Finance Magnates
ASIC Fines AUSIEX and Hits CommSec With Largest Ever Penalty
The penalty is the highest in history for breaching the Market Integrity Rule.Companies used 121,000 occasions to overcharge their clients. The Australian Securities and Exchange Commission (ASIC) informed on Wednesday that the Federal Court had fined Australian Investment Exchange Limited (AUSIEX)
Vanuatu to Mandate Physical Presence of Brokers
Vanuatu-regulated brokers will need a local office and staff.The new rules will be effective from October 16. Vanuatu, once a favorite jurisdiction for offshore brokers, is mandating brokers to establish a physical presence in the country with a new office, along with the appointment of a local mana
Equiti Group Secures CySEC License to Deepen Presence in Europe
The Group announced the appointment of Hesham Hasanin as the CEO of its Cypriot subsidiary.The CySEC license is the company's 8th regulatory license. Equiti Group, a provider of online trading technology and multi-asset financial products, has received a regulatory license from the Cyprus Securities
Australian Broker Vantage Becomes Newest Member of FinComm
FinComm has over 40 approved forex broker members.Moneta Markets separated from Vantage last month. The Financial Commission (FinComm), an independent external dispute resolution (EDR) body, on October 3rd approved the membership request of Vantage, a Sydney-headquartered broker. FinComm announced V
FCA to Permanently Cease Synthetic Sterling LIBOR on March 2023
The synthetic yen LIBOR settings will permanently cease at the end of 2022.Synthetic LIBOR settings were introduced as a temporary measure. The Financial Conduct Authority (FCA) announced its decision on Thursday to permanently cease the publication of 1 and 6-month synthetic sterling LIBOR&nbs
Moneta Markets Separates from Vantage Group, Gains ASIC License
The broker was established under the Vantage umbrella in 2020.It is now licensed in Australia, South Africa and St. Vincent and the Grenadines. Moneta Markets announced on Tuesday its separation from Vantage (previously VantageFX). The move came as Moneta secured a team of investors to bac
Can New Offshore Brokers Adapt as MetaQuotes Tightens Its White Label Policy?
MT4/5 is the top choice trading platform among CFD brokers, even white labels.But, MetaQuotes' new white label requirements are troubling new offshore brokers. Trading platform MetaTrader 4 (MT4) since its introduction in 2005 has grown to be a giant in the online foreign exchange industry. The soft
CLSA Premium Suspends Australia Operations
The company suspended its New Zealand operations earlier this year.It will move resources from Australia to other areas. CLSA Premium Ltd (HKG:6877), a Hong Kong-headquartered forex broker, announced the suspension of its operations in Australia, citing ongoing losses in the business. “Given t
Ex-ADSS Executives Launch UAE-Based FX and CFDs Broker Traders’ Hub
The top three executives of the broker previously worked at ADSS.The broker is licensed in the UAE. Abu Dhabi-headquartered Traders’ Hub, a retail forex and contracts for differences (CFDs) broker, announced the launch of its services in the United Arab Emirates (UAE). The platform i
MetaTrader 4 or 5. Which One Is the King of Forex Trading?
MetaTrader 5 gains traction, but MetaTrader 4 is still the king of FX trading according to some statistics.MetaQuotes as a platform provider still dominates the market, countering the growing competition. The MetaTrader 4 platform has been on the market for seventeen years and its revamped version,
XTB to Start Forex Trading in South Africa in Second Half of the Year
XTB is focusing on developing its forex business in the Middle East.The forex and CFD broker is also keen on offering its products in Africa. XTB, a Poland-based online forex and CFDs broker, has announced that it will begin its trading activities in South Africa in the second half of the
Admiral Markets’ Net Trading Income Surges 255% in First Half of 2022
The net trading income skyrocketed from €9.1 million to €32 million.Admirals described its H1 performance as 'exceptional'. Estonia-based Admiral Markets AS, which operates as Admirals, recorded a 255% increase in its net trading income in the first half (H1) of 2022. The income skyrockete
South Africa FX: Room for Growth or Already Saturated?
South Africa is Africa’s largest online retail forex player.But, the shift in regulatory policies is a challenge for industry actors. In 2021, Nigeria, South Africa, and Egypt’s Gross Domestic Product in nominal terms accounted for about half of Africa’s economy with Nigeria sittin
ASIC Warns Brokers for Offering High-Risk Products to Retail Investors
These products include securities lending and crypto assets.The regulator is also concerned about claims of ‘zero’ or ‘low-cost’ brokerage. The Australian financial market regulator issued a warning on Wednesday, asking brokers to be “careful about or reconsider”
DGCX Partners with FinMet to Boost Product Offering
The exchange is planning to introduce new gold products.DGCX aims to launch new Physical Gold Futures and Spot Gold Contracts. The Dubai Gold and Commodities Exchange (DGCX) announced today that it has signed an agreement with FinMet to expand its product offering. Through the latest colla
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