Financial Commission Launches the First Self-Regulatory Framework for Prop Firms
New voluntary certification framework independently verifies that proprietary trading firms operate with transparent rules, fair enforcement and clear payouts — and adds independent dispute resolution that protects genuine traders while shielding firms from abusive behavior that threatens market integrity, backed by a code of conduct, ongoing monitoring and an expert review committee.
The Financial Commission, a leading independent, non-governmental self-regulatory organization and external dispute resolution (EDR) forum, today announces the launch of Prop Firm Certification, a new voluntary framework through which proprietary trading firms can be independently reviewed and certified for operating with transparent rules, fair enforcement and clear payouts. The program also brings independent dispute resolution to the sector — protecting genuine prop traders when firms fall short, while shielding firms from abusive behavior that threatens market integrity — extending the Financial Commission’s more-than-a-decade of independent dispute resolution into one of the fastest-growing corners of the retail trading industry.
Uniting trusted prop firms using established global standards, the program is a voluntary framework for proprietary trading firms to demonstrate alignment with standards of conduct through verifiable policies, documented practices and independent review by the Financial Commission, giving traders and partners a trusted, verifiable signal of a firm’s commitment to fair conduct.
Certification is awarded following an independent, evidence-based review of a firm’s rulebooks, evaluation criteria, payout policies, risk controls and dispute-handling practices. Firms that meet the standard receive a public certificate and listing on financialcommission.org and the right to display the Financial Commission’s authorized certification badge — a clear signal to the trading community that the firm has been independently assessed and holds itself to a recognized benchmark.
At the heart of the framework is a code of conduct built around five commitments: clear, plain-language rules; fair and consistent enforcement; transparent payouts and escalation; responsible, sustainable risk management; and respectful trader engagement, including access to the Financial Commission’s independent dispute-submission process. Together these principles define what it means for a proprietary trading firm to treat its traders fairly and operate with integrity.
Certification is not a one-time stamp. Certified firms are subject to an ongoing monitoring protocol and annual renewal, with any shortfalls addressed through a structured remediation process before approval. The review is deliberately two-way: it protects traders by providing an independent escalation path for eligible disputes, and it protects firms by assessing abusive-trader and market-integrity claims on the evidence — reaching determinations driven by facts and benchmarks rather than pressure or perception.
Underpinning the framework is an Expert Committee that brings market, legal, trading, risk and compliance perspectives to the standard, while final determinations remain with the Financial Commission. The committee comprises Ruben Abitbol, Founder of RUBIK; John Christofides, Founder of Truvian; Stanislav Galandzovskyi, Fractional CMO & Growth Advisor; Javier Hertfelder, Co-CEO of FXStreet; Justin Hertzberg, CEO of FPFX Technologies; Kathy Lien, Founder of Prop Trader Edge; and Camilo Tobar, CEO & Founder of Swiset. The breadth of the committee is central to the program’s credibility, ensuring the standard reflects real-world practice across trading, technology, risk, marketing and dispute resolution.
“The proprietary trading sector has grown rapidly, and with that growth comes a clear need for independent standards that both traders and firms can rely on,” said Nikolai Isayev, Chief Operating Officer of the Financial Commission. “Prop Firm Certification applies the same principles that have guided our dispute-resolution work for over a decade — transparent rules, fair enforcement and clear payouts — to a part of the industry that has lacked a credible, independent benchmark. By pairing a code of conduct that is rigorous but not overbearing — demanding on the things that matter, yet practical and proportionate to how firms actually run — with ongoing monitoring and the judgement of an expert committee, we give firms a realistic path to prove they play fair, and give traders confidence in who they trade with.”
“I’m pleased and excited to be part of this initiative because the prop industry urgently needs greater transparency and accountability. Having an independent committee made up of experts from different disciplines is a meaningful step toward setting higher standards and building trust across the industry,” said Ruben Abitbol, Founder of RUBIK and a member of the Expert Committee. “What I’m most looking forward to is helping address the imbalance that currently exists. On one side, some firms make inconsistent or poorly justified decisions that negatively affect legitimate traders. On the other, some traders abuse the system by making false accusations, launching defamation campaigns, or attempting to blackmail firms when they don’t obtain the outcome they expected. Neither is healthy for the industry. My role in the Expert Committee should be to bring objective expertise, consistency, and transparency so that decisions are driven by facts and benchmarks, rather than pressure or perception.”
“Prop trading is growing quickly, but the rules and standards haven’t kept pace. FC’s new prop certifications are an important step toward bringing greater clarity, consistency, and accountability to an industry that still lacks a clear regulatory framework,” said Kathy Lien, Founder of Prop Trader Edge and a member of the Expert Committee. “By establishing meaningful standards, we can better protect traders and help them make more informed decisions. I’m looking forward to contributing to the Expert Committee and helping build a framework that gives traders greater confidence and peace of mind.”
Proprietary trading firms interested in certification can learn more at financialcommission.org.
About the Financial Commission
The Financial Commission is an independent external dispute resolution (EDR) forum for consumers/traders who are unable to resolve disputes directly with their financial services providers who are members of the Financial Commission. The Financial Commission initially set out to provide a new approach for traders and brokers alike to resolve any issues that arise in the course of trading electronic markets, such as Foreign Exchange, and then expanded into CFDs and related derivatives, in addition to certifying technology platforms used for trading.
In addition to its dispute resolution services, the Financial Commission provides approved members with access to a range of membership benefits, certifications, and value-added services through its network of industry partners.