TrioMarkets operator EDR Financial fined €50K by CySEC

Cyprus financial regulator CySEC has imposed a €50,000 penalty on EDR Financial Ltd, the Cyprus Investment Firm (CIF) that operates the TrioMarkets CFDs brokerage brand for European Union clients.

The settlement addresses possible violations of the Investment Services and Activities and Regulated Markets Law of 2017, covering the period from 2020 to 2024. CySEC’s investigation focused on whether the company complied with ongoing authorization conditions for CIFs, specifically organizational requirements outlined in Articles 17(4), 17(5)(a), and 17(5)(b) of the law.

The regulator also examined compliance with Article 42 of Regulation (EU) No 600/2014 regarding product intervention, particularly CySEC’s Directive DI87-09. This directive restricts the marketing, distribution, or sale of Contracts for Differences (CFDs) to retail clients, with an emphasis on ensuring full adherence to paragraphs 4(1)(a) and 4(1)(d).

EDR Financial has paid the full €50,000 settlement amount, CySEC confirmed.

Background on TrioMarkets and the Ghrenassia Family

TrioMarkets operates under a CySEC license for EU clients via triomarkets.eu, while an offshore entity, Triomarkets Capital Ltd domiciled in Mauritius, serves non-EU clients. The brokerage was founded by French-Israeli entrepreneur Raphael Ghrenassia, who serves as CEO, alongside his brother David Ghrenassia as CFO. Another brother, Michael Ghrenassia, holds the position of group CMO.

The group recently expanded into the proprietary trading space with the launch of TrioFunded, an in-house prop trading brand.