Check out the latest breaking news from the dynamic world of forex trading. Maintain your edge with up-to-the-minute coverage of the latest regulatory changes, industry conferences, broker developments and more.
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Peter Cruddas's financial trading company, CMC Markets, continues to falter with the media reporting a pre-tax loss of £2.8 million within the accounting period from January to March, compared to a £2.5 million pre-tax profit during the same period for the previous year.
Interactive Brokers, a US-based online brokerage, can no longer offer margin to its Australian clients. According to Australia's financial markets regulator, ASIC, Interactive Brokers did not have the proper broker's license to extend margin loans to its traders.
After months of anticipation, leading binary options broker 24option has received its regulatory approval by CySEC. The authorization process began in March 2013 and EU countries taking a closer look into the regulatory procedures of binary options brokers. 24option will be operating under the registered business name Cbay Financial Services Limited.
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From its inception, binary options trading has always been controversial, with each country focusing on different levels of regulation and licensure. Last November, the Japanese Financial Services Agency (FSA) imposed a ban on new binary brokers entering the market and announced that it would be revising the statute of binary options due to the FSA's concern that in some of its forms, binary options excessively resembles gambling.
To capitalize on the growing popularity of trading signals and algorithmic trading, OptionBit has launched a new mathematical algorithm signals system called Algobit. Algobit analyzes all trading assets, selects the most volatile ones and then follows their fluctuations, sending out an alert as soon as a profitable trend is forming. This new program signals the trader to the incoming trend so he won't miss the opportunity to jump on board.
IronFX announced this week that it has received licensing as a Financial Service Provider (FSP) in New Zealand, as well as becoming a member of CRFIN, Russia's leading self-regulating organization and forex regulator. IronFX's is already regulated by CySec, the FCA, and ASIC.
National Futures Association (NFA) has issued a $75,000 fine against James E. Green, Chief Compliance Officer (CCO), a listed principal and an associated person of FX Direct Dealer LLC (FXDD). FXDD is a futures commission merchant, Forex dealer member and retail foreign exchange dealer in New York City.
Detroit, the fourth largest city in America, filed for the largest municipal bankruptcy in U.S. history on Thursday after steep population and tax base declines sent it tumbling toward insolvency. The filing means that if the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.