Australian retail FX and CFD broker Probis gets ASIC license suspended

Rick Steves

Probis will continue as a member of the Australian Financial Complaints Authority, with arrangements for compensating retail clients in place until the end of 30 October 2023.

Probis, a Sydney-based financial service provider until now authorised by ASIC (AFSL 338241) to issue OTC derivative contracts (including Margined FX and Contract for Difference contracts) to both retail and wholesale clients, has seen its AFS license suspended after it was placed into voluntary administration on 17 July 2023.

The suspension includes a provision that requires Probis to continue as a member of Australian Financial Complaints Authority, with arrangements for compensating retail clients in place until the end of 30 October 2023.

Probis to compensate retail clients until 30 October 2023

On 17 July 2023, Richard Albarran, Brent Kijurina, Cameron Shaw, and Aaron Dominish, of Hall Chadwick, were appointed as voluntary administrators of Probis.

Probis’ licence allowed the entity to:

  • provide general advice and deal in specified financial products;
  • make a market in foreign exchange contracts and derivatives;
  • operate a registered managed investment scheme in financial assets; and
  • provide custodial and depository services to retail and wholesale clients.

ASIC suspended AFS license of NWQ

Last week, ASIC suspended the Australian financial services (AFS) license of NWQ Capital Management Pty Ltd (NWQ) until 25 January 2024 because it did not have sufficient net assets to meet the conditions of its license.

NWQ provides portfolio management services and is the trustee of two wholesale unregistered managed investment schemes, the NWQ Global Markets Fund, and the NWQ Diversified Equity Fund.

The license suspension means that NWQ cannot provide financial services including issuing any new interests in the Schemes. However, it may continue to provide financial services that are necessary for, or incidental to the day-to-day operation, winding-up or appointment of a replacement trustee to the Schemes.

NWQ Capital Management Pty Ltd has held AFS license no. 318835 since 9 January 2008. The license authorizes NWQ to deal in financial products, provide financial advice, and custodial or depository services to wholesale clients.

Read this next

Digital Assets

Coinbase nears deal to buy FTX Europe, lured by its derivatives business

Coinbase is reportedly in the final stages of negotiations to acquire FTX Europe, signaling its intent to expand in regions with well-defined cryptocurrency regulations.

Digital Assets

MicroStrategy buys more bitcoins as crypto bet loses +$600M

MicroStrategy has purchased another 5,445 bitcoins for approximately $147.3 million in cash, adding to its massive cryptocurrency holdings during a sharp drop in the price.

Digital Assets

TYRION Set To Decentralize The $377B Digital Advertising Industry

TYRION, a groundbreaking player in decentralized digital advertising, has launched its innovative blockchain-based platform aimed at disrupting an industry long dominated by centralized tech giants, by addressing issues like lack of transparency, data privacy, and declining ROI, while also offering features like social platform integration, robust analytics, and a deflationary mechanism for its native $TYRION token.

Institutional FX

TD Bank sells TD Cowen’s $1.3B business to Marex

London-headquartered commodities broker Marex has agreed to acquire TD Cowen’s prime brokerage and outsourced trading business, which will be integrated into Marex’s capital market division. This division was established following the acquisition of ED&F Man Capital Markets in 2022.

Retail FX

ThinkMarkets reports flat revenues, lower profit for FY2022

The UK business of Melbourne-based broker, ThinkMarkets, today reported its financial results for the fiscal year ending December 31, 2022. The multi-asset platform, trading in the UK as TF Global Markets UK, had seen mixed results in a couple of key areas over a yearly basis.

Institutional FX

Finalto named ‘Best CFD Liquidity Provider’ at Ultimate Fintech Awards Global 2023

“This recognition is a testament to our commitment to providing exceptional liquidity services, innovative solutions, and outstanding customer support. We would like to express our sincere gratitude to our clients and partners for their trust and support. We will continue our efforts and look forward to delivering even greater value to our clients in the future.”

Digital Assets

New Cryptocurrency Meme Kombat ($MK) Launches Public Token Presale, Staking Platform

Meme Kombat, a new gaming platform blending the allure of internet memes with competitive battle arenas, has announced that the presale for its native $MK token is now live, offering a high APY of 112% and creating significant buzz in the crypto and Web3 communities.

Digital Assets

Hydranet Launches Layer 3 DEX: A Game Changer for Trustless Cross-Chain Trading

Hydranet has unveiled its groundbreaking Layer 3 trading platform, Hydranet DEX, that allows for near-instant, low-fee, and trustless cross-chain trading between Bitcoin and Ethereum ecosystems, marking a significant milestone in the project’s development journey.

Digital Assets

Coinbase gets nod to launch crypto services in Spain

Coinbase has scored Anti-Money Laundering (AML) compliance registration with Spain’s central bank as part of its continued expansion efforts in Europe.