It was week involving a number of somewhat severe regulator moves in Forex Industry News at LeapRate.
Both the Cypriot and Australian financial regulators suspended / revoked the licenses of Retail Forex brokers. And in the US, an offshore broker was sued for taking US clients, a big no-no in the business.
In our continuing series of conversations with FX industry leaders, our most popular interview this past week was with CFI Managing Directors and co-owners Eduardo Fakhoury and Hisham Mansour.
Some of our most popular, shared and commented-on posts this week at LeapRate included:
CySEC announces partial suspension of XTrade license. Cyprus financial regulator CySEC has partially suspended the CIF license of XTrade Europe Ltd., which operates the XTrade.com and XForex.com retail forex brands. Why was XTrade’s license suspended? And what does ‘partially suspended’ mean? Get all the details, now at LeapRate.
CFTC files lawsuit against offshore retail forex broker (and an IB) for taking US customers. Most international retail forex brokers, even those who operate in the shadows as unlicensed and unregulated brokers, are careful not to take on US clients, given the long and strong arm of US law enforcement. So, this is something we really haven’t seen in a while. Which broker is being sued by the CFTC? And why was the lawsuit filed in Utah?
ASIC cancels license of Retail Forex MT4 broker. Australia financial regulator ASIC, which hasn’t issued a new license to a retail forex broker in more than two years, decided to cancel the license on an existing Retail FX broker. The broker in question wasn’t too well known in European circles, but has a significant presence among China based MT4 traders. So who lost their AFS license?
Japanese firm becomes first FX broker to launch Tradency’s Mirror Trader after Flash to HTML5 switch. Auto and copy trading technology provider Tradency has announced the release of its new & improved Mirror Trader platform, with a mid-size Japanese retail forex broker as its first client to put it into use. What is new and different about Mirror Trader? Which broker is the first to launch? Get all the details, now at LeapRate.
Plus500 shares trading up 9% Friday following…. Shares of FCA regulated Forex and CFD broker Plus500 Ltd (LON:PLUS) traded up sharply on Friday morning, after the company made a couple of unexpected and unrelated announcements. What did Plus500 announce? How are all the regulatory changes announced in various EU jurisdictions around Forex and CFD trading affecting results?
In key Forex industry executive moves this week: