IC Markets Fined €50K by CySEC for Order Execution and Transparency Failures
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CFI Financial Markets LLC (CFI UAE) has expanded its footprint in the UAE with a new office in Abu Dhabi, operating under a Category One license from the UAE Securities and Commodities Authority (SCA). This strategic move enhances the accessibility of CFI's trading services and strengthens the company's presence in the region.
Community Engagement and Local Partnerships
CFI has partnered with the Department of Culture and Tourism—Abu Dhabi (DCT Abu Dhabi) to sponsor events that will drive cultural and economic growth throughout 2024 and 2025, further integrating the firm into the local community.
Expanding into New Markets
In addition to its UAE growth, CFI has entered the Azerbaijani market through the acquisition of AzFinance. Rebranding is set for later this year, marking CFI’s first venture into this emerging region. The acquisition aims to unlock new opportunities for traders in Azerbaijan and neighboring markets.
AMP Global, a prominent US-based FX/CFD broker, has announced its voluntary decision to surrender its Cyprus Investment Firm (CIF) license, confirmed by CySEC. This step marks the suspension of its European operations conducted via AMP Global Ltd.
The company has ceased accepting new clients, closed existing accounts, and informed users of the process for withdrawing their funds. While the future of AMP Global’s US operations remains clear, it is uncertain whether the broker will continue its services beyond Europe.
CySEC recently heightened market regulations, ensuring investor protection amid an increasing number of financial scams.
In a strategic shift, IG Group has officially closed down its widely recognized trading news and forex analysis platform, Daily FX. Users visiting the former Daily FX site are now redirected to IG’s main website, reflecting the company's decision to consolidate its offerings under a single brand.
The closure of Daily FX also coincides with the rebranding of IG Group’s social media presence. Previously associated accounts on platforms like YouTube and X (formerly Twitter) now feature "Trade Live with IG," a newly launched morning show that offers live market analysis and updates. Airing every weekday from 7:30 am to 10:00 am UK time, the show provides real-time insights to traders and investors, reinforcing IG’s commitment to delivering enhanced media content.
This move marks a significant evolution in IG’s media strategy, drawing from the success of its acquisition of US-based options broker, tastytrade, in 2021. By integrating similar live trading insights and educational content, IG aims to strengthen its appeal to a wider audience of traders globally while streamlining its brand across different platforms.
IC Markets (EU) Ltd has been handed a €50,000 fine by CySEC for failing to meet required standards in client order execution and transparency regarding costs. This follows a previous €200,000 fine imposed earlier for exceeding EU leverage limits.
The latest fine includes €30,000 for not ensuring the best possible client outcomes during order execution, where factors such as price and size were not adequately considered. Another €10,000 was levied for lacking effective compliance measures, and an additional €10,000 for failing to provide clear and comprehensive cost information to clients.
IC Markets strongly disputes the fines, calling them "unjustified." The broker claims that CySEC’s conclusions do not reflect the actual standards maintained by the company, particularly around order execution practices.
The firm has announced its intention to appeal both fines, arguing that the regulator’s decision was based on insufficient evidence and biased sources.
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