Financial watchdog fines SA forex broker R100 000 | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 80%

Business News News

Business Business Latest News,Business Business Headlines

SA's financial services watchdog has fined forex broker JP Markets R100 000 for breaking regulations governing trade in over-the-counter derivatives. | News24_Business

OCT derivatives are privately traded financial contracts that are generally held to be fairly high risk.

The Financial Sector Conduct Authority said this week that an investigation found the company let clients trade in contracts for differences relating to forex pairs, shares and indices without being properly registered. According to its website, JP Markets allows users to open a live forex trading account with a recommended initial investment of R3 000. The company was founded in 2016 and named after its founder, Justin Paulsen.

Three years ago, the FSCA successfully applied for the broker's liquidation, arguing it needed to be wound up to protect the interests of the public.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Foreign nationals nabbed for hacking US companiesA group of foreign nationals has been nabbed for theft amounting to well over R100-million.
Source: eNCA - 🏆 49. / 51 Read more »

MARKET WRAP: JSE firmer as markets await key US inflation data this weekUS April CPI will help guide the Fed in its interest rate decision at the next FOMC meeting in mid-June
Source: BDliveSA - 🏆 12. / 63 Read more »