Italian stock-market regulator Consob
on Monday sounded the alarm about the risks linked to online
trading ' video games'.
"The operating scheme - variously referred to under various
names, including shadow investment game, funding trading,
financed trading accounts - consists... in inducing network
users to participate in online trading challenges, which in most
cases assume enrolment in paid training courses," Consob said.
"Those who pass the test are presented with the opportunity to
switch from simulated trading to supposedly real trading with
capital apparently made available by companies calling
themselves proprietary firms (prop firms).
"To entice the "players," the opportunity to share some of any
profits made is floated to them.
"Consob has received several reports from users who have signed
up for such offers.
"The complaints concern both the level of difficulty of the
tests, which are allegedly contrived to push "players" to try
again, and the failure to share the alleged profits.
"Similar warnings about the risks associated with these offers,
which can lead to the loss of pledged amounts, have also been
issued by the National Financial Market Regulatory and
Supervisory Authorities in Belgium (Fsma) and Spain (Cnmv)".
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