Tag Archives: trading

SEC Charges Investment Advisers With Cherry-Picking, Obtains Asset Freeze

The Securities and Exchange Commission today announced that it has obtained an asset freeze and other emergency relief, and filed fraud charges, against a Miami-based investment professional and two investment firms for engaging in an alleged “cherry-picking” scheme in which they channelled millions of dollars in trading profits to preferred accounts.

According to the SEC’s complaint filed under seal on June 10 in federal court in the Southern District of Florida and unsealed today, defendants Ramiro Jose Sugranes, UCB Financial Advisers Inc., and UCB Financial Services Limited engaged in a scheme since at least September 2015 to divert profitable trades to two accounts believed to be held by Sugranes’ relatives and saddle other clients with losing trades. The defendants allegedly used a single account to place trades without specifying the intended recipients of the securities at the time they placed the trades. As alleged, after the defendants established a position, if the price of the securities increased during the trading day, the defendants usually closed out the position and allocated those profitable trades to the two preferred accounts. Conversely, the complaint alleges that if the price of the securities decreased during the trading day, the defendants usually allocated the unprofitable trades to other client accounts. According to the complaint, the preferred clients, who are named as relief defendants, received approximately $4.6 million from profitable trades while other clients sustained more than $5 million in first-day losses.

“We allege that Sugranes used the UCB investment firms to funnel millions of dollars to two clients, while unloading over $5 million in first-day losses on their other clients,” said Joseph G. Sansone, Chief of the SEC Enforcement Division’s Market Abuse Unit.  “The SEC uses sophisticated analytical tools to ferret out investment professionals who abuse their positions to engage in cherry-picking and other fraudulent conduct, as we allege happened here.”

The SEC’s complaint charges Sugranes and the two UCB entities with violating the antifraud provisions of the federal securities laws, and seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties. The complaint also names the preferred clients as relief defendants and seeks to recover their unlawful gains and prejudgment interest. On June 14, the court granted the SEC’s request for emergency relief, including an asset freeze, accounting, and expedited discovery.

The SEC’s investigation, which is ongoing, stems from the Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious patterns, including improbably successful trading. The investigation is being conducted by Jeffrey E. Oraker, Daniel M. Konosky, and Helena Engelhart Bean of the Market Abuse Unit and Denver Regional Office with assistance from John Rymas of the Market Abuse Unit and Stuart Jackson and Joshua Mallet of the SEC’s Division of Economic and Risk Analysis. The investigation is supervised by Danielle R. Voorhees and Joseph G. Sansone. The SEC’s litigation will be led by Christopher E. Martin and Mark L. Williams under the supervision of Gregory A. Kasper.

ICE Bonds Announces Record Notional Volume for Portfolio Trading

Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced record volumes for fixed income portfolio trading during the fourth quarter of 2020.

Over $1.9 billion in U.S.-based notional activity was executed in the fourth quarter of 2020, an increase of more than two times the volume of the previous quarter and the strongest period of activity since ICE first introduced portfolio trading. ICE re-launched its portfolio auction protocol in 2020, making it accessible through ICE FI Select, and has gained steady momentum since then. ICE FI Select offers direct access to the full suite of ICE Bonds execution venues and trading protocols alongside ICE’s Continuous Evaluated Prices and fixed income analytics.

Portfolio trading now makes up nearly 5% of total bond market trading volumes, nearly three times the amount in previous years, according to recent estimates of TRACE (Trade Reporting and Compliance Engine) data. ICE Bonds gives customers a range of options for executing trading strategies across investment grade, high-yield and emerging markets, ranging from Central Order Book access to more efficient workflows for request-for-quote orders and executing baskets of bonds.

“ICE Bonds was established to bring greater efficiency and improved trading protocols to the fixed income markets,” said Peter Borstelmann, President of ICE Bonds and Head of ICE ETF Hub. “With portfolio trading becoming an increasingly important part of our customers’ trading strategies, we’re pleased to see such strong interest from the institutional investment community for our portfolio auction protocol.”

ICE Bonds’ Portfolio Auction allows institutional investors to trade a portfolio of bonds on an all-or-nothing basis to one or multiple platform participants in a discrete, pre-determined period of time. Portfolio Auction offers two distinct trading session formats, At-the-Market or At-the-Close, giving investment managers the ability to leverage either ICE Data Services’ Continuous Evaluated Pricing (CEP) for intra-day trades or End-of-Day Evaluations.

For more information about ICE Bonds, please visit: https://www.theice.com/fixed-income/ice-bonds.

FIA praises CFTC for adopting Electronic Trading and Bankruptcy rules

FIA President and CEO Walt Lukken today made the following statement after the CFTC voted to finalize Electronic Trading Risk Principles and significant bankruptcy reforms for FCMs and clearinghouses, among other rulemakings. The CFTC electronic trading proposal reflects a carefully reasoned principles-based approach that provides flexibility to the agency and builds on the industry’s efforts over the years to mitigate risks. FIA also recommended several changes to the original bankruptcy proposals, which were adopted unanimously by the CFTC.

“Electronic trading has brought enormous benefits to markets and customers through greater efficiency and deeper liquidity, but like any new technology it also creates new risks. For that reason, FIA and FIA PTG have worked for more than a decade to develop best practices for identifying those risks and protecting the markets from disruptions.  Finalizing these rules represents a collaborative effort and results in a principles-based approach for managing the risks in the technological revolution that continues to transform these markets.”

Lukken continued: “FIA also today appreciates the work of the commission and staff of the CFTC for working with the industry to finalize rules that reform the bankruptcy rules for FCMs and clearinghouses. The finalization of this rule, the first update in decades, will improve clarity for companies and transparency for the public.”


Electronic Trading: For more than a decade, FIA and FIA PTG have taken a leadership role in identifying risks and strengthening safeguards related to electronic trading in the futures markets globally. Since April 2010, FIA has published six papers proposing industry best practices and guidelines related to these important topics. In addition, FIA has submitted comprehensive responses to numerous CFTC discussions and rulemaking initiatives and participated in multiple CFTC-hosted meetings and industry roundtables. For example, in October 2019, Alicia Crighton, managing director at Goldman Sachs and a member of the FIA board of directors, presented to the CFTC’s Technology Advisory Committee FIA’s best practices for exchange risk controls related to automated trading systems. FIA commends the CFTC for its deliberate approach to this rulemaking and welcomes the opportunity to continue to work with the CFTC and market participants to promote safe, reliable, and vibrant electronic markets.

Bankruptcy Reform: FIA commented in July on the CFTC’s recent update to Part 190 of the agency’s regulations dealing with the bankruptcy of FCMs and clearinghouses. In the response, FIA generally supported the commission’s recommendations, but cautioned that a new section (subpart C) would establish a new regime to govern the bankruptcy of a clearinghouse and should be studied further before being approved. FIA appreciates the changes to the proposal and for working with industry to improve the product.

5 Best Binary Options Trading Advice

In this world of high living cost, everyone is searching for side-sources of income to mitigate their everyday living expenses. Thus, Binary Options trading is getting popularity day by day, as it is apparent as a simple money-making source. 

While it is a relatively easy way to make money, it also takes a lot of practice, understanding, and a certain amount of responsibility. From this aspect, the binary options trading site Binoption is the best platform to learn every ins and outs of this trading type.

How To Reach Your Goal:

Many successful traders replace their past job with binary trading as they found it more profitable. Whereas some others often struggle with their trade because of some common mistakes and misconceptions. 

So, the first thing is to figure out those recurrent mistakes and clarify all misconceptions. Now, the question is how to reach the goal by avoiding all these hindrances.

Continuous Learning Process:

Successful options trading requires a continuous learning process. Though binary trading looks easy, don’t be fooled by its apparent ease.

However, you Should start from what is a binary options if you are just a beginner. And to stay up to date and gather more and more practical knowledge, you must have to study continually about the industry and the market.

For instance, Without the proper knowledge, a trading tool is just a trading tool for you with no use. But when you know how to utilize it, it’s no less than a powerful weapon in the trading field that is of great use. 

Yes, as simple as that.

Additionally, by using world news, you will have a better chance of making an accurate prediction. So, do not underestimate the importance of reading through a newspaper each day.

Moreover, you have to stay connected with other traders and professionals to increase your practical knowledge. And surely they will also advise you to start with little investment and grow your career little by little.

Market Analysis:

If you want to trade binary options with success, know that it’s all about predicting the directions and behavior of an underlying asset. And so you need to know how to analyze the market. 

With Fundamental analysis, you will know the macro factors, industry analysis, and other qualitative factors. And technical analysis is more about charts and charts patterns. Almost all technical analysis tools have a great impact on sound decision making of any trader. It helps to understand the market trends and trade more accurately.

On top of that, the performance of any financial asset is affected by the traders. This prevailing attitude of traders is known as market sentiment or market psychology. There is no way a trend is created by itself. Rather it is created by many deals that carried out by a huge number of traders.

Your trading strategy and selection of trading asset will be highly influenced by your market analysis. So, you can hardly avoid analyzing the market if you want to see the binary option as a successful attempt.

Besides, you may be forced to make swift decisions sometimes. So, you need to understand when to act fast and when to loss the bridle of your trade based on fundamental and technical analysis.

Trading Plan:

Without a proper trading plan, your trading career is nothing but a way to lose all your investment rather than a side income source. It’s a comprehensive decision-making tool for your trading activity that helps to decide what, when, and how much to trade.

On top of that, it will include strategies, personal risk management rules, trading goals, information on available capital, your attitude toward risk and other related information. Even, you can add your motivations for trading which help you to drag you forward. Also keeping all trading records on a trading journal is a must.

All of these are for easier trading and to make more objective decisions. By this, you will have more room for improvement.

Money Management:

Options trading is highly unpredictable. So, you should plan for a proper risk management strategy to avoid losing money. It paints a broader picture which encompasses your whole trading strategy for all trades.

Proper money management prevents traders from extra trading loss. It also increases the opportunity of the investment amount. As how you spend your money impacts your credit score and the amount of debt you end up carrying.

Set realistic Expectations:

As compared to other forms of trading such as Forex trading, binary options may seem incredibly easy. It is quite a bit simpler to understand than many other avenues.

That’s why most novice traders tend to set unrealistic expectations of getting rich overnight by trade options and become frustrated at the end. There are no shortcut methods of getting rich. You have to put your knowledge and hard work to become successful in trading.

Final Thoughts:

Trading requires lots of efforts. Never risk too much as it will make you quit trading just after starting. Try using all the available tools to improve your binary options strategy.

It’s never too late to learn a new skill. Maybe you are about to get the key to fulfilling your dreams. Make yourself a knowledgeable and skilled person, and that will automatically lead you to reach your ultimate goal. 

Meet The Spanish Pro Trader who is revolutionizing the market

This will be interesting for you! A Spanish Banker who is in this business since 1992 at some point decided to share his private trades on Telegram to help others getting into trading as well. Check out this incredible story.

This guy is not of the type that makes a lot of noise on Instagram, posting expensive cars and watches, suggesting that becoming a millionaire is easy and just a question of a couple of trades.

This 45-year-old Spaniard comes from a humble family who immigrated to Germany in the 1970s.
At the age of 17, he started working in the Frankfurt finance market and already then, he traded Dax30 warrants. After six years of learning all the bits and pieces of banking, he returned to Spain as one of the youngest bank managers in the country, where he’s still working as an Investment Manager.

A while ago, when he started sharing his trades with family and friends, his private Telegram channel quickly grew to a large number of subscribers, which have all achieved remarkable results. Since then, he has helped many individuals to get their desired revenue through trading.

When asked about the secret behind his impressive results? He said: “There is no secret, but you need to know and understand how trading really works.” One needs to understand that 95% of Forex traders are Retail Traders, and only 5% are Banks. In terms of trading volume, it is just the opposite, so it’s the banks who move this market. As a result, 95% of retail traders lose money. Only a few retail traders know about the fundamental structure of the markets, order flow, supply & demand imbalances, institutional order blocks, etc.

After long discussions he finally agreed to share the address of his Telegram channel. For interested people, go check it out and judge for yourself: t.me/Unicotradingsystem

Role of Forensic Accounting in Trading

What is ‘Forensic Accounting?’

Forensic accounting described as the integration of accounting, auditing and investigative methods to conduct an investigation into a company’s fiscal reports. Forensic accounting provides a financial analysis suitable for court. Forensic accountants are both a finance expert and a professional investigator who trained to look behind the accounting figures and deal with the business reality of a situation. They are frequently used in fraud cases by businesses, law firms, law enforcement agencies, investment companies and insurance agencies.

Alan Zysman, a noted forensic accountant since 1987, states, “Forensic accounting provides an accounting analysis that is suitable to the court which will form the basis for discussion, debate and ultimately dispute resolution”

Forensic Accounting in Trading

In today’s complex financial markets world with very complex financial instruments trading around the globe, investment firms, banks, hedge funds regulatory bodies and exchanges are often victims of financial crimes such as money laundering, employee theft, embezzlement, spoofing, price manipulation and insurance or securities fraud.

Forensic Accounting in trading can help a company investigate price fixations, stock market manipulations and at times even manipulation of the financial figures by the company’s Board to window dress the financial statements and profit and loss account figures to hide real facts from the shareholders and investment community, for the funds misused or misappropriated by the top management.

The real need for Forensic Accounting came in 2001-2002 with huge corporate financial frauds coming to light, like Enron, and World com.The forensic accountant should be well versed with all business and investment laws (MIFID II) at national and international level as financial fraudsters have become more intelligent in their activities exploiting loopholes in the statutes and laws across major financial centers.

The forensic accountant in trading and investments uses all modern techniques and tools in gathering all the data necessary and relevant for his purpose. The various techniques and tools include data mining, finger print identification, order book analysis, laboratory analysis, forged cheques and altered cheques identifying tools, electronic surveillance, email communications etc.

Forensic accounting also requires a great deal of creativity, since one must often explain complex financial concepts (derivatives, forex, cryptocurrencies) to an audience that lacks basicaccounting knowledge. It is not surprising that the American agency, the Federal Bureau of Investigation (FBI)confirmed that ‘one key element was the creation of a standardized, professional investigative support position known as the forensic accountant in 2009’.

Forensic Accounting in trading may be subdivided in four categories:

1.Litigation support

2.Investigative and assisting in the disputes

3.Frauds Detection and finally

4.Forensic Data analysis

The litigation support is provided to lawyers by giving support of documentary evidence to support or rebut a claim. Also assisting in designing relevant questions to be asked at the time of trial in courts of law.

Under the second category the Forensic Accountant helps in minimizing future damages and risk of loss. Because of their financial expert knowledge he is effectively used in fraud detection.

Today Forensic Accountants have become part of all major accounting firms, and all big investment companies such as banks, mutual funds, hedge funds, brokers specializing in fraud detection and prevention and helping the courts of law by giving evidence of the financial crime. Courts depend on the expertise of forensic accountants in all financial litigations and disputes.

The important skills needed for the role of a Forensic Accountants includes:

They should understand the business and the technology used in the organizations, the software used, as he is dealing with the management as well the technical and software departments of the company.

Should have sound technical knowledge to get the source of required information from the storage and other computer equipment’s and for following the trial of information needed for investigation.

Forensic Accounting in trading role not only includes unearthing a fraud but also to find out why the fraud occurred.

Helpful Resources

  1. Forensic Accounting Careers – Careerherd.com
  2. Forensic Accountants to the Rescue – Strategic Finance
  3. How Forensic Accountants Fight White Collar Crime
  4. The Advantages of Having a Forensic Accountant Within an Organization | Chron.com


EURUSD has been trading within a well defined uptrend over the last several months, since breaking out in early 2017. 1.2360 provided support to the pair in early February and now switches to resistance.

The pair’s top level was $1.2555, and recent low was 1.2155. Immediate resistance is seen around 1.2350. A clear break above that area could lead price to neutral zone in nearest term testing 1.2400 area. A close significantly below 1.2200 could point toward a bearish correction.

The next strong support might lie at 1.2060. A break and daily closing below the 1.2000 support area shall trigger renewed selling interest, validating a move towards the 1.1554 level which is the low of the last major downside move.

Bitcoin technical analysis

Bitcoin is in a clear bullish path and soon will challenge the all time high area at 4921. It looks like the Catalonian leader speech add more confidence to the buyers, and sent the cryptocurrency to new daily highs. Bitcoin is trading above the 50 day moving average and after today’s run gives a clear signal that is ready to break the all time high.


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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance. All data without guarantee.

Forex Technical analysis week: 17-21 July 2017

USDJPY Technical analysis July-19-2017

USDJPY is under selling pressure today and sellers now are in full control as the pair broke below the 50d MA and 100d MA and now it is targeting the 111.21 level, meanwhile USD is weak across the board.

AUDUSD Technical analysis July-12-2017

AUDUSD made an impressive rally the last days but now have reached overbought levels, meanwhile USD looks strong across the board, a profit taking looks possible.

EURUSD Technical analysis July-12-2017

EURUSD is under pressure after Yellen’s speech and broke all the supports just to hit the daily low at 1.1391 the strong support of 200h MA I will enter a long position as we expect the pair to rebound from that support and regain 1.14 level

EURUSD Technical analysis July-11-2017

EURUSD is making new yearly highs, the consolidation around 1.14 has ended with a break to the upside getting help from Donald Trump Jr. posts about email chain with Russian lawyer offer to provide information on Clinton. A close above 1.1465 will give bulls a chance to reach 1.15

GBPUSD Technical analysis July-11-2017

GBPUSD is trading higher today and has already made two attempts to break above the 100h MA. 1.2920 level looks like a strong resistance and we expect the pair to pullback.

USDJPY Technical analysis July-10-2017

The pair failed today to break above the May high at 114.36, it stopped at 114.29, but there is nothing to worry the longs as the pair holds above 114. So stay long as USDJPY is trading above 114, first resistance at 114.36 and then 114.95

GBPUSD Technical analysis July-07-2017

GBPUSD breaks below the 1.29 level after worst than expected manufacturing and industrial production data. Investors dump GB amid expectations that the UK economy could be headed for a slowdown and short term trend broke below the 200h MA

EURUSD Technical analysis July-04-2017

EURUSD is trading in narrow trading range just 41 pips from low to high as us markets are closed. EUR bullish momentum is still intact but we expect a minor pullback for later today

USDCAD Technical analysis June-28-2017

USDCAD is approaching again the daily lows at 1.2964, an early USD reaction earlier today ended just above 1.30. Stay short as long as the pair is trading below 1.2985. Remember that the CAD is often traded as a proxy for crude oil, so make sure that you are watching to what’s going on in that market. Today is Independence Day in USA, and that will work against volume in USDCAD, as the pair is heavily weighted towards North American trading

USDCAD Technical analysis June-28-2017

USDCAD is down 1.10% to lows that we haven’t seen since February 24. The pair has reached oversold level and the crude price is still under pressure, we expect a short recovery from that level.

EURUSD Technical analysis June-27-2017

EUR bulls are back in town breaking above the 1.13 level and bears are running away. I expect more buying as long as the pair hold above 1.13

EURUSD Technical analysis June-26-2017

There is something that we don’t like about the EUR today. The pair moved above last week high at 1.1212 and hit 1.1219, even the macro news was against USD like the Dallas Fed activity index which was lower than expectations, the pair failed to hold the gains and broke below the 1.12 level. The move today suggests that buyers are not very confident and a move lower looks possible.

EURUSD Technical analysis June-23-2017

Finally the pair after trading for 4 days in very narrow trading range (30-40 pips) managed to break emphatically above the 200h MA enhancing the long term bullish momentum for EUR

USDCAD  6-22-2017

Strong Canadian retail sales send the USDCAD to daily low at 1.3207 down more than 100 pips for the day. Meanwhile crude oil is trading 1.4% higher after 4 days of losses. Sellers are in full control of the situation here as better macro data increase the chance of a rate hike on July 12th by Bank of Canada.

GBPUSD  6-21-2017

It looks like the gbpusd found support at the 100d MA and that gave the buyers some confidence. We are not very sure if the rebound will last but i will give it a try targeting the area below intraday high around 1.2682

EURUSD Technical analysis June-20-2017

EURUSD short term outlook has turn negative as sellers took control and every rebound looks like an opportunity for entering short positions. Major support is the 50d MA at 1.1012

GBPUSD bearish momentum 6-20-2017

GBPUSD is under heavy selling pressure today and found support just at 1.2602 level. The pairs momentum turn bearish as it broke below the 100d MA and now the next support could be found in 1.2578 which is the 50% of the move up from March low. Stay short as long as the price trades below the 100d MA

EURUSD Technical analysis June-19-2017

EURUSD is trading in a narrow trading range but since last week the pair short term view looks bearish even that the long term picture is bright. We believe that as long as the pair is trading below 1.12 you should keep your short position, a break above 1.12 will give bulls a chance.



Risk Warning

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade forex you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

The information is not an offer, no promotion, no consultation and no advice to buy or sell stocks, indices or currencies.  Trading stocks, indices or currencies is not only a chance, there is always a risk to lose money. Please only trade currencies if you are able to compensate possible losses. Please note that high profits always also contains a high risk. Please also trade with money that you dont need for daily costs.  Interferences with availability over the internet, availability of email deliverability or other software problems are further possible risks when trading with currencies.
Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
This technical analysis is intended to provide general information and does NOT constitute the provision of INVESTMENT ADVICE. Investors and traders should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
TCResearch guarantees neither the entirety nor accuracy of the analysis. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. TCResearch is not responsible for any loss, either directly or indirectly, which arises as a result of the use of TCResearch analyses. Details of any arising conflicts of interest will always appear in the investment recommendations.