According to information posted on the website of the Bulgarian regulator, Financial Supervision Commission (FSC), an online entity which has no right to provide financial services has renamed itself to closely match the name of US-listed Interactive Brokers. The entity which is boasting the regulator and MiFID’s logos on its website is alleging to be legally providing financial services to European residents.
The FSC is warning that the company Global Markets Ltd., which has been operating a website with the same name under a Bulgarian internet domain registration, has renamed itself to Interactive Brokerage Ltd.
The regulator proceeds in its statement explaining that the new name of the company is misleadingly close to Interactive Brokers LLC, a company regulated by the US Commodity Futures Trading Commission (CFTC).
All prospective clients of the entity should take into account that Interactive Brokerage is in no way affiliated with the US publicly listed broker.
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The license of Global Markets Ltd. was suspended back in July 2014 by the Bulgarian watchdog regulating systemic breaches for financial intermediaries in the country. The decision of the regulator has been confirmed by the highest Bulgarian Court of Law.
According to information obtained by the Bulgarian FSC, the entity has continued illegally on-boarding European clients, boasting on its website offices in Poland, Slovakia and the Czech Republic.
Global Markets Ltd. has never been listed as a financial services institution in the public register of the Bulgarian National Bank.
The regulator further explain that it is not in any way supervising Global Markets since the watchdog’s capabilities are limited to the supervision of client dealings with the company before its license had been suspended. The Bulgarian FSC concludes that any dealings with the entity could result in substantial financial losses for current and prospective clients.