Brokers News Stocks 

The high-profile trader who slammed ex-employer ITG with a lawsuit is gearing up to launch a firm of his own

“Paulo Whitaker/Reuters Hitesh Mittal, the former hedge fund trading head who recently sued broker ITG, is looking to make a big comeback with a new trading technology company he’s been working on for the past year” writes Frank Chaparro for businessinsider.com. Typically, when a money manger is looking to get a trade done they go to a broker.Then, that broker uses its execution algorithms to figure out how that trade will get best executed. Source: businessinsider.com Share This:

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Brokers Futures News 

CFTC Fines Minneapolis Futures Broker $100,000 for Fraudulent Misconduct

“The Commodity Futures Trading Commission (CFTC) announced on Friday that it has charged futures broker, Christian Robert Mayer with engaging in a fraudulent trading scheme” reports financemagnates.com. When the brokers do not—but instead defraud their own customers as respondent did here—the Commission will vigorously pursue that misconduct.”.  Source: financemagnates.com Share This:

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Brokers News 

“Regulation takes a very long time to set up”: Forex broker JAFX gets targeted by CFTC

“The United States Commodity Futures Trading Commission (CFTC) continues with its actions against unregistered Forex brokers targeting US clients” reports financefeeds.com. The CFTC Complaint against the broker says that, beginning in at least September 2016 and continuing to the present, JAFX has offered retail Forex services to customers in the United States.The application process involves a drop-down menu of countries from which JAFX accepts customers and the first name in the list is the United States.Less than a month after the CFTC secured a default order against Tallinex, the US…

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Brokers News 

Boss of collapsed City broker plots move into takeaway industry 

“The former boss of Beaufort Securities has set up an Indian takeaway company just months after the broking firm he ran collapsed following an FBI sting” writes Jon Yeomans for telegraph.co.uk. City broker Beaufort Securities fell into administration in March following a dramatic sting operation involving the Mayfair art scene and a Pablo Picasso painting. Sources said he was close to signing a deal with a large restaurant firm and plans to officially launch the company in January. Source: telegraph.co.uk Share This:

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Brokers News 

No One Needs Paper Piles; SEC Should Get Smart About Broker Disclosure

“Regulators are trying to make it less confusing to learn what you need to know about your stockbroker or financial adviser” writes Jason Zweig for wsj.com. In a disclosure form newly proposed by the Securities and Exchange Commission, brokers and investment advisers would have to describe their services, their fees […].  Source: wsj.com Share This:

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Brokers News 

New Zealand’s FMA Flags Unauthorised Broker White Square Trading

“The FMA has warned that White Square Trading and any of its trading names are not registered to provide financial services in New Zealand” reports financemagnates.com. White Square Trading allegedly operates from 131-151 Great Titchfield Street, London W1W5BB. The broker offers its services through the following websites: www.universemarkets.com, www.universe-markets.com, www.universemarketsfx.com.White Square Trading Limited operates under the trading names Universe Markets and Universe Markets FX. According to its website, the company is an alleged forex broker who claims to offer investors the chance to trade CFDs. Source: financemagnates.com Share This:

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Brokers News 

Retail FX broker KVB Kunlun expects significant profit rise in H1 2018

“Last year was somewhat challenging for Hong Kong-focused retail Forex broker KVB Kunlun Financial Group Ltd (HKG:6877)” reports financefeeds.com. KVB Kunlun has just issued a profit alert concerning the six-month period to June 30, 2018.The Board said it also expects that the Main Board trading platform will enhance the trading liquidity of the Shares as well as the fund raising capability of the Group. Source: financefeeds.com Share This:

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Brokers Markets News 

CMC Markets’ focus remains on conversion of clients to elective professional status

“As previously guided, the broker continues to expect that revenue from professional clients will account for at least 40% of UK and European revenue (on a rolling 12-month view)” reports financefeeds.com. In its filing with the London Stock Exchange, CMC Markets notes the regulatory changes introduced by ESMA will take effect from August 1, 2018, and that the Group continues to grow the proportion of UK and European revenue that is generated by elective professional clients.The migration of ANZ Bank retail clients, is on track to take place in September. Source: financefeeds.com…

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Brokers News Stocks 

Crisis of the Week: TP ICAP Stock Price Takes a Hit

“TP ICAP said it is facing costs relating to Brexit, regulation and technological security” writes Ben Dipietro for wsj.com. TP ICAP, the world’s biggest interdealer broker, lost more than one-third of its market value on July 10 after the company revealed it faces higher costs and announced the departure of its chief executive.What failings led to the higher costs?. The stock price is up slightly since the announcement, closing on July 16 at 274 pence ($3.63) after ending July 10 at 269.3 pence ($3.57). Source: wsj.com Share This:

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