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Name: Shanghai Mercantile Exchange
Type: Fake regulators and/or market operators
Address(es): World Finance Tower, Lujiazui Central Financial District,
Shanghai, China
Website: www.shmex.org
Remarks: The above entity falsely claims it operates leading regulated exchanges, trading platforms and clearing houses. Levin Mayer, an unlicensed entity on the Alert List, claims that it conducts futures trading through Shanghai Mercantile Exchange. The company uses a bank account in Hong Kong in the name of Hartix Limited, another unlicensed entity on the Alert List, for settlement.
Add date: 22 Apr 2010
Fake regulators and/or market operators

Creating a fake regulator and/or market operator website is one of the tricks used to deceive unwary investors into thinking that certain unauthorised financial institutions or intermediaries listed on that website are supervised by a real regulator and that they conduct their trades through a recognised market operator (e.g. stock exchanges). The scamsters create a website for a non-existent financial regulator or market operator with a plausible name. Such a website is usually sophisticated and often contains up-to-date financial news to create a false impression of authenticity. In fact, no such financial regulator or market operator exists under that name.

To check whether a financial regulator and market operator really exists, see the member lists of the International Organization of Securities Commissions and the World Federation of Exchanges respectively.

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