The Financial Commission, a forex independent self-regulatory and external dispute resolution (EDR) body, announced on Thursday that it has added a suite of “value-added” services. These products aim to help brokers improve business practices as well as increase transparency and efficiency in the wake of the recently implemented European regulation surrounding contracts for differences (CFDs).
The new services and tools are aimed at online brokers that operate in the forex, derivatives and CFD markets. Members of the regulator now have access to four new products include an Executive Certification service which is delivered in partnership with Verify My Trade.
The execution service allows both brokers and investors alike to access the quality of trade execution. It works similar to the best execution requirements in major jurisdictions, where brokers executing orders on behalf of their customers guarantee the best trade execution possible.
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The execution certificate analyses historical trade data on a monthly basis. This is to determine satisfactory trade executions overall. According to the statement from the regulator, this service aims to increase transparency for both brokers and investors.
This service is available for current and future broker members of the watchdog. The service will be offered free of charge for the first year, the statement said. Investors are also able to access participating broker’s certificates through the regulator’s website.
New value-added products from the Financial Commission
The other products available through the Financial Commission are Broker Pilot, DisputeWatch and Delkos Research. Broker Pilot is a web-based monitoring and risk management platform. The platform aggregates data in real-time and acts as a virtual Chief Dealer.
DisputeWatch allows you to monitor fraudulent activity in real-time by creating clients’ watchlists. The regulator has also joined forces with Delkos research to add a suite of research tools for its broker members. This includes price movement alerts and open trades sent directly to the customers of member brokers using digital channels.