Page 19 - 期货和衍生品行业监管动态（2025年3月刊）

期货和衍生品行业监管动态

IOSCO has today published a Consultation Report on Neo-Brokers which

forms part of its overarching initiative to address the rise in retail investor fraud and

manage the risks posed by technological advancements.

IOSCO’s Roadmap for Retail Investor Online Safety (the ‘Roadmap’) was

launched last November with the introduction of three Consultation Reports

addressing Finfluencers, Copy Trading and Digital Engagement Practices. This latest

Consultation Report on Neo-Brokers introduces the second wave of activity.

Neo-brokers are a subset of brokers, characterized by providing online-only

investment services and by the absence of physical operating branches, thereby using

technology to facilitate those services and access to financial markets. Neo-brokers

have very limited or no human interaction with retail investors who use their services.

Their selling point is immediate and user-friendly, mostly with access via mobile apps

and websites, often advertised as providing no or low-commission trading.

Neo-brokers have experienced growth in recent years, driven by a confluence of

technological advancements, which have made investing more accessible, and

changed investor demographics.

The Consultation Report considers feedback from IOSCO members who

provided information on the activities of neo-brokers in their jurisdiction.

There was a good level of agreement around the core characteristics of

neo-brokers’ business models, namely:

 The provision of trading services with low or zero commissions and, as a

result, the dependence on other sources of revenues.

 A target audience which is typically retail investors, including those that may

be younger and less experienced and seeking easy and affordable access to

financial markets.

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