December 12, 2017 – The Financial Commission, a leading independent member-driven external dispute resolution (EDR) organization for international online brokerages that participate in global foreign exchange (forex), derivatives, and cryptocurrency markets, today announces a partnership with VerifyMyTrade. With this partnership, all current and future members of The Financial Commission will receive discounts on all VerifyMyTrade products.
Regulatory constraints such as the ones specified in MIFID II are forcing forex brokers to create a trading environment that is fair and transparent for all market participants. VerifyMyTrade offers services that encourage fair play in the forex market by allowing market participants to assess the quality of the execution their broker is providing.
VerifyMyTrade consolidates price feeds from dozens of global OTC retail forex brokers and produces statistical models of the representative market price based on the raw tick data for every second of the day.
VerifyMyTrade product suite is comprised of three offerings; a regulatory reporting framework that deals with execution quality, a framework for building trust between the trader and broker by highlighting the quality of execution the trader is receiving, and a dispute resolution service for brokers that reduces the cost and time needed to deal with traders’ queries regarding trade price execution.
Jeremy White, CEO, VerifyMyTrade commented “Regulations such as MiFID II are forcing the industry to be more transparent about execution and how this information is communicated to all stakeholders. We are very happy to partner with the Financial Commission who share the same transparency vision and look forward to working with the Financial Commission member brokers”.
VerifyMyTrade is a third-party data repository that provides post-trade execution analysis on individual forex trades. Verify My Trade aggregates forex price tick data from retail brokers into its repository and uses a box plot method to segment trades by execution quality for any given second of the trading week. The analysis results of each report will help provide greater resources for clients in cases when a specific trade is in question, as they will be able to assess the execution quality for each trade using the Verify My Trade analysis tool, making it an all-around benefit to all parties when it comes to execution-related trade disputes.
For more information, please visit www.verifymytrade.com
About The Financial Commission
Financial Commission is an independent external dispute resolution (EDR) organization for market participants who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets such Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying ICOs and technology platforms used for trading.
For more information please contact us at [email protected]ncialcommission.org