New Customer Knowledge Assessment

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In January 2012, the MAS is introducing new criteria for providers of leveraged FX, CFDs and other specified investment products to assess the suitability of their products for their clients.

The new requirement

The regulator's new Customer Knowledge Assessment requires our clients to be able to answer 'Yes' to any of the following questions, once a year starting from 2012:

  1. In the past three years, have you transacted CFDs, forex or any other OTC derivatives at least six times?

  2. Do you have a diploma or higher qualification in any of the following fields?
    • Accountancy
    • Actuarial Science
    • Business / Business Administration / Business Management / Business Studies
    • Capital Markets
    • Commerce
    • Computational Finance
    • Economics
    • Finance
    • Financial Engineering
    • Financial Planning
    • Insurance
  3. Have you passed the Chartered Financial Analyst examination conducted by the CFA Institute or the Association of the Chartered Certified Accountants (ACCA) qualification?

  4. In the past ten years, have you worked in any of the following areas for a period of three consecutive years?
    • Accountancy
    • Actuarial Science
    • Developing, structuring, management, training, sale, trading or research and analysis of investment products
    • Financial Risk Management
    • Treasury
    • Provision of legal services / expertise in relation to any of the above working areas

When the new requirement takes effect, clients who meet any of the above criteria will be able to continue trading as usual. Unfortunately, new applicants who don't meet any of these criteria will be unable to trade with IG Markets in Singapore.

Confirming you meet the criteria

In the months ahead we will contact our clients who have traded CFDs with IG Markets fewer than six times between 1 January 2009 and 31 December 2011, to provide an easy way of confirming which criteria (if any) they meet. There is no action required of our clients at this time.

Updated: 06/12/11

With transparent trading costs, share CFDs available at the guaranteed market price, one of the lowest financing rates around, and segregated client funds, IG Markets is Singapore's number one CFD provider for customer satisfaction. IG Markets offers forex trading and CFDs on all the leading Asian and international shares in local denominations, as well as a range of stock indices, including the Singapore Blue Chip. Exclusive to IG Markets is our selection of SGD-Denominated CFDs, which eliminate currency exposure when trading foreign stock indices. We also offer a range of research and analysis resources to keep you up-to-date with the latest market news.

Remember that CFDs are a leveraged product and can result in losses that exceed your initial deposit. Trading CFDs may not be suitable for everyone, so please ensure that you fully understand the risks involved.

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