CMC Markets - Back in Business

CMC Markets is back in business – it wasn't a glitch, the company was under ASIC review if their PDS

Posted in Trading Services, Submitted by Trading Critic on Tue, 2006-09-19 01:19.
CMC Markets is back in business – it wasn't a glitch, the company was under ASIC review if their PDS

CMC Markets is officially back in business. Last Friday's occurrence was not a glitch. CMC Markets was under an ASIC review, from which, resulted in a new PDS which they released yesterday (Monday, 18th September 2006) which CMC Markets clients had to review before resuming trading. What I am not happy about is that CMC clients were kept in the dark and were not told of this review when their service was not available to open new positions.

Here was the FAQ email that CMC Markets sent out:

Dear valued client,
Due to an ASIC review of our current Product Disclosure Statement CMC Markets Asia Pacific is currently unable to extend or open new CFD positions on behalf of its clients.
What trading activities can I conduct during this interim period?
At present you may still place new orders for CFDs to reduce or close your existing CFD positions with CMC Markets.
You may still amend, cancel or replace pending stop-loss and limit orders.
When will CMC Markets be able to issue new CFDs?
We are currently working to issue a new Product Disclosure Statement (PDS). Once the new PDS has been issued CMC Markets will be able to issue new CFDs.
We anticipate this service will be available shortly.
Are there any technical difficulties with the Marketmaker® trading platform?
No. Your Marketmaker® trading platform is fully functioning to the high standards you expect from the CMC Markets service. However you are limited to the above parameters regarding your trading on Marketmaker®.
Can I trade over the telephone?
Yes, you may place orders (outlined above) over the telephone with our Sydney dealing desk. However, we advise that you use your Marketmaker® trading platform.
Is my money placed with CMC Markets safe?
Yes, your trading capital is completely safe and protected by the Australian Client Money Rules.
If you have any questions about your current trading position, please call us on 1300 660 262.
Kind regards
The Team at CMC Markets

I have read the newly released CMC Markets PDS and it seems like they have reduced the previous two part PDS into one package. They have also added a few new clauses explaining the risks involved in trading CFDs (Contract For Difference) as well as their operating procedures and fees.

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