Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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You can still trade derivatives on a whole load of non UK based exchanges and there's not a damn thing the FCA can do about it, yet!
“FCA ruling still allow u buy regular BTC with UK exchanges.”: am I supposed to feel grateful lol
HSBC has consistently blocked my debit card from being used to buy any bitcoin on coinbase. So a bank is dictating what I can and cant do with MY money. It doesn’t stop me buying a new car that depreciates 35% in the first year. Doesn’t stop me applying for numerous credit cards and over leveraging myself :)
HL suddenly decides to PREPONE the FCA ban by three months (from Jan 2021 to Oct 2020). All in all, these dinosaurs (I m referring to financial institutions in current form) are going to be left behind (as they should be), given how they have treated average Joe for years. The days of hefty bonuses and ridiculous salaries at tax payers expense, are numbered.....Every single person participating in bitcoin and other cryptos (whether by directly holding ~BTC or via a miner etc) is part of a quiet revolution imho.
FCA ruling still allow u buy regular BTC with UK exchanges.
AJ Bell stopped COINXBE early as well. Luckily I got in just before the deadline. It was a completely trustworthy producf.
5% deposit on a house valuation of up to £600k....unbelievable!
This doesn't apply to exchanges based outside of the UK, unless the exchange itself decides to capitulate. The FCA do not have worldwide jurisdiction, however much they would like to think they do.
KathB: thank you for sharing. I was annoyed that HL preponed the ban by 3 month sales to Oct end 2020. I was keen to buy some XBT BTC which was the only option to gain direct bitcoin exposure within a SIPP. Now that option is gone for retail. A systemic effort to exclude us from the growth story. Under the guise of “protecting us”. They didn’t protect us from pay day loans or hugely expensive credit card debt or 110% mortgages ;) now the treasury is underwriting mortgages with 5% deposits. And yet people only see bitcoin as the bubble lol
If you want to continue trading with bybit from the UK then just use a VPN ( Virtual private network )
Your choice.
continued reply from FCA:
However, we consider that due to the unpredictable, volatile nature of the underlying cryptoasset and the lack of inherent value in the underlying assets, as outlined in our consultation paper, a majority of retail clients are likely to suffer a loss over the long-term should they invest in these products
While we carefully consider all responses to our consultation, we did not receive compelling evidence to change our assessment and so confirmed our approach and final rules in Policy Statement 20/10. We estimate a ban could reduce harm by £19m to £101m a year for retail investors. At the same time, we have not extended a ban to professional investors, who may be better able to assess the risks and bear potential losses from such investments. We agree that our prohibition should be kept under review. This is in line with Article 42(6) of MiFIR. We will reconsider our position if there is robust evidence that the cryptoasset market is sufficiently changing to address the drivers of the harms we have identified.
The FCA’s opinions are outdated - We consider our proposals to be proportionate to the serious risk of consumer harm, having considered the likely effect on investors and market participants. The inherent risks of the product make it difficult for any retail consumers to make informed investment decisions, regardless of how these products are sold, marketed or distributed. We have seen evidence, which is outlined in our cost benefit analysis in CP19/22, that this has led to poor client outcomes for a majority of retail clients. Investors who have existing positions
Retail consumers with existing holdings can remain invested following the prohibition, until they choose to disinvest. There is no time limit on this, and we do not require or expect firms to close out retail consumers’ positions unless consumers ask for this. We are also allowing an appropriate implementation period of three months to allow firms and consumers to adapt to the rules. We expect firms to treat customers fairly during the transition.
END
The CME gap does not have to close - that's so like the tail wagging the dog ;0)
Re the dear FCA I wrote to them complaining about their ban on ETFs. This was their reply if interested :
Thank you for your complaint of 7 December 2020, which I have considered as a complaint against the FCA under the Complaints Scheme (the Scheme). Your complaint My understanding of your complaint is that you are unhappy with the FCA ban on cryptoassets. You state the consultation is over 12 months old and the market has matured considerably since then. You state taking ETF options away from retail customers is restricting a growing number of customers. You state this is very much a backward step. Our response Paragraph 3.4(c) of the Scheme explains that this type of complaint is excluded from the Scheme. This is because your complaint relates to the performance of the regulators’ legislative functions as defined in the Financial Services Act 2012 (including making rules and issuing codes and general guidance).
Although I have not investigated your complaint formally under the Scheme, I have liaised with the area of the FCA most closely connected to your complaint in order to provide you with a response to the matters raised.
Ban of cryptoasset derivatives and cryptoasset exchange traded notes - We recognise that you are disappointed by the prohibition of the sale, marketing and distribution of derivatives or exchange traded notes referencing cryptoassets (‘cryptoderivatives’) to retail clients. We have proceeded with final rules as this advances our objective of ensuring an appropriate degree of protection for consumers and supports our objective of protecting and enhancing the integrity of the UK financial system.
Our analysis shows that retail consumers are unable to make informed decisions when investing in crypto-derivatives and crypto-ETNs due to the inability to reliably value and assess the risks associated with the underlying cryptoassets. Unregulated cryptoassets underpinning the value of these investments cannot be reliably priced, are extremely volatile, and are prone to financial crime and market abuse. Evidence also suggests consumer understanding of cryptoassets is low, and price changes in cryptoassets appear to be driven by pure speculation. In Chapter 3 of our Consultation Paper on this matter, we outlined the regulatory responses 2 we have considered other than a ban and explains in detail why we consider these to be inadequate.
As a result, we think that retail consumers will suffer harm from potentially sudden and unexpected losses if they buy these products, and so our ban will benefit the majority of retail investors.
We recognise that the inherent unpredictability of outcomes in these products in the short run means that some investors have made profits over previous periods, and may forgo future profits due to our intervention. However, we consider that due to the unpredictable, volatile nature of the underlying cryptoasset
Apologies for hi and not high. Stupid fat fingers.
What ever the price is this weekend. The CME gap tends to be filled before continuing (not always). Hi hopes for this share. Especially as the FCA stopped me from buying more ETFs in my pension protecting me! - I think not you cost me a packet !