Want to invest? Pass the test first

View Comments

Investors would be required to pass an online exam before investing in complex or risky products in the wake of the Banksia Securities, Trio Capital and MF Global collapses, under a proposal by Greg Medcraft, the chairman of the Australian Securities and Investments Commission.

Investors would be required to take “e-learning module” tests that could take up to two hours. They would test investors’ knowledge of financial products including margin loans, contracts for difference, derivatives and hybrid securities.

If you fail – stay back after class.



Author: Eamonn Sheridan

Eamonn Sheridan worked with Bankers Trust Australia for 13 years as a Spot foreign exchange dealer, trading across all major currencies and all time zones. He rose to a Vice President position, running spot operations during the busy European time, leaving the bank just prior to it being sold to concentrate on running his own business in the ‘real world’! The markets, however, had him hooked – he continued to trade equities, CFDs and then on to futures, giving him broad experience across financial markets. He is now active in FX and equity index futures as well as writing for ForexLive™. Eamonn is a graduate of The University of Melbourne in Australia and lives in New South Wales.


All|Asia Pacific|Regulation

Eamonn Sheridan


  1. Never knew we had to pass a test as well to become successful in the savings aspect. All that we know is Savings is a mind mapped game and in today’s Social era it’s a possibility and also a boon if one is concentrated enough.

    Yes modes are many but stick to the conventional ones like online saving aggregator sites/ Insurance aggregator sites etc which displays the best saving/ term plans so that you can stream lines the savings path and thereby get the best of your money

  2. ASIC just don’t get it do they . Passing a test to prove you understand that you know what your doing isn’t going to help you one iota if the firm goes belly-up . If anything , it’s the ASIC employees who need to hone their investigative & regulatory skills so they can step in before it’s too late . Plenty of traders with 20+ years experience in the markets got shafted by the MF Global collapse .

  3. Yep.


© Copyright 2015 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.