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EU and Australia-regulated forex broker XM changed on Monday the margin requirements for the Swiss franc (CHF) forex pairs. The broker has halved the margin on such pairs to two times the margin set as per account leverage.
The new margins come into effect as of Monday and apply to both new and existing positions.
The previous margin was four times the margin set as per account leverage.
The move comes on the back of possible action on part of the Swiss National Bank (SNB). The bank is expected to raise interest rates which have reached a record-low negative level.
XM, formerly known as XEMarkets, is a trading brand of Trading Point Holdings. The broker is licensed by the Cyprus Securities and Exchange Commission (CySEC), the UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). It is also awaiting licensing from the Financial Services Board (FSB) of South Africa.
mohan
they don’t have australian licence
http://asic.gov.au/about-asic/media-centre/find-a-media-release/2015-releases/15-233mr-two-overseas-entities-agree-to-stop-providing-unlicensed-fx-services/
Juana Wells
Hello mohan,
XM has a unit (Trading Point Of Financial Instruments PTY Ltd.) that is registered and licensed in Australia. However, the entity Trading Point of Financial Instruments Ltd. (to which the link you provided refers), which is also part of the XM group, is not licensed by the ASIC. Overall, XM is a broker licensed in Australia.
Here is a link to the ASIC register:
https://connectonline.asic.gov.au/RegistrySearch/faces/landing/SearchRegisters.jspx?_adf.ctrl-state=zuv4c0st7_4
I hope that information clarifies it.
Best,
SMN Weekly staff