ESMA (European Securities and Markets Authority)

ESMA - The EU’s securities regulator (not a term entry but abbreviation used extensively). ESMA coordinates cross-border regulation and has imposed specific forex/CFD rules. For example, ESMA’s 2018 product intervention capped leverage for EU retail forex clients (30:1 on major FX pairs, down to 2:1 on crypto) and mandated account-wide stop-outs and negative-balance protection.