Italy's CONSOB Warns Against Unregulated Forex Broker FXGlory

Italy’s financial markets regulator, the Commissione Nazionale per le Società e la Borsa (CONSOB), today published a warning against FXGlory informing investors that the firm is not authorised to provide its investment services or activities in Italy.

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Unlicensed Entity

FXGlory is an online broker offering its clients a range of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and binary options services with options to trade on a range of commodities, currencies, stocks and indices . The firm operates via www.fxglory.com and is located at 4 FXGlory Ltd, AXIS Building 8, Alexander Kazbegi 24, Saburtalo, Tbilisi, Georgia.

CONSOB regularly updates its warning list to include firms such as FXGlory and in this instance, the public has been advised not to do business with them.

Background

As the public authority responsible for regulating the Italian financial markets, CONSOB’s main activity is aimed at the protection of the investing public.

In this respect, CONSOB is responsible for ensuring transparency and correct behaviour by financial market participants, disclosure of complete and accurate information to the investing public by listed companies and Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with regulations. It also conducts investigations with respect to potential infringements of insider dealing and market manipulation law.

Finance Magnates last reported on a similar warning issued by the watchdog against Cheshire Capital in July, which was also red-flagged for not being authorised to provide investment services or activities in Italy.