Saxo Capital Markets,  one of the nation’s leading online trading and investment platforms, has broken ranks to back ASIC plans to massively reduce leverage on derivative products being flogged to small investors.

Adam Smith, chief executive of the fintech specialist offering platforms for multi-asset trading and investing, has also challenged claims by other providers that ASIC’s move would push contracts for difference (CFD) investors offshore into less-well-regulated markets, such as the Seychelles or Vanuatu.