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 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 

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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Brokers News Platforms 

The former CEO of a high-speed trading firm is taking aim at Robinhood with a fintech startup that wants to pay you to trade

“And Business Insider reported that JPMorgan’s You Invest retail trading platform housed on the Chase website and app has quietly started rolling out options trading to select customers” writes Rebecca Ungarino for businessinsider.com. Options trading fees are $2.95, plus 75 cents per contract.Let’s post right on our platform how much we make in our customers in revenue,” Grujic said.Robinhood launched a zero-commission options trading product in 2017.He said that potential pool reflects both larger clients from Robinhood and smaller customers from E-Trade and TD Ameritrade. Source: businessinsider.com

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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 

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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