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CFTC settles with Tallinex’s introducing broker GTF

FinanceFeeds – The United States Commodity Futures Trading Commission (CFTC) has informed the Utah District Court that it has reached a settlement to end the litigation against General Trader Fulfillment (GTF), an introducing broker to retail FX broker Tallinex. From approximately September 2012 through the present, GTF has provided coaching and instruction in trading Forex to customers who subscribe…

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FX Cartel demands further evidence from US Government

FinanceFeeds – As the parties in a Forex manipulation case are about to participate in a status conference at the New York Southern District Court today, some discovery-related issues have emerged. The defendants – Richard Usher, Rohan Ramchandani, and Christopher Ashton, who stand accused of conspiring to fix prices and rig bids for US Dollars and Euros in the…

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Spanish regulators, financial institutions collaborate on blockchain project

FinanceFeeds – Blockchain seems to be gaining ground in Spain. Earlier today, the Spanish National Securities Market Commission (CNMV), BME and a number of financial institutions including Banco Santander, BBVA, BNP Paribas, CaixaBank, Commerzbank and Société Générale, announce they have been working together over the past year on a project called Fast Track Listing (FTL), which is based on…

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Citi aims to launch smart chatbot in Hong Kong by end-2018

FinanceFeeds – Citi is the latest banking giant to try to lure Hong Kong clientele via a smart chatbot. According to a report by the South China Morning Post, the chatbot, which will allow Hong Kong clients of the bank to check their account balance and recent transactions via Facebook Messenger, will launch in the city by the end…

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ASIC finds out Vantage Global Prime employee misused client information for personal benefit

FinanceFeeds – The Australian Securities & Investments Commission (ASIC) has earlier today announced that it accepted a court enforceable undertaking from Vantage Global Prime Pty Limited (Vantage), an Australian Financial Services licensee that is authorised to deal in financial products including CFDs to retail and wholesale clients. Following an investigation, the regulator concluded that Vantage did not have in place…

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Plato on retail Forex brokers – Guest Editorial

FinanceFeeds – The following is a guest post by Paul Orford, Head of Institutional Sales at Inflyx. Last Sunday while lying on the beach and watching my daughter splash around in the clear blue waters of the Mediterranean, I placed my headphones in my ears and turned on a podcast discussing Plato’s Allegory of the Cave (Yes, I can suck…

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CFTC seeks to impose $1.5m penalty on binary options, Bitcoin fraudsters

FinanceFeeds – The United States Commodity Futures Trading Commission (CFTC) has taken another step in its action against Dillon Michael Dean and The Entrepreneurs Headquarters Limited (TEH), charged with commodity pool operator fraud, options fraud, and failure to register with the Commission, in violation of the Commodity Exchange Act and Commission Regulations. The CFTC alleges that from around April…

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Ex-UBS trader aims to dismiss CFTC “spoofing” case against him

FinanceFeeds – Less than a month after it became clear that a settlement between the Commodity Futures Trading Commission (CFTC) and ex-UBS precious metals trader Andre Flotron is unlikely, the defendant has responded to the allegations against him. Let’s recall that Flotron, a Swiss national, was employed by UBS from 2008 to 2013 as a precious metals trader. The…

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