Financial Commission, an external dispute resolution organisation that caters to the financial services industry, today announced that MaxiMarkets and Umarkets have joined as new members.
MaxiMarkets and Umarkets are the latest members to seek the services of the Financial Commission and join a diverse range of existing online brokerages and independent services providers (ISPs) that are currently on its growing list of approved members. Broctagon IT Solutions, a binary options brokerage, was also recently approved as a member in May, as reported by Finance Magnates.
Following the acceptance of its application by FinaCom PLC, the Financial Commission’s board, MaxiMarkets and Umarkets’ status as official members of the Financial Commission took effect on June 20th, 2016, and has since enabled the companies and their customers to enjoy a range of membership benefits.
The New Members
MaxiMarkets is a forex brokerage which offers financial risk management to professional traders. The company operates in the European markets and is now focusing on expansion into the Latin America and Asian markets under the Umarkets brand.
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Umarkets, meanwhile, is an online trading broker specialising in stocks, commodities, CFDs and currencies and is managed and operated by Maxi Services (Belize) Ltd. The company is, as noted, affiliated with MaxiMarkets.
Umarkets is regulated and licensed by the IFSC (International Financial Services Commission Belize) while Maxi Services Ltd is a member of the ARB (Association of Russian Banks) and the ARBR (Association of Regional Bank of Russia).
Financial Commission Background
Financial Commission provides customers of member brokerages with a neutral 3rd party mediation platform to help resolve complaints in cases when they are unable to directly come to an agreement with their broker over disputes.
The organisation helps facilitate a swift and efficient investigation and resolution, allowing members to bypass any rigid and bureaucratic regulatory bodies. Traders are also provided with protection by the Commission’s Compensation Fund of up to $10,000 per case in the event of a dispute.