ISA Fines Israeli Forex Brokerage RFX $35K over Incomplete Reports

The Israeli Securities Authority (ISA) has fined Israeli firm Real 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 (RFX) NIS 125,000 ($35,000). According to the ISA, the forex broker has been found guilty of submitting significantly incomplete reports for the third quarter (Q3) 2016.

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RFX is one of the six brokerages authorized to operate in Israel, but this fine will go down in its disciplinary history. The Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term company failed to maintain its transparency with the ISA. Consequently, the authority’s regulatory work has been hindered, both in observing the trading environment supplied by the broker and in protecting Israeli traders.

The final penalty amount was reduced by 75 percent because this was the firm’s first transgression. In addition, RFX had taken action against repeating its violation of the new law, and the broker received its license close to the time that the incident occurred.

This is not the first ISA fine imposed on an Israeli brokerage. In May, ISA fined ATRADE, AvaTrade’s Israeli branch, for misleading advertising. This incident was a first, as ATRADE is authorized to operate in Israel under this regulatory authority. ATRADE’s fine had been estimated at NIS 150,000 (USD 42,000) after a 75 percent reduction. The reason behind ISA’s decision to lower the fee was that the company had just received its license, and that the problematic campaign that had been subjected to new regulations was released only a few weeks after the authorization.

Finance Magnates has reached out to RFX for comment and we will update the article when one is received.