The FinancialJuly 22, 2014 – Hong Kong & New York: The Financial Commission has today-announced that it has begun binary option trading technology certification. Binary options firms and binary options technology providers seeking membership eligibility with the Hong Kong domiciled organization can now request certification of their platforms.
The industry-driven independent organization provides an unparalleled dispute resolution process between online brokerages and their end-customers, helping to avoid costly arbitration and/or regulatory complaints which typically leave the customer and brokerage with a negative relationship experience, and customer dis-loyalty. The announcement marks the start of a potential new wave of member applicants from the binary options industry to join the commission.
Commission Infrastructures Paves Way to Help Binary Options Industry
The unique ability that the Financial Commission brings as part of its resolution process includes having a diverse committee of senior foreign exchange industry executives and applying a non-bias systematic approach to the investigation process when resolving escalated customer-complaints.
In addition to the advantages afforded to Forex brokerages that are members of the Financial Commission, the organization aims to provide such benefits to the binary options trading industry as it continues to evolve, and certifying trading platforms standards is a first step in establishing a basis.
Just last week the commission completed a successful certification of Binaryware LLC, the binary options technology provider operating binarystation.com, which was the first binary options provider to be certified by the Financial Commission.
Financial Commission Chairman Peter Tatarnikov said regarding the news, “We are pleased to announce the certification of Binarystation’s platform, for binary options, by the Financial Commission. Now forex and binary options brokers that are using the Binarystation platform have the opportunity to become Members of the Financial Commission.”
Binaryware Managing Director Mikhail Chistyakov said, “Having already completed the Financial Commission’s certification, Binaryware will focus on binary option brokers around the world and also offer our solutions to companies that are already members of Financial Commission.”
Technology Certification Required for Membership Approval
As part of the membership approval process for firms seeking to join the financial commission, the commission will require that binary options platforms undergo a specialized review by the commission, which will check key points throughout the platform execution process to help ensure that an equitable decision process can be provided when reviewing claims from binary options traders using such platforms.
As part of the review process the commission has established a detailed list of points to verify covering the following sections:
- Platform Security
- Platform Capacity
- Instruments and orders types
- Pricing and Execution Policy
- Reporting and record keeping
- Business Continuity/Disaster Recovery Plan
Binary options firms seeking membership status with the Financial Commission can learn more about the process and expected requirements as part of the technology certification process in advance of applying for membership or in preparation of submitting an application.