Breaking: iTrader Brand Owner to Pay €200,000 in CySEC Settlement

The Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) has just announced that it reached a settlement agreement with the iTrader brand operator, Hoch Capital Ltd. The firm has agreed to pay €200,000 related to a compliance investigation started by the regulator.

The specific details of the agreement have not been made public. However, the violations are related to the general principals of conduct related to investment activities and information to clients.

The amount has already been paid by the company to the Cypriot Treasury in full.

Commenting to Finance Magnates the company emphasized that it is devoted to ongoing compliance with laws and regulations. The firm elaborated that there has been a continuous enhancement of its internal controls and procedures to ensure compliance, taking into consideration the changing market environment as well as the regulatory challenges.

"We believe that it is imperative for all organizations across the industry to uphold high compliance standards and set robust arrangements on an ongoing basis to maintain integrity in this evolving market," the official response from the company stated.

Recent CySEC Settlements

Today's settlement stands out as one of the largest in Cyprus. Most recently the local regulator reached a €50,000 deal with Colmex and AFX Capital.

It appears that after several years of pause the local regulator is once again actively finding compliance irregularities for local companies. The news about the settlement with iTrader comes at a time which is increasingly tough for the brokerage industry on the island.

After the ESMA's measures impacted greatly EU-based brokers since August, many companies opened offshore subsidiaries. In the meantime, low market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term is currently exacerbating the negative impact on the retail broking sector due to lackluster trading volumes in the current environment.