The Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, said on Wednesday it has certified the technology solution of newly-launched Forex Development Corporation (FDC), a business-to-business corporation for forex prime brokerage (FXPB) solutions.
As part of of certification process, the FinaCom has conducted a thorough review and analysis of FDC’s platforms in order to make sure they meet the commission’s technical information requirements. It has tested the platforms’ system security, capacity, business disaster recovery and continuity plan, as well as reporting and record keeping, among others.
“We are pleased to have concluded a successful technology certification for yet another provider and welcome Forex Development Corporation to the Financial Commission as an approved provider,” said FinaCom chairman Peter Tatarnikov.
FDC offers customizable solutions to brokers and services, such as help with technology licensing and developing brokerage offerings. It facilitates brokers with conducting real-time advanced profitability analytics and designing introducing broker (IB) rebate structures, among others. Its offering includes five different platforms for trading and back office solutions, both proprietary and third-party:
- MetaTrader platforms – MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are world leaders when it comes to forex trading platforms. They are developed by Russia-based software company MetaQuotes.
- Condor Pro – this is FDC’s proprietary trading platform.
- Condor Gateway – this platform connects traders to various banks and non-bank liquidity providers.
- Condor Prime Back Office – the platform represents a comprehensive back-office solution that offers full integration with both MT 4 and Condor Pro platforms.
- Condor FX Academy – the platform provides an educational tool which leverages FDC’s expertise to help traders build a world-class brand.
“As a fully integrated foreign currency exchange solutions technology provider, Forex Development welcomes the opportunity to have the independent and qualified third party Financial Commission, validate its platform,” said Mitch Eaglstein, founder and CEO of FDC. “Certification from the Financial Commission, an organization which harbors a deep understanding of the Forex industry, underscores our commitment to best business practices and commercial integrity,” he added.
The FinaCom accepts broker and independent service providers (ISPs) as members and certifies the technology solutions of members and candidate members. Prior to getting membership, entities need to get technology certification. Recently, the EDR certified the back office and customer relationship management (CRM) technology offered by B2Broker, another FXPB. The commission has also certified the technologies of ActTrader, BinaryStation, Broctagon IT Solutions, Tools for Brokers, Ibinex, and Olymp Trade.
FDC is based in New York and operates globally. It launched operations in late June, 2016. It said at the time it had already partnered with several brokerages, without providing their identities. The company’s products are designed for brokerages on both the retail and institutional spot forex markets.
The FinaCom, set up in 2013, is an EDR organization which acts as a neutral third party, or a mediator, in disputes in the forex and binary options markets between its members and their clients. The outcome of a dispute is decided by FinaCom’s Dispute Resolution Committee, which consists of industry professionals and executives of leading brokers. It has been gradually adding new members and improving its services. Full 10% of the membership fees are used for the financing of the FinaCom compensation fund.
FinaCom has membership categories, depending on the compensation fund it offers to clients of its members. For A-category members, which includes Alpari, A-Markets, Forex Club, FXOpen, Ibinex, Olymp Trade, RoboForex, and Starfish FX, traders can receive up to $10,000 under the FinaCom compensation scheme in case of dispute. B-category membership, which includes brokers EQMarkets, EQTrades, Grand Capital, HDForex, MTrading, and NPBFX, ensures compensation of up to $5,000 of traders’ investments.