Àwọn iṣẹ́ ifowopamọ́

Awọn ile-iṣẹ ifowopamọ ati awọn alagbata FX: MiFID II awọn iwe-aṣẹ, owo-ori ati awọn ibiti o ti leverage

Bawo ni ile-iṣẹ idoko-owo ati awọn iwe-aṣẹ alagbata FX ṣe n ṣiṣẹ: MiFID II fọwọsi, IFR / IFD owo-ori, awọn ibiti o ti CFD leverage, awọn iwe-aṣẹ okeere ati Hong Kong Type 3.

10 min ka · Ṣatunkọ 2026-10-07 · 12 orisun

Àwọn ààyè-iṣẹ́ Kekere

01Ninu EU, ile-iṣẹ idoko-owo ni a fọwọsi labẹ MiFID II nipasẹ oludari ile rẹ, eyiti o gbọdọ yan laarin awọn oṣu mẹta ti ohun elo ti pari.
02Initial capital depends on the services: EUR 75,000, EUR 150,000 or EUR 750,000 under the Investment Firms Directive; dealing on own account sits at the top tier.
03Retail CFD ati awọn iṣowo FX ti o ni agbara ni EU ati UK ni a dapọ ni 30: 1 si 2: 1 leverage pẹlu 50% margin close-out ati aabo balansu ti ko dara.
04A offshore FX iwe-aṣẹ ko pese iwọle si EU, UK, Swiss tabi Hong Kong awọn alabara; titaja sinu awọn ọja wọnyi laisi fọọmu fọọmu agbegbe jẹ ibajẹ ofin.
05Hong Kong gba iwe-aṣẹ fun awọn oniṣowo FX ti ko ni banki bi SFC Tita 3, pẹlu owo-ori owo-ori HKD 30 milionu ati owo-ori owo-ori HKD 15 milionu fun oniṣowo kikun.

Brokers, asset managers, trading venues ati FX tabi CFD awọn olupese gbogbo sit labẹ ifowopamọ iṣẹ ofin ju banki ofin. The license a company needs depends on three questions: which services it performs, whether it holds client money and assets, and whether it deals against its own book.

Onínọmbà yi ṣalaye European awoṣe, eyi ti ọpọlọpọ awọn miiran regimes gba lati, ki o si awọn ofin leverage fun retail CFDs ati FX, awọn ibiti o ti awọn iwe-aṣẹ oniṣowo okeere, ati Hong Kong regimi ti o yatọ fun leveraged FX.

Ohun ti o jẹ́ bí ile-iṣẹ́ inawo

Ninu EU, ile-iṣẹ idoko-owo jẹ eyikeyi ile-iṣẹ ti o fun ni ọkan tabi diẹ sii ninu awọn iṣẹ ti a ṣe akojọ si ni Annex I, apakan A ti MiFID II (Directive 2014/65/EU) ni ibatan si awọn ohun elo owo. Awọn iṣẹ ni:

Ṣiṣàfilọ́lẹ̀ àti ìjánu-ìrò.
Iṣẹ́kọ̀ọ̀kan tí a fi hàn fún àwọn onínọmbà.
Iṣẹ́ nínú àkọsílẹ̀ rẹ̀.
Ìṣakoso Àwọn Aṣàfilọ́lẹ̀.
Àjọṣepọ́
Ṣiṣe adehun tabi fipamọ lori ipilẹ igbẹkẹle.
Fipalẹ laisi ipilẹ igbẹkẹle to lagbara.
Ṣiṣẹ́ ni ile-ifowopamọ́ multilateral (MTF).
Ṣiṣẹ́ nínú etó ifowosowopo ti a fọwọ́si (OTF).

Awọn adehun owo fun awọn iyatọ ni a ṣe akojọ bi awọn ohun elo owo ni apakan C (9) ti atẹle kanna. A CFD tabi rolling spot FX olupese ti o mu ni apa keji ti awọn iṣowo alabara jẹ nitorina n ṣiṣẹ lori akọọlẹ rẹ, eyiti o jẹ iwe-aṣẹ owo-ori ti o tobi julọ.

Àwọn ìkúndùǹ láti ààyè-iṣẹ́ MiFID II

A ile-iṣẹ ti wa ni lo si awọn olori ti o ni ẹtọ ti awọn Member State ibi ti o ni rẹ ti a fọwọsi ọfiisi. Labẹ Article 7(3) of MiFID II, awọn olori gbọdọ mu a ipinnu laarin mẹta osu ti gba kan kikun ohun elo. Ni isẹ ti awọn wakati bẹrẹ nikan nigbati awọn oludari ṣe itọju awọn faili bi ti pari, ki o si akoko igbelaruge ṣaaju ti aaye ni igbagbogbo pipẹ ju awọn ofin atunyẹwo.

Àtòjọ-ẹ̀yàn náà nípa àwọn ìṣàmúlò-ètò yìí:

Program of operations: services, instruments, client types, target markets and financial projections.
Iṣakoso: Awọn nkan 9 nilo pe iṣowo naa ni a ṣe ni ọna ti o munadoko nipasẹ awọn eniyan meji ti o kere ju ti o ba pade awọn iwulo igbẹkẹle ati igbẹkẹle.
Awọn oniṣowo ti o ni ẹtọ: idanimọ, orisun awọn owo ati igbẹkẹle ẹnikẹni ti o ni 10% tabi diẹ sii.
Organisation: compliance, risk management and internal audit functions, conflicts of interest policy, best execution, product governance, record keeping and outsourcing.
Awọn ohun-ini aabo alabara: segregation ati awọn ilana aabo nibiti ile-iṣẹ ti ni owo tabi awọn irinṣẹ alabara.
AML framework: risk assessment, customer due diligence ati aṣofin igbẹkẹle ti o ni orukọ.

Lọgan ti o ba ni iwe-aṣẹ, ile-iṣẹ le pese awọn iṣẹ rẹ ni gbogbo EU ati EEA nipasẹ pasipaaro. Awọn nkan 34 gba laaye lati ṣe awọn iṣẹ laarin awọn orilẹ-ede laisi iwe-aṣẹ ti ara ẹni, lẹhin ifiranṣẹ nipasẹ oludari ile-iṣẹ naa. Awọn oludari ile-iṣẹ tun lo awọn ofin iṣe wọn ati awọn idiwọ tita, eyiti o jẹ pataki fun awọn olupese CFD.

Àwọn ààyè-iṣẹ́: IFR ati IFD

Lati 26 June 2021, ọpọlọpọ awọn ile-iṣẹ idoko-owo ti EU ti wa ni ibamu pẹlu fọọmu igbẹkẹle ti o ṣe pataki diẹ sii ju awọn ofin banki lọ. O jẹ Regulation (EU) 2019/2033 (IFR) ati Directive (EU) 2019/2034 (IFD).

Àwọn ààyè-iṣẹ́

Àwọn àkọlé 9 ti IFD fi àwọn ààyè mẹ́tà fún ààyè-iṣẹ́ ìbẹrẹ:

Àwọn ààyè-iṣẹ́	Ṣé lò
EUR 750,000	Awọn ile-iṣẹ ti a fọwọsi fun ifowosowopo lori akọọlẹ wọn tabi fipamọ lori ipilẹ adehun ile-iṣẹ, ati awọn oluṣakoso OTF kan
EUR 150,000	Awọn ile-iṣẹ miiran, pẹlu awọn ti o ni owo tabi awọn ohun-ini alabara
EUR 75,000	Awọn ile-iṣẹ ti ko ni owo tabi awọn ohun-ini ẹlẹyamẹya ati pe o fun laaye nikan lati gba ati fifiranṣẹ, ṣiṣe, iṣakoso porfolio, imọran tabi fifi sori ẹrọ laisi adehun ile-iṣẹ

The UK kept the same three tiers in sterling after leaving the EU. Under MIFIDPRU 4.4 the permanent minimum capital requirement is GBP 750,000, GBP 150,000 or GBP 75,000 depending on the firm’s permissions.

Àwọn owó rẹ̀ tí n lọ

Àwọn ohun-iní ìbẹrẹ nìyìn títà iwọlé lọ́wọ́lọ́wọ́. Láìsì Ìwé-ẹ̀yàn 11 ti IFR, ile-iṣẹ̀ kan gbọdọ̀ ní owó rẹ̀ lọ́wọ́lọ́wọ́ nípa àwọn iye mẹ́rin to gàjú jú:

Iṣẹ́ rẹ̀ tí a fi pamọ́ fun igba pipẹ.
Ọkan kẹrin ninu awọn overheads rẹ ti a dapọ fun ọdun to kẹhin.
Ilana K-factor rẹ, ti o ṣe iṣiro ibajẹ si awọn alabara, ibajẹ si ọja ati ibajẹ si ile-iṣẹ.

Àwọn ile-iṣẹ́ tí a kọ̀ níbí tí wọn bá jẹ́ kekeré atí kò ní ibaraẹnísọrọ̀ lọ́wọ́lọ́wọ́ nígbà tí wọn bá padé gbogbo àwọn ààyè-iṣẹ́ ninu Àkọsílẹ̀ 12 ti IFR. Wọ́n ní àwọn ẹ̀yàn lórí ìṣakosoì láti inú awọn euro 1.2 bilionù, àwọn ojú-ẹ̀yàn tí wa nínú awọn euro milionù 100 atí gbogbo àwọn owó tí wọ́n gba fun odun lati inú iṣẹ́ inawò lórí awọn euro milionù 30. Awọn ile-iṣẹ́ bẹ́ẹ̀ kò lè ṣé iṣiró K-fáìlì. Wọ́n tun kò lè fi owò onibarà mọ́ tabi paṣẹ nípa àkọsílẹ̀ wọn.

Gbogbo ile-iṣẹ gbọdọ tun ni awọn ohun-ini ti o kere ju ọkan ninu mẹta ti o ṣeto overheads ibeere rẹ labẹ Article 43 of the IFR. Fun a ti n dagba oniṣowo pẹlu kan nla iye owo base, ti ṣeto overheads idanwo igbagbogbo sopọ daradara ṣaaju ki o to ibẹrẹ capital nọmba ṣe.

Firma nla pupọ

The largest investment firms, particularly those dealing on own account at scale, can be brought back under bank prudental rules. Article 1(2) of the IFR allows this for firms with consolidated assets of EUR 15 billion or more in certain circumstances. This affects few new entrants but matters for acquirers of established market makers.

CFD tí a fi pamọ́ àti àwọn ìgbàyàn FX

Leveraged ọja ti a ta si awọn alabara kekere ni agbegbe nibiti awọn oludari ṣe ipalara julọ ni ọna taara. EU, UK ati ọpọlọpọ awọn oludari Asia gba leverage ati pe o nilo aabo ibajẹ.

Awọn igbesẹ EU

Ni 27 March 2018, ESMA gba awọn igbesẹ igba pipẹ labẹ nkan 40 ti MiFIR. O ṣe idiwọ ibaraẹnisọrọ ọja, gbigbe ati tita awọn aṣayan binary si awọn oludokoowo kekere ati awọn CFDs ti o ni idiwọ si awọn oludokoowo kekere pẹlu awọn igbesẹ mẹrin:

Ìwọn	Àwọn Àkọsílẹ̀
Àwọn Ìgbà Iṣẹ́ Tí A Fẹ̀	30:1 orisirisi owo nla; 20:1 orisirisi ti kii ṣe nla, ọla ati awọn inṣis nla; 10:1 awọn ohun-ini miiran ju ọla ati awọn inṣis ti kii ṣe nla; 5:1 awọn ẹtọ ara ẹni ati awọn itọkasi miiran; 2:1 cryptocurrencies
Ìpa-ọ̀tún	Àwọn ìṣàmúlò-ètò tí a dàdè láti ààyè-iṣẹ́ kọ̀ǹpútà náà lọ́wọ́lọ́wọ́ sí 50% àti ààyè-iṣẹ́ tó kéré jú
Ìdàràn igbimọ́ buburu	Àwọn ààyè-iṣẹ́ tí a dá nínú àwọn owó nínú ìṣàmúlò-ètò CFD
Ìfẹ́	Kò ní àwọn ẹ̀yàn owó tabi àwọn ẹ̀yàn tí kò jẹ́ owó lórí iṣẹ́
Ìbàlẹ̀ Ìròyin	Standardised ìbámu pẹlú àwọn fọọ́sìǹtìrẹ̀tì tí a fi pamọ́ lọ́wọ́lọ́wọ́

ESMAAwọn igbesẹ tirẹ ti pari ni ọjọ 31 Oṣù Kejìlá ọdun 2019. ESMA tí a sọ̀rọ̀ pe awọn alaṣẹ orilẹ-ede diẹ sii ti gba awọn igbesẹ orilẹ-ede ti o wa ni igba pipẹ ti o kere ju bi iduroṣinṣin. Awọn ofin orilẹ-ede kan lọ siwaju, nitorinaa ile-iṣẹ ti n ṣabẹwo si ọpọlọpọ awọn orilẹ-ede ọmọ ẹgbẹ gbọdọ ṣe ayẹwo gbogbo igbese oludari ẹlẹgbẹ.

The UK, Singapore ati Switzerland

The FCA confirmed leverage limits of 30:1 to 2:1, 50% margin close-out, negative balance protection, a ban on inducements and standardised risk warnings. These applied from 1 August 2019 for CFDs and 1 September 2019 for CFD-like options.

Singapore lo margin rates ju leverage ratios lọ. Ni ọdun 2014, Monetary Authority of Singapore ti ṣe ipinnu lori margin to kere julọ ti 5% fun CFDs lori FX ati awọn adehun leveraged FX pẹlu awọn oludokoowo kekere. MAS ṣalaye pe eyi jẹ ni ibamu si Hong Kong (5%) ati Japan (4%) ni akoko naa.

Switzerland gba àgbèkalẹ̀ ìṣàfarawékọ́. FINMA sọ̀rọ̀ pé àwọn oníṣowo pẹ̀lú ẹ̀yàn nínú Switzerland gbọdọ̀ ní líǹkì banki. O tun fi àwọn oníṣowo pẹ̀lú ẹ̀yàn lórí àdírẹ̀sì ibaraẹnísọrọ Swiss tàbí àwọn kọ́ọ̀kan báǹkì jẹ́ pé a lè gbé ààyè-iṣẹ́ tí a kò fọwọ́sì.

Offshore FX broker licenties ati awọn ibiti wọn

A nla ìdílé ti global retail FX àti CFD oja ni a se fun lati kekere ìgbàpadà. Awọn apẹẹrẹ pẹlu awọn Seychelles, ibi ti Financial Services Authority licenties securities dealers, ati miiran island tabi offshore regulators ninu Caribbean, the Pacific ati Indian Ocean. Awọn licenses jẹ gidi authorizations pẹlu wọn ara wọn owo-ori, reporting ati AML ofin, eyi ti varied laarin jurisdictions ati yiyan ni igbagbogbo.

Àwọn ìdàjọ́ wọn jẹ́ pataki bi àwòrán tí wọ́n gba:

Kò ní páàsì. Ààyè-ìwé-aládàrọ̀gbèsì tí kò jẹ́ ẹ̀tọ̀ fún ìṣẹ̀dá àwọn olórílẹ̀-èdè nínú EU, UK, Switzerland, Singapore tàbí Hong Kong. Gbogbo àwọn pẹ̀lù náà ní niló ìṣàfarawe-ẹ̀yàn ààyè-iṣẹ́ ààyè-iṣẹ́ láti inú ààyè-iṣẹ́ rẹ̀ tàbí ìgbànìpàrà tí a mọ̀.
Reverse solicitation is narrow. Under MiFID II Article 42, a third-country firm may act without EU authorization only when an EU client approaches it at the client's exclusive initiative. ESMA has stated that any solicitation, promotion or advertising in the EU takes the firm outside this exemption. This applies regardless of contractual clauses or online "I agree" boxes claiming the client came of its own accord.
Awọn iṣẹ tita ni wọn ṣe ṣeto. Awọn SFC Licensing Handbook sọ pe o jẹ ibajẹ nla lati ta awọn iṣẹ ti a ṣeto si gbogbo eniyan ni Hong Kong laisi iwe-aṣẹ. Awọn ofin bii eyi lo wa ni ọpọlọpọ awọn ọja pataki, ati awọn oludari n ṣafihan awọn akojọ igbelaruge ti awọn ile-iṣẹ ti o da wọn duro.
Banking and payments. Banks, card acquirers and payment institutions assess where a broker's clients are located, not only where its license was issued. A broker whose client base does not match its licenses can lose access to client money accounts and payment rails.
Awọn aṣiṣe aabo awọn oludokoowo. Awọn ideri leverage ti o kere ju, aabo iṣiro ti ko dara ati awọn eto isanwo ti o lo ni EU ati UK le ma wa tabi le jẹ ailagbara diẹ sii. Awọn alabaṣepọ ile-iṣẹ ati awọn olupese owo-ori ṣe akiyesi eyi ninu iwadii wọn.

Fun a ẹgbẹ, awọn ti o munadoko awoṣe ni igbagbogbo kan àtilẹyin-iṣakoso entity ninu gbogbo core oja plus a àtilẹyin-iṣakoso offshore fun awọn onibara ni awọn onibara ibi ti ko si agbegbe regímu lo. Gbogbo awọn oniwe-ẹya lẹhinna nilo rẹ ara ẹni ohun elo, imulo ati onboarding iṣakoso ti tọju awọn onibara ni àtilẹyin to tọ.

Hong Kong: SFC Ìtàn 3 tí a lò nígbá tí a bá ṣe ifowosowopo nípa ìṣilọ́wọ́ owó-ìpamọ́

Hong Kong ni ọkan ninu awọn kekere nla ilu pẹlu kan ti o yatọ si iwe-aṣẹ fun retail leveraged FX. Labẹ awọn Securities ati Futures Ordinance, non-ifowopamọ ile-iṣẹ ni retail leveraged FX oja gbọdọ wa ni iwe-aṣẹ nipasẹ awọn Securities ati Futures Commission fun iru 3 iṣẹ ti regulated. Banks jẹ supervised lẹẹkansi nipa the HKMA.

SFC Licensing Handbook fi àwọn ìṣàmúlò-ètò owo-ìpamọ́ láti inú irú 3:

Irúfẹ́ 3 ìṣẹ̀dàn àwọn ẹ̀yàn	Àwọn ààyè-iṣẹ́	Awọn owo-ori tí a fi pamọ́
Aṣàfilọ́lẹ̀ agbẹjọro tí a fọwọ́si	HKD 5,000,000	HKD 3,000,000
Awọn ọran mìíràn	HKD 30,000,000	HKD 15,000,000

Awọn nọmba wọnyi ni o ga ju awọn iṣẹ miiran lọ SFC ti a ṣeto, eyiti o sọ fun wa idi ti nọmba awọn olupese iru-3 jẹ kekere. Nibo ni ile-iṣẹ kan ba lo fun ọpọlọpọ awọn iṣẹ ti a ṣeto, ibeere owo-ori ti o ga julọ ti a lo.

Àwọn ààyè-ìwé ìdáràn mìíràn láti nínú Aṣàfilọ́lẹ̀:

Awọn aṣofin ti o ni ẹtọ: ile-iṣẹ naa nilo awọn aṣofin meji ti o ni ẹtọ fun iṣẹ kan pato, ọkan ninu wọn jẹ oludari igbimọ. Ko si awọn aṣofin meji ti o ni ẹtọ ni idi ti a fi ṣalaye fun awọn ohun elo lati padanu.
Àwọn ààyè-iṣẹ́ a ìforúkọsílẹ ìjọba-ilé ni o yẹ ki o gba nipa 15 ọsẹ kan nigbakan ti o ti pari. Oju-ọjọ lè yatọ si pẹlú iṣẹ́ àwọn awoṣe àtí didara ìforúkọsílẹ̀.
Àwọn Ìṣàmúlò-ètò awọn oṣiṣẹ ati awọn aṣofin ti o ni ibatan gbọdọ pade awọn ibeere imọ-ẹrọ, iriri ati imọ-ẹrọ agbegbe.

Àwọn ààyè-iṣẹ́ fun àwọn agbẹjọro

Ṣàfihàn àwọn ìṣàmúlò-ètò iṣẹ́ lórí. Àwọn agbẹ̀jọró ajọ (kò ní àkọ́ọ̀nù rẹ̀, kò ní owó ẹlẹ́gbẹ̀) jẹ́ ẹ̀yàn tí o gàjú jù lọ atí ẹ̀yàn tí o rọ́ọ̀nù jù lọ. Iṣẹ́ nínú ọja àtí ifowopamọ̀ owò ẹlẹ̀gbẹ̀ gbé ile-iṣẹ̀ lọ sí àwọn àgbèkalẹ̀ gigà.
Pẹ̀lú àwọn ohun-iní fuń idanwó ìfilọ́wọ́lẹ̀. Àwọn owó-iṣẹ́ tí a fi hàn, pẹlú awọn olùdarí, imọ-ẹrọ àtí ilé-iṣẹ́, jẹ́ kí a lè gba gbogbo ohun tí a fẹ́ lọ́wọ́ jú ohun-iní akọkọ̀ lọ́wọ́.
Map target markets prior to choosing a license. Where clients are located determines which authorizations are needed. The license location does not change that.
Awọn ofin ọja ti o nireti lati ṣe agbekalẹ awọn owo-ori. Leverage caps, aabo balansi ti ko tọ ati awọn ẹsun lori awọn igbelaruge dinku awọn iwọn iṣowo kekere. Awọn eto iṣowo yẹ ki o da lori awọn ofin wọnyi, kii ṣe lori awọn ipele leverage okeere.
Ṣẹ̀dá fun ìforúkọsílẹ̀ àwọn owo ààbò ati awọn banki.Awọn aṣofin àti awọn banki yoo ṣe ayẹwo ifaramọ, igbẹkẹle àti ibi ti awọn owo ààbò wa lati ọjọ akọkọ.

Ìṣàmúlò-ètò

Lisensi ti ile-iṣẹ idoko-owo ni a gbe nipasẹ awọn iṣẹ, awọn ohun-ini alabara ati awọn ibajẹ iroyin wọn. Ninu EU ati UK, awọn ipele owo-ori ti 75,000, 150,000 ati 750,000 ni euro tabi sterling fi aaye iwọle silẹ, lakoko ti awọn idiyele ti a ṣeto ati awọn ifosiwewe K fi ibeere ti n lọ lọwọ. Awọn ọja ti o ni igbẹkẹle ti n wo awọn ofin aabo ti o ni ibatan ati igbẹkẹle ni Yuroopu ati awọn ofin margini ni Asia. Awọn iwe-aṣẹ okeere jẹ ofin fun awọn ọja wọn ṣugbọn ko ṣii awọn ọja ti a ṣeto ni ibi miiran. Hong Kong's Type 3 regime ṣafihan bi ile-iṣẹ nla kan ṣe n tọju FX titaja bi iṣẹ ti o ni imọ-ẹrọ giga.

Sources(12)

EUR-Lex: Directive 2014/65/EU (MiFID II) · checked 2026-10-07
EUR-Lex: Directive (EU) 2019/2034 (Investment Firms Directive) · checked 2026-10-07
EUR-Lex: Regulation (EU) 2019/2033 (Investment Firms Regulation) · checked 2026-10-07
ESMA: ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors (27 March 2018) · checked 2026-10-07
ESMA: ESMA ceases renewal of product intervention measures relating to contracts for differences (31 July 2019) · checked 2026-10-07
ESMA: ESMA reminds firms of the MiFID II rules on reverse solicitation (13 January 2021) · checked 2026-10-07
FCA: FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers · checked 2026-10-07
FCA Handbook: MIFIDPRU 4.4 Permanent minimum capital requirement · checked 2026-10-07
MAS: Response to feedback on proposed regulatory requirements for unlisted margined derivatives offered to retail investors (2014) · checked 2026-10-07
FINMA: You have a problem with your online foreign exchange dealer · checked 2026-10-07
SFC: Licensing Handbook (2025) · checked 2026-10-07
Seychelles Financial Services Authority: Capital markets · checked 2026-10-07

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