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Showing 1 - 10 of 93 results for "CFDs"

ASIC bans 'incompetent' financial services directors

ANDREW MCKEAN  |  FRIDAY, 19 JUL 2024
... responsible managers of XTrade, a trading platform that offers clients opportunities to trade in contracts for difference (CFDs) and foreign exchange contracts. The directors, Shay Zakhaim and Anthony Anderson, have been banned from running a financial ...

ASIC takes action against Guildfords FM, director

KARREN VERGARA  |  FRIDAY, 28 JUN 2024
... that about $40 million of investor money has been lost. Further, as trustee of the Magnolia Head Fund, Guildfords dealt in CFDs when it did not hold an AFSL to do so and failed in its breach reporting obligations to ASIC. Guildfords failed to ensure ...

ASIC cancels AFSL of XTrade

ELIZA BAVIN  |  THURSDAY, 6 JUN 2024
... over-the-counter (OTC) derivatives issuer XTrade. XTrade offered clients opportunities to trade in contracts for difference (CFDs) and foreign exchange contracts (FX contracts). ASIC said its investigation into XTrade found that several vulnerable clients ...

ASIC places stop orders on Trademax Australia

JAMIE WILLIAMSON  |  FRIDAY, 24 MAY 2024
... its TMDs for the complex and risky products; did not adequately enquire into risk tolerance and technical understanding of CFDs over crypto assets to enable Trademax to adequately assess whether they were in the target market described in its crypto ...

Social media influencers charged for promoting shady investments

ANDREW MCKEAN  |  FRIDAY, 17 MAY 2024
... known as Holly Zucchero) used the account to provide unauthorised advice on buying and selling contracts for difference (CFDs) to bet on foreign currencies. Nwanze faces one count of breaching a "general prohibition," which means conducting regulated ...

Financial Conduct Authority cracks down on finfluencers, firms

KARREN VERGARA  |  THURSDAY, 28 MAR 2024
... promotions. We've seen firms using influencers that may not be appropriate for the promotion of complex products such as CFDs. Firms should ensure the influencer understands the products or services they are promoting and how to be compliant in their ...

Financial services class actions surge

JAMIE WILLIAMSON  |  WEDNESDAY, 20 MAR 2024
... earlier a class action was filed against IC Markets for consumer harm caused by offering retail investors the ability to trade CFDs. In October 2023, a class action was filed against BT Funds Management as trustee of BT Super, while IG Markets was the ...

Class action filed against IC Markets

JAMIE WILLIAMSON  |  THURSDAY, 8 FEB 2024
... Now filed, the action alleges IC Markets has engaged in misleading, deceptive and unconscionable conduct in its supply of CFDs to retail investors, leading investors to suffer losses or damages by acquiring highly risky and unsuitable financial products. ...

More than $17m paid in CFD-related remediation

JAMIE WILLIAMSON  |  THURSDAY, 9 NOV 2023
... 2023. The further $4.3 million was paid to more than 1500 retail clients across the other seven providers because of issuing CFDs that exceeded the permitted leverage ratio limits. Some clients received tens of thousands of dollars, while others received ...

Piper Alderman investigates second CFD class action

CHLOE WALKER  |  WEDNESDAY, 25 OCT 2023
... Markets). The action is on behalf of retail investors who claim to have collectively lost hundreds of millions of dollars trading CFDs between September 2017 and March 2021. Funded by global ESF and litigation finance business Woodsford, the action alleges ...
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