CFD Archives - The Industry Spread

Moscow Exchange (MOEX) Reports Steady Trade Volumes for December 2018

January 11, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: APEX, Brokers, Capital Markets, CFD, CFD and FX Broker, derivatives, DGCX, economy, foreign exchange, FX trading, FXCM, Gaitame, MOEX, trading platform

The total trading volume at Moscow Exchange (MOEX) in December 2018 has increased by 1.5% to RUB 72.5 trillion in December 2018, and for the full year 2018, it came in at RUB 861.1 trillion. During the year, trading volumes on the Equity Market grew by almost 18 per cent, 13.8 per cent in Bond Market, Derivatives Market by 5.6 per cent, FX Market by 10.6 per cent in spot and commodity market witnessed a growth of 19.3 per cent in volumes.

In the month if December 2018, the total trading volumes on the Equity and Bond Market came in at 2,306.9 billion compared to RUB 2,918.6 billion in December 2017.

For the Derivatives Market, total trading volume in December 2018 increased by 36.3 per cent to RUB 8.2 trillion from RUB 6.0 trillion in December 2017.

For the FX Market, turnover decreased to RUB 26.5 trillion from RUB 29.8 trillion in December 2017. The spot trade increased by 12.8 per cent o RUB 6.7 trillion and swap trades and forwards totalling RUB 19.8 trillion during the month.

Money Market, the total turnover during the month is RUB 30.3 trillion, which is 7.6 per cent higher compared to RUB 28.2 trillion in December 2017. And, in the commodity segment, total turnover increased by 62.8 per cent to RUB 15.0 billion.

Japanese FX Broker, Gaitame Records Weak Volumes in December 2018

Gaitame, the Japanese FX broking giant has also released it December 2017 operation metrics, recording a month-on-month fall in transactional volume despite growth in client account numbers.

The transactional volume in the month of December 2018 came in at ¥167.1 billion, which is 1.2 per cent lower compared to the previous month. But, when compared against the December 2017, it has registered a modest increase of around 33 per cent.

The total deposits with the broker totalled ¥116.2 billion, a slight 0.47 per cent increase from ¥115.6 billion in November. Total client account number came in at 476,747, a slight increase of 0.4 per cent, from the previous month and a 6.4 per cent increase on a yearly basis.

FXCM Releases Execution Data for December 2018

Retail FX and CFD broker, FXCM has released its December 2018 execution data, reporting steady volumes during the month. The highlights of all the instruments during the month are:

61.2 per cent of the total trades were executed without any slippage
27.3 per cent of the order executed with positive slippage
11.5 per cent of the order executed with negative slippage
And, average execution speed during the month was 17 milliseconds.

During the month, FXCM has teamed up with DGCX Exchange, and APEX Exchange and has added three new CFD products including Commodity CFDs and Index CFD US2000, and closed the month with positive volumes.

Brendan Callan, CEO of FXCM Group commented:

“2018 was another eventful year in the FX and CFD markets, and I’m sure 2019 will be no different. Here at FXCM we launched our HTML 5 web platform, expanded our Algo trading offering and focused a great deal on execution quality and bringing down our spreads to be extremely competitive. In 2019 we are looking to take some big steps forward in improving the overall customer experience as we truly take your feedback and request into account.”

Trade.io’s FX Trading Arm, TIO Markets Partners with IS Risk Analytics for FX/CFD Solutions

January 9, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, Brokers, Capital Markets, CFD, CFD and FX Broker, derivatives, financial services, Forex, FX trading, Primus Capital Markets UK, risk management, TIO Markets, trade.io

TIO Markets will get ISRA’s hosting, proprietary bridge and risk management services.

TIO Markets, the FX and CFD trading arm of crypto firm trade.io has announced teaming with IS Risk Analytics (ISRA). IS Risk Analytics is a part of ISAM Capital Markets Group and both together will offer FX & CFD solutions.

TIO Markets has selected ISRA for its NY4/LD4 hosting, proprietary bridge and risk management services. TIO’s other subsidiaries in the St. Vincent and the Grenadines will also use the ISRA’s services.

IS Risk Analytics (ISRA) offers risk management solutions, hosting technology and institutional bridging services to FX brokers and specialises in revenue maximisation solutions. The newly forged partnership with TIO Markets will focus on broad account management, enhanced trade execution and settlement.

Commenting on the partnership with TIO Markets, Jeff Wilkins, Managing Director, IS Risk Analytics said:

“We are excited to be working with TIO Markets. TIO has been an early adopter in the blockchain space and is a dynamic, next-generation firm. We are looking forward to playing a major role in helping them to achieve their global growth ambitions.”

Mike Sideras, Director, TIO Markets also commented:

“We selected IS Risk Analytics because of their technology and their reputation in the FX market. We owe it to our clients to put them in the best position possible to make efficient trading decisions, and we feel that a relationship with ISRA provides this. Additionally, ISRA provides TIO Markets with a high degree of flexibility in its offering, which we can then pass on to our clients.”

TIO Markets was earlier known as Primus Capital Markets UK which got re-branded after trade.io acquired the firm and became part of the larger group that includes a St. Vincent and Grenadines subsidiary. The firm is currently on-boarding clients through its offshore subsidiary. Trade.io officially launched its FX trading platform via TIO Markets at the end of 2018. Trade.io expects to get FCA license in the first quarter of 2019.

LCG Reports its Best Ever First Half-Yearly Financial Result in 2018

October 3, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: CFD, European Regulator, FCA regulated, financial result, LCG, London Capital Group, Mukid Chowdhury, Net Profits, Regulatory Crackdown, retail forex, spread betting, trading volume

Mukid Chowdhury, LCG Group Chief Executive

The FCA regulated retail forex, CFD, spread betting broker London Capital Group Holdings Plc. (NEX: LCG) has announced the financial result for the first half of 2018, reporting its best ever six months results in a number of years.

During the first six months of this year, the company earned a revenue of £18.6 million, a rise of 28 per cent over the second half of 2017 and 54 per cent higher from H1-2017.

The company reported an adjusted EBITDA of £1.5 million, an increase of 257 per cent year on year from the loss of £ 961,000. The company also posted its first net profits in years £ 702,000 against loss of £1.8 million in the first half of 2017.

The monthly average trading volume in the first half of 2018 came in at $38.2 billion, up from $28 billion monthly in 2017. According to the company, the trading conditions have been affected by lower market volatility and an intense regulatory crackdown by both domestic and European regulator.

After the end of the first half of 2018, the operations of brokerage transferred to SLCG International DMCC controlled-by Charles-Henri Sabet. The LCG now owns 8.5 per cent of the issued share capital of LCGL (brokerage unit), which SLCG International DMCC has the option to purchase.

Commenting on the results, Mukid Chowdhury, LCG Group Chief Executive, said:

“The senior management team and I are pleased that the investment in the business and the restructuring efforts of previous periods have continued to deliver improved results and that these efforts have now seen LCG return to profitability.”

“The results are extremely encouraging and a clear demonstration of how LCG’s performance has improved following its commitment to driving excellence in technology, product offering, customer service and people. This improving performance continues to be achieved against the backdrop of challenging trading conditions and regulatory uncertainty. Despite these challenges, the Group has seen strong revenue growth primarily due to increased client acquisition and participation as well as revenue capture compared to prior periods. Inspite of these demanding conditions we are pleased to announce such positive results.”

“The outlook for the industry continues to remain uncertain given the changing regulatory landscape. The changes introduced will have an impact on the industry and affect the services that can be offered to clients, particularly with regard to the levels of leverage that can be offered. LCG remain confident in its ability to deal with the new regulatory measures. LCG remains committed to ensuring the highest standards of regulatory compliance and welcomes changes that will improve and protect client outcomes.”

“LCG will continue with its objective to return the business to profitability through best in class technology and client service and together with investment and the hard work by the senior management team and its people, we will continue to deliver long-term sustainable growth and drive increased shareholder value.”

Tickmill Group Reports Record Financial Result for First Half 2018, Total Trade Volume Tops $624 billion

September 15, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, CFD, Duncan Anderson, FX, Ingmar Mattus, regulations, retail brokerage, spreads, Tickmill, trading volume

Duncan Anderson, CEO of Tickmill UK

Tickmill Group, regulated by UK FCA and provider of FX and CFD brokerage services reported strong financial results for the first half of 2018. Accelerated by higher volatility and market activity, the group reported consolidated net profits of $14.97 million and total trading volume at $624 billion compared to $332 billion in the previous year’s period, which is almost double.

Across its three entities, Tickmill UK Ltd, Tickmill Europe Ltd and Tickmill Ltd, the group executed 35.7 million trades for its clients, with an average number of trades being executed per month stand at 5.9 million. In May 2018, the group executed record 6.8 million trades for its client. The total trade figures reported is nearly double compared to previous year and also last year’s record figure of 3.6 million trades was posted in March 2017.

Duncan Anderson, CEO of Tickmill UK Ltd, stated:

“Our consistent growth in key financial metrics is a living proof of our robust growth strategy, operational efficiency and firm commitment to delivering value-added products that go above and beyond our Clients’ expectations. Building on this outstanding business performance, we will continue to focus on expanding our global reach and diversifying our activities into new business areas with a view to making Tickmill a respected leader in the financial services industry.”

Illimar Mattus, CFO of Tickmill UK

Illimar Mattus, CFO of Tickmill UK Ltd, said:

“We are pleased to see Tickmill going from strength to strength in our financial performance. Through nimble decisions and strong business leadership, we managed to thrive in an increasingly demanding and complex regulatory environment. Our strong group net capital base of $42.9 million as of June 30, 2018 allows us to look optimistically into the future and expand our business even further. In order to meet end-client demand we are in fact in the process of launching at least 3 new regulated entities in the next 12 months along with new product offerings.”

Ingmar Mattus, COO of Tickmill added:

“We have always been focused on experienced traders and what once might have seemed as a too long-term or low-profit approach in the retail brokerage world is now paying off tremendously. We strongly not only support but also benefit from stricter regulations as they level the playing field given that brokers are forced to compete on crucial end-client profitability factors such as spreads, execution speed, commission rates and client service quality. In view of our operational efficiencies, we are able to rapidly react to the changing environment and meet client needs.”

FP Markets Launches New Client Portal With MetaTrader 5 Offering

August 31, 2018 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: algorithmic trading, Anthony ‎Papaevagorou, ASIC regulated, CFD, copy trading, Craig Allison, EAs, exchange-traded derivative, First Prudential Markets, forex broker, FP Markets, Futures CFDs, IRESS, Metaquotes, metatrader 5, MT5, multi-asset platform, over the counter, trading robots

First Prudential Markets aka FP Markets, an Australia-based investment company that provides over-the-counter and exchange-traded derivative products, has launched a secure client portal and has added the popular Metatrader 5 (MT5) to its offering of existing platforms.

Clients of the ASIC-regulated global CFD and Forex broker will now be able to choose between the two MetaQuotes’ platforms, MT5 and MT4, as well as the IRESS software for trading purposes.

MetaTrader 5 is a multi-asset platform which offers tools for comprehensive price analysis, use of algorithmic trading applications (trading robots/EAs) and copy trading. The popularity of MetaTrader 4 has stood in the way of an overwhelming adoption of MT5, but MetaQuotes has introduced measures in order to get brokers moving to the latest software, such as the discontinuation of MT4 updates. In 2016, MetaQuotes Head of Sales Anthony Papaevagorou even said: “MT4 is slowly dying out”. The reality is that the software is not dead yet, but FX and CFD brokers have been widening their trading platform offering by having both MT4 and MT5 of the MetaQuotes brand.

FP Markets offers over 10,000 trading instruments across Forex, Equity CFDs, Indices, Futures CFDs, and Bitcoin. The broker provides instant deposits, internal transfer between accounts, leverage changes (up to 500:1) and reset of trading passwords. ts onboarding process takes less than five minutes to complete, which has proven to be successful to the business. FP Markets’ electronic verification allows clients to be accepted instantly and start trading.

The new Client Portal introduced bespoke features including the easy creation of additional accounts as well as the availability of MT4, MT5 and the IRESS platform and multiple account types (RAW and Standard); ability to run reports on all trading accounts and cash activity which can be exported to excel at the touch of a button; access to live chat support, FAQ and other online trading resources plus track your trades and monitor your positions through a secure client interface.

Craig Allison, Head of Global Development at FP Markets

Craig Allison, Head of Global Development at FP Markets, commented,

“We are delighted with our new bespoke Client Portal which will empower our clients’ user experience. We considered the tasks and functionality that would offer our clients faster, more secure access and allow them to trade at greater speed and capacity. At FP Markets, we have a history of investing heavily in technology and our clients can be confident that FP Markets’ technology offering is unmatched in the market.”

Founded in 2005, FP Markets has over 12,000 clients worldwide that benefit from leverage up to 500:1, dark pool liquidity, no dealing desk, and 10 funding currencies.

GAIN Capital Holdings Reports Q2,2018 Earnings Results, First After Sale of its Institutional Division GTX

July 29, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: average daily volume, CFD, city index, deutsche börse, earnings result, ESMA, FOREX.com, FX business, GAIN Capital Holdings, GCAP, Glenn Stevens, money transfer business, retail Fx broker, shareholder value

The parent company of retail Fx broker FOREX.com, GAIN Capital Holdings Inc (NYSE: GCAP), has released its second quarter 2018 earnings result. The figures are less compared with the previous quarter or year’s earnings report, as the company has sold its institutional Fx business division GTX to Deutsche Boerse AG’s 360T for $100 million which was acquired in the Q2. GAIN during the period also discontinued its FOREX.com money transfer business to fully concentrate on its retail offerings.

Overall from its retail business division, revenue derived from FOREX.com and City Index brands saw a revenue fall by 14 per cent to $84.2 million, against the restated $98.3 million in Q1 and 7 per cent fall year-over-year. The company remained profitable during the quarter with net income of $6.5 million which excludes after-tax Q2 gain of $61 million from the sale proceeds of GTX. Adjusted EBITDA came in at $19 million.

During the quarter, Retail average daily volume increased by 7 per cent year-over-year to $10.6 billion and direct volume per active account increased 11 per cent year-over-year. The company registered 8 per cent growth in new clients acquisition.

On June 29th, 2018, the company completed the process of the sale of its institutional unit, GTX ECN business to Deutsche Börse Group via its FX unit, 360T. The company received $85 million net of taxes and transaction-related expenses and fees. The proceeds from the sale will allow increased financial flexibility, pursue M&A and pursue both organic and inorganic growth. The company feels that the new regulation by ESMA concerning the leverage caps on CFD will affect the revenue and profitability in the next few quarters.

Glenn Stevens, Chief Executive Officer of GAIN Capital

Glenn Stevens, CEO of GAIN Capital commented:

“The second quarter marked a key milestone for our Company as we announced the sale of our Institutional GTX ECN business and reaffirmed our commitment to invest in the long-term growth of our core Retail segment.”

“Despite the lower volatility environment during the second quarter, our results for the first half of 2018 remained strong with net revenue from continuing operations increasing 29% year-over-year, demonstrating our early success in executing on our strategic priorities to deliver more sustainable returns and drive growth. Looking ahead, we will continue to make significant investments in our products and services and marketing, execute on our operational excellence and revenue volatility reduction initiatives, and optimize our capital allocation to enhance GAIN’s shareholder value and further position us for long-term growth.”

IG Group Announces Strategic Technology Partnership with PrimeXM for CFD and FX Liquidity

July 19, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, CFD, Fouad Bajjali, FX liquidity, IG, IG GROUP, institutional clients, liquidity, PrimeXM, Retail Fx, retail Fx brokerage, Richard Bartlett, risk management, traders, XCore

The London-based major retail Fx brokerage group, IG Group and financial connectivity solution provider, PrimeXM have entered into a strategic technology partnership, that will see IG joining PrimeXM’s X core community of liquidity providers.

Prime XM’s primary offering is the XCore, that acts a liquidity aggregator of more than 120 firms and provides a centralized environment for liquidity and risk management. The parties stated that this partnership will deliver unique capabilities and solutions for traders and institutional clients globally and will allow both organizations to expand their unique value proposition and will further enhance their cutting edge offerings.

Through this partnership, IG will able to address the continued demand for flexible and innovative technologies. It will operate across Prime XM’s ultra low-latency connectivity across the globe thus improving trading speeds for clients. The users will now have access to hundreds of liquidity sources, including tier-1 banks, prime brokers and other leading global industry participants.

Richard Bartlett, PrimeXM Head of Global Sales

Commenting on the new partnership, PrimeXM Head of Global Sales, Richard Bartlett said:

“We are excited about this new partnership with IG. Our shared commitment to offering market-leading levels of execution performance and services to our clients made the decision to create this strategic alliance an easy one. One of the key benefits we are delivering here is expanding liquidity distribution opportunities globally for the IG Group via PrimeXM’s dedicated low-latency network and adding another strong liquidity partner for PrimeXM’s existing client base to take advantage of.”

Fouad Bajjali, Global Head of Institutional at IG noted:

“We are delighted to partner with a leading technology provider with a global reach such as PrimeXM. We are convinced that this partnership will improve access to our CFD and FX liquidity to counterparties across the globe.”

Equiti Group Hires Former GFFX CEO, Brian Myers as CEO of Divisa UK Ltd.

July 8, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Bloom capital, brokerage, CFD, Divisa, EQUITI GROUP, FCA regulated, forex industry, GKFX, regulatory, Retail Fx

Iskandar Najjar, CEO of Equiti Group

This week continues to witness some high profile management exists and appointments and latest being the appointment of former GKFX CEO, Brian Myers as the CEO, Retail Fx and CFD brand Equiti.com for the UK and EU operations. The appointment has been made effective to its subsidiary, Divisa UK Limited and is pending regulatory approval.

Mr Brian will be acting as CEO and Director of the FCA regulated company. Divisa UK Limited is UK arm of Dubai based global financial group, Equiti Group Ltd. The company has also subsidiary in the US (Equiti US, formerly known as Divisa US) and New Zealand ( Bloom capital, formerly Divisa NZ). The group has been in the institutional Fx space for several years now and with the appointment of Mr Brian, the company is looking to expand that brand and leveraging off the considerable resources of the group.

Mr Brian has a long-standing experience in the forex industry in both establishing institutional and retail fx industry and will also help in fortifying the compliance team of the global team of Equiti Group. Mr Brian had resigned from the post of CEO of GKFX back in April where he spent almost 18 months on the job. Prior to this, he was VP Sales of OANDA Europe. He has also been with leading brokerage houses such as Alpari UK as Global Head of Sales and FXCM.

Last year, Equiti.com/Divisa has raised $100 million investment from a group of GCC investors led by Abdul Raouf Waleed Al Bitar, who now is the company’s controlling shareholder. Since the fundraising event, the company has been in an aggressive mode of the hiring spree bringing in host high profile management executives including Sammy Christou from LCG as Head of Trading, Khaldoun Sharaiha from ADS as Co-Head of Retail Sales, Hormoz Faryar as Global Head of Institutional Sales, Tony Philip as CMO, and former Saxo Bank veteran Gabriela Liber for institutional FX sales.

Equiti Group’s CEO, Iskandar Najjar, commented on the appointment:

“We are very pleased to appoint a new Divisa UK CEO with the depth and breadth of Brian’s experience and knowledge.”

Brian Myers commented on his appointment:

“I’m absolutely delighted to take the helm of Divisa and be a part of the Equiti Group, which has demonstrated a strong growth trajectory in recent months and reached significant global milestones. I’m very much looking forward to leading Divisa’s growth with new initiatives and product offerings.”

ActivTrades Sets up New Office in the Bahamas, To be Regulated by Securities Commission of the Bahamas

June 15, 2018 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Activtrades, Alessandro Gho, brokerage, CFD, emerging markets, FCA regulated, Georges Batrouni, Retail Fx, retail regulations, Securities Commission of the Bahamas, spread betting, trading platform

Alessandro Gho, CEO of ActivTrades Corp

The London headquartered, FCA-regulated retail fx CFD and spread betting brokerage house, ActivTrades has expanded its operation into the Bahamas by setting up of a new office there. The new office in the Bahamas will be known as ActivTrades Corp and will be based out of Nassau. It will help ActivTrades to grow its international clientele base with a greater focus on South American and Asian regions.

ActivTrades Corp will be regulated by Securities Commission of the Bahamas and has also secured the license to start its operations. The client funds are held in segregated bank accounts with clients benefitting from negative balance protection. Also, ActivTrades is offering a $1 million fund for the insurance policy that is being underwritten by participating syndicates at Lloyd’s of London.

ActivTrades Corp will its clients a greater trading flexibility and can utilize extensive trading conditions. Commenting on the opening of new office in the Bahamas, Alessandro Gho, CEO of ActivTrades Corp said: “This is an exciting time for ActivTrades. Our new office will allow us to better reach emerging markets, which over recent years, have shown an increase in active interest in our services and product offering. We are a successful global company and brand, our expansion further cements this.”

In Recent years, Bahamas has turned as a popular destination for brokers and trend has only grown as due to the shift in leverage and other retail regulations this year. The shift is caused due to tightening regulatory conditions has forced many brokerages to look beyond Europe for an alternative jurisdiction. ActivTrades has also got aggressive in its expansion plans with the launch of Dubai office over a year ago, to support the growth in Middle-East regions. Earlier this month, it has also promoted Georges Batrouni as Senior Executive Officer (SEO) for the MENA region, operating out of Dubai. The brokerage house is also working on to launch a wholly revamped trading platform in coming months.

ESMA Adopts Final Product Intervention Measures on CFDS and Binary Options

June 11, 2018 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: binary options to retail, binary options to retail investors, CFD, ESMA, marketing distribution or sale, Markets in Financial Instruments Regulation, MiFIR, options to retail investors, Steven Maijoor, The European Securities and Markets Authority

The European Securities and Markets Authority (ESMA) has formally adopted new measures on the provision of contracts for differences (CFDs) and binary options to retail investors.

The measures have been published in the Official Journal of the European Union (OJ) today. They will start to apply from 2 July 2018 for binary options and from 1 August 2018 for CFDs and will apply as follows:

Binary Options (from 2 July 2018) – a prohibition on the marketing, distribution or sale of binary options to retail investors; and
Contracts for Differences (from 1 August 2018) – a restriction on the marketing, distribution or sale of CFDs to retail investors. This restriction consists of: leverage limits on opening positions; a margin close out rule on a per account basis; a negative balance protection on a per account basis; preventing the use of incentives by a CFD provider; and a firm specific risk warning delivered in a standardised way.

ESMA has adopted these measures in the official languages of the EU and they will remain in force for a period of three months from the date of application.

Steven Maijoor, Chair, said:

Steven Maijoor, ESMA Chairman

“The measures ESMA has taken today are a significant step towards greater investor protection in the EU. The new measures
on CFDs will, for the first time, ensure that investors cannot lose more money than they put in, restrict the use of leverage and incentives, and provide understandable risk warnings for investors.
“ESMA’s prohibition on the marketing, distribution or sale of binary options to retail investors addresses the significant investor protection concerns caused by the characteristics of this product.
“This pan-EU approach is the most appropriate way to address this major investor protection issue. NCAs will monitor the impact of these measures during their application and will assess, with ESMA, what next steps are required.”

CFDs – measures from 1 August 2018

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

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;
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;
A restriction on the incentives offered to trade CFDs; and
A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts.

Next steps

MiFIR gives ESMA the power to introduce temporary intervention measures on a three monthly basis. Before the end of the three months, ESMA will review the product intervention measures and consider the need to extend them for a further three months.