Key Insights
- Financial Commission inducts Fusion Markets and Ultima Markets as approved members
- Grants brokers and clients access to independent external dispute resolution services
- Amid growing demand for oversight and fairness in OTC derivatives markets
LONDON (MarketsXplora) – The Financial Commission, an independent external dispute resolution (EDR) service for online brokers, has added Fusion Markets and Ultima Markets as its latest approved members, the self-regulatory organization said on Monday.
The addition of the retail forex and CFD trading firms comes as the industry body broadens its membership and services aimed at bolstering transparency and fairness in over-the-counter markets.
Cyprus-based Fusion Markets was inducted as an Approved Broker Member effective March 6, granting it and clients recourse to mediation services and protection of up to €20,000 ($21,400) per complaint through the Financial Commission’s compensation fund.
“This accreditation provides our extensive global client base access to a suite of membership benefits and services,” a Fusion Markets spokesperson said.
Separately, Ultima Markets gained Approved Member status from March 4, according to the Financial Commission. The multi-asset brokerage serves over 172 countries worldwide.
The EDR membership allows both firms’ customers to file compensation claims against them for trading disputes, replacing lengthier and more costly channels like arbitration or local courts.
Operated by former traders and industry professionals, the Financial Commission acts as an independent third-party mediator to facilitate quicker resolutions through its dispute resolution procedures and compensation scheme.
Membership requires brokers to adhere to standards around trade execution, segregated accounts, transparency of fees and efficient complaints handling.
The non-profit organization aims to provide an affordable and expedited resolution process compared to other legal venues.
“We have interest from firms large and small that recognize membership instills greater customer confidence in their brands,” said Financial Commission chairman Peter Tatarnikov.
The additions underscore mounting demand for EDR services across over-the-counter derivatives like forex, CFDs and crypto amid amplified regulatory scrutiny worldwide.
Major jurisdictions like Britain, Australia and Cyprus require brokers in those markets to enroll with independent EDR schemes as part of their licensing.
While participation for the sector remains voluntary in other regions, the Financial Commission said membership offers tangible value to brokers seeking an edge over rivals through higher governance and ethics standards.
“Independent committees promote fairness and accountability. For clients making increasingly complex trading decisions, knowing there’s an impartial arbiter goes a long way,” said Tatarnikov.
The Financial Commission was established in 2013 and now has over 60 approved members, with more expected to join as the quest for higher industry standards intensifies.