The regulator appointed a special representative for the company.
Stock prices of flatexDEGIRO plummeted after the regulatory action.
Germany's Federal Financial Supervisory Authority, locally known as BaFin, has slapped a EUR 1.05 million fine on the publicly-listed online operator flatexDEGIRO Bank AG for violating banking supervisory regulations.
flatexDEGIRO Faces €1.05 Million Penalty
The regulatory order further directs the company to eliminate the 'serious lapses' in its internal control around supervisory reporting and anti-money laundering measures. In addition, BaFin appointed a special representative to monitor the implementation of the ordered measures by the company.
The German regulator issued the legally binding penalty order on 17 February. It elaborated that the order will ensure that the company limits its risks.
"We find the fact that BaFin has appointed a special officer to be extremely helpful in order to ensure close monitoring of the projects right from the start," a flatexDEGIRO spokesperson said (translated from German), adding that the company is already in the process of implementing the initial measures of the remedies to the lapses.
On 8 September 2022, BaFin imposed additional capital requirement orders on flatexDEGIRO Bank AG and the flatexDEGIRO AG financial holding group.
The Reaction of the Markets
Listed on Germany's primary stock market, the Frankfurt Stock Exchange, flatexDEGIRO share price corrected significantly after the regulatory order became public. The shares of the online broker had lost 8.96 percent to EUR 7.07 on Friday, making it one of the weakest stocks in the SDAX index on that day. However, the investors' sentiment in the company is recovering as the company has gained about three percent, as of press time, since the market opened on Monday.
Meanwhile, the company's performance in recent quarters has excelled significantly. Its revenue in the third quarter of 2022 jumped by 4.3 percent to EUR 91.9 million, along with a 25.1 percent increase in EBITDA to EUR 37.6 million. Moreover, its revenue per transaction increased by 6.5 percent to EUR 5.15.
Furthermore, the retail trading platform acquired over 376,000 new customer accounts in the first nine months. It ended the period with a total customer base of 2.4 million, as the retention rate remains at 98.4 percent.
Germany's Federal Financial Supervisory Authority, locally known as BaFin, has slapped a EUR 1.05 million fine on the publicly-listed online operator flatexDEGIRO Bank AG for violating banking supervisory regulations.
flatexDEGIRO Faces €1.05 Million Penalty
The regulatory order further directs the company to eliminate the 'serious lapses' in its internal control around supervisory reporting and anti-money laundering measures. In addition, BaFin appointed a special representative to monitor the implementation of the ordered measures by the company.
The German regulator issued the legally binding penalty order on 17 February. It elaborated that the order will ensure that the company limits its risks.
"We find the fact that BaFin has appointed a special officer to be extremely helpful in order to ensure close monitoring of the projects right from the start," a flatexDEGIRO spokesperson said (translated from German), adding that the company is already in the process of implementing the initial measures of the remedies to the lapses.
On 8 September 2022, BaFin imposed additional capital requirement orders on flatexDEGIRO Bank AG and the flatexDEGIRO AG financial holding group.
The Reaction of the Markets
Listed on Germany's primary stock market, the Frankfurt Stock Exchange, flatexDEGIRO share price corrected significantly after the regulatory order became public. The shares of the online broker had lost 8.96 percent to EUR 7.07 on Friday, making it one of the weakest stocks in the SDAX index on that day. However, the investors' sentiment in the company is recovering as the company has gained about three percent, as of press time, since the market opened on Monday.
Meanwhile, the company's performance in recent quarters has excelled significantly. Its revenue in the third quarter of 2022 jumped by 4.3 percent to EUR 91.9 million, along with a 25.1 percent increase in EBITDA to EUR 37.6 million. Moreover, its revenue per transaction increased by 6.5 percent to EUR 5.15.
Furthermore, the retail trading platform acquired over 376,000 new customer accounts in the first nine months. It ended the period with a total customer base of 2.4 million, as the retention rate remains at 98.4 percent.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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