The Financial Commission (FinaCom), a Hong Kong-based external dispute resolution (EDR) organization, said on Tuesday it has included another Asian-focused forex and binary options broker, DLS, as a member.
The broker received an approved member status on 23 September, 2016, and falls under category A membership, which ensures a compensation scheme of up to $20,000 per client in case of unresolved dispute between the member and its clients.
“When firms become members of Financial Commission they demonstrate their commitment to self-regulatory efforts and participation with industry associations, in addition to any regulatory statuses they may have obtained,” said FinaCom chairman Peter Tatarnikov. “We are happy to welcome DLS to our organization today as a category A member and believe it will help the firm and their clients as the company continues to expand,” he added.
DLS is a brand of Dragon Leader Services Ltd., part of investment conglomerate RothStar Group. The broker holds a Principal’s license by the Vanuatu Financial Services Commission (VFSC) and is affiliated to a company regulated by the Australian Securities and Investments Commission (ASIC).
DLS is one of the fastest emerging market players in Asia and is seeking to further increase its exposure in the fast developing Asian regions by establishing multiple service centers across the Asia Pacific Region in the coming years ahead.
The broker’s services consists of trading in forex and binary options on currencies and commodities. It employs MetaTrader 4 (MT4), the most widely-used forex trading platform worldwide.
FinaCom acts as a third-party mediator in case of complaints and disputes between its members and their clients. The organization helps facilitate a simpler, swifter resolution process than through typical regulatory channels.
Initially, the commission was largely focused on the Russia-speaking markets, but in the recent past it has been turning its head towards Asia and adding an increasing number of Asia-oriented members. Earlier this month, it granted membership status to Juno Markets, another Asian forex broker, as well as to affiliated offshore forex brokers MaxiMarkets and Umarkets, which are heading towards expansion in the Asian markets.
Its members are forex and binary option brokers and independent service providers (ISPs). They fall in one of two membership categories. Category A allows traders to receive up to $20,000 under the FinaCom compensation scheme in case of dispute. Initially, the compensation fund for this membership category was $10,000 per client, but recently the commission doubled it. FinaCom members that fall under this category are Alpari, A-Markets, EQTrades, Forex Club, FXOpen, GEB Invest, Ibinex, Maxi Markets, Olymp Trade, RoboForex, Starfish FX, Umarkets, and now DLS. Clients of B-category members can get up to $5,000 as compensation. Entities with this type of membership are EQMarkets, Grand Capital, Juno Markets, MTrading, and NPBFX.
In addition, as part of the membership application process the FinaCom certifies the technology solutions used by candidate members and members. The organisation has certified the trading technologies and platforms of the following entities – Act Trader, Broctagon Solutions, B2Broker, Forex Development Corporation (FDC), Tools For Brokers (aka Tools4Brokers), Ibinex, Olymp Trade, and XCritical.