Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

BROCO MCX Futures Datafeed Shutdown

4 min read

July 26, 2012:  The FPA has recieved information indicating that Broco is shutting down.  We will publish more about this as soon as we can get confirmation.

The FPA has heard a rumor that Broco’s branch in Cyprus has changed its name to VIS Technical Support.

The FPA has seen information that indicates that Broco’s application for a Cysec license was rejected in July 2010.  One of the reasons for this rejection was an open SEC case against the company and some of its shareholders.  The SEC case info is at…

http://www.sec.gov/litigation/complaints/2010/comp21452.pdf

WARNING:  Broco’s licenses from the Mauritius FSC were suspended on December 7, 2010.  On October 21, 2011, those licenses were revoked and Broco was ordered to disolve its business in Mauritius.  The revoked licenses continued to be displayed on Broco’s website until May of 2012.

http://www.fscmauritius.org/media/63698/broco_investments.pdf

 
June 2012 UPDATE:  Broco now has one branch licensed in Panama.  Clients wishing to have their funds under this branch need to contact Broco to make arrangements.  Click here for more details.

 

Under the circumstances, the FPA recommends caution dealing with Broco.
July 2012 Update:  There are FPA Traders Court Cases open against Broco.

 

As if this wasn’t anticipated for some time now: Broco’s CEO Valery Maltsev has officially announcedthat the company is shutting down due to police investigation.

Broco officially blows up
Source – Forexmagates

In 2010 Broco was sued by the SEC for manipulating client positions, SEC claimed that: “The Commission’s complaint alleges that BroCo Investments, Inc., its president Valery Maltsev, and/or individuals acting in concert with them hijacked the online brokerage accounts of unwitting investors using stolen usernames and passwords and subsequently placed unauthorized trades through the compromised accounts to manipulate the markets of at least thirty-eight issuers between August 2009 and December 2009. In almost every instance, prior to intruding into these accounts, the Defendants acquired positions in their own account. Then, just minutes later, without the accountholders’ knowledge, the Defendants, and/or individuals acting in concert with them, placed scores of unauthorized buy orders at above-market prices using the compromised accounts. After these unauthorized buy orders were placed, the Defendants sold the positions held in their own account at the artificially inflated prices.”

Subsequently Mauritius FSC suspended Broco’s license. Broco then settled the complaint with SEC, some alleged it paid the fine from client funds.

Today Valery Maltsev officially announced on a corporate forum that as of 00:00 on July 25th company’s services are suspended. Mr. Maltsev writes to explain that the allegations have been brought against the company by former clients who traded and lost their funds in 2008-2009 although they traded for months. Broco is also accused of operating without a license (not clear what this is about since Russia doesn’t regulate forex) and that Broco didn’t clear all trades on international markets (again, this count not very clear).

Mr. Maltsev also claims that it’s the 4th raid on the company’s offices in past 2.5 years which according to him every time cost the company all its technology equipment, servers and some employees. After each raid potential investors in future company projects withdrew their interest.

Mr. Maltsev states that “In every process there is a moment where you have no longer power to fight attempts to blacken, defame and rip apart the company. We no longer have any strength left.”

He continues: “In the last 2.5 years we’ve experienced too many shocks for company our size but we’ve done everything in our power to restore all processes and make sure that clients aren’t affected. However backlash of the SEC case, aggressive corporate war into which the company and personally I were drawn into, the latest wave of bankruptcies of several American prime brokers  and the latest raid all extinguished our resources and has put an end to Broco’s existence.

The employees, as well as heads of departments have made every effort to ensure that the company went out of the crisis, and we managed to do so, however these factors played a decisive role. I assured employees until the last moment hoping that the troubles will cease, and we can go back working in a normal atmosphere. We were not given this. Starting tomorrow, 99% of the personnel of the company will be dismissed, this is after they have invested the maximum effort in the company. I know that the employees were affected the most in this situation, and what happened to the company is not their fault.

Starting tomorrow, we will stop the activities of all companies included in the «Broco» group of companies. Tomorrow, because of these factors, as well as lack of network resources and access to systems, our customers will not be able to access dealers and technical support. Tomorrow (July 25, 2012) from 02:00 am Moscow time, all clients will only be able to close out positions in trade terminals. On Friday, at 23:59 Moscow time all positions will be closed automatically. Due to lack of resources and access to the support systems, we can not accept and process customer orders in your account, so we will officially begin accepting applications (requirements) of the clients for payment of funds from their trading accounts in writing to the address of the company (I’ll post all the samples documents and the address to which they will need to be sent). Due to lack of network resources, company websites as well as personal cabinet will run until July 27, 2012. Also, it’s unclear whether we can send messages to the trading terminal. In any event, a forum of the company will work continuously, and on it I will inform customers about the current situation.

“Broco» for me personally, is more than the company. This is my life, so I forgive my customers, partners, contractors, suppliers and employees. I could not cope with this difficult situation, despite the fact that I’ve done more than possible.

All the important information as it becomes available, I’ll cover in this thread on the Forum.”

Thus Broco joins the ranks of several Russian forex brokers lately gone bust. Previous one was Royal Max Brokers which turned out to be a major scam.

Broco’s website seems to be fully operational and this notice is not found on its homepage as you’d normally expect. There’s no confirmation from the police or newspapers about this raid on Broco and several sources suggested this may be just another attempt of Broco to avoid paying customers back. Time will tell.

P.S. Maltsev then posted photos of what seems to be an empty office, possibly after the alleged raid.

Note : Broco Website is down and it is expected rumours  around the web that the MCX Metatrader live feeds will be stopped very soon

Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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28 Replies to “BROCO MCX Futures Datafeed Shutdown”

  1. Rajandran sir…i asked u before also…any website where i can use NF interactive chart free of cost??/Thanks

  2. DEAR Rajandran R SIR,
    I WANT 2 ASK U :-
    Q:-WHERE I FIND MCX REAL TIME DATA FEED FOR FREE?
    Q:-PLZ LIST ME CHEAPEST MCX REAL TIME DATA FEED WEBSITES OR DATA PROVIDERS?

    WAITING 4 REPLY
    THANKS

  3. Dear rajan sir style of macd in meta trader is very simple and easy to understand pl tell me how we convert this in amibroker platform

  4. Personal Mail from one of my friends inbox.

    Dear Managers and Investors!

    According to the message of the Broco Group CEO Valery Maltsev posted on the Company’s official forum from 25.07.2012, since 27.07.2012 23:00 by terminal time all trading positions on the Managed Accounts will be forced to close and then all Managed Accounts will be closed too. All investors’ and managers’ funds will be distributed back to their accounts according to their shares.

    You can see the full text of the message on our forum http://www.procapital.ru/showpost.php?p=1271431&postcount=2

    Best regards, Broco Group

    Dear Clients!
    According to the message of the Broco Group CEO Valery Maltsev posted on the Company’s official forum on 25.07.2012, all trading positions will be forced to close with the last price which came for correspondent trading symbols in the terminal (for CFD contracts Last price will be used for closing)
    You can see the full text of the message on our forum http://www.procapital.ru/showthread.php?t=45461

    Dear Clients and Partners!
    According to the message of the Broco Group CEO Valery Maltsev posted on the Company’s official forum on 25.07.2012, since 00:00 of terminal time all trading symbols in the Broco Trader terminal and Broco Options terminal is set to Close only mode and no trades opening will be available. You can see the full text of the message on our forum http://www.procapital.ru/showthread.php?t=45461
    Best regards, Broco Group

    Dear Managers and Investors!

    According to the message of the Broco Group CEO Valery Maltsev posted on the Company’s official forum from 25.07.2012, since 27.07.2012 23:00 by terminal time all trading positions on the Managed Accounts will be compulsory closed and then all Managed Accounts will be closed too. All investors’ and managers’ funds will be distributed back to their accounts according to their shares. Till 00.00 28.07.2012 all investors may withdraw their shares according to the common depositing/withdrawal shedules of their Managed Accounts.
    You can see the full text of the message on our forum http://www.procapital.ru/showthread….03#post1270803

    Best regards,
    Broco Group

    1. @Dhandapani: Broco Shutdown their operation since last friday. So no more broco and no more MT4 operation for any of the instruments. Please read the above information for more details.

  5. Yes Broco shuts down. The Ultimate MCX Charts no more. It was really nice. Today I have contacted the Broco Rep. and he confirmed that. Hope all investors will get refund soon (?). Marketcalls only introduced me to Broco and was enjoying the software from last few months.
    Now have to looks for First Chart as Rajendran suggested. But the subscription is little higher side. If anyone come across MCX charting softwares pl inform . thanks.

    1. @Vishnu

      Not only you many would be loosing the free resources provided by broco. And yes if there is any free resources marketcalls will be there in the front to report it.

  6. now broco is shot down i use it for my study on mcx silver and testing indicators now what can i do and that time i make my system which give me 20% to 40% every month

  7. dear friends never broco closed contiously . be pacently wait or else broco wil give us alternative surly trust

  8. Broco is closed permanently and they got massive bad name in public and they can’t venture back into financial industry back and get any business at all

  9. at this moment any RT chart for mcx very badly affected without broco for mcx trading dear friend guide us any other chart

  10. @ Balu Nothing is affect for professional trader @ MCX who are making money and can spend on decent real time data feeds

  11. Last few months, i used meta trader 4 with broco login……… now it is not working… i have indicators for mt4. it is highly accuracy and gave profits. last one week i didnt trade due to shutdown… my doubts ,

    1. Is this possible to convert that indicator for AMIBROKER ? if yes, please tell me the procedure..
    2. What is the procedure for any other real time data feed ?

    Please anybody help me…..

  12. Dear Rajan,

    Is there any other website providing free interactive charts for MCX and / or in USD terms ?
    Is there any company who provides such charts at nominal fees?
    which service is close to Broco Trader?

  13. Dear Rajandran,

    Is there any other website providing free interactive charts for MCX and / or in USD terms ?
    Is there any company who provides such charts at nominal fees?
    which service is close to Broco Trader?

  14. After Broco shuts down presently I have found First Charting MT4 quite useful. But little expensive. If anyone looking for serious Professional trader can opt this. Thanks for Marketcalls who introduced and found good service. Price updation also very fast , a few milliseconds difference with actual price. But this is negligible.

    v

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