 I know many ones, but it seems that everybody wants to know where retail trading is headed. Our panel of speakers is here to provide clarity on the issue, and I will leave you with the trust of hands of the panel modeler, Brian Griffin, ex-CNC Monty and ex-CNC, and today the COO of the recently launched secondary trading. Thank you, Brian. Thank you, John. I'm going to give my panel two minutes each to introduce themselves and talk very briefly about the challenges we've faced in the last six months. I'm going to start first with a call me, so please introduce yourself and tell us how things have been. Good morning, everyone. My name is Tomi Gour and I'm the CEO of Lebrate. At Lebrate we produce first class trading technology phones, we provide everything that broker needs from the back end to the front end to the service end to the service end systems, and our pride is that over the course of this decade we've come to look into the future every time, again and again, and we're able to foresee what's coming in, and I'm sure we'll discuss a lot about the way that the trading world is going, but if you go into regulation, if you go into the mobile adoption, if you go into marketing challenges, all of that is where Lebrate is already there, and they're providing solutions to the future. My name is Ron Gour and I'm the founder and CEO of Traders Group. Traders Group was founded to risk the way the industry tracks and retain its clients through enhancing the experience of traders. We did a long time with Traders Education and Marketing. We set up Traders platform and our platform Status Trader, which takes everything a trader needs and put it in one platform, creating an experience which is a reasonable setting. We might not want to experience it. I think the industry for the future here is going to a way that traders will need platforms that give them something that they can feel confident in and be trading, allowing them to trade easily with knowledge and success. Thank you, Ron. My name is Albert Ziv, I started my journey ten years ago, I was studying Chinese for four years, living in China. Around nine years ago, I worked at Edo at the early beginnings in the UK-based gaming company, Gibata. In the six years at Safe Charge and Processing, and the best year and a half I joined Zodapay again. Zodapay is a watchtower shop for payment app technology that basically connected to more than 200 inquire about its BSVs, apparently dependent on the e-wallets, logic systems, and everything. Basically, a user and user can find this account. Our target market is obviously forks and binders, and we're here today to speak to users and walkers who are effecting from the changes that may be seen here by the late hours, by e-field, by visa, etc. So, I am a lawyer. Good morning, and thanks to our ex-experts of Monty and Pugat, thanks to the mate and the mate for the rest of the game. The only piece of yesterday that works again is that it's promising a very good version. Since speaking since, the first time I've said that in May 2012, back then, fires have been changing. I think that 20 years afterwards we had a regulation panel and everybody was then registering companies in Anguilla and doing unregulated forks. Many of these activities probably is a matter of the past now. And to see also new faces and familiar faces both came on the panel and here is the cow. I think that what we'll see here in the next few years is we'll see more and more regulated walkers, we'll see, I believe, a shift from buying the options into forks, simplified forks, just nice to hear about it. Simplified forks. But more and more, I'm saying that I think that in the next few years we'll see more and more classic financial instrument trading and back to the hardcore. Good morning everyone, my name is Fred Scalop. I'm the mobile head sales forex fair. The timeline of the panel is what's next to retail party exchange and just talking to some of the panelists earlier. I reminded myself that I started 20 years before the Europe, so I started in this business. So I've seen what's happened to institutional effects originally traded by phone and now the question is what happens next to retail effects. Forks where we build platforms, front and back ends, NFA compliant application systems, online application systems and risk management systems. And I think as far as the regulations, I think regulators are more concerned with risk and we've seen what risk can do with some of our bigger friends back in the U.S. Some of the issues that they've got, risk is a very important part of this business. And we provide some extremely useful risk management tools. Good morning everybody, my name is Mike Manson. I'm slightly younger than Fred. But I started in the industry. Futures are some of the larger exchanges around the globe. And since then I've now come to see me over in the UK. We are a relatively new broker in the space. But we also have now started a general crime. And certainly today we are looking to offer anyone that may be a smaller broker or someone who's looking to get into the space in the broker industry a potential for prime services. As a broker we offer MG4. We're looking at MG5. We're now looking to increase our exposure to other services. Thank you very much. Thank you very much. Thank you. Why do I'm Mike? I'll put the first question to you and we'll keep it pretty generic. What do retail effects science want? They want opportunities. They want to be given decent products. And not necessarily complex products, but they want a full scope. So are plans still spread-centered? To a certain extent. When you look at a broker you want to know what funds are safe. You want to know that that company is only there for some time. You want service. The spread is part of that, but it's not the biggest problem. I'll answer that question to Tel Aviv. Are plans marriage-sensitive? They are, but I think most of all I think that the question should go to the different kind of traders. So the other action, the professional one, the other one for process-sensitive, execution-sensitive, there will be the one to do for the brand name, obviously to make sure that the money's in the safe place. When you talk about the newcomers, the new traders, they are totally different than you. And even within them there are different types. There are the newbies, they have no idea what trading is all about, trying to learn from the experience and so on. So they need to have a soft entry into that world. One of the things that we see is that there is social trading. It's a very nice launch into that sort of world. So we don't have to trade. No matter what you do, we need to affiliate with the song. It's all big Chinese to you. You're able to start first. There are many annuals generation. They work on mobile, period. You don't have to desktop it on the web, that's all. So you can see a lot of trading from based on generations, based on ages, going into working on mobile. So I think all the office parts are there, must be there. Execution, et cetera. But someone brokerages to think who the customers are. How about Rana, tell me your experiences with the app which we're talking about. I think in the end that we only know our clients, our clients are risk lovers. They have a different degree of risk-loving, but each one of them has a risk lover. Each one of them has a risk mechanism that allows them to make a trade. And now the one thing they need from access to all the brokers is a platform that enables them to do that in the company. All the information they need, they should look for it. It should be on the chart. All the experts advice the social, I hope, is saying, simplicity, like Tali's saying, this should be embedded inside the trading mechanism. We should think about trading in forex, not only in loss. There's other ways, risk amount, trading amount, ways to make forex trading simple to end user. I mean, talk to me about payments. What do you see? I'm sure it's a plan, not a plan, not a plan. Okay, so we need to answer the first question first, but I believe the traders are looking for is the best product available. They are much more mature than they used to be. Let's say seven years ago, we were to see only professional traders using 94 or 103 like that. But today we see this market is getting open for a more new piece, more professional traders, and people that go back may be to buy a share of Facebook or Google, and they don't have the tools or abilities to do the magic charts and so on. Bitcoin, Bitcoin. And I think today the big challenge is how to enable these products to the user. From bank and side, the user, we have two aspects. A, its localization. The users, and I define it to seven different regions around the world, whether it's EU, China, Japan, Southeast Asia countries, GCC regions, CIS, Russia, and South America. In each region we have different providers, local providers, local cars, local wallets, different than just regular business cars. So the user whenever is engaging with the product and in order for them to feel more confident, he would like to see the most preferred payment method that is going to buy in supermarkets, whether it's Monetta or the JCB. So on the payment page itself he needs to see also a wide version and a wide range of payment options that are not just visa master account, the traditional. Second is about the security of the sounds and how fast we can deliver products for paying payouts, especially the payouts. Today a worker, for a player, for a user, is supposed to be the bank. So he has a balance. I have my bank account. I have my card. I can top up. I can withdraw my funds. I need my funds within 24 hours maximum. In China, for example, you cannot survive more than, I said, one or two hours payout. Already people will write to you in the phone that you are paying for something like that. So the payment master will make a product and then the day is payment. So we are talking about money, and money service industry. So also the payout should be easier and more secure for the end user. So is payments now part and parcel of the spread, leverage, excusability, and charting equally as a product? Yes. Here we can see that the industry will take less risk on a ticket size amount. So the number of lots or number of deposits the end user can do is relatively less than he could have done a few years ago. That's why we can see a shift for wire transfer solution, online bank transfers, that enable users to send more money or biggest high amounts of money. For credit cards we can see maybe $20,000, maximum $20,000 deposits which means accordingly number of slots can be executed with a credit card. Talk. Any views on that? Any views on that? What's your last one? Yeah. Well, I thought I gave what lady said. It's been five years ago, six years ago, lots of focus of international clients was refining the terms and conditions. Lots of key employees moving from one office to the most critical issue of exactly something that they did not speak about. There were solutions to that with the regulation and making sure that they can get the money and pay more money. And what happens in the public? It's even more, he said that he was a Southeast Asian general. We were angry. No, you can't even come to your office in the money person and come and start to come to your office in cycles and determine your breath and your image because you didn't pay the issue of pain and it became very difficult. And this is only to introduce solutions in the wild and not only in the wilds. We have the lead points and the lead points are also becoming a very critical and interesting instrument. You can see people, the open is the big phoenix that gives an impact to go on and to when you trade on lead points and other virtual currencies. But again, he spoke about we don't see like 50 or 100. With big phoenix, three for the February and I think that's enough for the project and to trade on that. So we still see more and more issues that have been in the past like the bonus in the terms. But I think that the most critical issue that we see in our local, we work with many of the exerbillers as the legal counsel. We see that there is a number one issue now that the payments and to make sure that the regulation that they will have, whether it's Balmato or Wifi will get them the ability to get the payments fast and make sure that also the payment and the client's funds will be able to be secure. So it's a bad issue? Yes, it's a bad issue, it's an operational issue. It's all together and it's a critical issue because if the client has $200,000 stuck in a back in Singapore because the back in Singapore doesn't recognize your license, it's a critical issue and you won't be able to see it. Thank you. Fred, same question. What do clients want? I think it's the same for both retail and institutional community clients. They want security, security funds, security knowledge that the partners will be around, a fair playing field to know that prices aren't being eliminated. And in one institution, we see in the community world where credit was a very big issue in the last several years since the SMD event, it's very difficult to get a cheap city like the city of business right before that event we have 40% of the NFX market and I don't know if we're doing the right thing or doing the wrong thing, it's hard to tell and now we've seen the pullback of great deal of the credit support big issue so people are not going to move into the private private space. We've seen a lot of people try to fill that gap provide liquidity, provide security and provide a fair playing field. We've done a lot of that ourselves, we've worked on that to try and bring clients to it in a more focused way. It's not about liquidity I mean, what is liquidity? Maybe we'll ask a question back down to Conrad. Liquidity for whatever it is very easy for us since such another bridge should be provided out there. I think in many ways for the big brokers in certain way of life and talking about this is something that someone must have in order to serve customers. The thing is that we see a lot of brokers that still live on the people's side and they are interested in making the extra bucks from people looking at the triggers and for them liquidity or risk management is less important. So looking into the future in terms of what liquidity should we do I think that we'll see less people who can trade brokers get a grand recognition of the things I can mention with the cost of payments and banking but also in the small scale and we'll see a lot bigger a book and traditional brand names and from that obviously good people become more and more important. Okay, thank you. I disagree I think the risk is going to wind up somewhere. And I think brokers have realized that holding risk is what makes the profit. So whether it winds up in the hands of the bank or it winds up in the hands of the broker somebody is going to take that interest. So many of the people sitting in the Saudis have realized that and they've lived the premise that 8% of the clients are going to lose their money. Well that's the way it was over the last several years clients getting a little bit more sophisticated there were so many interbank traders that were sitting in interbank tailings 10 years ago that aren't there anymore. The banks have downsized to the point where a lot of those people have taken their $10,000 to $20,000 account and opened up the accounts with brokers so they become clever and it's just a matter of the brokers becoming a little bit more clever ahead of management. So there's not a one size fits all in terms of risk. I think you have to know who your clients are and how they manage your risk. I agree. The broker has become far more savvy now about how they manage your risk. There are plenty of routes that they can do that it's about lending what they have and finding the right execution for them to offload that risk but also keep everyone happy. And the client himself wants to know whether he's STP whether he wants to know if he's going to be internalised by a management side. So what do you think the client will weigh out through to the ultimate risk data in which the bank? One note I think that every broker is not to be ignorant of the fact that the traders are a lot of savvy, read a lot about. It's not been 20 years that someone went into some brokers and put his money in order for the best. Right now all the traders know what they do know what to look for and not of the new customers but the old ones and the ones that will identify that their broker is actually a cash debt within the system will take this as a bad point. So I agree. Someone a broker needs to be in a position that he takes more money from whatever he can and whatever he can but the traders will be extremely sensitive to know that the broker is not against them and if it's on a safe level field and everyone knows that broker X does people to that extent and broker Y does not and they will go with the money more secure and more safe and there's no conflict of interest between the trader and the broker. Is that concept entity really not? Extremely original. We see a lot of the brokers in the EU are much more regulated in their way of working in taking care of evolution and when you go to the east side you see most of the traders in terms of the trading capabilities but much less sensitive to such kind of people and behaviour from the broker side. Maybe in relating point, how the product is delivered. We talk about these front ends, we talk about mobile apps. What about API? Everything is different. Again, the payments that you probably cover it's different in each hall of the world with a different choir or anyone behind the scenes from a technology perspective you need to adhere to more different opinions or relations and rules. If you just look at the EU it's no no longer just I said the French variation, the French one and obviously the FCA and although everyone is under the mythic umbrella the flavours is sometimes totally different and the interpretations are different. So for us technology provider we must provide the different flavours. If you go to the east, again different China, it's way different from Indonesia, Singapore Philippines, Malaysia and so on so for a broker that wants to be international global, the compliance challenge is not just under way, it's compliance officers and operations, it's also on the way that our systems are adhering to the regulation and from a better perspective as we have customers we see a lot of request and demands from our customers to be compliant for specific reasons, for specific regulations. Thank you. We will work the policy of the industry but we see it as a trend. In Europe if you compare it to other jurisdictions there's difference in some places we don't really care if you're a broker if you're a broker it's really covering itself with full equity or it's like people all school in broker in GCC countries in our best space or in broker let's say place the broker which are targeting clients from Bahrain, from Saudi Arabia we'll see in most of the cases there's less of a UK regulated broker there will be an M24 or an M24 Chrome with either non-regulated or unregulated most of the cases there will be people, classic people in most of the cases but in very much in the European in the European clientele it will be more A-book and more regulated but the interesting thing is that there are more and more brokers that want to go to supermarket and they want regulations so you can see in recent years we see more and more brokers that have different type of regulation and that's what we call regulation shopping. So if in five or six or seven years ago people opened the Cajun company opened the Samar company and it was now kicked off because what happened with Moseca and Fonseca Dominica also since February 2017 is not a place for unregulated followers of Bahrain anymore so normally people now use a martial arts company for one and then they use a marco license then they add the MIFI license and that's what we said, it's not on this item people do MIFI's also through risk people do MIFI's through FCA even though there is a discounted because as we all know in the United States we don't know what will happen with all these FCA related companies but this idea of having a broker that takes deliberation from this and that and that and having an office here in Hong Kong it's becoming more and more frequent and not only for the big broker also for the smaller ones. Okay thank you I would say it's regulation shopping it's more regulation protection and the brokers have to do that you know it's certainly it's been like a game of football, you start off you get a ball, you get a team of staff everyone like that you have a game and then the next day you turn up and there's a rugby ball and then you talk to play rugby and you know the rules so you have to have to ensure that you try and predict where the MIFI is going and once I put in the blame down and the regulators themselves but you've got to ensure that you can operate not just today but tomorrow and in the future. Fred? Yeah we see that as well we do a lot of white label startups Chinese, we have an office in Beijing in Shanghai and we do a lot of white label regular label startups and a lot of these groups start up as unregulated and unregulated venue and as that proof of concept wears itself on, wears itself through then they start to move to a regulated entity and as they grow their regulations grow with them and we've seen that happen over the last two or three years and it's still beginning people look for as I said unregulated then move to a 125 SCA regulation and then move on to the set of 30s once they've realized it I think so what we can define today especially from the panel side that you have the big players the big groups owns multi-party regulation in order to apply several restrictions about the world so you can see big players has EU underneath it, they have SHL or Belize license for the rest of the world and they even have either Vanuatu or a company which is not regulated at all for let's say the tasteless markets like Japan for example so the big players they have a modern regulation they cover themselves as you call it the protection for regulations and it depends on the IP or the region the trader came from they will divert him to the regulator channel or the best channel for them that will be less exposed now these groups obviously in terms of banks you have different banking services for Belize and Lithuania once however these guys are taking the package the whole European banks and basically submitting everything into the bank and enjoying for them all the activities they enjoy a very low pricing European price on price templates so in the end of the day the whole group enjoy also a very highly regulated environment right how sensitive is the average rate of the client to the regulation well I think it is important regulation is a must have today in the industry we understand that payments everything is basically connected to it now on the blood so it must be once the entity is growing like my friend says growing from an unregulated or starting from a regulated but I think in the end there is at least something I heard before in the end there is a trader sitting in a trading platform pressing a button to trade and he gets a try again or re-quote and we see it in the financial commission on the partner we see brokers that doesn't have the most amazing risk capabilities and the execution I think is one crucial part that brokers need to pay attention if it is other risk companies that are doing it for them or they should have done it instead of in-house but regulation is not the only thing they need capabilities to allow their traders to actually trade well a lot of air is we tell traders again they start with the premise that they can take a $5,000 cap and make $100,000 which is always going to begin with and I don't think they are looking at the news of where the problems lie with various brokers they want to trade it's the institutional guys the brokers out here who are saying I don't feel safe putting my money with this broker because he's got a better reputation I don't feel safe putting my money here where the retail trader he sees a fair execution policy who wants to trade we are still seeing that with brokers that have their names in the news recently with a lot of scandal and attention but they are still doing reasonable volume so traders want to trade back to my original question they want to increase recognition they want payments they want average they want to get real they want to get real tell me if I'm wrong that's what we try to produce this is what we try to provide them an experience to bring them in the end of the day and to make them come back to come back and to stick with our company, our platform and this is something everybody here in this room is looking for new traders so the concept is changing evolving yeah, I think in the end of the day they are, you see again two trends, you see the trend of the old school traders that are in this business for the last five to more than that years they are already very savvy with trading tools, with analyzing the reports, with working with technical instruments and analysis and so on they are looking to be very price sensitive and obviously execution is following the one to trust the brokers the other trend that we see between different traders are the incomeers and as I mentioned, if we look at them in terms of pages, honestly that one can sit on tons of information that we can analyze all the time, so you see a lot of new generation coming in, I'm talking about the millennials, the 20 plus the ones that want to manage their own money not given to someone else to manage for and for them it's totally different they are very, they are learning very fast they are taking the courses that I mentioned, they are learning a lot from YouTube from podcasts, from whatever instrument that they might have they are trying a lot with small amounts and for them I think the experience that I mentioned is more than anything by the way, not just trading, this is the way of life, this is what they expect from Snapchat or from Facebook or whatever, this is what they expect great experience, very simple and easy way to trade and everything that is more complex everything that is more sophisticated they will try, obviously in two years when they are evened again, they will move there but at the beginning they are looking for something very simplistic, very straightforward and this is they will stick with the ones that give them a good experience I totally agree it's a client, the client is getting far more sophisticated and quite right, it's an enormous amount of information out there but regulation, well capitalized companies find it on the internet, go to companies house, you can check out a company, see how well they don't, but probably more wrong, it's convenience or one slot shop for a client is the ultimate goal for them and I think there is a program that is where we are trying to get to and we have NT405, we need multi-asset platforms right there and this is where clients I think are going to be really they are going to push the boundaries because they can start creating all these different asset classes, they can trade with AEs or any other sort of algorithms and artificial intelligence and that brings them up from not just a retail time but like a mini hedge fund and that's where I see them again Tom? Yeah, it was all the marketing and something has been quite changing the last year all these funnels of make money, how to become rich you know in the last year there was the M-fume saga, there was a guy called M-fume who and then a few months after he started trading and buying options he bought eventually and he coped it in the sun and he saw that story about that guy that's probably gone instantly by trading with some unregulated owner because he slowly understood that this guy M-fume that is the name he was actually in the affiliate of that brand and he actually by 20,000 times banking, quoting it with some kind of a pink and that was the story and when all was discovered it did a very bad reputation to the industry, I think that all these state trading stocks and lots of funnels that had been traditionally been serving buying options, funnels we don't see them anymore we see now more and more solid marketing, more less fake news as we all know this tell fake news that has been coming in the last year, very trendy let's fake news more honest, more stuff like M-fume from there for fundings we have been reporting all these fake news in this paper for the last month we see less and less and I see that there is one trend and I see a second trend there is a report on moving people to Eastern Europe and the possible outsourcing I think it's actually most of it and it's interesting to see that even regulated brokers now use these places but make sure that all these personnel are walking according to the law with good terms and position, with good marketing and I hope that this will continue I think that for all of us to meet here each year, here in here in Cyprus that has to be the director I agree with all of the people that are here I mean, yeah, a couple of remarks on that so I'll start and say today's crowd and traders basically they have limitless amount of information Google, mobile, we have powerful smartphones, each of us in our pockets so in one couple of clicks you can see a personal website where he was born, where he lived what the Google studied with et cetera et cetera and trader today he doesn't have to be a Google to understand that breaks it or something happening in Manchester and the boundary so maybe the boundary people go down so the amount of information the flow of information the freedom of information is much more flawless than it used to be and therefore traders can execute much faster now another side of this issue is that traders don't like to work or any people don't like to work so much to get this information so for them they want just couple of clicks to be able to execute the trade, to change the trade to add the top up to change the level of it and so on and so forth so what we used to see is that traditional professional traders today they become Google's they used to be traders, regular traders at the brokerage because they know how to trade today they can Google or or basically they teach other people via social trading platforms people can trade on them they can get kicked back on their skills and specialties so basically today we see a swift change individuals around the world let's say people or trading or any other social trading platform has 20, 30, 40,000 followers 20, 40,000 people that execute the same trade as they are it's more of the biggest investment outweigh for example so this is the access of people and I think the key word here was teach the brokerage as we see it going to educational marketing they take it to the regulated level they produce marketing using educational content and basically this is the new way of attracting clients today most of our content is embedded in a lot of brokers but the last year we have numerous offers to integrate our content to media providers networks we see that as the new way of marketing people are going to get inside by knowing what it is what is the peak, what is the leverage how do you execute the trade how do you open an account the basic things that people need to know before they even go and register in your platform when they know that and go later to your platform everything is going a lot more easier from getting the compliance from them to trading so what keeps clients trading what keeps clients trading is the continuous confidence you provide them swimming of broadcasting through their websites of broker which allows them always to get more and more information and confidence in trading making them a bit more trader everyday I think what keeps clients trading is the dream the dream that they are going to hit the next one they are going to catch that next way 3 trend catch that next 320 move I had a conversation with a former CEO of the large U.S. broker many years ago and he said I'm selling the adult male fantasy so the young man's fantasy was see those two beautiful women I dated both of them the adult male fantasy is do you see dolly in I bought it at 102 you know and I think that's what we are we're still selling the fantasy this is a great opportunity as I said for a long time I've been doing this for a long time and I'm sure a lot of us out here have done the same thing but the idea that you can take a $3,000 account and make $30,000 a year or $50,000 or $100,000 it's unsustainable first of all it's a bank loan if you lose the money don't have anything to trade with but I don't agree here it's the dream that keeps the trader coming in and as long as they have the funds or the belief that they can do something and they kind of wake up from the dream very fast and they realize $3,000 will come $3,000 and $100,000 but they will still wait for this one event that will make them rich but even on that event they kind of think that God's now and they can do it again and again and at the end of the day I think that this is for everyone see this is reality there's only very few traders that actually make it in another we've seen a lot of our go trading so this is a large part of our business so I don't even sit going for the big one, I sit as a challenge individuals want to challenge themselves and if they've got the right tools you can start creating a strategy you can back test it and form test it everyone can do that that is so it's not I don't even subscribe necessarily although it doesn't have to go for the big one but it gives people a more cerebral sort of escape and if it works then you can come here there's no doubt about it the only way to stay in this business is this and if you have a model and the model is this one and every time you enter actually you have your registration strategy in place that's the only way to get your long term success we're coming to the final questions and we'll start with Duncan again and the first very forward question is in the industry over the next 12 months you can talk about regulation you can talk about biology you can talk about how it's delivered to whatever you feel next 12 months we've come off the back a strong growth and we can anticipate our growth to increase exponentially as well we're really confident in the business but you've got to keep pushing how are we doing that well it's not reinvention but we're looking for new products we want to offer future solutions individually the one thing that's haunting the whole industry at the moment is regulation you know we've got with it two times we've got the EMEA and these are really important things for an FCA regulated intensity so we're we want to we want to and we will do so if the FCA comes and you know leverage policies that doesn't work if there's some negative balance issues that they want to impose you know these are the main changes thank you friend you know I was up here last year's battle I think I'm saying the same things again for the next 12 months risk management I think brokers are more focused on risk management as we've all said clients are getting more sophisticated with their output training with their discipline training and brokers need to manage risk it's what the regulators want to see so we're providing tools we're operating our tools it's what we're really focusing on it's providing better risk management tools to the industry and the second thing that I've said last year again is MT5 we're seeing more and more focus on MT5 we've put together their equities and futures to be able to come into MT5 we've just completed our bridge for overall OTCFX and CFDs full depth of book for asset managers so I think we're seeing more and more and I know we're seeing more and more inquiries about MT5 going forward and hopefully this year it's going to be thank you friend well we'll get a new capability and the next year I believe there will be more accurate marketing more honest brokers less non-regulated ones and I'm just going to talk about it even starting with the vanuato license it's also a good step for moving forward from the Marsha non-regulated one so I think that for the next year it will be less and less non-regulated brokers and on a global scale I do think that there will be like conversions of all the financial entertainment and I believe that more and more brokers even the guys with the nice suits will start operating other operations maybe it can be Bitcoin trading maybe casino people think that casino and online gaming isn't here and financial trading it's not that different the operation is not that different I think that at the end of the day and the next year we'll see more and more brokers going into casinos online because having KUBA salary operation it's not that far it's not that far and I believe that it will be definitely with them cool so it's going to be a very interesting year for us first of all I think the Fox industry has changed tremendously in the last 6 months and we see these changes are going and going in the next 6 months as well the main reason is that the US acquired the Europe and in both basically there regulations and compliance procedures on the European finance as well so we have the NIFI 2 and the CICI 2 accordingly and Basel 2 I'm not sure if you are aware of that but it's new set of regulations how EU banks should trust the money in and out how to conduct the compliance and what procedures the big changes the major changes is that EU company must have physical offices in the EU must transmit the US execution everything from the EU so the official regulation what we used to know with the subsidiary in the EU just for possessing purposes is not relevant therefore and also we see the big changes is on the regulators every day, every week on EU set of regulations or the rules the book as we comply we see now they're not only for the book themselves it's about the leverage, about the bonuses the name of their set of representatives the ID and marketing divisions what you can say, what you cannot say so basically everything is going to be more regulated or these guys are going to shift into the non-regulation all different opportunities as Darwin mentioned we can see today the obvious combined option to the forex but we can see also some of them are going to diamonds trading or Bitcoin or cryptocurrencies and so on the main thing is the broker has to stay a cost-effective operation otherwise in today's world they won't be able to test for the long run and what I wanted to say the rest is to conduct the same we have to remember that always the user in the end, the trader is the one we are approaching the user experience what he would feel the memory itself from you go and I'm sorry about the analysis but if you go to a casino you have the fact that you don't like to even lose $1000 at night because you get an experience combined I'm not saying forex is casino but if a trader we get an experience customer service, support memory and so on he won't necessarily be upset when you lose the money thank you I think first of all in the next year we will see growth in both unregulated and unregulated brokers I think the dream exists not only in traders but also in brokers that wants to become brokers and like you said in the beginning I think to differentiate yourself in the next year as a broker you need to choose your products carefully make sure your products enables the traders the experience he wants and needs and make sure it's stated stated and of course risk department are a part of it marketing like we said is going to be more logic to get traders that will stick with you and not play with $200 and leave and I think experience is there okay thank you I want to start a relation because this is the office answer but I want to take it from a different angle one I think that regulators will not only focus on the good guys not only on the ones that are already licensed one of the things that we'll start seeing is them chasing after the unregulated ones trying to block them trying to block the internet side trying to get the system orders and so on this happened in other industries exactly the same stage in the evolution that retail forex is and we'll start seeing this one more simply because of the fact that licensed brokers that invested the money are suffering from declining revenues so they will start complaining to the regulators they will come into effect the regulators will scratch their heads and say okay these guys are right let's start chasing these guys regulators I think that the big brokers will start looking to other jurisdictions playing just in their normal field and their neighborhood will stop obviously this is their own base this is what they continue to do but they will start looking into new revenue streams new countries new places where they basically have the same operations and that new money flowing in and the most obvious aspect will be either Latin America or the East maybe around Southeast Asia not necessarily China although we see more and more international brokers start looking into China but it's a totally different piece and no one really knows what to do there and how to operate there never existed there in the last two years and I'm proud to say that we came to that experience but in that sense we still are in the wrong so this one comes to regulation and the other one goes to even mentioned the pressure on the cost side think about the brokers they pay tons of money to green traffic and to the sales team they need to be more cost effective they need to lower the cost structure and probably the only way to do this is through proper marketing more automated marketing the technology side at least allows now more sophisticated deep learning deep data elements to focus what is going on I think we already see more and more brokers implement very sophisticated tools to enable them to cut the cost on the marketing side thank you very much thank you very much we have room for one question we haven't yet we have one for one question before we head to the next column this is a good news for me I'm sure we have no questions from the audience any questions from the audience ok great it seems you all know where we tell the trainees ahead thank you very much thanks for the interview we start our next panel Deladin into regulation very important topic is all heard thank you very much and thanks again to our panelists