NZ’s FSCL Reverses Course, Rules Against CMC Markets’ Handling of CHF Trades

[kreslik.news]

The Financial Services Complains Ltd (FSCL), New Zealand’s dispute resolution body, has reversed its course in an initial ruling with financial services provider, CMC Markets, having now ruled against the trading venue.

UK-based CMC Markets, a provider of foreign exchange (FX) and contracts-for-difference (CFD) products, like many brokers and providers, came under fire for its handling of its trades during the upheaval wrought by the Swiss National Bank (SNB)’s decision in January 2015. In this instance, CMC’s New Zealand arm originally was absolved of any wrongdoing, as the FSCL ruled that CMC Markets did not in fact act irresponsibly or adjust its ... (read more)