The second meeting of the Board of the European Brokers Association (EUBOA) took place in Limassol, Cyprus on 10th October in which the founder members attended to discuss key issues that will form the purpose and aims of the Association. These included its manifesto, code of conduct and interaction with regulators.
The manifesto sets out to ensure binary options trading conforms to a basic set of guidelines and behaviour which seek to eradicate malpractices that are harmful to customers and also to encourage the regulation of the industry in a way that is deemed appropriate in given jurisdictions.
The Association is working on the development of a code of conduct for members to follow and adhere to that will help them to better implement best practices in binary options trading.
All participants were reported to be in agreement that this was required in an industry that is growing so rapidly but is still only partially regulated.
Also agreed to be a priority was the encouragement of regulators across Europe to be open to dialogue with the EUBOA. The Board is currently liaising with all regulated brokers to encourage participation as members in what is widely seen to be in the best interest of the growth and professionalisation of the industry.
Meetings of the Board will be held regularly over the coming months to ensure the rapid implementation of the code of conduct and the opening of discussions with regulators.
Established in 2016, EUBOA is the self-regulatory organisation of the binary options trading industry and is charged by its members with encouraging best practice and standards that protect customers in binary trading.
The Board of the Association includes representatives from the leading regulated organizations in the industry including, iq option, Banc de Binary, Rodeler (24option), anyoption, and technology platforms TechFinancials and SpotOption.
The key focus and remit of the EUBOA is to interact with regulators, to ensure that members adhere to its code of conduct aimed at eradicating bad practices, and to encourage market participants to become members.