FinaCom PLC has signed an agreement with the Intelligent Bitcoin Exchange (IBINEX), a new ECN liquidity platform solution, which provides crypto currency access to FX Brokers. The Financial Commission will independently act as the designated self-regulatory organization to provide regulatory and compliance oversight to Ibinex.
Commenting on the release Commission’s Chairman Peter Tatarnikov said – “We will be providing broker customers an avenue for arbitration and hearing trading related cases. Also, due to the unique aspects of bitcoins and other digital currency related businesses, our newly created Crypto Division will be adding accounting and capital requirements monitoring to its supervisory role”.
The Ibinex project is managed and developed by Gallant Partners; a long standing Fintech development company. Having a January 1st, 2015 launch date, Ibinex is specifically targeting Forex brokers, by offering an out-of-the-box MetaTrader API Bridge solution for a seamless integration.
Gallant Partners founding member Simon Grunfeld commented:
“Our group of founders are very anxious to be part of a new wave of innovation within the crypto currency marketplace. All of the stakeholders involved, are representing various aspects of the industry; from Technology to Compliance. These members represent a full spectrum of knowledge and experience, who’s looking forward to what this model will mean to the industry as a whole.”
For more information on Ibinex, please visit www.ibinex.com
For questions related to crypto currency regulation, please contact Financial Commission at [email protected]
Asista a nuestra exposición en la cumbre de Londres, Forex Magnates, en noviembre del año vigente
La Comisión financiera participará en la exposición, dentro de los límites de la cumbre de Londres, Forex Magnates 2014, que tendrá lugar en Grange St. Paul’s Hotel, los días 18 y 19 de noviembre.
La organización se une a la lista de los 37 participantes, cuya participación se ha confirmado, y de los representantes de cientos de proveedores, quienes ofrecen asistencia financiera, y quienes, como se espera, tomarán parte en el encuentro exclusivo de los representantes del sector.
Importancia de Actividades Sectoriales:
El aviso de participación, sigue tras una serie de actividades semejantes, en los cuales la Comisión Financiera ha tomado parte anteriormente, incluyendo las actividades en tales lugares como Macao, Rusia, Turquía y Chipre.
La participación en la actividad Forex Magnates, en Londres, apoya la industria y garantiza la posibilidad para los participantes de aprender más, sobre el funcionamiento de la Comisión Financiera.
La organización trabaja para ayudar a sus socios a mejorar la asistencia, que ellos ofrecen a sus clientes, utilizando el proceso de regulación de disputas; el proceso se organiza por intermediarios y se presenta a través del estatus de membrecía en la Comisión Financiera.
La cumbre de Londres se distinguirá por sus oportunidades únicas de comunicación, debates abiertos, enfocados en temas específicos, y por amplio espectro de participantes desde el are de asistencias financieras.
Además, la Comisión Financiera espera encontrar nuevos participantes del mercado, quienes, potencialmente, podrían convertirse en empresas – candidatas a ser socios de la organización en cuestión, incluyendo empresas de corredores de bolsa y de desarrolladores de tecnologías en el área de Forex, Opciones binarias y divisas criptográficas.
La información más detallada sobre la actividad está a su disposición, aquí http://events.forexmagnates.com/london-summit/
Come See our Exhibitor Booth at Forex Magnates London Summit this November
The Financial Commission will be exhibiting at the 2014 Forex Magnates London Summit which will take place at the boutique Grange St. Paul’s Hotel on November 18th and 19th.
The organization joins a list of 37 confirmed exhibitors and representatives from hundreds of financial services providers expected to attend the exclusive industry gathering.
The Important of Industry Events:
The announcement follows prior events that the Financial Commission participated in including in Macau, Russia, Turkey and Cyprus.
Participation in the Forex Magnates London event supports the industry and provides market participants with the chance to learn more about how the Financial Commission operates.
This includes how the organization is helping its members improve the services they offer to clients using a 3rd party dispute resolution process afforded via membership status within the Financial Commission.
In addition, the Financial Commission expects to meet new market participants who could be potential candidate member firms, including Forex, Binary Options and Cryptocurrency related brokerages and technology developers.
More information about the event is available on http://events.forexmagnates.com/london-summit/
Binary options can now be described as the most discussed financial product. Some call them “the new generation of forex”, others tell on the forums how they doubled their deposit in a couple of hours, and, the rest still do not understand what it is. By the way, the last group is shrinking in size – as in the last two years the interest in this topic has grown considerably. To date, there are tens of companies and technologies for the binary options trading – on the Russian market as well.
Although the binary options are not so long ago on the market, there are already more questions about them than the facts. Many are interested in the problem industry regulation: who controls it all? Who will protect the capital of investors, and in general – their interests? It is clear that, if there are any problems – they seldom reach any international bodies. For this reason, of course, there is an urgent need for a regulatory body which is closer to an average trader: with transparent conditions and reliable documentation.
The Financial Commission has started to provide such functions. It accepts the membership of the brokerage firms that meet all requirements and standards. In addition, their platform must be certified by the Commission. So that those traders who particularly care about the issue of control are encouraged to first pay attention to the “approved” companies, because deposits of their customers are protected by the Compensation Fund of the Financial Commission. This, I think you agree, means quite a lot.
Another question is, of course, quotes. To what extent are they real? How do they correspond to reality? The fractions of price interest point, which in fact, affect the outcome of the transaction, give some room for maneuver on the part of the broker. Or is it not the case? Some brokers decide such problems in quite a simple way: they integrate the quotes from the MetaTrader4 terminal into the binary options platform. In fact, it is convenient: you can open your transactions in the foreign exchange market and in the binary options market simultaneously. You can do this either in the same direction in order to earn more, or in different directions to hedge you risk.
As you understand, this is not all the issues that the industry has yet to decide. But one fact leaves no doubt: there is a future for the binary options … or is it not?
Chairman of the Financial Commission:
iLearney: Peter, you’ve worked in the United States in the field of financial markets from 2005 to 2012 and you probably observed how binary options started to gain popularity in this period. Please tell us, how was it? How it became a notable process and whether binary options gained popularity immediately among the American traders?
Peter Tatarnikov (PT): Alas, I can not tell much. Almost immediately after the appearance of this instrument on the United States market, binary options came under the regulation of the CFTC and the SEC, and as a result, ceased to exist in the form in which they are known by the rest of the world. The regulation came into force in 2008 and currently the “American binary options” are available in a few exchanges. However, as I said, they are very different from what we see through our web-platforms – at minimum, they are deprived of their simplicity. What was the result of the Americans, in my opinion, is too complicated for non-professional traders. It is for this reason that such product is not very popular in the United States.
iLearney: What regulation of the binary options industry currently exist in the world, and what – in Russia? What laws do you think we need?
P.T.: United States, Japan, England, Australia, Cyprus and the British Virgin Islands regulate the companies offering binary options to their customers. In any case, this product is still new, not only to traders, but also to the regulatory bodies. For example, in December of last year, the Japanese JFSA announced major changes in the existing regulation of binary options. These changes brought them closer to the standards of the United States, essentially, determining possible types of proposed contracts, and the terms of their acquisition.
Thus, regulators are beginning to introduce the changes to the trading process, and despite the fact that they approach the problem from the point of view of protecting the interests of traders, unfortunately, the product does not always win from such changes.
At the same time, in England, for example, binary options fall under the betting licensing. In fact, such trades are defined as betting transactions. But let us remember that the classic Forex trading not so long ago was also defined in the same manner. In Russia there is no regulation for the currency market, therefore, the laws for binary options do not exist as well. The Financial Commission, of course, has its own ideas on this subject, which are now being partially implemented. At the current stage, we do not adhere to the constraining strategy and do not interfere with the trading terms of member-companies. At the same time, we collect the statistics that will allow to offer the most effective model of regulation in the future.
iLearney: What issues are handled by the Financial Services Commission for the participants of the binary options market: traders, brokers, developers? To which countries, except Russia, do you extend your activity in this market segment?
P.T.: As an organization which is independent from countries and regulators, we offer our services to companies and clients on a global level. To date, we support seven languages. Recently, we have started accepting claims involving binary options, but only in respect to certified technologies. In other words, if the broker wants to become a member of the Financial Commission and to give its clients the possibility of alternative dispute resolution, the broker must first obtain a certificate for its trading platform. The fact is that new technologies are emerging almost every day, and we cannot know about the features of each of them. Accordingly, first of all, we must make sure that the Commission is able to obtain the necessary information at any time – to make a fair decision. The trading platforms certification affects such parameters as security, performance, available instruments, types of options, pricing, reporting, information storage, as well as the principle of transaction processing and system restoration in case of failures.
iLearney: Can a trader contact the Financial Commission if he is dissatisfied with his binary options broker? What kind of complaints you consider and how you can help?
P.T.: Yes, the Financial Commission accepts client complaints related to the trading process. For example, in cases when a binary option was incorrectly executed, was not executed at all or the client doubts the price at the time of execution. We specialize precisely in such matters. However, if the customer has other claims, we never leave them unattended. Our main task is to unite those companies which know that the proper conduct of business is of the greatest value and the key to a solid reputation in the industry.
iLearney: Tell us about the compensation fund of the Financial Commission. To whom it applies and under what conditions?
P.T.: The Compensation Fund acts as an insurance policy for members’ clients. This fund is held in a separate bank account and is only used when a company refuses to adhere to the decision of the Financial Commission regarding the client’s claim. For example, if we decided in favor of a client in relation to a certain trade, but the broker refused to pay – the Compensation Fund is activated. It covers judgments up to $10,000 per client of an A-Category Member and up to $5,000 per client of a B-Category Member.
iLearney: You built your career on Forex. For you, as a practicing trader and consultant, what looks more promising and interesting: the familiar foreign exchange market, or the rapidly expanding binary options market?
P.T.: I will answer this way. Binary options will not replace the classic Forex-trading. However, this industry is growing every day. We could not leave it unattended and we want our expertise to help this industry to develop in the right way.
September 1, 2014 – Hong Kong & New York: FinaCom PLC, operator of FinancialCommission.org, a neutral mediator serving the online foreign exchange and binary options industry, announces today its newest member firm MTrading.com, operated by ServiceCom Ltd.
MTrading (ServiceCom Ltd), regulated in Belize, is an endorsed partner of Estonia-regulated Admiral Markets. It joins a growing list of members who have engaged the services of the Financial Commission to provide its customers with a neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to come an agreement with their broker.
The Financial Commission, an industry-specific dispute resolution service, is supported by a Dispute Resolution Committee comprised of recognized forex industry professionals. It provides value-added service to its members with an objective and cost-effective dispute resolution process that is independent of any broker and regulatory organization.
Following the approval of its application by the FinaCom PLC’s board, MTrading’s status as an official member of the Financial Commission took effect on August 7, 2014. In response to MTrading’s official membership, Financial Commission Chairman Peter Tatarnikov said: “We are glad to welcome MTrading as our newest member. We believe that it’s a great step for MTrading as the company seeks to leverage its regulatory licenses and grow its business globally.”
MTrading CEO, Maxim Petrov, also said in a statement, “Even after obtaining regulatory approval in Belize, by joining the Financial Commission, MTrading will continue to strengthen its value proposition to customers as an open and transparent brand with a neutral 3rd party dispute resolution service.”
About MTrading
MTrading is an online Forex trading services firm, and a platform provider for trading precious metals, CFDs, stocks, and fossil fuels. With a commitment to offering excellent service and quality trading education, they aim to give clients the best trading experience in every type of financial market. MTrading stands for Knowledge, Confidence, Innovation and Empowerment. Equipping traders with knowledge and the latest trading tools available, coupled with innovative products and services, to empower them to make informed trading decisions.
About The Financial Commission
The Financial Commission is an external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes with financial services providers that are members of the Financial Commission. The Financial Commission set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading the Forex market. The Financial Commission was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler, swifter resolution than through industry regulators and the legal system
For more information, please contact The Financial Commission – [email protected]
September 1, 2014 – Hong Kong & New York: FinaCom PLC, operator of FinancialCommission.org, a neutral mediator serving the online foreign exchange and binary options industry, announces today its newest member firm MTrading.com, operated by ServiceCom Ltd.
MTrading (ServiceCom Ltd), regulated in Belize, is an endorsed partner of Estonia-regulated Admiral Markets. It joins a growing list of members who have engaged the services of the Financial Commission to provide its customers with a neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to come an agreement with their broker.
The Financial Commission, an industry-specific dispute resolution service, is supported by a Dispute Resolution Committee comprised of recognized forex industry professionals. It provides value-added service to its members with an objective and cost-effective dispute resolution process that is independent of any broker and regulatory organization.
Following the approval of its application by the FinaCom PLC’s board, MTrading’s status as an official member of the Financial Commission took effect on August 7, 2014. In response to MTrading’s official membership, Financial Commission Chairman Peter Tatarnikov said: “We are glad to welcome MTrading as our newest member. We believe that it’s a great step for MTrading as the company seeks to leverage its regulatory licenses and grow its business globally.”
MTrading CEO, Maxim Petrov, also said in a statement, “Even after obtaining regulatory approval in Belize, by joining the Financial Commission, MTrading will continue to strengthen its value proposition to customers as an open and transparent brand with a neutral 3rd party dispute resolution service.”
About MTrading
MTrading is an online Forex trading services firm, and a platform provider for trading precious metals, CFDs, stocks, and fossil fuels. With a commitment to offering excellent service and quality trading education, they aim to give clients the best trading experience in every type of financial market. MTrading stands for Knowledge, Confidence, Innovation and Empowerment. Equipping traders with knowledge and the latest trading tools available, coupled with innovative products and services, to empower them to make informed trading decisions.
About The Financial Commission
The Financial Commission is an external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes with financial services providers that are members of the Financial Commission. The Financial Commission set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading the Forex market. The Financial Commission was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler, swifter resolution than through industry regulators and the legal system
For more information, please contact The Financial Commission – [email protected]
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