The Financial Commission’s board has adopted resolutions approving a new applicant to join the self-regulator’s member roster, which is made up of online brokerages operating in FX, derivatives and cryptocurrency markets. This round of approved applicants includes One Financial Markets, the trading name of Australian broker FX broker AxiCorp.
Following the acceptance of its application by FinaCom PLC, One Financial Markets has obtained membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim and have access to all dispute resolution services offered by the commission.
One Financial Markets (OFM) was acquired by AxiCorp back in 2018 through a predominantly cash-based takeover.
AxiCorp Financial Services Pty Ltd represents a group of companies regulated by the Financial Conduct Authority of the United Kingdom and the Australian Securities & Investment Commission. It also operates other retail FX brands such as AxiTrader, which is also a member of the Financial Commission.
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Sweetening the offering with new services
Despite the swap in ownership, One Financial Markets continued to operate under its own brand name in order to maintain its established position in its core markets. Presently, One Financial Markets is authorized and regulated by other global regulators, including the UK’s Financial Conduct Authority (FCA) and Financial Services Board (FSB) in South Africa. The company offers global presence with local expertise through its wholly owned and affiliate offices throughout the Middle East, Europe, South America and Central and South East Asia.
FinaCom is an independent international service that offers the resolution of disputes to resolve trader-broker conflicts. In addition to a more streamlined and swift resolution process, relative to traditional channels of arbitration, all clients of members of the Financial Commission are protected by the Compensation Fund, which acts as an insurance policy.
The Financial Commission has recently introduced new services that intended to allow broker members to spot and halt fraudulent transactions. This included its DisputeWatch tool which lets the broker search its community registry to see if a client has any dispute records, and sends alerts regarding suspicious clients that have the potential to abuse a company.
The service has already amassed a list of key FX brokers including Pepperstone, AvaTrade, USGFX, IC Markets, GKFX, One Financial Markets, ADS Securities, INFINOX, CAPXM, and Amana Capital.