Brokers Markets News 

Is your brokerage technology stable? UK government looks at high penalties for institutional IT failures

“It only takes a brief look at the incredible level of development that the UK has undergone over the past 20 years in terms of financial technology infrastructure” reports financefeeds.com. During the past few years, some of the most well recognized financial markets regulatory authorities in important regions for the FX industry have turned their attention purely to the OTC derivatives product range that most retail FX brokerages offer.Now, however, despite its gray suited lack of understanding of the architecture of financial systems, Britain’s Financial Conduct Authority (FCA) is considering…

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Brokers News 

Southwest suburbs that feds visited use insurance broker where Madigan’s son is an exec

“Several southwest suburbs that federal agents recently visited as part of a wide-ranging corruption investigation have been using an insurance company that employs Illinois House Speaker Michael Madigan son” writes Luke Wilusz for suntimes.com. She was involved in insurance discussions with Andrew Madigan and his company, village records show. Source: suntimes.com

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Brokers News 

How to Trade Forex Completely Anonymously

“Since the very inception of Forex trading, KYC (Know Your Customer) documents have been presenting challenges to both traders and brokers alike” reports financemagnates.com. KYC documents are requested from a variety of financial institutions, such as banks, money lenders, and other businesses that deal with incoming and outgoing financial payments. Source: financemagnates.com

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Brokers News 

Russian c-bank detects over 140 illegal Forex brokers in first 9 months of 2019

“The Central Bank of Russia has identified more than 140 illegal Forex brokers during the January-September period of 2019” reports financefeeds.com. These entities, according to the regulator, abuse the insufficient knowledge of Russians about the securities market regulation, and solicit investments into activities such as Forex trading.He also stressed the problem of the activities of pseudo training centers which lure clients for illicit online trading firms. Source: financefeeds.com

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Brokers News 

Brokers are ‘gaming’ the system to erase customer complaints from a public website, a new report alleges

“Among its proposed fixes, the organization says all cases seeking to erase customer complaints should be paused until tighter rules are in place” writes Andrew Keshner for marketwatch.com. Too many brokers are erasing customer complaints with an expungement process that’s being “systematically gamed, exploited and abused with one-sided hearings,” the PIABA Foundation said in a report released Tuesday.There are nearly 630,000 brokers registered with the organization, FINRA statistics show.Expungement — when brokers totally wipe clean their record of complaints — is supposed to be a rare step, but arbitrators signed…

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Brokers Markets News Stocks 

Charles Schwab’s daughter called her dad for investing advice at 22 and was ‘disappointed’ when he didn’t give her a hot stock tip

“It is not about the hot stock, it’s about participating in the markets, in the equity markets” writes Tanza Loudenback for businessinsider.com. Her father, Charles Schwab, is the founder and namesake of one of America’s largest brokerage firms.But it wasn’t until Schwab-Pomerantz was in her early 20s that the company found its stride and she turned to her dad for investing advice. It’s really easy, and offers great diversification and low cost,” Schwab told CNBC. Today, Charles Schwab oversees $3.72 trillion in client assets, spread across millions of brokerage accounts,…

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Brokers News 

Whether you’re a buyer or a seller, make sure your real estate agent represents your interests

“Your condo association should take action.] Where the real estate agent represented the seller, the agent was more like a traditional agent from years ago who owed a duty of loyalty to the seller” writes Ilyce Glink for washingtonpost.com. The agent who represented the buyer would be a buyer’s agent and owe a duty of loyalty to the buyer.This included the real estate agent who brought the buyer to the table.Sometimes it’s hard to know who represents you in the purchase of a home — who is your true buyer’s…

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Brokers News 

After Bumpy August, Saxo Volumes Back to Normal

“For fixed income, the difference in trading volumes was negligible, with the broker reporting total trading volumes of $13.1 billion in August and $13.2 billion in September” writes David Kimberley for financemagnates.com. Retail broker Saxo Bank released its trading volumes for September on Monday.Saxo Bank reported a total currency trading volume of $118.6 billion last month, a 15 percent decline on August’s $139.1 billion.Back in August, Saxo Bank reported a trading volume of $43.3 billion in the commodities markets.In August, Saxo Bank reported $87.4 billion in stock trading. Source: financemagnates.com

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Brokers News 

WeWork drama continues, Hedge fund fees, AI on Wall Street

“It’s been tough for the wealth industry to convince new college grads to join their ranks” writes Olivia Oran for businessinsider.com. Wells Fargo’s adviser arm also told us it’s launched a new pitch to draw new talent.Today, we published a big scoop that Bank of America’s massive wealth arm, Merrill Lynch, has hiked trainee financial advisers’ starting salaries by $10,000.The average adviser’s age is around 52, according to Cerulli Associates data, and many are seen retiring over the next decade. Source: businessinsider.com

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Brokers News Stocks 

The week that rocked online trading: everything we know about brokers’ rapid-fire moves to slash commissions

“AP Photo/Mark Lennihan In late September and early October, many big brokerages said they would eliminate online trading commissions for US stocks and ETFs in what felt like one fell swoop” writes Rebecca Ungarino for businessinsider.com. We broke down the drama unfolding in the online trading, wealth management, and discount brokerage arena.They’re all going to zero online commissions. Source: businessinsider.com

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