The FinancialCommission News
Latest News
CFDs Get a Bad Rep in South Africa
Ocak 8, 2021
According to a recent report from Finance Magnates, Contracts for Difference (CFDs) are having a hard time at adoption in younger regional regulatory regimes. The news portal reported that IG Group’s South African entity has had trouble bringing CFDs onboard for client trading primarily due to the fact that South Africa’s Financial...
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US Retail FX Deposits Mixed for November 2020
Ocak 7, 2021
The retail US Forex market saw mixed results when looking at retail client deposits - a metric provided by the US Commodity Futures Trading Commission. In November 2020 all registered US FX brokers gained only $1,810,875 in new retail client deposits. Newcomer IG US experienced a 3% rise, while veteran broker GAIN...
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IG Group Migrating European Clients Out of UK
Ocak 6, 2021
In a further sign of what impacts Brexit is having on financial service providers with no passporting rights left in place since the divorce of the UK and EU on December 31st, IG Group’s UK entity has informed its European clients that they must migrate their accounts to IG Europe in order...
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Malaysia Warns of Unlicensed Investment Advisors
Aralık 30, 2020
In an effort to educate the public of the ongoing problem with online investment and trading scams, often highlighted by our organization, the Malaysian Securities Commission (SC) has published a note guiding citizens on how to approach any possible investment or trading advisors that may try to solicit business. The regular indicated...
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EU Passporting Rights for UK Brokers Are Ending December 31
Aralık 29, 2020
With the European Union and United Kingdom swiftly approaching the end of the Brexit transition period on December 31, 2020, and no immediate relief is provided in the so-called “Brexit Deal”, brokers licensed in the UK will lose passporting rights on January 1st and will not be able to service European traders...
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Israeli-based eToro Eyeing US IPO in 2021
Aralık 28, 2020
According to the Israeli technology news site Ctech, the social trading and multi-asset brokerage eToro is eyeing an initial public offering (IPO) in the second quarter of 2021 following stellar growth in 2020 with a doubling of revenue and addition of 5 million new customers. The technology news site reports that eToro...
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Interactive Brokers Calls its Eastern European Clients to Migrate to Hungary
Aralık 23, 2020
Interactive Brokers asks its Eastern European clients to transfer their accounts to the newly formed Hungarian subsidiary Interactive Brokers Central Europe Zrt. The brokerage company is sending emails to its clients across Eastern Europe requesting their permission to transfer accounts from the UK regulated office (IBUK) to a new branch recently launched...
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IG US Continues to Outperform Established Brands in US
Aralık 8, 2020
The latest data for October 2020 from the Commodity Futures Trading Commission for Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) shows the continued success of IG US LLC - the recently launched US entity of London-based online trading juggernaut, IG Group. At the same time, the data shows a...
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Major Trading Outages Reported at IBKR and Robinhood
Aralık 7, 2020
In what seems like a regular occurrence as of late, individual equities trading providers Interactive Brokers and Robinhood have experienced major trading outages this morning during the European and US sessions, as reported by FinanceMagnates. There has been a renewed demand for single stock equities by traders primarily in the United States...
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Issues with Client Refunds at USGFX
Aralık 4, 2020
Australia licensed broker USGFX has informed clients that it is unlikely to be able to return client funds as previously scheduled as part of its liquidation process, which began earlier this year. According to Finance Magnates, the issue stems from the migration of AU domiciled customers into the broker’s Vanuatu entity. For...
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Interactive Brokers Reports Over 1 Million Active Accounts
Kasım 3, 2020
According to its latest press release with October 2020 metrics, US-based online brokerage Interactive Brokers (Nasdaq: IBKR) has surpassed 1 million active clients across its trading platforms. This is a new record for the 42-year-old company and highlights the success many online brokerages have had this year amid extreme market volatility and...
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Financial Commission Announces Trade99 Membership Withdrawn
Kasım 2, 2020
November 2nd, 2020: The Financial Commission today announces that the membership status of Trade99 has ceased following a voluntary withdrawal. Trade99 had met its obligations as a Financial Commission member up until October 30th, 2020, when its membership was effectively withdrawn. Financial Commission notes that it will not be able to process...
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Plus500 Announces 3Q Profits Indicating Slowdown
Ekim 30, 2020
UK-based online contracts for differences (CFDs) broker Plus500 has published a trading update a few days ago announcing its 3Q 2020 financial performance. The results suggest solid growth year over year, but a slowdown from the record metrics achieved earlier in 2020, as market volatility has subsided from extreme levels. Revenues generated...
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CySEC Fines Key Way Investments €120,000
Ekim 23, 2020
The Cyprus Securities and Exchange Commission (CySEC) announced today that it has reached a settlement and fine with Key Way Investments Ltd. The company currently maintains a Cyprus Investment Firm (CIF) registration and thus must abide by the regulator’s decision. The regulator indicated in their notice that the enforcement action stems from...
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Lawsuit Against Former FXCM Entity Expands With New Plaintiffs
Ekim 22, 2020
In the motion filed with the New York Southern Court, attorneys of plaintiffs in a class-action lawsuit against Global Brokerage, Inc., formerly known as FXCM Inc. indicated that some 35 more investors can be eligible to join the lawsuit going forward. The lawsuit filed several years ago focuses on FXCM’s relationship with...
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Commission News
Financial Commission Reports Increase in New Filed Complaints and Awards to...
Nisan 7, 2021
April 7th 2021, The Financial Commission today announces increases in newly filed complaints, resolved complaints, as well as awards to traders and amounts sought from member brokers for March 2021 as part of its monthly Complaints Digest. The organization also experienced a rise in trading related complaints while maintaining a steady average...
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Financial Commission Reports Increase in Amounts Sought and Awards to Traders...
Mart 9, 2021
March 9th 2021, The Financial Commission announces increased amounts sought and awarded to traders, as well as average complaints values for February 2021 as part of its monthly Complaints Digest. The organization recorded a decrease in new complaints filed, but maintained a steady rate of resolved complaints, percentage awarded and several other...
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Financial Commission Announces Execution Quality Certification of AmorFX
Şubat 19, 2021
February 19, 2021, The Financial Commission today announces execution certification for AmorFX, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with Verify...
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Financial Commission Reports Doubling of Amounts Sought in Complaints and Other...
Şubat 15, 2021
February 15th 2021, The Financial Commission announces continued monthly growth in submitted complaints, as well as compensation sought and awarded to traders for January 2021 as part of its monthly Complaints Digest. The organization recorded a significant increase in compensation sought, percentage of awarded compensation, complaints ruled in favour of traders and...
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Financial Commission Announces Execution Quality Certification of Lotas Capital
Şubat 3, 2021
February 3d, 2021, The Financial Commission today announces execution certification for Lotas Capital, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with...
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Financial Commission Announces Eagle Global Markets as Latest Approved Member
Şubat 2, 2021
The Financial Commission today announces Eagle Global Markets as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Eagle Global Markets status as an Approved...
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Financial Commission Announces Execution Quality Certification of TitanFX
Ocak 28, 2021
January 28, 2021, The Financial Commission today announces execution certification for TitanFX, an approved member of the Commission using Verify My Trade, a “value-added” service launched several years ago to promote pricing and execution transparency in the Forex market. Verified order execution quality Following the launch of order execution verification with Verify...
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Financial Commission Announces Lotas Capital as Latest Approved Member
Ocak 20, 2021
January 20, 2021, The Financial Commission today announces Lotas Capital as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Lotas Capital status as an Approved...
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Financial Commission Publishes 2020 Annual Summary Highlighting 25% Membership Growth and...
Ocak 13, 2021
January 14th, 2021, The Financial Commission today announces the results of its operations for the previous year with the publication of the 2020 Complaints Summary. The organization achieved record annual growth in key metrics, as well as significant membership expansion during a challenging year impacted by the Covid-19 pandemic while maintaining a...
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Financial Commission Reports Increased Awards to Traders and Other Key Metrics...
Ocak 12, 2021
January 12th, 2021, The Financial Commission announces continued growth in submitted and resolved complaints, as well as compensation awarded to traders for December 2020 as part of its monthly Complaints Digest. The organization recorded a significant increase in resolved complaints, percentage of awarded compensation, and several other key metrics while achieving an...
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Financial Commission Announces AmorFX as Latest Approved Member
Aralık 24, 2020
December 24, 2020, The Financial Commission today announces AmorFX as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. AmorFX status as an Approved Broker...
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Financial Commission Appoints Dr. Can Pamir to its Dispute Resolution Committee...
Kasım 25, 2020
November 25, 2020, The Financial Commission today announces the appointment of Dr. Can Pamir, Founder, and CEO of Pamir Consultancy, to its Dispute Resolution Committee (DRC). Enhancing the DRC structure Mr. Pamir is the 33d industry expert to join the Financial Commission’s DRC – which consists of a diverse panel of industry...
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Financial Commission Announces Titan FX as Latest Approved Member
Kasım 23, 2020
November 23, 2020, The Financial Commission today announces Titan FX as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Titan FX status as an...
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Financial Commission Announces Doto as Latest Approved Member
Kasım 18, 2020
November 18th, 2020, The Financial Commission today announces Doto as its newest approved Member. The company becomes the latest online brokerage to join the ranks of the self-regulatory organization, highlighting the increased interest and demand for independent external dispute resolution (EDR) services among FX industry participants. Doto status as an Approved Broker Members...
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Financial Commission Experiences Boost in October Operating Metrics As Trader Activity...
Kasım 16, 2020
November 16th, 2020, The Financial Commission announces a significant rise in its operating metrics for the month of October 2020 as part of its monthly Complaints Digest. The organization recorded a significant uptick in newly filed complaints for the month while experiencing growth in compensation awarded to traders, the compensation sought, and...
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Regulatory Actions
US SEC Fines More Firms For Trading Related Matters
Aralık 22, 2020
In what now seems like a regular occurrence, the US Securities and Exchange Commission (SEC) has announced more fines levied against broker-dealers. This time the regulator has announced the settlement of administrative litigation against two Canadian firms, which purportedly provided “incorrect order-marking information” for customer trades. In essence, the two hedge funds...
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UK Branch of Popular Equities Broker Charles Schwab Fined by FCA
Aralık 21, 2020
The Financial Conduct Authority (FCA) of the United Kingdom has announced today that they have fined the UK branch of a popular American equities broker Charles Schwab. This comes just days after the US Securities and Exchange Commission fined another popular equities broker - Robinhood for lapses in its efforts to provide...
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Popular Equities Broker Robinhood Fined $65M
Aralık 18, 2020
The US Securities and Exchange Commission (SEC) has announced an enforcement action against popular US equities broker Robinhood Financial, LLC relating to the execution of traders' orders, which stipulates a fine of $65 million to be paid to the regulators to settle the matter. The enforcement action stems from “Robinhood’s failure to...
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Malta Warns of Unlicensed Broker FXTrade Gains
Aralık 11, 2020
The Maltese Financial Services Authority (MFSA) today announced a warning on its official website regarding an unlicensed firm called FXTrade Gains. The regulator indicated that the company’s “website is making unauthorized use and reference to the license number, registered address, and other company details of a Maltese licensed company.” The regulator further...
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CySEC Adds More Firms to Warning List
Aralık 10, 2020
Investors and traders should be advised that the Cypriot Securities and Exchange Commission (CySEC) has issued new warnings against a number of unauthorized firms. The companies purport that they are licensed to provide services through the regulator via a Cyprus Investment Firm (CIF) authorization, but in reality do not have such authorization....
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CySEC Fines MaxiFlex €370,000
Aralık 3, 2020
Cyprus’ Securities and Exchange Commission (CySEC) announced today that it has settled allegations of violations by CIF license holder Maxiflex Ltd. to the tune of 370,000 Euros. The regulator indicated that the firm possibly violated Τhe Investment Services and Activities and Regulated Markets Law of 2017 during an investigation conducted by the...
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ASIC Cancels AFS Licenses for Jels Financial and Selectinvest
Kasım 30, 2020
The Australian Securities and Investments Commission announced the cancellation of several financial services licenses last week. The licenses were revoked from Jels Financial Group Pty Ltd and Selectinvest Pty Ltd due to the lack of audited financial statements reporting, among other irregularities. ASIC reported that in the case of Jels Financial Group...
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Authorities in the US Warn of Forex Trading Scheme
Kasım 26, 2020
Even authorities in heavily regulated jurisdictions have to deal with suspicious financial and investment activities, possible fraud, and scams. This week regulatory authorities in Texas announced a warning and emergency cease and desist order against what is described as an “aggressive online forex scheme”. The Texas State Securities Board issued the order...
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More Alerts from CySEC Regarding Unlicensed Firms
Kasım 17, 2020
The Cyprus Securities and Exchange Commission has announced more warnings against unregulated firms operating in its purview. In its message on the official website the regulator warns that the below listed websites and associated companies are either clones of previous active firms or are outright misleading the public on their affiliation with...
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Italy’s CONSOB Continues Blocking Unauthorized Firms
Kasım 11, 2020
Italian financial regulator Commissione Nazionale per le Società e la Borsa, or CONSOB continues to aggressively pursue unauthorized online brokerages and financial firms from soliciting business from Italian residents using the so-called “Decreto Crescita” to block access to websites via Internet Service Providers (ISPs). The latest round of warnings and restrictions...
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Malaysian Regulator Warns of Rising Clone Scams
Kasım 5, 2020
The Securities Commission Malaysia (SC) has published a public warning today regarding the increase in clone firm scams affecting the country. The regulator indicated that “clone firms offer non-existent investment opportunities including in the shares of these PLCs, promising unrealistically high returns within a short span of time.” The genuine PLCs or...
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ASIC Takes Action Against Ponzi Schemes
Ekim 26, 2020
According to the latest notice from the Australian Securities and Investments Commission (ASIC), the regulator has acted upon two “Ponzi schemes” and the Australian Federal Court has made restraining orders against two companies believed to be engaged in such Ponzi activity. According to ASIC, the AU government has arrested Matthew Alan Beresford...
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Australian Court Fines CFD Brokers $75 Million
Ekim 20, 2020
The Federal Court of Australia has announced a decision to fine several CFD brokers after numerous complaints from retail investors who lost money trading certain derivatives products, namely binary options contracts. The fines relate to AGM Markets Pty Ltd (AGM), OT Markets Pty Ltd (OTM), and Ozifin Tech Pty Ltd (Ozifin). Customers...
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CySEC Blacklists More Unauthorized Firms
Ekim 19, 2020
The Cypriot financial regulator - Cyprus Securities and Exchange Commission (CySEC) has announced warnings against more unauthorized firms and suspected scams. The regulator posted a warning on its website on Friday to announce that the following firms do not have Cyprus investment firm (CIF) registration and in some cases are clones of...
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Italy Continues to Block Unauthorized Firms
Ekim 16, 2020
Italian financial regulator CONSOB is on a roll - continuing its efforts to protect Italian citizens from possible scams and fraud by blocking the websites of unauthorized firms using the so-called “Growth Decree”. In its press release from October 16th, the regulator indicated that it has taken action against the following firms:...
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