FCA fines UBS AG £27.6 million for transaction reporting failures

FCA Regulator

UBS AG (UBS) has been fined £27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

UBS has been found to have failed to ensure it provided complete and accurate information in relation to approximately 86.67 million reportable transactions. It also erroneously reported 49.1 million transactions to the FCA, which were not, in fact, reportable. Altogether, over a period of nine and a half years, UBS made 135.8 million errors in its transaction reporting, in violation of FCA rules.

UBS logo

The FCA also found that UBS failed to take reasonable care to organise and control its affairs responsibly and effectively in respect of its transaction reporting. These failings related to aspects of UBS’s change management processes, its maintenance of the reference data used in its reporting and how it tested whether all the transactions it reported to the FCA were accurate and complete.

UBS agreed to resolve the case and so qualified for a 30% discount in the overall penalty. Without this discount, the FCA would have imposed a financial penalty of £39,427,795.

FCA Executive Director of Enforcement and Market Oversight, Mark Steward, commented:

"Firms must have proper systems and controls to identify what transactions they have carried out, on what markets, at what price, in what quantity and with whom. If firms cannot report their transactions accurately, fundamental risks arise, including the risk that market abuse may be hidden."

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom. You can read a detailed article about why traders should choose UK brokers.

ETX Capital Offer Top-Traded Stocks At Zero Commission

There is some good news for the traders of the London-based broker ETX Capital. The broker has announced the launch of zero commission stock trading across their top-traded stock CFDs. The company has said that the likes of Tesla, Apple, Amazon, and even UK shares like Barclays are included, calling these their most-popular markets amid their client pool.

Nandik Barbhaiya, ETX Capital CMO

The CMO of the company, Nandik Barbhaiya, has commented: “We continue to see the demand for stocks increasing, but there are often so many barriers to new traders looking to try these. ETX wanted to give more people a simpler way to buy and sell these bigger stocks with no minimum charge or commissions.”

Besides these major brand names, ETX offers thousands more stock CFDs across US and European exchanges. 

ETX Capital is owned and operated by the Monecor (London) Ltd, a member firm of the London Stock Exchange. Authorised and regulated by the Financial Conduct Authority with Financial Services register number 124271. The broker is regulated by the FCA and acquired by Swiss firm Guru Capital in 2020, is one of the UK’s leading brokers. They offer trading on forex, indices, stocks, and other CFDs, as well as financial spread betting across their award-winning platform on both desktop and mobile. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.5% of retail investor accounts lose money when spread betting or trading CFDs with ETX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

FXTM Launches Innovative New Indices and Introduces Zero Spreads on Major FX Pairs

FXTM, an Exinity Group company, announced the launch of 11 innovative new indices offering clients new ways to trade the FX majors and popular market sectors.

The new products, promoted as new Currency and Stock Baskets, include six FX indices monitoring the performance of EUR, GBP, USD, JPY, AUD and NZD against baskets of other currencies, as well as creative stock indices reflecting the performance of Social, Green, Space, Mobile and Vegan-related companies. 

The company also introduced zero spreads on major FX pairs on its ECN account, with commissions that can go as low as just $0.2 per lot.*

Commenting on the news, Exinity Group’s Chief Dealer Charis Mountis said: “In 2020, the heightened volatility in financial markets have brought renewed interest in the retail trading space. To help our clients seize even more trading opportunities, our trading team has devised these creative currency and stock indices, combined with zero spreads on major FX pairs  — enabling clients to make the most of out every trade with us”.

Many of the new indices are already proving popular among FXTM clients. A full list of the available indices includes:

  • EUR Index
  • USD Index
  • JPY Index
  • GBP Index
  • AUD Index
  • NZD Index
  • Social Index
  • Green Index
  • Mobile Index
  • Space War Index
  • Vegan Index

*While spreads for EURUSD and GBPUSD will typically be at zero for most of the time on the ECN account, FXTM cannot guarantee spreads will always remain at zero, especially during volatile times. Commission on the ECN account is floating and depends on trading volume and equity. 

New indices are available on ECN MT4, while zero-spreads are available across ECN MT4 and MT5.

For more information on FXTM’s new indices, please visit here.

FXTM is an international online forex broker offering financial services in forex, CFDs on spot metals and CFDs on Commodity Futures, Indices and Shares.

FXTM brand is authorized and regulated in various jurisdictions. ForexTime Limited (www.forextime.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475. Exinity Limited (www.forextime.com) is regulated by the Financial Services Commission of the Republic of Mauritius with an Investment Dealer License bearing license number C113012295. Forextime UK Limited (www.forextime.com/uk) is authorised and regulated by the Financial Conduct Authority, firm reference number 777911.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”

ASIC imposes licence conditions on Kaz Capital

Regulator ASIC

Australian regulator ASIC has just announced that it has imposed additional conditions on the Australian Financial Services (AFS) license of the company Kaz Capital Pty Ltd (Kaz).
Kaz Capital provides general financial product advice on certain deposit and payment products, derivatives, securities, and managed investment schemes. The company provides specialized financial services to domestic and international high net worth clients, not for profit organizations and institutions. Australian owned, Kaz Capital operates under an Australian Financial Services Licence (“AFSL” 384738).

Kaz Capital - official website
The regulator is concerned with the adequacy and effectiveness of Kaz’s compliance framework, including how it monitors its advisers and whether it meets its compliance obligations under the Corporations Act. As a result of ASIC's inquiries, Kaz engaged an external consultant to review its compliance framework and provide recommendations for remediation. Kaz has advised ASIC that these recommendations have been implemented.
According to the official statement, the additional license conditions imposed by ASIC will require Kaz to appoint an independent expert to review the effectiveness of Kaz's implementation of the recommendations ensuring they have been implemented in full, are operating effectively and whether any further action is necessary. The independent expert will report to both ASIC and Kaz in June 2019.
Cathie Armour, ASIC Commissioner, has commented on the ASIC's order: "Licensees must have an adequate and appropriate compliance framework to govern the monitoring and supervision of their representatives. We expect all licensees to comply with this and will monitor their compliance closely."

EuropeFX to Sponsor South Sydney Rabbitohs

EuropeFX logo

EuropeFX has announced their newest sporting partner, the most successful professional rugby team, the South Sydney Rabbitohs.

Formed in 1908, the South Sydney Rabbitohs are not only one of Australia’s oldest rugby league teams – they are, by any measure, the most successful professional team in the league’s 111-year history with 21 top-tier titles. The Rabbitohs are also the only NRL team to have won the Premiership in their inaugural season.

Everyone at EuropeFX will be rooting for the Rabbitohs as they strive for an unprecedented 22nd Premiership in the 2019 NRL season.

“We are proud to announce that the South Sydney Rabbitohs rugby club chose EuropeFX as their 2019/20 sponsors!

With a fanbase of millions in Australia and around the world, the Rabbitohs are a true powerhouse in the National Rugby League and a serial contender for the top spots all in domestic and international competitions.

Rugby at the top level demands a commitment to excellence and an unwavering dedication to be the best. These are traits that mirror the attitude we bring to the way we conduct our business. Together we will strive for the top honors in our respective fields.”

CySEC fines CIF Goldenburg Group Ltd €170.000

Regulator CySEC

The Goldenburg Group, owners of TopForex brokerage firm, was fined of 170,000 euros by the Cyprus Securities and Exchange Commission (CySEC) recently. The company’s failure to meet compliance standards led to action by the regulator.

According to a statement released by the regulator, the Goldenburg Group failed to maintain adequate records of the services and transactions it provided to customers. The firm received 50,000 euros fine for this failing.

TopForex logo

It also received two separate fines of 40,000 euros each for failing to meet regulatory guidelines on honest dealings with clients. One of the fines was not specific in its scope but referenced a broad piece of legislation that indicates that an investment firm should “act honestly, fairly and professionally in accordance with the best interests of its clients.” The other 40,000 euro fine, however, was more specific. CySEC’s statement indicates that this one was given to the firm as it misled clients via its marketing activities.

It added 30,000 euros fine for failing to ensure that third-party companies used by the broker were meeting compliance guidelines. A smaller 5,000 euros fine was put on the firm for failing to meet compliance standards regarding tied agents. The group received another 5,000 euro fine for failing to properly notify the regulator that it was planning to open a new office in a different jurisdiction.

AETOS Capital Group extends AFC Champions League partnership with Sydney FC

AETOS Review

Australian football team Sydney FC has announced that they would be strengthening their partnership with retail broker AETOS Capital. The broker has been working with the Australian football team since 2017.

AETOS and Sydney FC attended an exclusive interview from a number of influential sports media in China. Councillor Mike Thomas, Senior Vice President of AETOS Capital Group, paid a special visit to Shanghai to give support to Sydney FC. Sydney FC Head Coach Steve Corica and Vice Captain Alex Wilkinson also attended the event and were interviewed by the media.

Sydney FC logo

Councillor Mike Thomas said: “We are driven to meet our social responsibilities. AETOS commenced its connection with football since the 2017 AFC Champions League. 2019 is the second year that we have been the principal AFC Champions League sponsor for Sydney FC. Through AETOS’ support and investment, we help to grow football in Australia and provide the best pre-match preparation for the players to participate in these international competitions.”

Sydney FC Head Coach Steve Corica said: "We are delighted that AETOS Capital Group extended AFC Champions League partnership with us in the 2019 season. Sydney FC always strives to be the best and to win recognition from football fans in the Asia Pacific. Shanghai SIPG is a good team, while we have prepared very well for tomorrow’s game. We are looking to score lots of goals to put us in a very good position to qualify from the group to the last 16 teams.”

In the interview, Sydney FC Head Coach Steve Corica presented the No. 8 jersey to Councillor Mike Thomas, in which his surname was printed on, to express their gratitude to AETOS for its support.

AETOS is a global provider of FX and CFDs that giving its clients access to a wide range of markets including forex, metals, energy, and indices while serving their clients through corporate headquarters in Sydney Australia and serving global presence through London, UK office and customer support office in China. You can read our full AETOS review here.

Plus500 reports record revenues and performance in 2018

Plus500 logo
This Tuesday Plus500 Ltd has reported a record year, with a sharp rise in profit and revenue ahead of expectations. Also the broker has announced its preliminary unaudited results for the year ended 31 December 2018, stating that the company set a new record in terms of financial performance.

Plus500 was founded in 2008 in Israel and now operates numerous entities around the world through Cyprus, UK, Australia, Singapore and more. Plus500 is a trademark, operated under Plus500 Ltd which comes under the jurisdiction of the several regulators and including Cyprus CySEC, UK’s FCA, Australian ASIC and MAS in Singapore. Hence, the broker is eligible to offer Contracts for Difference (CFDs) and various underlying products through the application of strictest guidelines of trading performance set by various regulatory bodies. You can read our full Plus500 review here.

Among the major achievements Plus500 broker mentiones the record revenues and profits in the year driven by cryptocurrency trading volumes. Also, the revenue was up by 65% to $720.4 million (FY 2017: $437.2 million). Although the company did see a drop in performance during the third quarter, with the implementation of regulation from the European Securities and Markets Authority (ESMA) on August 1, 2018, Plus500 remained confident in its ability to recover in the final quarter of the year. The company also grew its EITDA by 70.2% as compared to 2017s 59.3% growth, which was supported by its revenue numbers. Another major achievement for the company was its positive balance sheet, which carried no debt, and its impressive 98% cash conversion ratio. And the last, but not least, are the decent amounts paid out as cash dividends to shareholders as well as the fact that the company continues to generate free cash flow at a fast rate.

Commenting on the results, the Chief Executive of Plus500, Asaf Elimelech said: "We are pleased to report a year of record numbers and performance, well ahead of our original expectations. These results demonstrate both our strong operational performance and differentiation from our industry peers,".

Forex broker FXTM gets a regulatory license in Mauritius

ForexTime FXTM review

Forex broker FXTM has recently announced that it got a license from the Financial Services Commission (FSC) in Mauritius. The FXTM brand is also regulated through the FCA, CySEC and the FSCA which are amongst the most stringently regulated financial authorities.

FXTM holds the continual offering of excellent trading conditions at the heart of its values and the company is thrilled that this development represents another milestone in its international growth strategy, while also emphasizing the brand’s commitment to operating to the highest regulatory standards.

FSC in Mauritius logo

The brand is focusing on building a wider international presence while maintaining the quality of service available on its platform. FXTM spokesperson has commented on the latest announcement: "Mauritius is fast becoming an internationally recognized financial supervisor with a strong legal framework, providing protection to the public in non-banking financial products."

International customers will now have the opportunity to receive services through Mauritius. Clients will continue to enjoy the same great service they have come to expect from FXTM.

The FXTM or Forex Time company launched in 2011 with its headquarters in Cyprus (Limassol) been named as one of the world’s fastest growing brokers. The broker establishes its core on reliable trading conditions and detailed education and brings trading across the world with its accessible trading around the globe, regardless of the trader’s knowledge. You can check our full FXTM review here.