Why ASIC wants the CFD product intervention order to run to 2037
ASIC has proposed keeping its CFD product intervention order in place for another 10 years, until 2037, subject to Ministerial approval and unless it is revoked earlier. The regulator published the proposal on 12 October 2026 in consultation paper CS 64. It affects retail investors who trade contracts for difference (CFDs) and the firms that issue them. The current order started on 29 March 2021 and is due to expire on 23 May 2027.
Five changes to the CFD product intervention order, and one open question
- Modernise the definition of a CFD so products settled by transferring digital assets are covered.
- Clarify how initial margin requirements apply to CFDs over options.
- Confirm that initial margin must be calculated separately for each CFD, so netting opposing positions cannot reduce the required amount.
- Set out clearer conditions for permitted discounts and for educational or research tools offered to retail clients.
- Replace the term “cryptoasset” with “digital asset” throughout the order.
ASIC is also asking whether CFDs over options that can expose retail clients to losses greater than the premium paid should remain available to them. Feedback on the proposal is due by 5pm AEDT on 9 November 2026.
What the order has done so far
The CFD product intervention order has four protections: leverage limits, standardised margin close-out arrangements, negative balance protection and a ban on certain inducements. ASIC Commissioner Alan Kirkland said aggregate net losses across retail client accounts fell by 91 per cent within six months of the order taking effect. He also said CFDs remain highly risky and most retail investors lose money trading them.
ASIC’s most recent data shows retail investors lost more than $458 million over a 12-month period, including $73 million in fees. In January 2026, ASIC secured the return of nearly $40 million to more than 38,000 retail investors after a whole-of-industry review of the CFD sector.
Related: ASIC wants feedback on digital asset platform rules by 27 November
General information only, not legal advice. Check the official source before acting.
Source: ASIC. Licence: CC BY 4.0.
