TradeSmarter, OptionFire, MarketPunter, StartOptions no Longer Regulated

BinaryOptionsNow | Published on November 27, 2011 at 10:30 am

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BinaryOptionsNow – TradeSmarter, StartOptions, MarketPunter and OptionFire, four binary option brokers that operated as Authorized Representatives of the Commodity Broking Services Pty Ltd., lost their status as regulated financial trading brokerage houses as of last week.

Operating under the trading name of Market Punter Pty Ltd., the four binary trading websites had been subject to regulation by the Australian Securities and Investments Commission (ASIC) and had benefited from being among the few binary brokers that could claim to be financially regulated by a reputable national regulatory commission.

Richard Barham, Operations Director at OptionFire.com, released the following statement to the brokerage’s clients:

“We write to provide you with notice that as of 16 November 2011, Market Punter Pty Ltd is no longer an Authorised Representative of Commodity Broking Services Pty Ltd (AFS Licence number 280372). This authorisation authorised us to provide general financial product advice and deal in derivatives to retail and wholesale clients.

Accordingly, trading has been temporarily suspended until such time as we are again authorised to provide financial services by an Australian Financial Services Licensee with the appropriate authorisations.

We expect to be authorised to provide financial services again shortly and we will provide further updates to clients in due course.”

The four brokers websites continue to be operational so it seems that they will continue to offer trading services to their clients as unlicensed brokers until they are able to restore their status as regulated investment houses.

This news does the beg the question of how regulatory bodies will deal with the recent proliferation of binary brokers in order to ensure they adhere to fair and transparent trading practices.

 

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TradeSmarter, OptionFire, MarketPunter, StartOptions no Longer Regulated, 4.5 out of 5 based on 2 ratings

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