regulation
FCA Drops Legal Hammer, Convicts FX Fraudsters, Alex Hope & Raj Von Badlo
- The ongoing legal saga between the FCA and Alex Hope has finally come to a finality, culminating in a guilty count of fraud after Hope had hoodwinked investors out $9.4 million of client funds.
Friday, 09/01/2015 | 16:12 GMT by
Jeff Patterson
itBit's Antony Lewis Weighs in on Challenges for Bitcoin in 2015
Friday, 09/01/2015 | 13:30 GMT by
Leon Pick
Hong Kong Court Takes Strong Action against Suspected Boiler Rooms - Freezing $4.3 Million
- The court's interim orders will remain in force until the hearing of the SFC’s application for final orders against all of the parties, the date of which has yet to be fixed. The Hong Kong watchdog's investigation is continuing.
Wednesday, 07/01/2015 | 11:49 GMT by
Avi Mizrahi
European Financial Watchdogs Warn against Three More Unlicensed Brokers
- The brokers involved this time are not accused of being a scam or running a fraud but the regulators treat them as such because they are not recognized by them or by any other official body that the regulators have a passporting agreement with.
Tuesday, 06/01/2015 | 15:49 GMT by
Avi Mizrahi
JPMorgan Reaches Settlement with US Regulators for FX Manipulation
- JPMorgan Chase & Co’s long-awaited regulatory finality has come to a close having settled a US antitrust lawsuit for rigging foreign exchange that is estimated at less than $1 billion.
Monday, 05/01/2015 | 21:17 GMT by
Jeff Patterson
Taming the Jungle, Israeli Forex Lobby Head Vows High Industry Ethics
- The newly elected Itzik Noy sets ambitious goals for the Trading Arenas Association, asserting that with the upcoming regulation it is poised to attract institutional clients: “We’ll stop the demonization of forex.”
Sunday, 04/01/2015 | 10:21 GMT by
Avi Mizrahi
FXGL Capital Exposed by FCA for Offering Unauthorized Forex Trading
- The broker is boasting to be regulated by “FSA England”, however it never held a regulatory license with the former U.K. watchdog, nor it has been authorized by any other EU regulator to offer forex trading.
Friday, 02/01/2015 | 18:39 GMT by
Victor Golovtchenko
7 Reasons to Be Optimistic about the Forex Industry in 2015
- After bemoaning last year's woes, Forex Magnates editors leave room for hope in 2015 with some promising prospects for the industry: cloud-based trading, market correction and the shifting landscape of regulation.
Thursday, 01/01/2015 | 16:15 GMT by
FMAdmin Someone
NFA's Head on the Defense against Allegations of Nomination "Improprieties"
- The US self regulatory organization has issued a response to fierce accusations by a fellow member James Koutoulas, regarding the 2014 public director nominations: "we deny each and every false allegation."
Tuesday, 30/12/2014 | 22:43 GMT by
Adil Siddiqui
American Stocks Day-Trading Firm Monex Fined $1.3 Million for Not Registering Mexican Personnel
- Unregistered employees conducted business on Monex's behalf in the US, including collecting client information needed to open accounts, making investment recommendations to clients and transmitting orders.
Tuesday, 30/12/2014 | 16:12 GMT by
Avi Mizrahi
Introducing Broker BBFX Fined $25,000 by Overzealous American Watchdog for Non-US Business
- The NFA decided that BBFX failed to implement an adequate customer identification program for foreign clients introduced to brokers outside the US, monitor accounts for suspicious activity, and conduct AML training.
Monday, 29/12/2014 | 20:17 GMT by
Avi Mizrahi
Reviewing Our 2014 Forex Industry Predictions
- The time has come to check how well we predicted the landscape of the forex industry in this year, from a bullish USD and the growing stake of high frequency trading to IPO clutter which still has not materialized.
Monday, 29/12/2014 | 08:01 GMT by
Ron Finberg
The Russian Federation Council Approves Forex Law
- The law outlining the establishment of regulation in the Russian foreign exchange market has passed another legal phase, to take effect in octobers 2015 as brokers will have to obtain a license by January 2016.
Thursday, 25/12/2014 | 12:35 GMT by
Finance Magnates Staff
British Bank RBS Issues Year-End FX Probes Update - Investigations in Full Swing
- The ongoing internal investigations at banking giant RBS are at the mercy of six traders who face disciplinary action according to an annual update by the bank,with three of the traders already suspended.
Tuesday, 23/12/2014 | 18:25 GMT by
Adil Siddiqui
Texas Court Issues Penalty against Unregulated Steven Scott for Fraud and Misappropriation
- A US-based unregistered trader has been found guilty of committing fraud and operating an unauthorised pool scheme. Steven Scott was ordered by a court to pay restitution and a monetary penalty to settle the charges.
Monday, 22/12/2014 | 22:47 GMT by
Adil Siddiqui
CBOE Holdings Enlists Help of FINRA, Brokering New Regulatory Oversight
- One of the largest operators of the US stock options market, CBOE Holdings Inc, will reportedly relinquish its regulatory duties, shifting regulatory duties to the Financial Industry Regulatory Authority (FINRA).
Monday, 22/12/2014 | 20:44 GMT by
Jeff Patterson
Deutsche Bank Securities Settles $3 Million Charges with US Regulator for Several Violations
- CFTC issues financial penalty to Deutsche Bank Securities for breaching a number of guidelines. The CFTC noted that the firm settled charges for violations including improper segregation of client money.
Monday, 22/12/2014 | 18:32 GMT by
Adil Siddiqui
UK Sharpens Regulatory Teeth, Augments Legislation Curbing LIBOR Abuse
- The UK’s Chancellor George has confirmed that the British government will initiate an extension of the legislation in place for the regulation of LIBOR, encompassing an additional seven benchmarks to help curb abuse.
Monday, 22/12/2014 | 15:47 GMT by
Jeff Patterson
FX "Investment Club" JL Trading Disappears along with £130 Million of Clients' Funds
- British police are investigating an alleged fraud over claims about $200 million went missing from an FX investment company as its manager, Joe Lewis, left his office abroad and can no longer be found anywhere.
Sunday, 21/12/2014 | 14:29 GMT by
Avi Mizrahi
4X Solutions' Proprietor Whileon Chay Indicted for Defrauding Investors for $5 Million
- Investors in the United States were duped for $5 million by Ponzi-scheme scammer Whileon Chay according to a judicial filing by a federal grand jury in Manhattan. The principal of 4X Solutions faces accusations of fraud and misappropriation.
Friday, 19/12/2014 | 21:05 GMT by
Adil Siddiqui
Unregulated Forex Brokers, FXN Trade & Net CFD Exposed by UK's FCA
- A duo of unregulated forex and CFD brokers offering their services within the UK without proper authorization while claiming UK registration has been exposed by the British financial markets regulator.
Friday, 19/12/2014 | 17:42 GMT by
Victor Golovtchenko
FINRA Levies Joint $1.5Million Fine against Wells Fargo Affiliates
- The Financial Industry Regulatory Authority (FINRA) has issued a collective fine for two broker-dealers under common control, Wells Fargo Advisors (WFA) and Wells Fargo Advisors Financial Network (WFAFN) for $1.5 million.
Thursday, 18/12/2014 | 22:02 GMT by
Jeff Patterson
Financial Commission Certifies First Cryptocurrency ECN, IBinex
- Independent third party regulator, the Financial Commission has announced the certification of IBinex’s platform for Cryptocurrency trading, following an earlier bid this past September.
Wednesday, 17/12/2014 | 16:15 GMT by
Jeff Patterson
Gibraltar's FSC Issues Warning against Fraudulent Binary Options Providers
- Gibraltar’s paramount regulator, the Financial Services Commission (FSC) has reiterated it’s warning to public market participants with regards to binary options trading platforms.
Wednesday, 17/12/2014 | 15:21 GMT by
Jeff Patterson
Guaranteed-Returns Fraudster Fined $2.5 Million and Banned by CFTC
- A US fund manager has been charged by the country's financial watchdog for misleading investors. A federal court has ordered Daniel Steele and his firm Champion Management International to pay over $2.5 Million in fines.
Tuesday, 16/12/2014 | 18:28 GMT by
Adil Siddiqui
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