Those who make money by having retail traders copy or mirror their trades will need to be licensed.
LeapRate Exclusive... LeapRate has learned that two of the world's leading financial regulators, certainly when it comes to forex regulation -- ASIC in Australia and the FCA in the UK -- are in the advanced planning stages of regulating the practice of copy trading / auto trading / mirror trading.
While still not finalized in either instance, it appears as if both ASIC and the FCA will require anyone directing the investing and trading of client money, such as copy and mirror trade leaders as well as PAMM managers, to have an appropriate money managers' license, whether or not they actually hold client funds.
For more details see LeapRate's Forex Industry News at leaprate.com.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.
