Mirror Trading International is getting flak from regulators worldwide.
A month after the Texas State Securities Board took action against Mirror Trading International (MTI), South Africa’s Financial Services Conduct Authority (FSCA) is also investigating the company’s trading activities.
According to the information MTI shared with FSCA, the company conducts high-frequency derivatives trades using bots on behalf of its clients.
The financial watchdog said in a statement that the current business model of MTI requires it to own a financial service provider license but it does not seem to have one.
The FSCA’s biggest concern was that MTI was promising its clients returns of as much as 10% per month.