Financial and Business News

Prop Trading Firm The Trader Forge Pauses Operations over “Compliance Challenges”

Wednesday, 17/07/2024 | 11:12 GMT by Tareq Sikder
  • The CEO announced a temporary halt, planning to relaunch in early August.
  • Past mistakes impacted the firm’s reputation, and the CEO took responsibility.
Prop trading

The Trader Forge has announced a temporary pause in all operations due to unforeseen circumstances. This decision affects all aspects of the business and comes as a disappointment to clients and stakeholders.

In a message from the CEO, the firm acknowledged the frustration this may cause. The CEO expressed regret for any disruptions experienced by clients and offered an apology for the situation.

Compliance Challenges

According to the message, compliance and regulatory issues are significant factors contributing to these delays. The CEO requested understanding as the firm worked to address these matters. The timing of the launch coincided with these unexpected obstacles, which has complicated the situation further.

Despite these challenges, The Trader Forge aims to resume operations smoothly on August 1. All accounts and account types will be included in this restart, regardless of the clients' geographical locations. This includes clients in Europe, Africa, Asia, and Italy.

Source: Discord
Source: Discord

Additionally, the company announced a new partnership with Horizon Capital. This collaboration will introduce the “Kronos and Kratos” challenge, set to begin in the first week of August. The CEO acknowledged that launching new technology in this industry has proven more difficult than expected. Past mistakes have affected the firm’s reputation, and the CEO accepted responsibility for these errors.

Future Regulations for Prop Firms

Dr. George Theocharides, Chairman of the Cyprus Securities and Exchange Commission, stated while talking to Finance Magnates at iFX EXPO 2024 that prop trading firms will face increased scrutiny in the coming years.

He indicated that these firms may eventually fall under a strong regulatory framework. Recently, the European Securities and Markets Authority began examining prop trading firms and considering potential regulations.

The Czech regulator also noted that these firms might be subject to MiFID. However, Dr. Theocharides emphasized that discussions among regulators are still in the early stages, and it’s premature to predict the specific regulatory framework for prop trading.

The Trader Forge has announced a temporary pause in all operations due to unforeseen circumstances. This decision affects all aspects of the business and comes as a disappointment to clients and stakeholders.

In a message from the CEO, the firm acknowledged the frustration this may cause. The CEO expressed regret for any disruptions experienced by clients and offered an apology for the situation.

Compliance Challenges

According to the message, compliance and regulatory issues are significant factors contributing to these delays. The CEO requested understanding as the firm worked to address these matters. The timing of the launch coincided with these unexpected obstacles, which has complicated the situation further.

Despite these challenges, The Trader Forge aims to resume operations smoothly on August 1. All accounts and account types will be included in this restart, regardless of the clients' geographical locations. This includes clients in Europe, Africa, Asia, and Italy.

Source: Discord
Source: Discord

Additionally, the company announced a new partnership with Horizon Capital. This collaboration will introduce the “Kronos and Kratos” challenge, set to begin in the first week of August. The CEO acknowledged that launching new technology in this industry has proven more difficult than expected. Past mistakes have affected the firm’s reputation, and the CEO accepted responsibility for these errors.

Future Regulations for Prop Firms

Dr. George Theocharides, Chairman of the Cyprus Securities and Exchange Commission, stated while talking to Finance Magnates at iFX EXPO 2024 that prop trading firms will face increased scrutiny in the coming years.

He indicated that these firms may eventually fall under a strong regulatory framework. Recently, the European Securities and Markets Authority began examining prop trading firms and considering potential regulations.

The Czech regulator also noted that these firms might be subject to MiFID. However, Dr. Theocharides emphasized that discussions among regulators are still in the early stages, and it’s premature to predict the specific regulatory framework for prop trading.

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retail forex
retail FX
prop trading
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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