Sector framework
FX/CFD applicability framework
The RM10 Standards apply differently across the ecosystem. This matrix sets out indicative applicability for each stakeholder category within a defined scope.
What each column means
- RM1Regulatory Perimeter & Licence Identity
- RM2Client Classification & Distribution Boundaries
- RM3Responsible Marketing, Affiliate & IB Controls
- RM4AML/CFT, Sanctions, KYB & Financial Crime Controls
- RM5Counterparty, Supplier & Outsourcing Governance
- RM6Responsible Product, Service & Programme Design
- RM7Complaints, Fair Handling & Remediation Records
- RM8Technology, Data, Cyber & Operational Resilience
- RM9Money, Payment, Safeguarding & Settlement Boundaries
- RM10Governance, Anti-Corruption & Annual Improvement
| Stakeholder | RM1 | RM2 | RM3 | RM4 | RM5 | RM6 | RM7 | RM8 | RM9 | RM10 |
|---|---|---|---|---|---|---|---|---|---|---|
| FX/CFD broker | M | M | M | M | M | M | M | M | M | M |
| Spread-betting provider | M | M | M | M | C | M | M | M | M | M |
| Offshore broker group | M | M | M | M | M | M | M | M | M | M |
| Funded trader / prop firm | M | M | M | C | C | M | M | M | C | M |
| Money manager / MAM / PAMM | M | M | C | M | C | M | M | C | M | M |
| Copy-trading / signal provider | C | M | M | C | C | M | M | C | N/A | M |
| IB / affiliate | C | C | M | S | C | S | C | S | N/A | M |
| Marketing agency / finfluencer network | N/A | C | M | S | C | C | C | S | N/A | M |
| Trading education provider | C | C | M | S | S | M | C | S | N/A | M |
| PSP / EMI / payment provider | M | C | C | M | M | C | M | M | M | M |
| Platform technology vendor | S | N/A | S | S | M | M | C | M | C | M |
| CRM / KYC / RegTech vendor | S | C | S | M | M | M | C | M | S | M |
| Liquidity provider / PoP | M | C | S | M | M | C | C | M | M | M |
| Compliance consultant | C | C | C | C | C | C | C | C | C | M |
| Legal / regulatory adviser | C | C | C | C | C | C | C | C | C | M |
| Corporate service provider | C | S | S | M | M | S | S | C | C | M |
| Hosting / cybersecurity provider | S | N/A | S | S | M | C | C | M | N/A | M |
| Media / events platform | N/A | S | M | S | C | C | C | S | N/A | M |
FX/CFD broker
- RM1
- M
- RM2
- M
- RM3
- M
- RM4
- M
- RM5
- M
- RM6
- M
- RM7
- M
- RM8
- M
- RM9
- M
- RM10
- M
Spread-betting provider
- RM1
- M
- RM2
- M
- RM3
- M
- RM4
- M
- RM5
- C
- RM6
- M
- RM7
- M
- RM8
- M
- RM9
- M
- RM10
- M
Offshore broker group
- RM1
- M
- RM2
- M
- RM3
- M
- RM4
- M
- RM5
- M
- RM6
- M
- RM7
- M
- RM8
- M
- RM9
- M
- RM10
- M
Funded trader / prop firm
- RM1
- M
- RM2
- M
- RM3
- M
- RM4
- C
- RM5
- C
- RM6
- M
- RM7
- M
- RM8
- M
- RM9
- C
- RM10
- M
Money manager / MAM / PAMM
- RM1
- M
- RM2
- M
- RM3
- C
- RM4
- M
- RM5
- C
- RM6
- M
- RM7
- M
- RM8
- C
- RM9
- M
- RM10
- M
Copy-trading / signal provider
- RM1
- C
- RM2
- M
- RM3
- M
- RM4
- C
- RM5
- C
- RM6
- M
- RM7
- M
- RM8
- C
- RM9
- N/A
- RM10
- M
IB / affiliate
- RM1
- C
- RM2
- C
- RM3
- M
- RM4
- S
- RM5
- C
- RM6
- S
- RM7
- C
- RM8
- S
- RM9
- N/A
- RM10
- M
Marketing agency / finfluencer network
- RM1
- N/A
- RM2
- C
- RM3
- M
- RM4
- S
- RM5
- C
- RM6
- C
- RM7
- C
- RM8
- S
- RM9
- N/A
- RM10
- M
Trading education provider
- RM1
- C
- RM2
- C
- RM3
- M
- RM4
- S
- RM5
- S
- RM6
- M
- RM7
- C
- RM8
- S
- RM9
- N/A
- RM10
- M
PSP / EMI / payment provider
- RM1
- M
- RM2
- C
- RM3
- C
- RM4
- M
- RM5
- M
- RM6
- C
- RM7
- M
- RM8
- M
- RM9
- M
- RM10
- M
Platform technology vendor
- RM1
- S
- RM2
- N/A
- RM3
- S
- RM4
- S
- RM5
- M
- RM6
- M
- RM7
- C
- RM8
- M
- RM9
- C
- RM10
- M
CRM / KYC / RegTech vendor
- RM1
- S
- RM2
- C
- RM3
- S
- RM4
- M
- RM5
- M
- RM6
- M
- RM7
- C
- RM8
- M
- RM9
- S
- RM10
- M
Liquidity provider / PoP
- RM1
- M
- RM2
- C
- RM3
- S
- RM4
- M
- RM5
- M
- RM6
- C
- RM7
- C
- RM8
- M
- RM9
- M
- RM10
- M
Compliance consultant
- RM1
- C
- RM2
- C
- RM3
- C
- RM4
- C
- RM5
- C
- RM6
- C
- RM7
- C
- RM8
- C
- RM9
- C
- RM10
- M
Legal / regulatory adviser
- RM1
- C
- RM2
- C
- RM3
- C
- RM4
- C
- RM5
- C
- RM6
- C
- RM7
- C
- RM8
- C
- RM9
- C
- RM10
- M
Corporate service provider
- RM1
- C
- RM2
- S
- RM3
- S
- RM4
- M
- RM5
- M
- RM6
- S
- RM7
- S
- RM8
- C
- RM9
- C
- RM10
- M
Hosting / cybersecurity provider
- RM1
- S
- RM2
- N/A
- RM3
- S
- RM4
- S
- RM5
- M
- RM6
- C
- RM7
- C
- RM8
- M
- RM9
- N/A
- RM10
- M
Media / events platform
- RM1
- N/A
- RM2
- S
- RM3
- M
- RM4
- S
- RM5
- C
- RM6
- C
- RM7
- C
- RM8
- S
- RM9
- N/A
- RM10
- M
Scope Notes
Markers in the text above resolve to the full boundary wording below. These notes define what this page records — and what it does not claim.
Scope Notes
Markers in the text above resolve to the full boundary wording below. These notes define what this page records — and what it does not claim.
- 7.
RM10 Standards: BlackCores RM10 Standards are BlackCores-owned standards for documentary mapping and responsible-market conduct presentation. They are not regulatory rules, official regulator standards, UN standards, or a substitute for professional advice.
- 8.
General information: Website content is provided for general business and institutional information only. It should not be relied on as legal, financial, tax, investment, insurance, regulatory or trading advice. Users should obtain independent professional advice where appropriate.
- 13.
FX/CFD framework scope: The FX/CFD framework is intended for business, professional and institutional audiences. It describes documentary areas relevant to FX/CFD ecosystem governance and responsible-market conduct. It is not a consumer trading guide, broker comparison, financial promotion, investment recommendation or product endorsement, and it does not encourage trading in any financial product.
- 14.
Marketing and affiliate scope: Where marketing, affiliate, introducing-broker or promotional controls are discussed, this refers to documenting and reviewing a firm's own distribution controls within a defined scope. BlackCores Responsible Markets does not approve financial promotions for communication and does not make any promotion compliant unless a separate, appropriately authorised arrangement is expressly agreed in writing.
- 15.
Banking, PSP and EMI scope: Where banking, payment service provider or e-money matters are discussed, this refers to documentation readiness and the organisation of firm-supplied information only. It is not bank or provider onboarding, safeguarding verification, client-money confirmation, or the provision of any payment, e-money or deposit-taking service.