Financial Commission and Verify My Trade Team up for Execution-Related Disputes

The Financial Commission (FinaCom PLC), an industry-specific organisation which specialises in regulating disputes between brokers and traders working on the 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 market, has inked a partnership agreement with Verify My Trade, an independent provider of post-trade Execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term analysis.

The London Summit 2017 is coming, get involved!

[gptAdvertisement]

The partnership allows clients of the commission’s brokerage members to use the Verify My Trade analysis tool to check whether their trades were fairly priced or not.

Verify My Trade consolidates price feeds from dozens of retail forex brokers to produce statistical box plots, which are a representation of the minimum, maximum and percentiles of the ticks received for every second of the day. This is illustrated by the image below.

When a client provides his trade’s details, the Verify My Trade analysis tool maps the execution price to the boxplot for that time of day in order to assess the effectiveness and quality of the broker’s execution. And in case the client claims that he is consistently getting poor execution, the analysis results will facilitate handling execution-related trade disputes.

Peter Tatarnikov, Financial Commission Chairman, noted that this tool should help reduce the instances when a trade that was properly executed unnecessarily escalates into an unresolved complaint that must be then filed with Financial Commission for remediation.

He added: “We’re delighted to offer the Verify My Trade analysis tool to our members so that their clients can check any of their forex trades, using an independent third-party service. The Verify My Trade execution analysis tool complements our in-house capabilities and serves as additional verification in cases when poor execution quality arises.

As we attempt to reduce the number of execution-related disputes that occur before they progress into formal complaints filed with Financial Commission, we’re demonstrating that offering this solution shows our strong commitment to the dispute resolution process and upholds our commitment to education."