Advertisement
UK markets closed

  • NIKKEI 225

    38,079.70
    +117.90 (+0.31%)
     

  • HANG SENG

    16,385.87
    +134.03 (+0.82%)
     

  • CRUDE OIL

    82.61
    -0.12 (-0.15%)
     

  • GOLD FUTURES

    2,394.40
    -3.60 (-0.15%)
     

  • DOW

    37,775.38
    +22.07 (+0.06%)
     

  • Bitcoin GBP

    51,069.49
    +1,556.68 (+3.14%)
     

  • CMC Crypto 200

    1,312.99
    +427.45 (+48.27%)
     

  • NASDAQ Composite

    15,601.50
    -81.87 (-0.52%)
     

  • UK FTSE All Share

    4,290.02
    +17.00 (+0.40%)
     
Money:

Best mortgage deals of the week

As possibility of multiple interest rate cuts dwindle here's what banks and building societies are offering

NZ regulator reverses decision to rule against CMC in franc case

Reuters - UK Focus

LONDON, Feb 18 (Reuters) - New Zealand dispute resolution body FSCL has reversed an initial decision and ruled against UK-based online trading platform CMC Markets (LSE: CMCX.L - news) , judging it unreasonably adjusted the trades of one client in the Swiss franc surge in January last year.

The ruling dated Feb. 12 shows FSCL overturned an initial judgment in favour of CMC (BSE: CMC.BO - news) 's New Zealand arm from October last year and awarded just over $5,000 to the client based there.

The amount awarded may be small, but it is another blow to the efforts of a number of retail brokers to put behind them the fallout from the franc's surge, one of the biggest currency moves in modern times.

A spokesman for CMC, which has just listed on the London stock exchange, declined to comment on the decision, saying the firm did not discuss individual client matters publicly.

An initial opinion from Britain's Financial Ombudsman (FOS) in October ruled against CMC and clients say the company has since offered to refund their losses. (Reporting by Patrick Graham, editing by David Evans)