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Showing 1 - 10 of 116 results for "CFD"

ASIC cancels AFSL of XTrade

ELIZA BAVIN  |  THURSDAY, 6 JUN 2024
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) of retail over-the-counter (OTC) derivatives issuer XTrade. XTrade offered clients opportunities to trade in contracts for difference ...

ASIC places stop orders on Trademax Australia

JAMIE WILLIAMSON  |  FRIDAY, 24 MAY 2024
... currently considering a class action against Trademax Australia, alleging the group encouraged investors to trade in highly risky CFD and Forex products promising high returns and engaged brokers to undertake trading strategies for clients which caused ...

Social media influencers charged for promoting shady investments

ANDREW MCKEAN  |  FRIDAY, 17 MAY 2024
Reality TV stars from shows like Love Island, Geordie Shore, and The Only Way Is Essex are due to face Court for pushing unauthorised investment schemes on their followers. Love Island's Biggs Chris, Jamie Clayton, Rebecca Gormley and Eva Zapico ...

Financial Conduct Authority cracks down on finfluencers, firms

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
The UK's Financial Conduct Authority (FCA) is cracking down on finfluencers as more financial services firms turn to social media to promote products and services. The financial services regulator is aiming to get on top of firms that illegally promote ...

Financial services class actions surge

JAMIE WILLIAMSON  |  WEDNESDAY, 20 MAR 2024
Following a brief reprieve, the number of class actions targeting the financial services sector escalated significantly in 2023. According to a report from Allens, the banking and financial services sector was the second biggest target for class actions ...

Class action filed against IC Markets

JAMIE WILLIAMSON  |  THURSDAY, 8 FEB 2024
Piper Alderman has formally filed its class action against International Capital Markets (IC Markets) for offering contracts for difference to retail investors. The law firm began investigating the potential for a class action in October 2023. Now filed ...

ASIC cracks down on Prospero for reporting failures

CHLOE WALKER  |  WEDNESDAY, 10 JAN 2024
... Melbourne-based over-the-counter (OTC) derivatives issuer Prospero Markets (Prospero). The penalty comes after the Forex and CFD trading platform, which services mainly Chinese-speaking clients, failed to lodge its annual financial statement and audit ...

More than $17m paid in CFD-related remediation

JAMIE WILLIAMSON  |  THURSDAY, 9 NOV 2023
... clients lose money trading CFDs. For example, between March and April 2020, users lost over $774 million based on a sample of 13 CFD issuers. In October 2020, following the boom in retail investors at the outset of the pandemic, ASIC imposed an 18-month ...

Piper Alderman investigates second CFD class action

CHLOE WALKER  |  WEDNESDAY, 25 OCT 2023
Piper Alderman is examining a second class action in relation to contracts for difference (CFD) products, this time against International Capital Markets Limited (IC Markets). The action is on behalf of retail investors who claim to have collectively ...

ASIC cracks down on CFDs, OTC derivatives

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
ASIC continues to crack down on providers of contracts for difference (CFD), options and other high-risk products that flout their target market determinations (TMD), and design and distribution obligations (DDO). The newly published Report 770 Design ...
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