FI Warns of Purported Fictitious Binary Options Exchange

The Finansinspektionen (FI), or Swedish Financial Supervisory Authority, has today issued a warning against binary options exchange brokers Clearskies Group Ltd, Neltom Ltd and GF Trades, which it deemed to be unauthorised within its jurisdiction and therefore warned residents of Sweden that these firms are not entitled to provide financial services in the country.

More disconcerting is how, reportedly, according to FI, representatives from Clearskies Group Ltd and Neltom Ltd have contacted Swedish investors via unsolicited telephone calls and offered trading with binary options on a fictitious exchange, GF Trades.

Purported Fictitious Binary Options Provider

The website appears to be down around time of publication but a cached version of the site was snapped by Google as late as yesterday, when it must have still been operational. It’s not clear if the site was taken down as a result of the warning or leading up to it. Phone calls by Forex Magnates research team to the phone number listed in the warning for Neltom Ltd went unanswered, also around time of our coverage.

The warning advised residents against dealing with the unauthorized firms, and emphasized that the FI had not received any cross-border notification or passport from other countries within the European Economic Area (EEA).

Website Just Went Offline Today, Company Address in Belize

The Following contact information was provided to connect the companies with addresses and phone number that FI believed to the associates with these firms, including GF Trades having the website, as mentioned above at the URL as well as the following UK telephone number for Neltom Ltd, + 4420 3648 2191 and email as, and with a Belize address for Clearskies Group Ltd as Suite 102,Groud Floor Blake Building Corner Eyre & Hutson Streets, Belize City, Belize.

According to the cached versions of the GFTrades website, Forex Magnates confirmed that the above address was indeed listed in the company’s terms and conditions. Forex Magnates reported of when it was included in the updated warning list of 69 Binary Options brokers issued by France’s AFM in January of this year. According to a review posted at the beginning of 2013, by concerning GFtrades, the company was described as based in Cyprus, with a Cyprus phone number listed in the review, and described as a white label or as using technology provided by Tech Financials, to power its platforms, supposedly.

It’s not clear how many investors may be involved with the companies mentioned in the warning today, as the site appears to have been operational for some time already, as early as August 2012 according to internet archives however with the website down – the element of uncertainty lingers.

FI is quite active in issuing registrations, and the process of granting authorisation is one of FI’s three main activities, the other two are issuing regulations and conducting supervision, according to its website, and FI handles over 6,000 authorisation-related cases per year.

Original story here.

Gary Beal

Goldman Moves Foreign Exchange Trading Chief to Commodities Role

Goldman Sachs has moved its head of global foreign exchange trading Guy Saidanberg to the role of co-head of commodities trading, making way for the appointment of former JP Morgan banker Kayhan Mirza to the FX role.

Internal memos seen by Reuters confirmed Mirza’s move to Goldman as a partner, reported in some media at the start of this month, and that Saidanberg was moving to the new post after a year in charge of the currency area.

A Goldman Sachs spokeswoman in London confirmed the contents of the memos were accurate and declined to comment further.

Banks have been struggling to fill gaps at the top of their currency trading operations left by a spat of resignations, suspensions and dismissals since allegations of manipulation of market benchmarks emerged last year.

More than 30 traders from some of the world’s biggest banks have now been suspended or laid off, although the reasons for each case remain unclear.

Recruitment firms and sources at some of the banks at the centre of the probe have said there is huge reluctance to hire experienced spot traders externally because replacements could be tainted by the allegations of rate-rigging.

The memo said Mirza was previously the global head of FX options trading and head of EMEA FX trading at JP Morgan.

Original story by Reuters.

Gary Beal

Busy Days for Forex Traders Continue

What happened to the US dollar this week, the currency was trading as high as 80.61 just days ago, but is now under the 80 price at 79.88 taking a serious fall? The greenback has been climbing steadily since Janet Yellen mentioned a possible interest rate increase in 2015 at the FOMC press conference. Since then, forex traders have been evaluating data to see if the Fed would continue their tapering program or ease it back. As the severe winter turned into spring economic data and the overall US economy has shown a strong recovery. This past Friday, the US nonfarm payroll report slightly missed expectation by only 5K jobs but the prior months revision showed an additional increase of more than 20k jobs. Some see this very positive report while others keep harping on the negative. Fed speakers have been doing the circuit trying to explain the interest rate scenario which is just confusing everyone. Several point to the fact that unemployment remained the same at 6.7% while others say that the economic situation does not call for a rate increase in the near future. Today, the FOMC minutes will be released which traders are hoping will clarify just what the Fed members were thinking and saying behind closed doors a few weeks ago.

A report from the IMF caught forex traders’ attention yesterday. Stronger U.S. growth this year and next will help the world economy withstand weaker recoveries in emerging markets including Brazil and Russia, the International Monetary Fund said. The U.S. is providing a “major impulse” to global growth that’s still lumbering amid weakness in Japan and parts of Europe, the IMF said in a report

Against the euro the dollar is trading at 1.3792 after seeing the euro climb above the 1.38 level earlier in the day. There was little supportive data on Tuesday as traders continue to monitor comments from ECB members. Today German Trade numbers will be out and there might be an imbalance due to the strength of the euro.

Across the pond the best performed was the Great British Pound which soared to trade at 1.6747 after industrial and manufacturing data both printed well above expectation. Traders here too will be looking at trade numbers today. U.K. industrial production rose more than economists forecast in February, bolstered by a surge in factory output that points to a strengthening recovery. Production increased 0.9 percent from January, exceeding the 0.3 percent median forecast.

Not to ignore the activity in Asia, the JPY eased against the US dollar after it rallied on Tuesday after the BoJ held rates and policy and gave indications that it was finished offering stimulus. The JPY is trading at 102.05 after closing at the 101.80 level.

The Tasmanian currencies are putting in stellar performances with both at record highs. The AUD is trading at 0.9375 up by 18 points today while the kiwi has added 30 points to break above the 87 price level on hopes of a second interest rate increase later this month.

Original story here.

Gary Beal

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