Canadian financial regulator Autorité des Marchés Financiers (AMF) warned investors in Quebec province about using binary and forex trading platform, listing some 24 firms that operate without authority in Canada.
The AMF listed various unauthorized companies that deal with Forex and binary options, which have been flagged by disgruntled investors. A few major players included on the list include UFX Markets, AvaOption and Plus500. The list can be found in this press release
Meanwhile, the Bank of China’s subsidiary in Hong Kong (BOCHK), which is the official yuan clearing house in Hong Kong, said it will increase the number of hours the RMB clearing service is available. Starting this October, the BOCHK clearing house will have the world’s longest operating hours, covering time zones in Asia, Europe and America. The service will be open for 20.5 hours every business day (Monday to Friday) FROM 8:30 a.m. to 5 a.m. the following day.
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The bank said the need to extend the clearing house’s operating hours was informed by high demand for its services from clearing banks in other countries, and by the increasing dominance of China’s economy in world trade.
The yuan has been growing in popularity, with an expanding number of European and Asian banks already providing offshore clearing services to traders who transact using the renminbi.
In other news, former GAIN Capital executive Ryan Hansen has joined Tradovate, a newly-established Forex and futures startup, as the President. Previously, Hansen worked at GAIN Capital as the Vice President of Business Development since 2010. Prior to that, he worked with various firms such as Financial Decisions Group and PFGBest in senior roles. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
