MFSA: Warning against INTERACTIVE BROKERAGE LTD (former GLOBAL MARKETS LTD) 

INTERACTIVE BROKERAGE LTD (former GLOBAL MARKETS LTD)

The Financial Supervision Commission (FSC) draws investors’ and all interested parties’ attention on the fact that starting from February 5th, 2015 GLOBAL MARKETS LTD. changed its corporate name and the new name of the company is INTERACTIVE BROKERAGE LTD., Sofia.

The new name of GLOBAL MARKETS LTD. resembles the name of 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).Potential investors should bear in mind that INTERACTIVE BROKERAGE LTD. is NOT the same company as INTERACTIVE BROKERS LLC.

The license of GLOBAL MARKETS LTD. (current name INTERACTIVE BROKERAGE LTD.) for conducting activity as an investment firm has been compulsorily revoked by the FSC with Decision № 651 – II, dated July 14th, 2014 on the grounds of committed by GLOBAL MARKETS LTD. and its employees systematic violations of the Markets and Financial Instruments Act and its implementing acts. The FSC’s decision for the license revocation of GLOBAL MARKETS LTD. was finally confirmed by the Supreme Administrative Court.

According the present data at the FSC, regardless of the decision for the license revocation of GLOBAL MARKETS Ltd., the company continues to conclude contracts with clients by declaring that it acts like a financial institution. GLOBAL MARKETS LTD. is not and it has not been registered as a financial institution in the public register kept by the BNB.

In regard to the above mentioned, the investors should have in mind that:

• At present GLOBAL MARKETS LTD. does not possess a license for providing investment activities and services and has been removed from the registers kept by the Commission;
• The FSC does not conduct an ongoing supervision in respect to the company’s activity and the Commission’s jurisdiction to date is only related to the conduct of an investigation, concerning settlement of the relations with its clients that have arisen before the company’s license revocation;
• 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;
• The activity of GLOBAL MARKETS LTD. is associated with a high risk of abuse of the investors’ rights and interests;

Investors and potential investors should be aware that they could be deceived and could suffer significant financial losses when concluding contracts and submitting orders with companies that are not licensed by the FSC, BNB or by the competent authority of another Member State, including providing of funds for concluding of transactions with financial instruments. Firstly the investors must check whether the respective company is licensed by the FSC and is it authorized, in accordance to the issued license, to provide investment services and activities to the clients.

Download: Warning FSC 

Source: MFSA

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