The Financial Supervision Commission (FSC), the body responsible for financial regulations in Bulgaria has released a notice to members of the public regarding GLOBAL MARKETS LTD., confirming that the firm had changed its name as of February 5th, 2015 to INTERACTIVE BROKERAGE LTD.
The regulator also emphasized the difference between GLOBAL MARKETS LTD’s new name INTERACTIVE BROKERAGE LTD and one of the major online brokerage firms in the world, namely INTERACTIVE BROKERS LLC – a company licensed by the US Securities and Exchange Commission to provide investment services and regulated by the US Securities and Exchange Commission, Commodity Futures Trading Commission (USA) and Financial Conduct Authority (UK).
Having clarified the difference in entities, the FSC went ahead to state that the license of GLOBAL MARKETS LTD. (Present name INTERACTIVE BROKERAGE LTD.) for operating as an investment firm, which has been revoked due to; “GLOBAL MARKETS LTD. and its employees systematic violations of the Markets and Financial Instruments Act and its implementing acts.” The revocation of the license was recently confirmed by the Supreme Administrative Court.
Despite the revocation of the license, it has come to the notice of the FSC that the firm has continued operations as a financial institution. Thereafter, FSC warns public against INTERACTIVE BROKERAGE LTD, imposing that is not an financial institution as well as not been registered as in the public register, kept by the regulator.
The regulators have therefore stated in its disclosure report that;
- The FSC does not conduct an ongoing supervision in respect to the company’s activity
- The activity of GLOBAL MARKETS LTD. is associated with a high risk of abuse of the investors’ rights and interests;
- The financial assets and funds provided by the investors to GLOBAL MARKETS LTD. after the license revocation are not guaranteed by the Investor Compensation Fund;
AtoZforex finds it necessary to reiterate the above stated fact that “Potential investors should bear in mind that INTERACTIVE BROKERAGE LTD. is NOT the same company as INTERACTIVE BROKERS LLC.”