MNB scrutinizes online trading platform providers

Telco

The National Bank of Hungary (MNB) on Wednesday said it had ordered extraordinary data provision from 22 investment companies and made on-site inspections at another four that offer online trading platforms.

The measures followed a targeted investigation of the sector, undertaken due to the high risk involved with online trading platforms.

The MNB noted that on January 15, 2015 – the day the Swiss National Bank scrapped the franc's exchange rate floor – clients of Hungarian investment companies had lost close to HUF 11 bln on closed positions because of highly leveraged accounts. The average loss per client came to almost HUF 6 mln, an amount for which many did not have sufficient coverage, it added.

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