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Online trading brokerage firm CFI will be the officialpartner of the FIBA WASL (West Asia Super League) Final 8 basketball tournament, a sporting event bringing together teams from Lebanon, Bahrain, Kazakhstan, Kuwait, Iran, and India. The event, organized by the International Basketball Federation, will take place from May 25th to June 1st in Doha, Qatar.CFI Boosts Brand Visibility in Sporting ArenaThe tournament features two groups: Group A has teams like Al Riyadi and Sagesse from Lebanon, Manama Club from Bahrain, and BCAstana from Kazakhstan. Group B comprises Kuwait Club and Kazma from Kuwait,Shahrdari Gorgan from Iran, and Tamil Nadu from India.As the official sponsor of the FIBA WASL Final 8, the CFIbrand will appear on various mediums such as TV popups, LED screen displays, and court-side advertising boards. CFI aims to enhance its recognition among passionate basketball fans both in attendance and watching from home. On Twitter, the West Asia Super League has more than 800 followers, while the CFI Group has over 3,000 followers.Are you ready for the FIBA WASL Final 8? 🏀 We're excited to be the event’s Official Partner, championing excellence in basketball and elevating our presence at the pinnacle of top-tier sporting events across MENA. Let the games begin! 🚀#Final8 #TopTierBasketball @officialWASL pic.twitter.com/NSNllE6kMN— CFI Group English (@cfigroup_en) May 23, 2024Hisham Mansour, the Co-founder and Managing Directorof CFI, mentioned: "Our collaboration with FIBA WASL Final 8 marks asignificant milestone for CFI as we expand our global presence. We're honoredto support one of the most significant basketball events in the region,promoting community engagement and excellence across various fields."Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Square has rolled out its Tap to Pay feature on iPhone inCanada, extending its functionality to Square sellers across the country. Thismove positions Square as one of the first businesses in Canada to introducethis technology, allowing sellers to accept contactless payments directly fromtheir iPhones without the need for additional hardware or payment terminals. The service, integrated into Square's iOS apps such asSquare Point of Sale, Square for Retail, and Square Appointments, comes at noextra cost, presenting itself as a cost-effective option for entrepreneurs.Simplifying In-Person TransactionsThrough Tap to Pay on iPhone, Square aims to streamlinein-person commerce for both new and established businesses. Any Square merchantequipped with a compatible iPhone can accept contactless payments by simplyinitiating the Square app, adding the transaction, and presenting their iPhoneto the buyer. Buyers complete the transaction by tapping their contactlesspayment method near the seller's iPhone.Apple's Tap to Pay on iPhone technology leverages theiPhone's built-in features to ensure the privacy and security of businesses'and customers' data. Notably, Apple does not store card numbers on the deviceor its servers during the payment process.Processors Scramble to Offer Tap to Pay on iPhone As Apple Launches the Technology in Canada - Digital Transactions https://t.co/i7pkjzhudn #taptopayon #iphone #taptopay #Canada #Apple #Square @Square @Apple pic.twitter.com/O5Qfr9RUUF— Digital Transactions (@DTPaymentNews) May 23, 2024Expanding Business OpportunitiesThis rollout in Canada follows previous launches in theUnited States, Australia, and the United Kingdom, where Tap to Pay on iPhonehas been embraced by a diverse range of sellers, including mobileprofessionals, retailers, and hairstylists, for its ability to facilitatesecure and efficient transactions without additional hardware.“With Tap to Pay on iPhone, we are further levelling theplaying field for businesses of all sizes to be able to start, run and grow,”said Saumil Mehta, Head of Product at Square. “The Canadian business landscapeis competitive and tech savvy, always on the lookout for solutions that canmake operating their business more efficient. Tap To Pay on iPhone helps reducesome of the barriers to entry for new businesses, and enables existing sellersto create new ways to sell with nothing more than their iPhone and Square’ssoftware. They can get set up in minutes and begin making sales in seconds.”This article was written by Tareq Sikder at www.financemagnates.com.
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Chatbots,those digital concierges programmed for politeness and helpfulness, have adirty little secret. They’re terrible at keeping secrets. A recent study byImmersive Labs found that with a little creativity, anyone could trick achatbot into divulging sensitive information, like passwords. This isn't somevault overflowing with national treasures; it's a digital door creaking open toexpose the vulnerabilities lurking beneath the surface of artificialintelligence.Thestudy presented a "<a href="https://prompting.ai.immersivelabs.com/">promptinjection contest</a>" to a pool of over 34,000 participants. The contestserved as a social experiment, a playful prod at the AI guardians standingwatch over our data. The result? Alarming. Eighty-eight percent of participantswere able to coax a chatbot into surrendering a password at least once. Aparticularly determined fifth could crack the code across all difficultylevels.Thetechniques employed were as varied as they were surprising. Some participantsopted for the direct approach, simply asking the chatbot for the password.Others wheedled for hints, like a digital pickpocket casing a virtual joint.Still others exploited the chatbot's response format, manipulating it intorevealing the password through emojis, backwards writing, or even code formatslike Morse code and base64. As the security measures tightened, the humaningenuity on display only grew more impressive. Contestants instructed thechatbots to ignore their safety protocols, essentially turning the guardiansinto accomplices.Theimplications are far-reaching. Generative AI, the technology powering thesechatbots, is rapidly integrating itself into our lives. From automatingcustomer service interactions to personalizing our online experiences,Generative AI promises a future woven with convenience and efficiency. But theImmersive Labs study throws a wrench into this optimistic narrative. Ifchatbots can be tricked by everyday people with a dash of creativity, whathappens when malicious actors with a determined agenda come knocking?Theanswer isn't pleasant. Financial information, medical records, personal data –all become vulnerable when guarded by such easily manipulated sentries.Organizations that have embraced Generative AI, trusting it to handle sensitiveinteractions, now find themselves scrambling to shore up their defenses. Dataloss prevention, stricter input validation, and context-aware filtering are allbeing tossed around as potential solutions.Butthe problem is deeper than a technical fix. The very foundation of GenerativeAI, its reliance on interpreting and responding to prompts, <a href="https://www.financemagnates.com/fintech/payments/ai-and-the-malleable-frontier-of-payments/">creates an inherentvulnerability</a>. These chatbots are, by design, programmed to be helpful andaccommodating. This noble quality can be twisted into a critical weakness whenfaced with a manipulative prompt.Thesolution lies not just in fortifying the digital gates, but in acknowledgingthe limitations of Generative AI. We cannot expect these chatbots to beinfallible guardians. Instead, they need to be seen as tools, valuable tools,but tools that require careful handling and oversight. Organizations must treada cautious path, <a href="https://www.financemagnates.com/fintech/payments/deepfakes-take-center-stage-in-financial-fraud/">balancing the benefits of Generative AI with the very realsecurity risks it presents</a>.Thisdoesn't mean abandoning Generative AI altogether. The convenience andpersonalization it offers are too valuable to ignore. But it does necessitate ashift in perspective. We can't simply deploy these chatbots and hope for thebest. Constant vigilance, regular security audits, and a clear understanding ofthe technology's limitations are all essential.TheImmersive Labs study serves as a wake-up call. It exposes the chinks in thearmor of Generative AI, reminding us that <a href="https://www.financemagnates.com/fintech/payments/the-financial-industry-scrambles-to-patch-its-quantum-armor/">even…
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The Central Bank of Ireland has approved Ramp Network,a financial technology firm building payment rails connecting cryptocurrency to theglobal financial system, as a Virtual Asset Service Provider. Thisapproval allows the company to offer crypto-to-fiat exchanges in Ireland.Expanding Presence in IrelandRamp Network’s Irish subsidiary will facilitate theexchange of fiat currencies for over 100 crypto assets. This capabilitywill enable the company to facilitate onboarding users to Web 3 through an on-and-off-ramp service. According to the company’s statement shared with FinanceMagnates, the company's choice of Ireland highlights the nation's reputation asa fintech innovation hub.Steven Eisenhauer, the Chief Risk and ComplianceOfficer, mentioned: "When deciding on a future European home for Ramp Network,it didn’t take us long to conclude that Ireland was an ideal location. Beyondthe country's status as an innovation hub with a broad base of availabletechnology and financial services talent, we were drawn by the Central Bank ofIreland's collaborative and direct approach."Additionally, Ramp Network is preparing to seekauthorization as a Crypto Asset Service Provider in Ireland under the forthcomingMarkets in Crypto Assets Regulation (MiCA). Scheduled to be implemented at theend of this year, MiCA aims to create a unified regulatory framework forthe crypto industry across the European Economic Area, replacing domesticregulations and streamlining compliance.MiCA and CASPThis registration in Ireland is part of Ramp Network’sbroader strategy for global expansion. The company has identified Brazil as akey growth market, establishing a local entity and supporting the country’s toppayment gateway, Pix. Besides that, Ramp has established a document-free KYC processin Brazil to enhance user convenience in accessing Web 3 services. Additionally,Ramp Network has launched subsidiaries in the United Kingdom and the UnitedStates to boost its global presence. Ramp Network offers businesses and individuals a way to convert between cryptocurrenciesand fiat currencies in over150 countries. The company supports various payment methods, includingdebit and credit cards, bank transfers, Apple Pay, and Google Pay, ensuringaccessibility and ease of use for its global user base.Notably, Ireland is attracting the attention of major cryptocurrencyfirms. Last year, Coinbase initiated the process of obtaining a licensefrom the Central Bank of Ireland, positioning itself to benefit from theupcoming MiCA regulations. The regulations are designed to protect consumers,promote environmental sustainability, and combat money laundering in the cryptosector. By securing a license in Ireland, Coinbase aims to gain access to theEU market under "passporting" rights, potentially reaching a customerbase of 450 million people.This article was written by Jared Kirui at www.financemagnates.com.
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Swedish fintech giantKlarna is quietly making waves, not just in the world of finance, but in theway we work. With a workforce of over 5,000, a staggering 90% of Klarna'semployees are wielding a new kind of tool: generative AI and it's fundamentally changing how knowledge workgets done.Gone are the days whenAI was relegated to factory floors or relegated to the realm of customerservice chatbots. Klarna's story highlights a new frontier: AI integration inwhite-collar professions. Communications teams are using AI to analyze presssentiment, sifting through mountains of text to understand public perception.Legal departments are leveraging AI to draft contracts in a fraction of thetime, freeing up lawyers to focus on complex legal issues.This isn't just aboutefficiency gains, though. There's a fascinating shift in human-computercollaboration happening. AI is becoming a thought partner, a tireless researchassistant, and even a first-draft generator. Consider the lawyer using ChatGPTEnterprise to draft contracts. The AI doesn't replace the lawyer's expertise;it amplifies it. The lawyer's legal mind remains paramount, ensuring thecontract adheres to all the necessary legalese. However, the AI handles thetedious legwork, freeing up valuable time for strategic thinking and clientinteraction.This human-AIpartnership extends beyond legal teams. Communication professionals can nowanalyze vast amounts of data to understand how their messaging resonates withthe public. Marketing teams can leverage AI to personalize campaigns and targetaudiences with laser precision. The implications for knowledge work areprofound.Of course, there areconcerns. Some fear job displacement, with AI potentially automating taskstraditionally performed by humans. Klarna itself went through a period of jobcuts in 2022, which some might attribute to their AI adoption. However, thecompany maintains that AI is not a job-killer, but rather a job-changer. TheirAI chatbot, for instance, replaced 700 customer service roles, but it alsofreed up resources to invest in other areas of the business. The humanemployees who once filled those customer service roles might now be focusing ondata analysis, customer experience optimization, or other AI-driveninitiatives.The key lies inadaptation. As AI becomes more sophisticated, the skills required for successin the workplace will evolve. The ability to work effectively alongside AI, toleverage its strengths and mitigate its weaknesses, will become paramount. Thisdoesn't necessarily mean extensive coding knowledge; rather, it's aboutunderstanding how AI works, its limitations, and how to best integrate it intoyour workflow.The future of work, however, won't likely be a battleground between humans and machines, rather a complexpartnership where humans and AI work together. Klarna's story is a glimpseinto this future, a world where AI isn't just a tool, but a collaborator, aco-pilot on the journey towards greater efficiency, innovation, and ultimately,human progress.This shift hassignificant implications beyond just Klarna. Law firms, marketing agencies, andeven creative industries are likely to follow suit. The question isn't whetherAI will integrate into white-collar professions, but how effectively humans canleverage this technology to unlock new possibilities and redefine the verynature of knowledge work.This article was written by Pedro Ferreira at www.financemagnates.com.
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The financial industry,notorious for its glacial pace of change, is about to experience a bit of afoxtrot. No top hats and canes required, but rather a coordinated shift towardsa new standard: ISO 20022. This seemingly innocuous alphabet soup holds thepotential to revolutionize the way financial institutions communicate,particularly within the realm of wire transfers facilitated by the FederalReserve's Fedwire system.At the forefront of thisdance step is Finastra, a global financial software provider. By achieving Fedcertification for ISO 20022 across several of their payment processingsolutions, Finastra has positioned itself as a leader in this upcoming industryshift. This certification signifies that their technology can seamlesslytranslate and transmit data using the new ISO 20022 messaging standard, acritical step for US financial institutions facing a looming compliancedeadline at the end of 2024.But why the suddenflurry of activity around ISO 20022? The current messaging standard, whilefunctional, suffers from several limitations. It relies on cryptic codes and alimited data set, hindering transparency and automation. Think of it liketrying to have a complex conversation using only emojis – the meaning might bevaguely understood, but crucial details are lost in translation. ISO 20022, onthe other hand, is like a well-structured language. It allows for thetransmission of richer, more precise data, fostering smoother communication andstreamlined processes.The benefits forfinancial institutions are numerous. Faster processing times, for instance,translate to quicker settlements and improved cash flow management. Enhanceddata quality paves the way for better fraud detection and risk mitigation.Furthermore, the standardization introduced by ISO 20022 eliminates the needfor multiple, often incompatible, messaging formats used by differentinstitutions. This fosters greater interoperability, like having everyonespeaking the same financial language, regardless of their specific softwareprovider.The impact, however,extends beyond internal efficiencies. Consider the plight of a corporate clientwho needs to send an urgent wire transfer. Under the current system, theprocess can be cumbersome and time-consuming, often involving manualintervention and potential delays. With ISO 20022, the data exchange becomesmore transparent and streamlined, potentially leading to faster transfers and asmoother overall experience for the client.The adoption of ISO20022 isn't all that straightforward as financial institutions must invest inupgrading their systems and processes to ensure compatibility with the newstandard, something which requires not only financial resources but also a commitment toretraining staff and potentially altering established workflows. Finastra'scertified solutions can act as a bridge, easing the transition for institutionsof all sizes. Their pre-built and pre-tested technology can significantlyreduce the burden of compliance, allowing institutions to focus on thestrategic advantages unlocked by ISO 20022.The shift towards ISO20022 represents a significant step forward for the financial industry. Itpaves the way for a future characterized by increased automation, improvedefficiency, and a more seamless flow of information. While there willundoubtedly be some initial hurdles to overcome, the long-term benefits areundeniable. Financial institutions that embrace this change, with the help offorward-thinking providers like Finastra, stand to gain a significantcompetitive edge in the years to come. The Fedwire foxtrot may seem like asmall step, but it has the potential to lead to a giant leap forward forfinancial communication.This article was written by Pedro Ferreira at www.financemagnates.com.
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Paxos, a regulatedblockchain and tokenization infrastructure platform, announced today theappointment of J. Christopher Giancarlo, former Chairman of the US CommodityFutures Trading Commission (CFTC), to its board of directors.Paxos Scores RegulatoryHeavyweight from CFTCGiancarlo,a respected figure in the financial services industry and a passionate advocatefor blockchain technology, brings decades of expertise to Paxos as the companycontinues to innovate in the digital asset space. During histenure at the CFTC from 2014 to 2019, Giancarlo oversaw the introduction of thefirst Bitcoin futures products and applied a "Do No Harm" regulatoryapproach to blockchain technology."Chrisbrings unparalleled expertise and understanding of complex market dynamics toPaxos," said Charles Cascarilla, CEO and Co-Founder of Paxos. "Hisinsights will support us as we expand our position as a leader in regulateddigital asset market structure and stablecoin innovation."Paxos, aregistered trust company, issues regulated <a href="https://www.financemagnates.com/cryptocurrency/stablecoin-pyusd-gains-momentum-paxos-and-chainlink-partner-to-accelerate-adoption/">digital assets such as PayPal USD(PYUSD)</a>, Pax Dollar (USDP), and Pax Gold (PAXG). The company aims to leverageblockchain technology to create a more inclusive and accessible financialsystem"Paxoshas established itself as the leader in bridging traditional and digital assetmarkets by introducing regulated solutions that are safe for institutions andconsumers," said Giancarlo. "I'm honored to join Paxos's board and bea part of innovation in the financial sector."From Government to CryptoChrisGiancarlo is no stranger to cryptocurrencies. With over 50,000 followers onTwitter, he is nicknamed "CryptoDad" and frequently shares hisinsights on digital assets and blockchain technology.“The free world & free people must work together to ensure that <a href="https://twitter.com/hashtag/digitalcurrency?src=hash&ref_src=twsrc%5Etfw">#digitalcurrency</a> networks reflect virtues of <a href="https://twitter.com/hashtag/financialfreedom?src=hash&ref_src=twsrc%5Etfw">#financialfreedom</a> & <a href="https://twitter.com/hashtag/economicliberty?src=hash&ref_src=twsrc%5Etfw">#economicliberty</a>.” My op-ed this morning in Banking, Risk & Regulation <a href="https://twitter.com/FT?ref_src=twsrc%5Etfw">@FT</a> <a href="https://twitter.com/mrjohncrowley?ref_src=twsrc%5Etfw">@mrjohncrowley</a> Go to this link: <a href="https://t.co/YsMSoMVhHp">https://t.co/YsMSoMVhHp</a>— Chris Giancarlo (@giancarloMKTS) <a href="https://twitter.com/giancarloMKTS/status/1789999094410137751?ref_src=twsrc%5Etfw">May 13, 2024</a>He is oneof the latest <a href="https://www.financemagnates.com/cryptocurrency/one-way-lane-crypto-firms-hire-top-regulators-while-sec-struggles-find-crypto-staff/">government or agency representatives to join a crypto firm</a>.Earlier this year, former UK Finance Minister <a href="https://www.financemagnates.com/executives/coinbase-gains-political-advantage-with-former-uk-ministers-appointment/">George Osborne </a>made a similarmove by joining Coinbase's advisory council amid its global expansion.<a href="https://www.financemagnates.com/executives/moves/peter-marton-joins-nysdfs-as-virtual-currency-chief/">PeterMarton</a>, formerly the Deputy Superintendent of Virtual Currency at the New YorkDepartment of Financial Services, has taken on the role of Director of DigitalIdentity at Fireblocks.BrianBrookes, who was the Senior Deputy Comptroller at the Comptroller of theCurrency within the US Treasury Department, has joined the Board of Directorsat Hashdex. His role involves advising on global regulation to attractinstitutional investors and strategically working with public policymakers.Additionally,Circle, the issuer of USDC, appointed <a href="https://www.financemagnates.com/forex/news-nuggets-8-june-ex-cftc-chair-joins-circle-marqeta-shuts-aussie-office/">Heath Tarbert</a> as their Chief LegalOfficer and Head of Corporate Affairs earlier this year. Tarbert…
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As some of the largest international brokerage firms release – or prepare to release – their 2023 results, we thought it might be interesting to look at their performance last year compared to their main rivals and what some of the key data tells us about their business and the wider broker market.Since Interactive Brokers announced its 2023 financials relatively recently, we felt it would be appropriate to start with the Greenwich, Connecticut-based firm.Revenue Soars: Interactive Brokers Leads with 42% IncreaseTotal revenue at Interactive Brokers was up 42% to $4.3 billion, which compares very favourably with the 5% increase recorded by IG for the financial year 2023 (which in the case of the UK-based trading provider ends in June 2023), Saxo’s 11% increase and the 12% managed by Fidelity over the same period.The company held $59.6 billion in segregated cash and securities at the end of 2023, an increase of almost 50% compared to 2021 and accounting for almost exactly half of total interest-earning assets.While many of its peers have benefitted from higher interest rates - for example, IG saw its interest income increase from a negligible £800,000 in FY22 to more than £80 million in the last financial year - Interactive Brokers hit the jackpot with a 68% rise in net interest income to $2.8 billion.In terms of revenue per client, 2.562 million <a href="https://www.financemagnates.com/tag/interactive-brokers/">Interactive Brokers </a>clients generating $4.3 billion in revenues equates to revenue per client of approximately $1678. By comparison, Saxo’s 1.1 million clients generated revenues of DKK 4.481 billion (which at current exchange rates equates to $627 million or around $570 per client), while IG’s revenues of just over £1 billion from 358,300 active clients works out at £3576 per client based on current exchange rates.Of course, the impact of interest rate movements in the US compared to the EU and UK have to be taken into account when making this comparison given that around two-thirds of Interactive Brokers’ 2023 revenues were generated by net interest income.Commission Revenue Edges UpwardInteractive Brokers’ client accounts grew by 22.5% compared to 2022, down from 24.8% in the previous year but still favourable compared to Saxo’s 14% increase. Client equity rebounded after a sharp decline in 2022 to reach $426 billion, although daily average revenue trades fell again from 2.12 million to 1.94 million (2.57 million in 2021).Commission revenue increased 3% from the prior year to $1.36 billion on higher options and futures volumes, although this was more than offset by higher <a href="https://www.financemagnates.com/terms/e/execution/">execution</a>, clearing and distribution fees and lower stock trading activity.Average trades per US trading day were down 9% last year on the back of a 15% reduction in 2022. This was in line with many of the company’s international competitors – for example, Saxo’s total trades in 2023 were more than 20% lower than in 2022.Stock Trading and International PresenceInteractive Brokers made a number of changes to its share trading offering during 2023 in a bid to increase stock trading activity, including the launch of fractional shares trading for Canadian stocks and the expansion of its overnight trading hours service, which lists more than 10,000 US stocks and ETFs.The company’s international business accounted for just over 30% of total revenue, a slight decrease on the previous 12 month period. Over the same period, IG managed to reduce the proportion of revenue generated in its home market from 42% to 34%, while Saxo generated 60% of its revenues outside of the Netherlands.During 2023, Interactive Brokers extended its international services by enabling clients to trade shares on Nasdaq Copenhagen and the Prague <a href="https://www.financemagnates.com/terms/s/stock-exchange/">Stock Exchange</a> and facilitating fractional trading of eligible Nasdaq Copenhagen shares.Early last year the company was appointed as the primary international…
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Socialtrading and charting platform TradingView has expanded its integration withUK-based brokerage Spreadex to include spread betting functionality, thecompany announced on Tuesday.TradingView ExpandsSpreadex Integration to Include Spread BettingTheintegration allows TradingView users logged into their Spreadexbrokerage accounts to seamlessly access spread betting features directly fromTradingView's charting interface. Spreadex has been operating since 1999 and is an established provider of contracts for difference (CFDs) and spreadbetting services.Spreadbetting allows traders to speculate on the price movements of various financial instruments without owning the underlying assets. Profits and lossesare determined by the accuracy of the bet and the size of the market movement.In the UK, spread betting is exempt from stamp duty and capital gains tax.“We hopethis integration will help you find new ways of navigating global markets,”TradingView commented in the official blog post.To accessspread betting through TradingView, users must log into their Spreadexbrokerage account via the trading panel and look for symbols prefixed with"SPREADEXSB:" in the platform's symbol search function. Theintegration adds to the existing range of tradable instruments availablethrough Spreadex on TradingView, which includes index CFDs, stock CFDs, andcurrency pairs.Rising Popularity ofTradingView and Rising IntegrationTradingView,which boasts a global user base of over 30 million, integrates with numerousdata feeds to provide its users access to over 1.3 million financialinstruments worldwide. The company has grown strongly in recent years asretail traders increasingly flock to social trading platforms.Spreadexjoins a growing list of brokers partnered with TradingView to offertrading capabilities directly through the platform's advanced chartinginterface. Other brokers include FxPro, Oanda, and AMP Global.Last month, Vantage joined the list of companies that enabled their clients to trade directly from the TradingView platform. TraderEvolution Global Ltd, a multi-market trading platform provider, also partnered with TradingView, allowing brokers using TraderEvolution's enterprise solution to offer their clients the ability to trade directly from the TradingView platform.This article was written by Damian Chmiel at www.financemagnates.com.
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Paxos, a regulatedblockchain and tokenization infrastructure platform, announced today theappointment of J. Christopher Giancarlo, former Chairman of the US CommodityFutures Trading Commission (CFTC), to its board of directors.Paxos Scores RegulatoryHeavyweight from CFTCGiancarlo,a respected figure in the financial services industry and a passionate advocatefor blockchain technology, brings decades of expertise to Paxos as the companycontinues to innovate in the digital asset space. During histenure at the CFTC from 2014 to 2019, Giancarlo oversaw the introduction of thefirst Bitcoin futures products and applied a "Do No Harm" regulatoryapproach to blockchain technology."Chrisbrings unparalleled expertise and understanding of complex market dynamics toPaxos," said Charles Cascarilla, CEO and Co-Founder of Paxos. "Hisinsights will support us as we expand our position as a leader in regulateddigital asset market structure and stablecoin innovation."Paxos, aregistered trust company, issues regulated <a href="https://www.financemagnates.com/cryptocurrency/stablecoin-pyusd-gains-momentum-paxos-and-chainlink-partner-to-accelerate-adoption/">digital assets such as PayPal USD(PYUSD)</a>, Pax Dollar (USDP), and Pax Gold (PAXG). The company aims to leverageblockchain technology to create a more inclusive and accessible financialsystem"Paxoshas established itself as the leader in bridging traditional and digital assetmarkets by introducing regulated solutions that are safe for institutions andconsumers," said Giancarlo. "I'm honored to join Paxos's board and bea part of innovation in the financial sector."From Government to CryptoChrisGiancarlo is no stranger to cryptocurrencies. With over 50,000 followers onTwitter, he is nicknamed "CryptoDad" and frequently shares hisinsights on digital assets and blockchain technology.“The free world & free people must work together to ensure that <a href="https://twitter.com/hashtag/digitalcurrency?src=hash&ref_src=twsrc%5Etfw">#digitalcurrency</a> networks reflect virtues of <a href="https://twitter.com/hashtag/financialfreedom?src=hash&ref_src=twsrc%5Etfw">#financialfreedom</a> & <a href="https://twitter.com/hashtag/economicliberty?src=hash&ref_src=twsrc%5Etfw">#economicliberty</a>.” My op-ed this morning in Banking, Risk & Regulation <a href="https://twitter.com/FT?ref_src=twsrc%5Etfw">@FT</a> <a href="https://twitter.com/mrjohncrowley?ref_src=twsrc%5Etfw">@mrjohncrowley</a> Go to this link: <a href="https://t.co/YsMSoMVhHp">https://t.co/YsMSoMVhHp</a>— Chris Giancarlo (@giancarloMKTS) <a href="https://twitter.com/giancarloMKTS/status/1789999094410137751?ref_src=twsrc%5Etfw">May 13, 2024</a>He is oneof the latest <a href="https://www.financemagnates.com/cryptocurrency/one-way-lane-crypto-firms-hire-top-regulators-while-sec-struggles-find-crypto-staff/">government or agency representatives to join a crypto firm</a>.Earlier this year, former UK Finance Minister <a href="https://www.financemagnates.com/executives/coinbase-gains-political-advantage-with-former-uk-ministers-appointment/">George Osborne </a>made a similarmove by joining Coinbase's advisory council amid its global expansion.<a href="https://www.financemagnates.com/executives/moves/peter-marton-joins-nysdfs-as-virtual-currency-chief/">PeterMarton</a>, formerly the Deputy Superintendent of Virtual Currency at the New YorkDepartment of Financial Services, has taken on the role of Director of DigitalIdentity at Fireblocks.BrianBrookes, who was the Senior Deputy Comptroller at the Comptroller of theCurrency within the US Treasury Department, has joined the Board of Directorsat Hashdex. His role involves advising on global regulation to attractinstitutional investors and strategically working with public policymakers.Additionally,Circle, the issuer of USDC, appointed <a href="https://www.financemagnates.com/forex/news-nuggets-8-june-ex-cftc-chair-joins-circle-marqeta-shuts-aussie-office/">Heath Tarbert</a> as their Chief LegalOfficer and Head of Corporate Affairs earlier this year. Tarbert…
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As some of the largest international brokerage firms release – or prepare to release – their 2023 results, we thought it might be interesting to look at their performance last year compared to their main rivals and what some of the key data tells us about their business and the wider broker market.Since Interactive Brokers announced its 2023 financials relatively recently, we felt it would be appropriate to start with the Greenwich, Connecticut-based firm.Revenue Soars: Interactive Brokers Leads with 42% IncreaseTotal revenue at Interactive Brokers was up 42% to $4.3 billion, which compares very favourably with the 5% increase recorded by IG for the financial year 2023 (which in the case of the UK-based trading provider ends in June 2023), Saxo’s 11% increase and the 12% managed by Fidelity over the same period.The company held $59.6 billion in segregated cash and securities at the end of 2023, an increase of almost 50% compared to 2021 and accounting for almost exactly half of total interest-earning assets.While many of its peers have benefitted from higher interest rates - for example, IG saw its interest income increase from a negligible £800,000 in FY22 to more than £80 million in the last financial year - Interactive Brokers hit the jackpot with a 68% rise in net interest income to $2.8 billion.In terms of revenue per client, 2.562 million <a href="https://www.financemagnates.com/tag/interactive-brokers/">Interactive Brokers </a>clients generating $4.3 billion in revenues equates to revenue per client of approximately $1678. By comparison, Saxo’s 1.1 million clients generated revenues of DKK 4.481 billion (which at current exchange rates equates to $627 million or around $570 per client), while IG’s revenues of just over £1 billion from 358,300 active clients works out at £3576 per client based on current exchange rates.Of course, the impact of interest rate movements in the US compared to the EU and UK have to be taken into account when making this comparison given that around two-thirds of Interactive Brokers’ 2023 revenues were generated by net interest income.Commission Revenue Edges UpwardInteractive Brokers’ client accounts grew by 22.5% compared to 2022, down from 24.8% in the previous year but still favourable compared to Saxo’s 14% increase. Client equity rebounded after a sharp decline in 2022 to reach $426 billion, although daily average revenue trades fell again from 2.12 million to 1.94 million (2.57 million in 2021).Commission revenue increased 3% from the prior year to $1.36 billion on higher options and futures volumes, although this was more than offset by higher <a href="https://www.financemagnates.com/terms/e/execution/">execution</a>, clearing and distribution fees and lower stock trading activity.Average trades per US trading day were down 9% last year on the back of a 15% reduction in 2022. This was in line with many of the company’s international competitors – for example, Saxo’s total trades in 2023 were more than 20% lower than in 2022.Stock Trading and International PresenceInteractive Brokers made a number of changes to its share trading offering during 2023 in a bid to increase stock trading activity, including the launch of fractional shares trading for Canadian stocks and the expansion of its overnight trading hours service, which lists more than 10,000 US stocks and ETFs.The company’s international business accounted for just over 30% of total revenue, a slight decrease on the previous 12 month period. Over the same period, IG managed to reduce the proportion of revenue generated in its home market from 42% to 34%, while Saxo generated 60% of its revenues outside of the Netherlands.During 2023, Interactive Brokers extended its international services by enabling clients to trade shares on Nasdaq Copenhagen and the Prague <a href="https://www.financemagnates.com/terms/s/stock-exchange/">Stock Exchange</a> and facilitating fractional trading of eligible Nasdaq Copenhagen shares.Early last year the company was appointed as the primary international…
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Socialtrading and charting platform TradingView has expanded its integration withUK-based brokerage Spreadex to include spread betting functionality, thecompany announced on Tuesday.TradingView ExpandsSpreadex Integration to Include Spread BettingTheintegration allows TradingView users logged into their Spreadexbrokerage accounts to seamlessly access spread betting features directly fromTradingView's charting interface. Spreadex has been operating since 1999 and is an established provider of contracts for difference (CFDs) and spreadbetting services.Spreadbetting allows traders to speculate on the price movements of various financial instruments without owning the underlying assets. Profits and lossesare determined by the accuracy of the bet and the size of the market movement.In the UK, spread betting is exempt from stamp duty and capital gains tax.“We hopethis integration will help you find new ways of navigating global markets,”TradingView commented in the official blog post.To accessspread betting through TradingView, users must log into their Spreadexbrokerage account via the trading panel and look for symbols prefixed with"SPREADEXSB:" in the platform's symbol search function. Theintegration adds to the existing range of tradable instruments availablethrough Spreadex on TradingView, which includes index CFDs, stock CFDs, andcurrency pairs.Rising Popularity ofTradingView and Rising IntegrationTradingView,which boasts a global user base of over 30 million, integrates with numerousdata feeds to provide its users access to over 1.3 million financialinstruments worldwide. The company has grown strongly in recent years asretail traders increasingly flock to social trading platforms.Spreadexjoins a growing list of brokers partnered with TradingView to offertrading capabilities directly through the platform's advanced chartinginterface. Other brokers include FxPro, Oanda, and AMP Global.Last month, Vantage joined the list of companies that enabled their clients to trade directly from the TradingView platform. TraderEvolution Global Ltd, a multi-market trading platform provider, also partnered with TradingView, allowing brokers using TraderEvolution's enterprise solution to offer their clients the ability to trade directly from the TradingView platform.This article was written by Damian Chmiel at www.financemagnates.com.
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After arecord-breaking March driven by equally impressive Bitcoin (BTC) performance,spot volumes on the top 10 cryptocurrency exchanges dropped by more than 60% inApril. According to a benchmark by Finance Magnates Intelligence, theirtrading volume fell from $2.1 trillion in March to just under $1.3 trillion inApril.Cryptocurrency ExchangeVolumes Plummet Post-Bitcoin HalvingIn March,volumes on the largest cryptocurrency platforms reached their highest levels innearly four years, increasing by an average of 120%. This surge coincided witha new all-time high (ATH) for Bitcoin, recorded on March 14, when the pricetested nearly $74,000, sparking significant investor activity. In April,anticipation centered on Bitcoin's halving, which reduced the reward for miningnew BTC blocks, historically leading to strong price increases. However,post-halving, the price has dropped, losing over 16% from its ATH. Consequently,volumes on major exchanges also declined, with monthly drops averaging 64%.KuCoin saw the most significant decline, with a 150% decrease to $30 billion,and Upbit experienced a 135% drop to $94 billion.“Thisdecline followed unexpected macroeconomic data, an escalation in thegeopolitical crisis in the Middle East, and negative net flows from U.S. spotBitcoin ETFs, leading to major crypto assets retracing the gains they made inMarch,” commented CCData in its newest crypto exchange volumes report.Binanceremains the market leader, accounting for 54% of total trading volume with $699billion in April 2024. ByBit secured the second spot with 11%, followed by OKXwith 9%. This reshuffling saw Upbit fall from second to fifth place, ByBit riseto second, and OKX take third.“The spottrading volume on Binance fell, recording the first decline in spot volumes,” onthe exchange since September 2023,” CCData added.Annual Spot Volumes StillRisingComparingApril 2024 to April 2023, the results are not as bleak. Average year-over-year(YoY) volumes grew by 155%, demonstrating a robust growth trend compared to theprevious year.ByBit ledthe charge with a 610% increase, rising from just under $20 billion to $138billion over the year. Huobi saw nearly a fourfold increase in spot volumesfrom $15 billion, and OKX's volumes doubled.“Bitcoinfailed to build on the momentum of the week prior, with the price not able tomake a ‘higher-high’ above the $66,800 level,” commented Simpon Peters, MarketAnalyst at eToro. “Instead we’ve seen a retreat back towards the $60,000 mark,which has been tested on numerous occasions since March.”This article was written by Damian Chmiel at www.financemagnates.com.
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The services of cryptocurrency exchange Coinbase have been restored after a “system-wide outage” of over three hours. The exchange confirmed that its functionalities are “now fully recovered.”Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience. https://t.co/AAzEMPaJGL— Coinbase Support (@CoinbaseSupport) May 14, 2024Withdrawal Issues PersistHowever, many Coinbase users on social media are complaining of difficulties in fund withdrawals and transfers. Some even pointed out that crypto transfers and cash withdrawals remain offline.We are sorry for the inconvenience, rocket. Our team is actively working towards a resolution. While we can't provide a specific timeline for the fix, we suggest that you keep checking your account for updates. 1/2^KZ https://t.co/lVqd7e12Qg— Coinbase Support (@CoinbaseSupport) May 14, 2024Although Coinbase did not specifically address the issues with the fund transfers and withdrawals, it labelled the ongoing situation as “degraded transactions” on its status page.A 3 Hour Long OutageAs Finance Magnates reported earlier, the cryptocurrency exchange services were affected at 21:19 hours Pacific Daylight Time (PDT) on 13 May, with a complete outage. The latest update on the recovery of services came at 00:27 hours PDT on 14 May, making it an outage of more than three hours.However, the exchange is yet to reveal the reason behind the abrupt “system-wide outage” that impacted its users on web and mobile devices. The crypto self-custody wallet service of the exchange was also affected.“Coinbase is now fully recovered,” the service status page of the crypto exchange noted, labelling the outage as “resolved,” adding that “we appreciate your patience and apologise for the inconvenience.”System-wide outages are rare but occur often. One of the reasons behind such outages is an overload on the servers of the crypto exchanges during an extremely volatile market. Coinbase itself suffered multiple outages in the past; some occurred during bull runs, while one resulted following its Super Bowl advertisement.However, the latest outage did not occur due to volatility or a marketing campaign.According to the updates provided by the exchange, the issue was identified at 23:40 hours PDT when it was “seeing some services recover.” However, it pointed out that “customers may still be encountering connectivity problems.”This article was written by Arnab Shome at www.financemagnates.com.
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The services of cryptocurrency exchange Coinbase have been restored after a “system-wide outage” of over three hours. The exchange confirmed that its functionalities are “now fully recovered.”Coinbase is now fully recovered. We appreciate your patience and apologize for the inconvenience. https://t.co/AAzEMPaJGL— Coinbase Support (@CoinbaseSupport) May 14, 2024Withdrawal Issues PersistHowever, many Coinbase users on social media are complaining of difficulties in fund withdrawals and transfers. Some even pointed out that crypto transfers and cash withdrawals remain offline.We are sorry for the inconvenience, rocket. Our team is actively working towards a resolution. While we can't provide a specific timeline for the fix, we suggest that you keep checking your account for updates. 1/2^KZ https://t.co/lVqd7e12Qg— Coinbase Support (@CoinbaseSupport) May 14, 2024Although Coinbase did not specifically address the issues with the fund transfers and withdrawals, it labelled the ongoing situation as “degraded transactions” on its status page.A 3 Hour Long OutageAs Finance Magnates reported earlier, the cryptocurrency exchange services were affected at 21:19 hours Pacific Daylight Time (PDT) on 13 May, with a complete outage. The latest update on the recovery of services came at 00:27 hours PDT on 14 May, making it an outage of more than three hours.However, the exchange is yet to reveal the reason behind the abrupt “system-wide outage” that impacted its users on web and mobile devices. The crypto self-custody wallet service of the exchange was also affected.“Coinbase is now fully recovered,” the service status page of the crypto exchange noted, labelling the outage as “resolved,” adding that “we appreciate your patience and apologise for the inconvenience.”System-wide outages are rare but occur often. One of the reasons behind such outages is an overload on the servers of the crypto exchanges during an extremely volatile market. Coinbase itself suffered multiple outages in the past; some occurred during bull runs, while one resulted following its Super Bowl advertisement.However, the latest outage did not occur due to volatility or a marketing campaign.According to the updates provided by the exchange, the issue was identified at 23:40 hours PDT when it was “seeing some services recover.” However, it pointed out that “customers may still be encountering connectivity problems.”This article was written by Arnab Shome at www.financemagnates.com.
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Adyen, a global financial technology platform, has discloseda collaboration with Vapiano, an Italian restaurant group, aimed at augmentingthe customer experience. Through this partnership, Adyen intends to bolster thecheckout process at Vapiano by affording guests the ability to tailor theircheckout experiences and avail themselves of mobile phone-based food ordersusing digital wallet payments.Mobile Ordering Demand and Payment OptionsThe decision to embark on this collaboration stems from apilot initiative undertaken at one of Vapiano’s London establishments, whereanalysis revealed that 80% of orders were executed through a mobile orderingplatform accessed via customers’ phones. This pilot emphasized a growing demand for expedited andstreamlined ordering services, while concurrently underscoring the scarcity ofpayment options accessible to patrons.$ADYEN partners with global Italian restaurant group VapianoAdyen will enhance the customer experience by enabling mobile ordering and offering a wider range of payment options. A successful pilot in a London branch showed high demand for mobile orders but limited payment… pic.twitter.com/JfhRYEHHZU— Wolf of Harcourt Street (@wolfofharcourt) May 22, 2024Meanwhile, Adyenhas partnered with Cotti Coffee, as Finance Magnates reported. The firmis extending the coffee chain's reach to Canada, Australia, Japan, Singapore,and the UAE. Cotti Coffee, known for its quality and affordability, celebratesits 7,000th store globally, expanding to 28 countries since its flagshipopening in October 2022. Initiative Addresses Payment PreferencesAdyen’s financial technology platform emerges as afacilitator for Vapiano to enrich its digital capacities, offering a pliableservice framework and an expanded array of payment modalities. This initiativealigns with prevailing trends towards payment versatility. As corroborated byrecent consumer research conducted by Adyen, wherein 54% of respondentsexpressed potential willingness to abandon the checkout process if theirpreferred payment method is unavailable. Additionally, 27% of consumers indicatedthe cessation of carrying a physical wallet, further accentuating the shifttowards digital payment preferences.This article was written by Tareq Sikder at www.financemagnates.com.
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United Fintech's CobaltFX has promoted Stephen Nelson toChief Operating Officer. Previously, Nelson was the Global Head of Operations,a role he held for five years. He joined the firm in 2017 as the Head ofSolution Delivery and Support.Changes in Top ManagementSpeaking about the promotion, Nelson said: "Nothing ispossible without a great team of people around you. I am incredibly thankfulfor being a part of a journey that is now really starting to take off. Thispromotion to Chief Operating Officer is not just a personal achievement but atestament to the hard work and support of everyone around me. Together, wecontinue to grow and deliver excellence."CobaltFX has also made other changes to its C-levelmanagement. Daniel Evans will transition to Chief Product Owner. According tothe company’s announcement on LinkedIn, Evans will focus on product developmentand innovation. He joined the company in 2019 as a Product Analytics Leadbefore being promoted to Head of Product.United Fintech acquired Cobalt, a provider of data andrisk services to the digital assets and foreign exchange markets, in 2022. The fintech firm disclosed that it had acquired a 100% stake in Cobalt despite the challenges facing the industry. Since its establishment in 2020, United Fintech has steadily grown through other acquisitions, including Athena Systems, FairXchange, NetDania, and TTMZero.United Fintech's Acquisition of CobaltFollowing Cobalt's integration into United Fintech,clients and employees were transitioned to the new entity, but the company continued operating asan independent unit within United Fintech. Christian Frahm, the Founder and CEO ofUnited Fintech, took on the role of Cobalt's Chairman to ensure synergy between the two entities. United Fintech has offices in London, New York, and Singapore.Last year, Cobalt rebranded as CobaltFX to focusexclusively on the foreign exchange market. Andrew Coyne, previouslyassociated with Cobalt and now a member of United Fintech, emphasized thefirm's commitment to revolutionizing the FX landscape, particularly through a platform designed for credit optimization and post-trade FX processes.This article was written by Jared Kirui at www.financemagnates.com.
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Forthe financially vigilant, the specter of fraud looms large. It's a persistentshadow lurking in the corners of our increasingly digital lives, a constantreminder that even the most secure transactions can be vulnerable. But whileour anxieties might be rooted in the old guard of credit card skimming andcheck forgery, the reality of fraud in 2024 is far more nuanced. It's ashape-shifting entity, constantly adapting its tactics to exploit the evolvinglandscape of financial interaction.<a href="https://www.ukfinance.org.uk/system/files/2024-05/Annual%20Fraud%20Report%202024_0.pdf">The2024 UK Finance Fraud Report</a> paints a fascinating picture of thismetamorphic criminal landscape. While overall fraud losses dipped slightlycompared to 2022, the report reveals a crucial shift: <a href="https://www.financemagnates.com/fintech/payments/the-great-app-heist-rethinking-responsibility-in-a-digital-age-of-deception/">a rise in authorized pushpayment (APP) fraud</a>, where victims are tricked into willingly transferringmoney to fraudsters. This social engineering, the art of manipulating victimsinto compromising their own financial security, has become the cornerstone ofthe modern fraudster's arsenal.Thereport delves into the underbelly of purchase scams, the most common type ofAPP fraud. These online cons often masquerade as legitimate marketplaces,luring unsuspecting victims with too-good-to-be-true deals. The emotional pullof a bargain, expertly orchestrated by fraudsters, clouds judgement andreplaces caution with a misplaced sense of opportunity. Romance scams, anothersignificant contributor to APP fraud losses, exploit a different vulnerability:<a href="https://www.financemagnates.com/fintech/payments/how-love-went-rogue-in-the-digital-age/">the yearning for connection</a>. By crafting elaborate online personas, fraudstersbuild trust and emotional dependence, ultimately manipulating victims intotransferring funds under the guise of love or support.Interestingly,the report highlights a decline in impersonation scams, where fraudsterspretend to be banks or law enforcement to coerce victims into transferringmoney. This can be attributed, at least partially, to increased publicawareness campaigns. However,it's a cautionary tale with a silver lining. It demonstrates the effectivenessof education in mitigating fraud, a crucial weapon in the ongoing battleagainst financial crime.Butthe war isn't without its victors on the side of the good guys. The reportemphasizes the success of Strong Customer Authentication (SCA), a securityprotocol that requires additional verification steps during onlinetransactions. This extra layer of protection has demonstrably reduced remotepurchase fraud, highlighting the importance of robust security measures indeterring criminal activity.However,the report also sounds a clear warning. As reimbursement rules for APP fraudare set to change, the potential for even greater financial losses becomes astark reality. This emphasizes the urgent need for collaboration betweenfinancial institutions, technology companies, and law enforcement agencies. Aunified front, utilizing cutting-edge technology and intelligence sharing, isessential to disrupt the ever-evolving tactics of fraudsters.Thefuture of fraud prevention lies in a multidirectional approach. Financialinstitutions must continue to invest in robust security systems and educatetheir customers about the ever-shifting tactics of fraudsters. Technologycompanies, on the other hand, have a responsibility to create secure platformsthat are less susceptible to exploitation. Law enforcement agencies, meanwhile,need to prioritize the investigation and prosecution of cybercrime, sending astrong message of deterrence to would-be fraudsters.Ultimately,the fight against fraud is a continuous learning process, akin to an intricatechess game. As fraudsters develop new strategies, so too must thecounter-measures evolve. By staying informed, vigilant, and adapting, we canstrive towards a future where financial transactions are…
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Deutsche Bank has joined the Monetary Authority ofSingapore's (MAS) Project Guardian, a global initiative exploring the application of assettokenization in the financial markets. The project, which involvesglobal policymakers and industry representatives, aims to test the feasibilityof asset tokenization and develop protocol standards in the industry.Driving Innovation in the Financial SectorThis collaboration marks the bank's commitment toexploring the application of asset tokenization within regulated financial markets.Project Guardian, a multi-year initiative involving global policymakers andfinancial industry representatives, aims to pave the way for the adoption ofdigital assets in the traditional financial landscape.According to the press release, Deutsche Bank aims to test an open architecture andinteroperable blockchain platform designed to service tokenized and digitalfunds. By leveraging technology and collaborating with industry stakeholders, the lender seeks to shape the future of asset servicing in Singapore and theAsia Pacific region.Anand Rengarajan, Deutsche Bank's Head of Securities Services forAsia Pacific and the Middle East and Global Head of Sales, mentioned:"Contributing to Project Guardian will bolster our efforts to help shapethe new frontier of asset servicing and strongly position us to contribute toindustry progress, and not only anticipate our client's needs but exceed theirexpectations.".@DeutscheBank has joined Singapore's Project Guardian to continue exploring the admin of tokenized fundsPartnering memento blockchain and @interop_labs the founder of interoperability @axelarnetwork @MAS_sg https://t.co/uVnlsB44wt— Ledger Insights (@LedgerInsights) May 14, 2024Last year, the MAS collaborated with 11 major financial institutions to establish a framework for digital asset networks.This initiative aims to foster interoperability and safety within the expandingdigital assets sector.The project, dubbed "Enabling Open & InteroperableNetworks", aims to address the challenges and opportunities presented by thegrowing digital asset ecosystem. The Singaporean central bank is working incollaboration with experts from the Bank of International Settlements andthe Committee on Payments and Market Infrastructure.Project Guardian Expands This expansion of Project Guardian includes the establishment of theProject Guardian Industry Group, comprising the 11 financial institutions, toconduct pilot studies across wealth management, fixed income, and foreignexchange sectors. Major banks such as HSBC, Standard Chartered, Citi, and DBSwill reportedly participate in exploring the feasibility and implications of assettokenization in these areas.Despite the cautious stance on cryptocurrencyspeculation, MAS is committed to exploring the value creation and efficiencyoffered by digital assets. Leong Sing Chiong, MAS' Deputy Managing Director ofMarkets and Development, emphasized the potential of the digital assetecosystem while highlighting the need to mitigate associated risks.This article was written by Jared Kirui at www.financemagnates.com.
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The financial industry,often seen as a bastion of tradition, is taking a bold step into the unchartedterritory of quantum computing. BBVA, a Spanish multinational banking giant, recentlyannounced a successful trial in distributed quantum simulation, a feat thatcould revolutionize how banks tackle complex financial problems.This isn't just aboutshaving milliseconds off trade executions or streamlining loan applications.BBVA's experiment delves into the heart of what makes quantum computing sotransformative: its ability to harness the bizarre properties of quantummechanics to solve problems that would take classical computers centuries, ifnot forever.The key lies in qubits,the quantum equivalent of bits in classical computers. Unlike the binary 0s and1s of traditional computing, qubits can exist in a superposition of both statessimultaneously. This "quantum weirdness" allows for a level ofparallel processing unimaginable with classical computers, opening doors tosolving problems previously deemed impossible.BBVA's trial focused ondistributed quantum simulation, a technique that utilizes multiple classicalcomputers working in concert to mimic a quantum computer. By leveraging thecloud infrastructure of Amazon Web Services (AWS) and the expertise of VASS, adigital transformation company, BBVA was able to distribute and execute quantumalgorithms across a network of servers. This collaboration unlocked asignificant milestone – the ability to run complex algorithms requiring a totalcomputing power of 38 qubits.This might seem like anarcane number to the uninitiated, but in the nascent world of quantumcomputing, 38 qubits represent a significant milestone. It's a stepping stonetowards tackling problems in finance that have long defied conventionalsolutions. We're talking about intricate risk assessments, lightning-fast frauddetection, and the development of entirely new financial instruments built onthe bedrock of quantum algorithms.The implications gobeyond just number crunching. BBVA is also keenly aware of the potentialsecurity risks posed by quantum computing in the wrong hands. As quantumcomputers mature, they could potentially crack the encryption protocols thatsafeguard sensitive financial data. BBVA's foray into distributed quantumsimulation allows them to explore these vulnerabilities in a simulatedenvironment, paving the way for the development of quantum-resistant securitysolutions ahead of the curve.This proactive approachpositions BBVA as a leader in the race to harness the power of quantumcomputing for financial applications. Their success in distributed quantumsimulation serves as a wake-up call to the entire financial sector. The timefor cautious observation is over. Embracing this revolutionary technology couldmean the difference between thriving and merely surviving in the quantum age offinance.And while quantum hardware is still in its infancy, prone to errors and limitedin its processing power, BBVA's trial demonstrates that classical computerscan be used to test and refine quantum algorithms. This allows banks to developsolutions now that can be seamlessly integrated into future, more powerfulquantum hardware as it becomes available.The road ahead won't beeasy as quantum computing requires a complete paradigm shift in how problems areapproached and solved. But with pioneering institutions like BBVA leading thecharge, the financial sector has a fighting chance to not just adapt, but toleverage quantum computing as a springboard for innovation and growth. Thefuture of finance may be shrouded in uncertainty, but BBVA's quantum leapoffers a glimpse of a future where complexity is not a barrier, but anopportunity waiting to be unlocked. This article was written by Pedro Ferreira at www.financemagnates.com.
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Nomura plans to nearly double its profit by 2030, with a significant shift in its growth strategy. Led by Chief ExecutiveOfficer Kentaro Okuda, the Japanese brokerage giant seeks to achieve an incomebefore taxes surpassing ¥500 billion ($3.2 billion) by March 2031, Bloombergreported.Refocusing Resources for GrowthNomura's strategy is based on repositioning itswholesale division, a core component encompassing trading and investmentbanking activities. Okuda emphasized the need for the wholesale business to autonomously sustain its growth by adopting a self-funding model. While Nomura experienced a resurgence in annual profitlast year, challenges persist, particularly in managing costs within thewholesale segment overseen by Christopher Willcox. However, the company isactively exploring growth areas in trust banking, investment management, andinternational wealth management to diversify its revenue.Nomura aims to significantly reduce the wholesale arm'scost-to-income ratio by March 2031. Additionally, the firm ispursuing expansion in international wealth management, targeting substantialgrowth in assets under management over the medium and long term.At our Investor Day in #Tokyo, our Group CEO Kentaro Okuda announced our 2030 management vision: Reaching for Sustainable Growth. He also outlined ROE target of 8~10%+ and pretax income of over Y500bn. View full CEO and senior management presentations: https://t.co/VodySCvAGs pic.twitter.com/kweHqvEwaW— Nomura (@Nomura) May 14, 2024Additionally, Nomura's growth strategy focuses on emerging opportunities in India andthe Middle East. In India, the firm plans to strengthen its client base across various business lines, while in the MiddleEast, efforts will be directed towards enhancing local capabilities and hiringspecialized talent. Besides that, Nomura is focusing on China, where it hasundergone significant restructuring to mitigate losses.Nomura's Q3 EarningsDuring the third quarter of the fiscal year endingMarch 2024 (FY24), Nomura experienced a notable upturn in financial performance. The company's consolidated net revenue for the third quartergrew from the previous quarter to 400.2billion yen (S$2.8 billion). This surge of 9% was accompanied by a 39% boost in income before taxes, amounting to 78.7 billion yen ($558 million), compared to the last quarter.However, compared to the same period last year, therewas a 6% decrease in income before taxes. Despite these fluctuations, Nomura'snet income attributable to shareholders experienced an uptick of 43%quarter-on-quarter, reaching 50.5 billion yen (US$358 million).Besides that, Nomura's retail division reported a notable increasein net revenue. Income beforetaxes in this segment increased 141% from last year.The company attributed this surge to effective staff realignment and favorable marketconditions.This article was written by Jared Kirui at www.financemagnates.com.
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The final countdown is underway with just a few short days to go until the Finance Magnates Africa Summit (FMAS:24). After much waiting and anticipation, the premium event of the year in Africa is nearly here, coming to Sandton City, South Africa for the second straight year. This year’s event has something for everyone, with more content, entertainment, speakers, and attendees than ever before. More attendees and content sessions mean more opportunities to connect, engage, and network with top-tier talent and the individuals who drive this industry. Participants can familiarize themselves with the full agenda for FMAS:24 by accessing the following link.As a quick reminder, time running out to sign up online for FMAS:24. Looking to reserve your seat ahead of time? Just head over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.Financial Markets in Wait-and-See Mode?In the world of forex markets, traders must stay vigilant to macroeconomic shifts that could affect their trading strategies. These developments often send conflicting signals, making it difficult for traders to discern clear trends and make informed decisions. Indeed, the world has become a volatile place in 2024, even if financial markets have not exactly followed suit. Multiple wars are currently unfolding, both of which could have implications on markets moving forward though for now have not. Looking ahead in 2024, the upcoming US election is also an event to watch, potentially creating chaos later this Fall.Beyond these risk factors on the forex space, stocks have managed to recover as central banks explore interest rate cuts. These have been a key factor to watch as no banks have taken the leap yet, least of all the Federal Reserve.The upcoming panel, ‘Mixed Signals: Macro Developments to Watch Out for’, is one session that cannot be missed, taking place on May 21 at 13:20-14:00 at Centre Stage. From EUR/USD to Gold to commodities, join senior analysts this May to get a glimpse into investment opportunities.Register Today for the Biggest Event of the Year in Africa!See you soon in Sandton City next week!This article was written by Jeff Patterson at www.financemagnates.com.
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In the first quarter of 2024, CFI, an online tradingprovider, reported improved performance, highlighting achievements across itsbusiness operations.Trading Volume Reaches $557 BillionDuring Q1 2024, CFI sustained its upward trajectory,following a notable performance in the preceding year. The company reported asubstantial 24% surge in trading volume compared to the corresponding period in2023, reaching a record high of $557 billion. This surge solidifiesCFI's position among the leading brokers globally and reflects its ability toattract and retain clients effectively in a fiercely competitive marketlandscape.Additionally, CFI expanded its active client base by animpressive 80% compared to Q1 2023, underscoring its continued success incustomer acquisition and retention efforts. This growth further cements CFI'sstatus as a frontrunner in the industry, with its workforce of over 400professionals remaining focused on delivering trading services and drivingexpansion initiatives on a global scale.Commenting on the group's Q1 2024 achievements, HishamMansour, Co-Founder and Managing Director of CFI, stated: "Thesemilestones reflect our steadfast commitment to empowering traders worldwide andhighlight our relentless pursuit of innovation to deliver an exceptionaltrading experience. As the leading broker in the region, we remain dedicated topioneering new avenues to access the global market, broadening ourinternational reach, and consistently raising the bar for excellence in ourindustry."Regulatory Approval for South African ExpansionMeanwhile, CFIhas expanded into South Africa, as reported by Finance Magnates. Acquiring aCategory 1 Financial Service Provider license from the Financial Sector ConductAuthority, CFI demonstrates its focus on regulatory standards. CFI holds multiple global regulatory licenses from variousauthorities such as the Financial Conduct Authority in the United Kingdom, theSecurities and Commodities Authority in the United Arab Emirates, the CyprusSecurities and Exchange Commission in Cyprus, the Jordan Securities Commissionin Jordan, and the Financial Regulatory Authority in Egypt, among others.This article was written by Tareq Sikder at www.financemagnates.com.
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Nomura plans to nearly double its profit by 2030, with a significant shift in its growth strategy. Led by Chief ExecutiveOfficer Kentaro Okuda, the Japanese brokerage giant seeks to achieve an incomebefore taxes surpassing ¥500 billion ($3.2 billion) by March 2031, Bloombergreported.Refocusing Resources for GrowthNomura's strategy is based on repositioning itswholesale division, a core component encompassing trading and investmentbanking activities. Okuda emphasized the need for the wholesale business to autonomously sustain its growth by adopting a self-funding model. While Nomura experienced a resurgence in annual profitlast year, challenges persist, particularly in managing costs within thewholesale segment overseen by Christopher Willcox. However, the company isactively exploring growth areas in trust banking, investment management, andinternational wealth management to diversify its revenue.Nomura aims to significantly reduce the wholesale arm'scost-to-income ratio by March 2031. Additionally, the firm ispursuing expansion in international wealth management, targeting substantialgrowth in assets under management over the medium and long term.At our Investor Day in #Tokyo, our Group CEO Kentaro Okuda announced our 2030 management vision: Reaching for Sustainable Growth. He also outlined ROE target of 8~10%+ and pretax income of over Y500bn. View full CEO and senior management presentations: https://t.co/VodySCvAGs pic.twitter.com/kweHqvEwaW— Nomura (@Nomura) May 14, 2024Additionally, Nomura's growth strategy focuses on emerging opportunities in India andthe Middle East. In India, the firm plans to strengthen its client base across various business lines, while in the MiddleEast, efforts will be directed towards enhancing local capabilities and hiringspecialized talent. Besides that, Nomura is focusing on China, where it hasundergone significant restructuring to mitigate losses.Nomura's Q3 EarningsDuring the third quarter of the fiscal year endingMarch 2024 (FY24), Nomura experienced a notable upturn in financial performance. The company's consolidated net revenue for the third quartergrew from the previous quarter to 400.2billion yen (S$2.8 billion). This surge of 9% was accompanied by a 39% boost in income before taxes, amounting to 78.7 billion yen ($558 million), compared to the last quarter.However, compared to the same period last year, therewas a 6% decrease in income before taxes. Despite these fluctuations, Nomura'snet income attributable to shareholders experienced an uptick of 43%quarter-on-quarter, reaching 50.5 billion yen (US$358 million).Besides that, Nomura's retail division reported a notable increasein net revenue. Income beforetaxes in this segment increased 141% from last year.The company attributed this surge to effective staff realignment and favorable marketconditions.This article was written by Jared Kirui at www.financemagnates.com.
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The final countdown is underway with just a few short days to go until the Finance Magnates Africa Summit (FMAS:24). After much waiting and anticipation, the premium event of the year in Africa is nearly here, coming to Sandton City, South Africa for the second straight year. This year’s event has something for everyone, with more content, entertainment, speakers, and attendees than ever before. More attendees and content sessions mean more opportunities to connect, engage, and network with top-tier talent and the individuals who drive this industry. Participants can familiarize themselves with the full agenda for FMAS:24 by accessing the following link.As a quick reminder, time running out to sign up online for FMAS:24. Looking to reserve your seat ahead of time? Just head over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.Financial Markets in Wait-and-See Mode?In the world of forex markets, traders must stay vigilant to macroeconomic shifts that could affect their trading strategies. These developments often send conflicting signals, making it difficult for traders to discern clear trends and make informed decisions. Indeed, the world has become a volatile place in 2024, even if financial markets have not exactly followed suit. Multiple wars are currently unfolding, both of which could have implications on markets moving forward though for now have not. Looking ahead in 2024, the upcoming US election is also an event to watch, potentially creating chaos later this Fall.Beyond these risk factors on the forex space, stocks have managed to recover as central banks explore interest rate cuts. These have been a key factor to watch as no banks have taken the leap yet, least of all the Federal Reserve.The upcoming panel, ‘Mixed Signals: Macro Developments to Watch Out for’, is one session that cannot be missed, taking place on May 21 at 13:20-14:00 at Centre Stage. From EUR/USD to Gold to commodities, join senior analysts this May to get a glimpse into investment opportunities.Register Today for the Biggest Event of the Year in Africa!See you soon in Sandton City next week!This article was written by Jeff Patterson at www.financemagnates.com.
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In the first quarter of 2024, CFI, an online tradingprovider, reported improved performance, highlighting achievements across itsbusiness operations.Trading Volume Reaches $557 BillionDuring Q1 2024, CFI sustained its upward trajectory,following a notable performance in the preceding year. The company reported asubstantial 24% surge in trading volume compared to the corresponding period in2023, reaching a record high of $557 billion. This surge solidifiesCFI's position among the leading brokers globally and reflects its ability toattract and retain clients effectively in a fiercely competitive marketlandscape.Additionally, CFI expanded its active client base by animpressive 80% compared to Q1 2023, underscoring its continued success incustomer acquisition and retention efforts. This growth further cements CFI'sstatus as a frontrunner in the industry, with its workforce of over 400professionals remaining focused on delivering trading services and drivingexpansion initiatives on a global scale.Commenting on the group's Q1 2024 achievements, HishamMansour, Co-Founder and Managing Director of CFI, stated: "Thesemilestones reflect our steadfast commitment to empowering traders worldwide andhighlight our relentless pursuit of innovation to deliver an exceptionaltrading experience. As the leading broker in the region, we remain dedicated topioneering new avenues to access the global market, broadening ourinternational reach, and consistently raising the bar for excellence in ourindustry."Regulatory Approval for South African ExpansionMeanwhile, CFIhas expanded into South Africa, as reported by Finance Magnates. Acquiring aCategory 1 Financial Service Provider license from the Financial Sector ConductAuthority, CFI demonstrates its focus on regulatory standards. CFI holds multiple global regulatory licenses from variousauthorities such as the Financial Conduct Authority in the United Kingdom, theSecurities and Commodities Authority in the United Arab Emirates, the CyprusSecurities and Exchange Commission in Cyprus, the Jordan Securities Commissionin Jordan, and the Financial Regulatory Authority in Egypt, among others.This article was written by Tareq Sikder at www.financemagnates.com.
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After arecord-breaking March driven by equally impressive Bitcoin (BTC) performance,spot volumes on the top 10 cryptocurrency exchanges dropped by more than 60% inApril. According to a benchmark by Finance Magnates Intelligence, theirtrading volume fell from $2.1 trillion in March to just under $1.3 trillion inApril.Cryptocurrency ExchangeVolumes Plummet Post-Bitcoin HalvingIn March,volumes on the largest cryptocurrency platforms reached their highest levels innearly four years, increasing by an average of 120%. This surge coincided witha new all-time high (ATH) for Bitcoin, recorded on March 14, when the pricetested nearly $74,000, sparking significant investor activity. In April,anticipation centered on Bitcoin's halving, which reduced the reward for miningnew BTC blocks, historically leading to strong price increases. However,post-halving, the price has dropped, losing over 16% from its ATH. Consequently,volumes on major exchanges also declined, with monthly drops averaging 64%.KuCoin saw the most significant decline, with a 150% decrease to $30 billion,and Upbit experienced a 135% drop to $94 billion.“Thisdecline followed unexpected macroeconomic data, an escalation in thegeopolitical crisis in the Middle East, and negative net flows from U.S. spotBitcoin ETFs, leading to major crypto assets retracing the gains they made inMarch,” commented CCData in its newest crypto exchange volumes report.Binanceremains the market leader, accounting for 54% of total trading volume with $699billion in April 2024. ByBit secured the second spot with 11%, followed by OKXwith 9%. This reshuffling saw Upbit fall from second to fifth place, ByBit riseto second, and OKX take third.“The spottrading volume on Binance fell, recording the first decline in spot volumes,” onthe exchange since September 2023,” CCData added.Annual Spot Volumes StillRisingComparingApril 2024 to April 2023, the results are not as bleak. Average year-over-year(YoY) volumes grew by 155%, demonstrating a robust growth trend compared to theprevious year.ByBit ledthe charge with a 610% increase, rising from just under $20 billion to $138billion over the year. Huobi saw nearly a fourfold increase in spot volumesfrom $15 billion, and OKX's volumes doubled.“Bitcoinfailed to build on the momentum of the week prior, with the price not able tomake a ‘higher-high’ above the $66,800 level,” commented Simpon Peters, MarketAnalyst at eToro. “Instead we’ve seen a retreat back towards the $60,000 mark,which has been tested on numerous occasions since March.”This article was written by Damian Chmiel at www.financemagnates.com.
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Hosting a financial expo in Sandton City, South Africa, demands a nuanced understanding of the local market dynamics and a strategic approach to event planning. As one of Africa's leading financial and commercial hubs, Sandton City offers a prime location for such gatherings, attracting industry professionals, investors, and stakeholders from across the continent and beyond. However, ensuring the success of an expo in this bustling metropolis requires careful consideration of various factors, including regulatory compliance, venue selection, marketing strategies, and logistical arrangements.Checking Off the Right Boxes in South AfricaSelecting an appropriate venue is crucial for the success of a financial expo in Sandton City. With its modern infrastructure and world-class facilities, Sandton offers a plethora of options for hosting such events. Sandton Convention Centre, situated in the heart of the city's business district, is a popular choice among organizers due to its central location and ample space. Other venues, such as hotels and conference centers, also provide viable alternatives, offering varying capacities and amenities to accommodate different event requirements.Effective stakeholder engagement is key to the success of a financial expo in Sandton City. Collaborating with key industry players, including banks, investment firms, insurance companies, and regulatory authorities, can enhance the relevance and impact of the event. By involving locals in the planning process and soliciting their input and feedback, organizers can ensure that the expo meets the needs and expectations of its target audience. Moreover, fostering partnerships with local businesses and organizations has helped broaden the expo's reach and foster long-term relationships within the community.FMAS:24 – Final CountdownThe Finance Magnates Africa Summit (FMAS:24) will be here in less than a week, bridging the B2B and B2C industry for an unforgettable three-day event. As the premium event of the year in Africa, attendees can expect unique networking and engagement opportunities, as well as live entertainment and plenty of surprises. Time running out to sign up online for FMAS:24. Looking to reserve your seat ahead of time? Just head over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.This is one event you cannot afford to miss this May!This article was written by Jeff Patterson at www.financemagnates.com.
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Hosting a financial expo in Sandton City, South Africa, demands a nuanced understanding of the local market dynamics and a strategic approach to event planning. As one of Africa's leading financial and commercial hubs, Sandton City offers a prime location for such gatherings, attracting industry professionals, investors, and stakeholders from across the continent and beyond. However, ensuring the success of an expo in this bustling metropolis requires careful consideration of various factors, including regulatory compliance, venue selection, marketing strategies, and logistical arrangements.Checking Off the Right Boxes in South AfricaSelecting an appropriate venue is crucial for the success of a financial expo in Sandton City. With its modern infrastructure and world-class facilities, Sandton offers a plethora of options for hosting such events. Sandton Convention Centre, situated in the heart of the city's business district, is a popular choice among organizers due to its central location and ample space. Other venues, such as hotels and conference centers, also provide viable alternatives, offering varying capacities and amenities to accommodate different event requirements.Effective stakeholder engagement is key to the success of a financial expo in Sandton City. Collaborating with key industry players, including banks, investment firms, insurance companies, and regulatory authorities, can enhance the relevance and impact of the event. By involving locals in the planning process and soliciting their input and feedback, organizers can ensure that the expo meets the needs and expectations of its target audience. Moreover, fostering partnerships with local businesses and organizations has helped broaden the expo's reach and foster long-term relationships within the community.FMAS:24 – Final CountdownThe Finance Magnates Africa Summit (FMAS:24) will be here in less than a week, bridging the B2B and B2C industry for an unforgettable three-day event. As the premium event of the year in Africa, attendees can expect unique networking and engagement opportunities, as well as live entertainment and plenty of surprises. Time running out to sign up online for FMAS:24. Looking to reserve your seat ahead of time? Just head over to the registration page for FMAS:24 and sign-up today! Registering online ensures you can skip the wait and queue on-site.This is one event you cannot afford to miss this May!This article was written by Jeff Patterson at www.financemagnates.com.
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Ahead of next week’s Finance Magnates Africa Summit (FMAS:24), FM spoke with Lampros Savva, Head of Business Development at <a href="https://www.ironfx.com/en/">IronFX</a>.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?Absolutely! Our company sees enormous potential in attending such events in Africa. In addition to providing us with invaluable networking opportunities, we also gain strategic insights into emerging market trends in the region. Additionally, we get to present our solutions to a broader audience, expanding our market reach, introduce our team to prospective IronFX traders, and establish key partnerships. FMAS is returning to Sandton City for its second year. What are you hoping to see or get out of this year’s event?We are particularly keen to experience the growth and evolution of FMAS this year. In particular, we are eager to learn more about the global trends impacting the African continent and investment opportunities specific to the region. We expect to gain valuable feedback to drive our business strategies forward in this 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? The move of brokers and brands to Africa aligns perfectly with our company's current goals. We recognise the tremendous potential of the African market and are committed to leveraging this momentum to expand our presence and create sustainable value for our stakeholders.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?To stand out at this year’s FMAS:24, our goal is to <a href="https://www.ironfx.com/en/">showcase our exceptional product offering</a> to prospective clients and partners, and to highlight the qualities that have positioned us as an award-winning global brand. This includes our advanced trading platforms like the MT4, TradeCopier, and the IFX Mobile Trading app. Furthermore, we will also share more information about Trading Central, IronFX’s independent and leading research analysis tool that uses automated AI analytics, clear user interfaces and registered investment expertise to provide traders with knowledge and expertise to make informed trading decisions. Moreover, we will introduce the IronFX Academy, an incredible online educational platform that offers a wide range of learning resources, suitable for both beginner and advanced traders. This platform truly sets us apart from our competitors, providing a toolkit designed by expert analysts and researchers to help traders achieve success in the financial markets. The retail 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?Our company is built to adapt and thrive by prioritising agility, digital transformation, and customer centricity in our business strategy. We leverage data analytics and remain updated on the newest market trends to maintain a leading edge and meet the shifting demands of our growing customer base. We also continue to establish strategic partnerships to successfully navigate change and remain resilient. The forex market is a dynamic industry that is constantly evolving. To adapt, we intend to remain technologically advanced and competitive in terms of pricing and trading resources. Moreso, for us our customers’ needs come first. As such, we will continue to prioritise the protection of their data and privacy, ensuring transparency, and providing all the tools and services they need to excel in the markets. Another priority, and one that we feel extremely proud of, is maintaining our extensive library of educational…
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