Comments on: Margin FX accounts could be severely affected by Cypriot events https://fxww.com/margin-fx-accounts-could-be-severely-affected-by-cypriot-events/ The Professional Source Mon, 25 Mar 2013 10:20:59 +0000 hourly 1 By: zenfxtrader https://fxww.com/margin-fx-accounts-could-be-severely-affected-by-cypriot-events/#comment-18639 Mon, 25 Mar 2013 10:20:59 +0000 http://fxww.dreamhosters.com/?p=6585#comment-18639 Australia or UK are probably safe. btw, you can never have your ‘individual’ funds segregated – that would be asking too much. Client funds (i.e. total client funds) are segregated from the company’s funds, that’s the normal practice.

]]> By: fxgai https://fxww.com/margin-fx-accounts-could-be-severely-affected-by-cypriot-events/#comment-18637 Mon, 25 Mar 2013 10:15:54 +0000 http://fxww.dreamhosters.com/?p=6585#comment-18637 Yes, I’m comfortable with Japan in this respect and never had any broker trouble, however while the regulatory regime is client-friendly here I’d like to have an account in another jurisdiction as a hedge against a Japanese financial meltdown (you never know..)

]]> By: Sean Lee https://fxww.com/margin-fx-accounts-could-be-severely-affected-by-cypriot-events/#comment-18628 Mon, 25 Mar 2013 09:10:43 +0000 http://fxww.dreamhosters.com/?p=6585#comment-18628 Singapore is notoriously tough on its licensees but its also next to impossible I believe for a foreigner to open an account. I thought the UK was good but I heard a terrible story over the w/e about one particular UK/Indian broker which didn’t give me much confidence. You’re probably in one of the better jurisdictions in Japan?

]]> By: fxgai https://fxww.com/margin-fx-accounts-could-be-severely-affected-by-cypriot-events/#comment-18627 Mon, 25 Mar 2013 09:01:12 +0000 http://fxww.dreamhosters.com/?p=6585#comment-18627 I was reading some other forex forum somewhere and it appeared that people were able to withdraw funds from their Cyprus based brokers in cases where the broker had their client funds tucked away in a (say) UK based bank.

Not a great advertisement for Cyprus financial institutions. However there had been reports of bank troubles in Cyprus in December last year, so people did have a chance to jump ship if they were sufficiently paranoid.

In the wake of it all I was reading about ASIC’s regulations regarding client funds, and I can’t say I have been impressed or relieved. It seems that ASIC allows it’s brokers to pool client funds together, and there are reports in the media about brokers breaching these rules, and being fined for it, as well.

Ideally I’d like my funds to be held distinct from the funds of other clients as well as distinct from the funds of the broker.

What is the most client-friendly English-speaking jurisdiction, I wonder?

]]>