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ASIC finds several forex brokers in violation of client money handling requirements.

Investigation

Recently the ASIC(Australian Securities and Investments Commission) released the results of its investigation into client money handling and reconciliation practices by issuers of OTC CFDs and margin FX.


 ASIC embarked on a industry wide investigation last December(2011) and is halfway done as of the beginning of June. The ASIC is the first majour regulator in the world to undertake a majour review of it's registrants after the 2008 financial crisis.


Which financial regulators best protect traders in case of a broker bankruptcy

Every trader is faced with the important question - where to open a forex broker account? There are thousands of forex brokers operating from different countries. Most are regulated but some are not. In this article we review and compare financial regulators around the world. Below you will find brokers regulated by various financial regulators, and following each regualator you will find specific brokers you can open accounts with that are regulated by that broker and you can earn rebates through fxrebategurus

CySEC Regulated Brokers

In the last few years many brokers have appeared on the forex scene operating from Cyprus. The reason is because of the low taxes in Cyprus and the recent EU accession(Cyprus joined the EU in 2003). This has allowed some brokers to start operating in Cyprus with relatively low capital requirements(1-2M compared to $20M in USA), while providing customers with up to 20,000 coverage in case of broker default. As of November 1st, 2011, there were over 110 financial firms registered with CySEC. Below you will find all the forex brokers registered with CySEC , as well as rebate offers for some brokers, offered by FxRebateGurus

FSA Regulated Brokers Compensation Scheme

For forex brokers regulated by the FSA(UK), each investor is eligible for compensation in the event of default of the broker.
Below are the investment limits covered, and the claim process steps. The coverage is provided by the Financial Services Compensation Scheme - http://www.fscs.org.uk

Investment Limits:
The maximum level of compensation for claims against firms declared in default on or after 1 January 2010 is 50,000 per person per firm.


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