In case you missed it
FinanceFeeds takes a look back at the top five stories from the past week, offering you a chance to catch up in case you missed anything.
The past week has been hectic for the Forex and fintech industry – we saw more developments around FXCM, new rules proposed for binary options regulations, new technology image loom for Cyprus and a new report published for Alpari UK.
In case you are worried you might have missed any interesting story from the past week, read below.
The latest updates to the UK Companies House and the FCA Register show that Drew Niv is no longer a director at Forex Capital Markets Limited (FXCM UK). Mr Niv, who was barred from NFA membership in the United States, is also no longer a partner at Lucid Markets LLP. Thus, his status on the UK Financial Services Register is now “Inactive”.
GAIN Capital’s Forex.com website now features a dedicated section for FXCM US retail clients, providing them with details about the upcoming transfer. The clients are advised to examine the trading conditions and services provided by Forex.com. They are informed of the choice of platforms (ForexTrader and MetaTrader 4), the spreads, and the pricing. On Friday, February 24, 2017, all existing balances and positions will be automatically transferred to the new Forex.com accounts.
The Joint Special Administrators (JSAs) of Alpari UK have published their 4th progress report on Alpari UK Ltd, which went into administration following the “Black Thursday” events in January 2015.
According to the latest report, to date, 94,375 clients have access to the Claims Portal, whereas 16,278 clients have agreed their claim representing 96.2% by value of clients with a claim into the Client Money Pool (CMP). A final distribution from the CMP is expected before July 24, 2017.
The Cyprus Securities and Exchange Commission (CySEC) has drafted proposals to change regulations for Cyprus Investment Firms (CIFs) offering binary options. The new rules seek to secure that CIFs will “meet their obligations in acting in the best interest of their clients”. The changes cover disclosure of information, trading methodology and even the nature of binary options. For instance, under the new rules, the Tenor must be for a period of at least 5 minutes.
Cyprus, which already has an established reputation for the FX industry, is now demonstrating aspirations toward becoming a global hub for financial technology, with proposals for the development and operation of the Science and Technology Park – abbreviated as STP. The Government of the Republic of Cyprus has voiced its support for setting up the Science and Technology Park, as a basic infrastructure for the promotion of applied research, innovation and technology, including digital, information and communication technologies in Cyprus.