a company with a global presence and operations, we adhere to the strictest regulatory frameworks in all countries and jurisdictions where we operate, and we want to see the same global standards implemented here in Australia to protect retail investors.”
Since its inception, OANDA’s business model has ensured its clients’ funds are completely segregated from its own operating funds. Moreover, the broker has an impeccable compliance record with the regulatory authorities in all of the global regions it serves.
“While Forum members do ensure the full segregation of client moneys, the existing Australian regulation leaves some loopholes when it comes to the use of those funds for other purposes,” said Cooper. “I know this issue has been extensively examined by regulators and the government, and we hope that there is legislative action in the near future to safeguard investors. We must ensure Australia’s CFD and forex markets and trading activities are underpinned by a strong regulatory base and the highest level of retail trader protection.”
OANDA’s CFD Forum membership Is effective immediately.
“I am pleased to welcome Louis Cooper and look forward to his thoughtful contributions,” said Tamas Szabo, Chairman of the Australian CFD Forum. “We welcome OANDA to the Forum, and are currently in discussions with additional brokers. Together, we are working to transform trader’s rights in Australia.”
For more information, please visit OANDA Australia, and follow us on Twitter, Facebook or YouTube.
About OANDA
OANDA Corporation has transformed the business of foreign exchange through an innovative approach to forex trading. The company’s industry leading online trading platform, fxTrade, introduced a number of firsts to the marketplace, including immediate execution; instant settlement on trades; trades of any size between one unit and 10 million units; and interest calculated by the second. The company’s many awards attest to the power and flexibility of its trading platform. In 2013, OANDA was honored with nearly a dozen awards, including Best Trade Execution Provider, Best Retail Trading Platform and Best Mobile Trading Platform by International Finance Magazine; as well as Best Value for Money by Investment Trends in each the U.S., UK, and Asia Pacific markets.
OANDA was the first online provider of comprehensive currency exchange information, and today the company’s OANDA Exchange Rates® data provides benchmark rates for corporations, auditing firms, and global banks.
OANDA has eight offices worldwide, in Toronto, Chicago, New York, Boston, London, Singapore, Tokyo, and Sydney. OANDA is fully regulated by the U.S. Commodity Futures Trading Commission (CFTC), the U.S. National Futures Association (NFA), the Monetary Authority of Singapore (MAS), the Investment Industry Regulatory Organization of Canada (IIROC), the UK Financial Conduct Authority (FCA), the Japanese Financial Services Agency (FSA), and the Australian Securities and Investments Commission (ASIC).