Shlomo Yoshai News Today : Breaking News, Live Updates & Top Stories | Vimarsana
Stay updated with breaking news from Shlomo yoshai. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Top News In Shlomo Yoshai Today - Breaking & Trending Today
The regulator is seeking support from government to extent its product intervention powers on contracts for difference (CFDs) until they are revoked or sunset in 2031. ....
Forex CT to pay $20m penalty
Forex CT to pay $20m penalty Share
Advertisement ); googletag.cmd.push(function() { googletag.display( div-gpt-ad-1606778613657-0 ); }); }
Advertisement
Deal: Forex CT has been ordered by the Federal Court to pay a $20 million penalty and have its sole director disqualified for eight years and fined $400,000 for contraventions of the
Corporations Act and
Area: Corporate.
Key players: Norton Rose Fulbright regulatory disputes partner Andrew Riordan led the team with support from senior associate Caitlin Brown, associates Emily Almond, Tess Waldron and Ashvin Segaran, and lawyers Sophie Mether and Nick Bernardo.
Deal significance: As per a statement provided by Norton Rose Fulbright, Forex CT carried on a financial services business of providing advice to retail clients in relation to over-the-counter (OTC) derivative products. ....
Gillham said, while these products were marketed as being ‘commission-free’, clients had two major misunderstandings of how the system worked. “What most retail clients fail to understand is that when they trade with a broker who is a market maker, they decide on the spread between the bid and ask price. Typically, this spread is much larger than a broker who mirrors the underlying asset. What this means is that the profits you could make amount to a lot less and your losses are much larger when trading with a market maker,” he said. “Another fact that retail clients fail to understand about these products is that the money deposited into client trading accounts often becomes part of the broker’s revenue due to the client’s lack of knowledge and experience when trading these markets. ....