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Russia took a significant step in legalizingcryptocurrency mining in the region. The new law has strict limitations, allowing only specific groups to undertake the activity.A new law signed by President Vladimir Putin nowrecognizes crypto mining as a legal activity for entities listed in a stateregistry, local media agency Tass reported. This step signals the country’sdesire to embrace the digital economy while controlling its potential financialimpact.Who Can MineUnder this new legislation, only Russian legalentities and registered individual entrepreneurs may mine digital currency.However, individual miners are not completely excluded. Those operating below a government-established energy consumption threshold can reportedly participate without registering. This is expected to give smaller, independent miners a limited path to operating legally.The law also defines key roles within the cryptomining ecosystem, introducing terms such as mining pool, mining infrastructureoperator, and address identifier. These additions aim to create a structuredand regulated environment for digital currency mining within the country.The law allows the trading of foreign digitalfinancial assets on Russian blockchain platforms. Yet, this comes with arestriction: the Bank of Russia retains the power to halt specific offerings ifthey are deemed a threat to financial stability. A Controlled ApproachThis provision aims to ensure that the country’scentral bank maintains oversight and the capacity to intervene if necessary. Earlier this year, President Putin reportedly highlighted theeconomic potential of digital currencies in a government meeting, emphasizing the urgency of establishing a legal framework. He framed digital assets as a strategic opportunity,noting that a clear regulatory environment would allow Russia to move quicklyinto this promising area.Besides that, Russia announced plans to test digital rubles for real-world use cases last year. In a statement issued by thecountry's central bank, Russia highlighted plans to begin issuing the digitalcurrency for broad use cases if the pilot project is successful.The plan includes testing transactions, includingopening digital wallets for the ruble, money transfers, transfers betweenusers, payments of bills, and purchasing goods and services using digitalcurrency.This article was written by Jared Kirui at www.financemagnates.com.
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Kraken recently completed its latest Proof of Reserves,providing clients with a way to verify that their account balances are fullybacked by on-chain assets.This verification process, performed by an independentthird-party accounting firm, is based on a snapshot taken on September 30,2024. The attestation is intended to demonstrate that Kraken securely holdsclient assets for supported cryptocurrencies.Kraken Attests $21.5 Billion AssetsThis latest Proof of Reserves attestation covered six widelyheld assets on Kraken’s platform: Bitcoin, Ethereum, Solana, USD Coin, Tether,and XRP. The assessment included clients’ spot and margin positions, futuresbalances, and on-chain staked amounts of eligible assets, specifically ETH andSOL. In total, the attestation accounted for over $21.5 billion in clientassets. Kraken made these results available on November 1, 2024.Kraken introduced the Proof of Reserves system in 2014 andhas committed to regular attestations since January 2022. The process isdesigned to reassure clients that Kraken’s holdings are fully reserved within-kind assets. Clients who held any of the supported assets as of the snapshotdate can personally verify their balances are backed by logging into theirKraken Pro accounts.2024 Proof of Reserves has been completed by @krakenfx Our latest Proof of Reserves covered the most widely held cryptocurrencies on the platform. It included the spot positions, open margin positions, futures balances and on-chain staked amounts of eligible assets. In total,…— Nick Percoco (@c7five) November 4, 2024Merkle Tree Ensures VerificationTo conduct the Proof of Reserves, Kraken sums all clientliabilities and provides a method for clients to verify that their account andbalance details were included in this total. A third party then attests toKraken’s control over on-chain assets in amounts that exceed these liabilities.The process uses a Merkle Tree to represent individualaccount balances through encrypted, unique hashes. These hashes are combinedinto a single Merkle root hash that represents the total client balancescovered. This approach allows for verification without exposing unencrypteddata. Kraken again engaged The Network Firm, a registered CPA firm specializingin cryptocurrency attestation, to confirm it has control over the walletsholding these client balances.“As with our previous Proof of Reserves, clients can nowdownload the full path within the Merkle Tree, from their account to the root.They can review its construction, gain a better understanding of how Kraken’sProof of Reserves process works and personally verify the value and validity ofthe root hash included in the report,” Kraken stated.This article was written by Tareq Sikder at www.financemagnates.com.
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MARAHoldings (NASDAQ: MARA), the publicly listed Bitcoin miner from Wall Street, reported mining 717 BTC in October, marking its strongest monthly production since April's halving event. The crypto mining giant continues expanding its operations toward year-endtargets.MARA Posts Strong BitcoinMining Performance in October, Hashrate Jumps 14%Thecompany's energized hashrate reached 40.2 exahashes per second (EH/s) lastmonth, representinga 14% increase from September levels. Despite winning slightly fewer blocksdue to rising network difficulty, overall bitcoin production grew 2%month-over-month."Despitea slight month-over-month decrease in block wins, driven by the growth inglobal hash rate and the resulting rise in difficulty level, BTC productionincreased by 2% to 717 BTC,” said Fred Thiel, MARA's Chairman and CEO. Transactionfees provided a notable boost to October's results, accounting forapproximately 5% of total Bitcoin produced. Two significant transactionsgenerated fees of 3.217 BTC and 2.665 BTC respectively, highlighting thepotential upside from MARA's proprietary mining technology platforms.“We believethat our proprietary technology platforms such as Slipstream and MARAPool, ourproprietary mining pool, allow us to capture all potential benefits and takeadvantage of higher transaction fees as they arise,” added Thiel.As ofOctober 31, MARA held 27,562 Bitcoin in its treasury, including 4,499restricted BTC. The company maintained an average daily production rate of 23.1BTC throughout October.The companyinformed two weeks ago, thatit acquired a $200 million line of credit. The company’s credit facility isbacked by a segment of its cryptocurrency holdings, underscoring the increasingadoption of cryptocurrency-backed financing within the corporate sector.MARA’s October 2024 #Bitcoin Production Update is here:- Energized Hash Rate Increased 14% to 40.2 EH/s- 717 Bitcoin Produced in October, 2% Increase M/M- Transaction Fees Accounted for 5% of Total Bitcoin ProducedRead the full report: https://t.co/9kfGlNJqFX pic.twitter.com/5w7xxpl7Be— MARA (@MARAHoldings) November 4, 2024Bitcoin Production CostsHit $49,500Although theproduction numbers are rising, MARA and other publicly listed Bitcoin minersfrom Wall Street are contending with rising production expenses, with theaverage cost to mine one Bitcoin reaching $49,500 in the second quarter. Whenincluding depreciation and stock-based compensation, this figure escalates to$96,100 per Bitcoin, significantly impacting profit margins. CoinShares'recent report notesthat the industry is facing substantial challenges this year, with decliningrevenues and hash prices. Increased market activity has elevated miningdifficulty to record levels, further exacerbating production costs. In responseto these pressures, many mining operations are adjusting their businessstrategies. Some are diversifying into artificial intelligence andhigh-performance computing services to offset the financial strain caused byescalating production costs.Acomparative study between Bitcoin mining and direct investment highlights keyfinancial dynamics (infographic above). A typical 1 MW mining project, usingadvanced equipment like the Canaan Avalon A1566, demands around $740,000upfront. Assuming Bitcoin prices reach $130,000 by late 2026 and electricitycosts remain at $0.045 per kilowatt-hour, operators could recover their initialinvestment in approximately 27 months.This article was written by Damian Chmiel at www.financemagnates.com.
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Online trading broker CFI was named the officialsponsor of the Arabian Gulf Cup, Khaleeji Zain 26, which will be heldin Kuwait from December to January. Arabian Gulf CupThe Arab Gulf Cup Football Federation will organize the tournament, which brings together eight participating countries: Kuwait, Oman, UAE, Saudi Arabia, Bahrain, Qatar, Iraq, and Yemen. According to the official statement, CFI’s role as anofficial sponsor will grant the company significant brand visibility throughoutthe event and direct engagement with attendees. Beyond its sponsorship, CFI plans interactiveinitiatives designed to bring fans closer to the action and deepen itsconnection with communities across the Gulf.Commenting about the partnership, His ExcellencySheikh Hamad bin Khalifa bin Ahmed Al Thani, the President of the Arabian GulfCup Football Federation, said: "Partnerships like the one with CFI play acrucial role in supporting the growth of football across the region." "This collaboration with CFI, a strategic partnerknown for its commitment to sports and major events, further solidifies ourefforts to strengthen the Arabian Gulf Cup and its impact.Jassim Al Rumaihi, AGCFF Secretary-General, noted thatthe partnership with CFI aligns with the federation’s objective to improveengagement with the Arabian Gulf Cup’s standards for both fans and players. Beyond this sponsorship, CFI has a rich history ofinvolvement in regional sports, extending its support to elite sportsorganizations such as AC Milan and FIBA WASL.Recent Partnerships in the RegionAdditionally, the group has partnered with theDepartment of Culture and Tourism Abu Dhabi, actively participating in variousCSR initiatives to bolster community engagement and local culture.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Goat FundedTrader (GFT) has informed its clients that due to the U.S. presidentialelection, it is temporarily suspending trading on live accounts as a “conservativemeasure” in anticipation of “high volatility.”Prop Firm Goat FundedTrader Halts Live Trading During US ElectionIn the proptrading industry, it's standard practice to restrict trading during periods ofincreased price fluctuations. Many firms don't even allow trading during majoreconomic data releases (known as "news trading").The U.S.presidential election is certainly one of the events that could shake marketsto their core, and GFT has decided to completely suspend trading during thisperiod."Wewill be disabling trading on all live accounts from November 5th, 5 pm UTC,until November 6th, 1 pm UTC," stated the company's official announcementpublished yesterday (Sunday) on their social media channels.🚨IMPORTANT NEWS🚨Read carefully. pic.twitter.com/rQ0Xzsdzcj— Goat Funded Trader (@GoatFunded) November 3, 2024The propfirm reminds its clients that all positions on live simulated accounts must beclosed before the designated date, or the system will automatically close them.GFTemphasizes that this applies to live accounts only. Traders who are inchallenge phases will still have access to their accounts. However, the propfirm strongly advises exercising caution during this period."TheU.S. elections are expected to bring extreme volatility, which could causesignificant fluctuations in prices and increased risks of slippage, spreadswidening, and execution delays beyond our control," the statementcontinued.At the timeof this article's publication, Finance Magnates could not confirmwhether any other prop trading firms had taken measures similar to GFT's. OnlyOptimal Traders has announced that they "anticipate a period of heightenedmarket volatility." However,the firm is not blocking trading or news trading during this period, thoughthey encourage their clients to consider the risks associated with this eventand suggest staying on the sidelines.Financial Markets and US ElectionsU.S.presidential elections have historically influenced financial markets, withvarying impacts on the U.S. dollar, commodities, Bitcoin, and stocks. Theseeffects often stem from investor expectations regarding potential policychanges and economic strategies of incoming administrations.The U.S.dollar typically experiences fluctuations during election periods. Forinstance, following the 2016 election, the dollar strengthened as marketsanticipated fiscal stimulus and tax reforms under the new administration.Conversely, in 2020, the dollar faced downward pressure amid uncertaintiessurrounding the election outcome and the economic impact of the COVID-19pandemic. These movements reflect investor sentiment and expectations of futureeconomic policies.Bitcoin'sresponse to elections is relatively recent but notable. During the 2020election, Bitcoin's price rose, possibly due to increased demand foralternative assets amid economic uncertainty. Anticipationahead of this year's elections is also driving markets. The dollar has reachedmulti-month highs, Bitcoin has approached record peaks, and gold has once againrecorded an all-time high.Goat Funded Trader AddscTraderA week ago,the proprietary trading firm announced the addition of cTrader, Spotware'swell-regarded trading platform, to its suite of investment tools. This marksthe latest in a series of updates by GFT, following its introduction ofTradeLocker and discontinuation of MetaTrader earlier this year.📢 cTrader IS NOW LIVE 📢The news everyone was waiting for 🔥To celebrate the introduction of this new platformGFT offers a 25% OFF on all Challenges!✅Available for 72 hours only🎟️Code: CTRADERDon’t miss the chance and join us now pic.twitter.com/5vXGmEDyGH— Goat Funded Trader (@GoatFunded) October 21, 2024Recently,Goat Funded Trader hinted at a significant update on social media, promptingsome traders to speculate on the arrival of cTrader. Confirming thesepredictions, GFT has launched cTrader and is offering discounted…
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All eyes will be on the United States on Tuesday, 5 November 2024, as the world awaits the outcome of the contest between Kamala Harris and Donald Trump. With the countdown clock to the 2024 US elections beginning to tick down towards polling day, markets are starting to brace themselves for what is yet to come.Key Volatility FactorsThe sharp differences between Harris' and Trump's policy platforms are creating an atmosphere of market volatility, as investors may be unsure which sectors stand to be affected by the outcome of this neck-and-neck race. Beyond the presidency, control of Congress—both the House and Senate—plays a crucial role in determining policy outcomes and potential market reactions. Historically, markets have trended upward across presidential terms, yet analysts suggest that a divided government, where different parties control the presidency and Congress, may be optimal for market stability.Understanding underlying market dynamics is crucial for those entering the online trading arena, and as the U.S. election on 5 November approaches, market volatility is reaching new heights, creating both risks and opportunities for traders. To help navigate this turbulent landscape, Plus500 offers a wealth of resources through its Trading Academy, including US election webinars, tutorials, eBooks, analysis, and up-to-date news articles. These tools equip traders with the knowledge to better understand market dynamics and the potential impact of political developments on their trading strategies. In this uncertain environment, well-informed traders who grasp key concepts and trends might be better-placed to adapt to sudden price movements that could arise from unexpected election outcomes, although results are never guaranteed with trading. The Economic Issues Driving the 2024 ElectionThe 2024 U.S. elections bring critical economic issues to the fore, with tax, trade, and energy policies as central themes. Donald Trump has proposed further corporate tax cuts to stimulate growth, particularly in manufacturing, energy, and technology, which may boost equity markets in the short term, but could increase federal deficits. Kamala Harris, on the other hand, supports targeted tax incentives for green sectors while proposing higher corporate taxes for social initiatives, potentially boosting clean energy stocks but affecting traditional sectors.On trade, Trump has revived his stance on tariffs, particularly towards China, aiming to promote domestic industries. This could benefit U.S. manufacturing but may disrupt tech and consumer goods reliant on international supply chains. Harris's approach, while less aggressive, would aim for targeted tariffs, supporting U.S. interests without risking extensive trade conflicts, which could stabilise sectors sensitive to global markets.Energy policy reflects another stark partisan contrast. Trump advocates for expanding fossil fuel production to reduce energy costs and inflation, which would likely favour traditional energy stocks. Harris's clean energy approach seeks to boost renewables like solar and wind, supporting sustainability-focused sectors, although it may come with initial cost implications for energy markets.Potential Market Risks: Volatility, Fed Policy, and Foreign RelationsMarket volatility could increase with trade and energy policy shifts, especially if Trump’s proposed tariffs amplify tensions with China. Retaliatory tariffs could hurt agriculture and technology exports, heightening risks in indices tied to these sectors. In contrast, Harris’s more moderate approach might result in steadier markets, benefiting industries with international exposure.Monetary policy remains critical, with Trump favouring lower rates to spur growth, risking inflation if the Federal Reserve complies. Harris supports the Fed’s independence, suggesting more stable monetary policy with potential benefits for long-term economic stability.Foreign relations also play a role, particularly concerning China and other trade partners. Trump’s tariff plans…
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Swiss-basedDukascopy Bank has reached a significant milestone, completing 20 years ofoperations in digital trading and banking services, with its client base nowexceeding 400,000 customers worldwide.Dukascopy Hits 20-YearMark as Swiss Digital Banking PioneerTheGeneva-headquartered institution, which began its journey in 2004, has evolvedfrom a trading platform provider into a comprehensive fintech player, offeringboth traditional trading services and modern neo-bankingsolutions."Innovationhas always been at the heart of what we do," said Dr. Andre Duka, thebank's founder. "We aim to continue delivering these high standards intothe future."Dukascopy’s growthtrajectory has been marked by the development of proprietary technology, includingits JForex platform, alongside support for industry-standard platforms likeMT4 and MT5. Its service portfolio has expanded to include white-labelsolutions and banking-as-a-platform offerings, catering to both retail andinstitutional clients.“As thecompany looks toward the future, Dukascopy remains focused on empoweringtraders and banking clients, expecting significant growth of its client baseacross all segments, from trading, to neo-banking, corporate to white-labelservices,” the company concluded.Dukascopy’s FinancialPerformance After Two Decades in the MarketIn2023, Dukascopy managed to maintain profitability; however, net profitdeclined to CHF 1.3 million due to “unfavorable changes in the marketenvironment.” The previous year, net profit stood at CHF 6.4 million, while in2021, it was CHF 2.1 million.“What makesus proud is that in this international turmoil, Dukascopy Bank SA remainsstable and reliable with a valuable product and philosophy, rooted in the Swisstradition, and with a clear vision for the future,” according to a statementfrom the Dukascopy Bank Board of Directors.The mostrecent financial snapshot is provided inthe 2024 mid-year report, showing income from trading activities plummetedby nearly 650% to CHF 5.1 million. Net profit dropped by 82% to just under CHF81,000.Meanwhile,the Swiss broker continues enhancing its products and services. In June of lastyear, Dukascopy addedaccess to Italian stocks and indices on its trading platform and integratedMetaTrader 5. The broker is also working to attract clients affectedby the collapse of its local competitor, FlowBank.This article was written by Damian Chmiel at www.financemagnates.com.
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Kraken, which previously violated Australian financial market rules by offering fiat-based margin products, has revamped its services in the country by offering crypto-based derivatives products for local wholesale clients.Limited to Wholesale ClientsAnnounced yesterday (Sunday), the American exchange highlighted that the new products are being offered under its local entity, an Australian financial services-licensed broker. The derivative products are available only to eligible Australian wholesale clients.The exchange noted that qualified clients will have access to over 200 tradable assets. The derivatives platform will also offer multi-collateral support with fiat, stablecoins, and cryptocurrencies.Hey Australia 🇦🇺 – big news! We are now offering access to crypto-based derivatives for eligible wholesale clients via our Australian financial services licensed broker.Read more here:https://t.co/beFhgGaGGm pic.twitter.com/wl1jbfMVjE— Kraken Exchange (@krakenfx) November 3, 2024“Australian wholesale clients are looking for the ability to execute advanced trading strategies using a licensed broker backed by Kraken’s high-security standards,” said Jonathon Miller, Kraken’s GM for Australia and Rest of World.Breached Aussie RulesHeadquartered in California, Kraken faced a setback in Australia when the local regulator alleged that the crypto exchange violated regulations by offering margin trading products. Although Kraken called the action “surprising and disappointing,” an Australian court sided with the regulator, ruling that the exchange had indeed violated local rules. However, the court order specified that only Kraken's fiat-based margin products breached regulations, not the crypto-based products.Notably, the breaches were specifically related to products offered to Kraken's retail client base, not to wholesale clients.Kraken continued to expand its presence in Australia by bringing custody services to institutional clients in the country, as well as in the United Kingdom.“Our licensed broker offering is a testament to our ongoing commitment to regulatory compliance and to bringing exciting crypto products to market,” Miller added, “that can truly meet institutional demand for crypto assets.”Last month, the American exchange also announced the launch of its new global derivatives venue regulated by the Bermuda Monetary Authority. It expanded its presence in Europe with the acquisition of Dutch crypto broker BCM.Meanwhile, Kraken is contesting actions by the US Securities and Exchange Commission, which accused the exchange of operating an unregistered securities exchange, broker, dealer, and clearing agency. Furthermore, the exchange was accused of commingling customers’ money and crypto assets with its own. Kraken recently responded to the regulator, arguing that crypto assets are not “illegal securities” and seeking a jury trial.This article was written by Arnab Shome at www.financemagnates.com.
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The US Presidential election is only a day away. Although current Vice President Kamala Harris started on the back foot in her race against former President Donald Trump, her odds on Polymarket have narrowed significantly recently.Harris Leads Polls, but Trump Is Bettors’ FavouriteThe odds between Harris and Trump have always been narrow in various election polls. In the New York Times poll, Harris is even ahead of Trump, though the lead is very marginal—only 1 percentage point. A similar sentiment can be seen across other US election polls.However, in the betting markets, where real money is involved, things are different. Polymarket, the largest blockchain-based betting market, keeps Trump ahead of Harris. The gap between them widened to 66.6:33.4 in favour of Trump last week but pushed Harris up over the weekend, narrowing the gap to 56:42, still in Trump’s favour.Kamala Harris' odds continue to rise.🟥 Trump • 54.8% chance🟦 Harris • 45.1% chance1 day to go. pic.twitter.com/9RVNdokbyH— Polymarket (@Polymarket) November 3, 2024Although Polymarket is the largest election betting market, with a volume of more than $2.8 billion, it is an offshore platform. Interestingly, political betting is also available in the US. Kalshi and Interactive Brokers-owned ForecastEx are the top two platforms, but their volumes remain significantly lower than their crypto counterpart.The bettors on Kalshi are giving Trump a 52 percent odd against 48 percent for Harris on a market of over $185.6 million.However, ForecastEx is a bit different as it has two separate markets for Harris’s and Trump’s victories. Only 49 percent of the ForecastEx bettors bought the contract favouring Harris’s win, while 54 percent of the bettors favoured a Trump victory. The market betting on Harris’s victory has over $80.3 million in open interest, while the one for Trump’s victory has over $74.1 million.The flip. Trump regains his lead on Kalshi. pic.twitter.com/drZWPUrgdT— Kalshi (@Kalshi) November 4, 2024The Legal Political Betting Market in the USNotably, the onshore dollar-based US elections prediction markets received a setback in opening political markets, as the Commodity Futures Trading Commission (CFTC) blocked Kalshi over concerns regarding gaming and other activities that were not in the public’s interest. However, Kalshi sued the agency, and the court sided with it; even an appeals court favoured the prediction market.“Ensuring the integrity of elections and avoiding improper interference and misinformation are undoubtedly paramount public interests, and a substantiated risk of distorting the electoral process would amount to irreparable harm,” the ruling by an appeals court in favour of Kalshi stated.“The problem is that the CFTC has given this court no concrete basis to conclude that event contracts would likely be a vehicle for such harms.”Bitcoin Tests Another All-Time HighMeanwhile, the cryptocurrency market is also testing a new all-time high ahead of the US elections. Bitcoin, which has a market cap of $1.3 trillion, went past $73,000 and almost touched its previous all-time high. However, the token’s price dropped from that near-peak and is currently moving around $69,000.“The relationship between election win odds and crypto prices has fluctuated significantly, partly due to multiple non-electoral factors driving markets. The strongest correlations emerged during periods of Republican momentum—both in mid-July and in recent days,” said David Lawant, Head of Research at FalconX.However, Ether, the second-largest token on the crypto market, underperformed. The only major asset that outperformed Bitcoin was DOGE.“DOGE was the sole major asset to outperform BTC this week, perhaps due to the Elon Musk association amid election news flow,” Lawant added.“After six months of directionless trading, markets appear eager to move past election uncertainty towards firmer ground. Trading volumes, typically a reliable confirmation of crypto trends, are starting to show signs of life and have jumped 30-40% above…
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XTB Reports 67% Revenue Growth in Q3In financial reports this week, XTB reported its preliminary and operating financial results for the third quarter, highlighting growth in client acquisition and profit during the period. The publicly listed Polish fintech company attracted over 108,000 new clients, a 60% increase year-over-year. It also reported a consolidated net profit of PLN 203.8 million, nearly doubling its earnings from the previous year.XTB posted a consolidated revenue of PLN 470.2 million, marking a 67.3% increase compared to the same quarter in 2023. The firm attributed the significant revenue growth to heightened market volatility observed in July and August, which reportedly facilitated sustained trading activity.Plus500's Average Deposits Surge to $6,150Plus500 reported a notable growth in the third quarter of 2024. Its revenue climbed 11% to $187.3 million, and new customer acquisition surged 21% year-over-year. The company's EBITDA reached $82.2 million, marking a 2% increase from the previous year. However, the EBITDA margin contracted to 44% from 48% as the company continued its strategic investments in market expansion and product development.“During the quarter, revenue and EBITDA increased by 11% and 2% year-on-year, respectively, highlighting our continued investment in attracting new customers, which resulted in the number of new customers increasing by 21% compared to Q3 2023,” commented David Zruia, Chief Executive Officer of Plus500.NAGA’s Revenue Reaches €31.7M Following MergerNAGA Group also released its half-year report, presenting unaudited financial results for the first six months of 2024. During this period, the firm highlighted the completion of a merger with Key Way Group, owner of CAPEX.com. The merger reportedly contributed to nearly doubling NAGA’s registered users, total deposits, and trading volume.NAGA registered revenue of EUR 31.7 million in H1 2024 on a pro-forma basis, compared to EUR 36.0 million in H1 2023. According to the firm, the increase followed a strategic shift aimed at improving profitability and operational efficiency, including the elimination of unprofitable business units.Robinhood Postes Crypto Gains in Q3Robinhood experienced substantial gains from its crypto offerings, with the trading volume on the platform doubling to $14.4 billion. This resulted in a 65 percent increase in revenue from this segment, totaling $61 million. American trading platform generated $637 million in revenue for the third quarter of 2024, marking a 36% increase. Of this, transactions-based revenue grew to $319 million, up 72 percent. Although crypto revenue posted the largest gains, options trading remained Robinhood’s primary revenue generator, contributing $202 million, a 63% year-over-year increase. Revenue from equities trading also rose by 37% to $37 million.Q3 Slowdown Hits Coinbase, Pledges $25M for Political FundingCoinbase missed Wall Street’s Q3 2024 revenue estimate of $1.26 billion, reporting $1.2 billion. Its earnings per share of $0.28 also fell short of analyst expectations of $0.45. The crypto exchange’s EBITDA of $449 million also missed expectations by $20.2 million.The missed estimates impacted the company’s share price, which dropped by almost 5 percent in after-hours trading. In a letter to shareholders, Coinbase attributed the slowdown to “softer market conditions.” The exchange's total revenue declined by 17 percent quarter-over-quarter, with transaction revenue at $573 million, down 27 percent.pic.twitter.com/13VmI6CGe8— Brian Armstrong (@brian_armstrong) October 31, 2024CMC Markets Plans NZX Accreditation for Trading and Clearing in 2025Financial services company CMC Markets announced its intention to apply for accreditation as an NZX Trading and Clearing Participant in 2025. The application will be lodged with NZ RegCo, the entity responsible for enforcing compliance with NZX’s market rules. The announcement took place at NZX’s Capital Markets Centre in Auckland. CMC Markets Chief Executive and Founder Peter…
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Dukascopy Bank is launching new money market investmentproducts in time for its 20th anniversary. The products, known as Interest USD,Interest GBP, and Interest EUR, offer annualized interest rates of 5.70%,5.45%, and 4.03%, respectively. Rates are determined by the performance of theunderlying funds.New Money Market Products IntroducedThese products are aimed at clients interested in safer,short-term portfolio growth. They are available to MCA account holders andcater to those seeking stable returns on EUR, USD, and GBP holdings. The firmsuggests that the offerings suit investors with moderate risk tolerance andsome experience.Additionally, Dukascopy’s Silver, Gold, and Platinum LoyaltyProgram members receive up to 50% maintenance fee discounts, adding a furtherreturn benefit for long-term clients.Dukascopy Bank states: "Current Annualized Performanceis for indicative purposes only. Please be aware of the maintenance feeassociated with such investments. We encourage you to consult our website foradditional information regarding these fees." This statement highlights the need to consider allassociated costs with the new money market products.Dukascopy Japan Launches CFDs While FlowBank Clients SeekAlternativesDukascopyJapan has launched commodity CFD trading after receiving approval fromJapan's Ministry of Economy, Trade, and Industry and the Ministry ofAgriculture, Forestry, and Fisheries. The firm can now provide clientswith commodity CFDs, including oil, gas, and precious metals, alongside itsforex services. These products will be available on both LIVE and DEMOJForex accounts for Japanese customers. The company intends to expand itsclient base and enhance portfolio diversification. Additionally, DukascopyJapan plans to secure a license for equity CFDs to strengthen its position inthe Japanese financial market, as reported by Finance Magnates.Following FlowBank's recent bankruptcy, former traders areseeking new trading partners. In response, Dukascopyhas introduced a special offer for these clients, providing a 50% CashBackon volume commissions for the lifetime of their accounts. This promotion isavailable to all former FlowBank clients who open an account with Dukascopy andnotify their personal account manager of their eligibility.This article was written by Tareq Sikder at www.financemagnates.com.
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Broadridge Financial Solutions acquired the wealth management platform KyndrylSecurities Industry Services (SIS) platform to boost its presence in theCanadian financial services sector. According to the company, the acquisition aims toexpand Broadridge's portfolio by enhancing its services for wealthmanagement and capital markets. Expanding Broadridge Services in Canadathis acquisition promises to bring Broadridge'sinvestment in product innovation and industry-specific solutions to theCanadian wealth market, building a foundation for streamlined operations andaccelerated growth.Broadridge’s purchase of Kyndryl SIS represents acalculated move to serve a broader range of Canadian financial services. Theacquisition reportedly builds on the fintech firm's intent to offer Canadian firms betterdigital infrastructure that supports both simplification and forward-thinkinginnovations.“The acquisition further emphasizes Broadridge's commitmentto providing leading solutions to the Canadian financial services market thatenable simplification and innovation and will enable Broadridge to bringaccelerated innovation and product investments to the Canadian wealth market,”the company mentioned. This addition aligns with Broadridge’s broadercommitment to meet industry needs and help clients navigate a rapidly changingmarket landscape. Through this acquisition, Broadridge intends tochannel more resources into product development specifically suited to theCanadian wealth management space. This will reportedly be done by enhancing the SISplatform’s capabilities.Recently, Broadridge announced support for newover-the-counter derivatives reporting requirements in Singapore and Australia and preparation for new regulatory changes in Canada andHong Kong.Enhancing RegulationsDuring the unveiling, Broadridge mentioned that itsreporting solution is set to meet the Monetary Authority of Singapore (MAS) andAustralian Securities and Investments Commission (ASIC) requirements.Additionally, the fintech firm is preparing similar regulatory updates inCanada and Hong Kong, scheduled for July and September 2025, respectively.Meanwhile, Broadridge launched an instant paymentservice to improve its real-time money transfer services. The new offering aimsto enhance resilience and continuous 24/7/365 operations. According to the official announcement, the serviceprocesses payments within 10 seconds. It reportedly utilizes Swift AllianceGateway Instant, a platform integrated with SwiftNet Instant for instantpayments.Specifically, the service enables businesses andindividuals to access instant transactions for various use cases, includingpayroll processing and refunds. The system is designed to enhance operationalefficiency while improving customer satisfaction.This article was written by Jared Kirui at www.financemagnates.com.
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The countdown towards the Finance Magnates London Summit (FMLS) is officially underway, taking place on November 18-20 at Old Billingsgate. The premium event will be welcoming some of the leading brand authorities, speakers, and big-name individuals across the industry. This includes EC Markets and their brand ambassador, the World Ranked Number 1 Snooker Player, Judd Trump!Now in its thirteenth year of operation, London Summit has come to represent an annual tradition that bridges multiple verticals. With thousands of attendees expected to be in attendance, this year’s event will be providing plenty of new elements and entertainment, together two full days of exhibition. As a Platinum Sponsor of FMLS:24, EC Markets will be front and center throughout the event.The leading brokerage will be available for networking and face-to-face engagement, strategically located at Booth 47 on the exhibition floor. Joining EC Markets will be the world’s top ranked Snooker Player, Judd Trump, who will be on-site at EC Markets Booth on November 20.Time is running out to register online for London Summit. Have you reserved your seat to FMLS:24? Registering online in advance ensures that prospective attendees can skip the queues on-site and spend more time networking and engaging with other participants.What to Expect at London SummitNew and returning participants at FMLS can expect to plenty of live entertainment, networking, exhibition, and content. The event will kick off with the annual Networking Blitz Opening Party, held at The Folly on November 18. Attendees can mingle over drinks and snacks, setting the tone and pace for the next two days of exhibition and content. Prospective and registered attendees can familiarize themselves with the live agenda, featuring plenty of noteworthy panels, workshops, and sessions. Look for this year’s London Summit to draw some noteworthy guests and speakers, with many showcasing their insights throughout the week.This is one event you cannot afford to miss. Make sure to check out EC Markets at Booth 47 and Judd Trump on London’s biggest stage!This article was written by Jeff Patterson at www.financemagnates.com.
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Intel fights to get its mojo back with drastic cuts and restructuring,while Microsoft strolls into the AI sunset without a care.Intel’s latest earnings report isn’t exactly a victory lap—it’s morelike a roll down a steep hill. Once the king of chips, Intel is now scramblingto regain relevance as its Q3 2024 earnings reveal a company caught in atightening squeeze. Withrevenue rising to $13.28 billion, but still facing a net loss of $16.6 billion,the tech giant is in serious self-help mode, banking on restructuring andcost-slashing to climb back up. So, let’s dig into what Intel is up to as ittries to pull itself up by the bootstraps in a market that’s zooming forward atbreakneck speed.Intel shares pop 12% on earnings beat, uplifting guidance https://t.co/x237C3Whq0— CNBC (@CNBC) October 31, 2024Revenue: The Sinking ShipIntel’s revenue picture isn’t exactly rosy. The haul in Q3, a 6% yearover year decline, represents a decline that has Wall Street raising eyebrowsand Intel reaching for the repair kit. Turns out, selling chips isn’t quite aslucrative when every competitor out there is beating you to the latest techtrends. Both the Client Computing and Datacenter and AI segments are facingdeclines, making it look like Intel’s fabled dominance is more of a distantmemory. And with fierce competition in every corner of the market, Intel’srecovery plan isn’t going to be a walk in the park—it’s going to be more likescaling Everest with a boulder on its back. But despite all this, Intel sharesrose 7% in Thursday extended trading, it wasn’t as bad as it could have been.Why?Cost-Cutting: Intel’s Belt-Tightening BonanzaIn response to its lagging performance, Intel’s CEO Pat Gelsinger isgoing full austerity, aiming to slash up to $10billion in operating costs over the next three years. The plan? Strip downIntel’s bloated cost structure and focus on core strengths. This is a move thatmay bring Intel back to basics, but it’s also a gamble that could leave the companystretched thin as it fights to stay in the game. It’s as if Intel is trying toreinvent itself by trimming off everything that doesn’t absolutely need to bethere—kind of like chopping off the sleeves to make a jacket “summer-friendly.”The company has its sights set on becoming a leaner, meaner tech machine, butwhether this will be a quick fix or a painful reset is anyone’s guess.Chasing AI: Playing Catch-Up in Microsoft’s ShadowOne of the biggest elephants in Intel’s conference room is artificialintelligence. Rivals like NVIDIA and Microsoft are way ahead in the artificial intelligence (AI) game,making Intel’s efforts feel more like it’s trying to join a party that startedhours ago. Microsoft, in particular, is soaking up the AI spotlight, fresh offa Q1 earnings win with solid cloud growth and a relentless focus on AI-drivenproducts. While Intel scrambles to refocus its Datacenter and AI segment,Microsoft is effortlessly cruising along, rumor has it that it can’t build datacenters fast enough, proving once again that being late to the AI party doesn’tcut it in today’s tech landscape.In fact, the contrast here is hard to ignore. Microsoft is reaping therewards of its big bets on cloud and AI, basking in investor applause whileIntel is stuck in “catch-up” mode. It’s like watching an Olympic sprintereffortlessly finish a race while the rest of the pack is still tying theirshoes.Hope on the Horizon?Intel’s not ready to throw in the towel just yet. Amidst thechallenges, there are glimmers of hope. The company is pinning some of itsfuture on partnerships and foundry services, hoping to transform into aone-stop shop for other tech firms needing chip manufacturing. This is part ofits long-term strategy to diversify revenue streams and insulate itself fromthe fierce competition in consumer and data center markets. Intel is aiming tobecome the “go-to foundry” for a host of other tech companies—a bold move thatcould stabilize the ship or, let’s be real, be a whole new adventure inoverextending.Sure, it’s a smart pivot, but it’s also Intel’s…
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Paxos has expanded its stablecoin offerings with the launch of Global Dollar (USDG), a US dollar-backed stablecoin that aligns with Singapore’s upcoming stablecoin regulations. The company claims that this stablecoin is “designed to support the needs of regulated institutions.”A Regulatory-Compliant StablecoinAnnounced today (Friday), Paxos’ Singapore-based subsidiary, which is regulated by the Monetary Authority of Singapore (MAS), is the issuer of the new stablecoin. The company will partner with global exchanges, wallets, and platforms for the distribution of the stablecoin to individuals and institutions.Initially, USDG will be available on the Ethereum blockchain, but the company plans to issue it on additional blockchains in the near future.“Enterprise interest in stablecoins has never been higher than it is today,” said Ronak Daya, Head of Product at Paxos, “but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises.”(1/4) Today marks an exciting milestone in Paxos’ history. We’re pleased to introduce @global_dollar, the latest US dollar-backed stablecoin issued by Paxos. This is the 6th trusted digital asset from Paxos and its affiliates.View the official press release here:… pic.twitter.com/G7fb9Ny9bT— Paxos (@Paxos) October 31, 2024Maintaining 1:1 ParityPaxos further clarified that it must back the new stablecoin with “only high-quality liquid assets,” including US dollar deposits, short-term US Government securities, and other cash equivalents. The stablecoin issuer is also required to maintain a 1:1 parity with the US dollar, allowing holders to redeem their tokens for fiat currency at any time.The announcement also revealed that Paxos has partnered with Singapore’s DBS Bank as its banking partner for cash management and custody of USDG reserves.Currently, the stablecoin industry is dominated by Tether and Circle. However, the potential of the industry, along with regulatory changes, has encouraged established financial services players to enter this market.Robinhood and Revolut, two prominent companies in the mainstream financial services industry, are now considering issuing their own stablecoins. Although this is not officially confirmed, the two companies reportedly aim to address the gap in Europe created by the stablecoin regulations under the Markets in Crypto-Assets Regulation (MiCA).Meanwhile, Ripple, known for its blockchain-based cross-border payment infrastructure, has also launched a stablecoin, and the UAE recently approved a dirham-pegged stablecoin.This article was written by Arnab Shome at www.financemagnates.com.
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Capital One could face enforcement action from theConsumer Financial Protection Bureau (CFPB) over alleged misrepresentationsrelated to its savings accounts, the SEC filings showed. This development followed customer complaints that thebank's introduction of a new high-interest account was unclear, leaving somecustomers with lower earnings than they might have otherwise received. Customer Lawsuit In the ongoing dispute, some of Capital One's customers claim that the bank introduced a "360 Performance Savings" account offeringhigher interest than their existing "360 Savings" accounts withoutproperly informing them of the discrepancy. According to a lawsuit filed last year, this lack oftransparency allegedly led to lost earnings for many who stayed with thelower-rate option. Customers argue that the bank's communication aboutthe new account was inadequate. However, the Wall Street banking giant maintains that it had clearly postedthe information online and retained the contractual right to change interestrates at its discretion, Reuters reported. Earlier this month, Capital One reportedly received aletter from the CFPB warning of possible enforcement action related to thecase. The agency is exploring whether to initiate litigation against the bank. Capital One has responded by filing a motion todismiss the original lawsuit. Acquisition Plans This comes as Capital One awaits regulatoryapprovals for the proposed $35.3 billion purchase of Discover FinancialServices. The deal has already attracted attention from New YorkAttorney General Letitia James, who announced an investigation last week intowhether the acquisition violates state antitrust laws. If the acquisition goes through, Capital One pledged $265 billion over five years for community lending, philanthropy, and investment, a move that could help ease regulatory concerns. If the CFPB proceeds with enforcement action orlitigation, it could prompt increased scrutiny of how banks communicate ratechanges and other account features to customers.Earlier this year, Capital One Financial disclosed itsdecision to buy Discover for $35.3 billion in an all-stock agreement. The deal,which involves the American financial services company, brings together two ofAmerica’s largest credit card companies.According to the announcement, Discover’s shareholders willreceive 1.0192 Capital One shares for each of their existing unit holdings. Atthe closing of the deal, Capital One shareholders will reportedly hold 60% ofthe combined company, while Discover commands 40% ownership.This article was written by Jared Kirui at www.financemagnates.com.
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As the 2024 US elections approach, North Americancorporate CFOs are confronted with the challenges of navigating astrengthening dollar and the uncertainties of an evolving political landscape. According to MillTechFX’s second annual Corporate CFOFX Report, which surveyed 250 senior finance decision-makers, the findingshighlight significant trends in foreign exchange risk management, automationadoption, and adjustments aimed at safeguarding profit margins.US ElectionsWith the upcoming US elections set to introducefurther uncertainties, corporations are adjusting their FX strategies. Anoverwhelming 86% of respondents plan to increase their hedging activities,particularly regarding the USD/CAD and USD/CNY currency pairs. The findings revealed that CFOs are especiallyconcerned about how potential policy shifts could impact currency values, with44% citing this as a major issue. Unpredictable market movements andcounterparty risks also rank high on their list of concerns.The report noted that a strong dollar continues toexert pressure on corporate bottom lines, with nearly all respondents expectingthe dollar to appreciate further. This trend raises alarms about profit marginerosion and competitive disadvantage, compelling CFOs to rethink their FXstrategies.Commenting on the report, Eric Huttman, the CEO of MillTechFX, said: "The upcoming US presidential election adds a layer ofcomplexity to FX risk management. Potential shifts in policy, changes ineconomic direction, and new geopolitical strategies could all influence the USdollar’s value significantly.""Following Trump’s surprise victory in 2016, thedollar jumped 5%, whereas it declined by a similar amount around Biden’s 2020victory. Research suggests market participants weren’t hedging their FX risk asmuch ahead of the 2020 US presidential election."Market volatility has increased since the beginning of 2024, prompting corporates to adjust their hedging approaches. The surveyindicates that 82% of firms hedge their forecastable currency risk, a modestincrease from 2023. However, many companies have reduced their averagehedge ratios to 49%, down from 60%, and shortened hedge lengths to an averageof just over five months.Challenges in FX OperationsSecuring credit lines has emerged as the foremostchallenge among companies, with 31% of corporates citing it as their topconcern. This shift reflects tighter risk appetites among providers andescalating costs, which have forced many firms to seek alternative quotes. Additionally, the findings highlighted reliance onmanual processes for executing transactions despite the availability of digitaltools. Over a quarter of respondents continue to rely on traditional methodssuch as email and phone calls, which may expose them to inefficiencies anderrors.North American corporates have identified automationas their primary focus to address these challenges, with 36% prioritizing theneed to streamline manual processes.This article was written by Jared Kirui at www.financemagnates.com.
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Foreignexchange (Forex) trading volumes at CME Group showed robust performance inOctober 2024, with EBS Spot FX average daily volume (ADV) rising 15% to $58.3billion. CME Group's FX TradingVolumes Show Strong Growth in OctoberThederivatives marketplace saw particularly strong growth in its FX Link platform,where average daily volume surged193% to 54,000 contracts, representing approximately $5 billion in notionalvalue.The overallforeign exchange segment recorded an average daily volume of 792,000 contractsfor the month. This performance came amid broader strength across CME's majorasset classes, contributing to the exchange's total ADV of 24.3 millioncontracts.Internationaltrading remained significant, with total international average daily volumereaching 7.2 million contracts. The breakdown shows EMEA leading with 5.4million contracts, followed by Asia at 1.5 million contracts, while LatinAmerica contributed 135,000 contracts.Thiscontrasts with data reported by othermajor FX trading venues. Japan's Click 365 reported a 12% decline in volumein October, while Cboe's average daily volume (ADV) reached $42.8 billion, downfrom $46.9 billion.“Our recordQ3 international ADV was driven by significant increases in volume across allasset classes in EMEA and APAC, demonstrating how our clients turned to thebreadth of our products to navigate unpredictability and volatility,” saidJulie Winkler, Senior Managing Director and Chief Commercial Officer at CMEGroupRecord-BreakingPerformance Across AssetsBeyondforeign exchange, CME Group achieved several notable milestones across itsmajor asset classes. Interest rate trading reached a record October averagedaily volume of 12.5 million contracts, marking a 6% increase year-over-year.The U.S. Treasury futures complex was particularly active, with a recordOctober average daily volume of 5.5 million contracts.Energymarkets also demonstrated significant strength, with overall average dailyvolume increasing 16% to reach a record October level of 2.7 million contracts.Notable performances included Henry Hub Natural Gas futures, which saw a 22%increase to 562,000 contracts, and WTI Crude Oil options, which surged 45% to282,000 contracts.TheBrokerTec platform showed strength in repo trading, with U.S. Repo averagedaily notional value increasing 11% to $316.7 billion. European Repo activitygrew modestly by 1% to €299.7 billion, while U.S. Treasury trading also saw a1% increase to $112.8 billion.CME Group's Q3 EarningsSoar 14%In thethird quarter, CME Group experienceda notable increase in profit, driven by traders utilizing its products tonavigate market volatility. The company reported revenues of $1.3 billion andan operating income of $820 million.Net incomerose to $807.8 million, or $2.25 per share, for the quarter ending September30, reflecting a 13.7% increase from the $710 million, or $1.98 per share,reported in the same period the previous year."CMEGroup delivered its ninth consecutive quarter of double-digit growth inadjusted earnings per share and an increase of 9% in revenue as marketparticipants continued turning to our markets to mitigate their business risksamid accelerating geopolitical uncertainty,” the CME Group's Chairman and ChiefExecutive Officer, Terry Duffy, statedThis article was written by Damian Chmiel at www.financemagnates.com.
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The Nominations round for the highly anticipated London Summit Awards 2024 have just finished, meaning it’s now time to cast your vote from a short-list of elite brands. Registered attendees are eligible to make their voice heard and determine which companies will take home this year’s highest honors at the upcoming Finance Magnates London Summit (FMLS).FMLS:24 will be taking place at Old Billingsgate on Nov 18-20 – the conclusion of the event will kick off the official awards ceremony, showcasing this year’s best and most successful brands in fintech and online trading. This year, 23 different awards are up for grabs – will your brand take home one of these? There is only one way to ensure you win, and that means voting!Live Voting Begins TodayLondon Summit Awards are never bought and constitute some of the most sought-after titles across several categories. This year’s awards will be recognizing the top performers in the institutional space across several key verticals, including online trading, crypto, fintech, and payments. Nominations have been running for the past few months, which each eligible award viewable by accessing the following link.As a quick reminder, only registered and approved attendees can vote for this year’s awards. After your registration is approved, you will be able to login and submit your vote. If you have not already done so, now is the perfect time to complete your registration to FMLS:24. Make sure to reserve your seat to the biggest show in London this year and skip the queues on-site. Unsure of how to vote? This short process takes minutes and is easier than ever. For any questions, prospective participants can familiarize themselves with the full terms and conditions of the London Summit Awards.All registered attendees are eligible to vote in this year’s awards. Of note, both the nominations and voting are free of charge and are never bought or paid for. This makes these titles unique in the industry, with the highest levels of transparency. Self-nominations are permissible, and any company is free to nominate itself – by extension you are also eligible to vote for any other company as a third party as well. Participants can only vote on the short-listed companies from the nominations round.Everything You Can Expect at FMLS:24The awards ceremony is just one element of London Summit 2024 that attendees can look forward to. Each year features something both new and exciting at each London Summit and 2024 will be no exception, drawing a diverse attendance from around the globe.The event kicks off with the Networking Blitz Opening Party, an innovative spin on networking and mingling that sets the tone for the rest of the event. Subsequently, attendees can explore two full days of exhibition, entertainment, and premium content on offer throughout the event.The live agenda features sessions, panels, workshops, and more across three content stages – Innovate, Inspire, and Centre Stage. Check out the full agenda and map out your time for an optimal summit experience. Check out this year's sponsors for FMLS:24, with each brand available for networking, meeting face-to-face, and engagement opportunities.This is one event you cannot afford to miss this Fall. Join the conversation today and see you in just a few weeks in London!This article was written by Jeff Patterson at www.financemagnates.com.
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Cinkciarz.pl,one of Poland's largest currency exchange platforms, continues its major legal offensive against several banks. It alleges systematic blocking of funds exceeding 1.3 billion zlotys ($300 million) over a decade. The update comes just a few weeks after the fintech informed that it wants to sue 11 domestic banks for 7.5 billion zlotys ($1.9billion).Polish Fintech Cinkcciarz.plAccuses Banks of $300 Million Fund BlockadeCinkciarz.plcompany has filed complaints with Poland's Financial Supervision Authority(KNF) and the competition watchdog UOKiK, seeking immediate administrativeproceedings and potential license revocations for the implicated banks. Thecompany is also pursuing criminal investigations against current and formerbank executives.The allegedblockade involved more than 2,700 inter-bank transfers since 2010, averaging2-3 delayed transactions weekly. In a recent incident, a routine foreigncurrency transfer between the company's accounts took five days to complete,despite being marked for same-day processing.Thisfollows a decision made by the KNF a month ago, whenthe regulator revoked the payment license of Conotoxia sp. z o.o., the subsidiaryhandling payments for the fintech's clients. Without this license, thecompany's normal operations are rather impossible.“Moreover,banks charged fees for ‘same day’ transfers that were not completed on time,thus deliberately hindering the company's liquidity and generating additionalcosts,” the company commentedtoday (Monday).The companyclaims banks have consistently denied access to working capital and investmentfinancing, actions it describes as deliberate attempts to undermine marketcompetition. These practices have reportedly disrupted Cinkciarz.pl's currencyexchange operations and transaction execution capabilities.The matteris being escalated to European Union authorities, with Cinkciarz.pl preparingto submit comprehensive documentation including big data analysis of thealleged banking practices. The company seeks full accountability for what itdescribes as unfair competitive practices and deliberate business obstruction.Cinkciarz.pl to Seek $1.9Billion from Polish BanksCinkciarz.pl'slatest legal action is part of its broader effort to challenge what it claimsis a coordinated attempt by Polish banks to limit competition in the foreignexchange market. Thecompany has already filed lawsuits against multiple large financialinstitutions, with total damages now surpassing 7.5 billion zlotys ($1.9 billion).Most of theinformation about the planned lawsuits was presented in the first half ofOctober, with the latest update emerging lastweek concerning Credit Agricole, from which Cinkciarz.pl intends to seek 1billion zlotys ($250 million).Additionally,the company accused the KNF of "violatingthe law" and argued that the regulator’s actions "harmedusers." Conotoxia claims that the "current banking lobby" isprioritizing its own interests over those of users and fintech competitors. Inresponse to the license revocation, Cinkciarz.pl is reportedly engaged in advancedtalks with international investment funds to secure operational stability.It'simportant to note that Conotoxiasp. z o.o., the payments company, and Conotoxia Ltd, a CySEC-regulatedFX/CFD company, are separate entities.This article was written by Damian Chmiel at www.financemagnates.com.
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Hong Kong Exchanges and Clearing Limited (HKEX) announced itwill open a new office in Riyadh, Saudi Arabia, in 2025. According to the company, the expansion aims tostrengthen HKEX’s ties with the Middle East and support connectivity betweenChina and the Gulf region.HKEX Opens Riyadh OfficeHKEX’s new Riyadh office will facilitate engagement withregional investors and businesses, offering access to financial productsavailable in Hong Kong. This decision follows HKEX’s recent initiatives in theMiddle East, including its partnership with the Saudi Tadawul Group and thelaunch of the first Saudi-focused Exchange-Traded Fund (ETF) in Hong Kong lastyear.“As investment ties between the Middle East and Asia growstronger, Hong Kong and HKEX’s roles in connecting capital and opportunitiesbetween these regions have become more important than ever,” Bonnie Y Chan, CEOof HKEX, said.Middle Eastern Listings OpportunityAdditionally, HKEX has expanded its list of Recognised StockExchanges to include the Saudi Exchange, Abu Dhabi Securities Exchange, andDubai Financial Market. This allows Middle Eastern companies to exploresecondary listings in Hong Kong.With the new Riyadh office, HKEX’s global network will growto include offices in Beijing, London, New York, Shanghai, and Singapore.“Joining our offices in Beijing, London, New York, Shanghai,and Singapore, the new Riyadh office will enable us to foster greater globalcoverage and facilitate access for Middle East clients to Asia’s mostinternational, diverse and liquid capital markets in Hong Kong,” Y Chan added.This article was written by Tareq Sikder at www.financemagnates.com.
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October wasone of the strongest months for the dollar (and weakest for the euro) in over ayear. Despite above-average volatility driven by the upcoming U.S. electionsand interest rate expectations, spot foreign exchange (Forex) volumes showed noincreased activity from institutional investors. In some cases, trading volumesfell to nearly five-month lows.Dollar-Dominated OctoberFailed to Boost FX VolumesClick 365,the currency trading platform on the Tokyo Financial Exchange (TFX), recordedanother month of declining trading volumes, shrinking 12% compared to Septemberto 1.7 million contracts. Year-over-year, the decline was almost 17.5%, withaverage daily volume (ADV) at 74,200 contracts.Thesteepest month-over-month declines were seen in trading on the popular USD/JPYpair, where depreciation reached 29.5%, with trading volume shrinking to545,900 contracts.ADVdepreciation was also visible in the U.S. market and spot currency trading onthe Cboe exchange. The indicator reached $42.8 billion, compared to $46.87billion in September. However, October had two more trading days (23 vs. 21).As a result, total volume was slightly higher at $984.9 billion, though theseare the lowest values since June, well below August's near-record $1.1 trillion.ForFXSpotStream, October brought a notable slowdown. Total ADV was $93.1 billion,the lowest since May 2024, with spot ADV at $66.8 billion, also the lowest innearly six months.Falling Euro Shows NoImpact on FX ActivityIn Europe,German stock exchange-owned 360T recorded another month of volume decline inOctober, sliding to $657.7 billion from $661 billion reported a month earlier.ADV consequently shrank to $28.6 billion, compared to $31.5 billion reported inSeptember.As forEuronext FX's Fastmatch, there was a slight rebound after a very weakSeptember. Total volumes bounced to $602 billion after falling to $579 billionin the previous month. However, more trading days meant ADV performed worse,sliding from $28 billion to $26.5 billion.Compared tolast year's results, the values are significantly better. Euronext FX reportedtotal volume of just under $508 billion in October 2023, while 360T reported$586 billion.The EUR/USDcurrency pair declined by 2.3% in October, marking its most significant dropsince September 2023. Concurrently, the U.S. dollar rebounded from multi-monthlows, experiencing one of its strongest rallies against a weighted basket ofcurrencies since September 2022.This article was written by Damian Chmiel at www.financemagnates.com.
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In the grandtradition of last-minute cramming, Americans are flooding Google with searchesfor "Where to vote," as if Election Day snuck up like a pop quiz.Where to Vote?!This surgein civic curiosity is both heartening and a tad concerning—heartening becausepeople are eager to participate, concerning because, well, shouldn’t we havefigured this out by now? The sheer volume of "Where to vote" searcheshints at the magnitude of participation this year, but it also underscores howAmerican voters often leave the basics until the last moment.Somespeculate this trend may reflect anxiety over voting accessibility or therecent reshuffling of polling sites in key states. Others see it as a hopefulsign that even first-time voters, perhaps unfamiliar with the process, aremotivated to head to the polls. Whatever the case, it’s undeniable: America’slove affair with procrastination is alive and well, but this time, it’s workingin democracy’s favor. OK. So … Google … “Where to vote?” … There you go.EarlyVoting: The New Black FridayEarly votinghas become the latest national craze, with turnout reaching record highs.According to the University of Florida’s Election Lab, over 78 millionAmericans have already cast their ballots. This enthusiasm is palpable inswing states like Georgia, Texas, and North Carolina, where early votingnumbers have shattered past records, demonstrating both parties' ability tomobilize voters in historically decisive regions. Much of thisearly voting surge is due to extensive campaigns pushing for accessibility andturnout. In states where mail-in and early voting options are easily available,citizens are seizing the opportunity, perhaps to avoid the chaos often seen onElection Day. Both parties recognize the power of early votes: Democrats,especially, have leaned heavily on get-out-the-vote campaigns, while Trump’s teamhas shifted strategy, emphasizing early voting after initially questioning theintegrity of the process.Planning to keep your eyes glued to US election results next week? @ReutersGraphics made a map to track everything from state calls to battleground-state flips across the country in real time. Reporter @allyjlevine walks you through how to use it. Access the graphics for all… pic.twitter.com/DS9IFJeyP2— Reuters (@Reuters) October 30, 2024Early votingis now almost a sport, with campaigns tracking ballots like stats in thelead-up to the Super Bowl. Some pundits say the strategy to push early votesshows a shift in the political landscape, marking a departure from traditionalElection Day-only strategies. Meanwhile, Americans are embracing the ease,convenience, and lower stress levels early voting offers, making it clear thatdemocracy has entered the age of pre-ordering.Kamala vs.The Donald: The Rematch Nobody Saw ComingThe 2024presidential race is shaping up to be a blockbuster sequel, with Vice PresidentKamala Harris and former President Donald Trump reprising their roles. Harris,stepping in after President Biden’s decision not to run, is making a final pushin critical Sun Belt swing states, aiming to energize younger and diversevoters who historically lean Democratic. Harris has drawn crowds in Arizona,Nevada, and North Carolina, where she's championing policies aimed at climateaction, healthcare reform, and economic equity.Canadian dollar hits 2-year low on U.S. election jitters https://t.co/FHGJo1ghCi pic.twitter.com/Eo2F7YpB7r— Reuters (@Reuters) November 1, 2024On the otherside, Trump is rallying his base with a message that blends nostalgia andcriticism of current voting practices. Ever the showman, he has used everyrally as a platform to warn his supporters about alleged voting“irregularities,” pushing his narrative that only his leadership can restoreAmerica to greatness. His critiques of early voting may come off as mixedmessages, especially since he and his advisors have reluctantly encouragedRepublicans to vote early as well, realizing it’s a game they must play to win.Tim Walz andthe Art of Not Being NoticedEnter TimWalz, Minnesota’s governor…
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This week in our executive news coverage: Kraken recruited Stephanie Lemmerman as the new Chief Financial Officer; Virgin Money's Former Executive joined IG Group as CFO; Swissquote promoted a 22-year veteran to the new People Chief Post; and Exinity's Former Country Manager will now lead CAPEX.com in Colombia. Elsewhere, Binance's Former executives joined the crypto exchange Bitget. Executive Moves of the WeekKraken Recruits Stephanie Lemmerman as Chief Financial OfficerKraken hired Stephanie Lemmerman as its new Chief Financial Officer. Lemmerman, who has a background in fintech and crypto, will step into the new role as the exchange aims to deepen its presence in the crypto and financial sectors. Lemmerman has extensive experience in the financial landscape, including her recent tenure as CFO at Dapper Labs, a blockchain and NFT company.Commenting about the appointment, Arjun Sethi, the Co-CEO at Kraken, said: “Stephanie has deep expertise across fintech, gaming, and consumer crypto at scale. She’s one of the best financial and operations thinkers I've met in a long time. As we continue on our path of growth, I look forward to partnering with her to build more bridges into the world of crypto rails and between traditional finance and decentralized financial technology.”Learn more about Kraken's appointment of Stephanie Lemmerman as new Chief Financial Officer.Virgin Money's Former Executive Joins IG Group as CFOIG Group named Clifford Abrahams Chief Financial Officer and Executive Director, effective December. Abrahams will join the Board in his new role. He brings experience as a CFO across major financial institutions.Most recently, Abrahams served as Group CFO for Virgin Money UK, a position he held since 2021. Before Virgin Money, he was Group CFO at ABN AMRO Bank for nearly four years. He held the same role at the Dutch insurer Delta Lloyd Group.Find out more about Clifford Abrahams' new role as Chief Financial Officer and Executive Director at IG Group.Swissquote Promotes 22-Year Veteran to New People Chief PostSwissquote created the Chief People Officer position and appointed its long-serving Head of Human Resources, Tara Yip, to the new role effective January. The appointment marked a significant strategic shift for Switzerland's online bank as it elevates human capital management to the executive level.Yip, who has led Swissquote's HR operations for over two decades, will reportedly join the company's Executive Management team in her new capacity. A Swiss native born in 1973, Yip reportedly brings extensive experience in talent management, diversity initiatives, and organizational development to the role.Read more about Swissquote's promotion of Tara Yip as Chief People Officer.Exinity's Former Country Manager to Lead CAPEX.com in ColombiaGeofrey Briñez joined CAPEX.com as Country Manager in Colombia. Briñez brings extensive experience from several previous responsibilities to in the financial and tech industries. Most recently, Briñez was the Country Manager at Exinity for six months, focusing on product launches and strategic growth.Before this, he worked at Equiti Capital as a Business Development and Account Manager for about two and half years, where he focused on business development within the Latin American market. Briñez also held short-term roles, including as a Sales Specialist at LB Sistemas.Read more about Geofrey Briñez's new role as Country Manager for Colombia CAPEX.com.Another Former Binance Exec Joins Bitget Crypto ExchangeBitget appointed Min Lin, Binance's Former Regional Vice President for Latin America, as its Chief Business Officer. Lin will reportedly focus on strengthening Bitget's presence in key regional markets and expanding its product offerings.Lin joined Bitget after leading Binance's Latin American operations, where he played a key role in regulatory compliance and strategic growth. Prior to entering the crypto sector, he served as an executive director in Goldman Sachs' Global Markets Division for over five years.Learn more about…
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The US Securities and Exchange Commission (SEC) plans to sue Web 3 gaming firm Immutable. According to the company, the regulator issued a Wells Notice to the company, adding it to a growing list ofcrypto firms targeted in recent years. The Wells Notice, a formalcommunication used to notify companies of potential regulatory action, reportedlycame shortly after Immutable’s first interaction with the SEC.In a statement, Immutable faulted the regulator’sapproach, stating that the notice was issued hours after an initial meetingwith the regulator. According to the company, the SEC is concerned withthe listing and private sales of Immutable’s IMX tokens in 2021, although theagency has yet to offer detailed findings on the alleged violations.SEC Targets ImmutableImmutable is one of many crypto companies advocatingfor clearer regulatory guidelines. It argued that the SEC’s current approach forces companies to guess how to comply with securities laws. The company claims it has already spent millions in legal fees to ensure compliance yet still faces regulatory scrutiny. "We’re frustrated to share that the SEC recently sent us a Wells Notice, which non-specifically alleges violations of securities law and alleged misrepresentations by the company, the company mentioned in a statement. "With this action, the SEC is continuing to indiscriminately assert that tokens are securities."Immutable has received a Wells notice from the SEC, the latest in their de facto policy of regulation by enforcement. We received this within hours of our first ever conversation, on a timeline clearly accelerated to land before an election.Sadly, stories like this are becoming…— Immutable (@Immutable) October 31, 2024Immutable’s CEO, alongside Digital Worlds Foundation,which issued the IMX token, also received individual Wells Notices. Inresponse, Immutable noted that its mission of building a new property rightsstructure in gaming aligns with public interests, voicing confidence in thelegality of its operations and the value of blockchain for Web 3 development.Calls for Clear Crypto RegulationsMany in the industry argue that the SEC’s approachcreates unnecessary obstacles for crypto companies, Coindesk reported. Immutable’s statementhighlights this concern, suggesting that the SEC’s investigation stems from"insufficiently researched and factually incorrect allegations,"citing a 2021 blog post as an example. Immutable's experience reflects broader sentimentsacross the crypto industry, as several firms have expressed frustration overthe SEC’s tactics. Companies like Ripple and Grayscale have successfullychallenged the SEC’s actions in court, with Ripple recently securing a victoryas a judge ruled that its XRP token is not a security. This article was written by Jared Kirui at www.financemagnates.com.
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Interactive Brokers Group, Inc. (Nasdaq: IBKR) reported itsOctober metrics for electronic brokerage activity, revealing growth in keyareas compared to last year and the previous month.Global Trade Execution ProvidedThe firm recorded Daily Average Revenue Trades (DARTs) at2.82 million, a 46% increase from the same period last year and a 7% risemonth-over-month. Client equity reached $540 billion, showing a 47% upsurgefrom the previous year. Affiliates of Interactive Brokers Group offer automatedtrade execution and custody services for securities, commodities, and foreignexchange across more than 150 markets globally. These services operatecontinuously in various countries and currencies through a unified platformaccessible to clients worldwide.“We serve individual investors, hedge funds, proprietarytrading groups, financial advisors and introducing brokers. Our four decades offocus on technology and automation has enabled us to equip our clients with auniquely sophisticated platform to manage their investment portfolios,” thefirm states.Margin Loan Balances SurgeMargin loan balances were reported at $58.9 billion, markinga 40% rise year-over-year and a 6% rise compared to the prior month. Clientcredit balances grew modestly to $117.6 billion, up 2% from last year. Thenumber of client accounts also rose, reaching 3.19 million, a 28%year-over-year growth. These metrics indicate growth in trading volume andclient asset levels.“We strive to provide our clients with advantageousexecution prices and trading, risk and portfolio management tools, researchfacilities and investment products, all at low or no cost, positioning them toachieve superior returns on investments,” the company adds. Meanwhile, Saxo Bank, a trading platform based in Denmark, iscurrently the focus of potential acquisition discussions, with significantinterest from various investors. Among them, Interactive Brokers Group isreportedly evaluating the opportunity to acquire the bank, as reported by Finance Magnates.Alongside Interactive Brokers, investors like Altor EquityPartners and Centerbridge Partners have submitted preliminary bids. Despite therising interest, Saxo Bank has not yet committed to any deal, leaving the dooropen for further developments in these acquisition talks.This article was written by Tareq Sikder at www.financemagnates.com.
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Transak has obtained two licenses from Canada and the US toenhance its regulatory compliance. In the US, Transak USA LLC secured itssecond Money Transmitter License (MTL) from the State of Delaware, followingits first MTL from the Alabama Securities Commission acquired one month prior. In Canada, Transak Canada has registered with the FinancialTransactions and Reports Analysis Centre of Canada (FINTRAC), allowing it tooperate as a Money Services Business (MSB) in accordance with Canadianfinancial regulations.Transak Canada Gains FINTRAC RegistrationThe Canadian registration occurs amid significant growth inthe Canadian cryptocurrency market. A study by the Bank of Canada indicatesthat around 13% of Canadians owned Bitcoin in 2021. Chainalysis reports showCanada’s improved ranking in cryptocurrency adoption, moving from 20th place in2022 to 18th in 2024.Bryan Keane, Compliance Officer at Transak, emphasized theimportance of clear regulation for the crypto industry. He stated that thecompany aims to provide Canadians with the ability to purchase digital assetswithout navigating compliance independently. "This registration involved a thorough review of ouroperations and close collaboration with Canadian authorities. Now, FINTRACregistration opens doors for Transak and the entire Canadian crypto community,”said Keane.With the FINTRAC registration, Canadian customers will haveaccess to a wider range of payment options, including credit cards, debitcards, and Interac e-Transfers. This development simplifies the process forbusinesses and developers integrating Transak’s services, as they can now relyon a compliant infrastructure for adding crypto on/off ramps to theirapplications.Expands Delaware LicensesThe MTL from Delaware enhances Transak’s network of statelicenses and strengthens its position as a regulated MSB under FinCEN. Thisexpansion allows residents and businesses in Delaware to use Transak’s secureplatform for cryptocurrency purchases and off-ramping. The Delaware MTL ensuresthat Transak complies with state-specific regulations, providing a consistentand trusted experience for users.Transak plans to pursue licensure in additional states tofurther align with local regulatory standards. With two MTLs secured, thecompany aims to continue its regulatory expansion across the US, promoting Web3adoption. Transak’s capacity to integrate with exchanges, decentralizedapplications, and wallets enhances its role in the decentralized economy.“This new license in Delaware underscores our commitment tobuilding a trustworthy, secure, and legally compliant ecosystem that sets thegold standard for Web3 payments infrastructure by ensuring that users andbusinesses across the US have the confidence to transact freely and securely,”said Sami Start, CEO of Transak.This article was written by Tareq Sikder at www.financemagnates.com.
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The Financial Commission has announced the expulsion ofDeltaFX from its membership. DeltaFX, a financial services firm, was removedafter repeatedly failing to comply with the organization’s established rulesand guidelines. The Financial Commission, which functions as an externaldispute resolution body within the financial services sector, emphasizedthat its decision was based on DeltaFX’s inability to uphold requiredcompliance standards.Financial Commission Expels DeltaFXWith this expulsion, DeltaFX clients will no longer beeligible for compensation under the Financial Commission’s Compensation Fund.The Compensation Fund is only available to clients of approved members anddepends on the rulings of the Financial Commission’s Dispute ResolutionCommittee.Finance Magnates contacted DeltaFX for a response to theexpulsion. The firm did not respond by the time of publication.Expanding Regulatory ScopeAs an industry-supported self-regulatory organization,the Financial Commission enforces compliance through membership status. Toretain membership, firms must adhere to rules and maintain the requiredintegrity standards.“The Financial Commission initially set out to provide a newapproach for traders and brokers alike to resolve any issues that arise in thecourse of trading electronic markets such as Foreign Exchange, and thenexpanded into CFDs and related derivatives, in addition to certifyingtechnology platforms used for trading,” the organization states. This article was written by Tareq Sikder at www.financemagnates.com.
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CMC Markets (LON: CMCX) has strengthened its presence in New Zealand by entering a long-term strategic partnership with ASB Bank, a major financial institution in the country with around 1.5 million customers. CMC will offer ASB its white-label technology.CMC Expands in New ZealandThe announcement today (Friday) follows closely on the heels of the brokerage’s confirmation of its intention to apply for accreditation as an NZX Trading and Clearing Participant in 2025. The company also noted that becoming a settling and clearing participant is a requirement under the new agreement.“There is no higher endorsement of our company,” said CMC Markets’ CEO, Lord Peter Cruddas, “than when a major bank or financial institution trusts our technology to deliver a service to their valued clients. This agreement marks further progress in our ongoing diversification strategy, as our B2B technology and institutional-first approach continue to unlock global opportunities.”The partnership between CMC and ASB will begin with an integration period, expected to take between 12 to 18 months. Integration costs are expected to be largely capitalised, though they anticipate incremental costs as the business scales.Once the white-label integration is complete, ASB customers will gain access to over 15 international markets, extensive market research, and tax reporting tools.“We are focused on accelerating progress for all New Zealanders,” said Jonathan Oram, ASB’s Executive General Manager of Corporate Banking. “By investing in this partnership with CMC, we will enhance our offering for ASB customers looking to buy or sell shares and other listed securities.”Expanding into the APAC MarketAlthough headquartered and listed in London, CMC has become the second-largest stock brokerage platform in Australia, with over AU$70 billion in assets under administration (AUA) and more than a million share trading accounts. Its revenue from the APAC region has even surpassed that from the UK, previously its largest market.Notably, CMC’s advance in Australia came after it acquired the share-investing client base of ANZ Group, which, at the time, had over 500,000 clients and assets exceeding AUD 45 billion.This article was written by Arnab Shome at www.financemagnates.com.
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Kraken hired Stephanie Lemmerman as its new Chief Financial Officer. Lemmerman, who has a background in fintech and crypto, will step into the new role at a time when the exchangeaims to deepen its presence in the crypto and financial sectors. Dapper Labs' Former CFOLemmerman has extensive experience in the financial landscape, including her recent tenure as CFO at Dapper Labs, a blockchain and NFT company. According to Kraken, Lemmerman is expected to bring her expertise in bridging traditional finance with crypto to Kraken.Commenting about the appointment, Arjun Sethi, the Co-CEOat Kraken, said: “Stephanie has deep expertise across fintech, gaming, andconsumer crypto at scale. She’s one of the best financial and operationsthinkers I've met in a long time. As we continue on our path of growth, I lookforward to partnering with her to build more bridges into the world of cryptorails and between traditional finance and decentralized financial technology.”Kraken will reportedly benefit from her insight as thecompany aims to broaden its crypto services and potentially advance traditionalfinance interactions within the digital finance ecosystem. Lemmerman’s appointment followed the recentannouncement by outgoing CFO Carrie Dolan, who will continue to assist with thetransition. “I recognize that Kraken is at a key inflection pointin its history,” said Lemmerman. “There’s just such an amazing opportunityahead, given where the crypto industry is right now. I truly believe in Kraken’smission of financial freedom and inclusion, and I couldn’t be more excited tojoin the team and help write our next chapter.”Kraken's Recent DevelopmentsFounded in 2011, Kraken has set itself apart as one ofthe longest-standing crypto platforms globally, offering a wide range oftrading options and financial services. In August, Kraken named Alex Mehrdad as the General Manager for Canada. With a background in management consultancy and fintech startups, Mehrdad has reportedly been instrumental in doubling the company’s Canadian monthly transacting users. He focuses on expanding Kraken’s footprint in Canada and enhancing the crypto experience for users in the region. This article was written by Jared Kirui at www.financemagnates.com.
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