Sydney-based FX and CFDs broker, ACY Securities has appointed Johan Koo to a senior role within its institutional business. He joins the group as Institutional Business Manager with immediate effect.
Johan will be focused on further developing the global sales of ACY Securities’ growing wholesale brokerage, as well as technology sales and client acquisition.
Prior to landing at the Australian broker, he spent more than two years as Head of Trading and Senior Derivatives Dealer at easyMarkets, based out from Sydney, New South Wales. This was preceded by a short stint as a senior corporate trader at the Australian subsidiary of Canadian firm, FIRMA Foreign Exchange.
Earlier in his career, Koo worked for nearly three years as a Sales Consultant/PBE at HSBC, his LinkedIn profile shows.
ACY Securities has recently revealed its take on the Australian Securities and Investments Commission’s new rules aimed to limit the extent to which brokers can pump up their retail clients’ bets on financial markets using CFDs products.
“We welcome ASIC’s long-awaited announcement ensuring greater client protection, and we support ASIC’s efforts in implementing robust and proportional regulation in the margin and CFD sector,” said Justin Pooni, Head of Branding & Communications at ACY Securities.
Indeed, the Aussie regulator is receiving a flood of responses to its latest swipe against the sale of risky investments to retail investors, with most brokers almost showing a similar reaction by claiming that they already operate in compliance with most of these restrictions.
CMC Markets and IG Group, the UK’s largest spread-betting company, also responded to ASIC’s restrictions, saying they are well prepared and expect the review to have limited financial implications for their business.
Still, the regulatory updates, which will include Leverage limits, margin closeout rules, and Negative Balance protection, is anticipated to affect Plus500’s profit from its Australian customers, which accounted for 15 percent of the broker’s revenues in 2019.
