The World Federation of Stock Exchanges (WFE) has asked the UK Financial Regulatory and Supervisory Authority (FCA) not to ban the sale of cryptocurrency derivatives to retail investors.
WFE asked @ TheFCA not to prohibit the sale of crypto-derivatives to retail consumers, while supporting the regulator's desire for better protection of vulnerable consumers. Read more here: https://t.co/mIPIEXfN8n
– WFE (@ TheWFE) October 7, 2019
WFE gathers 70 exchange operators, including Intercontinental Exchange (ICE), Nasdaq, Deutsche Boerse, CME Group and London Stock Exchange Group.
According to the industry association, the FCA needs to strike a balance to enable innovative products to be sold in the UK and to ensure that it is done by responsible regulated providers.
"We demand that the authorities, including the FCA, set the right course of regulation in order to allow the market to flourish and benefit consumers, even if we understand that this is a compromise.""WFE CEO Nandini Sukumar said.
Recall that in June, the FCA began consulting on the ban on cryptocurrency derivatives for retail investors due to their high volatility. The regulator estimates that this will prevent investors from losing £ 75m to £ 234.3m annually.
The HA voiced the idea of such a ban last year.
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