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EML Payments (EML) surges on Central Bank of Ireland permit

By Mensholong Lepcha

06:15, 25 November 2021

EML Payments logo on smartphone screen
EML Payments logo on smartphone screen – Photo: Shutterstock

Australia’s EML Payments closed over 31% higher on Thursday after its unit received permission from the Central Bank of Ireland (CBI) to sign up new customers.

The Brisbane-based fintech firm was the top intraday percentage gainer on the benchmark S&P/ASX 200 index on Thursday as its stock jumped to a seven-week high of AUD3.61.

The company said the CBI has also permitted its Ireland-based unit, PFS Card Services (Ireland) Limited (PCSIL), to launch new programmes within material growth restrictions on its payment volumes.

Crucial Ireland-based unit

EML Payments was required to transfer its non-UK programmes out of the UK as a result of Brexit. On 19 December 2020, the company had transferred all of its PFS European programmes to CBI-regulated subsidiary PCSIL.

Earlier in May 2020, the company said it has received correspondence from the CBI on concerns related to PCSIL’s anti-money laundering/counter terrorism financing, risk and control frameworks and governance.


0.62 Price
+2.010% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


16,032.40 Price
+0.460% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8

Oil - Crude

76.92 Price
+2.410% 1D Chg, %
Long position overnight fee -0.0187%
Short position overnight fee -0.0032%
Overnight fee time 22:00 (UTC)
Spread 0.030


38,076.50 Price
+2.850% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

EML Payments said, in May, that any restriction on its Irish unit would materially impact its European operations. The company had estimated that between January and March 27% of the company’s global consolidated revenue was derived from programmes operating under its Irish unit.

Remediation plan

On Thursday, the company said the CBI intends to put material growth limitations over PCSIL’s total payment volumes for 12 months, which can be rescinded earlier following a third-party verification to confirm PCSIL’s remediation plan.

“The CBI has invited PCSIL to provide it with submissions in relation to growth limits, which PCSIL intends to do by 30 November 2021,” EML Payments added.

The company said its remediation plan is on track and PCSIL has been removing higher volume lower-yielding programmes to enable it to comply with a material growth restriction and is confident it can meet these obligations.

Read more: EML shares crash 46% on AML concerns

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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