FXTM Stops Service under CySEC Entity; Exness trading volumes in December top $3.6 trillion
Exness, the world's leading multi-asset broker headquartered in Cyprus, had a solid performance in December 2023, despite the typical holiday slow season in the second half of the month. However, the customer trading volume on the platform still exceeded US$3.6 trillion. Specifically, the trading volume in the last month of 2023 was US$3.607 trillion, a decrease of 8% from US$3.935 trillion in November.The number of active brokers during this period was 685,374, down slightly from 688,245 the previous month. Throughout 2023, the platform’s average monthly trading volume surged 64% from US$2.27 trillion in 2022 to US$3.72 trillion.
MOEX, Russia’s largest exchange, released its trading data for December 2023. Data show that the total market trading volume of the exchange reached 139.6 trillion rubles that month, a 47.6% jump from 94.6 trillion rubles in the same period in 2022. In addition, the exchange's full-year trading volume in 2023 totaled 1.3 giga rubles, a year-on-year increase of 18.2% from 1.1 giga rubles in 2022.
Andrey Dashin’s brokerage brand FXTM has relinquished its Cyprus Investment Firm (CIF) license and “ceased all operations under a Cyprus entity effective December 31, 2023.”A notice displayed on Forextime EU's website (forextime.com/eu) confirmed that the discontinuation of services was "based on an internal management decision".The company ended services to EU retail customers in February 2021. In an earlier email to retail clients, the company explained that it would exclusively serve professional clients and institutional traders in the European Economic Area region.
Disputes with financial services firms are on the rise in Australia, with the country's ombudsman receiving 102,790 complaints in 2023, a 23% increase year-on-year, the Sydney Morning Herald reported. Compensation and refunds received by Australians also rose 38 percent last year to $304 million. While the Australian Financial Complaints Authority (AFCA) has yet to release official figures, the report identifies unauthorized transactions, delays in claims processing, and service quality as the top three areas of complaint.
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