Estonian Regulator Slapped €32,000 Fine on Admiral Markets AS
Estonian Regulator Slapped €32,000 Fine on Admiral Markets AS
The regulator found a lack of clarity on the broker s changing terms.
Arnab Shome
2021-02-09T11:23:09+00:00
2021-02-10T10:22:30+00:00 Photo: Finance Magnates
The Estonian Financial Supervision and Resolution Authority, locally known as Finantsinspektsioon, has fined Admiral Markets AS, the locally registered entity of the Admiral Markets Group, the sum of €32,000.
Announced on Tuesday, the monetary penalty is due to the broker’s way of handling the negative oil price crisis that shocked the derivatives market last year.
In April 2020, the price of West Texas Intermediate (WTI), the benchmark for US oil, went into the negative territory. None of the trading platforms were prepared for such havoc.