Brokers News Stocks 

Big U.S. exchanges to sue SEC over ‘overreaching’ fee experiment

“The exchanges argue rebates are needed to compensate brokers for providing liquidity and that the SEC has not shown that they harm the market” reports businessinsider.com. NEW YORK (Reuters) – The three largest U.S. stock exchange operators said they will sue the Securities and Exchange Commission for overstepping its authority by ordering a pilot program to test banning lucrative payments exchanges make to brokers for resting stock orders. Source: businessinsider.com

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Brokers Markets News 

SFC Issues Further Notices to Brokers for Client Misconduct

“The three brokers in question are Changjiang Securities Brokerage (HK) Limited, Haitong International Securities Company Limited and Kingston Securities Limited” writes Celeste Skinner for financemagnates.com. The SFC highlights that the restriction notices will not impact the broker’s operations nor their other clients which aren’t suspected of market misconduct.At the beginning of this year, the SFC issued a similar restriction notice to three other brokers – Fulbright Securities Limited, Futu Securities International (Hong Kong) Limited and Gong Ping Securities Limited, as Finance Magnates reported.All three brokers are regulated and licensed under…

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Brokers Markets News 

Devexperts Hints at the AI Future with a New Version of its Chatbot

“For brokers, this chatbot represents a new engagement channel, which is aimed at boosting their clientele base and their affiliate business” writes Victor Golovtchenko for financemagnates.com. Devexperts is providing the service for white labeling and brokers can customize the product to cater to their own preferences.One of the leading software developers in the industry, Devexperts launched today a new product catering to some specific broker needs.Moreover, it is also delivering a glimpse of the future of support and provides a new way for brokers to cut some costs. Source: financemagnates.com

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Brokers News Stocks 

JFD Brokers Launches Commission Free Stock Trading

“In addition to introducing zero-commission trading on stocks, JFD Brokers also announced today that it has added new instruments to its portfolio” writes Celeste Skinner for financemagnates.com. With the latest announcement, JFD Brokers joins a small group of brokers who offer commission-free trading.Following the acquisition of German-based ACON bank, JFD Brokers, a multi-asset broker, announced this Thursday that it has introduced commission-free stock trading conditions for its clients.Cutting all commissions for stock trading is just the first step in our long-term vision to become a preferred financial service provider,” said…

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Brokers Markets News 

Retail Side of the FX Industry Keeps Avoiding FX Global Code

“While retail clients are not covered by the code, retail brokers are” writes Victor Golovtchenko for financemagnates.com. Once we get to the prime of the prime of prime section of the retail FX industry things are becoming different.Adhering to the FX Global Code of Conduct is ultimately beneficial for all market participants. Source: financemagnates.com

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Brokers News 

Interactive Brokers Pays $100K to Settle Supervision Case

“He and his partners diverted $4 million from the hedge fund and took $3.9 million in fees to which they were not entitled, the order states” writes Aziz Abdel-qader for financemagnates.com. He previously pleaded guilty to three different incidents of securities fraud in 1994, 1997 and 2002, and served five years in prison for the 1994 conviction.As deduced from review of the settlement order, it appears that, during the relevant time, Interactive Brokers carried several accounts managed and controlled by Peter Zuck, who has a history of financial crime convictions. Source:…

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Brokers News 

Here’s Where Brokers Go Wrong in Tackling ESMA Restrictions

“In this article, I decided to focus on how EU licensed Forex brokers have been handling the rules concerning maximum leverage” writes Konstantin Rabin for financemagnates.com. Some of them simply asked us to confirm and sign, giving us almost immediate access to professional trading.The target audience for the events is either professional traders or those who are looking to become pros.Helping traders achieve higher levels of education and become actual pro traders is a better option.To find out, I got in touch with the support and sales teams of the…

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Brokers Futures News 

Marex Spectron Completes Acquisition of Futures Broker RCG

“Marex Spectron, a commodities broker headquartered in London, announced this Monday that it has completed the acquisition of the customer business of Rosenthal Collins Group LLC (RCG), an independent Futures Commission Merchant (FCM)” writes Celeste Skinner for financemagnates.com. Although Marex Spectron has acquired RCG’s customer business, the company will maintain the RCG name and brand. Source: financemagnates.com

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Brokers Markets News 

Not all Brokers are Created Equal – What Sets Them Apart?

“Dealing Desk (DD) brokers are commonly known as market makers or B-book brokers are liquidity providers who create a market for their clients to trade on” reports financemagnates.com. Tier1FX is a specialist provider of prime liquidity, trading and technology solutions; The group’s reputation is built on a foundation of trust, reliability and transparency.STP FX brokers send orders directly from clients to their liquidity providers (LPs) via an electronic platform.Overwhelmingly, brokers agree that greater market transparency, relevant and timely information, liquidity, depth and best execution are extremely important for clients and…

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Brokers News 

CFTC Data: Retail FX Funds Drop 14% for Interactive Brokers

“This figure is the combination of all money, securities and property deposited by a retail forex customer into their retail forex account(s)” writes Celeste Skinner for financemagnates.com. Out of the four firms, OANDA was the only one to not report a drop in Retail Forex Obligations.Retail forex obligations, in simpler terms, means client money held for FX trading.In December the broker held $63.3 million in client funds for forex trading. Source: financemagnates.com

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