The FinancialCommission 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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
Financial Commission Announces Partnership with Finwizard to Help Members’ in Their...
Temmuz 27, 2021
July 27th, 2021, The Financial Commission today announces a partnership with Finwizard - a new HR consulting service specific to the online brokerage industry to help broker members find the right candidates for their hiring needs. The new Value-added service allows Financial Commission broker members to enjoy 50% off any fees for...
Learn more
Financial Commission Announces Exness as Latest Approved Member
Temmuz 22, 2021
July 22, 2021, The Financial Commission today announces Exness 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. Exness status as an Approved Broker...
Learn more
Financial Commission Announces Partnership with GetID to Help Members’ Streamline Customer...
Temmuz 15, 2021
July 15th, 2021, The Financial Commission today announces a partnership with GetID - a comprehensive and customizable service that helps businesses verify identities, streamline customer onboarding, stay compliant with regulations and prevent fraud. The new Value-added service allows Financial Commission broker members to enjoy 50 free verifications* for this unique ID verification...
Learn more
Financial Commission Reports Continued Growth in 1H 2021 Complaints Digest
Temmuz 13, 2021
July 13th, 2021, The Financial Commission today announces its operating metrics for the first half of 2021 as part of its ongoing Complaints Digest publications highlighting the organization’s performance. Continued interest in trading volatile global financial markets following the Covid-19 pandemic has led to significant changes in some key metrics of the...
Learn more
Financial Commission Announces Fxview as Latest Approved Member
Temmuz 6, 2021
July 6, 2021, The Financial Commission today announces Fxview 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. Fxview status as an Approved Broker Members...
Learn more
Financial Commission Reports Doubling of Amounts Sought and Awarded to Traders...
Haziran 9, 2021
June 9th 2021, The Financial Commission today announces significant increases in key metrics, including new complaints filed, amounts sought and awarded in May 2021 as part of its monthly Complaints Digest. The organization also experienced a further spike in trading related complaints while average dispute resolution times increased to 7.2 days for...
Learn more
Financial Commission Announces Collective Investment Platform Certification for Fiboda
Haziran 8, 2021
June 8, 2021, The Financial Commission today announces the certification of collective investment platform service provider Fiboda by Opoforex as part of its ongoing efforts to help ensure investors and authorized traders are operating in a fair and transparent environment with commonly accepted standards for operating collective investment trading accounts. Collective Investment Certification The Financial...
Learn more
Financial Commission Announces Opoforex as Latest Approved Member
Haziran 7, 2021
June 7, 2021, The Financial Commission today announces Opoforex 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. Opoforex status as an Approved Broker Members...
Learn more
Financial Commission Announces Collective Investment Platform Certification for CopySam
Mayıs 31, 2021
May 31, 2021, The Financial Commission today announces the certification of collective investment platform service provider CopySam™ by Samtrade FX as part of its ongoing efforts to help ensure investors and authorized traders are operating in a fair and transparent environment with commonly accepted standards for operating collective investment trading accounts. Collective...
Learn more
Financial Commission Reports Increase in Trading Related Complaints and Shorter Resolution...
Mayıs 13, 2021
May 13th 2021, The Financial Commission today announces steady month over month figures for newly filed complaints, resolved complaints and other key metrics for April 2021 as part of its monthly Complaints Digest. The organization also experienced a continued rise in trading related complaints while average dispute resolution times fell to just...
Learn more
Financial Commission Publishes Latest Case Examples Highlighting Common Dispute Themes
Nisan 21, 2021
April 21st, 2021, The Financial Commission today announces the publication of new case examples highlighting the dispute resolution process of the organization and common themes among disputes processed in the last 6 months. To review the newly published cases, please click here. The examples published today provide a detailed analysis of customer’s...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
Scam ALERT: Trade Perspective Added to Warning List
Temmuz 27, 2021
The Financial Commission has been notified by concerned traders regarding the company Trade Perspective and its associated website. Upon reviewing the submitted information from potential customers of this broker, the Financial Commission has determined that the indicated company and associated website may be used to scam and defraud traders and investors....
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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....
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more
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...
Learn more