Sistemas de negociação.
26 white papers e recursos.
TCA e execução justa. As métricas que a indústria FX deve usar.
Este documento branco propõe o plano para a metodologia FX TCA que permite aos participantes do mercado calcular e comparar os custos de negociação em ambas as empresas e liquidez de última aparência.
CES China 120 Futures - Uma útil ferramenta de cobertura offshore para investimentos transfronteiriços.
Este documento técnico explora as ferramentas necessárias para apoiar o investimento de ações transfronteiriças em Xangai, Shenzhen e Hong Kong. O documento fornece ainda uma ferramenta de mercado offshore conveniente e econômica para o investimento no mercado mútuo.
O Silicon Valley atende Houston: o surgimento da colaboração nos mercados de energia.
Este white paper destaca como os mercados de energia podem se inspirar no Silicon Valley para estabelecer modelos de negócios colaborativos para descobrir novas oportunidades.
Resumo da Informação Regulamentar: MiFID II - Supervisão Comercial: Primeira Defesa.
Este documento técnico explora o que está envolvido na implementação de novos regulamentos e como a frente terá de se adaptar em resposta às mudanças.
Resumo da Informação Regulamentar: MiFID II - Requisitos de Risco: Reexame do Risco.
Este documento descreve vários artigos importantes da MiFID II, que as instituições financeiras devem examinar, a fim de garantir que cumpram os novos requisitos de risco.
Uma Nova Perspectiva: Melhorando a Eficácia da Análise de Custo de Transação.
Tendo examinado as tendências e as atitudes atuais em relação à análise de custos de transações, este documento descreve como as organizações podem desenvolver a utilização atual desta ferramenta analítica para melhorar o processo de investimento.
Resumo da informação regulamentar: MiFID II - Vigilância comercial: aumentando a barra.
Este documento técnico analisa os principais catalisadores de mudanças na regulamentação recente e as implicações que isto terá para as empresas.
China's Quest to Global Currency Recognition.
Este white paper explora as razões por trás da decisão do FMI de incluir o yuan chinês em seus direitos de saque especiais; as implicações globais da inclusão; e o que os mercados podem esperar da China em 2018.
O aumento do custo dos relatórios comerciais: as empresas podem se manter em conformidade?
Este white paper explora o estado atual dos relatórios comerciais e mostra como os custos, a complexidade e o escrutínio regulatório estão aumentando os negócios para soluções gerenciadas de terceiros.
Hedge Funds: enfrentando novos desafios.
Os mercados financeiros globais estão no limiar de uma nova era reguladora. A tecnologia, sem dúvida, apoiará os esforços dos fundos de hedge para cumprir e competir neste ambiente em mudança. Mas é melhor criar sistemas customizados em casa ou usar um fornecedor de produtos off-the-shelf de terceiros?
Paginação.
Falando como uma única - A convergência nos padrões de Basileia exigirá que os bancos repensem suas infraestruturas de risco.
19 de maio de 2017 Download.
Dados unificados - Chave para a implementação da IFRS 9 Resumo das informações regulamentares (Parte II)
19 de dezembro de 2017 Download.
Preparação da FRTB - Examinando as possíveis armadilhas à frente.
20 Nov 2017 Download.
Empowering sua estratégia de gerenciamento de risco.
31 de agosto de 2017 Download.
Integração do beta inteligente em um mercado chinês em desenvolvimento.
12 de janeiro de 2018 Download.
Bracing para impacto - Enfrentando os desafios colocados pelo IRRBB.
11 Jan 2018 Download.
A Aceleração do Cálculo de Swaps de Mercados Emergentes.
04 Jan 2018 Visita.
Dados unificados - Chave para a implementação da IFRS 9 Resumo das informações regulamentares (Parte II)
19 de dezembro de 2017 Download.
Como a IFRS 9 pode unir risco e contabilidade - Informações sobre regulamentação breve (Parte I)
29 de novembro de 2017 Download.
Preparação da FRTB - Examinando as possíveis armadilhas à frente.
20 Nov 2017 Download.
Preparação da FRTB - Examinando as possíveis armadilhas à frente.
20 Nov 2017 Download.
A Aceleração do Cálculo de Swaps de Mercados Emergentes.
04 Jan 2018 Visita.
Dados unificados - Chave para a implementação da IFRS 9 Resumo das informações regulamentares (Parte II)
19 de dezembro de 2017 Download.
Bracing para impacto - Enfrentando os desafios colocados pelo IRRBB.
11 Jan 2018 Download.
Falhas operacionais do gerenciamento de riscos regulatórios - Atualização das três linhas do modelo de defesa.
04 Abr 2017 Download.
Empowering sua estratégia de gerenciamento de risco.
31 de agosto de 2017 Download.
&cópia de; Infopro Digital 2017 Infopro Digital Risk (IP) Limited, publicado pela Infopro Digital Risk Limited, Haymarket House, 28-29 Haymarket, London SW1Y 4RX, são empresas registradas em Inglaterra e País de Gales com números de registro da empresa 9232733 & amp; 9232652.
Livro Branco do Comércio: Preparando-se para a nossa futura política comercial do Reino Unido - resposta do governo.
Publicado em 5 de janeiro de 2018.
© Crown copyright 2018.
Esta publicação é licenciada sob os termos da Open Government License v3.0, exceto quando indicado de outra forma. Para ver esta licença, visite nationalarchives. gov. uk/doc/open-government-licence/version/3 ou escreva para a Equipe de Política de Informações, The National Archives, Kew, London TW9 4DU, ou e-mail: psi@nationalarchives. gsi. gov. uk.
Onde identificamos qualquer informação de direitos autorais de terceiros, você precisará obter permissão dos titulares dos direitos autorais em questão.
Esta publicação está disponível em https://gov. uk/government/publications/trade-white-paper-preparing-for-our-future-uk-trade-policy-government-response/trade-white-paper-preparing-for - nossa-futuro-reino-comércio-política-governo-resposta.
Prefácio do Secretário de Estado para o Comércio Internacional e Presidente da Câmara de Comércio.
Em outubro, publicamos o Livro Branco do Comércio, que definiu a nossa ambição de construir uma futura política comercial que não só ofereça benefícios para a economia do Reino Unido, mas também para empresas, trabalhadores e consumidores. O Reino Unido tem uma longa e orgulhosa história como grande nação comercial e campeã do comércio livre com todas as partes do mundo. Queremos maximizar nossas oportunidades comerciais globalmente e em todos os países - tanto por meio do fortalecimento de nossas relações comerciais com velhos amigos e novos aliados, e buscando uma parceria profunda e especial com a UE. O projecto do FMI de que cerca de 90% do crescimento mundial provavelmente virá de fora da UE 1, pelo que é provável que uma maior proporção do comércio do Reino Unido continue a ser com países não pertencentes à UE.
O documento continha os princípios que guiarão a futura política comercial do Reino Unido, bem como a elaboração das medidas práticas que irão apoiar esses objetivos.
O comércio global teve, e continua a ter, um impacto extremamente positivo na prosperidade nas comunidades de cima e de baixo do Reino Unido, bem como em todo o mundo. É por isso que estamos empenhados em trabalhar com as empresas para ajudá-los a aproveitar ao máximo as muitas oportunidades comerciais à medida que deixamos a UE. Em tudo isso, trabalhamos em estreita colaboração com as administrações descentralizadas à medida que forçamos novas e mais profundas relações comerciais em todo o mundo.
Desde a publicação do Livro Branco do Comércio, o governo lançou sua Estratégia Industrial. Nossa política comercial futura tem a Estratégia Industrial em seu coração, permitindo que as empresas exportem, atraindo investimentos e incentivando a colaboração de parceiros emergentes e estabelecidos em todo o mundo.
Também apresentamos os projetos de comércio e tributação (comércio transfronteiriço), que assegurarão que o Reino Unido esteja pronto para quando deixamos a UE, proporcionando continuidade para indivíduos, empresas e parceiros comerciais internacionais.
Eu sempre fui claro que nossa abordagem para desenvolver nossa política comercial futura deve ser transparente e inclusiva. O Livro Branco solicitou opiniões tanto sobre os poderes legais específicos quanto sobre a abordagem em desenvolvimento mais ampla. Ele gerou cerca de 8.000 respostas de uma seção transversal de negócios e sociedade. Sou muito grato a todos aqueles que responderam, com pessoas dizendo que se congratularam com a oportunidade de contribuir para o desenvolvimento de nossa futura política comercial.
Este documento apresenta a resposta do departamento e as ações de acompanhamento que serão tomadas como resultado de seus comentários.
À medida que avançamos no desenvolvimento da nossa política comercial futura, continuamos empenhados em um envolvimento significativo e um diálogo aberto com empresas, parceiros e partes interessadas de todo o Reino Unido. Minha equipe de ministros e altos funcionários reuniu-se com uma ampla gama de partes interessadas e isso tem sido incrivelmente valioso para informar nossa abordagem. Desejo que você continue a envolver-se com a gente enquanto desenvolvemos nossa estratégia comercial futura.
Introdução.
O documento congratulou-se com as opiniões dos inquiridos sobre todos os aspectos da nossa abordagem em desenvolvimento e buscou visões em particular sobre:
uma. nossos compromissos com uma política comercial inclusiva e transparente.
b. nossa abordagem às preferências comerciais unilaterais.
c. nossa abordagem para remédios comerciais.
Este documento resume os envios recebidos e apresenta a resposta do governo.
Recebemos 150 respostas fornecendo feedback e evidências em resposta a questões específicas colocadas no documento de política e à nossa abordagem geral para uma futura política comercial do Reino Unido. Foram recebidas candidaturas de empresas e da sociedade civil, incluindo organizações representativas e organizações não governamentais (ONGs)
Além disso, recebemos um grande número de respostas (7.429) como parte de uma campanha da Sociedade Civil sobre transparência e inclusão.
Como este documento está estruturado.
O Livro Branco foi dividido nos princípios que seguiremos à medida que desenvolvemos uma política comercial do Reino Unido. As respostas às questões foram analisadas e agrupadas em temas em torno desses princípios fundamentais. Depois de resumir as visualizações dos entrevistados, apresentamos nossa resposta.
Este artigo não contém uma lista completa de respostas recebidas, e os pontos de vista apresentados neste documento não são atribuídos a respondentes individuais ou grupos de inquiridos.
1. Apoiar um ambiente de negociação global baseado em regras.
1.1 Horários (OMC)
Os entrevistados apoiam a estratégia do governo para a transição da adesão da OMC no Reino Unido quando saímos da União Européia, aprovando a metodologia eo processo a serem seguidos em relação à distribuição das cotas tarifárias. A clareza foi solicitada em várias áreas, incluindo atualizações sobre o processo, informações sobre o tempo necessário para chegar a um acordo para certificar os horários do Reino Unido e o que pode acontecer se o Reino Unido deixar a UE antes que este acordo seja alcançado. As respostas também ressaltaram a necessidade de envolvimento inter-governamental e industrial no processo.
O Reino Unido é membro da Organização Mundial do Comércio (OMC) por seu próprio direito, e atualmente cumpremos todas as obrigações da adesão à OMC como membro da UE. No entanto, ao deixar a UE, precisaremos atualizar os termos da nossa adesão à OMC. O governo está preparando horários específicos do Reino Unido que, na medida do possível, não alterarão o alcance das obrigações de acesso ao mercado do Reino Unido, nem nos nossos Mercadorias (GATT) quanto nos serviços (GATS). Nos bens, isso também inclui o acesso ao mercado atualmente desfrutado por parceiros comerciais sob Quotas Tarifárias (TRQs) e Medição Global de Apoio (AMS). Nos serviços, também significa a preparação de um anexo específico do Reino Unido sobre as isenções do Artigo II (Tratamento da Nação Mais Favorecida) no âmbito do AGCS.
O governo sempre afirmou que o melhor caminho a seguir é que o Reino Unido replica, na medida do possível, seus compromissos atuais. É nossa intenção fazer isso e ter nossos horários da OMC no caminho da certificação pelo ponto em que deixamos a UE. Se os horários dos bens e serviços não forem certificados à medida que deixamos a UE, não prevemos que haja problemas - não é incomum que os membros da OMC operem em horários não certificados por períodos de tempo. Em qualquer caso, continuaremos a trabalhar o mais cedo possível um ponto de certificação. A própria UE não dispõe de cronogramas certificados actualizados desde o alargamento da CE15 em 1995.
Registaram-se progressos na transição do Reino Unido para a OMC. Nos comprometemos abertamente com todos os membros da OMC desde a nossa votação para deixar a UE. Nós também nos comprometimos com administrações descentralizadas, bem como negócios, agricultura e outros grupos de interesse, discutindo nossas intenções com eles e atualizando-os em nosso progresso.
O Reino Unido continuará a ser um forte defensor da OMC e da liberalização do comércio, tal como sempre foi. O Reino Unido reconhece o valor da OMC para o livre comércio baseado em regras, combinando como negociação, monitoramento e resolução de disputas, bem como assistência técnica.
As respostas à posição do governo sobre o Acordo da OMC sobre Compras Governamentais (GPA), conforme estabelecido no Livro Branco, foram amplamente positivas. A adesão independente do Reino Unido ao GPA é vista como um próximo passo necessário pelas empresas e pela sociedade civil. Um ponto particular foi feito sobre como a adesão independente do GPA é essencial se as pequenas empresas tiverem acesso continuado a contratos governamentais e oportunidades de compras no exterior. Além disso, observamos que certos acadêmicos, que apresentaram seu trabalho na posição futura do Reino Unido no GPA, chegaram à mesma conclusão que a HMG - que a adesão independente do GPA deveria ser buscada.
Atualmente, o Reino Unido participa do GPA através da sua adesão à UE e está a tomar as medidas necessárias para manter a sua participação quando o Reino Unido deixa a UE. O Reino Unido está tentando se juntar ao GPA como um partido independente depois que ele sai da UE, para proteger o acesso garantido aos mercados mundiais de contratos públicos para empresas do Reino Unido, estimado coletivamente no valor de mais de £ 1,3 trilhões por ano, globalmente. O envolvimento das partes interessadas no GPA confirmou que a continuação da participação do Reino Unido no GPA é importante para as empresas do Reino Unido. Continuaremos a envolver-nos com as partes interessadas ao longo dos próximos meses, para atualizá-los sobre o progresso da adesão do Reino Unido independente do Reino Unido ao GPA e buscaremos novas contribuições e comentários sobre eles nesta área política.
2. Impulsionar nossos relacionamentos comerciais.
À medida que deixamos a UE e desenvolvemos nossa própria política comercial, o governo comprometeu-se a garantir que as empresas e os consumidores do Reino Unido e da UE possam continuar a negociar livremente entre si, como parte de uma nova parceria profunda e especial. Também aumentaremos nossas relações comerciais com velhos amigos e novos aliados. À medida que nos preparamos para sair da UE, procuraremos a transição de todos os acordos comerciais existentes da UE e outros acordos preferenciais da UE. Isso garantirá que o Reino Unido mantenha a maior quantidade de certeza e estabilidade em nossas relações comerciais e de investimento para nossos negócios, cidadãos e parceiros comerciais.
2.1 Negociação com a UE.
Enquanto os inquiridos congratularam-se com o Livro Branco e as medidas que estamos levando para estar prontos para sair da UE, eles também enfatizaram a importância de um acordo mutuamente benéfico com a UE. Outros enfatizaram a importância do futuro relacionamento econômico do Reino Unido com a UE. Nosso compromisso de buscar um período de implementação limitado no tempo foi bem-vinda, com os respondentes afirmando que isso lhes permitiria tempo para se ajustar e permitir que novos sistemas fossem implementados. A comunidade empresarial pediu maior clareza para permitir o planejamento.
Enquanto somos membros da UE, permanecemos totalmente envolvidos no negócio de negócios da UE em andamento. Participamos ativamente dos grupos de trabalho comerciais da UE em todos os níveis, e os ministros do DIT representam o Reino Unido nos Conselhos de Comércio e Relações Exteriores da UE.
Em 15 de Dezembro, o Conselho Europeu confirmou que foram realizados progressos suficientes para avançar para a segunda fase das negociações, relacionadas com a transição e a nossa relação futura. Como disse o primeiro-ministro, este é um passo importante no caminho para oferecer um Brexit suave e ordenado e forjar uma parceria nova, profunda e especial. Fizemos bons progressos e chegamos a um acordo com os negociadores da UE sobre algumas questões muito difíceis.
As equipas de negociação do Reino Unido e da UE emitiram um relatório conjunto sobre os progressos realizados nas três áreas abordadas na primeira fase das negociações. Ele estabelece:
um acordo justo sobre os direitos dos cidadãos que permite que os cidadãos do Reino Unido e da UE continuem com a sua vida de forma ampla, como agora no país, eles vivem uma solução financeira que honra os compromissos assumidos como membros da UE - como dissemos que faríamos. É uma entrega justa de nossas obrigações, à luz do espírito da nossa futura parceria, um acordo sobre a ilha da Irlanda que preserva a integridade territorial do Reino Unido ea estabilidade que foi provocada pelo Acordo de Belfast. A solução não verá nenhuma borda rígida ou infra-estrutura física nele.
Congratulamo-nos com esta conclusão. Este é um passo importante para ambos os lados e demonstra os interesses que compartilhamos na gestão da nossa saída sem problemas e na mudança das negociações.
O governo congratula-se com o apelo do presidente Tusk para discussões sobre o período de implementação para começar imediatamente e seus comentários que devem ser acordados o mais rápido possível. Estamos propondo um período de implementação estritamente limitado no tempo, com base na estrutura existente das regras e regulamentos da UE, durante os quais o Reino Unido e a UE continuariam a ter acesso aos mercados uns dos outros nos termos atuais, e o Reino Unido participaria de medidas de segurança.
Um período de implementação também significa que tanto as empresas como os serviços públicos só terão de planejar um conjunto de mudanças na relação entre o Reino Unido e a UE. A comunidade empresarial ficou clara sobre a importância deste para seu planejamento. A duração do período deve ser determinada simplesmente por quanto tempo demorará para preparar e implementar os novos processos e novos sistemas - neste momento, isso indica um período de cerca de 2 anos. E deve ser acordado o mais cedo possível, de modo a proporcionar certeza.
Continua o caso de que nada é acordado até que tudo esteja de acordo, mas esperamos que os acordos alcançados até agora façam parte de um pacote final que estabeleça uma parceria profunda e especial entre o Reino Unido e a UE para o futuro - que permita para o comércio forte e a cooperação mais próxima sobre as questões que importam.
Negociando com o resto do mundo.
uma. Transição de acordos comerciais da UE-Terceiro País.
Os entrevistados congratularam-se com o compromisso do governo de proporcionar estabilidade e certeza para as empresas e os consumidores, procurando continuar os acordos comerciais existentes da UE-Terceiro país e estão interessados em permanecer atualizados à medida que o trabalho com países parceiros progride. É essencial que as empresas, a sociedade civil e o público em geral sejam atualizados sobre o progresso deste trabalho e que o continuo do programa de acordo comercial seja transparente e inclusivo.
O governo pretende buscar a continuidade dos efeitos dos acordos comerciais da UE-Terceiros países e de outros acordos preferenciais da UE. Estamos discutindo com nossos parceiros comerciais como essa continuidade é melhor alcançada e está examinando cada acordo de comércio da UE caso a caso. Tivemos reações positivas dos países parceiros à nossa abordagem, no entanto, é muito cedo para dizer o que isso significará exatamente em qualquer caso particular ou para qualquer país em particular. Este é um exercício técnico para replicar os efeitos da negociação atual em vez de uma oportunidade de renegociar termos. O Trade Bill contém poderes que permitirão que o governo do Reino Unido e as administrações descentralizadas ofereçam continuidade quando o acordo foi alcançado com nossos países parceiros.
Continuaremos trabalhando com as administrações descentralizadas para discutir nossa abordagem para manter o efeito dos atuais acordos de livre comércio da UE e dos acordos preferenciais da UE, para garantir estabilidade e continuidade para as empresas e os consumidores em todo o Reino Unido.
Uma vez que o Livro Branco do Comércio foi publicado, nós nos contratamos amplamente com as partes interessadas, através da nossa mesa redonda presidida por diretor, um programa de eventos regionais e sessões informativas de estilo "prefeitura", e continuará este programa de engajamento até a continuidade nos acordos comerciais. garantido.
b. Negociando e implementando novos acordos comerciais.
Os entrevistados congratularam-se com a intenção do governo de desenvolver uma política comercial que apoie a política interna e interna, a sustentabilidade, a segurança, o meio ambiente e os objetivos de desenvolvimento. Submissões focadas nos seguintes pontos:
que os serviços públicos são protegidos de transparência na negociação de acordos comerciais.
Além da transição para os acordos comerciais existentes da UE, o governo está trabalhando com vários outros países para explorar as melhores formas de desenvolver nossas relações comerciais e de investimento atuais, o que pode incluir os acordos de comércio livre (ALC) à medida que deixamos a UE.
Nós estabelecemos grupos de trabalho e diálogos de alto nível com uma série de principais parceiros comerciais, incluindo os Estados Unidos, Austrália, China, o Conselho de Cooperação do Golfo (GCC), Índia, Japão e Nova Zelândia.
Isso envolve o trabalho preparatório sobre o potencial dos futuros acordos comerciais. Também envolve trabalho exploratório com vários países sobre medidas não pautais que poderiam facilitar o comércio (incluindo abordagens de barreira ao acesso ao mercado e reconhecimento mútuo de qualificações).
Também envolve a exploração de outros mecanismos (além dos ALC formais) para ajudar a aumentar a relação comercial do Reino Unido com esses países. Esses mecanismos incluem Análises comerciais conjuntas para explorar as relações comerciais existentes e o futuro potencial de crescimento do comércio com os principais parceiros.
Para informar as posições políticas da DIT e a nossa abordagem para o envolvimento com os principais países parceiros, estamos envolvidos com uma série de partes interessadas, de toda a sociedade civil e de negócios, através de reuniões bilaterais e uma variedade de sessões informativas e oficinas. Esse compromisso de se envolver com a mais ampla gama de partes interessadas reflete a nossa maior ênfase em uma abordagem transparente, justa e baseada em regras para o comércio internacional, nos nossos novos diálogos comerciais com os países parceiros.
Avançando, vamos desenvolver as respostas que recebemos no Livro Branco para desenvolver os mecanismos de engajamento e análise que funcionam efetivamente para as partes interessadas - para permitir que representantes da sociedade civil e das empresas apoiem a negociação comercial e as equipes de políticas no DIT com seus conhecimentos. Qualquer novo acordo comercial deve ser correto para consumidores do Reino Unido, produtores (incluindo agricultura) e empresas. Nós sempre mantivemos claro que qualquer acordo comercial também deve manter padrões elevados de padrões, incluindo trabalho, saúde, segurança, bem-estar animal e padrões ambientais.
As decisões sobre os serviços públicos, por exemplo, o Serviço Nacional de Saúde, serão feitas pelos governos do Reino Unido, incluindo as administrações descentralizadas, e não os nossos parceiros comerciais. O setor de saúde pública do Reino Unido é protegido por exceções e reservas específicas nos acordos comerciais da UE que lhe permitem introduzir ou reintroduzir medidas de política restritivas para o comércio no futuro se desejável. À medida que deixamos a UE, o Reino Unido continuará a garantir que as proteções rigorosas para o SNS sejam incluídas em todos os acordos comerciais aos quais é parte. O governo do Reino Unido garante que as decisões sobre como os serviços públicos e os resultados são entregues para os cidadãos do Reino Unido são feitas pelos governos do Reino Unido e não pelos nossos parceiros comerciais.
Continuaremos a trabalhar para garantir que o processo de negociação e implementação de novos acordos comerciais seja transparente, eficiente e eficaz, prevendo um quadro legislativo que permita que os futuros acordos comerciais passem rapidamente do acordo para a ratificação e implementação, apoiando o devido processos para o escrutínio parlamentar completo.
Também estamos empenhados em trabalhar com as administrações descentralizadas na nossa abordagem para a implementação de novos acordos comerciais assinados após a saída da UE, bem como o papel que desempenharão para ajudar a moldar a futura política comercial do Reino Unido.
3. Apoiar os países em desenvolvimento para reduzir a pobreza.
O governo do Reino Unido tem um compromisso de longa data para apoiar os países em desenvolvimento a reduzir a pobreza através do comércio. O governo continuará a apoiar os países em desenvolvimento a quebrar os obstáculos ao comércio. Isso, por sua vez, os ajuda a crescer suas economias, aumentar os rendimentos e reduzir a pobreza. Ajudar a construir a prosperidade dos países em desenvolvimento cria as condições que permitem que o comércio floresça, proporcionem estabilidade econômica e, ao fazê-lo, abre oportunidades para o mercado britânico nos mercados futuros.
3.1 acordos comerciais do Reino Unido com países em desenvolvimento.
Em geral, as respostas saudaram fortemente o compromisso do governo com o desenvolvimento como parte da política comercial do Reino Unido. Essas respostas também apoiaram muito nossa abordagem para manter o acesso atual para os países mais pobres do mundo para os mercados do Reino Unido e nosso objetivo de manter o acesso preferencial para outros países em desenvolvimento. Os entrevistados sugeriram áreas de melhoria, incluindo: ampliar as preferências para um conjunto mais amplo de países, simplificar as regras e ampliar a gama de produtos que podem beneficiar de tarifas zero ou reduzidas.
Vários entrevistados questionaram o impacto no desenvolvimento dos Acordos de Parceria Econômica (APE) com alguns entrevistados sugerindo que os países da EPA deveriam retornar a um esquema unilateral. Outras respostas anotaram os benefícios dos APEs de rodapé no curto e médio prazo para fins de continuidade.
Os entrevistados também destacaram áreas onde o Reino Unido poderia apoiar melhor os países em desenvolvimento, além dos acordos de comércio, no futuro. Isso inclui como o Reino Unido pode: apoiar os países em desenvolvimento para o comércio; incluir disposições sobre desenvolvimento sustentável, gênero e direitos humanos em futuros acordos comerciais; e realizar avaliações de impacto detalhadas que incluem o potencial impacto no desenvolvimento.
À medida que deixamos a UE, é necessária uma transição suave, não só para o Reino Unido, mas também para os países em desenvolvimento. Continuaremos a envolver-nos estreitamente com as partes interessadas na política de comércio e desenvolvimento nos próximos meses e analisaremos as questões levantadas em resposta ao Livro Branco como parte desse engajamento. Nos APE, tomamos em consideração os desejos de continuidade dos nossos parceiros e procuraremos replicar os efeitos desses acordos à medida que o Reino Unido deixa a UE. Nossa abordagem também leva em consideração os benefícios a longo prazo oferecidos pelos APE, reconhecendo a necessidade de parcerias bilaterais mais maduras à medida que os países se movem para o status de renda média e fornecem uma forte mensagem de continuidade para as empresas. Uma vez que saímos da UE, planejamos trabalhar com parceiros para desenvolver e expandir essas relações comerciais para o futuro.
Conforme estabelecido no Livro Branco, também construiremos nosso histórico como campeão do comércio e do desenvolvimento, oferecendo um pacote de comércio e desenvolvimento totalmente integrado, que fortalece o apoio aos países em desenvolvimento. Além de procurar aumentar o acesso ao mercado para os países em desenvolvimento, nossos gastos com ajuda continuarão a fornecer apoio e assessoria especializada para quebrar os obstáculos ao comércio e promover investimentos para que os países em desenvolvimento possam aproveitar melhor esses acordos comerciais. Este trabalho irá considerar a proteção do trabalho, o meio ambiente, os direitos humanos e outros fatores que apoiem o desenvolvimento sustentável. O Departamento de Comércio Internacional continuará a trabalhar em estreita colaboração com o Departamento de Desenvolvimento Internacional sobre a nossa futura política comercial e de desenvolvimento.
4. Garantir condições equitativas.
O comércio livre não significa comércio sem regras. À medida que o Reino Unido deixa a UE, teremos de implementar um quadro de remédios comerciais independente do Reino Unido para proteger a indústria do Reino Unido de um prejuízo causado por práticas comerciais injustas, como dumping ou subsídios, ou por surtos imprevistos nas importações. Em consonância com as nossas obrigações da OMC, o quadro do Reino Unido será implementado por um novo mecanismo para investigar casos e propor medidas que ofereçam proteções proporcionadas para a indústria do Reino Unido.
4.1 Remédios comerciais.
Em geral, os entrevistados apoiam as propostas do governo para criar um quadro de soluções comerciais que seja imparcial, proporcional, eficiente e transparente, e procure garantir condições de concorrência equitativas. Existe um forte consenso para o escrutínio do processo, incluindo o exame parlamentar da legislação secundária e o envolvimento contínuo com as partes interessadas para garantir sua contribuição. Em todos os grupos de entrevistados externos, houve uma recepção positiva ao uso de um serviço digital em nossa estrutura de remédios comerciais.
Como o envolvimento anterior das partes interessadas havia indicado, vários entrevistados estavam preocupados com aspectos da abordagem do governo, em particular, o limite de quota de mercado, a regra de menor direito e o teste de interesse econômico.
Algumas empresas suscitaram a preocupação de que a introdução de um limite de quota de mercado específico do Reino Unido, além do teste permanente da OMC, em relação ao início de investigações, poderia ser usado pela nova Autoridade de Remédios Comerciais (TRA) como uma ferramenta de gerenciamento de casos. Houve alguma oposição em relação ao uso da regra do menor direito, com algumas associações da indústria suscitando preocupações de que não ofereceria proteção suficientemente forte para a indústria do Reino Unido e exortando o governo a trabalhar em estreita colaboração com a indústria para desenvolver o detalhe de como seria aplicado na prática para que ele funcione de forma eficaz.
Os entrevistados também foram divididos pela inclusão de um teste de interesse econômico; algumas organizações comerciais e associações industriais questionaram como o teste funcionará na prática, e se ele acabará por se tornar uma decisão política. Eles expressaram preocupação de que um teste atribuísse muita importância aos interesses dos consumidores. No entanto, outros entrevistados, como os varejistas e os representantes da profissão de advogado, foram a favor de estabelecer uma maneira de equilibrar interesses mais amplos, como os consumidores e os consumidores a jusante, caso a caso. Além disso, alguns entrevistados expressaram preocupação com a aplicação concorrente de um teste de interesse econômico e uma regra de menor direito.
Alguns entrevistados também expressaram sua preocupação pelo fato de o Livro Branco não ter estabelecido a abordagem do governo para lidar com as importações de economias não-econômicas e argumentou que disposições adequadas para lidar com tais situações deveriam ser estabelecidas na legislação primária.
Representantes da profissão legal também reconheceram a importância de equilibrar a necessidade de uma análise independente e imparcial dos casos de remédios comerciais com a necessidade de assegurar um papel apropriado para os ministros no processo.
O governo continuou a se envolver amplamente com as partes interessadas e outras partes interessadas através de uma série de mesas redondas, reuniões bilaterais e ministeriais desde o verão, para entender os pontos de vista das partes interessadas e discutir o design do futuro quadro de remédios comerciais do Reino Unido. Reconhecemos as preocupações expressas, durante essas reuniões, e em resposta ao Livro Branco, tanto pelos produtores de produtos atualmente protegidos por medidas de remédio comercial quanto pelos usuários a jusante e consumidores desses produtos. O governo considera que as medidas propostas garantem uma abordagem transparente e proporcionada para garantir que as empresas do Reino Unido possam competir em um campo de jogo justo.
O limiar de quota de mercado destina-se apenas a impedir o início de uma investigação em casos limitados de "minimis" em que os queixosos têm uma parte tão pequena do mercado do Reino Unido que é claro antecipadamente que as medidas não seriam no interesse económico mais vasto do Reino Unido . Desta forma, opera nos interesses da indústria do Reino Unido e do contribuinte, pois assegurará que não incorrerão nos custos envolvidos em uma investigação susceptível de falhar. O limite não se destina a ser usado pelo TRA como forma de gerenciar a carga de trabalho.
O governo está empenhado em garantir a existência de proteções robustas para a indústria do Reino Unido, tendo em conta os impactos nos usuários e consumidores e na agenda comercial mais ampla. Esse compromisso se reflete no uso da regra do menor direito e do teste de interesse econômico. The lesser duty rule, an approach encouraged by the WTO , removes the injury suffered by industry without adding unnecessary or disproportionate costs to downstream users or consumers and has been shown to achieve a reduction in injurious imports where it has been used by the EU . The UK’s economic interest test is similar to the Union interest test currently used by the European Commission. It operates on a starting presumption in favour of measures where there is evidence of injury caused by dumping or unfairly subsidised imports, but allows the TRA to consider whether measures might have a disproportionate impact on wider economic interests and ensures that measures are not imposed where they are not in the overall economic interests of the UK. To increase transparency to business, the economic interest test will be based on a list of objective economic criteria set out in legislation.
We recognise the concerns expressed by some respondents at the concurrent use of lesser duty rule and economic interest test, but it is important to note that these are very different. The lesser duty rule makes sure that any duties imposed are set at the level necessary to address the injury to UK producers, and focuses only on the injury suffered by producers. The economic interest test then considers what the wider impacts of the measures would be on other affected groups, such as downstream user industries and consumers, to make sure that measures are in the overall economic interest of the UK.
With regard to the concerns expressed about imports of goods from countries where a particular market situation exists such that the normal value of a good cannot be properly determined using domestic costs, all major economies have a trade remedies framework that enables investigations to use alternative methodologies in such a situation and the UK will be no different.
The Taxation (Cross-border Trade) Bill and Trade Bill were introduced in November 2017. This legislation establishes a framework for the UK’s future trade remedies system that is impartial, proportionate, efficient and transparent. The framework will be delivered by a new Trade Remedies Authority (TRA ) with the right level of independence to allow it to reach informed and objective conclusions. Work is now underway to develop the detail of how the system will work in practice, once the UK operates its own trade remedies regime. The government will continue to engage with a wide range of stakeholders to develop our thinking as this work progresses, as well as with the devolved administrations.
In order to ensure as much continuity as possible for UK industry once the UK operates its own trade remedies regime, the department has issued a call for evidence, to identify which of the existing EU trade remedy measures are most relevant to the UK’s industries. This will identify existing measures that meet the needs of UK business and need to be maintained, and identify those which have no positive benefit for UK industry or only prove to increase costs to consumers.
4.2 Conducting trade disputes.
We received constructive responses on questions around trade disputes and market access barriers. They focused on the importance of transparency; the interaction between WTO disputes policy and future free-trade agreements; making sure that our disputes mechanisms are accessible and user-friendly; the UK’s operational capacity to launch and defend disputes; the function of dispute resolution mechanisms in free-trade agreements (including a future deal with the EU ), and on the importance of effectively addressing non-tariff barriers to trade.
When we leave the EU , the UK’s independent trade disputes capability will form part of a holistic approach to protecting and advancing the UK’s trade interests. We recognise that clear communication between government and industry is vital in creating effective disputes capability. The nature of trade disputes means that some of the information held by the government will be commercially sensitive, and some procedures will be operationally sensitive; however, where appropriate we will always aim to be open to and approachable by businesses and other interested parties. Provisions for dispute resolution chapters in free trade agreements are important for ensuring that all parties comply with their obligations, thereby increasing predictability and certainty for UK businesses. We are assessing the various forms that these chapters can take, and will aim to secure mechanisms that are effective and timely, and maintain recourse to WTO dispute settlement procedures.
When it comes to a future UK-EU trade partnership, the UK will continue to engage constructively to negotiate an approach to enforcement and dispute resolution which meets the key objectives of the UK, whilst underpinning the deep and special partnership we seek with the EU . In this field as in others, in leaving the European Union we will bring about an end to the direct jurisdiction of the Court of Justice of the European Union once we have left the EU .
The government’s policy capacity to support the launching and defence of WTO disputes continues to grow, as recruitment of experienced staff and training of existing staff continues.
We welcome the recognition of the importance of addressing non-tariff barriers to trade. The government is developing its approach to dealing with market access barriers faced by UK businesses overseas, including building a comprehensive picture of market access barriers reported by UK exporters, and continuing to make effective use of our network of staff at posts around the world.
5. Trade that is transparent and inclusive.
Our approach to developing our future trade policy must be transparent and inclusive. Parliament, the devolved administrations, the devolved legislatures, local government, business, trade unions, civil society, and the public from every part of the UK must have the opportunity to engage with and contribute to our trade policy. We will also take into account the views of the Crown Dependencies and Overseas Territories, including Gibraltar.
5.1 Transparency and scrutiny.
Respondents were supportive of DIT ’s ambition to be as transparent as possible, and welcomed the government’s explicit commitment to take the views of a wide range of respondents into account. Similarly, respondents welcomed the government’s commitment to continue to respect the role of Parliament in preparing for an independent UK trade policy. There was wide engagement, with campaigns calling for us to maintain and strengthen the role of Parliament in trade negotiations. Respondents looked forward to receiving more detail on how this transparent approach to scrutiny will work in practice. Respondents also called for reassurances that consumer safety standards and public services, including the NHS , would be protected in any future trade deals.
A number of organisations highlighted their support for a remit for the devolved administrations in future trade agreements, and raised the importance of ensuring the input of the devolved administrations in trade negotiations and developing governance arrangements to support this effectively.
The government is committed to building transparency mechanisms that effectively shape the direction of future UK trade policy. The government acknowledges the proposals offered by campaigns which outline various mechanisms for greater parliamentary involvement in trade agreements. These options will inform our trade policy considerations for the transparency and scrutiny of future agreements.
As our departure from the European Union offers us an opportunity to forge a new role for ourselves in the world by negotiating our own trade agreements, we will look at examples of engagement and scrutiny to aim for best in class that works for the UK. The government appreciates the proposals outlining mechanisms for greater parliamentary involvement in trade agreements, and we will implement a continued programme of engagement in 2018. Our continued engagement with Parliament will build an understanding of the interests, attitudes and concerns about our future trade policy. The government will balance the need for public information and oversight whilst preserving confidentiality where it is required at vital stages of the negotiation.
The UK government is fully committed to the devolution settlements and recognises the devolved administrations’ direct interest in our future trade arrangements. That is why we will continue to work closely with them to deliver an approach that works for the whole of the UK, reflecting the needs and individual circumstances of England, Scotland, Wales and Northern Ireland, and drawing on their essential knowledge and expertise.
We recognise that if we are to represent the UK effectively on the international stage, we must build support for our vision across all four nations and deliver real, tangible benefits. We are committed to working with the devolved administrations on our approach to the implementation of trade agreements signed after EU exit, as well as the role they will play in shaping the UK’s future trade negotiations.
5.2 Inclusiveness.
Respondents welcomed our commitment to an inclusive approach to developing a future UK trade policy. Some of the feedback asked for DIT to establish a formal mechanism by which stakeholders can engage with us. We received proposals on what this mechanism could look like with many respondents opting for a system of advisory boards.
There was also a call that whichever mechanism DIT ultimately puts in place, it should meet 2 broad principles:
this system should be inclusive of all stakeholders. This means that it should draw from business of all sizes and across all sector, civil society organisations and interest groups, and the public it should accessible to stakeholders across the whole of the UK. Accessibility also means that the engagement mechanism should take into account the specific needs of particular stakeholders; for example, Small and Medium Sized Enterprises (SMEs ) may not have the same capacity to engage as larger stakeholders.
We recognise the importance of stakeholder input to policy development. Since the Department for International Trade was established in July 2018, we have engaged widely with a range of stakeholders. As we continue to develop our future trade policy, we reiterate our commitment to engage with Parliament, the devolved administrations, the devolved legislatures, local government, business, trade unions, civil society, and the public around the UK.
We also recognise the individual needs of different stakeholders. For example, we will encourage SMEs to take full advantage of the opportunities offered by future trade agreements. We will work to ensure their needs are factored in throughout new free trade agreements.
We have already been engaging in a variety of ways, and intend to build on this during 2018. Engagement events have thus far included:
uma. ‘Town Hall’ briefings: Trade Policy Group (TPG) has delivered a number of Ministerial ‘Town Hall-style’ briefings for stakeholders.
b. Regional Roundtables: Arranged as a series of meetings to systematically discuss issues and/or engage key stakeholder groups across the UK.
c. Digital mechanisms: Government is improving the way it engages digitally to enable better access by a wider range of stakeholders. DIT is planning to pilot a webinar to enable smaller and regional stakeholders regarding the White Paper and the Trade Bill.
d. Bilateral: We regularly engage stakeholders through bilateral meetings from different interests, sectors and with a range of DIT leads.
e. Ongoing engagement with stakeholders in 2018: We write to stakeholders providing updates and those wishing to join this mailing list can contact us at: stakeholder. engagement@trade. gsi. gov. uk.
f. White Paper response follow-up: engagement will be an ongoing need and will evolve as the context matures. DIT have already met with some respondents, and are planning further meetings with those who took the time to give substantive responses to discuss them those in more detail.
6. Auxiliary submissions.
The department was happy to receive submissions on a number of supplementary points. While these were outside the specific scope of the consultation, the department will take them into wider consideration as we develop our future UK trade policy. For example, academics and other trade experts have provided detailed legal and analytical advice on specific technical issues which were not addressed within the White Paper. The department is fully considering these submissions and will contact respondents directly should we wish to explore their expertise further.
7. Conclusion.
In October, we published the Trade White Paper, which set out our vision to building a future trade policy that delivers benefits for the UK’s economy and for businesses, workers and consumers. The overarching objective of our new trade policy is enhanced economic prosperity for the UK, through the development and delivery of a UK trade policy that delivers benefits for business, workers and consumers across the whole of the UK. In doing this, the government commits to the following underlying principles. The UK will:
pursue economic prosperity for the UK and lead by example through our liberal economy and pursuit of free trade develop, support and enforce a fair and proportionate rules-based system for trade, domestically and internationally develop a trading framework which supports foreign and domestic policy, sustainability, security, environmental and development goals develop a trade agenda that is inclusive and transparent.
The United Kingdom has a long and proud history as a great trading nation and champion of free trade with all parts of the world. We want to maximise our trade opportunities globally and across all countries – both by boosting our trading relationships with old friends and new allies, and by seeking a deep and special partnership with the EU . In order to ensure continuity in relation to our trade around the world and avoid disruption for business and other stakeholders, the UK needs to prepare ahead of its exit from the EU for all possible outcomes of negotiations and to ensure that we have the necessary legal powers and structures to enable us to operate a fully functioning trade policy after our withdrawal from the EU .
The White Paper asked for views both on the specific legal powers and the broader developing approach. It generated nearly 8,000 responses from a cross-section of business and society. The overall response was positive - respondents welcomed the opportunity to contribute to the development of our future trade policy. The detail of the responses to the White Paper has and will continue to help inform our future UK trade policy.
We will work with all stakeholders to ensure the benefits of trade can be widely felt and understood, managing the transition brought about by changes in the trade environment. Our approach to trade will align with our Industrial Strategy. That will be key to delivering an innovative, competitive and growing UK economy that benefits individuals and communities and makes sure the value of trade is more widely shared.
We will continue to ensure the way we develop our own trade policy is transparent and inclusive so that concerns are heard and understood, and better information is made available. We are continuing to engage regularly with our stakeholders. Feedback from the ongoing programme of engagement will continue to be considered as the approach towards our future trade policy further matures.
It is vital that Parliament, the devolved administrations, devolved legislatures, local government, business, trade unions, civil society, consumers, employees and the public from every part of the UK continue to take the opportunity to engage with and contribute to the development of our trade policy, working together as we develop an approach to maximise the benefits across all of UK society.
The UK’s Department for International Trade (DIT ) has overall responsibility for promoting UK trade across the world and attracting foreign investment to our economy. We are a specialised government body with responsibility for negotiating international trade policy, supporting business, as well as delivering an outward-looking trade diplomacy strategy.
Contrato.
Whereas every effort has been made to ensure that the information in this document is accurate the Department for International Trade does not accept liability for any errors, omissions or misleading statements, and no warranty is given or responsibility accepted as to the standing of any individual, firm, company or other organisation mentioned.
© Crown Copyright 2018.
Esta publicação é licenciada sob os termos da Open Government License v3.0, exceto quando indicado de outra forma.
Onde identificamos qualquer informação de direitos autorais de terceiros, você precisará obter permissão dos titulares dos direitos autorais em questão.
Any enquiries regarding this publication should be sent to us at enquiries@trade. gsi. gov. uk.
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Whitepapers.
Challenges in Meeting the MiFID II Time Stamping Requirements.
Published April 2017.
This whitepaper provides a briefing on time stamping, accuracy and traceability. This is especially important now that the Markets in Financial Intruments Directive (MiFID) also MIFIR II legislation requires differing types of participants in wholesale secondary markets to provide accurate high precision timestamps.
FIX for Microsoft BizTalk Whitepaper.
FIX is a messaging standard and protocol that is used by the finance industry for real-time electronic exchange of securities transmissions. It was developed by the industry to facilitate the automated trading of financial instruments and is used around the world by banks, brokers, exchanges and order management and trading systems. This paper discusses FIX for Microsoft BizTalk.
High Performance Trading – FIX Messaging Testing for Low Latency.
This briefing paper reports on the activity of a consortium of leading IT vendors that have joined forces to create demonstrable high performance solution stacks to address common business requirements in financial trading. The initial focus of the consortium is on a reference-able technology stack of products and services to support FIX protocol communication functions. The paper describes the test environment, documents a set of benchmark tests performed on both commercial and open source FIX engine offerings, and details and interprets the representative latency and throughput figures achieved.
The major result from the testing exercise was the collaboration between parties to create a robust and representative testing environment, which was able to produce results simulating real-life conditions and their effect on the key function of FIX message transmission.
Thomson Reuters Deploys Complex Web Reporting System in Just Six Weeks.
Thomson Reuters had just six weeks to create an equity short-position reporting solution to comply with new securities legislation. Microsoft Silver Partner Rapid Addition designed a web-based solution using Microsoft BizTalk Server 2009 and the Thomson Reuters Elektron cloud platform, which connects data from multiple third-party trading systems and transmits it using the Financial Information eXchange (FIX) protocol.
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FX Direct System.
This white paper looks at how Rapid Addition’s software can be used to connect customer(s) directly to Banks providing Forex prices and trading through a single gateway using the FIX protocol over a private network.
Straight-Through Processing Spotlight.
Published September 2018.
This whitepaper presents an innovative approach to achieving pre-matching across multiple products and markets, showing how true STP can be achieved using Rapid Addition’s products.
Performance Whitepaper – Latency Spotlight.
Published September 2018.
This document presents a discussion on latency measurement and importance to organizations wishing to trade in today’s marketplace. Included are the results of controlled tests run by Rapid Addition to compare the performance of their leading FIX Engine, RA-Cheetah/J, against the open source FIX engine QuickFIX/J.
RA leverages Microsoft 3.5 Framework™ to build ultra-low latency FIX & FAST processing.
This whitepaper describes how Rapid Addition built their ultra low latency FIX and FAST message processing software using the Microsoft 3.5 Framework. By following a disciplined design and development, Rapid Addition was able to meet stringent latency requirements while retaining the advantages that managed code brings.
About Rapid Addition.
Rapid Addition’s suite of products provides the core infrastructure needed to build cost effective, robust and fast electronic trading platforms.
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Rapid Addition Ltd is registered in England & Wales with registered number 04942863.
and our registered office is at International House, 1 - 6 Yarmouth Place, London W1J 7BU, United Kingdom.
Copyright 2017 Rapid Addition Ltd. All Rights Reserved.
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Trade. io White Paper Review.
The Financial Token and Trading Platform.
Introdução.
Trade. io is a Swiss company that wants to revolutionize the exchange trading system, through a decentralized, traceable, transparent platform, that enables its users to trade through the blockchain. The platform eventually wants to enable users to trade both digital, and physical assets, such as cryptocurrencies, precious metals, oil, and other commodities.
The team has a long history of working on trading. The advisors of trade. io have founded successful brokerage firms, such as FXPRIMUS, and Primus Capital Markets UK. The former started 9 years ago, and is a regulated foreign exchange and CFD trading platform with over $180B worth of transactions traded per year.
At the time of writing, Trade. io is going through their Pre-ICO. The company is looking to raise 200,000M ETH in exchange of 200M TIO (their Trade Tokens), or roughly $100M USD. Unsold tokens from the Pre-ICO + 75M more TIO tokens will be added to the ICO, scheduled December 5th for a total possible value of over $100M USD .
Note: The company’s White Paper defers a lot from the numbers on their website. After an interview we verified that the website numbers are the most up to date and accurate in terms of token pricing and quantity.
Trade. io is introduced in the white paper as a replacement trading platform for the existing system. It aims to be more efficient and transparent by leveraging a decentralized network such as the blockchain.
The system is building a shared liquidity pool, where users are able to invest their assets through their trade. io membership (by the use of the token), trade. io will in return, share 50% of the profits generated through this pool, but will also share the losses. Joining this network requires the user to own 2,500 TIO Trade Tokens (approx $875 USD pre-ICO or $1200 USD post-ICO).
The company is looking to provide startups with a number of investment and trading options, including the possibility of enabling companies to ICO and IPO through the platform. There is little information about how the company will handle commissions received from those activities, or what the current status is, in the accreditation to enable IPOs or ICOs to happen through the platform.
The company is looking to provide multiple trading and investing features, including:
Trading : Their trading token acts as a membership to use the trading platform, in order to trade, a user has to hold 2,500 Trade Tokens Liquidity Pool : Wins and losses from the trading activities are shared amongst traders Investment Banking : The platform will invest for the users and distributes wins and losses at 50% Daily Distributions : Every day the platform will distribute the results of its investment amongst the users holding a membership Compliance : The company claims to be (or will be) compliant with securities rules, and regulations in multiple jurisdictions, as well as Know Your Customer, and Anti money Laundry regulations.
There is currently not a lot of information regarding how the profits will be generated in the first place. The company will also be able to trade physical assets by virtualizing them on the network through their own token. This is a very similar practice to the one we discussed on Stable Tokens, and asset-backed cryptocurrencies.
The pre-ICO launches the trade token which is an ERC 20 token and follows the standard specification required by the ethereum clients. It is used as the internal currency while performing trading and investment actions on the trade. io platform. Trade. io drives the usage of trade tokens over other cryptocurrencies by providing preferential payouts for investments with trade tokens over other cryptocurrencies or fiat.
The smart contracts that underlie this token are written using the Majoolr system. The team at Majoolr are well versed in decentralized applications and have a good understanding of the technical side of things. However, due to the ambitious nature of this project it is highly unlikely that just four developers would be able to produce the required platform according to the timelines given by trade. io.
It is also unclear if they have a plan in place to attract the requisite blockchain engineers to work on the platform. Since technical talent is highly sought after in this industry, this is a very important question that must be addressed with high priority.
Use of Funds.
One of the most complicated aspects of this ICO, is the fact that the amount of money raised is completely dependent on when the users buy the tokens. The price of the Trade Token during the Pre-ICO is a fixed amount, while the price during the ICO will change depending on the time the user purchases the token.
This is not that uncommon, what’s strange is that there seems to be a huge disconnect between the White Paper and the website. The White Paper states that each ETH will give the user 1000Trade Tokens. On their website, trade. io provides 1000 Trade Tokens per ETH during the Pre-ICO, and 625 Trade Tokens per 1 ETH during the ICO .
This complex and unclear system forces trade. io to give an estimate on the use of funds based on a percentage of how much money they raised, instead of an amount. The reason this system is difficult, is that companies do not scale their budget by percentages. Having twice as many funds doesn’t mean you need to spend twice as much in legal, audits, or advisory. We wished that the company had 3–5 different scenarios, and the use of funds on each scenario, say, one for raising $5–10M USD, another for $50–99M USD, and one for > $200M USD.
The following is the estimated use of funds for the platform:
Since the White Paper, trade. io has expanded their use of funds through their website. The website now displays a set of goals or milestones that are reached, as funds increase.
Token Distribution.
The tokens of this ICO will be distributed based on the following chart:
The company has an interesting strategy to distribute tokens during the Pre-ICO and ICO. Their plan is to launch 200 million tokens during the Pre-ICO and if there are any unsold tokens, they will proceed to add the leftovers to the ICO and increase the prices, which is a very common practice.
The ICO itself will have 75 million tokens plus the leftovers of the Pre-ICO. Any tokens that are not purchased through the ICO (concluding December 15th, 2017) will be destroyed. Assuring that the platform has a stable supply of tokens.
Pre-ICO Details.
The Pre-ICO period for token. io is November 7th to November 25th, 2017. During this period they have raised over $9M USD. Based on their websites statement, each 1 ETH = 1,000 Trade Tokens. With a price of $360USD, this means that over 25 million Trade Tokens have been sold, out of the possible 200 Million.
ICO Details.
As previously mentioned, all the leftover Trade Tokens from the Pre-ICO + 75 Million will be for sale during the December 5th ICO. As it stands, there should be around 175 Million Trade Tokens remaining from the Pre-ICO plus another 75 million, or approximately 250 million Trade Tokens will be available for sale.
Blockchain Test.
Certainly the decentralization of transactions allows for shifting of trust from a central organization (like a bank) to the entire node network, and this is the prime use of the blockchain. A trading platform also can benefit from the same trust transfer, and can avoid dangerous situations where large amounts of funds are lost due to hacking or improper asset management by the trading platform (like Mt. Gox).
Trade. io’s trading platform is definitely a very good use of a blockchain and utilizes its decentralized nature to the fullest extent. However, how they will execute certain classical trading features like marginal trades and stop loss remains to be seen. (There is no existing implementation of marginal trading on a decentralized exchange).
Counter to this however is Trade. io’s liquidity pool which requires entrusting liquid assets (trade tokens) to the trading platform (something which entirely negates the decentralized aspect), and while trades can still happen in a decentralized manner, the storage of the shared liquidity pool is still subject to hacks and arbitrary draining by the signing keyholders of the liquidity pool (i. e the platform).
One of the weakest parts of the trade. io White Paper is the lack of information on traction. From the company’s timeline, the intend is to launch the trade. io exchange by April 2018. With only 5 months to go, we would like to see an established MVP or some sort of technical update.
The team at trade. io has clearly worked in the trading industries for a number of years. The brokerage firms FXPRIMUS and Primus Capital Markets UK were started by some of their advisors. This means that the founders have a good understanding of what is required in order to trade, and the regulations and due diligence that they will possibly be facing.
The White Paper references 15 members of the management team, and board. As well as 10 advisors. Some of their team members are based in Cyprus, EU.
Transparência.
The company claims to use blockchain technology to increase transparency for transactions. However, we have certain doubts about complete transparency regarding as claimed by their promise of no backroom trades. The Raiden network (and any off-chain networks) enable backroom trades, and while they publish the final transaction to the blockchain, it still enables some manipulation to happen.
However, we recognize that off-chain payment channels are necessary to enable thousands of transactions to happen in a blockchain-hybrid environment. Moving forward, the platform could demonstrate how they are planning to achieve this, or the steps they are taking to improve transparency.
Conclusão.
The trade. io whitepaper is one of the most ambitious ICOs we have seen. The document leaves a lot of questions in terms of regulations, current status of the token and platform, and a clear plan of how they are planning on mitigating risks and delays. Furthermore, there currently exist decentralized exchanges with a platform that has been built and thus competition in this category is quite stiff, and the business plan for trade. io has failed to address how they will retain market-share when they are late to market.
There are also questions regarding regulation and status, while trade. io White Paper explains how the token is a utility and not a security, we still recommend this decision to be stated by a securities regulator, or at least some information from securities attorneys.
Furthermore the raiden network is currently untested and would require heavy development to be able to launch to fit in the timeline provided by trade. io.
The company is also looking to go public in only 12 months. That’s approximately 8 months after their launch, and less than 6 before the anticipated swiss banking license and within 6 months of the MetaTrader 4 platform incorporation. Our concern will be that without having the platform fully launched for even 12 months, it will be very difficult for investors on the public market to determine the price of the company and expectation of sales.
It is also currently unclear what would happen in the case that the company IPOs in December 2018, what would happen to the tokens, and how would token holders be rewarded? What if the token is regarded to be a security? What if they don’t receive swiss banking license? Or if the MT4 platform connection has security vulnerabilities, like last week’s $300M Ethereum Hack.
If the platform is successful, it would be a monumental development on the financial system, as creating a physical/virtual token system could potentially revolutionize the ways people trade, crowdfund, and support companies.
For our previous ICO White Paper Review check:
Want to stay up to date in ICOs?
Have an interesting story?
Descargo de responsabilidade.
This website is operated by Durata Inc. (“Durata” “Best of ICOs” “we”, “us” “our”), a Canadian corporation, incorporated in Ontario. By reading and continuing to use our website and blog (collectively and separately the “Site”) you warrant that you have read, understood, and agreed to our disclaimers.
Any changes we make to the disclaimers will be effective immediately after we post the modified disclaimers on our Site.
Do your Research.
This Site’s content is intended to be used and must be used for general informational purposes only. It is very important that you take into account your personal circumstances, and conduct your own analysis before making any investments. Furthermore, you should seek independent financial advice from a qualified professional before making financial investments or decisions. You or your qualified financial professional should take steps to independently research and verify any information that you find on our Site or wish to rely upon before making any kind of investment decision or otherwise.
No Investment Advice.
This Site is a financial data and news portal, a blog, and a content aggregator. Best of ICOs is not a broker/dealer, we are not an investment advisor, we have no access to non-public information about publicly traded companies. This Site is not a place for the giving or receiving of financial advice, or for advice concerning investment decisions. We are not regulated by the Ontario Securities Commission, the United States Securities and Exchange Commission, or any other kind of regulatory financial agency or authority.
We are an educational forum for analyzing, learning, and discussing general and generic information relating to cryptocurrencies, cryptocurrency investments and investment strategies. No content on the Site constitutes — or should be understood as constituting — investment advice, or as a recommendation to enter into any securities transactions, or to engage in any of the investment strategies presented. We do not provide personalized recommendations or views as to whether an ICO or any particular investment approach is suited to the financial needs of a specific individual.
Not Legal or Tax Advice.
We are not accountants. Não somos advogados. No content or information on the Site constitutes — or should be understood as constituting — legal or tax advice. You should engage a licensed professional for these areas of advice.
Individual Empowerment.
While we present investments that we have screened and researched, the results should only be treated as candidates for further research, not as a “buy” list or as a set of recommendations. Screening may help to narrow a search based on pre-defined criteria, but it is not a substitute for independent research and verification reflecting your individual criteria for investing/trading.
Where we offer valuation tools, these are solely for informational and educational purposes so that users can easily run their own valuations. Any pre-defined values are simply a starting point based on global assumptions that we have applied across the entire market — users should revise such numbers as they see fit and not regard them as a substitute for their own judgment, or for their own research and verification. Any resulting valuation outputs are necessarily generic and are not endorsed for a given stock by Best of ICOs.
Investment Warnings.
The value of cryptocurrencies, cryptocurrency investments, and the income derived from them can go down as well as up. The emergence of a new business model can create opportunities for users and investors, but any young market carries significant risks for all of its participants due to the lack of quality assessment standards, reliability, and transparency of the new projects. Past performance is not a reliable indicator of future performance, and investors may not recover the full amount invested.
No Reliance.
We will not be liable, whether in contract, tort (including negligence) or otherwise, with respect to any damage, expense, or other loss you may suffer arising out of information or materials accessed on this website, or any reliance you may place upon such information or materials. We are not responsible for any errors or omissions, or for the results obtained from the use of any information, content, or materials found in this website. All information in this site is provided “as is”, with no guarantee of completeness, accuracy, or timeliness. While we strive to keep our information free of errors and complete, it is no guarantee that it will be so, and we may, but are under no obligation to, correct any such errors or supplement any incomplete information.
No Liability for Third Party Websites.
This website may contain links to other websites. These linked sites are not under the control of Best of ICOs, and we are not responsible for the content of any linked site, including without limitation any link contained in a linked site, or any changes or updates to a linked site. We are providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site or any association with its operators.
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Trade. io White Paper Review.
The Financial Token and Trading Platform.
Introdução.
Trade. io is a Swiss company that wants to revolutionize the exchange trading system, through a decentralized, traceable, transparent platform, that enables its users to trade through the blockchain. The platform eventually wants to enable users to trade both digital, and physical assets, such as cryptocurrencies, precious metals, oil, and other commodities.
The team has a long history of working on trading. The advisors of trade. io have founded successful brokerage firms, such as FXPRIMUS, and Primus Capital Markets UK. The former started 9 years ago, and is a regulated foreign exchange and CFD trading platform with over $180B worth of transactions traded per year.
At the time of writing, Trade. io is going through their Pre-ICO. The company is looking to raise 200,000M ETH in exchange of 200M TIO (their Trade Tokens), or roughly $100M USD. Unsold tokens from the Pre-ICO + 75M more TIO tokens will be added to the ICO, scheduled December 5th for a total possible value of over $100M USD .
Note: The company’s White Paper defers a lot from the numbers on their website. After an interview we verified that the website numbers are the most up to date and accurate in terms of token pricing and quantity.
Trade. io is introduced in the white paper as a replacement trading platform for the existing system. It aims to be more efficient and transparent by leveraging a decentralized network such as the blockchain.
The system is building a shared liquidity pool, where users are able to invest their assets through their trade. io membership (by the use of the token), trade. io will in return, share 50% of the profits generated through this pool, but will also share the losses. Joining this network requires the user to own 2,500 TIO Trade Tokens (approx $875 USD pre-ICO or $1200 USD post-ICO).
The company is looking to provide startups with a number of investment and trading options, including the possibility of enabling companies to ICO and IPO through the platform. There is little information about how the company will handle commissions received from those activities, or what the current status is, in the accreditation to enable IPOs or ICOs to happen through the platform.
The company is looking to provide multiple trading and investing features, including:
Trading : Their trading token acts as a membership to use the trading platform, in order to trade, a user has to hold 2,500 Trade Tokens Liquidity Pool : Wins and losses from the trading activities are shared amongst traders Investment Banking : The platform will invest for the users and distributes wins and losses at 50% Daily Distributions : Every day the platform will distribute the results of its investment amongst the users holding a membership Compliance : The company claims to be (or will be) compliant with securities rules, and regulations in multiple jurisdictions, as well as Know Your Customer, and Anti money Laundry regulations.
There is currently not a lot of information regarding how the profits will be generated in the first place. The company will also be able to trade physical assets by virtualizing them on the network through their own token. This is a very similar practice to the one we discussed on Stable Tokens, and asset-backed cryptocurrencies.
The pre-ICO launches the trade token which is an ERC 20 token and follows the standard specification required by the ethereum clients. It is used as the internal currency while performing trading and investment actions on the trade. io platform. Trade. io drives the usage of trade tokens over other cryptocurrencies by providing preferential payouts for investments with trade tokens over other cryptocurrencies or fiat.
The smart contracts that underlie this token are written using the Majoolr system. The team at Majoolr are well versed in decentralized applications and have a good understanding of the technical side of things. However, due to the ambitious nature of this project it is highly unlikely that just four developers would be able to produce the required platform according to the timelines given by trade. io.
It is also unclear if they have a plan in place to attract the requisite blockchain engineers to work on the platform. Since technical talent is highly sought after in this industry, this is a very important question that must be addressed with high priority.
Use of Funds.
One of the most complicated aspects of this ICO, is the fact that the amount of money raised is completely dependent on when the users buy the tokens. The price of the Trade Token during the Pre-ICO is a fixed amount, while the price during the ICO will change depending on the time the user purchases the token.
This is not that uncommon, what’s strange is that there seems to be a huge disconnect between the White Paper and the website. The White Paper states that each ETH will give the user 1000Trade Tokens. On their website, trade. io provides 1000 Trade Tokens per ETH during the Pre-ICO, and 625 Trade Tokens per 1 ETH during the ICO .
This complex and unclear system forces trade. io to give an estimate on the use of funds based on a percentage of how much money they raised, instead of an amount. The reason this system is difficult, is that companies do not scale their budget by percentages. Having twice as many funds doesn’t mean you need to spend twice as much in legal, audits, or advisory. We wished that the company had 3–5 different scenarios, and the use of funds on each scenario, say, one for raising $5–10M USD, another for $50–99M USD, and one for > $200M USD.
The following is the estimated use of funds for the platform:
Since the White Paper, trade. io has expanded their use of funds through their website. The website now displays a set of goals or milestones that are reached, as funds increase.
Token Distribution.
The tokens of this ICO will be distributed based on the following chart:
The company has an interesting strategy to distribute tokens during the Pre-ICO and ICO. Their plan is to launch 200 million tokens during the Pre-ICO and if there are any unsold tokens, they will proceed to add the leftovers to the ICO and increase the prices, which is a very common practice.
The ICO itself will have 75 million tokens plus the leftovers of the Pre-ICO. Any tokens that are not purchased through the ICO (concluding December 15th, 2017) will be destroyed. Assuring that the platform has a stable supply of tokens.
Pre-ICO Details.
The Pre-ICO period for token. io is November 7th to November 25th, 2017. During this period they have raised over $9M USD. Based on their websites statement, each 1 ETH = 1,000 Trade Tokens. With a price of $360USD, this means that over 25 million Trade Tokens have been sold, out of the possible 200 Million.
ICO Details.
As previously mentioned, all the leftover Trade Tokens from the Pre-ICO + 75 Million will be for sale during the December 5th ICO. As it stands, there should be around 175 Million Trade Tokens remaining from the Pre-ICO plus another 75 million, or approximately 250 million Trade Tokens will be available for sale.
Blockchain Test.
Certainly the decentralization of transactions allows for shifting of trust from a central organization (like a bank) to the entire node network, and this is the prime use of the blockchain. A trading platform also can benefit from the same trust transfer, and can avoid dangerous situations where large amounts of funds are lost due to hacking or improper asset management by the trading platform (like Mt. Gox).
Trade. io’s trading platform is definitely a very good use of a blockchain and utilizes its decentralized nature to the fullest extent. However, how they will execute certain classical trading features like marginal trades and stop loss remains to be seen. (There is no existing implementation of marginal trading on a decentralized exchange).
Counter to this however is Trade. io’s liquidity pool which requires entrusting liquid assets (trade tokens) to the trading platform (something which entirely negates the decentralized aspect), and while trades can still happen in a decentralized manner, the storage of the shared liquidity pool is still subject to hacks and arbitrary draining by the signing keyholders of the liquidity pool (i. e the platform).
One of the weakest parts of the trade. io White Paper is the lack of information on traction. From the company’s timeline, the intend is to launch the trade. io exchange by April 2018. With only 5 months to go, we would like to see an established MVP or some sort of technical update.
The team at trade. io has clearly worked in the trading industries for a number of years. The brokerage firms FXPRIMUS and Primus Capital Markets UK were started by some of their advisors. This means that the founders have a good understanding of what is required in order to trade, and the regulations and due diligence that they will possibly be facing.
The White Paper references 15 members of the management team, and board. As well as 10 advisors. Some of their team members are based in Cyprus, EU.
Transparência.
The company claims to use blockchain technology to increase transparency for transactions. However, we have certain doubts about complete transparency regarding as claimed by their promise of no backroom trades. The Raiden network (and any off-chain networks) enable backroom trades, and while they publish the final transaction to the blockchain, it still enables some manipulation to happen.
However, we recognize that off-chain payment channels are necessary to enable thousands of transactions to happen in a blockchain-hybrid environment. Moving forward, the platform could demonstrate how they are planning to achieve this, or the steps they are taking to improve transparency.
Conclusão.
The trade. io whitepaper is one of the most ambitious ICOs we have seen. The document leaves a lot of questions in terms of regulations, current status of the token and platform, and a clear plan of how they are planning on mitigating risks and delays. Furthermore, there currently exist decentralized exchanges with a platform that has been built and thus competition in this category is quite stiff, and the business plan for trade. io has failed to address how they will retain market-share when they are late to market.
There are also questions regarding regulation and status, while trade. io White Paper explains how the token is a utility and not a security, we still recommend this decision to be stated by a securities regulator, or at least some information from securities attorneys.
Furthermore the raiden network is currently untested and would require heavy development to be able to launch to fit in the timeline provided by trade. io.
The company is also looking to go public in only 12 months. That’s approximately 8 months after their launch, and less than 6 before the anticipated swiss banking license and within 6 months of the MetaTrader 4 platform incorporation. Our concern will be that without having the platform fully launched for even 12 months, it will be very difficult for investors on the public market to determine the price of the company and expectation of sales.
It is also currently unclear what would happen in the case that the company IPOs in December 2018, what would happen to the tokens, and how would token holders be rewarded? What if the token is regarded to be a security? What if they don’t receive swiss banking license? Or if the MT4 platform connection has security vulnerabilities, like last week’s $300M Ethereum Hack.
If the platform is successful, it would be a monumental development on the financial system, as creating a physical/virtual token system could potentially revolutionize the ways people trade, crowdfund, and support companies.
For our previous ICO White Paper Review check:
Want to stay up to date in ICOs?
Have an interesting story?
Descargo de responsabilidade.
This website is operated by Durata Inc. (“Durata” “Best of ICOs” “we”, “us” “our”), a Canadian corporation, incorporated in Ontario. By reading and continuing to use our website and blog (collectively and separately the “Site”) you warrant that you have read, understood, and agreed to our disclaimers.
Any changes we make to the disclaimers will be effective immediately after we post the modified disclaimers on our Site.
Do your Research.
This Site’s content is intended to be used and must be used for general informational purposes only. It is very important that you take into account your personal circumstances, and conduct your own analysis before making any investments. Furthermore, you should seek independent financial advice from a qualified professional before making financial investments or decisions. You or your qualified financial professional should take steps to independently research and verify any information that you find on our Site or wish to rely upon before making any kind of investment decision or otherwise.
No Investment Advice.
This Site is a financial data and news portal, a blog, and a content aggregator. Best of ICOs is not a broker/dealer, we are not an investment advisor, we have no access to non-public information about publicly traded companies. This Site is not a place for the giving or receiving of financial advice, or for advice concerning investment decisions. We are not regulated by the Ontario Securities Commission, the United States Securities and Exchange Commission, or any other kind of regulatory financial agency or authority.
We are an educational forum for analyzing, learning, and discussing general and generic information relating to cryptocurrencies, cryptocurrency investments and investment strategies. No content on the Site constitutes — or should be understood as constituting — investment advice, or as a recommendation to enter into any securities transactions, or to engage in any of the investment strategies presented. We do not provide personalized recommendations or views as to whether an ICO or any particular investment approach is suited to the financial needs of a specific individual.
Not Legal or Tax Advice.
We are not accountants. Não somos advogados. No content or information on the Site constitutes — or should be understood as constituting — legal or tax advice. You should engage a licensed professional for these areas of advice.
Individual Empowerment.
While we present investments that we have screened and researched, the results should only be treated as candidates for further research, not as a “buy” list or as a set of recommendations. Screening may help to narrow a search based on pre-defined criteria, but it is not a substitute for independent research and verification reflecting your individual criteria for investing/trading.
Where we offer valuation tools, these are solely for informational and educational purposes so that users can easily run their own valuations. Any pre-defined values are simply a starting point based on global assumptions that we have applied across the entire market — users should revise such numbers as they see fit and not regard them as a substitute for their own judgment, or for their own research and verification. Any resulting valuation outputs are necessarily generic and are not endorsed for a given stock by Best of ICOs.
Investment Warnings.
The value of cryptocurrencies, cryptocurrency investments, and the income derived from them can go down as well as up. The emergence of a new business model can create opportunities for users and investors, but any young market carries significant risks for all of its participants due to the lack of quality assessment standards, reliability, and transparency of the new projects. Past performance is not a reliable indicator of future performance, and investors may not recover the full amount invested.
No Reliance.
We will not be liable, whether in contract, tort (including negligence) or otherwise, with respect to any damage, expense, or other loss you may suffer arising out of information or materials accessed on this website, or any reliance you may place upon such information or materials. We are not responsible for any errors or omissions, or for the results obtained from the use of any information, content, or materials found in this website. All information in this site is provided “as is”, with no guarantee of completeness, accuracy, or timeliness. While we strive to keep our information free of errors and complete, it is no guarantee that it will be so, and we may, but are under no obligation to, correct any such errors or supplement any incomplete information.
No Liability for Third Party Websites.
This website may contain links to other websites. These linked sites are not under the control of Best of ICOs, and we are not responsible for the content of any linked site, including without limitation any link contained in a linked site, or any changes or updates to a linked site. We are providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site or any association with its operators.
Ao bater palmas mais ou menos, você pode nos indicar quais são as histórias que realmente se destacam.
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