Credit Suisse Fined, 24Option Banned From Italy: Editor's Pick
- Stay up to date with the most interesting stories in the crypto and FX space.
As the last full week of the year draws to a close, let's take a look back at the top stories dominating the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and cryptocurrency industries in our best of the week segment.
Monex launches new equity trading app aimed at young traders
Japanese securities company Monex Inc. launched a new mobile-based equity trading app targeted to Millenials and young traders.
As Finance Magnates covered, the recent upgrade to the app allows Japanese equities trading along with the buying and selling of investment instruments like exchange-traded funds (ETFs) and real estate investment trust (REIT)
Analysis: When brokerages fail, whose fault is it?
The UK is the financial epicenter of the world, with strict regulations and processes in place. However, recent broker failures are raising questions over the adequacy of regulation. Just this month alone, two UK brokers collapsed into administration.
Finance Magnates explored the risks, reasons, and the blame apportioning when a broker fails.
Credit Suisse Securities fined $6.5m after FINRA filing
A FINRA (Financial Industry Regulatory Authority) filing against Credit Suisse Securities saw a fine of $6.5 million levied following violations of Supervision and Market Access Rules between 2010 to 2014.
As reported by Finance Magnates, Credit Suisse accepted the findings that it failed to address nearly 50,000 alerts from FINRA for potential manipulative trading over a four year period.
B2Prime becomes first licensed prime broker in Belarus
First reported by Finance Magnates, the National Bank of the Republic of Belarus (NBRB) issued an operating license this week to B2Prime, part of broker technology provider B2Broker.
B2Prime now becomes the first forex prime broker to acquire a license to operate in Belarus in accordance with the country’s local legislation.
24Option trading services banned in Italy by Consob
CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term-licensed Rodeler Limited, which operates a number of trading brands including 24option.com has been ordered to cease operations in Italy following a ruling by Consob, the Italian securities regulator.
As well as being banned from providing investment services in Italy, the company and its Cypriot intermediary are also banned from soliciting customers or continuing its current relations with Italian clients
Four unauthorized brokers blacklisted by CySec
CySec, the Cyprus Securities and Exchange Commission, continued its clampdown on unauthorized brokers this week with the blacklisting of four FX brands.
Finance Magnates reported that Nervic Fx Trade, Crypt Fx Tm, Urban Fx Trade, and Intense Fx Trade are to be added to the CySec blacklist after being found facilitating FX and cryptocurrency trading without authorization, as well as misleadingly claiming affiliation with Bdswiss Holding Plc which is regulated and licensed in Cyprus.
USGFX's assets frozen by ASIC
USGFX, one of the oldest foreign exchange brokers in the Pacific Rim, this week received interim orders from the Federal Court in Sydney to have their assets frozen by ASIC (The Australian Securities and Investments Commission).
However, as reported by Finance Magnates, USGFX issued a statement contesting some of the findings by ASIC. You can read ASIC's rulings and the subsequent USGFX's reply here.
As the last full week of the year draws to a close, let's take a look back at the top stories dominating the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and cryptocurrency industries in our best of the week segment.
Monex launches new equity trading app aimed at young traders
Japanese securities company Monex Inc. launched a new mobile-based equity trading app targeted to Millenials and young traders.
As Finance Magnates covered, the recent upgrade to the app allows Japanese equities trading along with the buying and selling of investment instruments like exchange-traded funds (ETFs) and real estate investment trust (REIT)
Analysis: When brokerages fail, whose fault is it?
The UK is the financial epicenter of the world, with strict regulations and processes in place. However, recent broker failures are raising questions over the adequacy of regulation. Just this month alone, two UK brokers collapsed into administration.
Finance Magnates explored the risks, reasons, and the blame apportioning when a broker fails.
Credit Suisse Securities fined $6.5m after FINRA filing
A FINRA (Financial Industry Regulatory Authority) filing against Credit Suisse Securities saw a fine of $6.5 million levied following violations of Supervision and Market Access Rules between 2010 to 2014.
As reported by Finance Magnates, Credit Suisse accepted the findings that it failed to address nearly 50,000 alerts from FINRA for potential manipulative trading over a four year period.
B2Prime becomes first licensed prime broker in Belarus
First reported by Finance Magnates, the National Bank of the Republic of Belarus (NBRB) issued an operating license this week to B2Prime, part of broker technology provider B2Broker.
B2Prime now becomes the first forex prime broker to acquire a license to operate in Belarus in accordance with the country’s local legislation.
24Option trading services banned in Italy by Consob
CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term-licensed Rodeler Limited, which operates a number of trading brands including 24option.com has been ordered to cease operations in Italy following a ruling by Consob, the Italian securities regulator.
As well as being banned from providing investment services in Italy, the company and its Cypriot intermediary are also banned from soliciting customers or continuing its current relations with Italian clients
Four unauthorized brokers blacklisted by CySec
CySec, the Cyprus Securities and Exchange Commission, continued its clampdown on unauthorized brokers this week with the blacklisting of four FX brands.
Finance Magnates reported that Nervic Fx Trade, Crypt Fx Tm, Urban Fx Trade, and Intense Fx Trade are to be added to the CySec blacklist after being found facilitating FX and cryptocurrency trading without authorization, as well as misleadingly claiming affiliation with Bdswiss Holding Plc which is regulated and licensed in Cyprus.
USGFX's assets frozen by ASIC
USGFX, one of the oldest foreign exchange brokers in the Pacific Rim, this week received interim orders from the Federal Court in Sydney to have their assets frozen by ASIC (The Australian Securities and Investments Commission).
However, as reported by Finance Magnates, USGFX issued a statement contesting some of the findings by ASIC. You can read ASIC's rulings and the subsequent USGFX's reply here.