Blocked from trading US ETF's with no warning

[Craig72]

I normally trade US ETF's and today without prior warning I can't. Orders get rejected so I called help desk and they notified me there's been a regulatory change. However it's still listed on IG's website you can. Surely IG should have known this was coming? 

[jrtira28]

Now that is a pain.

Out of interest, had you been trading under a 'professional' status? ...because I tried to place my first US ETF order today, only to be told the fund is exclusively for professionals despite having been told my completed  'experience' questionnaire last week was sufficient to proceed.

I'm just trying to determine if what you're saying is related because they also didn't expand to much beyond that for an explanation.. 

[ArvinIG]

9 hours ago, Craig72 said:

I normally trade US ETF's and today without prior warning I can't. Orders get rejected so I called help desk and they notified me there's been a regulatory change. However it's still listed on IG's website you can. Surely IG should have known this was coming? 

 

3 hours ago, jrtira28 said:

Now that is a pain.

Out of interest, had you been trading under a 'professional' status? ...because I tried to place my first US ETF order today, only to be told the fund is exclusively for professionals despite having been told my completed  'experience' questionnaire last week was sufficient to proceed.

I'm just trying to determine if what you're saying is related because they also didn't expand to much beyond that for an explanation.. 

Hi  @Craig72, @jrtira28,

Thank you for you posts.

There is a change with ETFs going forward. ETFs not providing a Key Investor Information Document (KIID) will not be tradeable unless you have a Pro account.

This rule applies for retail clients under European Securities and Markets Authority (ESMA).

I hope that it helps.

All the best - Arvin

 

[vagjiani]

KIDD Requirement has been in place for retail traders for long in the past, so has IG just caught up with the regulation?

[Craig72]

15 hours ago, jrtira28 said:

Now that is a pain.

Out of interest, had you been trading under a 'professional' status? ...because I tried to place my first US ETF order today, only to be told the fund is exclusively for professionals despite having been told my completed  'experience' questionnaire last week was sufficient to proceed.

I'm just trying to determine if what you're saying is related because they also didn't expand to much beyond that for an explanation.. 

I only meet one criteria which is volume. Last ETF was last week. 

[Craig72]

12 hours ago, ArvinIG said:

 

Hi  @Craig72, @jrtira28,

Thank you for you posts.

There is a change with ETFs going forward. ETFs not providing a Key Investor Information Document (KIID) will not be tradeable unless you have a Pro account.

This rule applies for retail clients under European Securities and Markets Authority (ESMA).

I hope that it helps.

All the best - Arvin

 

I'm aware of this now but where was the communication on this? One day you just can't trade with no prior warning is a strike against IG's customer relations.  
 

craig

[Craig72]

10 hours ago, vagjiani said:

KIDD Requirement has been in place for retail traders for long in the past, so has IG just caught up with the regulation?

I think so, I think they were probably waiting on the Regulators consultations to conclude and see which way the wind blew and continue to offer US funds. It's absolutely ridiculousthat as adults I can't inform myself and make rational choice on where to put my money. I bet these regulators are born losers in the markets. I'd put money on it!