The corporate regulator has used its newfound product intervention powers to outlaw the sale of “binary options” to retail investors as part of its crackdown on the $11.5 trillion over-the-counter derivatives market.
The Australian Securities and Investments Commission on Thursday made an order banning broking firms from allowing retail investors – those with less than $2.5 million in assets – to buy or trade the complex financial products. The ban comes into effect on Monday May 3.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
