Category Archives: Company News

The Financial Commission Launches Strategic Partnership with Verify My Trade

June 21, 2017 – Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, and serving the online forex and CFD brokerage industry, today announces the launch of a strategic partnership with Verify My Trade – a third-party data repository that provides post-trade execution analysis on individual forex trades.  

Verify My Trade As part of the partnership, clients of a broker that are members with Financial Commission will be able to use the Verify My Trade analysis tool on an individual trade basis across nine major currency pairs.

 

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. Customers simply enter five key pieces of information about their particular trade, including the following:

  • Symbol
  • Direction
  • Execution Time (GMT)
  • Execution Date (GMT)
  • Execution Price

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 asses 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.

 

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Financial Commission Chairman, Peter Tatarnikov said: “We’re delighted to offer the Verify My Trade analysis tool to our members so that their clients can check any of their forex trades, using an independent third-party service. The Verify My Trade execution analysis tool complements our in-house capabilities and serves as additional verification in cases when poor execution quality arises.”

“This tool should help reduce the instances when a trade that was properly executed unnecessarily escalates into an unresolved complaint that must be then filed with Financial Commission for remediation.”

“As we attempt to reduce the number of execution-related disputes that occur before they progress into formal complaints filed with Financial Commission, we’re demonstrating that offering this solution shows our strong commitment to the dispute resolution process and upholds our commitment to education.”

To learn more about Verify My Trade, visit www.verifymytrade.com and more information about Financial Commission membership requirements, please contact or visit our official website: https://FinancialCommission.org

Financial Commission Appoints Brian Phillips to its Dispute Resolution Committee (DRC)

June 15, 2017: Financial Commission, a leading External Dispute Resolution (EDR) organization, operated by FinaCom PLC, servicing online brokerages and technology providers within the financial services industry, today announces the appointment of Brian Phillips to its Dispute Resolution Committee (DRC).

Enhancing the DRC structure

Brian Phillips is the latest industry expert to join the Financial Commission’s DRC – which consists of a diverse panel of industry professionals, who follow a non-bias protocol in order to process and resolve complaints from our members’ clients.

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Brian began his career at Goldman Sachs within the Fixed Income, Currencies and Commodities (FICC) Division. He was instrumental in expanding the business into new markets and helped build out the liquidity, API, algo and platform offerings for hedge funds, banks, asset managers and retail broker clients. After extensive work within the institutional space at Goldman Sachs, Brian founded Argosy Global Advisors.

 

As Brian Phillips commented: “The Financial Commission is a much needed entity within our market and has proven to be very valuable to its members and to the trading community it protects. I appreciate the opportunity to serve among other industry leaders and continue to help grow and protect our global marketplace.”

 

peter Peter Tatarnikov, Financial Commission, Chairman, said: “Brian is a senior industry veteran who understands the technology needs of multi-asset brokers and their clients, and in key areas such as liquidity, execution, and risk-management. We are pleased to welcome him as the latest DRC appointee at Financial Commission.”

 

About Argosy Global Advisors

Argosy specializes in risk management, liquidity optimization and technology implementation. Their chief mission is to partner with retail brokers to increase profitability and drive growth for their clients. The company provides multiple solutions for clients to manage and visualize risk that lead to higher yields and increased volumes across multiple asset classes. Brian and his team have a proven track record of creating risk/reward profiles for each broker to optimize profitability. Argosy’s clients benefit from their global network of technology and liquidity partners whether they are start-ups or Tier 1 providers.

About 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. To learn more about our requirements or to apply for membership, please contact us.

Financial Commission Announces STForex as Latest Approved Member

June 7, 2017, leading external dispute resolution (EDR) organization, Financial Commission, catering to the financial services industry and operated by FinaCom PLC, today announces STForex as its newest approved Member.

 

stforex STForex’s status as a A-category Member of the Financial Commission took effect on June 1, 2017, following the approval of its membership application by FinaCom PLC’s board, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to $20,000 per submitted claim, backed by the Financial Commission’s compensation fund.

 

Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.

For approved members and their clients participating in CFDs and foreign exchange (forex) markets, Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.

STForex joins a diverse range of brokerages and independent services providers (ISPs) that utilise the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.

About STForex

STForex Ltd was incorporated in 2014. The company provides trading services on foreign exchange market, as well as powerful educational and analytical support. The company’s mission is to provide access to professional, high quality market analysis and thereby to increase the financial literacy of wide range of customers. One of the key figures of the company is Evgeny Filippov, Managing Director, has 8 years of experience in the financial markets, regularly participates live on TV channels including Russia 24 and RBC TV and has many publications on market analysis in such media resources as RBC, Investing.com, Prime, Finam, Invest Cafe and others.

For more information please contact STForex at info@stforex.com

About Financial Commission

Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders 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 technology platforms used for trading.

For more information please contact us at info@financialcommission.org

Financial Commission Successfully Participated in IFX Expo 2017 in Cyprus

June 6, 2017: Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, and serving the online forex and CFD brokerage industry, is pleased to announce a successful participation as an exhibitor at the 2017 iFX Expo International that just concluded last week in Cyprus.

As one of the largest industry conferences attended by the online brokerage industry, the iFX Expo International event in Cyprus saw over 3500 attendees and industry delegates including regulators, legal and compliance experts and financial technology and brokerage companies.   

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Located again this year at the Spyrou Kypriannou stadium, Financial Commission’s booth was located near the iFX Expo entrance enabling our staff to exhibit and interact directly with attendees. Financial Commission Chairman, Peter Tatarnikov was interviewed by local media agencies, sharing insights about industry developments and Financial Commissions’ expansion.

 

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Artem Karpichenko – Senior Operation Oficer

Michael Greenberg – FinaCom Board Member, CEO Finance Magnates

Peter Tatarnikov – FinaCom Chairman

Alexey Pavlenko – FinaCom Board Member

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Michael Greenberg – FinaCom Board Member, CEO Finance Magnates

Peter Tatarnikov – FinaCom Chairman

Alexey Pavlenko – FinaCom Board Member

 


On day 1 of the event, May 24th, Mr. Tatarnikov participated as a guest speaker on the Regulation panel that was part of the event agenda. Mr. Tatarnikov joined a diverse panel of industry experts and talked about common regulatory challenges faced by the global forex and CFD brokerage community.

Mr. Tatarnikov commented: “iFX Expo International 2017 proved to reconfirm many of our views on the direction of global regulatory changes. Whether a company is unregulated or licensed in several jurisdictions, we have demonstrated that membership with Financial Commission can help improve client experiences in the inevitable cases when dispute resolution is needed and while enhancing broker’s own compliance protocols.”

Mr. Tatarnikov added: “Our proven approach to remedying complaints and commitment to education and best practices are some of the reasons that significant interest continues to be shown from both brokerages and platform technology developers who see the benefits of joining Financial Commission to enhance their own self-regulatory efforts. We are very pleased to have participated at this important industry event and extend our thanks to the organizers, media and our members and supporters.”

 

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Peter Tatarnikov – FinaCom Chairman

 

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Peter Tatarnikov – FinaCom Chairman

Maor Lahav – FinaCom DRC Member, COO and co-founder of Panda Trading Systems

The event concluded on day two with a speech by the, Dimitra Kalogerou, Chairman of the Cyprus Securities and Exchange Commission (CySEC), where the theme of MiFID II was emphasized as radically changing European markets as it goes into effect in January 2018.

In addition to MiFID II changes – which was a major theme throughout the event – other global topics related to best execution in Forex and off-exchange markets were also on the forefront of many discussions.

Financial Commission observed that while more regulations are coming to different jurisdictions, there is also an increased need for self-regulatory efforts in both established and evolving regulatory hubs as companies strive to demonstrate and maintain high standards of compliance.

Following a successful event at the iFX Expo in Hong Kong earlier this year, Financial Commission is pleased to report the same momentum carrying into iFX Expo in Cyprus based on the feedback from market participants who showed interest in our membership-based organization. For more information about our membership requirements, please contact us.

Financial Commission Appoints Quinn Perrott to its Dispute Resolution Committee (DRC)

June 2, 2017: Financial Commission, a leading External Dispute Resolution (EDR) organization, operated by FinaCom PLC, servicing online brokerages and technology providers within the financial services industry, today announces the appointment of Quinn Perrott to its Dispute Resolution Committee (DRC).

Enhancing the DRC structure

Quinn Perrott is the latest industry expert to join the Financial Commission’s DRC – which consists of a diverse panel of industry professionals, who follow a non-bias protocol in order to process and resolve complaints from our members’ clients.

qp-image-225x300 With an extensive background in IT, Quinn started in the financial markets as IT Manager for City Index. He then went on to be co-founder and General Manager of AxiTrader, one of Australia’s largest Margin FX providers. Quinn’s knowledge of OTC derivatives and trading platforms has made him an important figure in the derivatives regulatory and industry reform space. Quinn has provided educational sessions to Australia’s regulatory bodies in relation to retail derivatives trading platforms. Quinn has also dealt with Treasury in Canberra, Australia to advise on and discuss the retail OTC derivatives industry. At the moment Quinn holds a position of General Manager in TRAction Fintech

 

About TRAction Fintech

TRAction exists to make it easy for you to seamlessly report transactions and open positions across all OTC derivative asset classes with built in reconciliation and monitoring capabilities. Even for the most well prepared and resourced compliance departments, navigating trade reporting regulations can be confusing and frustrating. That’s why smart brokers use TRAction Fintech. Trade Reporting Simplified.

About 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. To learn more about our requirements or to apply for membership, please contact us or visit FinancialCommission.org

Financial Commission Announces Departure of Pavlo Symonenko From Position

May 18, 2017, Financial Commission, a leading external dispute
resolution (EDR) organization, operated by FinaCom PLC, today announces that
Pavlo Symonenko will be stepping down from his position at Financial Commission.

Pavel initially joined Financial Commission at the beginning of February, taking on the role of senior development officer to help sustain a period of high membership growth, and during which time he helped contribute to key areas of operations that support Financial Commission’s strategic plans.

As part of his planned departure to pursue other ventures, Pavel has transitioned his remaining work to Financial Commission staff and management after developing a framework to sustain several of the initiatives he had helped spearhead.

Financial Commission Chairman, Peter Tatarnikov said: “We thank Pavel for supporting our strategic plans and contributing to the development of Financial Commission during this time of high growth. His work was exemplary and we wish him all the best in his next endeavors.”

Financial Commission Warns of Pseudo-Clone Website and Mira Markets

May 17, 2017: Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, today warns the public of Mira Capital Markets (MiraMarkets.com) which is impersonating membership through a nearly-cloned (pseudo-clone) website that is mimicking many aspects of Financial Commission.

Financial Commission has become aware of two websites: Mira Capital Markets (miramarkets.com) – which is using data and linking to a website that is a pseudo-clone of Financial Commission (fincommission.com), to make it seem to the public that it is a member when it is in fact not a member of https://FinancialCommission.org.

There are two websites that we are warning about in this announcement:

 

mira-3 The first warning is of MiraMarkets.com
.
.
%d1%81%d0%bd%d0%b8%d0%bc%d0%be%d0%ba-%d1%8d%d0%ba%d1%80%d0%b0%d0%bd%d0%b0-2017-05-18-%d0%b2-0-46-36-3 The second related-warning is fincommission.com – the pseudo-clone website impersonating our organization in many areas and context  (note: our site uses a .org extension and not .com at the end as the clone site is).


Mira Markets is not a member of The Financial Commission

Mira Markets is apparently using the information from the pseudo-clone website to masquerade to the public while appearing as a member while it attempts to lure investors.

Moreover, the pseudo-clone website lists a few dozen brokerages on a purported member section, many of whom have contacted us thinking that the site has any legitimacy or connection to us only to be informed that it is in fact a pseudo-clone website that is impersonating Financial Commission.

The great lengths that companies may go to help perpetrate a fraud can be difficult for even the most cautious investors to detect. Be sure that the .org suffix is at the end of the URL when searching for our website, or clicking on related links when attempting to visit FinancialCommission.org.

Financial Commission Adds Offshorelicense to the Partners Section

May 12, 2017, Financial Commission, a leading External Dispute Resolution (EDR) catering to the online brokerage industry, operated by FinaCom PLC, today announces the addition of Offshorelicense as an approved service provider to its Partners section on FinancialCommission.org.

 

ol_logo-2 Offshorelicense is a trustworthy turnkey partner in setting up a new business off and on shore. Companies main strengths are highly experienced staff, strong technological base, wide partner network and broad geographical presence with offices in London, Hong Kong, Cyprus, Prague and Riga

 

Financial Commission has created its Partners section for service providers approved to offer their solutions to our members. Offshorelicense is now available for our members and provides company formation and corporate services; licensing for forex, binaries, financial intermediaries and gambling; assistance with banking and merchant services; accounting and audit services; turnkey solution for forex, binaries and gambling platforms.

Financial Commission Chairman, Peter Tatarnikov, said: “World’s regulatory environment becomes more and more complex setting out new rules and restrictions. In that situation having the right partner matters when it comes to setting out new business or getting license for your company. With Offshorelicense you will get first class turnkey solution for your business from highly experienced staff with strong technological base. Offshorelicense brings the resources and experience to help deliver the regulatory solutions that brokers need. We’re pleased to introduce Offshorelicense to our partners.”

About Offshorelicense

Founded in 2014, Offshorelicense focuses on licensing of Forex, Binaries, Financial intermediaries and Gambling and provides company formation and other corporate services, assisting with banking and merchant account opening, also providing accounting and audit services.

About 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. To learn more about our requirements or to apply for membership please contact us or visit FinancialCommission.org

The Financial Commission Announces FXB Trading as its Latest Approved Member

May 10, 2017, Leading external dispute resolution (EDR) organisation, Financial Commission, catering to the financial services industry and operated by FinaCom PLC, today announces FXB Trading as its newest approved Member.

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FXB Trading status as a Member of the Financial Commission took effect on May 3, 2017, following the approval of its membership application by FinaCom PLC’s board, thus allowing the company and its customers access to a wide range of services and membership benefits including, but not limited to, protection for up to $20,000 per submitted claim, backed by the Financial Commission’s compensation fund.

The Financial Commission provides brokerages and their clients with an unbiased 3rd party mediation platform that helps resolve complaints in instances where the original parties are unable to come to an agreement themselves.

For approved members and their clients participating in the CFD and foreign exchange (Forex) markets, the Financial Commission helps facilitate a simpler, swifter resolution process than can be had through common regulatory channels such as arbitration or the local court systems.

FXB Trading joins a diverse range of brokerages and independent services providers (ISPs) that utilise the services of the Financial Commission as part of their overall commitment to their clients whilst upholding the strict membership requirements of the Commission.

The Financial Commission Chairman, Peter Tatarnikov said, “We are pleased to see new brokers continuing to join the Financial Commission and proud to welcome A category member FXB Trading as our latest approved member and the most recent brokerage to join the Financial Commission. Our ongoing membership growth reflects the importance of efficient dispute resolution and shows that companies and their clients value when a neutral 3rd party provides such services. Financial Commission provides an unmatched dispute resolution process which FXB Trading and its customers can now take advantage of.”

About FXB Trading

FXB Trading is the trading name of FAZCO CAPITAL LTD, registered by the Financial Services Authority (FSA) of Saint Vincent. FXB Trading has established itself as a catalyst for change in the world of online trading by putting the interests of its clients first and foremost. The broker’s mission is to provide a standout trading service that delivers the tools traders of all levels need to be successful, so that they trade with FXB for the long-term. FXB offers CFDs (Contracts for Difference) on forex, commodities, indices and shares, and its clients benefit from superior security of funds, fast execution, multiple account types, highly competitive trading conditions, on-call support, a superb range of trading tools and great trading education resources that cannot be matched.

For more information, please contact FXB Trading at  support@fxbtrading.com

About Financial Commission

The Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders who are unable to resolve disputes directly with their financial services providers that are members of the Financial Commission. The 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 as the Foreign Exchange Market, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.

For more information, please contact us at info@financialcommission.org

Financial Commission Announces CPFX as Latest Approved Member

May 9, 2017, leading external dispute resolution (EDR) organization, Financial Commission, catering to the financial services industry and operated by FinaCom PLC, today announces CPFX as its newest approved Member.

cpfx-logo CPFX’s status as a Member of the Financial Commission took effect on May 3, 2017, following the approval of its membership application by FinaCom PLC’s board, thus allowing the company and its customers to be entitled to related membership benefits.

 

Financial Commission provides brokerages and their customers with an unbiased 3rd party mediation platform that helps resolve complaints in instances when parties are unable to directly come to an agreement over disputes.

For approved members and their clients participating in CFDs and foreign exchange (forex) markets, Financial Commission helps facilitate a simpler, swifter resolution process than through typical regulatory channels such as arbitration or local court systems.

CPFX joins a diverse range of brokerages and independent services providers (ISPs) that utilise the services of the Financial Commission and as part of their commitment to their clients while upholding membership requirements.

About CPFX

Clear Point Finance Limited provides world-class forex and CFD trading services to both individual and corporate investors. CPFX offers a reliable and robust trading environment that providing the cutting-edge technologies for a transparent and no-conflict order flows to deliver ultra-fast, direct market access model, which allows you to trade without the requotation. In addition to all currencies, the company also provides investment opportunities in precious metals such as gold, silver, brent oil, crude oil and elite world indices. With experienced staff, CPFX shares daily analysis, seminar and webinar training to its investors. With the deep liquidity (Tier 1 Liquidity) Clear Point Finance provides competitive 24/5 nonstop trading environment and full STP trading model (Straight Through Processing) that you can safely step into the forex market with the CPFX.

For more information please contact CPFX at support@cpfx.com

About Financial Commission

Financial Commission is an independent external dispute resolution (EDR) organization for consumers/traders 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 technology platforms used for trading.

For more information please contact us at info@financialcommission.org