Admiral Markets is a global forex and CFDs brokerage company, which is authorized and regulated by the Financial Conduct Authority (FCA) in the UK, by the Cyprus Securities and Exchange Commission (CySEC) in the EU and holds an Australian Financial Services License (AFSL) to carry on financial services business in Australia. Admiral Markets UK Ltd is a sister company of Admiral Markets AS (Estonia). Admiral Markets AS is authorized and regulated by the Estonian Financial Supervision Authority (FSA) for main investment and brokerage activities.
The company has issued a statement about the EUR32,000 fine that was imposed recently by Estonian financial regulator Finantsinspektsioon. According to the regulator, Admiral Markets had not acted entirely in accordance with the country’s Securities Market Act, following the crash of crude oil futures prices in April 2020. The company announced that it would file a lawsuit and challenge the decision. Admiral Markets AS argues that the complexity of the issue has not been fully addressed and the unprecedented market-specific circumstances have been ignored in the decision. The company noted that the liquidity partner of the company took unprecedented steps to prevent negative prices to trading platforms, as online systems would not be able to technologically cope with such a situation. There is no precedent for this.
The company believes that it has helped customers reduce the potential impact in such unique circumstances and has acted in the best interests of them. He therefore decided to appeal to the court to challenge the FSA’s decision.