Page 20 - 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

 A bespoke service delivery, since neo-brokers typically offer a limited array

of services, seeking to distinguish themselves from other market players on

the basis of accessibility, innovation and efficiency.

The Report identifies two areas which require specific action:

1. Potential risk of conflicts of interest mainly due to business models inducing

retail clients to trade more frequently; and

2. Need for solid IT infrastructure, given the online-only business model.

The Report also sets out recommendations that member jurisdictions may

consider to apply, consistent with their relevant legal and regulatory framework.

These recommendations relate to the provision of appropriate disclosure of fees and

charges from neo-brokers to retail investors and the way neo-brokers advertise

themselves; the disclosure and consent that neo-brokers should provide and obtain

from clients when offering them ancillary services to core trade execution services;

the potential impact of non-commission related trading revenue (such as Payment for

Order Flow) on the best execution of neo-brokers’ customer orders; and the

robustness of neo-brokers’ IT infrastructure.

Jean-Paul Servais, Chair of IOSCO’s Board and Chairman of the Belgian
Financial Services & Markets Authority (FSMA), said: “With this Consultation

Report on neo- brokers, IOSCO takes another decisive step in strengthening investor

protection. The Report elaborates recommendations to address potential risks of

conflicts of interests, improve disclosures to investors, and the necessity for

neo-brokers to rely on resilient IT infrastructures. Building on our recent work on

Finfluencers, Copy Trading, and Digital Engagement Practices, we aim to encourage

an environment where retail market trading occurs in a safer environment.”

Derville Rowland, Chair of the Retail Investor Coordination Group tasked with

overseeing this work at IOSCO, added: “Today’s Report notes the growing relevance

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