The Financial Commission Launches Strategic Partnership with Verify My Trade
“We’re delighted to offer the Verify My Trade analysis tool to our members so that their clients can check any of their forex trades, using an independent third-party service. The Verify My Trade execution analysis tool complements our in-house capabilities and serves as additional verification in cases when poor execution quality arises” – Peter Tatarnikov, Chairman, The Financial Commission
Financial Commission, a leading external dispute resolution (EDR) organization, operated by FinaCom PLC, and serving the online forex and CFD brokerage industry, today announces the launch of a strategic partnership with Verify My Trade – a third-party data repository that provides post-trade execution analysis on individual forex trades.
|As part of the partnership, clients of a broker that are members with Financial Commission will be able to use the Verify My Trade analysis tool on an individual trade basis across nine major currency pairs.|
Verify My Trade aggregates forex price tick data from retail brokers into its repository and uses a box plot method to segment trades by execution quality for any given second of the trading week. Customers simply enter five key pieces of information about their particular trade, including the following:
- Execution Time (GMT)
- Execution Date (GMT)
- Execution Price
The analysis results of each report will help provide greater resources for clients in cases when a specific trade is in question, as they will be able to asses the execution quality for each trade using the Verify My Trade analysis tool, making it an all-around benefit to all parties when it comes to execution-related trade disputes.
Financial Commission Chairman, Peter Tatarnikov said: “We’re delighted to offer the Verify My Trade analysis tool to our members so that their clients can check any of their forex trades, using an independent third-party service. The Verify My Trade execution analysis tool complements our in-house capabilities and serves as additional verification in cases when poor execution quality arises.”
“This tool should help reduce the instances when a trade that was properly executed unnecessarily escalates into an unresolved complaint that must be then filed with Financial Commission for remediation.”
“As we attempt to reduce the number of execution-related disputes that occur before they progress into formal complaints filed with Financial Commission, we’re demonstrating that offering this solution shows our strong commitment to the dispute resolution process and upholds our commitment to education.”