今日，欧洲证券及市场管理局 (ESMA) 发布公告，已确定欧盟经济区最新监管政策，全面禁止二元期权，差价合约 (含零售外汇) 杠杆最高30倍，爆仓比例50%，负余额保护，新规将于近日公布实施。

英国FCA表示支持ESMA此次出台的零售客户保护措施，该政策是否正式生效，则需要看实施3个月后的复审结果。

具体措施如下（原文）：

CFDs–agreed measures  

The product intervention measures ESMA has agreed under Article 40 of the Markets in Financial Instruments Regulation include:

1. Leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:

30:1 for major currency pairs;

20:1 for non-major currency pairs, gold and major indices;

10:1 for commodities other than gold and non-major equity indices;

5:1 for individual equities and other reference values;

2:1 for cryptocurrencies;

2. A margin close out rule on a per account basis. This will standardise the percentage of margin (at 50% of minimum required margin) at which providers are required to close out one or more retail client’s open CFDs;

3. Negative balance protection on a per account basis. This will provide an overall guaranteed limit on retail client losses;

4. A restriction on the incentives offered to trade CFDs; and

5. A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts.

新规对零售外汇行业的影响

在一项基于“ESMA的监管新规会对交易者产生何种影响”的调查中，高达57%的参与者表示他们可能会考虑提供更高杠杆、更低保证金的离岸监管经纪商（offshore broker）。

作为金融监管机构，尽管ESMA的出发点是好的，但是过低的杠杆却可能将专业投资者逼出欧洲，进而选择离岸监管以及无监管的经纪商。使得投资者无法获得由欧盟国家监管机构提供的投资者赔偿基金，而且更加容易蒙受损失。

零售交易行业商业模式的可持续性是当前投资者们最关注的部分之一。过低的杠杆虽然有可能会加强保护投资者的利益，却不一定符合投资者的真正需要。值得思考的是目前仍旧支持最高400倍杠杆的澳洲ASIC监管是否会成为投资者关注的焦点。