Brokers News 

SEC targets binary options marketer who caused 25,000 investors to make deposits with unregistered firms

“These unregistered brokers offered and sold binary options referencing securities over the Internet to investors in the United States” reports financefeeds.com. They also disseminated false and misleading binary marketing campaigns create by other affiliate marketers.The six binary options affiliate marketing campaigns in which Szatmari was involved are: The misleading websites and videos were viewed by more than 350,000 persons and caused more than 25,000 investors to make deposits for trading binary options with one of approximately 35 unregistered brokers.The United States Securities and Exchange Commission (SEC) continues to target binary…

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Brokers News 

FxNet Pays €60,000 to Settle Multiple Violations with CySEC

“The broker operates under the umbrella of its parent entity BelFX, which is licensed by the International Financial Services Commission (IFSC)” writes Aziz Abdel-qader for financemagnates.com. London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now FxNet is an STP broker headquartered in Limassol, with some clients in Eastern Europe.CySEC has further explained that the financial penalty was also imposed for non-compliance with Article 36(1) (a) of the law, relating to conduct of business obligations when providing investment and ancillary services to clients. Source: financemagnates.com

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Brokers News 

B2Broker Extends its Multi-Asset Liquidity Pool with Tools for Brokers

“In summary, B2Broker offers its clients access to the deepest liquidity pool and highest institutional leverage available, enabling liquidity to many major, as well as smaller forex brokers and several exchanges” writes Finance Magnates Staff for financemagnates.com. We aggregate liquidity from top Tier-1 liquidity providers within our eco-system and provide this liquidity to brokers who are then connected into our liquidity pool in just 5 minutes.Liquidity is aggregated from top Tier-1 liquidity providers including other cryptocurrency exchanges, non-bank liquidity providers, forex brokers, cryptocurrency brokers, Market Makers, OTC orders of institutional…

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Brokers News 

Broker who scammed elderly N.J. couple out of $270K with phony investments sentenced to prison

“A broker from Essex County will serve three years in prison for convincing an elderly couple to $270,000 into an investment program that did not exist and using the money for himself, authorities said Friday” writes Attrino Tattrino Njadvancemedia for nj.com. When Siegel moved to another brokerage firm the following year, the couple again transferred their investments so Siegel could manage them, Grewal said.The Bureau of Securities asks people to call them before they invest to make sure the securities offered are properly registered. Source: nj.com

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Brokers Crypto News 

Crypto Brokerage Tagomi Makes Shorting Bitcoin and Ether Easier

“New York-based cryptocurrency brokerage and trading platform Tagomi allows its users to lend or borrow Bitcoin (BTC) and Ether (ETH) to facilitate long or short trades” writes Adrian Zmudzinski for cointelegraph.com. Per the report, to short crypto assets, traders currently have to “call a host of brokers and trading desks to find the best rates for borrowing and risk the market moving against them during the time it takes to put on a trade.” Tagomi’s chief operating officer Kevin Johnson commented on the difficulty of applying such strategies to crypto:…

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Brokers News 

A startup real estate broker that puts a twist on commissions just raised $2 million in seed funding led by an early Compass investor

“Prevu, an online real estate broker that began operations in New York City in 2017, just raised $2 million in a seed round led by Corigin Ventures, which was also an early investor in $6.4 billion brokerage Compass” writes Alex Nicoll for businessinsider.com. Prevu is exclusively for home buyers, and says it offers up to a 66% rebate on the 3% commission typically collected by a buyer’s agent.The rebate means agents make less per transaction, but the company said that their average agent makes 36 deals a year. Source: businessinsider.com

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Brokers News 

Brokerage Charles Schwab says to cut about 600 jobs

“(Reuters) – Discount brokerage company Charles Schwab Corp is cutting about 600 jobs after an internal review, a company spokeswoman confirmed on Tuesday” writes Midwest Communications Inc for 95kqds.com. The Wall Street Journal reported on Tuesday that the company planned to eliminate nearly 3% of its workforce.The company, which provides brokerage and financial advisory services, reported an 8% year-on-year jump in second-quarter net income at $937 million. Source: 95kqds.com

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Brokers News 

Seven U.S. states, District of Columbia sue to block SEC rule change

“The SEC’s vote comes at the end of a 10-year battle over regulations on the investment advice industry” writes Midwest Communications Inc for 95kqds.com. WASHINGTON (Reuters) – Seven U.S. states and the District of Columbia on Monday sued to block rules adopted by the Securities and Exchange Commission (SEC) that would allow brokers to recommend products that benefit them as long as they disclose the conflict. Republican-appointed SEC Chairman Jay Clayton called the rule changes “long overdue,” but investor advocates have said the rules remain too vague in their definition…

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