Daily Forex News: India, Tradition, oneZero, iGlobal


india-money-328x220India strengthens exchange traded derivatives

India’s look to develop itself as leading financial hub for Asia is on course as the world’s eleventh largest economy allows, MCX, India’s number first exchange to launch exchange traded currency options.

The new options product comes four years after currency futures were first launched in September 2008. India once a closed economy has done remarkably well to position itself as a technologically advanced trading hub for financial instruments, it boasts 4 commodity exchanges and is home to the most liquid gold contract(s) in terms of contracts traded.

Tradition announces increase in profits

Leading Inter deal Broker Tradition has announced an increase in corporate profits amid hard trading conditions. Tradition’s Japanese arm Gaitame fell by 3.7% as recent changes in leverages and taxes. Business activity in the first half was beat by shrinked risk appetite and regulatory uncertainty.

Against this backdrop, Compagnie Financière Tradition reported consolidated revenue for the first half of 2012 of CHF 545.0m, compared with CHF 559.6m for the first six months ended 30 June 2011, a decline of 2.6% at current exchange rates or 3.7% in constant currencies.

oneZero opens office in London

oneZero-finacialoneZero Financial Systems, LLC has released that it has opened a new location at 55 Old Broad Street, London, UK – the first part of a multi-phase plan to grow globally. oneZero will be deploying additional sales and operations staff in the city in order to provide more direct service to a continually rising book of European / Asian brokerages and technology partners.

“Opening the new location is the logical first step in our plan to expand globally.” – states oneZero Co-Founder and CEO, Andrew Ralich – “London was an easy choice for oneZero given our extensive base of customers and partners in the UK, as well as the obvious advantages to spreading support across multiple time-zones.”

CFTC Charges Fraudulent Fund Manager Who Defrauded Members of the Deaf Community

The U.S. Commodity Futures Trading Commission announced the filing of a civil enforcement action in the U.S. District Court for the Southern District of New York, charging Marc Perlman of Rancho Cucamonga, Calif., and his firm, iGlobal Strategic Management, LLC (iGlobal) with operating a commodity pool Ponzi scheme that fraudulently solicited and accepted at least $670,000 from at least 17 people — largely persons from the deaf community.

Perlman was a principal and officer of iGlobal, and neither defendant has ever been registered with the CFTC. Specifically, the CFTC complaint, filed on August 28, 2012, alleges that from at least March 2009 through at least November 2011, iGlobal and Perlman fraudulently solicited individuals to invest in a pooled investment vehicle to trade leveraged off-exchange foreign currency contracts (forex).