The RBI may face legal challenges to its rule on the age limit for bank CEOs, unless it is changed. The RBI caps the age limit for banks at 70. But under the Companies Act, banks that are also registered companies can have chief executives who are over 70 years of age by passing a special resolution. IndusInd Bank and HDFC Bank have their current chiefs reaching the RBI age cap over the next year and half, said analysts. -Economic Times Finance Industry Development Council wants the RBI to allow deposit-taking NBFCs with an asset size of more than ₹500 crore to be eligible for grant of Category II Forex licence. -Business Line None of the ATMs of Dena Bank, Vijaya Bank and Bank of Baroda will be closed down or deemed redundant for the next 1-2 years following the merger, according to Rajesh Malhotra, general manager, BoB. -The Hindu A 93-year-old bank in Tamil Nadu is moving to Mumbai. The boards of Lakshmi Vilas Bank and Indiabulls Housing Finance this week approved the merger between the two to create what would be known as the ‘Indiabulls Lakshmi Vilas Bank’.Now the merged entity - Indiabulls Lakshmi Vilas Bank - will shift headquarters to Mumbai. -Economic Times SBI is targeting over 15% growth in its real estate portfolio and 12-14% overall growth in the retail book in the coming financial year, Parveen Kumar Gupta, MD-retail and digital banking, told. -Financial Express HDFC Bank reported a 5% year-on-year (y-o-y) increase in advances for March 2019 at Rs 8.1 lakh crore, while its deposits grew by 17% to Rs 7.8 lakh crore. -Financial Express David Malpass, US President Donald Trump's nominee to lead the World Bank, won unanimous approval from the institution's executive board on Friday, continuing the 73-year tradition of an American running the world's largest development lender. -Business Line The recent Supreme Court order relating to EPS may open the doors for employees who were till now excluded from EPS to join the scheme. Also, the pension calculation formula may change resulting in increase in pension for employees who have already contributed to pension on full pay in the past. Going forward, the pension may be calculated on the basis of average salary of last 12 months and not 60 months which was the basis till now. Apart from these, the ruling has also opened doors to all existing members of EPFO to avail option of contributing on higher salary for a higher pension in the future. However, the above is in the realm of 'possible' because EPFO is yet to come out with its view on the impact of the SC ruling. -Economic Times Amit Shah, who was a stock broker by profession before jumping into active politics, owns hundreds of listed and unlisted stocks, key among them being RIL,TCS, Bajaj Auto, Colgate-Palmolive, Grasim, HUL, L&T Finance and UltraTech Cement, among others. His affidavit, filed with the Election Commission of India as part of his nomination papers Lok Sabha seat, shows he held listed shares worth Rs 17.56 crore as of March 22, 2019. Unlike his opponent though, Rahul Gandhi has equity exposure mainly through mutual funds. His affidavit for the Wayanad constituency shows his investments are in mutual funds only instead of directly holding stocks. Rahul Gandhi has investments worth Rs 5.19 crore in 10 mutual fund schemes. -Economic Times
Sumac Microfinance Bank is now targeting online offshore banking, as it looks for an expansion strategy to grow its loan book. The local micro-finance lender has sold 15 per cent stake to Ricardo Badoer of Badoer Investment Ltd for Sh100 million, hoping to cash in on the businessman’s offshore portfolio and digital experience. “We are hoping to be the offshore bank of choice in the next five years and home of digital finance. I have up to 10,000 customers and one of the group’s oldest clients, so there is huge potential,” said Mr Badoer in Nairobi yesterday.
He said Sumac hoped to capitalise on the shift in European banking from a driving service for retail clients and build on internet banking that “allows anyone to open a bank from anywhere in the world.” Sumac boss John Njihia said they would ride on the clearinghouse to process cheques rather than do it through other lenders, as well as acquire a swift to enable offshore banking on its platform. Lower rates Currently, the micro-lender has invested Sh25 million in a core banking system and has also partnered with national payment switch provider, Kenswitch, to enable customers to access their money across a network of more than 300 ATMs, point of sales, agents and branches. Sumac, which grew from a loan book of Sh458 million to the current Sh900 million, hopes the investment and further funding will help it lower loan rates to boost business. More branches The micro-financier’s balance sheet now stands at Sh1.3 billion, with deposits of up to Sh500 million from a mere Sh135 million three years ago. Over the past three years, it has mobilised about Sh600 million from different long-term investors. With a customer base of 10,000, the bank has four branches — two in Nairobi, one in Githunguri Kiambu, County and one in Nakuru. Plans are underway to open more branches. As part of its growth ambitions, Sumac Micro-finance Bank has applied for a forex licence that will enable it to diversify its product offering.
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Im new to forex (moderate experience in crypto) and have some software development experience. Im looking to make a simple forex trading bot and have it run a while on a practice account. It looks like MT4 licences are no longer being offered and they are shifting people to MT5. As i have not used either is anyone able to outline the differences as most of the help and support for development will be for MT4.
I wanted to write a quick post in answer to the people who routinely make claims I have a history of stealing from people in my previous company and base this upon a blog they read. If you would like to discuss this further, please make a post and link it to me to engage on. I will do so as long as we deal with the facts of how a PAMM company really works. I won't engage in circular debates where the essential point is, "I don't believe you". You don't have to - that's not how any of this works. Just fact check.
I want to avoid Google ranking on this post. Although for my personal 'PR' it would be beneficial to aim to rank something answering claims, at some points in this some others involved in the company will not really come over in the best light. I assume it's likely these people are still involved things (Not spoke with them for 5 yrs) - It'd be unfair to rank bad PR on them. The failure of the company was squarely due to me. Anything anyone else did either would not have happened or not have mattered if I'd done better. I do not want anything I do now to further hinder anyone. So I will refer to names by only one letter (or number if applicable).
I found it strange at the time this ended up centred around the ponzi scheme side of things. There was a reasonable question to be asked and answered as to if it was a pyramid scheme. Were people signing up just to sign people up, or was there a core product of fair market value. The services sold I'd previously ran at the same sort of price point direct to market - so I felt on fairly good ground on that. Initially I's actually been a bit excited initially, because I was a reader of the blog in question and I liked the work they'd done on pyramid schemes. I thought I'd be able to either validate I was doing things right, or learn how I should be doing them better. I never thought the ponzi side of it would take any more than a few minutes to clear up. But that was not so ... A ponzi scheme was to all intents and purposes impossible. All of our business was done via three different brokers and all of our results publicly tracked with close to real time updates for marketing purposes. Of the three brokers we were using, two of them had good regulation. An off-shore broker had to be used for US clients, so this is the only one with any sort of question mark. All of our results over all the brokers were almost identical (Some execution/costs variance). The two regulated brokers were under different regulators. Most, if not all, the brokers held clients funds in segregated accounts. All brokers would have to have been fully complicit in the scam - and it costs more to get regulated than there was to steal. Logically, it could not have been so. We were using a PAMM model. This works by the client opening a brokerage account and signing a LPoA to allow trades to be copied onto their account. The LPoA grants the company no access to the funds. Money laundering laws also dictate the funds can only be redeemed to same source they were funded. PAMMs are big business. Protection of all parties is built into it, it's a well trusted model. This should have taken no less than 5 minutes to self verify. It could not have been a ponzi.
That happened. Turns out if you set up a PAMM in the Netherlands and then let a bunch of people refer investment to it this is classed as running a ... I can't remember exactly and even at the time it was in Dutch so I didn't personally read it all. The underlying problem was not the model in any way. We were told at the time we basically jut had to pay £2,000 for each country we did business in. We were global. At this time the company had neither the money to do that, or pay the fine they gave us for not having the money to do that. My mistaken assumption was that since when you run a PAMM you are basically piggybacking off the broker's licence, all was well and good. This was true - but the problem was sourcing. Paying people to refer investment was what we were fined for when you get right down to it.
This was just a headline. In many ways it's misleading. Firstly, nothing was stolen or even taken. It was lost or given away to clients who'd lost in the PAMMs that went bad. All the money lost was lost trying to get enough money to make good all the PAMMs. So it was not stolen, and there is nothing in anyway to imply that's a suitable word to use. In the blog, no explanation of that is offered. What seems to be inferred is that this was commissions due out to clients that the company kept. Even outside the above mentioned this would be wrong. All affiliates were paid. You will not find a single one who says they were not. Further to that, of all the funds invested into the company (We'll call the company '5') somewhere in the 60 - 70% range was sourced directly by me. Other funds were sourced by my co-founder. Investments were made through passive advertising without them being attributed to a refer. All in all, assuming we did not pay the affiliates and we had this much, $18,000 would be the number. Of the $180,000 somewhere a bit over $100,000 would have been mine. I never took that, and could not have "Stolen" it. I don't see the point in getting super technical on everything by going through how, but the number also probably wasn't $180,000. I think this was an overestimate made in a throw away comment by my co-founder (We'll call her 'M') who was (Justifiably) extremely angry at me at the time she came up with the number and added it in a post (Of this multi paragraph post, this one line and one number was taken - if memory servers, all context was left out when the blogger cited this as stolen. Which would make sense. The post was berating me for losing the money. That didn't fit the narrative.
What Backs the Story?
Of all of the claims of wrongdoing (Apart from the fine, which is documented and true) - there is no evidence proposed for any of the claims made. All of it hinges on a story told to the blogger by one person, who was another of my co-founders 'We'll call her 'E'. E was either a late teenager or very early 20s at the time. In the founding of 5, E was essential. Before 5 I'd been running a service selling trading signals and selling them at $5 a week subscription. I was generating a lot of business (Working all day, every day and having fun with it. Like I did here for a while, but at that time I really was marketing). 5 - 10 people a day could be signing up. I knew nothing at all about how to structure an online business. No listing of new clients to send emails. Nothing about making membership sites with password access etc. I was working off a Wix site I made myself with no on-boarding system in place. The volume of people joining was crushing me. I could not process them and was getting a lot of PayPal disputes. I wanted to send them the stuff. Just did not have the process to ensure this was being done. E stepped in and saved me on that. She made original 5 website (On Wordpress, I believe it was later upgraded to something else). Set up memberships payments. Automated listing. Also she suggested changing the name to what the company became. E made the work I was doing work. After that, she had varying performance. Her gripe in the blog is she was not paid for helping to found the company. Left out of this is the fact she was not paid because she was head of marketing and we were not getting enough clients. Almost all of them coming from me hitting the DMs and signing people up the old fashioned way. On results of trading, everything was going well (and this was my area). Things were going so well people legit through it must be a ponzi! But we did not have in-flow of clients. On this I again blame myself. I sort of assumed this would all work itself out and did not put focus on fixing problems before they became problems. There was a lot of pressure on everyone. E got into a new romantic relationship. I think she was heavily influenced by this person (I found E to be good hearted on the whole). E and M started to get along less and less. Then E and M seemed to hate each other. It all seemed to come from nowhere, but it quickly got to the point me and M felt it was not working with E, and she thought the same. Pretty much everything is based upon the story told to the blogger by E. As I've said before I found her to be a good heart overall and believe she was influenced into doing what she did, and would not have done it on her own gumption. Therefore I won't rip into her; but if you're reading, 'E' (Won't be lol) - that was a bit naughty, wasn't it? Little 'Economic with the truth'.
Why would the blogger post such big claims with no evidence?
People should ask themselves this on the first read through of the blog, to be fair. If you're a single source reporting on a story - tell how you know it's true. I think this mainly came down to revenge. After the ponzi thing I wrote blog line by line ripping the initial blog to bits. It was written in a very cheeky sort of tone, and what I was saying was right. He then played, "My blog's bigger than your blog" , on which he was right. If you think there is some smoking gun here in any way, just email the blogger and ask them how they know. What evidence were they ever given any money was stolen. There was none.
Money taken from the company:
In it's sad and drawn out end, cash on hand and assets within the company got down to around $10,000 and we were due out over 10* this to clients who I wanted to pay back. I was not bringing in new business (It seemed unethical to do until I fixed old problems - this was a miscalculation. No business was the big problem) and there was the 50K fine. The company was essentially bankrupt. I wanted to use the remaining 10K to have one last ditch effort to re-coup losses, or randomly select clients to pay the 10K to. M didn't. At this time we fell out (Forever). I have no idea what happened to that 10K. I think M probably kept it. At the time I was livid about that - but to be honest, after all the work she did she deserved something. Losing was not her fault. To 'M' if you're reading (Won't be), I'm sorry.
What went wrong?
I was not good enough. When I got ahead I thought I was coasting. I came from a background of having nothing and as soon as I started to make a few grand I assumed I was gliding to being a millionaire. I stopped learning. Stopped improving. I never watered what I planted, and it withered and died. I fail. Turns out you can not coast up a learning curve without ending up on your arse.
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This is the short watered down version. Just started university online after moving back with dad at 21. Was previously a HS dropout and alcoholic, who tried to off himself with pills and booze. Im adding this as a little backstory, so you can have an idea where i came from. I am now a 23 year old online university student. I started in Sept 2019. I am also a forex trader, unbeknownst to my dad and grandparents. It pays for my limited expenses right now, but I love it and would obviously like to do after university. So I'm experiencing some pressure. Ill explain a bit now and a bit after the paragraph below in an attempt to keep this rant neat and orderly. School online (im essentially teaching myself) is hard and stressful. I learn better when I can work through something alone. Im an autodidact. But that doesnt make it less stressful. Both my grandparents and my dad are adding pressure, essentially saying "you've fallen behind in life, so chop-chop. When i was your age i was married and had your dad, or i was working three jobs.", saying things like "when do you think you'll be done with school?" "What will you do after?" "When are you going to get married?". Ok. Part one of priviledged stress has been explained. The only reason I went to university is because i found out my dad had about 11k set aside for my schooling, so i figured "well a finance degree would be helpful with my trading, and give me good job prospects should i need a good job alongside trading." He had this money in two RESPs (registered education savings plans). The first one I found out about had 1.4k in it. Helpful and I am grateful. It paid for my first and only course so far. The other amount of money i just found about is roughly 10k. My dad will not give it to me, however, because he wants to know EXACTLY what ill do with it. Its like he wants to know my exact movements before i get the money. He wants to give me just enough for a few courses, but he hopes he can keep some of it invested. Hes never been to university, and doesnt know how much it will cost. I dont know either. Each course varies depending on the amount of credits it offers, so its tough to gauge. Its more then 10k though. I told him i would like to use most of it for school and put some into a TFSA (tax free savings account) and then invest through that, as I see fit. In truth i would. But I would also put some into my trading account (trading is my real specialty). I'd wager something like $1000 in TFSA, $1000 in my forex account, and the rest more less for school. But thats not good enough. He wants to know who i would be going through for the TFSA, who would manage it, what I would be looking to invest in, etc. In lamens terms, its like this money has chains attached (screw strings) and im being strangled. And in case you were wondering, I don't want to tell them about me trading forex because it would just add more pressure, and the pressure may result in me making poor trading choices and losing money. Trading is already stressful as is, having impatient family members breathing down my may drive me to round 2 on the alcoholic train. I dont have enough money to move out or pay for schooling. I only have about 500$ in the bank, no car, no drivers licence, and no friends. Ive literally put the majority of my money, time, and energy into trading and school and I love it. Ive become a total recluse as a result and have lost all my friends as well. Forex doesnt give me enough to support myself at the moment, so moving out again is a no-no. The money id add to it would certainly help. Idk. Im just stupidly stressed and looking for some advice on my situation. This may not be the place, and I apologize..
Seeing the mentions and feel good messaging coming out about this operation lately piqued my curiosity. Normally, I don’t follow companies that spend on self-promotion around stock price, but one of our mods asked for this, and I wanted to see if there is visible cracks between messaging and reality. There are several, as this outfit has delayed operational announcements, and executed a sale/leaseback to free up cashflow.
Capitalized PP&E greater than goodwill/intangibles. Still 30% of assets.
Despite sales shrinking over the same period a year earlier, margins vastly improving
Lots of hype over the sales distribution network that LTYR brings. Sunnviva paid $8MM for it. Looks like entire value is for licence to distribute.
G&A and SBC $8MM this quarter (yeesh)
Dumped more than a million on forex losses. Given native currency accretion, this logically should be the other way round.
Note 12(e) illustrates a sale/leaseback on buildings and land. Typically, this is a financing vehicle to free up cash flow. Could be considered a desperate move for money, or a strategic focus on operations.
Note 12(g) shows option overhang. Number o/s isn’t massive, but the 8 year tenors are. Extremely rich compensation. The flip side is that mgmt has greater incentive for the longer term. All to the eye of the beholder here.
Note 14(d) explains the forex risk they’re wearing. The delta they report isn’t accurate tho.
Note 15 is one somewhat problematic to me: Related Party transactions. 15(c) is a good example.
Good disclosure on business segments - Note 16. Can’t speak to veracity.
Sales and Marketing expenses relatively low. This will be tested by the new distribution agreement - inasmuch as margin decay and product flow though costs will accrue here.
Capitalizing the build out ($25MM) will end up likely as leasehold improvements on balance sheet. Net $0 to assets.
All in all, it has the feel of a business in build out, and being somewhat behind the capital train’s lead car. Coinciding with the expanded messaging about the company, they’ve just come to market this morning looking for $10MM to provide working capital until expected revenues materialize. 25% of the total amount is being picked up by management. Coincidental? I’m neither ‘fur or ‘agin’ this outfit. Their SBC/G&A is very high for what they’ve achieved, and they’re putting much risk into the California rollout. Looking at their cash and leverage, it puts a lot onto making a splash right away. They’ve put sales numbers to the LTYR potential. With a payback period I eyeball at 3-4yrs. Under their projections, it suggests the buy was good. Tough thing is, it’s all promise. The share price decline they’ve had (and shared with many others) over the past year has stressed access to capital, and much is riding on this distribution deal. The related party transactions are somewhat concerning to me. They’ve made money across management in real estate transactions, construction contracts, legal fees, and consulting gigs. The reader should note this isn’t nefarious on its’ face - it’s not uncommon to have a tight mgmt team rely on each other’s competencies during build, but the intensity is somewhat high (Note 15). For in-sector risk, this one seems to have a lot riding going into a competitive, mature market. Discounts sought by retail for wholesale product a definite threat to margins, and a rough couple of quarters (or slowed realization) of sales expansion will stress cashflow. All I see here is promises, some revenue, & expensive in-house resourcing. I am not close enough (or knowledgeable) about the company and it’s products and the market with which it is heading full steam, into. The valuation I get - including LTYR revenue numbers - comes in at less than the share price value it’s at now, fwiw. The preceding is the opinion of the author, and not intended to be used to buy or sell any equity or derivatives - or anything else for that matter
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I'm doing a tribute to the 24 days of Christmas by going over the financial statements of 24 companies that are considered downrange, speculative, and just plain high risk. Our first six stops is fondly captured here. All opinions are my own, and certainly not a recommendation for or against any of them, or to buy or sell. Many are companies I've never looked at before. In some cases, I'd never even heard of them. I limited myself to 45mins to each, and kept mainly to most recent financial statements and MD&A's. You'll likely know more about the company than me if you're following them. This is only my reactions with a brief commentary about what I saw in the financial statements. LDS - Lifestyle Delivery Systems
Capital structure tastes like a 4 week old egg left on a counter. Not dissimilar within this peer set.
No fx hedging. Given forex losses equalled their gross margin…..well…..seriously. Think about that.
Good: Has revenue. Bad: Needs alot more revenue.
Relatively large spend on R&D
Cash flows to exec high relative to earnings
Capital cost is relative to peers. Still means expensive, but this seems around what it is at this stage of legal cannabis.
Curious that they front loaded share price volatility in option valuation. Haven’t seen that before. Good disclosure overall. I don’t like the sliding scale at all, but it’s not material
8.3MM long dated options - large potential trip wire in mid 2019. Most cash that can be has been wrung out
Warrants are a different story. 2018 is a big hill.
Thing feels a like an ATM for management to me. RTI - Radient Technologies
Cash poor, was able to get out of hock by paying in shares.
Issued more shares through November - crazy cheap to buyer. Large discount.
Warrants issued and outstanding very large.
Same with stock options
If their sales don’t take off soon, I put these guys at extreme risk.
They need 10x the revenue they have per month, like, next week.
More financing possible I guess. The market is paying $1.30 higher than what they’re selling shares for tho. Blech.
Of all I’ve looked at, I think this business model could work if they can wait until it actually generates revenue. Top heavy balance sheet needs concrete supports quick. TNY - Tinley Beverage Company
Why in the fuck is none of these outfits able to hedge forex exposure? Not one.
Same hideously expensive capital structure as others (note 8 & 9). Apr2018 important milestone.
Still intending and still developing. Still.
At least they had the cash to open a savings account
Note 10 - complicated. Really complicated.
Thank god, one of the shorter financials.
All sparkles and rainbows and hope. The only question is if there will be anyone who wants to buy what they make. Feedstock not well defined. Scalability a real concern. Suspect they’ll need a shit ton of money if they actually try to. Feels like campers. IMH - Invictus EDIT - Dec21 1100hrs Elves pulled a boner, covered wrong financial statements. Will be corrected after they come to later today. Replaced for now by...... iAn - Ianthus Capital Holdings
Structured financiers and bankers trying to make money off of cannabis.
Lots of contingencies nested in assets, from operations to regulatory. Risk hard to pin down and multi-faceted.
These guy’s hands haven’t touched dirt in their lives.
Cash burn is high, there are some assets being loaded, but strikes me as somewhat schizophrenic, seems constrained by what’s for sale rather than creating them.
Good disclosure on capital and optionality exposure. Not terribly impressed since that’s what these guys do for a living anyway
Related party transactions abound.
Despite decent reporting (a merciful 28 pages), it explains absolutely nothing to a business person. There’s a financial analyst out there somewhere that is drooling with their structuring.
I’d remind that analyst they’ve lost $7MM this year with another quarter to go.
Most complex financials of all so far that say the least.
A business built on excel spreadsheets by bankers for bankers. So many contingencies to revenue combined with jurisdictional uncertainty, this is simply a hedge fund. Short and mid-term operational exposure is extreme. CHV - Canada House Wellness Group Inc
Balance sheet is printed on rice paper, you can see through it if you hold it up to the light
Expenses are a cluster-fuck
I am getting a callous from reading auditor notes that include: “material uncertainties cast significant doubt about their ability to continue”. Many of these companies have it on page 1.
None of these outfits should need 30 pages of financial statements. This one has 45.
Clean disclosure on forex risk. Wish others did it. CHV does it, but on an amount that probably matches their spend on postage stamps for a decade. Immaterial.
Real problems in AP & AR. Heading for a wall.
Capital structure…..sigh. Not atypical, but this company is a great example of how capital costs impair a business. A case study for business students. Notes 2, 14, 15, and 16 should be required reading in business school.
I’m going to stop, because there’s many more to go, and there’s not much more to see here in terms of doing a high level look. This has been my favorite to do so far, because their disclosure is so good. I really like the idea of a focused, vertically integrated company too, but this company is a train wreck on paper. Whether this one can survive for another year…. EDIT UPDATE! Day after I posted this, CHV announced a $7MM convertible raise, spending 25% of it on paying debt and accounts payable. Expensive, and suggests ops aren't paying the bills. Not atypical in growth phases. Exceptionally good disclosure though. Of note, 60% of the stock is owned by only 2 investors and insiders. LIB - Liberty Leaf Holdings
One saves money on accounting costs if you don’t have any revenue to record and report.
If you need to call IR, the same guy is also the CEO and corporate secretary. Saves file size in your contacts list. Feels like a squatteopportunist though, not ops/business guy. Modest salary. Might be built as a pure flip.
Built in a $250k cash (not stock) payout for himself when he walks out the door.
Burnt $70k on a US folly for supply.
Note 12 on capital structure - similar rabbit warren to these others.
Accelerated capital structure - unlike long dates, balance sheet funding is largely compressed into 2018. This means they’d better get a licence, they’d better have production/inventory ready to go, and begin operating fast, channel ready.
Given they look only like a desk and a computer atm, significant operational risk over next 9 months.
Doesn’t look bad on paper. I’d gauge the risk on whether or not production can come in on time, what the facility actually looks like, and if they can get product sold mucho pronto. CEO has no history of anything connected to cannabis, only equity structures. Despite financial ‘health’, high risk Dive Bar goodness. Speculative is an understatement for this one. If IR can specifically address those three top things accurately, it offers focused regional cannabis exposure. Problem with that is the supply bubble potential in BC though. If they were in Manitoba….
Zebrarank：April 30 deadline has expired, ASIC broker IFGM announced its withdrawal from the Chinese market
Fast news, foreign exchange spy received platform information, ASIC regulatory platform IFGM announced to suspend the mainland China market related services, namely exit China. 1.IFGM terminates cooperation with a third party company in China; 2.IFGM will not accept new account opening application and deposit in mainland China from now on;
For the current position holding customers in mainland China, they will close their positions at 17:00 on May 8, 2019 (Australian eastern time) and apply for gold. Overdue accounts will be subject to enforcement.
Customer funds are liquidated successively.
It can be seen from the news that IFGM account in mainland China will not be opened in the future, because IFGM only has an Australian license. Whether because of ASIC regulatory requirements or the result of poor domestic operation, this withdrawal from the spy is recognized, at least the customer is properly cleared, rather than quietly run away. What happens next with other platforms regulated only by ASIC? Investors need to keep an eye on foreign exchange spy information. List of platforms with ASIC licence only (in no particular order) : amdforex Cardiff The Advanced Markets The Best Leader charterprime Rubix FX PGWG EightCap GS Deep Ocean Global Prime Millennium capital WistonFX INVAST OGFX Ken company MARKETS DV Markets (IFS Markets) JB Alpha City index ILQ Trend FOREX CT VT Markets ETO Markets TradeMax AUGS Markets Hantec Markets GMT Markets SuperTrader BCR ACY Capstone TBC
How to Trade Last couple of these have been personal stories and anecdotal. Here's Part I, Part II, and Part III This ‘Guide’ is meant for retail investor education. I really hope it doesn’t sound condescending, it’s honestly not meant to be. There’s all kinds of material out there for the new, the intermediate, and advanced DIY investor. Looking up different views and perspectives is a good idea. But fundamentals won’t change. Nobody needs another ringtone. For the retail investor, this is the most important of the bunch. Bar none. If I only made one post, this would be it. Get some money together, open an account at a broker, sign a 20 page document that’s been written in 4 point Calibri, and off you go. You’re a ‘trader’. Imagine if getting a driver’s licence was the same way. You pony up for a car, gas it up, get in, and have at ‘er. Thankfully it doesn’t work that way. That’s why insurance is required by law. There’s driving schools & road testing. And one of your parents got you to that point by taking you out when you were old enough, putting you behind the wheel in an empty parking lot, all while silently praying that you won’t fuck it up. Yet despite all this, bad drivers exist. Many don’t know they’re bad drivers, and would never see themselves that way. Worst of all, they’ll never get better at it. Ever. No matter how many driving courses they take, they will still suck. There’s reality shows made about it. The bad driver might improve slightly over time. And hopefully they won’t take out a bus load of nuns and orphans while they’re improving slightly. Unlike driving, there’s only four things to know about trading.
Position is directional. That means short, or long. Exposure is the amount of $$$ you stand to lose. Risk is the likelihood and magnitude of prices moving against position. Holding period is defined by the amount you are willing to lose or gain until you close a position. Risk can be estimated in several ways. Some like u/GoBlueCdn find it in costs and financial statements. u/CytochromeP4 knows emergent industrial processes and the plant and validates scalability against economics. Fundamental analysis, management decisions, market potential….etc are methods to approaching it, and to get a handle on it. Trading equities is a total bitch compared to commodities. I sometimes see equities like the guy who nobody knows and none can remember inviting to the the party, who shows up, drinks all the punch, eats every cocktail wiener, drinks the last beers in the fridge, and then grabs the neighbour’s wife’s ass on the way out at the end of the night. Yes, I’m biased, because I’m a commodity guy. It’s my opinion. In commodities I can get positions and exposures on exactly what I want in exactly the time periods I want. I can find leverage easily. I can alter exposures through hedging down to a few dozen basis points. I can separate physical from financial exposure. I see risk having less moving parts, and purer. I get notional and realized PnL closed daily, and crystallized regularly. Equities are filled with dirty hedges. You can get risk - by no want of your own - picked up in some CEO’s shitty pet project in a non-core division he spent $100 million on using debentures. Hedging forex exposure isn’t as easy because you can’t walk it to a penultimate. Holding periods aren’t well defined. Exposures need to be rebalanced, and it’s worse in volatile markets, ffs. Equities can be a pain in the ass to me, all in all. With equities - some mutt you’ve had in your portfolio for years could hold a patent to a process that’s just been adopted industry wide. The clouds part, the sun shines, and the birds sing. That isn’t commodities tho. It’s also a reason why I’m hard on retail guys who diddle with options but don’t know the exposures. Not knowing your exposure is the same as giving a 5 year old a chainsaw. Anyway. This isn’t a commercial for the NYMEX or the CBOT, or dissuading you from trading. This is for illustrating the differences between position, exposure, risk, and hold period. I’ve seen and heard things over the past year, both from people I know to claims made on the internet. A lot of it is idiocy. Length can make money simply by being in a rising market. Just as a gambler can by hitting a red 7 on the nose with a stack of chips. The market isn’t going to rise forever, nor will that red 7 keep hitting. Good traders don’t care about direction. They care about position and exposure based upon assumed risk. If I’m whining about a specific company or regulatory moves, it’s usually in context of changes in assumptions I’ve made about risk, or, about the potential changes in it. A trader doesn’t care about the horse, they only care about how it finishes. Or maybe that it won’t. And a trader doesn’t gamble. Games in a casino are fully described by game theory, and governed by mathematical law. Risk in these games is fully articulated, known, and quantifiable. The future is predicted by actual probabilities. Cost is known in advance. A good gambler takes measured risk, understands their exposure, and adjusts position. Trading isn’t gambling, because underlying a trade is assets that are predicated on generating future cash flow. Gambling is ‘betting’ on the outcome of a unique cash flow on a single event: there are no assets. Another try requires another purchase - another position. I hope this is useful. That it gives context to posts, and why I sound like I do. In my work experience, there’s a bazillion who talk a good game, but they sure as fuck aren’t traders. I seriously don’t care about who is going to take over the world of cannabis. I only care that I had the right position and exposure to have made my day. Or month. Or year. Or decade. I’m aiming for a target when I shoot. Whenever you hear things like ‘catching a falling knife’ or ’strong hands’ or a hundred others like them - this is fuckwad backfilling bullshit. To a trader, they’re just like hearing a toddler trying to say words. They are phrases surrounding price events. And they are utterly useless. If I’m opening a position to get exposure to a risk I want to accept….and then closing that position when my underlying risk assumptions change or a target gets hit in a hold….that’s trading. Nobody likes to hear they’re bad at something. But it’s better to figure it out before you drop 20 large finding it out. By applying the basics of trade - you can at least learn to drive defensibly, which will give you the best chance of getting home safely. Catching a falling knife? You aren't even gambling sucker. You're on a midway.
Exclusive arrangement | ASIC supervises 63 brokerage firms'full list. Before the end of April, pay attention to the entry and exit of these platforms.
Australian regulators have asked their brokers to violate Chinese and EU laws in providing OTC derivatives to overseas retail traders. At present, there are 63 Australian brokers in China. This week, the platforms that have cancelled ASIC regulatory licences are UTRADE, ESA ASIA and Baofu International. Yesterday, the suspension of Chinese customers'cash inflows was announced by OANDA and Lotte Securities. It should also be noted that only ASIC license platforms, if there is no good plan before the end of April, then customers in China will be affected. Investors should pay attention to the situation of April's income and expenditure. These platforms include (ranked indiscriminately): Amdforex Cardiff IFGM Advanced Markets Best Leader Charterprime Rubix FX PGWG EightCap GS Deep Ocean Global Prime Millennium, Wiston FX INVAST OGFX Mickens MARKETS DV Markets (IFS Markets) JB Alpha City index ILQ Trend FOREX CT VT Markets ETO Markets TradeMax GO Markets AUGS Markets Hantec Markets GMT Markets USGFX SuperTrader BCR ACY Capstone Anzo Capital TBC With ASIC licences, there are also platforms with other licences. Although customer access to ASIC is monitored under Australian supervision, diversified licences still have advantages for customer ownership arrangements. These platforms include (ranked indiscriminately): AVATrade Eddie McAdral markets KVB Think Markets XM Profit securities IC Markets AETOS MahiFX (Saled Retail Business) FXOpen Vantage FX Xforex FP Markets European market Velocity Royal MEX Group Pepperstone AxiTrader Easy Markets CMC Markets Gain capital FXCM IG Markets Before the end of April, ASIC brokers requested a written reply to ASIC detailing the measures taken to comply with regulatory requirements for overseas customers. Before May 7, ASIC brokers need to e-mail the number of customers in each jurisdiction. In the meantime, investors can choose platforms with a wide range of licences and high ratings through the official website of foreign exchange agents www.fxmitan.com.
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