ASIC media releases are point-in-time statements. Please note the date of issue and use the internal search function on the site to check for other media releases on the same or related matters.
16-066MR ASIC warns investors about dealing with Market City International and Brokers500
ASIC warns the public about the conduct of Market City International SRL (Market City International), a body marketing itself as BROKERS500 through the website www.brokers500.com. The website states that BROKERS500 is a leading online trading broker specialising in stocks, commodities, CFDs and currencies.
The website contains statements to the effect that Market City International holds an Australian financial services licence (License No. V0046651). These statements are false and are likely to mislead the public. “Market City” is a registered business name of the Perth Market Authority, an agency of Western Australia. The number V0046651 corresponds to that business name. The Perth Market Authority has no connection with Market City International.
The website allows for potential investors, including those based in Australia, to sign up for live trading accounts. ASIC is satisfied that potential investors are likely to suffer detriment as a result of being misled as to the regulatory status of Market City International.
ASIC has made numerous unsuccessful attempts to contact Market City International. ASIC is satisfied that it is in the public interest to warn the public about the conduct of Market City International.