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HFM, a leading global provider of financial services and online trading solutions, is pleased to announce the appointment of Samer Alkhaldi as the new Regional Head of Middle East. In this pivotal role, Alkhaldi will be responsible for driving HFM’s strategic growth and market development across the Middle East, enhancing the company's presence and expanding its client base in the region.Samer Alkhaldi brings with him extensive experience in the financial and trading sectors, having held significant leadership roles over the past years. His deep expertise in market strategy, business development, and client relations has established him as a dynamic leader, well-suited to steer HFM’s initiatives in the Middle East."We are excited to welcome Samer Alkhaldi as our Regional Head of Middle East," an HFM spokesperson commented. "His impressive track record and deep understanding of the regional market will be instrumental in advancing our mission to provide top-tier trading services and solutions to clients across the Middle East."In his new role, Alkhaldi will focus on expanding HFM’s market share in the Middle East, fostering strong client relationships, and ensuring the company remains at the forefront of trading innovation in the region. His appointment is part of HFM’s broader strategy to strengthen its leadership and enhance its offerings in key markets."I am thrilled to join HFM and take on the role of Regional Head of Middle East," said Alkhaldi. "HFM has a strong reputation for innovation and client-focused services. I look forward to contributing to the company’s growth and delivering exceptional value to our clients and partners in the region."Samer Alkhaldi’s appointment underscores HFM’s commitment to expanding its leadership team and reinforcing its position as a leading financial services provider in the Middle East.About HFM: HFM is a global financial services provider that offers a comprehensive range of trading solutions, including forex, CFDs, commodities, indices, and more. Renowned for its advanced technology and client-centric approach, HFM serves both retail and institutional clients, delivering world-class trading platforms and educational resources.This article was written by FM Contributors at www.financemagnates.com.
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Dukascopy Bank proudly celebrates 20 years of empowering traders and banking clients worldwide.Since its founding in 2004, Dukascopy has grown into a trusted, innovative leader in the fintech and online trading space, providing clients with advanced tools and a stable platform for smart financial decisions.Over the past 20 years, Dukascopy has reached major milestones that reflect its core values of stability, innovation, and putting clients first. From its proprietary JForex platform to the popular MT4 and MT5, Dukascopy offers a variety of trading platforms along with modern neo-banking services for both individuals, businesses, and institutions. The bank has also led the way in technology upgrades with White Label and banking-as-a-platform solutions.As Dr.Andre Duka, Dukascopy’s founder, says, "Innovation has always been at the heart of what we do. We aim to continue delivering these high standards into the future. Thank you, our clients, for choosing us for these 20 years."Currently, Dukascopy (https://ift.tt/nXjSa6x) proudly serves over 400,000 clients across both trading and banking services. This commitment to delivering cutting-edge solutions, backed by Swiss-grade stability, has allowed the company to maintain long-term relationships with clients, many of whom have been trading and banking with Dukascopy for decades.As the company looks toward the future, Dukascopy remains focused on empowering traders and banking clients, expecting significant growth of its client base across all segments, from trading to neo-banking, corporate to white-label services.This article was written by FM Contributors at www.financemagnates.com.
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Crypto payments: an untapped opportunity for PSPsThe payment industry usually plays it safe. Rather than jumping on trends, PSP companies place a strong focus on compliance and security. That said, there are incentives for and signs of a growing openness to cryptocurrencies. · The global user base for cryptocurrencies has reached 617 million as of June 2024.· Cryptocurrency payments are projected to grow at a compound annual growth rate of nearly 17% between 2023 and 2030. · Major PSPs like Stripe, PayPal, and Braintree have already integrated crypto payment options. Our customer, Akurateco, a payment solutions provider, recognized the potential of crypto payments in the PSP sector and started looking for a reliable partner to make it happen.ClientAkurateco empowers payment providers, merchants, and financial institutions with payment infrastructure, software, and managed teams. The company currently operates on every continent except Australia, with a larger share of its customers located in the UK and EU. Since its launch in 2019, Akurateco has helped numerous businesses launch a straightforward payment process, bypassing the technical hurdles and expense of building their own system, through its white-label, turnkey payment platform.ObjectivesAkurateco, attuned to the needs of their customers, recognised a growing demand for cryptocurrency payment options. Without a second thought, the company set out to find a partner who could integrate a secure and compliant crypto payment gateway into their platform. Objective #1. Enhance customer experienceAkurateco wanted to provide a wider range of payment options to meet their customers' needs and improve their overall experience.Objective #2. Gain a strategic edge Akurateco saw the potential of crypto payments to optimise costs, improve efficiency, and expand market reach. Objective #3. Future-proof their businessWith the growing popularity of cryptocurrencies and increasing institutional adoption, Akurateco recognized the need to adapt and stay ahead of the curve. Partnering with a crypto payment gateway was seen as a way to future-proof their business and prepare for the new era of digital finance. Solution. Onboarding and integrationWe’ve designed our onboarding and integration process to be as smooth and straightforward as possible. Our dedicated account managers guided the customer every step of the way.1. We prepared a personalised offer to fit Akurateco's business model.2. We ensured full legal compliance and security for Akurateco's crypto payment integration.3. We integrated the crypto gateway into Akurateco's payment platform via API with minimal disruption to their operations.“The integration wasn’t done in a click, which is normal for projects like this. It was a process that required time and effort. But looking back after two years, I’m happy to say everything has been smooth. The gateway works nicely, and both we and our customers are very satisfied with the results.”—Volodymyr Kuiantsev, Co-Founder and CEOResults· 10% of Akurateco's revenue is now generated through crypto payments.“We've been partnering with CoinsPaid for two years now, and both we and our customers are happy with the crypto payment experience. I'm quite optimistic about the future of crypto payments. Currently, around 10% of our customers prefer to pay in crypto, but I believe that number will only grow over time.”— Volodymyr Kuiantsev, Co-Founder and CEOThis article was written by FM Contributors at www.financemagnates.com.
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Plus500 (LSE: PLUS) has launched a shareholder charm offensive to quell growing investor unrest after a contentious annual meeting that sent tremors through its corporate governance foundations.The fintechtrading powerhouse found itself in unfamiliar territory when key shareholderswielded their voting power to challenge both its executive pay practices andboard leadership, forcing the company into a strategic pivot to restoreconfidence.Plus500 IntensifiesShareholder Outreach Following AGM SetbackThe fintechtrading platform operator faced a notable setback when its Directors'Remuneration Report presented during the Annual General Meeting (AGM) failed tosecure majority approval, while the re-election of Board Chair Professor JacobA. Frenkel passed with a relatively narrow 71.57% of votes in favor.In responseto these developments, Plus500's board has implemented a comprehensiveengagement strategy, conducting extensive discussions with major shareholdersand influential proxy advisory firms during the third quarter of 2024.“Since theAGM, consistent with the Company's commitment to maintaining ongoing,transparent dialogue with all stakeholders, the Board put in place a detailedplan to engage with its key shareholders and the shareholder advisory bodies towhich the majority of the Company's shareholders are subscribed, namely ISS andGlass Lewis,” Plus500 commented.The company's shares on the London market showed no reaction to the latest report, with Plus500 rising just under 0.2% today (Thursday) to 2,362 pence.Leadership DefenseThecompany's board has strongly backed Professor Frenkel's continued leadership,emphasizing his "significant and invaluable experience" in steeringthe company's corporate governance practices. During shareholder meetings inLondon, Frenkel personally presented the evolution of Plus500's governanceframework under his three-year tenure."Theboard believes that his continuing tenure as Non-Executive Director and Chairof the Board is for the benefit and of the utmost importance to allstakeholders," the company stated in its update to investors.Remuneration StructureUnder ReviewDiscussionswith proxy advisors ISS and Glass Lewis revealed that their opposition to theremuneration report stemmed from concerns about the company's response toprevious shareholder dissent. Plus500 defended its approach, noting that itsremuneration policy had been "significantly restructured" to alignwith UK best practices while considering its unique position as an Israeliglobal fintech company.The companyacknowledged that some performance metrics remain undisclosed due to commercialsensitivity but committed to exploring potential enhancements to itsremuneration reporting structure.According to a recent analysis by Finance Magnates, Plus500 spends the most on marketing compared to other FX and CFD brokers listed in London. The company allocates 13.6% of its six-month revenue to marketing and related areas, while others spend just under 8%.Shareholder EngagementInitiativeIn a seriesof face-to-face meetings with major shareholders in London, Plus500's seniorleadership team, including CEO David Zruia and CFO Elad Even-Chen, engaged indetailed discussions about governance improvements. While shareholdersreportedly expressed no significant concerns about executive pay amounts, theyfocused on structural elements and disclosure levels."Overall,the Company believes that feedback received from shareholders was positive,"the company noted, adding that it would incorporate feasible suggestions intofuture governance frameworks. What’s NextPlus500 hasscheduled additional governance meetings for the fourth quarter of 2024 andinto 2025, to demonstrate a long-term commitment to maintaining dialogue withshareholders. The company plans to provide a final update on these matters inits 2024 Annual Report, in accordance with the UK Corporate Governance Code.The ongoingengagement initiative represents a critical test of Plus500's ability tobalance shareholder expectations with its strategic objectives whilemaintaining…
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Black Pearl Securities Limited, which operates as BP Prime, reported a turnover of more than £16 million for the fiscal year ending 31 March 2024, compared to the previous fiscal’s £2.3 million—a 595 percent increase.Institutional Push Pays OffIn its latest Companies House filing, the FCA-regulated company highlighted that its “institutional product offering to regulated entities and professional clients has been predominantly responsible for driving income.”It also noted that demand for retail products on its platform declined, particularly in account applications, which led to a reduction in profit contribution.“Both sectors, professional and retail, remain highly competitive in the marketplace,” the company stated in the filing.Similar to other brokers, the primary source of revenue for BP Prime is from commissions, based on the volume of trades on its platform. Highlighting the revenue spike, it also concluded that its business strategy was a “success.”However, with the increase in revenue, administrative expenses also rose by almost 64 percent to £867,324.Another Profitable YearIn terms of profitability, BP Prime saw a boost due to the revenue surge. It closed the year with a pre-tax profit of £1.13 million, more than double the previous fiscal’s £532,000. After taxes, the net profit was £849,270, compared to £430,860 in FY23.BP Prime also highlighted that it is continuing to “look for opportunities both in the UK and overseas.” Furthermore, it is exploring ways to strengthen its retail products in China.“The company continues to market its key product to regulated institutional clients and is optimistic of success,” the filing added. “The company is also seeking to reinvigorate its retail product in China with the introduction of a new CRM, local website, and region-specific payment gateways.”This article was written by Arnab Shome at www.financemagnates.com.
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DeFinity Markets, a platform offering institutional digitalasset matching and settlement for both fiat and crypto, has integratedFireblocks into its system. Fireblocks, known for its secure infrastructure inblockchain applications, will help facilitate safe storage and transactions forselect API clients.Fireblocks and DeFinity Integrate Trading“We are delighted to work with Fireblocks as it fits wellinto our strategic vision and roadmap of providing PB credit intermediatedtrading services for digital asset clients in the TradFi space,” ManuChoudhary, CEO of DeFinity Markets, commented.The integration combines Fireblocks' security withDeFinity's advanced trading and settlement capabilities, providing users withstreamlined trading experiences. This partnership aims to ensure bettertransparency, security, and ease for institutional clients executing trades.“We are excited to support DeFinity Markets as they leverageour infrastructure to enhance the security and efficiency of their digitalasset operations,” Michael Shaulov, CEO of Fireblocks, said.“With our infrastructure in place, DeFinity’s API clientscan trade with confidence and ease, knowing their transactions are backed bythe best security out there.”Digital Asset Transfers EnhancedFireblocks’ capabilities will also simplify digital assettransfers by improving wallet address management and reducing risks of manualerrors. The demand for qualified custody is growing among institutionalparticipants, and Fireblocks’ cold storage solution, meeting regulatoryrequirements, offers secure asset protection.This collaboration supports institutions by offering bothtraditional bank-backed and Fireblocks-backed cold storage options, enhancingsecurity and compliance. DeFinity and Fireblocks both aim to drive innovationin digital assets, creating more opportunities for institutions to engage insecure and flexible cross-asset trading.Michael Siwek, Co-Founder of DeFinity Markets, concluded:“This ongoing collaboration is very timely given our group company's recentJersey VASP status and the full launch of digital assets on the island. We willbe working closely with Fireblocks to deliver a suite of products to our futurePB clients transacting crypto currencies.”This article was written by Tareq Sikder at www.financemagnates.com.
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easyMarkets posted strong trading volumes for some ofits key financial instruments in the third quarter. Among the standoutperformers were the USDJPY currency pair and NASDAQ's tech-heavy index. According to the forex trading broker, both indices posted a significant boost as the global market shifted, sparking strong demand from traders.Bank of Japan's Rate HikeNotably, easyMarkets registered a surge in tradingvolume of the USDJPY currency pair in Q3, with an impressive 98% increasecompared to the previous quarter. This jump was reportedly driven by increased clientinterest in Yen pairs, particularly following the Bank of Japan's decision toraise interest rates for the first time in 17 years. The move, which resulted in a 14% appreciation of theYen, came after the Japanese government intervened earlier in the summer toprevent further currency devaluation. The Bank of Japan's unexpected decision to hike ratesby 0.15% in early August created a strong response from traders who capitalizedon the subsequent volatility. easyMarkets clients adjusted their strategies tosupport trading activities. While the USDJPY story dominated currency markets,easyMarkets also experienced a 25.3% increase in trading volumes for the NDQUSDinstrument.NASDAQ's Continued GrowthThis surge is part of a broader market trend, where the NASDAQ index continues to attract traders looking to capitalize on the tech sector's performance. By focusing on the tech sector as a whole, traders oneasyMarkets have been able to benefit from broader industry trends, whichhelped drive continued interest and robust volumes throughout the quarter.Bitcoin also experienced significant fluctuationsduring Q3 2024, which contributed to increased trading activity on easyMarkets.After dipping to $48,000 in early August, Bitcoin made a strong recovery,rallying to $66,000 by the end of September. This 37% increase in value created a dynamic tradingenvironment, attracting clients who were looking to capitalize on Bitcoin'svolatility. The substantial price movement and the ever-present interestin cryptocurrencies made Bitcoin a focal point for many traders, driving upvolumes.Interest rate adjustments by central banks around theworld also significantly impacted global market sentiment in Q3. As theU.S. Federal Reserve and other central banks navigated their own monetarypolicies, clients were quick to adjust their strategies across various markets.This article was written by Jared Kirui at www.financemagnates.com.
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The US presidential election results are in, and Donald Trump scored a resounding victory, sweeping the electoral college and the popular vote. There are a huge number of takeaways from this emphatic resolution to a dramatic and unorthodox presidential race, but let’s focus on Bitcoin and blockchains and consider the implications for the crypto industry from this point on.A Crypto-Focused CampaignFrom the top, it’s important to note that there has never previously been a presidential campaign that featured crypto as prominently as that just run by Donald Trump. His push for the presidency received advice and backing from David Bailey, the CEO of Bitcoin Magazine. The campaign accepted donations in crypto, and in July, Trump was the headline speaker at the Bitcoin 2024 Conference in Nashville.At that event, Trump made a series of very clear, pro-bitcoin pledges, including intentions to stockpile BTC as a national strategic reserve asset and replace Gary Gensler, who is perceived as having overseen a crypto-hostile regulatory environment, as Chair at the SEC.JUST IN: Crowd goes absolutely nuts after Donald Trump vows to fire SEC Chairman Gary Gensler during the Bitcoin Conference in Nashville, Tennessee.Trump was clearly taken aback at the crowd's reaction when he made the announcement."On day one, I will fire Gary Gensler and… pic.twitter.com/0CyOMaY6FY— Collin Rugg (@CollinRugg) July 27, 2024Trump also promised to protect and bolster the Bitcoin mining industry in the US and put an end to Operation Choke Point 2.0 (an alleged behind-the-scenes strategy by US officials to cut crypto off from banking services). He also pledged to commute the sentence of Ross Ulbricht, who is serving life in prison for making and running the online, BTC-accepting black market Silk Road. Besides that, Trump appears to be surrounded by a tech-centred, demonstrably crypto-friendly inner circle. This includes, most famously, Elon Musk, whose car company Tesla holds 9,720 BTC, and Vice President-Elect JD Vance, who reportedly personally holds a significant amount of BTC.Additionally, last week, news broke that Strive Asset Management–the firm founded by Trump surrogate Vivek Ramaswamy–has launched a wealth management business that integrates Bitcoin. Trump and his sons, Donald Jr., Eric, and Barron, are all closely involved in a DeFi project called World Liberty Financial.Pro-Crypto Politicians Enter the StageAdvocacy group Stand With Crypto, which aims to build political support for the crypto industry in the US, reports through its election tracking service that, currently, 247 candidates it categorizes as “pro-crypto” have been elected to the House of Representatives, compared to 113 it labels as “anti-crypto”, while in the Senate, the numbers are 15 pro-crypto compared to 10 anti-crypto.Welcome to the new members of America's most pro-crypto Congress ever... 219+ pro-crypto candidates and counting have now been elected to the House & Senate. Tonight the crypto voter has spoken decisively - across party lines and in key races across the country. Americans… pic.twitter.com/t91wC3Wtzr— Brian Armstrong (@brian_armstrong) November 6, 2024 Additionally, a key individual battle has turned up a pro-crypto result in Ohio, where Sherrod Brown, Chair of the Senate Banking Committee and markedly antagonistic to the crypto industry, lost his seat after almost twenty years in the Senate, to Bernie Moreno, who is strongly supportive of crypto.This has resulted in plenty of speculation about what happens next for crypto under the new Trump administration. A plausible scenario is that the US shifts from a country with no regulatory clarity to becoming one of the world’s most crypto-friendly regions, integrating Bitcoin and further accelerating broader crypto adoption. Simultaneously, other related shifts occurred during the presidential race, including, notably, independent media and podcasts overtaking legacy media as a major source of influence, with new media perceived as enabling unfiltered discussion in…
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Proptrading brand Fintokei recently expanded its operations into Italy, with itsnewly appointed Country Manager aiming to acquire 3,000 clients by the end of2025. According to Marco Martire, the timing for entering one of Europe's keymarkets couldn't be better, especially as the local regulator increasinglyscrutinizes the sector.Will Fintokei Prove to Consob That Prop Trading Isn’t Just “Video Games”?Martireshared a social media post addressing the recent Italian debut of Fintokei, aplatform with Czech and Japanese roots. This expansion is part of a broadergrowth strategy by the brand, co-owned by David Varga, who also represents Purple Trading brokerage."WithFintokei, we arrive in Italy at the perfect time, as Consob's attention on theprop firm sector is currently very high," Martire commented in hisoriginally Italian post. He referenced the regulator's July warning thatcompared the industry to "video games" rather than actual trading. Expertsviewed this as a signal that Consob might soon take a more serious look at proptrading.However,Martire's statements suggest that the regulator's increased interest isn't anobstacle for Fintokei but rather a "positive factor" aligning withthe company's "transparent operations" rooted in the regulated FX/CFDindustry.This isalso "one of the main reasons why we chose to enter this market,"added the Italian Country Manager. "Following our success in Japan, we aimto demonstrate our value through the quality of the tools, methods andsolutions we offer our customers in this new initiative," he summarized onLinkedIn.In aninterview with local magazine Milano Finanza, he also addressed regulatorymatters, stating that "In Italy, regulation is very careful, but this isonly positive for those who work seriously like us."Fintokeicurrently processes around 400,000 transactions daily and has paid out over €6million to its clients in 2024. As mentioned earlier, Martire aims to reach3,000 Italian clients by 2025."Payout to our traders not only represents a major milestone for Fintokei but also underscores our commitment to supporting and rewarding skilled trading professionals,” Varga commented. “We're incredibly proud of the talented traders in our community who drive our success through their dedication and expertise.”Video Games, Not TradingConsobclaims that prop trading challenges promoted on websites and social mediaplatforms "simulate an online trading activity in a type of finance videogame aimed at passing skill tests and making a profit."Accordingto the regulator, users often don't realize they're investing with virtualfunds in demo accounts, yet they can lose real money paid for challengeparticipation."Consobhas received several reports from users who have signed up for such offers. Thecomplaints concern both the level of difficulty of the tests, which areallegedly contrived to push 'players' to try again, and the failure to sharethe alleged profits," the regulator commented.Moreimportantly, Consob is not isolated in its opinion. FSM and CNMV Also Eye PropTradingEuropeanregulators, including the financial market authorities in Belgium (FSMA) andSpain (CNMV), have issued similar warnings that reflect a growing apprehensionabout proprietary trading activities.In May, FinanceMagnates reported on a European Securities and Markets Authority (ESMA)discussion aimed at evaluating regulations related to proprietary trading.Remonda Kirketerp-Møller, CEO of the regulatory compliance firm Muinmos, notedthat “regulators have been conducting studies, gathering data, and engaging inconsultations with industry participants to better understand the nature andimplications of prop trading.”Currently,proprietary trading firms are regulated under consumer protection, dataprivacy, and international sanctions laws. While many of these firms are basedin jurisdictions like the US, UK, UAE, and Saint Vincent and the Grenadines, asignificant number operate within the EU. In earlyJune, the Czech regulatory authority suggested that certain proprietary tradingmodels, particularly…
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A recent survey from eToro shows that Gen Z investors arefar more likely than older groups to discuss investments with friends andfamily. The study, covering 10,000 retail investors across 12countries, found that 55 percent of Gen Z respondents aged 18 to 27 spoke abouttheir portfolios with friends, and 44 percent shared their investmentactivities with relatives. Among baby boomers aged 60 to 78, only 29 percent had suchdiscussions with friends, and 22 percent with family.Gen Z Leads Investment DiscussionsThis trend extends beyond family circles. Gen Z respondentsare more likely than boomers to compare investment strategies with strangers,at 10 percent compared to 4 percent, and colleagues, at 32 percent compared to15 percent. However, they are less inclined to share investment details withromantic partners, possibly due to different relationship statuses.Gen Z investors also dedicate more time to research. Theyspend an average of 3.7 hours weekly analysing company data and watchinginvestment-related content. “The latest crop of retail investors are rewriting thescript, with many embracing the opportunity to share their investment ideaswith friends and their wider circle as they look to harness the wisdom of thecrowd,” commenting on the data, eToro Analyst Sam North, said. “In the same way that Gen Zs have turned other ‘taboo’subjects, such as mental health, into dinner table chat, investments and moneyhave become normal topics of conversation amongst this age group.”Prioritizing Financial IndependenceThey are also more likely than other age groups to engage instructured learning, with 30 percent having taken an investment course and 45percent studying strategies from prominent investors. Their motivations diverge from older generations, with 44percent of Gen Z aiming for financial independence compared to 33 percent ofthe average, and only 18 percent focused on retirement planning compared to 36percent of older groups.The survey, conducted by Opinium from August 16 to September2, 2024, classified retail investors as self-directed or advised, each holdingat least one investment product.North added: “The youngest generation of investors are oldenough to have witnessed the impact of economic downturns but young enough tohave grown up in a digital age where information is just a click away. Gen Zunderstands the importance of being financially savvy and are making the mostof the tools available.”This article was written by Tareq Sikder at www.financemagnates.com.
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November is already here, which means the final countdown to the Finance Magnates London Summit (FMLS) is underway! As one of London’s premium events, the summit has focused on the most pertinent and pressing topics around several industry verticals. This year will include an emphasis on Tradfi, crypto, the latest market insights, and of course the proliferation of artificial intelligence (AI). Held on November 18-20 at Old Billingsgate, this is one event you cannot afford to miss!FMLS:24 is planning to draw some of the biggest names in technology, innovation, and fintech. Together with leading brands and C-suite executives, this event has consistently delivered actionable content and insights, along with an unforgettable experience. Two full days of exhibition will be accompanied by a diverse slate of panels, workshops, and sessions across three content stages.Learn more about the event’s detailed agenda or map out your London Summit by accessing the following link. As a quick reminder, time is running out to reserve your seat online for this marquee event. Registering online ensures you can skip any queues on-site and spend more time networking and engaging with other attendees. Learn from the Industry’s Best this NovemberLondon Summit is set to explore some of the hottest trends and innovations in finance, focusing on Tradfi, AI, cryptocurrency, and key market insights. Now in its 13th year, FMLS:24 will include some leading voices from finance, fintech, and digital assets to discuss how traditional finance (Tradfi) and emerging digital assets markets are increasingly interwoven. Panels will take a deep dive into the transformative role of artificial intelligence, especially in trading and market analysis. Attendees can also check out several notable speakers touching on the ongoing evolution of digital asset markets as they align more closely with traditional financial systems. This includes the following household names:Time is Running Out to Vote for the London Summit Awards 2024 Voting for the coveted London Summit Awards is live and will remain open for less than a week. Don’t miss your chance to make your voice heard and vote on a short-list of hand selected companies across several categories. Voting for these awards is simpler than ever and can be completed in only a couple minutes. For any questions, prospective participants can familiarize themselves with the full terms and conditions of the London Summit Awards. Only registered attendees are eligible to vote in this year’s awards. 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 also permissible, and any company is free to nominate itself – by extension anybody is also eligible to vote for any other company as a third party as well. The awards will be given out at the official ceremony on-site, immediately following FMLS. See you in London in a few weeks!This article was written by Jeff Patterson at www.financemagnates.com.
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Fintech firm GTN has secured authorization from the UK's Financial ConductAuthority (FCA), marking a significant milestone in its European growthstrategy. As CEO Manjula Jayasinghe stated, this expands the current regulatory reach, which previously covered Asia, the US, and the Middle East.GTN Secures UKAuthorization, Eyes European ExpansionTheauthorization enables GTN to offer Tripartite Model B services in the UK, amodel where three parties (investment manager, custodian and client) areinvolved in the investment process, catering to wealth managers, fintechs, andauthorized trading firms seeking custody partnership solutions. "The FCAauthorization aligns with GTN's mission to support the vibrant Europeanfinancial and fintech ecosystem," said GTN's Co-Founder and GroupCEO, Manjula Jayasinghe, "GTN's regulatory presence in the UK nowcomplements its existing operations in the US, Singapore, and Dubai, furtherreinforcing its global reach."GTN, backedby the International Finance Corporation (IFC) and SBI Group, has established aglobal presence with over 500 employees across nine countries. The company'sexpansion into the UK market comes at a time of increasing demand forinnovative financial solutions in Europe.The company provides investment and trading solutions that integrate with the services ofregulated financial institutions and fintech companies. Their platform offersaccess to global markets and various asset classes, complemented by execution,custody, and post-trade services. Thisregulatory approval adds to GTN's existing licenses in the United States,Singapore, and Dubai. The fintech recently focused on the expansion in thelatter, adding Saxo Bank veteran AhmadAbouardini as its new Relationship Manager andZaid Aloul as Chief Commercial Officer for the region.GTN Partners with Finansiaand RevolutIn lateMay, Thai brokerage and wealth management firm Finansia Syrus Securities formeda partnership with GTN, leveraging GTN’s trading platform and fractionaltrading capabilities. This collaboration enables Thai investors to accessdiverse assets across 29 global markets.“Collaboratingwith GTN aligns perfectly with our mission to expand the investment horizons ofThai investors,” remarked Chuangchai Nawongs, CEO of Finansia. “By leveragingGTN's cutting-edge technology and global market expertise, we can empower ourclients to make informed investment decisions and seize opportunitiesworldwide.”A monthafter this partnership, GTN joined forces with Revolut to introduce bondtrading for customers in the European Economic Area (EEA) through the Revolutapp. This launch allows Revolut users to buy bonds directly within the app’sinvestment section. According to a press release from Finance Magnates, Revolutintegrated GTN’s instant click-to-trade functionality, supported by FIX andREST APIs, to streamline bond trading for its users.“This isyet another step in Revolut’s mission to build an all-in-one investmentplatform that is multi-asset class, has coverage across EEA markets, and catersto both advanced and beginner users,” stated Rolandas Juteika, Head of Wealthand Trading (EEA) at Revolut. “Bonds provide an excellent opportunity forinvestors to diversify their portfolios with fixed income.”This article was written by Damian Chmiel at www.financemagnates.com.
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In a heartwarming gesture of community support, Evest organized an initiative to bring joy to the young patients at Al Jalila Children's Hospital. This effort aimed to uplift children grappling with health challenges by giving them thoughtful gifts designed to brighten their spirits.The event was filled with warmth and laughter as Evest’s team interacted with the children, creating memorable moments of joy. Each carefully chosen gift served as a token of kindness and a source of hope and encouragement, reminding these brave young fighters and their families that they are not alone. The gifts, from toys to arts and crafts supplies, were selected to inspire creativity and provide comfort during difficult times.Ali Hassan, CEO of Evest, expressed his thoughts on the initiative: "At Evest, we believe our responsibility extends beyond the financial realm. Our mission is to positively impact the lives of those in our community, especially those who need it most. We hope that these small gestures can inspire hope and happiness in the hearts of these children and their families.”Al Jalila Children’s Hospital initiative underscores Evest’s commitment to social responsibility and community engagement. By continuing to host events like this, Evest not only brings joy to those in need but also reinforces its mission to support and educate individuals in their financial journeys.Evest remains devoted to creating initiatives that inspire and uplift, ensuring that we can build a brighter future for children and families facing adversity.Evest was founded to foster trust and credibility in the online trading landscape. Evest is dedicated to empowering individuals through education and transparent financial practices. The company offers a secure digital trading platform that enables clients to self-manage their investments in various assets, including stocks, bonds, CFDs, mutual funds, and ETFs. By simplifying the trading process, Evest strives to make financial opportunities accessible to everyone, not just seasoned investors.This article was written by FM Contributors at www.financemagnates.com.
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Cross-borderpayment provider Wise (LSE: WISE) reported a 57% increase in underlying profitfor the first half of fiscal year 2025, as the company's expansion of itsglobal payment infrastructure and growing customer base continued to drivestrong financial performance.Wise Posts 57% Profit Jumpas Global Payment Network ExpandsTheLondon-based fintech company saw its underlying profit before tax rise to£147.1 million in the six months ended September 30, while revenue grew 19% to£591.9 million. The company's active customer base expanded by 25% to 11.4million users, with customer balances reaching £14.7 billion."Weare pleased with the progress over the first six months of the year," saidKristo Käärmann, Co-Founder and CEO of Wise. "Our customers value thespeed, convenience and price we offer, with over 70% of new customers joiningWise through recommendations by existing customers."Thecompany's infrastructure investments have yielded significant operationalimprovements, with 63% of transfers now completed instantly and 94% within 24hours. Wise has secured regulatory approvals to integrate directly withdomestic payment systems in Brazil, Japan, and the Philippines, bringing itstotal direct connections to eight once fully implemented.Theseefficiency gains have allowed Wise to reduce its cross-border take rate to 62basis points, down 5 basis points from the previous year, reflecting thecompany's strategy of passing cost savings to customers. The approach appearsto be working, with over 70% of new customers joining through word-of-mouthrecommendations.Just yesterday(Monday), Finance Magnates informed that Wise partnered with StandardChartered to enhance the bank's retail remittance offerings. This collaborationaims to provide Standard Chartered's customers with more efficient andcost-effective international money transfer options.FY25 OutlookEmmanuelThomassin, Wise's newly appointed CFO, highlighted the company's strongfundamentals while noting that margins are expected to normalize in the secondhalf. "Wecontinue to target a medium-term underlying profit margin of between 13-16%, arange that we expect to move closer to achieving in the second half ofFY25," he said.Thecompany's growth plans include expanding its addressable market beyond itscurrent small share of the estimated £27 trillion cross-border payments market.Käärmann envisions a future where a $10,000 international transfer could costas little as $10, compared to current bank charges of $200-$400.Wise'spartnership network continues to grow, with recent additions including Nubankin Brazil, Qonto in France, and a agreement with Standard Chartered to powerthe bank's cross-border payment service across Asia and the Middle East.The companymaintained its guidance for 15-20% underlying income growth for both FY25 andover the medium term, signaling confidence in its growth trajectory despiteplanned price reductions aimed at driving long-term market share gains.A Week ago,Wise's CEO, Kristo Käärmann, was fined £350,000 by the UK's Financial ConductAuthority (FCA) for failing to disclose significant tax issues. The finerelates to a 2017 share sale, where Käärmann did not inform the FCA about asubstantial capital gains tax liability, leading to questions about hiscompliance with regulatory standardsThis article was written by Damian Chmiel at www.financemagnates.com.
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As the ballot counting for the US Presidential election has started, the global financial markets have already started to react. Although the US stock markets are already closed, key indices ended yesterday (Tuesday) with a bullish trend.Catch the live update of US Presidential election results here.No matter who wins, Donald Trump or Kamala Harris, their stance towards policies could move markets significantly. Due to the economic and political dominance of the United States, the US elections affect even the markets outside the country.Republicans: We are doing GREAT! Stay on Line. Do not let them move you. STAY ON LINE AND VOTE!— Donald J. Trump (@realDonaldTrump) November 5, 2024Japanese Stocks GainAs the counting of US election ballots started, the Japanese stock market reacted quickly. The Nikkei 225 gained more than 1.5 percent today, a significant rally that countered the declining yen.“Very early results certainly improving the odds for Trump, but it can still go anywhere,” Charu Chanana, Chief Investment Strategist at Saxo Markets, told Yahoo Finance. “The biggest risk to global equity markets is a Democratic sweep, but the odds there are extremely low, or a contested result, which remains more likely.”However, Hong Kong's Hand Seng Index declined in the early trading hours.Trump Trades Continue to RallyAs the results from Georgia and Florida came in, all Trump trades have climbed.Trump is leading in Florida and is projected to sweep the state. Interestingly, he has also achieved an early lead in Georgia, a swing state, which could affect the markets significantly.The Trump trade is picking up steam in the early hours of vote counting, despite the lack of surprises thus far. Zooming out and thinking globally, here's what Trump’s proposed tariffs would mean for the world: https://t.co/hVlzUY0bzR pic.twitter.com/w9Os3Qn1rC— Bloomberg (@business) November 6, 2024US Dollar StrengthensThe US dollar has strengthened as the ballots have been counted. Any sign that Trump is in the lead could lead to a burst of support for the dollar; however, the currency market is expected to be volatile throughout US election night.“We think that financial markets were wiping the slate clean on Tuesday and that the real moves will happen once we have a better idea of who will win the election,” said Kathleen Brooks, research director at XTB. “The positive signs for Trump in Georgia are already boosting the dollar, and it suggests that the USD is very sensitive to the results as they get announced.”Japanese Yen is melting down against USD 👀 pic.twitter.com/JQdljlJkjf— Peruvian Bull (@peruvian_bull) November 6, 2024Bitcoin RisesThe cryptocurrency market, which, unlike stock markets, remains open 24/7, received a massive boost from the anticipation of the US election results. Bitcoin has gained almost 5 percent, trading over $71,000 each on election day and is showing strong bullish signs.Notably, Trump is very supportive of policies regarding cryptocurrencies. He is backed by multiple crypto heavyweights and even called himself the first “Bitcoin President” of the US.Harris’ crypto stance, however, remains unclear. Despite her Silicon Valley ties, the only instance she mentioned crypto in her campaign was in a Wall Street fundraiser, where she said that her administration would promote innovations in digital assets and other new-age technologies.JUST IN: 🇺🇸 $71,000 #Bitcoin pic.twitter.com/u3twEMZ1NM— Watcher.Guru (@WatcherGuru) November 6, 2024“The outcome of the US election will undoubtedly have a significant impact on the digital assets market, both in the short and long term,” said Amit Malik, President of JAPA (Japan, Asia Pacific, and Australia), WadzPay. “Any immediate regulatory changes or shifts in policy direction, particularly those involving taxation and the treatment of digital assets, are likely to impact market sentiment.”US Stocks Gain 1% on Election DayBoth the S&P 500 and Nasdaq gained over 1 percent on election day. Despite the rally, the markets are expected to be volatile…
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TraditionData,the market data division of Compagnie Financière Tradition, has appointed IanSams as Global Head of Product, elevating the company veteran from his previous,similar role for the EMEA region.TraditionData Names SamsGlobal Product HeadThepromotion marks a strategic move for TraditionData as it seeks to expand itsdata solutions across multiple asset classes. Sams, who brings more than 22years of experience within the Tradition Group, will work alongside recentlyappointed Chief Operating Officer Chris Dearie to strengthen the firm's productstrategy and market position."Weare accelerating our next phase of innovation and growth," said ChrisDearie, COO of TraditionData. "Ian's experience and expertise in buildingand growing our Interest Rates data product suite will be extremely importantas we look to both grow and diversify our client-focused, innovative datasolutions."During histenure as EMEA Product Head, Sams played a crucial role in developingTraditionData's global Interest Rate data strategy, establishing what hasbecome the company's most successful asset class offering. TraditionData'smarket data services currently cover Interest Rate Derivatives, Energy &Commodities, Credit & Fixed Income, FX, FX Options, and Money Markets. Inhis new role as Global Head of Product, Sams will be responsible for overseeingthese product lines and developing solutions for the company's institutionalclients.Sams has been associated with Compagnie Financière Tradition (CFT) since the beginning of his professional career in 1997. He initially served as Market Data Technical Manager for 13 years before briefly joining Thomson Reuters. In 2016, he returned to CFT as Account Manager for Data and Sales. In 2019, he was appointed Head of European Data Product Strategy, and in May 2023, he assumed the role of European Head of Data Product Strategy.TraditionData Taps Six Key HiresToday’s(Thursday) announcement marks one of several recent changes to TraditionData’slineup. Last month, Finance Magnates reported that Dearie was appointed as thenew COO, bringing with him 25 years of experience in finance.TraditionData has also made three strategic hires to further bolster its presence in the Asia-Pacific region. Danny Lee, who has over 25 years of experience, joins asHead of Sales for Asia Pacific, based in Hong Kong. Jackey Chong has beenappointed Regional Head of Sales for Southeast Asia and Australia, operatingout of Singapore, while Clarins Ng steps into the role of Regional Head ofAccount Management for North Asia, also stationed in Hong Kong.Theoperations team has seen notable additions as well, with Susana D'Elia Lagoappointed as Team Lead of Market Data Customer Support, bringing extensiveexperience in developing customer support teams. Additionally, Chris Leonard, aTradition veteran with a decade of experience, has taken on the role of Head ofData Quality, where he will focus on improving data quality across all assetclasses.Traditionlaunched TraditionData in 2019 to provide tailored solutions for diversecustomer needs. As for Tradition’s overall performance, the group published itsfinancial report on Thursday, announcing consolidated revenue of CHF 272.3million for Q3 2024: a year-over-year increase of 16.2% at constantexchange rates. Adjusted for current exchange rates, this growth stands at 12.9%.This article was written by Damian Chmiel at www.financemagnates.com.
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Fintech is a prime target for cyber attacks - malware attacks 40% of finance companies worldwide, and in successful cyber attacks, malware is the cause 73% of the time. And in terms of frequency, finance organizations each suffered over 50 attacks annually - that's more than any other industry.So, in case you didn't already know it and those statistics weren't enough, read on for all the critical cyber risks every fintech company should watch out for.Digital FootprintA digital footprint is specific data left behind after most online activity. In the case of fintech companies, for example, the footprint of this company includes relationships with customers, financial operations, presence on social networks, and operations in the cloud. Utilizing data removal tools to minimize that digital footprint and keep your privacy intact is essential.A company's increased cyberspace activities create multiple entry points for possible cyberattacks. A hacker can try to gain access using the information from the digital footprint - like consumer addresses, emails, etc - to start an attack.Data Breaches and Insider ThreatsThe biggest challenge is safeguarding data and consumer finance details - Americans lost $43 billion to identity fraud in 2023. And looking at the IBM 2023 Cost of Data Breach report, the average loss per data breach amounts to $5.85 million. Another study found that 3/4 of fintech services had at least one data breach in the last five years. Those are numbers you can't ignore. Causes of data breaches can be anything from weak software to weak account passwords - it isn't always the fintech company at fault.Internal threats are also massive. Employees or contractors with sensitive data can deliberately or accidentally leak that information. One study revealed human error is the cause of 52% of data breaches. And according to the 2022 Cybersecurity Insiders Insider Threat Report, 60% of organizations have reported insider attacks within the year. Proper employee training and monitoring is essential.Ransomware AttacksIn 2023, the cost of ransomware attacks reached an all-time high of $1 Billion with a reported 317.59 million ransomware attempts.Ransomware attacks are so sophisticated. Hackers use malicious code to access servers and accounts, block them, and demand money to release them.For the fintech companies, ransomware attacks can be massive. There's so much money and potentially sensitive data to take that ransomware attackers know they can set a high demand price, and these companies will pay, hence why it's costing billions. The worst is that there's not much companies can do about it. Once the account is hacked and locked, the only way to release it is with a payment, and even then, they still have all the sensitive information and will likely sell that to other parties to make even more money. Ransomware attacks usually come through suspicious emails, links, or software. Phishing emails are one of the things you should be looking out for and again, employee training is essential.Other Malware AttacksThere are other kinds of malware attacks to watch out for - ransomware is the most common, but there are other avenues. However it happens, it always includes malicious code that breaches and shuts down computer systems, capturing sensitive information.One study found that for every 13 web requests, 1 contains malware. And when you consider the sensitive nature of information fintech companies store on their servers, they are a high-risk concern. Again, employees can be the accidental internal human error here, clicking on emails or links they shouldn't.Malware comes in many varieties, like viruses, worms, spyware, adware, and Trojan horses, and each of them uses different strategies and techniques.Any fintech company has lots to watch out for - they're the most targeted industry. The amount of sensitive information these companies store and the financial reward is too much to pass for hackers. And the issue is, the methods they're using are only becoming more sophisticated.…
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Client trading volume on Capital.com skyrocketed to over $450 billion in Q3 2024, which is 20 percent higher than the previous quarter. The volume was $337 billion in Q1, meaning the nine-month trading volume on the platform has already surpassed last year’s total of $1.2 trillion.Index Trading Remains PopularThe increased trading demand last quarter was driven by strong interest in indices, commodities, and FX markets, the brokerage revealed. It further added that index trading accounted for about 53 percent of its total quarterly trading volume.“Our Q3 results highlight the sustained growth of our platform,” said Dana Massey, Chief Marketing, Product & Technology Officer, Capital.com.The London-headquartered broker further revealed that the number of executed trades on the platform between July and September increased by 19 percent quarter-over-quarter to 31 million.Additionally, the number of new user accounts rose by 9 percent, though it remains unclear how many of these new accounts are funded. Interestingly, traders from the Middle East generated most of the index trading demand on the platform, “followed closely” by those in Europe.“With anticipation for the US presidential elections building in Q3, we've seen increased interest in indices and FX pairs, specifically those involving the dollar,” said Daniela Sabin Hathorn, Senior Market Analyst, Capital.com. “The capital injection by China to revive its struggling economy was also a key driver of the momentum in equities throughout September as traders set aside concerns about growth in China.”Expanding Tech TeamEarlier, Capital.com revealed that its net group revenue between January and June jumped by 35 percent, while the total number of registered accounts grew by 63 percent. Although the broker did not provide exact figures for these two metrics, it told Finance Magnates that “revenue growth is in the triple-digit million range and registered accounts are in the millions range.”Now, the broker is also investing heavily in technology and has plans to double the headcount of its technology and engineering unit over the next 12 months. It also announced plans to hire 200 new professionals across its global offices.“As a tech-first company, expanding our engineering team is crucial to scaling our services and meeting the demands of our growing global client base,” added Massey.This article was written by Arnab Shome at www.financemagnates.com.
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Dutchpayment technology giant Adyen NV reported stronger-than-expected third-quarterresults, with net revenue climbing 21% at constant currency, highlighting thecompany's successful recovery from last year's challenges.Adyen Posts 21% RevenueGrowth as Platform Business Leads ExpansionTheAmsterdam-based fintech firm (AMS: ADYEN) recorded netrevenue of €498.3 million in the third quarter, marking a 20% increase fromthe previous year. Processing volumes surged to €320.6 billion,representing a robust 32% year-over-year growth, as the company continued toexpand its market presence across various segments."Thethird quarter of 2024 marked a period of strong growth and continuedinnovation," said Ethan Tandowsky, Adyen's Chief Financial Officer. "Ournet revenue growth of 21% at constant currency was driven by our ability toconsistently execute on our land-and-expand strategy with our existingcustomers, in-line with the building blocks that we outlined in 2023."The latestresults mark a significant turnaroundfrom August 2023, when Adyen's shares plummeted nearly 40% in a single dayfollowing disappointing first-half results. Overnight, the company’s valuationdropped by $20 billion. Since thesignificant decline and subsequent low, the stock has rebounded over the pastyear by more than 132%. However, Thursday's session did not yield a positiveresponse to the latest trading update, with shares on the Amsterdam StockExchange falling by 1.7%.Platforms, UnifiedCommerce and DigitalThecompany's platform business emerged as the standout performer, maintaining itsposition as the fastest-growing segment. The platform segment's growth reflectsthe company's ongoing expansion of its merchant base, with notable activitiesin North America including its existing partnerships with Block's Cash App andShopify.In theUnified Commerce segment, Adyen reported growth as it continued to expandacross different industry verticals. The digital segment also continued itsestablished growth pattern in a market that has evolved since the heightenedonline shopping activity during the pandemic period.“As we looktowards the end of the year and into 2025, we remain confident in the vastopportunity ahead and in our ability to continue executing on our long-termvision,” Tandowsky added, expressing confidence in the company's future trajectory.Adyen’s New CTO and PayPalPartnerhispIn August,Adyen appointed Tom Adams as its new Chief Technology Officer. Adams steps inas Alexander Matthey, Adyen’s outgoing CTO, concludes a decade of servicemarked by significant technological contributions. Adyen's Co-Founder andCo-CEO, Pieter van der Does, conveyed strong confidence in Adams' capability toadvance the company's tech-driven strategy.Inparallel, PayPal has entered into an expanded global partnership with Adyen.Through this arrangement, Adyen will incorporate PayPal’s Fastlane solutioninto its offerings for enterprise and marketplace customers in the UnitedStates, with plans for global expansion. Fastlane isengineered to improve guest checkout by accelerating the transaction process,ultimately aimed at boosting conversion rates by simplifying the customerexperience.This article was written by Damian Chmiel at www.financemagnates.com.
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The Indian regulator overseeing the local securities markets has issued an advisory against “apps/web applications/platforms” offering “virtual trading services, paper trading, or fantasy games to the public based on stock price data of listed companies.” Although the agency did not specifically name “prop trading” or funded trading platforms, it clearly indicates such platforms.“Such activities are in violation of the Securities Contract (Regulation) Act, 1956 and SEBI Act, 1992, which are laws designed to protect investors,” the Securities and Exchange Board of India (SEBI) added.Indian Regulator Takes Notice of Prop TradingInterestingly, the Indian central bank recently updated its warning list, which contains a long list of contracts for differences (CFDs) brokers, adding the names of a couple of prop trading platforms. While the Reserve Bank of India controls all forex brokers, SEBI regulates the securities market.Although India does not regulate retail CFDs trading, it does not ban it outright. Thus, retail over-the-counter brokers operate in a grey area in the country. However, the country is very lucrative, and several foreign CFDs brokers are onboarding local clients, mostly under offshore licences.When it comes to prop trading, these platforms are unregulated worldwide, including in India. Such platforms do not handle client funds for investment, so they cannot be categorised as financial services platforms.However, these prop trading platforms are now under regulatory scrutiny worldwide. Finance Magnates earlier reported that the pan-European agency ran initial checks on regulating such platforms, while the Australian regulator is also monitoring them. Recently, a prop trading platform that expanded into Italy revealed that the local regulator’s attention on the sector is “very high.”Meanwhile, the regulator in Italy compared prop trading platforms "video games" while the ones in Belgium and Spain also issued warnings against them.Participation at “Own Risk, Cost, and Consequences”Interestingly, the Indian securities regulator also issued warnings in 2016 against platforms offering “leagues/schemes/competitions, etc., related to securities markets,” highlighting that those platforms were soliciting investors. Notably, that warning did not specify anything related to the prop trading model, as the sector’s popularity had not surged then.“Participation in unauthorised schemes, including sharing confidential and personal trading data, is at investors’ own risk, cost, and consequences, as such schemes/platforms are not registered with SEBI,” the latest advisory of the Indian regulator added.“SEBI is issuing this caution, advising investors not to engage in or undertake investment or trading activities through unregistered intermediaries/web applications/platforms/apps.”This article was written by Arnab Shome at www.financemagnates.com.
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FP Markets partnered with xsee, a tradingsignal provider, to improve user trading experiences. This collaboration gives FP Markets' clientsdirect access to xsee's signal services within their trading accounts. In its official statement, FP Markets said that the initiative is driven by retail demand for reliable trading signals. FP Markets and Trading SignalsWith retail investors increasingly seeking data-backed tools, FP Markets' integration with xsee aims to fill this demandby providing clients with actionable trading signals. Each signal within the xsee app reportedly undergoes a vetting process, and users can review the historical performance and riskmetrics of signal providers before choosing to mirror their strategies. Onceaccepted, a trading signal is applied directly to the client's FP Marketsaccount to improve the trading process through automation. Commenting on the new feature, FP Markets' BusinessDevelopment Manager, Enzo Joao Pena, said: "At FP Markets, we listen toour clients' demands, examine how we can better our offering, and execute. Theprovision of technology, such as xsee's trading signals, is another stepforward in ensuring our traders receive all the tools and resources they needto make informed investment decisions.""Our latest collaboration is in response to thegrowing demand for innovative trading solutions which we felt xsee couldfulfill, and so we are very pleased to announce that xsee's trading signals arenow available through the FP Markets mobile app."The platform also offers traders access to a database of professional trading signals, promising operational excellenceand impartiality. This approach has reportedly boosted xsee's resources for retailtraders seeking signal options in the increasingly competitive market.Supporting Retail TradersFor both FP Markets and xsee, the collaboration is expected to support retail traders with tools that bridge thegap between data-driven insights and actionable trades. FP Markets' clients can reportedly access xsee'ssignals through the FP Markets mobile app, offering them more resources to makewell-informed decisions in volatile markets.“After evaluating several proposals from variousbrokers, we chose FP Markets for their high quality of service and excellentmarket conditions. Partnering with a broker of this calibre allows us to aimfor sustainable growth and offer our clients a top-level experience,” AndreaMantovani, xsee co-founder, added. This article was written by Jared Kirui at www.financemagnates.com.
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Cryptocurrency prices surged on Wednesday following DonaldTrump’s victory in the just concluded US presidential election. Bitcoin jumpedto a record high of $75,317, according toCoinMarketCap. This rally pushed over 11,000 new addresses intomillionaire status, highlighting a bullish sentiment among investors with sightsset on new all-time highs, Finbold reported. Bitcoin Millionaires SurgeAs Bitcoin’s price climbed rapidly, the count of BTCmillionaire addresses experienced a notable jump. According to data from BitInfoCharts,on October 7, there were 121,851 addresses holding over $1 million in Bitcoin. By November 6, this figure reportedly surged to132,842, adding 11,487 new millionaires in a single month. The increase inmillionaire addresses includes 121,126 addresses holding between $1 million and $9.99 million and 11,716 addresses surpassing $10 million in value, marking a12.3% increase in the highest-value segment.These numbers underscore the level of optimism amonginvestors, even in the face of economic volatility, with many seeing Trump’swin as a turning point for cryptocurrencies. Bitcoin’s rally seems linked to Trump’spresidential win. Trump’s stance on cryptocurrency has been perceived as morefavorable than that of previous administrations.Election Outcome Boosts BitcoinAdvocates like Robert F. Kennedy Jr. and Tesla’s Elon Musk are lending further credibility to crypto in the US financial landscape. Leadingup to the election, Bitcoin faced multiple rejections around the $72,000 level,sparking concern over its ability to sustain new highs. Some investors even liquidated holdings to avoidpotential volatility spikes. Trump's administration is expected to offer anenvironment more conducive to cryptocurrency, which could attract new investors.Last month, reports showed that investors were movingto crypto investments in record numbers due to uncertainty related to the USelection. CoinShares noted a monthly inflow of over US$400 million into digitalasset investment products.Towards the election day, opinion polls favoringRepublicans who are perceived as more supportive of digital assets boostedBitcoin and blockchain-related investments. Elsewhere, President-elect Donald Trump, whileattending the Bitcoin 2024 Conference, lured the crypto community with manypromises, including dismissing the Securities and Exchange CommissionChair Gary Gensler if re-elected.This article was written by Jared Kirui at www.financemagnates.com.
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TraderFest is back for 2024 and we hope to see you there! If you’re searching for new strategies to refine your trading approach, this free educational event is a great place to start. Uniquely crafted for global traders of all levels of expertise – whether you’re fresh to the markets, or you’ve been trading for years – Eightcap and BK Traders have put a fresh new strategy behind the event. (A strategy to help you find yourstrategy!)The hosts are also offering a special giveaway for all attendees – simply register to claim!The event details – everything you need to know ahead of the dayWhat: an insightful discussion led by 12 market leadersWhen: 16th November 2024, 12pm UTCWhere: live-streamed event from the comfort of your homePrizes up for grabs! All attendees receive: instant free 30-day trial of FlashTrader execution tool!Go in the draw to win: 1 of 3 places on BKTraders trading bootcamp (worth $5,000 USD!) Secure your spot! Register now The discussion points – what you’ll hear and who you’ll hear it fromEightcap and BK Traders have pulled together a group of market leaders, who will dive into a number of engaging topics – from the top trades they expect to win or lose in the new year, to trading trend-based portfolios vs. counter-trend trading, and so much more. ‘The secret of their success’ with Karen Foo, Kathy Lien and Binni OngWhile women represent just 15% of retail traders, their achievements are nothing short of remarkable. In this discussion you’ll hear how they excel in a male-dominated industry.‘If you only had one trade in 2025’ with Austin Silver, Blake Morrow and Trader Nick Looking ahead to the new year, these experts will dive into their trading predictions for 2025. What trades do you think they’ll believe will win and lose in the new year?‘Market lessons from the school of hard knocks’ with Tracy Shuchart, Anthony Crudele and Jimmy JudeIn this segment of the event, trading veterans look back on their careers and discuss how they turned their trading lessons into lifelong success. ‘The battle of market wizards’ with Tom Basso and Jason ShapiroTwo trading legends who approach the market from different perspectives, will host an insightful discussion about the intricacies of trading a trend-based portfolio vs. counter-trend trading.Don’t miss out on TraderFest 2024! Whether you’re a newbie searching for the right strategy to kickstart your trading journey, or you’re an experienced trader looking for fresh perspectives on the markets – TraderFest 2024 is your opportunity to connect with the insights of top trading veterans and build confidence for the year ahead. Ready to sharpen your trades ahead of 2025? Register nowAbout EightcapEightcap is a distinguished, regulated CFD broker, used by leading traders all over the world. They offer agile, intuitive trading solutions that integrate seamlessly with popular charting tools such as TradingView and MetaTrader. Eightcap also has an established program (Eightcap Partners) where they have built an ever-growing community of market experts (including BKTraders).About BKTradersLed by Kathy Lien and Boris Schlossberg – expert traders of 20+ years – BKTraders is a well-regarded resource for forex education. They focus on providing their audience with practical trading strategies and insightful market insights, designed to support traders at all levels. With Kathy's strong background in market strategy and Boris's experience in forex trading, they equip traders with the tools needed to navigate market challenges. This article was written by FM Contributors at www.financemagnates.com.
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Tradeweb Markets posted a strong performance in October, achieving total trading volumes of $54.7 trillion. Average daily volume (ADV) jumped 34.1% year-over-year (YoY) to $2.35 trillion. The electronic marketplace also reached new heights in bond and derivatives markets, reportedly due to increased adoption across its client base, favorable market conditions, and expanding electronic trading protocols.Trading HighlightsUS government bond ADV surged 34.9% YoY to $220.8billion, boosted by a record volume in Tradeweb's institutional business androbust wholesale and retail growth. The European government bond market also showed strongresults, with ADV up 26.3% to $53.4 billion. Increased adoption acrossprotocols and the platform’s broad client base contributed to these gains,supported by favorable market conditions amid economic shifts.Mortgage ADV rose 28.2% YoY to $248.6 billion, drivenby record volumes. The uptick reflects strong dollar-rollactivity and increased volatility in macro rates, as well as record levels ofspecified pool lists executed on the platform.Swaps and swaptions with maturities of one year orlonger saw a YoY ADV decline of 9.4% to $416.6 billion, largely due to reducedcompression activity, which fell 40% YoY. Despite this, overall ratesderivatives ADV rose 5.9% YoY to $793.2 billion as clients continued to engagein risk transfer through Tradeweb's request-for-market protocol amidheightened market volatility.US Credit ADVFully electronic US credit ADV grew 32.7% YoY to$7.4 billion, driven by increased adoption of the request-for-quote (RFQ) andportfolio trading mechanisms. Tradeweb captured a significant market share inUS high-grade and high-yield bonds. Meanwhile, credit derivatives ADV increased 13.0% YoYto $13.6 billion, reflecting heightened activity from hedge funds andsystematic accounts amid volatile credit markets. US ETF ADV declined 9.0% YoY to $6.5 billion asinvestor sentiment slowed trading ahead of the US election. In contrast, European ETF ADV rose 10.8% YoY to $2.8billion as clients increasingly adopted Tradeweb’s automated RFQ tools forefficient trade execution. Tradeweb’s repo ADV grew 28.7% YoY to $678.4 billion, reflecting increased client activity on its platform. Contributing factors reportedly included elevated funding rates and a reduction in the Fed’s balance sheet.This article was written by Jared Kirui at www.financemagnates.com.
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Hut 8 Corp., a Cryptocurrency Mining company and majorenergy operator in North America, announced the purchase of 31,145 BITMAINAntminer S21+ units as part of its initial ASIC fleet upgrade. The company has agreed to a price of $15.00 per terahash forthese miners, which are scheduled for delivery in early Q1 2025.Hut 8 Upgrades Mining Fleet EfficiencyHut 8 plans to use these new miners to improve theefficiency of its 111 MW self-mining capacity at existing sites. Onceoperational, the upgrade will increase Hut 8's self-mining rate by about 3.7exahashes per second (EH/s), reaching a total of around 9.3 EH/s—a 66%increase.“After extensive modeling, we selected the BITMAIN AntminerS21+ for our initial fleet upgrade due to its strong return profile relative tohigher-efficiency models that require larger capital outlays,” said AsherGenoot, CEO of Hut 8. “The S21+ offers afaster payback period than more efficient models across a wide band of futurehashprice scenarios, enabling us to optimize investment returns and acceleratevalue creation.”This move is also expected to improve energy efficiency,reducing power consumption from 31.7 to 19.9 joules per terahash, which marks a37% improvement.Hut 8 Announces Initial ASIC Fleet Upgrade - Green Stock News https://t.co/cm08Dba3Pu $HUT #cleantech #blockchain #news #stocks pic.twitter.com/m5PSv8PX6a— Green Stock News (@greenstocknews) November 6, 2024Cryptocurrency Mining Capacity Expansion PlannedHut 8’s existing option to purchase approximately 15 EH/s ofhosted ASIC miners at its Vega site could allow it to reach about 24 EH/s inself-mining capacity by Q2 2025, achieving an average efficiency of 15.7 J/TH.Genoot added: “Deep, strategic partnerships across the valuechain are central to our approach to building a next-generation energyinfrastructure platform.”“This purchase builds on our previously announced ~15 EH/spartnership with BITMAIN to host the U3S21EXPH ASIC miner, and we look forwardto further developing our relationship with BITMAIN and other partners as wefocus on disciplined, creatively structured growth across Bitcoin mining and AIcompute infrastructure.”According to Hut 8, this upgrade aligns with company’s long-termstrategy to grow in energy-demanding sectors like Bitcoin mining and AIcomputing, aiming to maximize returns from its energy assets andinfrastructure.This article was written by Tareq Sikder at www.financemagnates.com.
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The UnitedStates continues to dominate the global venture capital landscape, commandingover 55% of high-value deals worth $100 million or more during the first ninemonths of 2024, according to new research from GlobalData.US Claims 56% of GlobalVenture Megadeals as China LagsTheresearch reveals that American startups secured 209 mega-deals totaling $48.4billion, dramatically outpacing China, its closest competitor, which recorded48 deals valued at $14.2 billion. This translates to a 55.4% share of globaldeal volume and 56.4% of total value for the US market.“The USoutpaced other nations in terms of both the volume and value of high-value VCdeals by a substantial margin,” said Aurojyoti Bose, Lead Analyst at GlobalData.“The dominance of the US for high-value VC deals can also be understood fromthe fact that it was distantly followed by China, which held 12.7% and 16.6%share of high-value VC deal volume and value, respectively, during Q1-Q3 2024.”Theanalysis highlights a diverse geographical spread among the top ten countriesfor high-value ventureinvestments. Europe demonstrated strong representation with five nationsmaking the list, while Asia-Pacific contributed three countries, and NorthAmerica accounted for two spots.“Of the top10 countries by high-value VC deals volume during Q1-Q3 2024, five were fromEurope, three were from the Asia-Pacific region, and two countries were fromthe North American region,” added Bose.TheUnited Kingdom secured the third position in deal volume, followed byGermany and India. Canada, France, Japan, Sweden, and the Netherlands roundedout the top ten. China, despite ranking second, captured only 12.7% of dealvolume and 16.6% of value, illustrating the substantial gap between the USmarket and the rest of the world."TheUS continues to remain the top investment destination for VC firms, which isindicative of their confidence in the country's start-up ecosystem," Boseconcluded. "Technology sector has been attracting significant interestfrom VC firms and so is the case in high-value deals as well."US Crypto LeadThe UnitedStates also led thecrypto venture capital market in Q3 2024, securing 56% of total capitalinvestment and 44% of all deals. In comparison, countries like Singapore, theUK, and the UAE showed activity but at significantly lower levels, underscoringthe US as the main center for crypto innovation and investment.While UScompanies attracted the largest share of capital, firms founded in 2021received the most substantial investments. Companies established in 2022,however, completed the highest number of deals, indicating competition betweenestablished and emerging startups for funding. Overall,the venture capital landscape for crypto remains challenging, as investmentlevels continued to decline throughout 2024. Early-stage startups focused on AIand blockchain infrastructure received the most funding despite the downtrend.According to Galaxy’s report, venture capital investment in crypto andblockchain startups reached $2.4 billion in Q3 2024, marking a 20% quarterlydrop. Deal volume also fell by 17%, with a total of 478 deals completed.A separate studyfrom the beginning of 2024 showed VCsare no longer interested in blockchain technology, as funding in the sectoralmost stopped.This article was written by Damian Chmiel at www.financemagnates.com.
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The list ofFX and CFD brokers looking to capitalize on the recent popularity of retailproprietary trading continues to grow. Taurex is the latest to join thisdominant industry trend with the launch of its own prop platform, Atmos.Taurex Enters Prop TradingSpace with Atmos LaunchFinanceMagnates haslearned that Taurex is preparing to launch its own prop trading brand. Thewebsite atmos.tradetaurex.com is already live and is currently testing ahead ofits official platform launch.Users cancurrently register by providing their name and email address to receivedetailed information when the official launch takes place.Moreover,Taurex teased this information yesterday (Tuesday) on their social mediachannels, including X (formerly Twitter) and LinkedIn. Notably, the graphicsfeature the same letter "A" that forms the Atmos logo.🌌 Something big is coming… 🌌Imagine trading on a whole new level—where every tool, every move, is designed to elevate your experience. Something powerful is on the horizon, and it’s set to change the way you trade forever. Are you ready? Stay tuned. #TradingRevolution pic.twitter.com/klxt00OcEx— Taurex (@tradetaurex) November 5, 2024"Imaginetrading on a whole new level—where every tool, every move, is designed toelevate your experience. Something powerful is on the horizon, and it's set tochange the way you trade forever," Taurex announced about their new proptrading platform.Thequestion remains whether Atmos by Taurex will find a way to stand out in themarket, especially as the list of FX/CFD brokers entering the prop trading spacecontinues to grow.FX/CFD Brokers Want TheirSlice of the Prop Trading PieThe proptrading industry is experiencing rapid growth, though it remains largelyunregulated. Investors are seeking clear rules and guaranteed timely payouts.FX/CFD brokers, who hold licenses from reputable institutions and offerseamless access to MetaTrader 4 and 5 (which isn't a given in prop trading thisyear), have spotted this opportunity.Byemphasizing regulatory compliance and transparent operations, FX/CFD brokersaim to attract traders who previously dealt with unregulated prop tradingfirms. Atmos appears to be making a similar move, though the industry isbecoming increasingly crowded.In May2024, Finance Magnates compared offerings from four different brokerswho launched their own prop trading platforms. These included OANDA LabsTrader, Hantec Trader, IC Funded, and Axi Select. All offer similar tradingconditions, including profit splits up to 80-90%.Since then,many new players have entered the market. One of them is MarketsVox, whichlaunched MFunded in October. Earlier, offshore CFD broker AXE also entered proptrading by acquiring Forex Funder. Meanwhile, a former XM veteran launchedits own prop firm, FundedBull.Just twomonths ago, Finance Magnates exclusively reported that ATFX is enteringthe prop trading space. The broker highlighted that the upcoming services willenable traders to focus on their "financial and professional growth."This article was written by Damian Chmiel at www.financemagnates.com.
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Cboe GlobalMarkets reported a significant decline in global foreign exchange (Forex)trading volumes for October, while experiencing substantial growth in its Asianoperations, highlighting shifting market dynamics across regions.Cboe FX Trading VolumesDrop 7.4%, While Asian Markets SurgeAveragedaily volume (ADV) in the Cboe’sglobal FX segment fell to $44.4 billion in October, marking a 7.4% decreasefrom the $47.9 billion recorded in the same month last year. The decline waseven more pronounced when compared to September 2024, showing a 7.7%month-over-month drop from $48.1 billion.Year-to-dateresults proved more favorable. ADV from January to October 2024 was $46.8billion, up nearly 6% from $44.4 billion in the same period in 2023. It suggestthe October decline may be a temporary deviation from the broader upward trend.This doesnot change the fact that other major trading venues alsoreported a decline in FX volumes earlier. These included entities fromJapan and Europe. For instance, Click 365 saw a drop of around 12%. Theexception was CME, where EBS Spot FX ADV roseby 15% to $58.3 billion.Theexchange operator's Asian operations emerged as a bright spot, with Japaneseequities trading volume surging 47% year-over-year to 288 billion yen.Australian equities trading also showed resilience, climbing 8% to 777 millionAUD compared to October 2023.Mixed PerformanceElsewhereIn Europe,Cboe Clear Europe achieved notable milestones, processing 117.5 million clienttrades in October - its highest monthly volume in 2024. The clearing house alsomarked its entry into the German market, clearing its first trades on DeutscheBörse.The optionssegment showed mixed performance, with multiply-listed options contractsdeclining 3.9% year-over-year to 10.9 million contracts per day. Index optionsvolumes experienced a steeper decline of 12.3% compared to October 2023,averaging 3.9 million contracts daily.Futurestrading witnessed the most significant decline among all segments, with averagedaily volume dropping 36% year-over-year to 187,000 contracts. U.S. equitiestrading volumes also softened, with on-exchange matched shares decreasing 6.4%compared to the previous year.TheEuropean equities business provided another positive highlight, with averagedaily notional value rising 13.6% year-over-year to €10.5 billion. Thesegment's Periodic Auctions service set a new record with €2.5 billion inaverage daily notional value.This article was written by Damian Chmiel at www.financemagnates.com.
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With the US Presidential election too close to call, it’s impossible to sayanything sensible about Trump vs. Harris. So, while we wait, let’s look at how electionsimpact the market. We’ll dive into the unpredictable mix of politics andeconomy with insights on investor sentiment, stocks, and future forecasts. Andthen you can get back to watching the live updates.Election Season: Markets on Edge?Election cycles are notorious for putting investors on high alert.Every four years, markets brace themselves for a rollercoaster ofunpredictability as candidates promise sweeping reforms and regulators sharpentheir pencils. But how real is this impact? And should investors seriouslyconsider political winds when managing portfolios? Historically, elections doaffect market sentiment, though the results aren’t always as dramatic asexpected. With each election, sectors tied to government policies—thinkhealthcare, technology, and energy—feel the pulse of voter preferences. Regulatory-heavyindustries like tech and pharmaceuticals are highly sensitive to who holdsoffice and which policies gain traction. The Tech Sector: An Industry Under ScrutinyIn today’s political climate, few industries are under more scrutinythan tech. Giants like Amazon and Microsoft often find themselves in thecrosshairs of both progressive and conservative leaders. From data privacyissues to monopolistic practices, tech companies are perpetually on thedefensive. And for good reason. Recent crackdowns on tech monopolies have shownthat no matter who wins, the government’s appetite to regulate this space won’twane anytime soon.And ... our Election Night landing page has launched!We also have a model that we'll get going at 7 based on called races and the timing of those calls. It's not trying to compete with the Needle, but maybe it can tell us a little something.https://t.co/VqAKydDsNr— Nate Silver (@NateSilver538) November 5, 2024But what does this mean for investors? A possible “tech clampdown”could stifle growth opportunities and affect valuations, but it could alsoforce innovation. Companies will likely start exploring ways to diversifyrevenue streams to safeguard against government intervention, creating potentialopenings for nimble investors looking for growth in emerging areas like AI,cloud computing, and cybersecurity. Regardless of the election's outcome, techinvestors should stay wary of volatility as regulatory threats loom.Healthcare: A Hot Topic with Cold Hard ImplicationsAnother sector that braces for impact during election season ishealthcare. Policies around healthcare coverage, prescription drug prices, andeven pandemic preparedness play into how stocks in this industry respondpost-election. Pharmaceutical companies, in particular, have seen regulatoryand pricing shifts eat into profits when new policies take effect.Pfizer and other big names in the industry have long lobbied to protecttheir interests, but elections are always a time of anxiety. If new policiesadvocating price caps or stricter regulations on drug approval pass,pharmaceutical stocks could take a significant hit. The healthcare market'sfate post-election often hinges on which party takes the lead, as Democratstypically favor tighter controls on pricing, while Republicans often leantoward deregulation and free-market principles.LIVE: US presidential election 2024 results https://t.co/UdlvTABE0C— Reuters (@Reuters) November 5, 2024Energy: Power Struggles and Policy ShiftsEnergy stocks are another area that keenly feels the pressure duringelections. With climate change becoming a focal point, energy policies areoften hotly debated. Democratic administrations typically lean toward greenenergy initiatives and carbon reduction policies, while Republican-ledgovernments tend to prioritize fossil fuels and less regulation.Investors need to be on the lookout for any shift in subsidies, taxincentives, or regulations that could alter the landscape. For instance, anadministration favoring renewable energy would likely boost companies in thesolar, wind…
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Americans are deciding today who their next President will be. The race between Donald Trump and Kamala Harris is tight, with the outcome expected to be determined by seven swing states: Arizona, Georgia, North Carolina, Nevada, Pennsylvania, Michigan, and Wisconsin.Although the official declaration of the next president might take some time, exit polls will provide an early indication of public sentiment in the meantime.State-wise Exit Poll ResultsEdison Research has also released preliminary state-wise exit poll results.Pennsylvania:46% of voters view Trump favourably (down from 48% in 2020)46% view Harris favourably (compared to 50% for Biden in 2020)Wisconsin:47% of voters view Harris favourably (compared to 50% for Biden in 2020)44% view Trump favourably (up from 43% in 2020)84% of voters are white (down from 86% in 2020)6% are black (unchanged from 2020)5% are Hispanic (up from 4% in 2020)Nevada:44% of voters view Harris favourably (compared to 52% for Biden in 2020)47% view Trump favourably (down from 48% in 2020)66% of voters are white (up from 65% in 2020)8% are black (up from 7% in 2020)17% are Hispanic (unchanged from 2020)Michigan:48% of voters view Harris favourably (compared to 51% for Biden in 2020)45% view Trump favourably (unchanged from 2020)79% of voters are white (down from 81% in 2020)11% are black (down from 12% in 2020)6% are Hispanic (up from 3% in 2020)Georgia:49% of voters view Harris favourably (compared to 50% for Biden in 2020)46% view Trump favourably (unchanged from 2020)57% of voters are white (down from 61% in 2020)30% are black (up from 29% in 2020)8% are Hispanic (up from 7% in 2020)North Carolina:48% of voters view Harris favourably (compared to 50% for Biden in 2020)43% view Trump favourably (down from 47% in 2020)69% of voters are white (up from 65% in 2020)19% are black (down from 23% in 2020)8% are Hispanic (up from 5% in 2020)Arizona:46% of voters view Harris favourably (compared to Biden's 49% in the 2020 exit poll)46% of voters view Trump favourably (down from 48% in the 2020 exit poll)63% of voters are white (down from 74% in the 2020 exit poll)4% are black (up from 2% in the 2020 exit poll)26% are Hispanic (up from 19% in the 2020 exit poll)The First Exit Poll Is OutEdison Research has released the first exit poll of the day, focusing on voter demographics.The key findings of the exit polls are as follows:53% of voters are women, up from 52% in 202071% are white, compared to 67% in 202057% do not have a college degree, down from 59% in 202045% said their personal finances are worse than four years ago, versus 20% in 2020Top issues influencing votes: 31% economy, 11% immigration, 14% abortion, 35% democracy, and 4% foreign policy44% view Trump favourably, down from 46% in 202048% view Harris favourably, compared to 52% for Biden in 2020This article was written by Arnab Shome at www.financemagnates.com.
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