FinaCom issues execution quality certification to Fiber Markets

abdelaziz Fathi

The Financial Commission today issued an execution certification for Fiber Markets ‎as the industry-specific association attempts to reduce the number of execution-related disputes that occur before they progress into formal complaints.

Fiber Markets is a multi-asset brokerage firm incorporated in St. Vincent & the Grenadines as an International Business Company, which allows it to provide brokerage, training and managed account services. The company is offering FX, CFDs and other leveraged financial instruments.

Fiber Markets originally joined the self-regulatory organization earlier this month. Following the acceptance of their application, it has obtained A-category membership status which means that its traders can be eligible for compensation of up to €20,000 per submitted claim. DeltaFX clients also have access to all dispute resolution services offered by the commission.

The FinaCom’s execution assessment depends on VerifyMyTrade, a post-trade solution that developed capabilities to accurately measure the execution quality of trading positions across many brokers operating in the FX market.

The service was introduced for the first time in 2018 and allows clients of the commission’s brokerage members to use its analytics tools to check whether their trades were fairly priced or not.

Verify My Trade consolidates price feeds from dozens of retail FX and CFDs platforms to produce statistical box plots, which are a representation of the minimum, maximum and percentiles of price ticks received for every second of the day.

To maintain their certified status, the audited firms are required to continuously submit their order execution data to the VMT analysis tool. This process maps the execution price to the boxplot for that time of day to assess the effectiveness and quality of the broker’s execution.

Due to the price verification capabilities, brokers who implement the service would be able to settle price disputes on their platforms internally, by inducing evidence on asset prices at any given time, from an impartial party.

And, in case a client claims that he is consistently getting poor execution, the analysis results will help facilitate handling execution-related disputes.

The Financial Commission is an external dispute resolution organization supported by the Dispute Resolution Committee (DRC), which in turn is composed of recognized industry professionals. The Commission’s EDR program operates as an independent service that helps facilitate a simpler resolution process than through typical regulatory channels such as arbitration or local court systems.

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