During the passing week the most interesting stories from the world of online trading included a clarification on the changing regulations in Cyprus as well as other announcements from the Cypriot watchdog. We also saw some deals ending and new deals being struck.
Last Sunday we saved you time watching TV or Netflix by releasing all the videos from the second day of the iFX EXPO ASIA 2017. These include topics important for brokers and fintech startups, as well as professional forex traders.
Whether you were too busy networking and making deals during the expo or just could not make it to Hong Kong this time, catch up now on all the fascinating discussions.
PFSOFT and AMP Global Clearing
On Monday, PFSOFT announced the availability of its trading platform PTMC via AMP Global Clearing, a Chicago-based FCM (futures commission merchant) providing trading on the global electronic futures markets.
This collaboration expands the range of trading platforms that AMP Global Clearing offers to clients with the best trading applications. In turn, PTMC using a connection through CQG, provides an accurate low-latency market data and order routing for professional traders.
On Tuesday, we exclusively reported that binary options brokerage EZTrader (OTCMKTS:EZTD) has decided to pull back from almost all the sport sponsorships that it was involved in, as part of a strategic decision to focus and invest in compliance with regulatory requirements.
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“Other than sponsoring the women’s German national handball team and a small sponsorship in Japan, EZTrader has decided to stop all sport sponsorships,” the company exclusively commented to Finance Magnates. “We will be focusing on adherence with regulatory requirements, and may go back to sport sponsorships in the future.”
On Wednesday, it was announced that the CySEC is wholly withdrawing the license of Atlas Capital Financial Services. The company has two brands which it ran for a period of time before the firm’s license was suspended – neither brand (ACFX/ACFS) has been active since April 2016.
According to the Cypriot regulator, the company did not hold sufficient funds in its coffers to adequately cover the deposits of its clients. CySEC said in its statement that the company now has another three months to settle its obligations with its customers.
No more funny business
On Thursday, CySEC was making news again, issuing a circular related to bonuses. Following an announcement in November that the regulator is banning cash rewards that are tied to trading, the regulator appears to be broadening the scope of the ban.
Brokers that are offering similar promotions are encouraged to review their practice and apply the appropriate changes. CySEC highlights that instead of using bonuses, brokers can offer to their clients lower spreads.
Saxo Bank’s profitable 2016
On Friday, we reported on Saxo Bank’s full year 2016 results across its entire business segment and operations – the figures show a good performance across the board as the group saw several key metrics rebound sharply from the previous year.
Kim Fournais, CEO and co-founder of Saxo Bank, said in a statement: “We are satisfied with the result for 2016 which reflects our commitment to democratize trading and investment to enable our clients to take part in global capital markets. We expect to grow the business further in 2017.”