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B2BinPay, a leading cryptocurrency payment provider, marks the anniversary of its successful partnership with the Athletic Club. The company served as a proud sponsor for the 2023/2024 La Liga season, supporting Athletic Club's journey and contributing to numerous milestones. This collaboration significantly boosted B2BinPay's brand visibility and Athletic Club's success over the past year.A Year of Substantial Growth for B2BinPayThe increased exposure and association with a prestigious club like Athletic Club directly impacted B2BinPay's operational growth. Over the past year, they upgraded their service offerings by introducing new blockchain networks, expanding their coin portfolio, and adding advanced features like currency swaps. Additionally, they secured a new licence in Italy and made further advancements.This collaboration also allowed B2BinPay to promote crypto processing throughout Europe, fostering wider adoption of cryptocurrencies among the general public.An Outstanding Year for Athletic ClubAthletic Club, boasting eight La Liga titles and holding the distinction of being one of the most successful clubs in the league, had a truly special year during B2BinPay's sponsorship (2023-2024 season). The club consistently ranked among the top five throughout the season, celebrating 16 victories.Beyond financial support, B2BinPay actively enhanced the fan experience by distributing giveaways and tickets globally, allowing fans worldwide to support and celebrate the team's achievements. Athletic Bilbao is renowned not only for its on-field accomplishments but also for its unique approach to the game, which emphasises local talent and honours its Basque heritage, fostering a strong sense of community that extends beyond football.B2BinPay is delighted to have contributed to this journey, supporting both the team and its global fanbase through various initiatives during the 2023-2024 La Liga season."Since initiating our partnership with Athletic Bilbao, this past year has been one of the most successful for both B2BinPay and the club. We have successfully increased awareness about crypto payments and, as a result, about our brand. We responded to market requests and massively upgraded our services. At the same time, we supported the Athletic Club on its journey and are proud to have played our role in their victories during the La Liga season."– Arthur Azizov, CEO of B2BrokerAthletic Club & B2BinPay | Official Sponsor 2022-2024Looking AheadAs they celebrate this milestone, B2BinPay recognises the strong alignment between football's core values of teamwork, passion, and community and their company ethos. They look forward to the future, aiming to explore new avenues to connect with fans and customers. Their rewarding journey with the Athletic Club motivates them to extend this collaboration, striving to achieve new heights of success together in the coming years.This article was written by FM Contributors at www.financemagnates.com.
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Today (Thursday), the joint venture (JV) between Mastercardand NetsUnion Clearing Corp (NUCC) officially commenced operations in China,marking a milestone for the US payment company's presence in the Chinesemarket. The establishment of the JV follows the approval granted by thePeople’s Bank of China, the country’s central bank, in November 2023, for bankcard clearing operations.Approval Spurs Bank Card Clearing Operations in ChinaMastercard's entry into the Chinese market via this JVpositions it as the second overseas bank card clearing institution to operatein the country, following American Express' entrance in 2020. The introduction of Mastercard's services in China isexpected to contribute to the diversification and enhancement of financialservices available to stakeholders within the country. The approval granted by Chinese regulators last year pavedthe way for Mastercard NetsUnion Information Technology (Beijing) Co., the JVentity, to initiate bank card clearing operations in China. Notably, theofficial Mastercard website confirms that the JV has commenced processingpayments made in China using Mastercard cards issued by domestic banks.Additionally, the JV has expanded acceptance of Mastercard-branded cards forboth domestic and international transactions.Mastercard's Chinese joint venture announced the official commencement of its bank card clearing operations on Thursday, issuing Mastercard-branded cards with its member institutions for domestic and international use https://t.co/WQGnmATN3m pic.twitter.com/YImcg0G6qh— China Xinhua News (@XHNews) May 9, 2024“This is another significant milestone for Mastercard. Ourgoal is to simplify the payments experience for China’s Mastercard cardholdersboth at home and overseas,” Michael Miebach, CEO of Mastercard, was quoted inthe statement sent to the Global Times. Strengthening Global ConnectivityNUCC, as the local partner in the joint venture, hasrestated its focus on offering support for Mastercard NetsUnion's operations,highlighting its cooperation with Chinese regulators. In accordance with itsgoals, Mastercard NetsUnion intends to work with local acquirers to extend itsacceptance network in China, strengthening its global network comprising over130 million acceptance locations.“To offer more choices and deliver greater value for Chineseconsumers and businesses of all sizes, we will expand the availability ofMastercard-branded products, facilitate the addition of millions of newacceptance locations across the country, and deliver seamless and safe paymentsexperiences every day,” said Ling Hai, Chairman of the Board of MastercardNetsUnion and President of Asia Pacific, Europe, Middle East & Africa forMastercard.This article was written by Tareq Sikder at www.financemagnates.com.
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To simplify and accelerate the process of launchingbrokerage businesses, Tools for Brokers (TFB), an international technologyprovider catering to retail brokers, hedge funds, and prop trading companies,has joined forces with SALVUS Funds, a prominent advisory firm specializing inlicensing and regulatory compliance.Collaboration Streamlines Broker ProcessesThe collaboration between TFB and SALVUS Funds aims toprovide comprehensive support to aspiring brokers seeking company formation andlicensing services. By offering a joint package, clients can now access a rangeof essential services conveniently from a single source.TFB brings advanced solutions and White Label packages,encompassing a liquidity bridge, risk management tools, technical support,server hosting, and access to their ecosystem of products. Moreover, thecompany extends assistance with Know Your Customer (KYC) procedures andonboarding processes. On the other hand, SALVUS Funds assists future brokers inobtaining licenses in jurisdictions they specialize in, recommending optimalchoices for new companies.Commenting on the partnership, Alexey Kutsenko, the CEO atTools for Brokers, stated: “Our partnership with SALVUS Fundsdirectly supports our mission to help our clients achieve their business goalsfaster and more efficiently. We are big believers in regulated and transparentmarkets that both brokers and traders can trust. With SALVUS Funds taking careof the licensing side and Tools for Brokers providing the infrastructure, ourclients can be confident they’re set up for success. We lookforward to working with SALVUS further and expanding our partnership.”Enhancing White Label with Main Label SolutionAs part of their offerings, Tools for Brokers introduces anenhanced version of the traditional White Label, termed Main Label (ML).Tailored for new retail brokers and hedge funds, the ML package provides anall-in-one solution comprising technical infrastructure, KYC consultation,onboarding support, and advanced options such as dedicated liquidity bridge,price feed, round-the-clock support consultations, and risk management tools.Nikolas Xenofontos, the Managing Director at SALVUS Funds,added: “As we embark on this journey with Tools for Brokers, weare excited about the opportunities it presents for our clients and the broaderonline trading ecosystem. We look forward to further collaboration with TFB andexpanding the scope of our partnership, ultimately empowering more brokers toachieve their business goals and contribute to the growth of regulated marketsworldwide.”This article was written by Tareq Sikder at www.financemagnates.com.
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In the grand tale of global commodities, fewmoves are more concerning than the recent rise in oliveoil prices. As traders and financial pundits keenly observe, what once was apantry staple is now a protagonist in a drama driven by climate, economics, andsheer demand.The Heat Is On: Climate Change's Grip on OliveGrovesLet’s cut to the chase. Climate change is a realpain in the grove for olive oil producers. The last couple of years have seenprices for this liquid gold soar, with no relief in sight. The culprits?Unrelenting droughts and searing heat waves, particularly punishing in Spain, ajuggernaut of olive oil production.Spain, <a href="https://www.oliveoilsfromspain.org/industry/">the largest global producer</a>of olive oil, has faced drought conditions in recent years, slashing itstypical 1.4 million metric-ton output by up to half. The International MonetaryFund's gauge of olive oil prices has responded accordingly, doubling to nearly <a href="https://fred.stlouisfed.org/series/POLVOILUSDQ">$10,000 per metric ton</a>.Yes, you read that correctly. Olive oil is now eye-wateringly expensive.Extra virgin olive oil prices tipped to top £16 a litre next month <a href="https://t.co/y3mCvumZzw">https://t.co/y3mCvumZzw</a>— The Guardian (@guardian) <a href="https://twitter.com/guardian/status/1787726515662209334?ref_src=twsrc%5Etfw">May 7, 2024</a>Economic Pressures: From Farm to TableBeyond the fields, the economic repercussionsripple through markets with the subtlety of a bull in a china shop. Retailers andrestaurant kitchens alike reel from the hikes, let alone traders. It's not just <a href="https://www.financemagnates.com/terms/b/business-to-business-b2b/">business-to-business (B2B</a>) or <a href="https://www.financemagnates.com/terms/b/business-to-consumer-b2c/">business-to-consumer (B2C</a>), it's everyone. Perhaps there’s no simpler exampleof the impact than to point out that olive oil <a href="https://www.reuters.com/business/retail-consumer/spanish-supermarkets-lock-up-olive-oil-shoplifting-surges-2023-11-20/">shopliftingis on the rise in Spain</a>. This surge in prices isn't due to a sudden uptickin consumer demand. It's a simple yet brutal tale of supply not keeping up withthe existing demand. Policy and Prognosis: Looking AheadWith Spanish farmers beating the drum for more aggressiveclimate action and analysts scrambling to adjust forecasts, the future of oliveoil remains uncertain. The amazingly titled Olive Oil Times recentlyhighlighted the <a href="https://www.oliveoiltimes.com/production/agricultural-groups-call-on-spanish-government-to-step-up-climate-change-response/128593">growingcalls for governmental intervention in Spain</a>, suggesting a potential shifttowards more sustainable practices and support mechanisms for farmers grapplingwith climate volatility.For commodity traders, the evolving narrative ofolive oil prices offers both a cautionary tale and a unique investmentopportunity. The market's response to these climatic challenges, coupled withpolicy shifts, could redefine the landscape of agricultural commodities. Willgovernments step up their game? Can new technologies mitigate some of theclimate impacts? These are the questions we should be pondering as we navigatethe slippery slopes of the olive oil market.Global Olive Oil prices near all-time highs 🚨 <a href="https://t.co/zDvyDtd1Vy">pic.twitter.com/zDvyDtd1Vy</a>— Barchart (@Barchart) <a href="https://twitter.com/Barchart/status/1786223225363476710?ref_src=twsrc%5Etfw">May 3, 2024</a>Yellowy-Green GoldFor those trading in the realm of commodities,olive oil's price volatility may present as many opportunities as it doeschallenges. As the world grapples with the broader implications of climatechange on agriculture, olive oil serves as a canary in the coal mine, signalingbroader economic impacts and potential shifts in consumer behavior and policy. Smart traders will keep an eye on developments inthis sector, poised to react to the ebbs and flows of a market as dynamic as itis unpredictable.In essence…
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NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal bipolar depression, chronic pain and PTSD. NRXP is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression and chronic pain. NRXP has partnered with Alvogen Pharmaceuticals around the development and marketing of NRX-101 for the treatment of suicidal bipolar depression. NRX-101 additionally has the potential to act as a non-opioid treatment for chronic pain, as well as a treatment for complicated UTI.NRXP has achieved a series of important milestones over the past several months in the company’s progression towards the final approval and commercial marketing of its products in development. NRXP has recently announced plans to submit a New Drug Application for NRX-100 (IV ketamine) in the treatment of suicidal depression, based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and newly obtained data from French health authorities, licensed under a data sharing agreement. NRXP was awarded Fast Track Designation for development of ketamine (NRX-100) by the US FDA as part of a protocol to treat patients with acute suicidality.Key issues NRXP has discussed in its recent news flow include the following topics: Filing for FDA Approval of Intravenous KetamineBased on obtaining data from 4 randomized controlled trials of intravenous ketamin, NRx initiated manufacture of ketamine in order to seek FDA approval. Investors frequently fail to recognize that much of the drug approval process focuses on formulation, manufacture, sterility, and packaging of that drug, particularly in the case of sterile, injectable drug products. Currently there is only one US manufacturer of IV ketamine and the FDA has reported that ketamine faces drug shortages in the US. NRx has now formulated ketamine in partnership with Nephron Pharmaceuticals of West Columbia, SC and will complete the required three manufacturing lots this quarter. At that point, NRx is legally able to file for New Drug Approval of its IV ketamine product.Development of New, Proprietary Formulation of HTX-100 (IV Ketamine)Although ketamine is widely used in an intravenous formulation, IV infusions require specialized personnel and equipment not found in most doctor’s offices. Subcutaneous use of ketamine is not feasible because the currently-approved formulation is highly acidic and attempts to neutralize the current formulation lead to precipitation of ketamine from solution. Acidic substances are tolerated when diluted for intravenous use, but cause pain and may cause skin ulcers if administered subcutaneously. On April 15th NRXP announced that the Company has developed a novel, proprietary formulation of IV Ketamine for use as HTX-100. This new, patentable NRXP formulation has the key advantage of achieving neutral pH, in contrast to the acidic pH of generic formulations of ketamine. NeuroRx, Inc. previously executed a joint development agreement with a manufacturer of insulin pumps but has been awaiting a suitable, pH neutral formulation of ketamine.With this proprietary formulation, developed with partner Nephron Pharmaceuticals, a leading sterile products manufacturer, NRXP is expected to generate one or more patents, such as composition of matter or formulation. HTX-100 is expected to be marketed by HOPE Therapeutics, Inc., a wholly owned subsidiary of NRx.Successful data readout of NRX-101 in Suicidal Treatment Resistant Bipolar DepressionOn May 5th NRXP announced successful results of its clinical trial of NRX-101 vs. lurasidone in the treatment of suicidal bipolar depression. The study demonstrated that both drugs were potent antidepressants, achieving 50% rates of remission in patients with the most severe levels of depression as measured by the Montgomery Åsberg Depression Rating…
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OptionsTechnology, a service provider in capital markets infrastructure, has unveiledan expanded strategic partnership with oneZero, a tradingtechnology provider for banks and financial institutions.Connectivityfor Streamlined Trading SolutionsThecollaboration aims to enhance the existing integration between oneZero andOptions Activ’s consolidated data service. By introducing bespoke APIconnectivity, the partnership seeks to streamline the experience for mutualcustomers. This entails facilitating seamless interaction between Options’multi-asset class normalized and historical market data and oneZero’smulti-asset class liquidity, aggregation, and risk management solutions, whichsupport tens of millions of trades daily.Danny Moore, President and CEO of Options, expressedenthusiasm about the partnership, saying: “Together, we seek to empower tradersand financial institutions with the industry’s most comprehensive multi-assetasset class trading technology solution. The integration of our market datasolutions with oneZero’s state-of-the-art modular risk and price distributionplatform will be a game-changer, providing unparalleled access to multi-assetclass liquidity.”RecentDevelopments in Market Integration and ReportingTheannouncement follows a series of notable developments for Options Technology,including partnerships with Magtia and Trader Evolution, achievement of a newMicrosoft Cloud Security specialization, and collaboration with Dukascopy.Similarly, oneZero recently expanded its Data Partners network with vendorssuch as TRAction for trade reporting and New Change FX for regulated referencedata for reporting.Andrew Ralich,CEO and Co-Founder of oneZero, said: “oneZero’s partnership with Optionsexemplifies our commitment to continuously improving the liquidity-neutralEcoSystem that we have been building on behalf of our clients. It is our goalto provide a partner framework where oneZero clients can seamlessly accessvalue-added services." "In the modern banking and brokerage environment, beingable to offer an array of asset classes, and rapidly evolving that asset classoffering to catch market trends, is essential. Our accessible data frameworkprovides the flexibility for our clients to access the market data vendors theyrequire, and we are delighted to extend our partnership with Options.”This article was written by Tareq Sikder at www.financemagnates.com.
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Although Robinhood (Nasdaq: HOOD) is facing possible regulatory setbacks, its revenue from cryptocurrency trading in the first three months of 2024 jumped by 232 percent to $126 million. The increase was driven by the notional crypto trading volume in the quarter, which reached $36 billion, 224 percent higher.Crypto Is the KingThe overall quarterly revenue of the American brokerage over the three months increased by 40 percent year-over-year to reach $618 million. Out of the total, transaction-based revenue increased by 59 percent to $329 million, primarily driven by cryptocurrencies. Revenue from options trading also increased by 16 percent to $154 million, while equities revenue at $39 million jumped by 44 percent.Apart from transaction-based revenue, Robinhood also generated $254 million from net interest, a jump of 22 percent, and $35 million, an increase of 35 percent, from other sources, which includes subscriptions.Robinhood's crypto revenue tripled in Q1 pic.twitter.com/Z6UtTWvz4C— Jeff Roberts (@jeffjohnroberts) May 8, 2024While crypto demand on the platform soared, the SEC issued a Wells Notice to Robinhood regarding its cryptocurrency offerings, indicating possible enforcement action against the brokerage.A Profitable QuarterThe quarter was also profitable for the broker, as it generated a net income of $157 million, or diluted earnings per share (EPS) of $0.18, compared to a loss of $511 million in the corresponding quarter of the previous year. Interestingly, the broker managed to reduce its operating expenses by 52 percent year-over-year to $460 million.“We delivered significant revenue growth and margin expansion in Q1 as we remain focused on driving another year of profitable growth in 2024,” said the CFO of Robinhood, Jason Warnick. “In Q1, we set records for quarterly revenues, net income, and EPS, even as we stepped up our marketing and growth investments.”In the three months, the assets under custody on the platform increased by 65 percent to $129.6 billion. The net deposit also jumped to $11.2 billion, growing at an annualized rate of 44 percent from the end of the previous quarter.ROBINHOOD BROUGHT IN A WHOPPING $11.2 BILLION DOLLARS IN DEPOSITS IN Q1 THE HIGHEST EVER IN THE COMPANIES HISTORY $HOOD pic.twitter.com/jKrcWj6ZEn— GURGAVIN (@gurgavin) May 9, 2024Looking at the performance of the ongoing quarter, Robinhood’s CEO, Vlad Tenev, said: “Q2 is off to a strong start with April being our highest month of the year for Net Deposits and Gold Subscriber growth, and we’re excited to see strong interest from over 1 million customers in our Robinhood Gold Card.”This article was written by Arnab Shome at www.financemagnates.com.
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Although Robinhood (Nasdaq: HOOD) is facing possible regulatory setbacks, its revenue from cryptocurrency trading in the first three months of 2024 jumped by 232 percent to $126 million. The increase was driven by the notional crypto trading volume in the quarter, which reached $36 billion, 224 percent higher.Crypto Is the KingThe overall quarterly revenue of the American brokerage over the three months increased by 40 percent year-over-year to reach $618 million. Out of the total, transaction-based revenue increased by 59 percent to $329 million, primarily driven by cryptocurrencies. Revenue from options trading also increased by 16 percent to $154 million, while equities revenue at $39 million jumped by 44 percent.Apart from transaction-based revenue, Robinhood also generated $254 million from net interest, a jump of 22 percent, and $35 million, an increase of 35 percent, from other sources, which includes subscriptions.Robinhood's crypto revenue tripled in Q1 pic.twitter.com/Z6UtTWvz4C— Jeff Roberts (@jeffjohnroberts) May 8, 2024While crypto demand on the platform soared, the SEC issued a Wells Notice to Robinhood regarding its cryptocurrency offerings, indicating possible enforcement action against the brokerage.A Profitable QuarterThe quarter was also profitable for the broker, as it generated a net income of $157 million, or diluted earnings per share (EPS) of $0.18, compared to a loss of $511 million in the corresponding quarter of the previous year. Interestingly, the broker managed to reduce its operating expenses by 52 percent year-over-year to $460 million.“We delivered significant revenue growth and margin expansion in Q1 as we remain focused on driving another year of profitable growth in 2024,” said the CFO of Robinhood, Jason Warnick. “In Q1, we set records for quarterly revenues, net income, and EPS, even as we stepped up our marketing and growth investments.”In the three months, the assets under custody on the platform increased by 65 percent to $129.6 billion. The net deposit also jumped to $11.2 billion, growing at an annualized rate of 44 percent from the end of the previous quarter.ROBINHOOD BROUGHT IN A WHOPPING $11.2 BILLION DOLLARS IN DEPOSITS IN Q1 THE HIGHEST EVER IN THE COMPANIES HISTORY $HOOD pic.twitter.com/jKrcWj6ZEn— GURGAVIN (@gurgavin) May 9, 2024Looking at the performance of the ongoing quarter, Robinhood’s CEO, Vlad Tenev, said: “Q2 is off to a strong start with April being our highest month of the year for Net Deposits and Gold Subscriber growth, and we’re excited to see strong interest from over 1 million customers in our Robinhood Gold Card.”This article was written by Arnab Shome at www.financemagnates.com.
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Singapore has disowned the collapsedcryptocurrency project Terraform Labs, saying the platform was not performingactivities requiring a license from the MAS and was neither licensed nor exemptedfrom licensing by the regulator. The city-state has also downplayed the impactof the Terraform Labs saga on its financial systems.Responding to a question by a Member of Parliament,Lawrence Wong, the Deputy Prime Minister and Minister for Finance and Chairmanof the MAS, said that the collapse of Terraform Labs sparked concerns aboutregulatory oversight and investor protection in the cryptocurrency market. Theevent has prompted Singaporean authorities to reevaluate and reinforceregulations to mitigate risks in the sector.Enhancing Regulatory MeasuresIn response to the incident, the MAS has implementedseveral measures to bolster the regulatory framework for cryptocurrencyinvestment firms operating in Singapore. These measures aim to enhance consumerprotection and mitigate risks associated with cryptocurrency trading.MAS mentioned: "We also remind those who tradecryptocurrencies that the MAS' rules and regulations cannot prevent monetary lossesarising from such activities. Consumers must be aware of the risks of doing soand understand that cryptocurrencies are highly volatile and have no intrinsicvalue."MAS has introduced new measures focused onretail consumers, aligning with international standards for regulatingcrypto assets. These measures include assessing customer awareness of risksbefore granting access to trading, prohibiting incentivized trading offers, andrestricting the provision of credit or leverage to consumers.Additionally, the MAS has imposed business conductrequirements on cryptocurrency platforms to ensure proper segregation andcustody of customers' assets, mitigate conflict of interest, and implement risk management processes. These enhanced measures will be implementedin phases commencing this year.Educational OutreachMAS emphasized the importance of consumer awarenessregarding cryptocurrency trading risks. While regulations can mitigate certainrisks, consumers must understand the volatile nature of cryptocurrencies andtheir lack of intrinsic value. Ultimately, investors bear responsibility fortheir investment decisions in the crypto market.Meanwhile, the Securities and Exchange Commission(SEC) of the United States is seeking $5.3 billion from Terraform Labs and its Co-Founder, Do Kwon. This demand, comprising recovery and civil penalties,follows a court ruling that found Terraform and Kwon guilty of fraud.The SEC's motion, recently filed with the US DistrictCourt for the Southern District of New York, outlined the regulator's pursuitof $4.7 billion in disgorgement and prejudgment interest from the bankruptTerraform Labs. Additionally, the SEC is seeking civil penalties totaling $520million, with $420 million directed toward Terraform and $100 million towardKwon.In response, Terraform and Kwon's legal representatives have proposed significantly lower penalties, suggesting a maximum of $3.5million for Terraform and $800,000 for Kwon. The court is expected to deliver averdict on the motion.This article was written by Jared Kirui at www.financemagnates.com.
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In the dimly lit cornersof the digital frontier, a silent war rages. Here, thieves with nimble fingersand even nimbler code prowl the back alleys of the internet, armed not withjimmies and crowbars, but with automated scripts and ever-evolving algorithms.Their target? Not gold bullion or jewels, but the far more common,and far more lucrative, quarry of credit card numbers.These digital banditsaren't after your average smash-and-grab operation. Their method is more akinto a slow, methodical poisoning. They employ a technique known as enumerationattacks, essentially a brute-force attempt to crack your card's security by tryingout a vast number of possible credit card combinations. It's a numbers game,hoping to stumble upon a valid card and then exploit it before anyone notices.The financial toll ofthese attacks is staggering. Billions of dollars vanish annually, a silenthemorrhage eating away at the heart of the global financial system. And forevery dollar stolen, there's a domino effect of frustration and inconveniencefor the cardholder, forced to deal with the aftermath of a compromised account.But the tide may beturning. Visa, the global payments giant, has unveiled a potent weapon in thisongoing struggle: the VAAI Score. This innovative tool <a href="https://www.businesswire.com/news/home/20240507262164/en/Visa-Announces-Generative-AI-Powered-Fraud-Solution-to-Combat-Account-Attacks">harnesses the power ofgenerative AI</a>, a form of artificial intelligence that can not only learn patterns,but also actively create new ones.The VAAI Score acts as areal-time guardian, analyzing every card-not-present transaction (CNP) for thetelltale signs of an enumeration attack. It's a digital bloodhound, sniffingout anomalies in a transaction's data - the time of day, the location, thepurchase pattern - that might raise a red flag.This is where generativeAI comes into play. Unlike traditional AI models that rely on pre-definedparameters, generative AI can evolve and adapt. It can learn the ever-shiftingtactics of fraudsters, constantly refining its detection methods to stay aheadof the curve.The benefits aretwofold. For financial institutions, the VAAI Score translates to a significantreduction in fraud losses. By identifying and blocking enumeration attemptsbefore they can do any damage, Visa is essentially plugging a major leak in thefinancial system's dam.But the impact goesbeyond just cold, hard cash. The VAAI Score also protects the customerexperience. Traditional fraud detection methods often cast a wide net, leadingto legitimate transactions being flagged and potentially declined. The VAAIScore, with its laser focus on enumeration attacks, minimizes disruptions forgenuine cardholders. No more being denied that crucial online purchase becauseyour spending pattern suddenly looked suspicious to an overzealous algorithm.This development marks asignificant leap forward in the ongoing battle against financial fraud. It's atestament to the power of cutting-edge technology, specifically AI, insafeguarding the financial ecosystem. The VAAI Score isn't just a shield; it's alearning machine, constantly growing more adept at sniffing out theever-more-sophisticated tricks employed by fraudsters.TheVAAI Score's success also raises a fascinating ethical question: how much powershould we cede to AI in safeguarding our financial lives? While the benefits ofreduced fraud and a smoother customer experience are undeniable, a naggingunease persists. Are we, in essence, handing over the keys to our financialsecurity to an algorithm, a complex web of code that may not always betransparent in its decision-making?This concern isparticularly relevant when considering the potential for bias within AIsystems. Historically, algorithms have been shown to perpetuate societalbiases, leading to unfair or discriminatory outcomes. The VAAI Score, despiteits sophistication, is not immune to this risk. Could certain spendingpatterns, perhaps linked to geographical location or socioeconomic background,be misinterpreted…
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In a rebuttal against accusations of bribery levelled byBinance Holdings Ltd, Nigeria has refuted claims made by the cryptocurrencyfirm, dismissing them as a diversionary tactic. The West African nation hasbeen involved in a boisterous saga with Binance.Binance's Allegations of Bribery inNigeriaThe rift deepened following a blog post penned by Binance'sChief Executive Officer, Richard Teng, alleging coercive demands for a"secret" payment to resolve issues within Nigeria. Teng's revelationignited a firestorm, casting a shadow over the already strained relationshipbetween Binance and Nigerian authorities.The alleged bribery attempts purportedly occurred during ameeting between Binance representatives and Nigerian officials in Abuja earlierthis year. Teng claimed that Binance staff were accosted by unidentifiedindividuals post-meeting, soliciting a significant cryptocurrency paymentwithin 48 hours to ostensibly quell criminal allegations.Binance Says It Was Asked for ‘Secret’ Payment Over Nigeria Woes.“As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations” — Binance CEO, Richard Teng.Later that day, Binance’s… pic.twitter.com/exeWlbEF9g— Instablog9ja (@instablog9ja) May 7, 2024“Teng made false allegations of bribery against unidentifiedNigerian government officials who he claimed demanded $150 million incryptocurrency payments to resolve the ongoing criminal investigation againstthe company,” the Ministry of Information spokesman Rabiu Ibrahim said. “Thisclaim by Binance CEO lacks any iota of substance. It is nothing but adiversionary tactic.”Binance Employee Detained in Nigeria Faces Multiple ChargesTigran Gambaryan, a Binance employee, remains in custodyfacing charges of tax evasion, currency speculation, and money laundering,following his colleague's escape. The trial for Gambaryan is set to commencethis month, adding fuel to the ongoing legal skirmish.Binance's entanglement with Nigerian authorities is furthercomplicated by the detention of two of its employees and the subsequent ban onits operations in the country. Despite assurances of safe passage, Gambaryanand his colleague, Nadeem Anjarwalla, found themselves promptly arrested upontheir return to Nigeria in late February.This article was written by Tareq Sikder at www.financemagnates.com.
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In a legal blow to Cristiano Ronaldo, the famed Portuguesesoccer star, the judge overseeing the $1 billion class action lawsuit againsthim has rejected his motion to dismiss the case. The lawsuit, filed in Florida,accuses Ronaldo of endorsing Binance, which allegedly led investors into making costly and riskyinvestments.Ronaldo's Motion Denied in Binance NFT LawsuitJudge Roy Altman's ruling, issued on May 4, followed arequest from the plaintiffs to stay proceedings until a ruling on a motion tocompel arbitration. Simultaneously, the judge denied Ronaldo's motion todismiss the case, stating: "We deny without prejudice the Defendant's 29 motionto dismiss."The lawsuit revolves around Ronaldo's promotion of Binance,particularly in relation to a collection of non-fungible tokens (NFTs) launchedin partnership with the soccer star in November 2022, called "CR7."Through social media endorsements and other promotional activities, Ronaldoencouraged fans to invest in Binance, promising rewards and emphasizing thepotential of NFT investments.Cristiano Ronaldo Suffers Legal Blow For Promoting ‘Unsafe’ CR7 NFTs by Cryptocurrency Exchange Binance#CR7 | #CristianoRonaldo | #Cryptocurency https://t.co/aBXitJjvU3— LatestLY (@latestly) May 8, 2024Back in November 2022, Finance Magnates reported that Ronaldo,was set to unveilhis inaugural non-fungible token (NFT) collection exclusively on theBinance NFT marketplace. This launch marks the culmination of a multi-yearpartnership deal between the Portuguese star and Binance, initiated nearly fivemonths ago. Binance announced that the collection aims to provideRonaldo's fans with an introduction to Web3 through the realm of NFTs. Thepartnership aimed to facilitate broader blockchain understanding while alsoshowcasing Binance's role in building Web3 infrastructure for the sports andentertainment sector.Arbitration Stay Granted in Binance Endorsement LawsuitRonaldo's endorsements of Binance extended to his Instagramaccount, where he frequently touted the exchange and its associated products.Despite the legal action, Ronaldo's publicist has not yet provided comment onthe matter.The plaintiffs in the lawsuit are seeking damages exceeding$1 billion, alleging that Ronaldo's endorsements led them into makinginvestments that resulted in financial losses. Their request for the case to bestayed for arbitration, which would involve a third party resolving thedispute, has been granted by Judge Altman.This article was written by Tareq Sikder at www.financemagnates.com.
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Regulatory change in the crypto realm has been a subject of heated debate for many years. The general ethos of cryptocurrency is one of anarchism or anarcho-capitalism. Proponents of the tech tend to be adamantly against any type of governmental intervention into markets or technology.However, as digital assets and blockchain technology find themselves thrust into the mainstream, governments must respond. They must either incorporate these assets into existing regulations or create a new regulatory framework altogether. Lets look at how crypto regulations have evolved over the years, with a focus on US regulation.Background: Crypto Regulation in the USMuch of the conversation surrounding cryptocurrency regulation in the US has been focused on something called the <a href="https://www.financemagnates.com/cryptocurrency/decentralized-transactions-challenge-howey-tests-application-to-nfts/">Howey Test</a>. Having its roots in a landmark Supreme Court case from 1946, The Howey Test provides the criteria used to determine whether or not something can be considered a security, aka an investment contract.The test has four parts, and says that a security is:1. An investment of money; 2. In a common enterprise; 3. With the expectation of profit; and 4. Those profits being derived from the efforts of others. If an investment aligns with all four of these precepts, then it can be considered a security, meaning it falls under the regulatory jurisdiction of the <a href="https://www.financemagnates.com/terms/s/securities-and-exchange-commission-sec/">Securities and Exchange Commission (SEC</a>).The Howey Test is almost 80 years old. Applying it to new technologies like <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a> can be difficult. However, many have argued that most cryptocurrencies do constitute investment contracts that meet the criteria of the Howey Test.Bitcoin may be an exception, as the SEC has intimated that <a href="https://www.financemagnates.com/trending/bitcoin-the-hype-the-fomo-the-bros/">BTC looks more like a commodity</a>. This reasoning was part of what led to the approval of <a href="https://www.financemagnates.com/cryptocurrency/coinbase-rides-bitcoin-etf-wave-as-profits-soar-past-1b-in-q1/">spot Bitcoin ETFs</a> in the US in January 2024.Let’s get this thing straight. Crypto is a part of the global financial ecosystem now. No government can wish it away. That being said, if we’re not to undo the years of work towards cleaning up our financial system, we absolutely have to get the regulation right. While… <a href="https://t.co/sgDMnG0YSn">pic.twitter.com/sgDMnG0YSn</a>— Orekelewa (@orekelewa_etc) <a href="https://twitter.com/orekelewa_etc/status/1786833784131764655?ref_src=twsrc%5Etfw">May 4, 2024</a>A Timeline of Cryptocurrency RegulationBetween 2009, when Bitcoin was invented, and 2013, there were only a few significant developments in <a href="https://www.financemagnates.com/cryptocurrency/regulatory-winds-of-change-crypto-industry-prepares-for-compliance-in-2024/">cryptocurrency regulation</a>. These included: The shutdown of the <a href="https://www.financemagnates.com/cryptocurrency/us-seizes-36-billion-worth-of-bitcoins-linked-to-silk-road/">Silk Road marketplace</a> and seizure of its Bitcoin by the Federal Bureau of Investigation (FBI), and A seizure order being issued to Dwolla, a subsidiary of the <a href="https://www.financemagnates.com/cryptocurrency/mt-gox-trustee-to-pay-creditors-in-bitcoin-and-bitcoin-cash/">Mt. Gox crypto exchange</a>, by the Department of Homeland Security (DHS).Silk Road was a Bitcoin marketplace used in part for the sale of illicit substances. Its founder, Ross Ulbricht, was sentenced to two life sentences in prison without the possibility of parole. On the other hand, Mt. Gox was an exchange responsible for 70% of Bitcoin trading at the time.These two enforcement actions were the first known measures taken against cryptocurrency by authorities.In 2014, the Internal Revenue Service (IRS) issued…
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The UK and Singapore have reaffirmed their dedicationto fostering financing solutions that are aligned with sustainable finance. Keydiscussions in a recent meeting between the two nations revolved around the necessity of robust transition planning,standardized disclosure frameworks, and the mobilization of private capital forgreen finance initiatives. During the 9thUK-Singapore Financial Dialogue held on May 8, both countries acknowledged the ongoing efforts ofinternational bodies like the G20 and FSB in shaping the regulatory landscapefor sustainable finance, emphasizing the importance of global cooperation. The dialogue revolved around sustainable finance, fintech, and theevolving landscape of non-bank financial intermediation (NBFI).Embracing FintechParallel to discussions on sustainable finance, thedialogue culminated in an exchange of ideas regarding the evolving sector of fintech and innovation. From artificial intelligence to crypto assets andcentral bank digital currencies (CBDC), the dialogue analyzed the technological advancements reshaping the financial sector, the Monetary Authority of Singapore highlighted. The UK and Singapore pledged to adhere to internationalstandards and foster collaborative efforts through platforms like IOSCO and FSBto mitigate risks while nurturing innovation. Amidst the evolving landscape of NBFI, both nations recognizedthe importance of enhancing regulatory frameworks to effectively address emerging risks.The United Kingdom 🇬🇧 and Singapore 🇸🇬 held the 9th UK-Singapore Financial Dialogue in Singapore today. Both countries discussed collaboration opportunities in priority areas such as #sustainablefinance and #FinTech and innovation. @hmtreasury https://t.co/B6gkCqxRiz pic.twitter.com/3nJ0pyXY0a— MAS (@MAS_sg) May 8, 2024Discussions centered on bolstering authorities'capabilities in monitoring NBFI risks through improved data sharing and policyimplementation. Additionally, the dialogue underscored the shared commitmenttowards enhancing cross-border payment connectivity, with initiatives likeProject Nexus aiming to strengthen global payment systems.Regulations in the UKLast year, the UK unveiled a two-year plan to enhanceits open banking ecosystem. With over seven million Britons already embracingopen banking products, regulatory authorities aim to foster even greatercompetition and innovation in this rapidly evolving sector.Established in March 2022, the Joint RegulatoryOversight Committee, co-led by the Financial Conduct Authority andthe Payment Systems Regulator, has set a roadmap to guide the next phaseof open banking development in the UK. With a focus on scalability, security, andsustainability, the plan aims to elevate the availability and performance ofopen banking services while addressing risks associated with financial crime.Moreover, it emphasizes the importance of robust consumer protection measuresand improving information flows to third-party providers and end-users. This article was written by Jared Kirui at www.financemagnates.com.
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Bybit, one of the world’s top three crypto exchanges by volume, is excited to announce the Bybit P2P Season event, where participants have the opportunity to win a share of the impressive $5,200 USDT prize pool.The event will take place from May 8, 2024, at 10:00 AM UTC to May 21, 2024, at 11:59 PM UTC. Whether you are a new or existing P2P trader, this is your chance to deposit or trade and grab exciting rewards with Bybit. For new users, unlock your share of the $4,000 USDT prize pool. The rewards will be distributed to 200 winners on a first-come, first-served basis. Existing users can also take part in the celebration and unlock their share of the $1,200 USDT prize pool. For more details on the Bybit P2P Summer Celebration event, visit this page."We are delighted to launch the Bybit P2P Summer Celebration, highlighting the integral role that P2P trading plays in our platform's strategy. Bybit is dedicated to fostering a vibrant and inclusive global community of traders, and this event is a testament to our commitment to our users worldwide. We invite traders from all corners of the globe to join us in this exciting event and experience the power and benefits of P2P trading on our platform." says Joan Han, Sales & Marketing Director of Bybit. Bybit P2P offers a user-friendly interface across both mobile and web platforms, making it convenient for users to swap fiat and crypto pairs. With over 570 payment methods and support for more than 60 local currencies, coupled with a simple three-step trading process, Bybit is setting a new standard for efficiency and accessibility in the cryptocurrency trading space.About BybitBybit (https://www.bybit.com) is one of the world’s top three crypto exchanges by trading volume with 25 million users. Established in 2018, it offers a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.This article was written by FM Contributors at www.financemagnates.com.
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Many venues are heading to the upcoming Finance Magnates Africa Summit (FMAS:24) in a couple weeks to explore opportunities on the continent. However, one broker that has already become a strong player and is a leader in the region is iFX Brokers. Ahead of FMAS:24 this May, FM interviewed iFX Brokers’ CEO Hannelé de Necker for her perspective on the event and company’s future prospects on the continent.Are you excited for FMAS:24 and how do you feel your company can directly benefit from attending an event such as this in Africa?We are incredibly excited for FMAS:24, especially as a Regional Sponsor this time around. Attending events like this in Africa presents a fantastic opportunity for iFX Brokers to further enhance brand visibility, network with valuable industry contacts, and showcase our innovative solutions to a targeted audience in the region.FMAS is returning to Sandton City for its second year. What are you hoping to see or get out of this year’s event?As a strong player in the African market, we have specific goals for this year's FMAS event. Firstly, we aim to further solidify our position as a leader in the African market and showcase our expertise and tailored solutions to potential clients and partners. Additionally, we hope to use this opportunity to deepen our relationships with existing clients and industry contacts and explore opportunities for collaboration and growth within the African market. Finally, we look forward to gaining valuable insights from industry experts and staying up to date with the latest trends and developments in the African market.Many brokers and brands have made the move to Africa amid the continent’s hype, size, and overall potential. Does this perspective align with your company’s goals in 2024 or beyond, and is this excitement warranted?Absolutely, the momentum and potential of the African market align perfectly with our vision for expansion and diversification in 2024 and beyond. We believe that Africa offers immense growth opportunities, and we are eager to leverage our presence at FMAS:24 to solidify our position as a key player in the region.FMAS:24 will be drawing the biggest brands as well as regional and local providers across multiple industries. How does your company plan to stand out in the crowd this year?iFX Brokers stands out as a local OTC licensed South African broker, leveraging our ODP/OTC license and deep understanding of the African market. Our commitment to innovation, exceptional customer service, and strategic partnerships sets us apart from the competition. At FMAS:24, we will showcase our unique value proposition and engage attendees by offering insights into our cutting-edge solutions. iFX Brokers is the trusted and reliable choice for clients seeking a prominent and fully locally owned broker in South Africa.The retail forex industry continues to see sweeping changes, necessitating different strategies to chart a course forward. Given this uncertainty, how is your company built to navigate any industry headwinds in 2024, or what techniques do you feel are the most important looking ahead?In navigating industry headwinds in 2024 and beyond, iFX Brokers is focused on adaptability, agility, and continuous innovation. We prioritise staying ahead of market trends, regulatory changes, and technological advancements to ensure that we can provide our clients with the best possible trading experience. By remaining agile and responsive to evolving market conditions, we are confident in our ability to thrive amidst uncertainty and drive sustainable growth for our company.This article was written by Finance Magnates Staff at www.financemagnates.com.
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To simplify and accelerate the process of launchingbrokerage businesses, Tools for Brokers (TFB), an international technologyprovider catering to retail brokers, hedge funds, and prop trading companies,has joined forces with SALVUS Funds, a prominent advisory firm specializing inlicensing and regulatory compliance.Collaboration Streamlines Broker ProcessesThe collaboration between TFB and SALVUS Funds aims toprovide comprehensive support to aspiring brokers seeking company formation andlicensing services. By offering a joint package, clients can now access a rangeof essential services conveniently from a single source.TFB brings advanced solutions and White Label packages,encompassing a liquidity bridge, risk management tools, technical support,server hosting, and access to their ecosystem of products. Moreover, thecompany extends assistance with Know Your Customer (KYC) procedures andonboarding processes. On the other hand, SALVUS Funds assists future brokers inobtaining licenses in jurisdictions they specialize in, recommending optimalchoices for new companies.Commenting on the partnership, Alexey Kutsenko, the CEO atTools for Brokers, stated: “Our partnership with SALVUS Fundsdirectly supports our mission to help our clients achieve their business goalsfaster and more efficiently. We are big believers in regulated and transparentmarkets that both brokers and traders can trust. With SALVUS Funds taking careof the licensing side and Tools for Brokers providing the infrastructure, ourclients can be confident they’re set up for success. We lookforward to working with SALVUS further and expanding our partnership.”Enhancing White Label with Main Label SolutionAs part of their offerings, Tools for Brokers introduces anenhanced version of the traditional White Label, termed Main Label (ML).Tailored for new retail brokers and hedge funds, the ML package provides anall-in-one solution comprising technical infrastructure, KYC consultation,onboarding support, and advanced options such as dedicated liquidity bridge,price feed, round-the-clock support consultations, and risk management tools.Nikolas Xenofontos, the Managing Director at SALVUS Funds,added: “As we embark on this journey with Tools for Brokers, weare excited about the opportunities it presents for our clients and the broaderonline trading ecosystem. We look forward to further collaboration with TFB andexpanding the scope of our partnership, ultimately empowering more brokers toachieve their business goals and contribute to the growth of regulated marketsworldwide.”This article was written by Tareq Sikder at www.financemagnates.com.
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NRx Pharmaceuticals, Inc. (Nasdaq: NRXP) is a clinical-stage biopharmaceutical company developing therapeutics based on its NMDA platform for the treatment of central nervous system disorders, specifically suicidal bipolar depression, chronic pain and PTSD. NRXP is developing NRX-101, an FDA-designated investigational Breakthrough Therapy for suicidal treatment-resistant bipolar depression and chronic pain. NRXP has partnered with Alvogen Pharmaceuticals around the development and marketing of NRX-101 for the treatment of suicidal bipolar depression. NRX-101 additionally has the potential to act as a non-opioid treatment for chronic pain, as well as a treatment for complicated UTI.NRXP has achieved a series of important milestones over the past several months in the company’s progression towards the final approval and commercial marketing of its products in development. NRXP has recently announced plans to submit a New Drug Application for NRX-100 (IV ketamine) in the treatment of suicidal depression, based on results of well-controlled clinical trials conducted under the auspices of the US National Institutes of Health and newly obtained data from French health authorities, licensed under a data sharing agreement. NRXP was awarded Fast Track Designation for development of ketamine (NRX-100) by the US FDA as part of a protocol to treat patients with acute suicidality.Key issues NRXP has discussed in its recent news flow include the following topics: Filing for FDA Approval of Intravenous KetamineBased on obtaining data from 4 randomized controlled trials of intravenous ketamin, NRx initiated manufacture of ketamine in order to seek FDA approval. Investors frequently fail to recognize that much of the drug approval process focuses on formulation, manufacture, sterility, and packaging of that drug, particularly in the case of sterile, injectable drug products. Currently there is only one US manufacturer of IV ketamine and the FDA has reported that ketamine faces drug shortages in the US. NRx has now formulated ketamine in partnership with Nephron Pharmaceuticals of West Columbia, SC and will complete the required three manufacturing lots this quarter. At that point, NRx is legally able to file for New Drug Approval of its IV ketamine product.Development of New, Proprietary Formulation of HTX-100 (IV Ketamine)Although ketamine is widely used in an intravenous formulation, IV infusions require specialized personnel and equipment not found in most doctor’s offices. Subcutaneous use of ketamine is not feasible because the currently-approved formulation is highly acidic and attempts to neutralize the current formulation lead to precipitation of ketamine from solution. Acidic substances are tolerated when diluted for intravenous use, but cause pain and may cause skin ulcers if administered subcutaneously. On April 15th NRXP announced that the Company has developed a novel, proprietary formulation of IV Ketamine for use as HTX-100. This new, patentable NRXP formulation has the key advantage of achieving neutral pH, in contrast to the acidic pH of generic formulations of ketamine. NeuroRx, Inc. previously executed a joint development agreement with a manufacturer of insulin pumps but has been awaiting a suitable, pH neutral formulation of ketamine.With this proprietary formulation, developed with partner Nephron Pharmaceuticals, a leading sterile products manufacturer, NRXP is expected to generate one or more patents, such as composition of matter or formulation. HTX-100 is expected to be marketed by HOPE Therapeutics, Inc., a wholly owned subsidiary of NRx.Successful data readout of NRX-101 in Suicidal Treatment Resistant Bipolar DepressionOn May 5th NRXP announced successful results of its clinical trial of NRX-101 vs. lurasidone in the treatment of suicidal bipolar depression. The study demonstrated that both drugs were potent antidepressants, achieving 50% rates of remission in patients with the most severe levels of depression as measured by the Montgomery Åsberg Depression Rating…
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OptionsTechnology, a service provider in capital markets infrastructure, has unveiledan expanded strategic partnership with oneZero, a tradingtechnology provider for banks and financial institutions.Connectivityfor Streamlined Trading SolutionsThecollaboration aims to enhance the existing integration between oneZero andOptions Activ’s consolidated data service. By introducing bespoke APIconnectivity, the partnership seeks to streamline the experience for mutualcustomers. This entails facilitating seamless interaction between Options’multi-asset class normalized and historical market data and oneZero’smulti-asset class liquidity, aggregation, and risk management solutions, whichsupport tens of millions of trades daily.Danny Moore, President and CEO of Options, expressedenthusiasm about the partnership, saying: “Together, we seek to empower tradersand financial institutions with the industry’s most comprehensive multi-assetasset class trading technology solution. The integration of our market datasolutions with oneZero’s state-of-the-art modular risk and price distributionplatform will be a game-changer, providing unparalleled access to multi-assetclass liquidity.”RecentDevelopments in Market Integration and ReportingTheannouncement follows a series of notable developments for Options Technology,including partnerships with Magtia and Trader Evolution, achievement of a newMicrosoft Cloud Security specialization, and collaboration with Dukascopy.Similarly, oneZero recently expanded its Data Partners network with vendorssuch as TRAction for trade reporting and New Change FX for regulated referencedata for reporting.Andrew Ralich,CEO and Co-Founder of oneZero, said: “oneZero’s partnership with Optionsexemplifies our commitment to continuously improving the liquidity-neutralEcoSystem that we have been building on behalf of our clients. It is our goalto provide a partner framework where oneZero clients can seamlessly accessvalue-added services." "In the modern banking and brokerage environment, beingable to offer an array of asset classes, and rapidly evolving that asset classoffering to catch market trends, is essential. Our accessible data frameworkprovides the flexibility for our clients to access the market data vendors theyrequire, and we are delighted to extend our partnership with Options.”This article was written by Tareq Sikder at www.financemagnates.com.
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In the grand tale of global commodities, fewmoves are more concerning than the recent rise in oliveoil prices. As traders and financial pundits keenly observe, what once was apantry staple is now a protagonist in a drama driven by climate, economics, andsheer demand.The Heat Is On: Climate Change's Grip on OliveGrovesLet’s cut to the chase. Climate change is a realpain in the grove for olive oil producers. The last couple of years have seenprices for this liquid gold soar, with no relief in sight. The culprits?Unrelenting droughts and searing heat waves, particularly punishing in Spain, ajuggernaut of olive oil production.Spain, <a href="https://www.oliveoilsfromspain.org/industry/">the largest global producer</a>of olive oil, has faced drought conditions in recent years, slashing itstypical 1.4 million metric-ton output by up to half. The International MonetaryFund's gauge of olive oil prices has responded accordingly, doubling to nearly <a href="https://fred.stlouisfed.org/series/POLVOILUSDQ">$10,000 per metric ton</a>.Yes, you read that correctly. Olive oil is now eye-wateringly expensive.Extra virgin olive oil prices tipped to top £16 a litre next month <a href="https://t.co/y3mCvumZzw">https://t.co/y3mCvumZzw</a>— The Guardian (@guardian) <a href="https://twitter.com/guardian/status/1787726515662209334?ref_src=twsrc%5Etfw">May 7, 2024</a>Economic Pressures: From Farm to TableBeyond the fields, the economic repercussionsripple through markets with the subtlety of a bull in a china shop. Retailers andrestaurant kitchens alike reel from the hikes, let alone traders. It's not just <a href="https://www.financemagnates.com/terms/b/business-to-business-b2b/">business-to-business (B2B</a>) or <a href="https://www.financemagnates.com/terms/b/business-to-consumer-b2c/">business-to-consumer (B2C</a>), it's everyone. Perhaps there’s no simpler exampleof the impact than to point out that olive oil <a href="https://www.reuters.com/business/retail-consumer/spanish-supermarkets-lock-up-olive-oil-shoplifting-surges-2023-11-20/">shopliftingis on the rise in Spain</a>. This surge in prices isn't due to a sudden uptickin consumer demand. It's a simple yet brutal tale of supply not keeping up withthe existing demand. Policy and Prognosis: Looking AheadWith Spanish farmers beating the drum for more aggressiveclimate action and analysts scrambling to adjust forecasts, the future of oliveoil remains uncertain. The amazingly titled Olive Oil Times recentlyhighlighted the <a href="https://www.oliveoiltimes.com/production/agricultural-groups-call-on-spanish-government-to-step-up-climate-change-response/128593">growingcalls for governmental intervention in Spain</a>, suggesting a potential shifttowards more sustainable practices and support mechanisms for farmers grapplingwith climate volatility.For commodity traders, the evolving narrative ofolive oil prices offers both a cautionary tale and a unique investmentopportunity. The market's response to these climatic challenges, coupled withpolicy shifts, could redefine the landscape of agricultural commodities. Willgovernments step up their game? Can new technologies mitigate some of theclimate impacts? These are the questions we should be pondering as we navigatethe slippery slopes of the olive oil market.Global Olive Oil prices near all-time highs 🚨 <a href="https://t.co/zDvyDtd1Vy">pic.twitter.com/zDvyDtd1Vy</a>— Barchart (@Barchart) <a href="https://twitter.com/Barchart/status/1786223225363476710?ref_src=twsrc%5Etfw">May 3, 2024</a>Yellowy-Green GoldFor those trading in the realm of commodities,olive oil's price volatility may present as many opportunities as it doeschallenges. As the world grapples with the broader implications of climatechange on agriculture, olive oil serves as a canary in the coal mine, signalingbroader economic impacts and potential shifts in consumer behavior and policy. Smart traders will keep an eye on developments inthis sector, poised to react to the ebbs and flows of a market as dynamic as itis unpredictable.In essence…
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StoneX Group (Nasdaq: SNEX), the owner of GAIN Capital, published its financials from January to March, which is the second quarter of its fiscal 2024. In the three months, the platform generated $80.3 million in revenue, a 30 percent increase, from forex and contracts for differences (CFDs) offerings.Trading Volume DeclinedAlthough the FX and CFDs revenue increased significantly, there was a decline in the average daily volume (ADV). According to the official numbers released yesterday (Wednesday), the ADV of the FX and CFDs contracts for the three months on the platform declined by 23 percent to about $10.5 billion.On the institutional business side of StoneX, it generated $7.6 million in revenue, a decline of 18 percent, from FX contracts. Meanwhile, in retail, the FX and CFDs contracts revenue jumped by 38 percent to $72.7 million. While institutional FX ADV dropped by 20 percent to $4 billion, retail FX and CFDs volume declined 24 percent to $6.4 billion.“We are reporting solid results for our second fiscal quarter due in large part to the diversification of both our product offering and client base,” said Sean O’Connor, the CEO of StoneX.A Solid QuarterHeadquartered in New York, StoneX (previously known as INTL FCStone) is a major financial services conglomerate with a presence in six areas: commercial hedging, global payments, securities, physical commodities, foreign exchange, and clearing and execution services.The group entered the retail FX and CFDs industry by acquiring GAIN Capital in 2020 for $236 million. The deal put the financial services giant in control of two major FX and CFDs brokerage brands: Forex.com and City Index.In the three months ended in March, the total revenue of the financial services giant came in at about $22.1 billion, a jump of 37 percent. Considering all the expenses and commissions, the net operating revenue came down to $422.3 million, an uptick of 6 percent.The group ended the quarter with a net income of $53.1 million, an increase of 27 percent. The basic and diluted earnings per share came in at $1.68 and $1.63, respectively.This article was written by Arnab Shome at www.financemagnates.com.
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StoneX Group (Nasdaq: SNEX), the owner of GAIN Capital, published its financials from January to March, which is the second quarter of its fiscal 2024. In the three months, the platform generated $80.3 million in revenue, a 30 percent increase, from forex and contracts for differences (CFDs) offerings.Trading Volume DeclinedAlthough the FX and CFDs revenue increased significantly, there was a decline in the average daily volume (ADV). According to the official numbers released yesterday (Wednesday), the ADV of the FX and CFDs contracts for the three months on the platform declined by 23 percent to about $10.5 billion.On the institutional business side of StoneX, it generated $7.6 million in revenue, a decline of 18 percent, from FX contracts. Meanwhile, in retail, the FX and CFDs contracts revenue jumped by 38 percent to $72.7 million. While institutional FX ADV dropped by 20 percent to $4 billion, retail FX and CFDs volume declined 24 percent to $6.4 billion.“We are reporting solid results for our second fiscal quarter due in large part to the diversification of both our product offering and client base,” said Sean O’Connor, the CEO of StoneX.A Solid QuarterHeadquartered in New York, StoneX (previously known as INTL FCStone) is a major financial services conglomerate with a presence in six areas: commercial hedging, global payments, securities, physical commodities, foreign exchange, and clearing and execution services.The group entered the retail FX and CFDs industry by acquiring GAIN Capital in 2020 for $236 million. The deal put the financial services giant in control of two major FX and CFDs brokerage brands: Forex.com and City Index.In the three months ended in March, the total revenue of the financial services giant came in at about $22.1 billion, a jump of 37 percent. Considering all the expenses and commissions, the net operating revenue came down to $422.3 million, an uptick of 6 percent.The group ended the quarter with a net income of $53.1 million, an increase of 27 percent. The basic and diluted earnings per share came in at $1.68 and $1.63, respectively.This article was written by Arnab Shome at www.financemagnates.com.
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The Financial Conduct Authority (FCA) has cited heightened interest from Members of Parliament in specific cases as one of the main reasons for proposing disclosure of ongoing investigations. The regulatormentioned that it receives approximately 650 letters of inquiry yearly. FCA's CEO, Nikhil Rathi, and Board Chair Ashley Alder appeared before the House of Commons Treasury Select Committee today (Wednesday) to defend the proposed policy.A Blow to London's Financial Hub?The regulator was responding to concerns regarding thepotential adverse impacts on both firms and individuals named ininvestigations, especially those later cleared. Among other reasons, the FCA highlighted the impact on whistleblower confidence asa reason to publish ongoing probes.The FCA disclosed that as of March 31, 2024, therewere 500 ongoing investigations involving 336 individuals and 164 firms. Whilethe exact number of investigations launched annually remains unspecified, the authority highlighted insights into the outcomes of closed investigations.Acknowledging concerns over the duration and volume ofinvestigations, the <a href="https://parliamentlive.tv/event/index/dbb5d593-04f9-482a-a29b-462c2d1afc5b">FCA outlined plans</a> to streamline its investigativeportfolio. This involves enhancing coordination between its authorization,supervision, and enforcement teams to expedite processes aligning withstrategic priorities.In response to queries about appeal mechanisms andthematic disclosure, the FCA maintained its stance, opting against an appealmechanism and expressing reservations about the efficacy of thematic disclosure.Besides that, the FCA downplayed the potential impact of the policy on firms, citingtheir familiarity with enforcement actions and disclosure requirements. Itemphasized the limited number of investigations relative to regulated firms, mitigating significant market repercussions. Regarding a query as towhether the FCA had compared the practice to that of counterparts globally, the agency underscoredthe challenge of differing cultural norms and regulatory approaches acrossjurisdictions.Reputation and Market RamificationsWhile the FCA contends that its disclosure proposalsalign with public interest tests and do not undermine the principle of"innocent until proven guilty," the debate underscores the delicatebalance between transparency, accountability, and the potential impact on firms and individuals involved. In February, the FCA announced that it was <a href="https://www.financemagnates.com/forex/named-and-shamed-uk-regulator-to-publicly-reveal-probed-firms/">planning to disclose</a> more information about its ongoing investigations into companies muchearlier than before to enhance market transparency. This move, reminiscent ofpractices by its counterpart, the US Securities and Exchange Commission (SEC),marked a pivotal shift in the UK's regulatory landscape.Under the forthcoming strategy, the FCA intends to adopt a proactive stance by publiclynaming companies under formal investigation as soon as probes commence. Thisapproach aims to encourage witnesses and whistleblowers to step forward and deter misconduct within the financial industry.However, while transparency is crucial, <a href="https://www.financemagnates.com/forex/even-ministers-believe-fcas-name-and-shame-policy-will-harm-the-city-of-london/">many stakeholders contend</a> that the proposed approach is excessive. Instead, they advocate forimproving investigative processes and reducing decision-making timelines. With 65% of FCA investigations ending without action, there areconcerns about the needless reputational harm caused by public disclosures.Calls for a more nuanced approach have emerged,suggesting that the FCA should only name companies in exceptionalcircumstances. In March, Kemi Badenoch, the BusinessSecretary and Equalities Minister, accused the FCA of "regulatoryover-reach" in an official letter. In 2023, the FCA issued a record 2,286scam alerts on its public Warning List, an improvement of 21% from the 1,882alerts…
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The gears of globalfinance, for all their whirring efficiency, grind on an infrastructure olderthan the internet itself. Siloed systems, paper trails, and time zone hurdlescreate friction in the veins of commerce. But a quiet revolution is brewing behindthe marbled facades of Wall Street. A consortium of banking giants, led byMastercard, is testing a technology with the potential to transformsettlements: blockchain.This isn't some fringeexperiment dreamt up in a Silicon Valley garage. We're talking aboutestablished players like Citigroup, JPMorgan Chase, and Visa joining forceswith Mastercard to explore the murky depths of distributed ledger technology(DLT). Their goal? To streamline the process of settling transactions, thelifeblood of the financial system, using tokens – digital representations ofassets.Think of it this way:the current system resembles a sprawling antique store, each asset – cash,bonds, securities – tucked away on a different shelf. Settling a transactioninvolves a paper chase across these aisles, prone to errors and delays.Blockchain, on the other hand, proposes a sleek, digital marketplace. Allassets are digitized as tokens, readily available for exchange on a secure,shared ledger. Transactions become instantaneous, transparent, and far lesssusceptible to human error.The potential benefitsare enticing. Faster settlements translate to quicker access to capital, a boonfor businesses large and small. Reduced friction translates to lower costs – awin for both institutions and, eventually, consumers. But perhaps the mostsignificant advantage lies in the realm of security. Blockchain's inherenttransparency makes fraud a much tougher game to play. Every transaction ispermanently etched onto the distributed ledger, a tamper-proof record visibleto all participants.This isn't justtheoretical. Mastercard is building upon a successful pilot program thatfocused on cross-border and domestic dollar payments. The current phase delvesdeeper, simulating settlements entirely within the US dollar system. It's acrucial step towards a future where not just dollars, but a vast array ofassets, can be exchanged seamlessly.The road to this future,however, isn't without its obstacles as regulatory frameworks haven't quitecaught up to the breakneck pace of innovation in blockchain. As such, concerns lingeraround scalability – can the technology handle the immense volume of transactionsthat course through the financial system daily? Security, too, remains a toppriority. While blockchain boasts inherent advantages, it's only as secure asits weakest link.These are challengesthat the consortium, which also includes industry heavyweights like Deloitteand the Securities Industry and Financial Markets Association (SIFMA), isactively addressing. Collaboration is key. By working together, theseinstitutions can develop robust standards and iron out the wrinkles in existingregulations.The success of thisinitiative could have far-reaching implications beyond Wall Street. Streamlinedsettlements could unlock new financial products and services, fostering greaterfinancial inclusion while also paving the way for the wider adoption of digitalassets, a nascent asset class still grappling with legitimacy.The financial system, for all itsmight, is undeniably creaking at the seams as Mastercard and its partners aretaking a bold step towards a future where settlements are not just faster andmore secure, but also more adaptable to the ever-changing needs of the globalmarketplace. It's a future where the dusty ledgers of Wall Street are replacedby a dynamic, digital tapestry, woven with the threads of innovation.This article was written by Pedro Ferreira at www.financemagnates.com.
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For those weary of thetap-and-pay ballet or the insecure online card shuffle, a new dawn is breakingin the land Down Under. A strategic partnership between global fintech leaderBanked and the established National Australia Bank (NAB) is poised to resurrecta long-dormant contender in the payments arena: Pay by Bank, powered byAustralian Payments Plus’ (AP+) PayTo services.This phoenix of thefinancial world promises not just a faster and more secure way to pay, but apotential paradigm shift in Australian commerce. While credit cards have longdominated the retail landscape, Pay by Bank offers a compelling alternative – adirect, frictionless exchange between a customer's bank account and themerchant's, bypassing the need for intermediaries altogether.The benefits formerchants are undeniable as pay by Bank offers a morecost-effective solution, streamlining the payment process and potentiallyboosting their bottom line. Furthermore, the system boasts enhanced securityfeatures, with built-in fraud protection and instant refund capabilities,fostering trust and reducing the risk of financial chicanery.But the true power ofPay by Bank lies in its potential to reshape the customer experience.Pay by Bank empowers customers with complete control overtheir finances. With a simple click or tap, funds are transferred directly fromtheir secure bank accounts, offering a level of transparency and securityunmatched by traditional methods.This newfound controlextends beyond mere transactions. Pay by Bank paves the way for innovativeloyalty programs. Merchants can design schemes that reward customers not withpoints or plastic cards, but with instant discounts or cashback directly depositedinto their accounts. This fosters a more dynamic and personalized shoppingexperience, creating a win-win scenario for both merchants and consumers.The partnership betweenBanked and NAB is particularly noteworthy. Banked brings its global expertisein the burgeoning field of Account-to-Account (A2A) payments, while NAB offersits established presence within the Australian market and its commitment tocutting-edge digital banking solutions. This fusion of experience and reachcreates a formidable force poised to propel Pay by Bank into the mainstream.Of course, there will be challenges ahead. Consumer education will be paramount.Shifting established payment habits requires a concerted effort to highlightthe advantages of Pay by Bank. Additionally, ensuring seamless integration withexisting systems and fostering collaboration among all stakeholders within thefinancial ecosystem will be crucial for widespread adoption.Another hurdle lies infragmentation. Currently, a myriad of pay by bank solutions exist, each withits own quirks and compatibility. This lack of standardization can confuseconsumers and stifle widespread adoption. Industry-wide collaboration is essentialto develop a unified standard for pay by bank, ensuring a smooth and seamlessuser experience across different platforms.However, the potentialrewards are undeniable. A thriving Pay by Bank landscape promises not just amore efficient and secure way to transact, but a fundamental shift in therelationship between consumers, merchants, and financial institutions. Withtransparency, security, and control at its core, Pay by Bank has the potentialto redefine the very fabric of Australian commerce. The phoenix is rising, andits fiery wings might just cast a new light on the future of payments.This article was written by Pedro Ferreira at www.financemagnates.com.
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Mastercard and CrediMax, a credit card issuer in the Kingdom of Bahrain, have teamed up to launch a payment solution powered by Mastercard Gateway. Dubbed Click to Pay, the new checkout solution enables users to complete purchases across various devices. It promises to save time and reduce the likelihood of errors by eliminating the need for manual password entry.Enhancing Security MeasuresCrediMax has implemented encryption and tokenizationtechnologies to safeguard customer data and boost security in onlinetransactions. With these security measures, the company aims to ensure thesafety of consumers' personal and financial information in every transaction.Ahmed Seyadi, CrediMax's Chief Executive Officer, said: "CrediMax is thrilled to be at the forefront of technologicalinnovation by introducing Click to Pay to the market. We understand some of thechallenges cardholders face during the checkout process, and our goal is toprovide them with a simple, secure, and efficient solution."Mastercard and #CrediMax join forces to introduce Click to Pay in #Bahrain. This collaboration marks a significant milestone as the first company in Bahrain to implement Click to Pay via #MastercardGateway, granting consumers instant access to their preferred cards on every…— Mastercard Arabia (@MastercardMENA) May 8, 2024Recently, the global digital payment firm Checkout.com partnered with Mastercard to enhance online travel payments by reducing costs for travel enterprises. Checkout.com's customers are poised tobenefit from the introduction of virtual cards under the Mastercard WholesaleProgram. This move is geared towards enhancing efficiency in payments, ultimatelyleading to higher conversion rates for customers.This partnership enables travel agents to mitigateinefficiencies and errors, ensuring a seamless transition in customerpayments and supplier remittances. The collaborationunderscored Mastercard's dedication to supporting the adoption of new paymentsolutions in B2B travel.Other DevelopmentsMeanwhile, the National Retail Federation (NRF)recently objected to a settlement between Visa, Mastercard, and merchants,criticizing it as inadequate to address long-standing grievances. Thesettlement aimed to resolve a dispute spanning nearly two decades involvingallegations of overcharging merchants during credit card transactions. However, NRF perceives the proposed relief as"meager and temporary," with concerns over fairness and lastingimpact. The federation deems the proposed reduction in interchange rates by fourbasis points for three years and overall average rates by seven basis points for five years inadequate. This article was written by Jared Kirui at www.financemagnates.com.
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The final countdown is underway with only twelve days to go until the highly anticipated Finance Magnates Africa Summit (FMAS:24). Taking place on May 20-22 in Sandton City, South Africa, prospective attendees can expect to engage, meet, and network with plenty of regional and local players as well as global brands and speakers. No premium event in 2024 would be complete without discussing Bitcoin and FMAS:24 will be no exception. This includes the notable panel, ‘The Wild Ride: Bitcoin Outlook for 2024 H2’.FMAS:24 has plenty in store for all attendees with two full days of panels, workshops, sessions, and more. Crypto will be in the spotlight throughout the event, not just for its potential and prospects in Africa but for its recent surge in popularity and price in 2024. As a quick reminder, participants can still sign up for a limited time and reserve their seat online for FMAS:24. Head on over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.Bitcoin and Crypto Take Centre Stage at FMAS:24Bitcoin has already been having an eventful year in 2024, with its price reflecting growing popularity and confidence in the crypto. Look for Bitcoin to be a large area of emphasis at FMAS:24. The full-length agenda can be viewed by accessing the following link, covering not just the crypto space but online trading, fintech, and payments as well. The upcoming panel, ‘The Wild Ride: Bitcoin Outlook for 2024 H2’ will be taking place on May 22 at 16:40-17:20 at Centre Stage. As more governments crack down on crypto, the price of Bitcoin seems to do nothing but shoot up. Join top analysts to unravel the factors influencing its price and how US regulators impact your crypto portfolio value.Panel participants can figure out where Bitcoin is headed in H2 2024 especially in what will be a rather turbulent year with geopolitics, volatility, and demand. After last month’s Bitcoin halving, the price has still not reacted positively as many had predicted. Could BTC merely be building momentum or are there other factors at play?Register Today for the Biggest Event of the Year in Africa!This is one session you cannot afford to miss. See you in South Africa!This article was written by Jeff Patterson at www.financemagnates.com.
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“The stock research market is broken and highly concentrated,” Bridgewise’s CEO, Gaby Diamant, pointed out while speaking to Finance Magnates recently after raising $21 million, adding: “Only 20 percent of global companies are covered by analysts. While the situation is slightly better in the US, it is dire in Europe, Latin America, and Asia.”Bridgewise is addressing this gap by generating stock analysis reports in over 22 languages across 15 countries. Founded in 2019, the Israeli company employs proprietary generative artificial intelligence (AI) models to produce analyses and reports.“<a href="https://www.financemagnates.com/institutional-forex/etoro-teams-up-with-bridgewise-to-offer-ai-driven-stock-portfolio/">We collaborate with either retail trading platforms</a> or customer-facing professionals to offer a much better service to individual investors,” Diamant added.Addressing the language gap in stock reports, Bridgewise’s CEO described it as an “amazing advantage” for the company.While English remains dominant due to its reach, other top languages in demand are Portuguese and Hebrew, based on Bridgewise’s user data. The platform’s popularity in Brazil has led to increased usage of Portuguese. Interestingly, the company generates all reports directly in local languages and receives approximately 120 million API calls yearly.“In Brazil, we have a significant market share, but I believe it will begin shifting towards Japan, where we see emerging interest. We are also targeting investors in Singapore and Hong Kong,” Bridgewise’s CEO said.However, Bridgewise is not the only company offering stock research with AI. Its closest competitor is <a href="https://www.financemagnates.com/tag/tipranks/">TipRanks</a>, another Israeli company, uses natural language processing to analyze the performance of professional analysts for its services."The two companies are doing exactly the same thing, but the difference is an aggregation and opinion," Diamant elaborated. "TipRanks is aggregating a lot of data from analysts, while Bridgewise is creating opinions. We are actually acting as an analyst."“Not for the Money” Israel-headquartered Bridgewise, with offices in New York, London, Sao Paulo, Singapore, and Tokyo, recently secured $21 million in funding. Officially, the company stated it will use the funds “to accelerate market penetration and growth.”However, Diamant revealed that money was not the primary motive for raising the funds.“The main reason we pursued this funding round was not for the money,” Diamant said. “I know it sounds obnoxious,” he added, “What we did was bring global players. In this round, we attracted institutions from four different continents, including the United Emirates, the US, and Switzerland.”Indeed, <a href="https://www.financemagnates.com/institutional-forex/swiss-exchange-six-partners-with-dubai-financial-market-for-dual-listings/">Switzerland’s SIX Group</a> led Bridgewise’s latest funding round, with participation from Group11, L4 Venture Builder, and other global financial institutions.As 2023 draws to a close, it's a moment to reflect on Bridgewise's journey. What a year it's been! Our story is just beginning, and 2024 promises to be even more exciting. Here's to turning dreams into realities! 🚀🥂 <a href="https://t.co/r1QQGcvLCo">pic.twitter.com/r1QQGcvLCo</a>— Bridgewise (@BridgeWiseAI) <a href="https://twitter.com/BridgeWiseAI/status/1742922420955254825?ref_src=twsrc%5Etfw">January 4, 2024</a>“We Made Our Analysts Write Our Training Data”One of the <a href="https://www.financemagnates.com/trending/ai-in-2023-rises-falls-and-evolution/">challenges AI companies face</a> is copyright infringement with the training data. <a href="https://www.financemagnates.com/institutional-forex/openai-targets-fortune-500-executives-with-customized-ai-solutions/">OpenAI</a>, which revolutionized the AI industry by introducing ChatGPT, has been sued by a group of US newspapers over the allegations of misusing reporters' work to train their generative AI models.AI…
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Finalto Asia Pte Ltd, a leading global financial trading solutions provider, proudly announces the appointment of Suzuki Akihiko as the Head of Japan Markets, effective immediately. With an illustrious career spanning over two decades in the financial sector, Suzuki brings a wealth of experience and expertise to his new role.In his capacity as Head of Japan Markets, Suzuki will spearhead Finalto Asia's strategic initiatives in Japan, overseeing business development, client relations, and market expansion efforts. His extensive knowledge of the Japanese financial landscape, coupled with a proven track record of leadership and innovation, positions him as an invaluable asset to the company's growth trajectory."We are thrilled to welcome Suzuki Akihiko to the Finalto Asia team," said Alex MacKinnon, CEO of Finalto Asia Pte Ltd. "His deep understanding of the Japanese markets and his passion for driving excellence align perfectly with our vision of delivering unparalleled trading solutions to our clients. With Suzuki at the helm of our Japan operations, we are confident in our ability to further strengthen our presence and drive continued success in this key market."Prior to joining Finalto Asia, Suzuki held various senior roles in top-tier financial institutions, where he played a pivotal role in driving business growth and fostering strategic partnerships. His comprehensive understanding of regulatory frameworks, coupled with a commitment to innovation, has enabled him to navigate the evolving FX markets landscape."I am excited to embark on this new chapter with Finalto Asia and lead the expansion of our Japan markets," said Suzuki Akihiko. "Finalto Asia's reputation for excellence and its commitment to innovation position us strongly for success in the dynamic Japanese financial landscape. I look forward to working closely with our team to capitalize on opportunities and deliver superior value to our clients."Suzuki Akihiko's appointment underscores Finalto Asia's dedication to strengthening its leadership team and driving growth in key markets. With his proven leadership and deep industry knowledge, Finalto Asia is well-positioned to continue delivering cutting-edge financial trading solutions and driving value for clients across the region.About Finalto Asia Pte Ltd:Finalto Asia Pte Ltd is a leading global financial trading solutions provider, offering a comprehensive suite of products and services designed to empower traders and institutions to succeed in today's dynamic markets. With a focus on innovation, reliability, and client-centricity, Finalto Asia is committed to delivering best-in-class trading solutions tailored to the unique needs of its clients.This article was written by FM Contributors at www.financemagnates.com.
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The Financial Conduct Authority (FCA) has cited heightened interest from Members of Parliament in specific cases as one of the main reasons it proposed disclosing ongoing investigations. The regulatormentioned that it receives approximately 650 letters of inquiry yearly. Today (Wednesday), FCA's CEO, Nikhil Rathi, appeared before the House of Commons Treasury Select Committee to defend the proposed policy.A Blow to London's Financial Hub?The regulator was responding to concerns raised by theHouse of Lords Financial Services <a href="https://www.financemagnates.com/terms/r/regulation/">Regulation</a> Committee (FSRC) regarding thepotential adverse impacts on both firms and individuals named ininvestigations, especially those later cleared. Among other reasons for proposing the new policy, the FCA highlighted the impact on whistleblower confidence asa reason to publish ongoing probes.The FCA disclosed that as of March 31, 2024, therewere 500 ongoing investigations involving 336 individuals and 164 firms. Whilethe exact number of investigations launched annually remains unspecified, the authority highlighted insights into the outcomes of closed investigations.Acknowledging concerns over the duration and volume ofinvestigations, the <a href="https://parliamentlive.tv/event/index/dbb5d593-04f9-482a-a29b-462c2d1afc5b">FCA outlined plans</a> to streamline its investigativeportfolio. This involves enhancing coordination between its authorization,supervision, and enforcement teams to expedite processes aligning withstrategic priorities.In response to queries about appeal mechanisms andthematic disclosure, the FCA maintained its stance, opting against an appealmechanism and expressing reservations about the efficacy of thematic disclosure.Besides that, the FCA downplayed the potential impact of the policy on firms, citingtheir familiarity with enforcement actions and disclosure requirements. Itemphasized the limited number of investigations relative to regulated firms, mitigating significant market repercussions. Regarding a query as towhether the FCA had compared the practice to that of counterparts globally, the agency underscoredthe challenge of differing cultural norms and regulatory approaches acrossjurisdictions.Reputation and Market RamificationsWhile the FCA contends that its disclosure proposalsalign with public interest tests and do not undermine the principle of"innocent until proven guilty," the debate underscores the delicatebalance between transparency, accountability, and the potential impact on firms and individuals involved. In February, the FCA announced that it was <a href="https://www.financemagnates.com/forex/named-and-shamed-uk-regulator-to-publicly-reveal-probed-firms/">planning to disclose</a> more information about its ongoing investigations into companies muchearlier than before to enhance market transparency. This move, reminiscent ofpractices by its counterpart, the US Securities and Exchange Commission (SEC),marked a pivotal shift in the UK's regulatory landscape.Under the forthcoming strategy, the FCA intends to adopt a proactive stance by publiclynaming companies under formal investigation as soon as probes commence. Thisapproach aims to encourage witnesses and whistleblowers to step forward and deter misconduct within the financial industry.However, while transparency is crucial, <a href="https://www.financemagnates.com/forex/even-ministers-believe-fcas-name-and-shame-policy-will-harm-the-city-of-london/">many stakeholders contend</a> that the proposed approach is excessive. Instead, they advocate forimproving investigative processes and reducing decision-making timelines. With 65% of FCA investigations ending without action, there areconcerns about the needless reputational harm caused by public disclosures.Calls for a more nuanced approach have emerged,suggesting that the FCA should only name companies in exceptionalcircumstances. In March, Kemi Badenoch, the BusinessSecretary and Equalities Minister, accused the FCA of "regulatoryover-reach" in an…
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