The Australian Securities and Investments Commission (ASIC) announced it has cancelled the license of retail OTC derivative issuer AGM Markets, due to unethical conduct and unmanaged conflicts of interest. The Australianfinancial watchdog has also launched civil proceedings against the broker. After it conducted an investigation on the company’s activity, ASIC listed eight reasons to cancel the license of AGM Markets Pty Ltd, the Australian arm of the brokerage. The Australian regulator also clarified that AGM Markets’ AFS licensewill continue till the end of the year, so that the broker maintains its membership of an external dispute resolution scheme and stays covered by adequate indemnity insurance until this time.