December 30th, 2015 Hong Kong & New York – For Immediate Release: The Financial Commission (financialcommission.org) announces its newest member firm www.ЕQMarkets.com , operated by Infinity Trade LTD.

As a neutral mediator serving the online foreign exchange and binary options industry and operated by Hong Kong based FinaCom PLC, the Financial Commission board approved the membership application for ЕQMarkets. Joining the Financial Commission provides ЕQMarkets a value-added service to its members with an objective and cost-effective dispute resolution process that is independent of any broker and regulatory organization.

Peter Tatarnikov, Chairman of the Financial Commission said regarding the announcement, “We are glad to welcome ЕQMarkets as our latest member and happy to see more brokers joining as the value of what we do plays a key role for broker’s client relationships. I’m sure that this is a positive step for ЕQMarkets business.”

ЕQMarkets Head of Public Relations Alexander Pashkovski commented, “We reviewed the Financial Commissions value proposition and felt it was aligned with our commitment to best serve customers. We believe having such an option is an integral part of complementing an already successful customer support and relationship management process, when dealing with a large number of traders in markets such as foreign exchange.”

ЕQMarkets joins a growing list of members who have joined Financial Commission to provide their end-customers with a neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to come to an agreement with their broker.

eq ЕQMarkets (Infinity Trade LTD) registered office is located in Saint Vincent and the Grenadines. According to the company’s website, the firm offers more than 200 currency pairs to traders and accounts denominated in multiple currencies, as well as a copy trading and social trading feature.

 

About Financial Commission:

The Financial Commission is an industry-specific dispute resolution service, and supported by an experienced Dispute Resolution Committee comprised of recognized forex industry professionals. The organization was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler and swifter resolution than through industry regulators and the legal system. As an external dispute resolution (EDR) organization for consumers and traders who are unable to resolve disputes directly with their financial services providers, the Financial Commission provides its services to clients of brokerages 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 arises in the course of trading the Forex market.

For more information, please contact The Financial Commission: [email protected]

December 30th, 2015 Hong Kong & New York – For Immediate Release: The Financial Commission (financialcommission.org) announces its newest member firm www.ЕQMarkets.com , operated by Infinity Trade LTD.

As a neutral mediator serving the online foreign exchange and binary options industry and operated by Hong Kong based FinaCom PLC, the Financial Commission board approved the membership application for ЕQMarkets. Joining the Financial Commission provides ЕQMarkets a value-added service to its members with an objective and cost-effective dispute resolution process that is independent of any broker and regulatory organization.

Peter Tatarnikov, Chairman of the Financial Commission said regarding the announcement, “We are glad to welcome ЕQMarkets as our latest member and happy to see more brokers joining as the value of what we do plays a key role for broker’s client relationships. I’m sure that this is a positive step for ЕQMarkets business.”

ЕQMarkets Head of Public Relations Alexander Pashkovski commented, “We reviewed the Financial Commissions value proposition and felt it was aligned with our commitment to best serve customers. We believe having such an option is an integral part of complementing an already successful customer support and relationship management process, when dealing with a large number of traders in markets such as foreign exchange.”

ЕQMarkets joins a growing list of members who have joined Financial Commission to provide their end-customers with a neutral 3rd party mediator to help resolve complaints in cases of disputes where customers are unable to come to an agreement with their broker.

eq ЕQMarkets (Infinity Trade LTD) registered office is located in Saint Vincent and the Grenadines. According to the company’s website, the firm offers more than 200 currency pairs to traders and accounts denominated in multiple currencies, as well as a copy trading and social trading feature.

 

About Financial Commission:

The Financial Commission is an industry-specific dispute resolution service, and supported by an experienced Dispute Resolution Committee comprised of recognized forex industry professionals. The organization was established to be a neutral 3rd party committee to fairly review and resolve complaints in an effort to facilitate a simpler and swifter resolution than through industry regulators and the legal system. As an external dispute resolution (EDR) organization for consumers and traders who are unable to resolve disputes directly with their financial services providers, the Financial Commission provides its services to clients of brokerages 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 arises in the course of trading the Forex market.

For more information, please contact The Financial Commission: [email protected]

Complaint Matter

Mr. XXX has lodged his complaint with Financial Commission on the following grounds:

The client claims that Broker (Company) has made a deletion/restoration of a series of closed EURRUB transactions on his account in accordance with paragraph 9.9 and 9.22 of the «Terms of Business» with a formulation “non-market quotes”.

In client’s opinion, the Company is trying to represent these quotes as a technical failure in violation of paragraph 16.1 b of the “Client Agreement”, namely, changing trading conditions retroactively when the benefit of these terms was recorded on the client’s account.

The client admits that the Company offers more advantageous trading conditions than the competitors what allowed him to gain a profit on a high-volatility market, however, he believes that any technical failures or non-market quotes did not take place during the reporting period.

In his own defense the client provides the following arguments:

1. The case does not fall under the last condition of paragraph 10.1 of the “Terms of Business” referred to by the Company. According to the paragraph 10.1 of the “Terms of Business” non-market quotes or spike is an error quote with the following characteristics:

a) a significant price gap;

b) a price rebound in a short time period within a price gap;

c) no prior rapid price fluctuation before the spike;

d) no released macroeconomic indicators and/or corporate reports that could influence the price.

2. In client’s opinion an example of non-market quotes provided by the Company’s on its website has nothing to do with the EURRUB quotes in the reporting period.

3. The client has provided a screenshots of the tick charts on EURRUB currency pair of other companies where such high-volatility quotes were registered.

Consequently, the client demands restoration of the trading history by the time of market closing on the 7th of November 2014 or monetary reimbursement in the amount of 4742.62 USD without restoration of the trading history.

Complainant Broker
XXX YYY
Financial Commission Complaint #ZZZ
Complaint Raising Date Complaint Filing Date
15/11/2014 1/12/2014
Complaint Response:

The decision for this complaint is based on the information provided by Mr. XXX and Broker YYY and the analysis of the market situation of the EURRUB instrument in the given time period.

1) In the reported period Russian Ruble was very unstable, the market experienced increased volatility and low liquidity. In such cases any news or activities of the Central Bank or any other large participant of the market may lead to big price fluctuations;

2) The client did not change his trading strategy during the reported period and did not try to deceive the Company. According to the Company’s report it could be seen that the client has never shown an aggressive trading behavior and also, that the client has never changed his trading strategy in the similar conditions;

3) The Company should not change the trading conditions retroactively and should consider possible rate fluctuations of the RUB instruments. Closing of the profitable transactions in non-liquid time cannot be regarded as a reason to refuse client in a payment;

4) The Company has enough tools to limit its risks when trading during the hours of low liquidity, especially for instruments that are generally low liquid. In particular, to make a special set of rules for such instruments;

Based on the above information the Dispute Resolution Committee considers the client’s complaint reasonable and believes that the Company must satisfy it.

This complaint was reviewed by the members of the Dispute Resolution Committee of the Financial Commission and was processed by the Head of the Committee.

Ruled in Favor Compensation
Client $ 4742.62
If you have any questions regarding this investigation, please send them to the following address [email protected]
Acknowledgement
I certify that all information was considered by the Dispute Resolution Committee of the Financial Commission and hereby confirm that the decision was made fairly, impartially and without interference. I am confident that the information provided in the document is true.
Signature Designation Date

Head of DRC

1/12/2014

 

December 22, 2015 – Hong Kong & New York: FinaCom PLC, a neutral mediator serving the online foreign exchange and binary options industry, announces today its newest member firm NPBFX .

NPB_logo NPBFX is an international forex broker registered in Belize and regulated by International Financial Services Commission, the company operates in partnership with an A – level rated Russian bank Nefteprombank, which provides services in Russia since 1996.

NPBFX 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 reach agreement with their broker.

The Financial Commission is an industry-specific dispute resolution service, it 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, NPBFX’s status as an official member of the Financial Commission took effect on December  3, 2015.

pt-thumb-150 In response to NPBFX’s official membership, Financial Commission Chairman Peter Tatarnikov said: “We are glad to welcome NPBFX as our newest member. We believe that it’s a great step for NPBFX as the company seeks to leverage its regulatory licenses and grow its business globally.”

 

About NPBFX

NPBFX provides trading services in the FOREX market for individual traders and institutional clients. The company’s objectives are to take a leading position in the industry of providing services in the financial markets and meet the needs of the most demanding customers.

NPBFX offers innovative software and hardware developments for the implementation of brokerage model of customer service with STP/NDD technology when all client orders are routed to the liquidity providers and liquidity pools.

The company’s strategy is to provide the highest quality of the execution of client orders at the FX and other financial markets.

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

December 22, 2015 – Hong Kong & New York: FinaCom PLC, a neutral mediator serving the online foreign exchange and binary options industry, announces today its newest member firm NPBFX .

NPB_logo NPBFX is an international forex broker registered in Belize and regulated by International Financial Services Commission, the company operates in partnership with an A – level rated Russian bank Nefteprombank, which provides services in Russia since 1996.

NPBFX 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 reach agreement with their broker.

The Financial Commission is an industry-specific dispute resolution service, it 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, NPBFX’s status as an official member of the Financial Commission took effect on December  3, 2015.

pt-thumb-150 In response to NPBFX’s official membership, Financial Commission Chairman Peter Tatarnikov said: “We are glad to welcome NPBFX as our newest member. We believe that it’s a great step for NPBFX as the company seeks to leverage its regulatory licenses and grow its business globally.”

 

About NPBFX

NPBFX provides trading services in the FOREX market for individual traders and institutional clients. The company’s objectives are to take a leading position in the industry of providing services in the financial markets and meet the needs of the most demanding customers.

NPBFX offers innovative software and hardware developments for the implementation of brokerage model of customer service with STP/NDD technology when all client orders are routed to the liquidity providers and liquidity pools.

The company’s strategy is to provide the highest quality of the execution of client orders at the FX and other financial markets.

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

The Financial Commission is proud to announce that Kristina Nettles, Vice President of Integral Development Corp, Palo Alto, CA United States, has joined the Dispute Resolution Committee (DRC).

Kristina has over 10 years of experience in Currency and NDFs Sales and Trading. Kristina started her carrier with Commerce Bank & Trust in Boston and has been NFA member associate for the duration of work in the United States.

Over the past 6 years and currently she is with Integral Development corporation and responsible for business development in Europe, the Middle East and Africa.

Peter Tatarnikov, Financial Commission Chairman said concerning the announcement, “The Financial Commission has added another great member to our most professional Dispute Resolution Committee. Kristina’s experience will be a great help to resolving any disputes that come in. We look forward to her contribution.”

Kristina joins the Financial Commission as they continue to grow. The Financial Commission has recently participated in Finance Magnates London Summit, where its representatives explained how 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 estimates there should be a two more members who will be announced before the end of 2015.

More about Integral

Integral is one of the leading software and aggregated liquidity  provider for Banks and Institutions. Integral has delivered the only multi-sided trading network for foreign exchange. The platform empowers participants across the entire FX market to configure and operate their own automated, unique, private FX business.

Company also offers unique tool for execution quality evaluation – Integral FX Benchmark™. Based on the broadest available set of market rates and trades pulled from Integral’s FX Grid®, one of the largest OTC FX trading networks, underlying methodologies developed in collaboration with Stanford University, and feedback from buy-side FX market participants, FX Benchmark is a first-of-its kind benchmark for global foreign exchange markets.

For more information, please contact The Financial Commission – [email protected]

The Financial Commission is proud to announce that Kristina Nettles, Vice President of Integral Development Corp, Palo Alto, CA United States, has joined the Dispute Resolution Committee (DRC).

Kristina has over 10 years of experience in Currency and NDFs Sales and Trading. Kristina started her carrier with Commerce Bank & Trust in Boston and has been NFA member associate for the duration of work in the United States.

Over the past 6 years and currently she is with Integral Development corporation and responsible for business development in Europe, the Middle East and Africa.

Peter Tatarnikov, Financial Commission Chairman said concerning the announcement, “The Financial Commission has added another great member to our most professional Dispute Resolution Committee. Kristina’s experience will be a great help to resolving any disputes that come in. We look forward to her contribution.”

Kristina joins the Financial Commission as they continue to grow. The Financial Commission has recently participated in Finance Magnates London Summit, where its representatives explained how 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 estimates there should be a two more members who will be announced before the end of 2015.

More about Integral

Integral is one of the leading software and aggregated liquidity  provider for Banks and Institutions. Integral has delivered the only multi-sided trading network for foreign exchange. The platform empowers participants across the entire FX market to configure and operate their own automated, unique, private FX business.

Company also offers unique tool for execution quality evaluation – Integral FX Benchmark™. Based on the broadest available set of market rates and trades pulled from Integral’s FX Grid®, one of the largest OTC FX trading networks, underlying methodologies developed in collaboration with Stanford University, and feedback from buy-side FX market participants, FX Benchmark is a first-of-its kind benchmark for global foreign exchange markets.

For more information, please contact The Financial Commission – [email protected]

Complaint Matter

Mr. XXX has lodged his complaint with Financial Commission on the following grounds:

The incident occurred on November 6, 2015 during the publication of Non-Farm Employment report in the US.   Prior to the incident the balance of client’s account was 13501 RUR. The client had several opened positions in EURUSD, the total volume of client’s short position in EURUSD amounted to 80000 units of base currency. Just before the publication of the report the client placed three additional Sell Stop pending orders:

146331265   06.11.2015 sell  0.20  EURUSD   1.08500 (was not executed due to lack of funds)

146330490  06.11.2015 sell  1.50  EURUSD    1.08300 (order was executed)

                       06.11.2015 sell  1.50  EURUSD   1.08000 (order was not executed)

At 13:30 GMT there was a period of increased market volatility caused by the publication of unemployment data in the United States. At the moment of publication of the report the price gap of more than 10 points has occurred on the EURUSD market.

Client claims that the broker has violated the procedure for opening pending orders caught in the price gap, what in turn led to a deficit of margin and the subsequent liquidation of his positions by Stop Out. Client believes that pending order # 146331265 should have been executed first, instead of pending order #146330490 and explains that in case of the right sequence of execution of orders the order # 146330490 would have been cancelled due to lack of funds.

Client considers broker’s actions as misconduct and demands compensation (at least the lost deposit should be restored).

Complainant Broker
XXX YYY
Financial Commission Complaint #ZZZ
Complaint Raising Date Complaint Filing Date
11/17/2015 12/04/2015
Complaint Response

The decision for this complaint is based on the information provided by Mr. XXX and Broker YYY.First of all, it should be noted, that above mentioned reaction of the market on publication of important macroeconomic data in the US is not rare and often lead to the increase in volatility,  short-term decrease in liquidity and, consequently, to price gaps and increased spread size in the instrument.

Secondly, it should be also mentioned, that Buy Stop/Sell Stop type orders by their nature do not guarantee the execution at exact price specified in them. Depending on market situation such orders can be executed either at exactly specified price or at a price that is worse than indicated in the order. Buy Stop/Sell Stop type pending order become active as soon as at least one quote in the broker’s price feed reaches the price that is specified by the client. After activation of pending order it must be executed at the first available quote in the broker’s price feed. In this particular case, client’s orders #146331265 and #146330490 got in a price gap and were activated at broker’s server simultaneously. This fact was confirmed by the server’s log-file records provided by the broker.

Thirdly, the broker does not regulate the procedure for execution of orders in the price gap. For comparison, on real Inter-Bank market in the situation similar to abovementioned it is more likely that the larger volume order would be executed first as it corresponds with the logic of market. The technology of execution of orders/transactions is structured in a way where orders/transactions of a larger volume are executed first and only afterwards the smaller volume orders/transactions could be executed at prices that remained.

Such practice of execution of pending orders does not contradict the official response of the Broker YYY received by the Client.

Based on the above information the Dispute Resolution Committee does not find any violations from broker’s side, consequently there are no grounds for the Client’s complaint.

This complaint was reviewed by the members of the Dispute Resolution Committee of the Financial Commission and was processed by the Head of the Committee Anatoly Bulanov.

Ruled in Favor Compensation
Broker None
If you have any questions regarding this investigation, please send them to the following address [email protected]
Acknowledgement
I certify that all information was considered by the Dispute Resolution Committee of the Financial Commission and hereby confirm that the decision was made fairly, impartially and without interference. I am confident that the information provided in the document is true.
Signature Designation Date

Head of DRC

12/04/2015

 

Complaint Matter

Mr. XXX claims on January 15th he was stopped out of his two positions in EURCHF at prices that were inconsistent with the market. Following the SNB announcement there was extreme volatility in the swiss franc which appreciated substantially against the Euro and other currencies. Despite the sharp drop in EURCHF Mr XXX’s 2 short positions or 0.01 lots in the pair were stopped out by a ‘non market spike’ to the upside with quotes as high as 1.33 following the announcement from a level of around 1.20. Mr XXX mentions that not only was he stopped out at prices that he mentions were totally inconsistent with the market but he missed the opportunity to benefit from the large subsequent drop in prices. He contacted the broker whom initially responded and refused his proposal to be closed by actual market prices at the time which he claims were closer to 0.85 at the time. When asked by the Commission if he received any compensation from the company Mr XXX confirmed he received his ‘deposit’ back from the company.
Mr XXX is claiming his two positions be closed out at 0.85 and the reopening of his two pamm accounts (which were closed) enabling him to trade or withdraw funds.
Mr XXX provided his pamm accounts position statements and chart information.

Complainant Broker
XXX YYY
Financial Commission Complaint #ZZZ
Complaint Raising Date Complaint Filing Date
1/15/2015 1/22/2015
Complaint Response

The company’s response confirms the extreme volatility that was created at the time by the SNB announcement. They mention at the time their specialists detected a ‘spike’ topping 1.3269 on two servers which was confirmed as to price and volume by their liquidity provider. The company asserts their hedge trades were not corrected or cancelled despite their attempts to do so. Nevertheless the company proceeded to correct the MT4 charts and decided to compensate its clients the losses caused by these prices. Mr XXX‘s accounts were indemnified with Usd 85.12 and Eur 61.13. He was duly notified.

The decision for this complaint is based on the information provided by Mr XXX and Broker. Summarising all the above the Dispute Resolution Committee found in favour of Mr XXX. The committee found that the upward ‘spike’ following the announcement by the SNB was not consistent with acceptable market prices and noted the steps the company took to indemnify the client. The Committee also found that the client should receive a form of fair compensation further than that already provided to reflect his missed opportunity. The Committee recognised the technical issue the company may have had in its decision for the company to award further compensation to the client. However, the Committee does not believe that the company must be responsible for all hypothetical income that the client could possibly make based on historical data.

Ruled in Favor Compensation
Client Broker member decision
If you have any questions regarding this investigation, please send them to the following address [email protected]
Acknowledgement
I certify that all information was considered by the Dispute Resolution Committee of the Financial Commission and hereby confirm that the decision was made fairly, impartially and without interference. I am confident that the information provided in the document is true.
Signature Designation Date

Head of DRC

02/24/2015