Australia's market watchdog on Wednesday said it plans to ban the sale of &...
“ASIC is concerned that retail investors have suffered, and are likely in future to suffer, significant detriment from binary options and contracts for difference ,” it said in a statement. CFDs allow traders to bet on financial asset prices without holding the asset.
Binary options are over the counter derivatives that allow clients to make “all-or-nothing” bets on specific events in a specific timeframe, such as a rise in the gold price within a 30 second window. “We estimate that retail client losses from trading binary options were at least $490 million in 2018,” the paper said.
“A complete ban would prevent retail clients from losing money trading binary options,” ASIC Commissioner Cathie Armour said in a statement.
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