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

The tool helps reduce the instances when a trade that was properly executed escalates into an unresolved complaint.

The Financial Commission (FinaCom PLC), an industry-specific organisation which specialises in regulating disputes between brokers and traders working on the forex market, has inked a partnership agreement with Verify My Trade, an independent provider of post-trade execution analysis.

The London Summit 2017 is coming, get involved!

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

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.

Suggested articles

InstaForex and Borussia Dortmund Open New Chapter in Partnership!Go to article >>

Source: Verify My Trade

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.”

Got a news tip? Let Us Know