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Nordea and SEB among five banks fined €2.5M for issuing unauthorized credit ratings

Nordea and SEB among five banks fined €2.5M for issuing unauthorized credit ratings

The European Securities and Markets Authority (ESMA) just informed the public that it has today fined Danske Bank, Nordea Bank, SEB, Svenska Handelsbanken and Swedbank €495,000 each and issued five public notices for negligently breaching the Credit Rating Agencies Regulation (CRAR). ESMA found that the five banks infringed the CRAR by issuing credit ratings without being authorised by ESMA to do so. Between JuneRead more about Nordea and SEB among five banks fined €2.5M for issuing unauthorized credit ratings[…]

GAIN Capital’s Forex.com sees June FX trading volumes down 12% to $214 billion

GAIN Capital’s Forex.com sees June FX trading volumes down 12% to $214 billion

Continuing a string of fairly anemic volume reports we have seen for the month of June 2018 from leading Retail and Institutional FX platforms, Gain Capital Holdings Inc (NYSE:GCAP) has reported that retail volumes – consisting mainly of activity at its FOREX.com unit, as well as City Index – declined by 12% from May, coming inRead more about GAIN Capital’s Forex.com sees June FX trading volumes down 12% to $214 billion[…]

IronFX fined €2,000 by CySEC for late filing of financials

IronFX fined €2,000 by CySEC for late filing of financials

Second announcement from CySEC today, as the Board of the Cyprus Securities and Exchange Commission (CySEC) has informed the public that, at the meeting held on 4th December 2017, decided to impose an administrative fine of €2,000 to the CIF Iron FX Global Ltd (now known as Notesco Financial Services Ltd). The fine is for non-complianceRead more about IronFX fined €2,000 by CySEC for late filing of financials[…]

SEC charges investment professional in $8 million scam

SEC charges investment professional in $8 million scam

The Securities and Exchange Commission (SEC) has informed the public that it has charged a former registered representative with defrauding long-standing brokerage customers in an $8 million investment scam. According to the SEC’s complaint, Steven Pagartanis, who was affiliated with a registered broker-dealer, told some investors – including retirees who had been Pagartanis’s customers forRead more about SEC charges investment professional in $8 million scam[…]

FCA Issues Another Warning Against Unauthorized Firm

FCA Issues Another Warning Against Unauthorized Firm

The Financial Conduct Authority, a British regulator, issued another warning today regarding FX firms operating without its authorization. Today’s statement comes just two days after the regulator issued a set of warnings against a number of binary options and forex brokers. On this occasion, the FCA is warning against Revolution Variable Systems (RVS). The company’s website, thoughRead more about FCA Issues Another Warning Against Unauthorized Firm[…]

AMF claims closure of 138 Binary Options and FX websites in past three years

AMF claims closure of 138 Binary Options and FX websites in past three years

For several years, the Autorité des marchés financiers (AMF) has been mobilized to prevent and protect savers from the dangers of highly speculative trading. Since 2014, its legal actions to obtain the blocking in France of access to illegal sites have led to the closure of 138 Internet addresses. Faced with the development of tradingRead more about AMF claims closure of 138 Binary Options and FX websites in past three years[…]

ESMA and FCA Inform Regulated Firms About Changes to Capital Requirements

ESMA and FCA Inform Regulated Firms About Changes to Capital Requirements

Following the recently announced measures to limit the availability of leverage to retail traders as well as a mandatory negative balance protection, European regulators have informed licensed retail brokerages of the necessity to review their permits. According to a letter sent to brokerages, firms are also instructed to carefully reassess their business models. The regulatoryRead more about ESMA and FCA Inform Regulated Firms About Changes to Capital Requirements[…]

Japanese Regulator Begins Punishing Cryptocurrency Exchanges Post-Inspection

Japanese Regulator Begins Punishing Cryptocurrency Exchanges Post-Inspection

Nikkei has reported that the Japanese financial regulator, the Financial Services Agency, has issued punishment notices to several cryptocurrency exchanges. An unknown number are also going to receive suspension notices. The FSA has been investigating exchanges since 534 million USD worth of cryptocurrency was stolen from Coincheck, a popular exchange, in January. This was the world’s biggestRead more about Japanese Regulator Begins Punishing Cryptocurrency Exchanges Post-Inspection[…]

FCA Considering Forcing STP Brokers to Upgrade Their Licenses

FCA Considering Forcing STP Brokers to Upgrade Their Licenses

The UK financial regulator, the Financial Conduct Authority, is considering a series of steps that could prove to be very challenging for a big part of the London-based FX industry. According to sources with knowledge of the matter, the watchdog has distributed a letter to a number of UK-based brokers to inform them of prospectiveRead more about FCA Considering Forcing STP Brokers to Upgrade Their Licenses[…]