CNMV Issues Warnings against Two Unauthorized Brokerages
- The Spanish financial watchdog has released statements alerting traders of Wing Pegasus S.L. and D. Ricardo Cáscales Monge.
The Comisión Nacional del Mercado de Valores (CNMV), the Spanish regulatory authority, has released two warning statements against Wing Pegasus S.L. and D. Ricardo Cáscales Monge, Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term and financial advisory services firms. The warnings were made to alert the public that these companies are not registered to offer services to local clients.
The London Summit 2017 is coming, get involved!
[gptAdvertisement]
According to the announcements made by the regulator, Mr. Monge and Wing Pegasus S.L. are affiliated, though the CNMV did not specify the nature of the business relationship between them. The CNMV states that the two have not been authorized to operate an online trading service, nor offer financial advisory services, under Article 140 of the Securities Markets Law in Spain.
Two weeks ago, the Spanish financial watchdog added two more companies to its blacklist, Binary Options Robot and Alpha Group. These firms offer Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD online trading environments. The CNMV has advised clients against trading with either of the firms, as they were also found to be in violation of Article 140.
In addition, the Spanish regulatory authority has released a statement informing Cyprus-based forex and CFDs online trading companies that they will be subject to the requirements and rules instilled in Spain. Furthermore, any company that offers a margin greater than 10:1 is obligated to inform clients of the risks involved. Brokers are further required to inform traders of estimated costs if they are to close a position immediately after execution, and require written or verbal consent stating that the clients are aware of any complexities or risks.
The Comisión Nacional del Mercado de Valores (CNMV), the Spanish regulatory authority, has released two warning statements against Wing Pegasus S.L. and D. Ricardo Cáscales Monge, Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term and financial advisory services firms. The warnings were made to alert the public that these companies are not registered to offer services to local clients.
The London Summit 2017 is coming, get involved!
[gptAdvertisement]
According to the announcements made by the regulator, Mr. Monge and Wing Pegasus S.L. are affiliated, though the CNMV did not specify the nature of the business relationship between them. The CNMV states that the two have not been authorized to operate an online trading service, nor offer financial advisory services, under Article 140 of the Securities Markets Law in Spain.
Two weeks ago, the Spanish financial watchdog added two more companies to its blacklist, Binary Options Robot and Alpha Group. These firms offer Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD online trading environments. The CNMV has advised clients against trading with either of the firms, as they were also found to be in violation of Article 140.
In addition, the Spanish regulatory authority has released a statement informing Cyprus-based forex and CFDs online trading companies that they will be subject to the requirements and rules instilled in Spain. Furthermore, any company that offers a margin greater than 10:1 is obligated to inform clients of the risks involved. Brokers are further required to inform traders of estimated costs if they are to close a position immediately after execution, and require written or verbal consent stating that the clients are aware of any complexities or risks.