Forex trading greece
broker regulated by hcmc through its branch office, or through any allied regulatory agencies in Europe under the MiFID derivative. Greece has been in the news over the past decade for to its economic turmoil and subsequent bailout efforts from the. Being a self-sustaining regulatory organization, the hcmc has complete authority over the regulated members for supervising companies according to the hcmc regulatory guidelines and the legal framework as issued by the relevant authorities. Hcmc has introduced several best forex broker to use capital control rules for financial companies as part of the banking reforms introduced by the Greek Parliament.
Therefore, most international Forex brokers offering their services to Greek FX traders are relatively safe against the market volatility, which should provide safety for most traders in the. Several industry experts and large organizations claimed the inefficiency of the Central Bank of Greece and other regulatory organizations to be a major downfall that aided the decline of the Greek economy. More Forex Brokers by Regulation Authority. Although the hcmc has an extensive history, there wasnt any serious regulatory framework that could help the Greek Government to impose restrictions on the way financial companies operate in the country. Nevertheless, as an independent agency responsible for supervision of non-banking financial firms in Greece, hcmc was certainly not singled out as an organization that was responsible for the economic crash, which should provide solace for Forex traders and investors trading with hcmc regulated Forex brokers. Apart from regulating the different companies and individuals that are an integral part of the Greek stock exchanges, hcmc regulated brokers are also allowed to offer Forex and other CFD products, subject to the terms and conditions issued by the hcmc and the Greek authorities. New capital control measures restrict brokers or financial firms from accessing their funds freely, which should, in theory, limit the amount of freedom available to traders and brokers. Hdmc regulated brokers are required to choose a Greek bank as the custodian of all funds, including the brokers operating capital as well as client funds.
Hcmc is one of the oldest financial regulatory organizations in the world that was formed as early as 1927. On the contrary, most Forex brokers in Greece have been able to meet their obligations without making any significant compromises, which is indeed considered to be excellent news from an investors perspective. What Is The Role Of hcmc On Regulating Forex Brokers In Greece? Greece is not entirely familiar in the Forex trading industry for setting up a brokerage, but the country is known to produce some of the most reputed and industry-leading Forex brokerages in the entire world. Being a part of the EU, Forex brokers under the MiFID derivative can provide their services to EU Forex traders, and Forex brokers in Greece can also cater to international clients through the European Economic Area (EEA) agreement. Greece does not allow any broker to offer online access to its citizens either through affiliates or introducing brokers, a rule which is designed to eliminate broker scams emanating from countries with a lower regulatory regime. Hcmc has imposed fines and penalties on companies for non-compliance with rules and regulations imposed on its member firms; however, industry experts and several member firms claim the hcmc to possess a regulatory framework that lacks clarity in its structure. The hcmc was instrumental in stemming a total collapse in the Athens stock exchange by banning the concept of short selling of shares during the financial meltdown of 2010, and the rule was upheld for 60 days before the commission restored market order. Forex and CFD trading have taken a huge hit in the country due to the several measures and policies introduced by the Government to satisfy the conditions put forward by the.
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