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The Australian Securities and Investments Commission (ASIC) has guided its licensed retail OTC derivatives issuer XTrade.au Pty Ltd to change the way the brokerage handles client money. The Australian subsidiary of XTrade has successfully revamped its payment processes to comply with the requirements of the regulator.
ASIC has issued a communique this morning announcing that the company has been guided to implement changes to the ways it is handling payments. The watchdog states that it was concerned that XTrade’s parent company was depositing a ‘buffer’ into the client trust account to cover any potential shortfalls.
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