The International Financial Services Commission of Belize (IFSC) today issued a warning stating that a company calling itself Real Markets Ltd, which operates under the trading name RealMarketsLive, is falsely claiming to hold International Business Company registration in Belize.
The Belize financial watchdog said that this broker is not actually licensed by the commission or any other competent authority in the country.
The update was released by IFSC Director General Claude B. F. Haylock, who said persons concerned should exercise extreme caution as the aforementioned entity is fraudulently claiming to hold a trading licence in financial and commodity-based derivative instruments and other securities.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
As of the time of publication, Real Markets has taken down all website pages and its portal link only leads to the member login page. It’s not clear if the site was taken down as a result of the warning.
Finance Magnates reported on Belize’s financial services regulator back in February when it revealed plans to begin the enforcement of new capital requirements for registered derivatives brokers. The step comes nearly 14 months after the issuance of the Licensing Amendment Regulation in late 2015.
The commission said in a circular to stakeholders that all companies holding a license for trading in financial and commodity-based derivative instruments and other securities or a license for trading in foreign exchange must provide evidence of a capital increase of up to 500,000 US dollars.
The increase concerns brokers of forex, options, futures, contracts for differences (CFDs), shares, stocks and interest rates. Prior to the hike, the minimum required capital was $100,000.