The Financial Commission (FinaCom PLC) today announced that it has approved forex broker Grand Capital to upgrade its membership status to Category A effective November 21, 2018, according to a FinaCom statement.
Grand Capital LTD has been providing brokerage services across several asset classes since 2006. The company is incorporated in the Republic of Seychelles, and has offices in Europe, Asia, Russia and the CIS.
Grand Capital joined Financial Commission’s roster of existing online brokerages and independent services providers as a category B member back in .
Traders of a company with the A-Category membership can be eligible for compensation of up to $20,000 per complaint, as well as having access to all dispute resolution services offered by the Commission.
The Financial Commission also announced it issued an execution certification for an offshore binary options and FX brokerage called Binomo.
The recently launched allows clients of the commission’s brokerage members to use its analysis tool to check whether their trades were fairly priced or not.
Verify My Trade consolidates price feeds from dozens of retail forex brokers to produce statistical box plots, which are a representation of the minimum, maximum and percentiles of the ticks received for every second of the day. This is illustrated by the image below.
Helping Settle Price Disputes Internally
The said it has already audited and issued execution quality certifications to several retail brokers including Alpari, Forex Club, and AMarkets.
To maintain their certified status, these brands are required to continuously submit their order execution data to the VMT analysis tool, which 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 internally, by inducing evidence on asset prices at any given time, from an impartial party.
And in case the client claims that he is consistently getting poor execution, the analysis results will facilitate handling execution-related trade disputes.
Be First to Comment