The Trader Forge has announced a temporary pause in all
operations due to unforeseen circumstances. This decision affects all aspects
of the business and comes as a disappointment to clients and stakeholders.
In a message from the CEO, the firm acknowledged the
frustration this may cause. The CEO expressed regret for any disruptions
experienced by clients and offered an apology for the situation.
Compliance Challenges
According to the message, compliance and regulatory issues
are significant factors contributing to these delays. The CEO requested
understanding as the firm worked to address these matters. The timing of the
launch coincided with these unexpected obstacles, which has complicated the
situation further.
Despite these challenges, The Trader Forge aims to resume
operations smoothly on August 1. All accounts and account types will be
included in this restart, regardless of the clients’ geographical locations.
This includes clients in Europe, Africa, Asia, and Italy.
Additionally, the company announced a new partnership with
Horizon Capital. This collaboration will introduce the “Kronos and
Kratos” challenge, set to begin in the first week of August. The CEO acknowledged that launching new technology in this
industry has proven more difficult than expected. Past mistakes have affected
the firm’s reputation, and the CEO accepted responsibility for these errors.
Future Regulations for Prop Firms
Dr. George Theocharides, Chairman of the Cyprus Securities
and Exchange Commission, stated while talking to Finance Magnates at iFX EXPO 2024
that prop
trading firms will face increased scrutiny in the coming years.
He
indicated that these firms may eventually fall under a strong regulatory
framework. Recently, the European Securities and Markets Authority began
examining prop trading firms and considering potential regulations.
The Czech
regulator also noted that these firms might be subject to MiFID. However, Dr.
Theocharides emphasized that discussions among regulators are still in the
early stages, and it’s premature to predict the specific regulatory framework
for prop trading.
The Trader Forge has announced a temporary pause in all
operations due to unforeseen circumstances. This decision affects all aspects
of the business and comes as a disappointment to clients and stakeholders.
In a message from the CEO, the firm acknowledged the
frustration this may cause. The CEO expressed regret for any disruptions
experienced by clients and offered an apology for the situation.
Compliance Challenges
According to the message, compliance and regulatory issues
are significant factors contributing to these delays. The CEO requested
understanding as the firm worked to address these matters. The timing of the
launch coincided with these unexpected obstacles, which has complicated the
situation further.
Despite these challenges, The Trader Forge aims to resume
operations smoothly on August 1. All accounts and account types will be
included in this restart, regardless of the clients’ geographical locations.
This includes clients in Europe, Africa, Asia, and Italy.
Additionally, the company announced a new partnership with
Horizon Capital. This collaboration will introduce the “Kronos and
Kratos” challenge, set to begin in the first week of August. The CEO acknowledged that launching new technology in this
industry has proven more difficult than expected. Past mistakes have affected
the firm’s reputation, and the CEO accepted responsibility for these errors.
Future Regulations for Prop Firms
Dr. George Theocharides, Chairman of the Cyprus Securities
and Exchange Commission, stated while talking to Finance Magnates at iFX EXPO 2024
that prop
trading firms will face increased scrutiny in the coming years.
He
indicated that these firms may eventually fall under a strong regulatory
framework. Recently, the European Securities and Markets Authority began
examining prop trading firms and considering potential regulations.
The Czech
regulator also noted that these firms might be subject to MiFID. However, Dr.
Theocharides emphasized that discussions among regulators are still in the
early stages, and it’s premature to predict the specific regulatory framework
for prop trading.
This post is originally published on FINANCEMAGNATES.
