Page 32 - 期货和衍生品行业监管动态（2025年11月）

期货和衍生品行业监管动态

lower costs. However, in order to address the challenges posed by emerging

neo-broker business models, the Report proposes a set of recommendations as

guidance for securities regulators to help foster a more transparent and accountable

environment in which neo-brokers operate in compliance with securities regulations,

including investor protection measures.

The Report sets forth five recommendations for IOSCO members and

neo-brokers:

 Acting honestly and fairly with retail investors – Neo-brokers should act

honestly, fairly and professionally with retail investors.

 Appropriate disclosure of fees and charges to retail investors and

advertising – Neo-brokers should provide retail investors with fair, clear

and simple disclosure of material charges that may occur by entering the

trade.

 Ancillary services - Where neo-brokers offer ancillary services to core trade
execution services, neo-brokers should:

 disclose to retail investors the material sources of revenue the firm

derives from each service and, where relevant, the type of conflicts of
interest arising from them; and

 obtain retail investor consent before providing ancillary services.

 Non-commission related trading revenue such as payment for order flow

(PFOF) – Neo-brokers should consider the impact of PFOF on the best

execution of customer orders.

 IT infrastructure – Neo-brokers should ensure they have robust systems in

place to promptly address disruptions that may prevent investors from using

their platform effectively.

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