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CME Group has appointed Mike Dennis as Global Head ofFixed Income in the latest effort to boost its interest rates business. Dennis,who is experienced in trading and clearing, will reportedly take on this rolebeginning August 5. He will directly report to CME Group's Chairman and CEO, TerryDuffy.New Leadership for Fixed IncomeIn his new position, Dennis will manage CME Group's portfolio of futures and options contracts on SOFR and US Treasuries,including the 30-year bond and 2-, 5-, and 10-year notes. Additionally, he willlead BrokerTec, CME Group's electronic cash trading platform, which handles USTreasury benchmarks and repo trading in the US, EU, and UK. Most recently, he served as Principal and ChiefCommercial Officer at ABN AMRO Clearing USA LLC, where he played a pivotal rolein launching a fixed-income clearing and repo initiative. His career includessignificant roles at Societe Generale, Advantage Futures, and Peak 6Investments.Speaking about the appointment, Duffy mentioned: "Weare extremely pleased to add the expertise of Mike Dennis, a long-time industryprofessional, to our leadership team to oversee our significant and growinginterest rates business, which increased 14% in Q2. As a former trader himself,Mike's deep trading, clearing, and prime brokerage knowledge, as well as hishands-on markets experience, will bring a unique perspective to this role thatwill benefit our clients and our organization."Decades of Interest Rate TradingDennis's appointment is part of CME Group's broaderstrategy to strengthen its leadership in the derivatives marketplace. Dennisbegan his career at JP Morgan Chase in 2002, working in the CorporateInvestment Banking Division in Chicago. He brings over two decades of interestrate trading experience to CME Group.CME Group posted strong figures across key metrics forthe fourth quarter and full year 2023 early this year, with revenue reaching$1.4 billion and operating income at $863 million. The quarter's net incomeamounted to $815 million. Additionally, total revenue for the full year 2023 amounted to $5.6 billion, operating income was $3.4 billion, and net income stood at $3.2 billion. Most recently, the group reported record-high FX futures trading volumes for the second quarter of 2024, with significant growthacross multiple currency pairs.This article was written by Jared Kirui at www.financemagnates.com.
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As the US presidential election draws closer, bitcoin and crypto have become key political talking points in ways not previously seen. This can partly be attributed to the relative youth of the industry, as at the time of the 2020 election, Bitcoin had been operating for eleven years, Ethereum had only been live for five years, and many key DeFi protocols were only two or three years old (Maker, for example, launched as a working product in 2017, Uniswap and Compound in 2018.) But skip forward to 2024 and the situation has evolved rapidly, with spot BTC ETFs operated by BlackRock and Vanguard (among others) now part of the TradFi landscape, spot ETH ETFs also lining up for launch later this summer, and–according to a recent report–40% of Americans now holding crypto.Data from Security.orgThis time around, then, crypto has become too big to ignore, <a href="https://www.financemagnates.com/fintech/payments/wall-streets-dusty-ledger-gets-a-digital-makeover/">Wall Street</a> has gone ahead and placed bitcoin on its menu regardless of politics, and what’s more, a crypto-hostile SEC has forced crypto industry leaders into positions where pushback becomes a matter of survival, which increasingly means aligning with, and also influencing, pro-crypto political candidates. After all, if legal battles with the SEC become the norm for crypto companies, and the SEC is endorsed by the <a href="https://www.financemagnates.com/cryptocurrency/news/will-the-biden-administration-be-good-or-bad-for-crypto/">Biden administration</a>, then the crypto industry is unlikely to settle for more of the same. Aligning with a pro-crypto alternative, of course, requires there to actually be a pro-crypto candidate, which in turn may incentivize the creation, among candidates, of pro-crypto policies, and if we take a look at the Trump camp and the support Trump is receiving from within the crypto industry, we can see this dynamic playing out.Kraken Founder Donates to TrumpAt the end of June, Jesse Powell, the founder of major crypto exchange Kraken, posted on X to let it be known he had personally donated $1 million, mostly in ETH, to <a href="https://www.financemagnates.com/trending/trump-goes-crypto-as-campaign-accepts-donations-in-unsurprising-u-turn/">Donald Trump</a>. Powell describes Trump as the “only pro-crypto major party candidate in the 2024 Presidential election”, and states directly that “the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others”, also claiming that, “the Biden White House has stood by and allowed a campaign of unchecked regulation by enforcement”.I just personally donated $1m (mostly <a href="https://twitter.com/hashtag/ETH?src=hash&ref_src=twsrc%5Etfw">#ETH</a>) to <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>.For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler and others. Despite overwhelming bipartisan Congressional efforts to put clear rules in place, the Biden White House has… <a href="https://t.co/Ksxf3P2oCb">pic.twitter.com/Ksxf3P2oCb</a>— Jesse Powell (@jespow) <a href="https://twitter.com/jespow/status/1806569144294556146?ref_src=twsrc%5Etfw">June 28, 2024</a>Powell's post is unequivocal in placing blame on the Democrat administration and the SEC, and notably, it ends with the hashtag “#freeross”. This is a reference to Ross Ulbricht, who in 2015 was sentenced to double life in prison plus forty years without parole, having built and run the online black market Silk Road, which mainly facilitated drug trades paid for in BTC. This is relevant in Powell’s post because last month Trump pledged, if elected, to commute Ulbricht’s sentence to time served, demonstrating awareness that the <a href="https://www.financemagnates.com/cryptocurrency/us-seizes-36-billion-worth-of-bitcoins-linked-to-silk-road/">Silk Road</a> operator’s incarceration is a major issue among veteran bitcoiners, who view the sentence handed down to Ulbricht as disproportionately harsh.Other Crypto…
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The HongKong Monetary Authority (HKMA) has imposed a HK$10 million ($1.28 million) fineon DBS Bank (Hong Kong) Limited (<a href="https://www.financemagnates.com/tag/dbs-bank/">DBS HK</a>) for breaching anti-money launderingand counter-terrorist financing regulations. The penalty follows aninvestigation that uncovered significant control deficiencies at the bankbetween April 2012 and April 2019.Hong Kong Regulator FinesDBS Bank HK$10 Million for AML LapsesThe HKMA'sinvestigation revealed that DBSHK failed to adequately monitor businessrelationships and conduct enhanced due diligence in high-risk situations. Thebank also neglected to maintain proper records for some customers and lackedeffective procedures to fulfill its duties under the Anti-Money Laundering andCounter-Terrorist Financing Ordinance (AMLO)."TheHKMA requires banks to implement effective customer due diligence measures tocombat money laundering and terrorist financing," Raymond Chan, ExecutiveDirector of Enforcement and Anti-Money Laundering at the HKMA, emphasized theimportance of robust compliance practices. "These measures should undergoregular review to ensure their continued effectiveness."Among thespecific lapses identified, DBS HK failed to obtain identity documents for 609authorizers of its corporate internet banking service, IDEAL, affecting 477corporate customers. The bank also neglected to establish the source of wealthfor 15 high-risk customers, potentially exposing itself to money laundering andterrorist financing risks.“The region’s crackdown on banks’ <a href="https://www.financemagnates.com/terms/m/money-laundering/">money laundering</a>activities marks a significant shift, with regulators intensifying theirefforts,” commented RoryDoyle, Head of Financial Crime Policy at Fenergo. “This latest fineagainst Singapore’s largest bank highlights persistent issues in monitoringbusiness relationships and conducting enhanced due diligence in high-risksituations, along with inadequate record-keeping.”Indetermining the penalty, the HKMA considered several factors, including theseriousness of the findings and the need to send a strong deterrent message tothe banking industry. The regulator also acknowledged that DBSHK has takenremedial actions to address the identified deficiencies and has no previousdisciplinary record related to the AMLO.$2.2 Billion CaseAspokesperson for DBSHK responded to Bloomberg, stating that theinstitution takes its AML (Anti-Money Laundering) and CTF (Counter-TerrorismFinancing) procedures "seriously" and accepts the regulator'sdecision. However, they noted that the issues for which the fine was imposedwere "sporadic and historical in nature."HKMA fines DBS Hong Kong US$1.28 million after money-laundering investigationThe bank failed to conduct enhanced due diligence in high-risk situations in periods between April 2012 and April 2019, the HKMA says <a href="https://t.co/66diAQ1rc1">https://t.co/66diAQ1rc1</a> <a href="https://t.co/k4izfNAFrv">pic.twitter.com/k4izfNAFrv</a>— Bien Perez (@BienPerez) <a href="https://twitter.com/BienPerez/status/1809407683881234788?ref_src=twsrc%5Etfw">July 6, 2024</a>Last year,<a href="https://www.financemagnates.com/institutional-forex/singapore-fines-banks-insurer-28m-for-breaches-linked-to-wirecard-case/">DBS was fined for similar violations</a>, along with Citibank, Oversea-ChineseBanking Corp. (OCBC), and Swiss Life, for allegedly breaching Anti-MoneyLaundering/Counter-Terrorism Financing (AML/CFT) requirements. The total finesamounted to $2.83 million.“Banks willneed to enhance their due diligence efforts significantly. Many will need toperform comprehensive reviews of their <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> systems and quickly implementnecessary upgrades,” added Doyle.While thefine is relatively modest, it does not change the fact that one of Singapore'slargest banks has been involved in several major controversies in the past,including a billion-dollar money laundering scheme, where the police secured$2.2…
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Despitefinancial market regulators' best efforts to combat unlicensed investmentfirms, their struggle seems never-ending. The Spanish CNMV has just reportedthat scammers have once again attempted to impersonate popular retail trading brands. Additionally, the latest warning list includes several entitiesoperating in the country without proper licenses.CNMV AlertsAgainst StoneX and IG Group ClonesAccordingto today's (Monday) update from CNMV, the Spanish financial markets regulator,the market watchdog has added ten new entities to its warning list.Among them,"Finance IG," offering services through the websites finance-ig.com and financeig.com, stands out as a clone of the popular, publicly traded London-based firm IG Group, known throughoutEurope and worldwide.The warninglist also includes a clone of the US-based company StoneX, offering servicesthrough the website stonexly.com/es.Unfortunately,attempts to impersonate popular brands are common. A few months ago, CNMV alsowarned against a firm pretending to be the popular social trading platformeToro.Accordingto a survey conducted by Finance Magnates and FXStreet, retail traders considerbroker and signal provider clones to be the biggest threat in the industry.However, conversations with representatives of frequently cloned firms revealthat the practice is so widespread that effectively defending against it isvery challenging.EightUnlicensed Entities Alongside ClonesIn additionto the two clones warned about by CNMV, the update also included information oneight entities operating without proper authorization in the Spanish market.Among theseentities were Fusionlots, TD Markets, Rumlenomic, AMI Solutions, AduentCapital, TCM Globals, and Trader Expertss:"Accordingto CNMV records, these institutions are not registered in the correspondingregistry of this Commission and, therefore, are not authorized to provideinvestment services or other activities subject to the CNMV'ssupervision," CNMV explained.This isanother update to the Spanish regulator's warning list over the past month. InJune, Finance Magnates reported that 8 unregistered FX/CFD brokers came underCNMV scrutiny.Recently,CNMV also took an interest in Linq Capital, which offers trading with leverage upto 1000:1. The firm claims to be registered in the UK, in a city that doesn'tactually exist. A few months earlier, the German BaFin also drew attention toits suspicious activities.This article was written by Damian Chmiel at www.financemagnates.com.
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The dollar value of Bitcoin remains extremely volatile. Although there were signs of recovery over the weekend, the value tumbled this morning (Monday) as the Asian markets opened. What is the cause of this dip? Is it due to the expected repayment from Mt. Gox or the Germans offloading their Bitcoin stash? Additionally, the US Feds’ decisions on rate cuts cannot be ignored.A Bloody WeekBitcoin peaked at almost $74,000 earlier this year, boosted by the approval of the long-awaited spot Bitcoin exchange-traded funds (ETFs) in the United States. However, due to periodic volatility, the cryptocurrency is trading around $57,500, down by around 23 percent.In the past week alone, the value of Bitcoin has decreased by about 10 percent.As always, the reasons behind Bitcoin's volatility are mixed. However, this time, the bearish sentiments might have been triggered by a few events.A $9 Billion PayoutA prominent trigger might be the upcoming repayment to the creditors of the now-defunct crypto exchange Mt. Gox. After ten years of countless delays, the Mt. Gox administrator finally decided to <a href="https://www.financemagnates.com/cryptocurrency/mt-gox-starts-payout-in-bitcoin-and-bitcoin-cash/">repay the distressed creditors in Bitcoin and Bitcoin Cash</a>.At its peak, Mt. Gox handled 70 percent of all Bitcoin transactions. However, the exchange lost an estimated 740,000 Bitcoin, which led to its closure in 2014.Recently, Mt. Gox-related Bitcoin wallets moved 47,228 Bitcoins. However, it was unclear if those Bitcoins were moved for the purpose of repayment. The anticipation of such a massive volume of Bitcoin hitting the market might have created selling pressure, resulting in the recent volatility.The <a href="https://www.financemagnates.com/tag/mtgox/">Mt. Gox</a> payout is estimated to be $9 billion. However, experts believe that the $1.1 trillion Bitcoin market has the potential to absorb the pressure from the sell-off by the Mt. Gox creditors.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> This is the MTGOX official announcement. "We ask eligible rehabilitation creditors to wait for a while." This is similar language to that issued during the decade creditors have waited so far. I can see most people being happy with more delays. Especially non creditors. <a href="https://t.co/6sTcbTNaXY">pic.twitter.com/6sTcbTNaXY</a>— Richard Heart (@RichardHeartWin) <a href="https://twitter.com/RichardHeartWin/status/1809682508151419050?ref_src=twsrc%5Etfw">July 6, 2024</a>“Mt. Gox moved [a massive amount of] BTC, signalling the start of their repayment process, which has caused some market fear due to the large potential sell-off,” Willy Chuang, COO of crypto exchange WOO X, told crypto-focused publication Coindesk. “However, it's worth noting that despite these concerns, the long-term impact may be less severe as the market gradually absorbs the selling pressure.”The German Sell-OffAnother major reason for the latest downward Bitcoin spiral might be the selling off of seized Bitcoins by German authorities. Earlier this year, German law enforcement <a href="https://www.financemagnates.com/cryptocurrency/germany-police-seize-217-billion-in-bitcoin-from-pirate-website-operator/">seized 50,000 Bitcoins linked with a piracy website.</a>After months of holding onto those seized cryptocurrencies, the German government-linked wallets moved out 6,500 Bitcoins, worth about $425 million at the time. After a series of transactions, 1,000 of these Bitcoins were sent to two crypto exchanges, Kraken and Bitstamp. On-chain analyst Arkham also confirmed that the German government moved another 1,300 Bitcoins, worth $76 million, to Kraken, Bitstamp, and Coinbase on July 4, after which the Bitcoin price took a massive hit.The German government also moved an additional 1,700 Bitcoins to an address likely moved “for an institutional service or OTC.”UPDATE: German Government selling up to $175M BTCIn the past 2 hours the German Government has moved 1300 BTC ($76M) to exchange…
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Asignificant change is set to take effect in Hong Kong at the end of this month,poised to impact the operations of authorized financial sector firms andinvestment product issuers. This transformation comes as the local marketwatchdog prepares to implement a new online system.Hong Kong's SFC to LaunchNew Online System for Investment Product ApplicationsTheSecurities and Futures Commission (<a href="https://www.financemagnates.com/cryptocurrency/sfc-sounds-alarm-on-3-unlicensed-vatps-in-hong-kong/">SFC</a>) of Hong Kong has <a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=24EC33">announced</a> the launchof a new online application and submission system for investment products. Thesystem, named e-IP, is set to go live on July 29, 2024, as part of theregulator's efforts to streamline processes and enhance efficiency in thefinancial sector.Developedon the existing WINGS (Web-based INteGrated Service) portal, e-IP will serve asa comprehensive platform for investment product applications andpost-authorization submissions. The system will cater to a wide range ofinvestment products, including investment-linked assurance schemes, mandatoryprovident fund products, and real estate investment trusts."e-IPwill promote digital or paperless processing and enhance the efficiency ofprocessing applications and submissions for investment products from bothapplicants and SFC perspectives,” the SFC commented in the press release.The launchof e-IP will be accompanied by a three-month parallel run of existingapplication channels until October 29, 2024. This transition period aims toallow market participants to familiarize themselves with the new system whileensuring continuity of operations.How the New System WillAffect Financial FirmsIt'simportant to note that while e-IP represents a significant modernization ofHong Kong's financial infrastructure, its direct impact is primarily oninvestment product issuers and the SFC's internal processesKeyfeatures of the e-IP system include:Submissionof new product applications and post-authorization filingsProgresstracking for applications Maintenanceof investment product information profilesFeepayment <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a>To supportthe rollout, the SFC plans to hold a briefing session for industry participantsbefore the launch date. Additionally, user guides and online demonstrationvideos will be made available on the SFC website to assist users in navigatingthe new system.Theintroduction of e-IP aligns with Hong Kong's broader push towards digitaltransformation in its financial services sector.Regulatory Initiatives byHong Kong's SFCHong Kong'sregulator has been notably proactive among its global peers in enforcing marketdiscipline. Recent reports reveal that in the last fiscal year (2023-2024), theSFC aggressively tackled financial crimes like insider trading, marketmanipulation, and corporate fraud. The commission initiated a record 183investigations, pressed 50 criminal charges against 24 individuals, and securedconvictions in several cases, highlighting its commitment to maintaining marketintegrity.In additionto criminal prosecutions, the SFC pursued civil actions, with 37 cases stillpending in courts against 204 entities and individuals. The commission alsoimposed hefty <a href="https://www.financemagnates.com/forex/hong-kong-watchdog-fined-market-wrongdoers-499-million-in-20232024/">fines totaling $49.9 million</a> on 14 individuals and 12corporations for various infractions, further underscoring its stringentregulatory stance.Furthermore,in a move to regulate the field of virtual asset trading, <a href="https://www.financemagnates.com/cryptocurrency/sfc-issues-new-crypto-regulations-2-platforms-licensed-17-await-approval/">the SFC implemented</a>new licensing requirements for virtual asset trading platforms (VATPs)effective from June 2024. These platforms are now required to meet strictcriteria, including management experience, industry qualifications, and robustmeasures…
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The dollar value of Bitcoin remains extremely volatile. Although there were signs of recovery over the weekend, the value tumbled this morning (Monday) as the Asian markets opened. What is the cause of this dip? Is it due to the expected repayment from Mt. Gox or the Germans offloading their Bitcoin stash? Additionally, the US Feds’ decisions on rate cuts cannot be ignored.A Bloody WeekBitcoin peaked at almost $74,000 earlier this year, boosted by the approval of the long-awaited spot Bitcoin exchange-traded funds (ETFs) in the United States. However, due to periodic volatility, the cryptocurrency is trading around $57,500, down by around 23 percent.In the past week alone, the value of Bitcoin has decreased by about 10 percent.As always, the reasons behind Bitcoin's volatility are mixed. However, this time, the bearish sentiments might have been triggered by a few events.A $9 Billion PayoutA prominent trigger might be the upcoming repayment to the creditors of the now-defunct crypto exchange Mt. Gox. After ten years of countless delays, the Mt. Gox administrator finally decided to <a href="https://www.financemagnates.com/cryptocurrency/mt-gox-starts-payout-in-bitcoin-and-bitcoin-cash/">repay the distressed creditors in Bitcoin and Bitcoin Cash</a>.At its peak, Mt. Gox handled 70 percent of all Bitcoin transactions. However, the exchange lost an estimated 740,000 Bitcoin, which led to its closure in 2014.Recently, Mt. Gox-related Bitcoin wallets moved 47,228 Bitcoins. However, it was unclear if those Bitcoins were moved for the purpose of repayment. The anticipation of such a massive volume of Bitcoin hitting the market might have created selling pressure, resulting in the recent volatility.The <a href="https://www.financemagnates.com/tag/mtgox/">Mt. Gox</a> payout is estimated to be $9 billion. However, experts believe that the $1.1 trillion Bitcoin market has the potential to absorb the pressure from the sell-off by the Mt. Gox creditors.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw">#Bitcoin</a> This is the MTGOX official announcement. "We ask eligible rehabilitation creditors to wait for a while." This is similar language to that issued during the decade creditors have waited so far. I can see most people being happy with more delays. Especially non creditors. <a href="https://t.co/6sTcbTNaXY">pic.twitter.com/6sTcbTNaXY</a>— Richard Heart (@RichardHeartWin) <a href="https://twitter.com/RichardHeartWin/status/1809682508151419050?ref_src=twsrc%5Etfw">July 6, 2024</a>“Mt. Gox moved [a massive amount of] BTC, signalling the start of their repayment process, which has caused some market fear due to the large potential sell-off,” Willy Chuang, COO of crypto exchange WOO X, told crypto-focused publication Coindesk. “However, it's worth noting that despite these concerns, the long-term impact may be less severe as the market gradually absorbs the selling pressure.”The German Sell-OffAnother major reason for the latest downward Bitcoin spiral might be the selling off of seized Bitcoins by German authorities. Earlier this year, German law enforcement <a href="https://www.financemagnates.com/cryptocurrency/germany-police-seize-217-billion-in-bitcoin-from-pirate-website-operator/">seized 50,000 Bitcoins linked with a piracy website.</a>After months of holding onto those seized cryptocurrencies, the German government-linked wallets moved out 6,500 Bitcoins, worth about $425 million at the time. After a series of transactions, 1,000 of these Bitcoins were sent to two crypto exchanges, Kraken and Bitstamp. On-chain analyst Arkham also confirmed that the German government moved another 1,300 Bitcoins, worth $76 million, to Kraken, Bitstamp, and Coinbase on July 4, after which the Bitcoin price took a massive hit.The German government also moved an additional 1,700 Bitcoins to an address likely moved “for an institutional service or OTC.”UPDATE: German Government selling up to $175M BTCIn the past 2 hours the German Government has moved 1300 BTC ($76M) to exchange…
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Asignificant change is set to take effect in Hong Kong at the end of this month,poised to impact the operations of authorized financial sector firms andinvestment product issuers. This transformation comes as the local marketwatchdog prepares to implement a new online system.Hong Kong's SFC to LaunchNew Online System for Investment Product ApplicationsTheSecurities and Futures Commission (<a href="https://www.financemagnates.com/cryptocurrency/sfc-sounds-alarm-on-3-unlicensed-vatps-in-hong-kong/">SFC</a>) of Hong Kong has <a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=24EC33">announced</a> the launchof a new online application and submission system for investment products. Thesystem, named e-IP, is set to go live on July 29, 2024, as part of theregulator's efforts to streamline processes and enhance efficiency in thefinancial sector.Developedon the existing WINGS (Web-based INteGrated Service) portal, e-IP will serve asa comprehensive platform for investment product applications andpost-authorization submissions. The system will cater to a wide range ofinvestment products, including investment-linked assurance schemes, mandatoryprovident fund products, and real estate investment trusts."e-IPwill promote digital or paperless processing and enhance the efficiency ofprocessing applications and submissions for investment products from bothapplicants and SFC perspectives,” the SFC commented in the press release.The launchof e-IP will be accompanied by a three-month parallel run of existingapplication channels until October 29, 2024. This transition period aims toallow market participants to familiarize themselves with the new system whileensuring continuity of operations.How the New System WillAffect Financial FirmsIt'simportant to note that while e-IP represents a significant modernization ofHong Kong's financial infrastructure, its direct impact is primarily oninvestment product issuers and the SFC's internal processesKeyfeatures of the e-IP system include:Submissionof new product applications and post-authorization filingsProgresstracking for applications Maintenanceof investment product information profilesFeepayment <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a>To supportthe rollout, the SFC plans to hold a briefing session for industry participantsbefore the launch date. Additionally, user guides and online demonstrationvideos will be made available on the SFC website to assist users in navigatingthe new system.Theintroduction of e-IP aligns with Hong Kong's broader push towards digitaltransformation in its financial services sector.Regulatory Initiatives byHong Kong's SFCHong Kong'sregulator has been notably proactive among its global peers in enforcing marketdiscipline. Recent reports reveal that in the last fiscal year (2023-2024), theSFC aggressively tackled financial crimes like insider trading, marketmanipulation, and corporate fraud. The commission initiated a record 183investigations, pressed 50 criminal charges against 24 individuals, and securedconvictions in several cases, highlighting its commitment to maintaining marketintegrity.In additionto criminal prosecutions, the SFC pursued civil actions, with 37 cases stillpending in courts against 204 entities and individuals. The commission alsoimposed hefty <a href="https://www.financemagnates.com/forex/hong-kong-watchdog-fined-market-wrongdoers-499-million-in-20232024/">fines totaling $49.9 million</a> on 14 individuals and 12corporations for various infractions, further underscoring its stringentregulatory stance.Furthermore,in a move to regulate the field of virtual asset trading, <a href="https://www.financemagnates.com/cryptocurrency/sfc-issues-new-crypto-regulations-2-platforms-licensed-17-await-approval/">the SFC implemented</a>new licensing requirements for virtual asset trading platforms (VATPs)effective from June 2024. These platforms are now required to meet strictcriteria, including management experience, industry qualifications, and robustmeasures…
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TMGM, a trailblazer in global online trading and investment services, took center stage as the Gold Sponsor of the Vanuatu Financial Services Commission's (VFSC) groundbreaking Second Symposium on Virtual Assets.This pivotal event, held on Thursday, June 27, 2024, in Port Vila, convened an elite gathering of finance brokers, regulators, government officials, and international experts to chart the course for Vanuatu's burgeoning fintech sector.The aptly themed "Shaping Tomorrow – Exploring the Role of the Financial Dealers Licence and Virtual Assets in National Development" symposium was a crucible for innovative ideas and strategic discussions.Distinguished speakers, including Rick McDonell, former Chairperson for the Asia Pacific Group (APG) on money laundering, and Loretta Joseph, VFSC's digital asset regulatory framework consultant, provided invaluable insights into the evolving landscape of virtual assets and financial integrity.Thought-provoking panel discussions delved into critical topics such as aligning with international standards set by APG, FATF, and the European Union, tackling the EU blacklist challenge, optimizing Financial Dealers Licence (FDL) requirements, and propelling Vanuatu's fintech industry forward.The symposium concluded with the prestigious FDL awards ceremony, celebrating local business practices, professional development, and community service excellence. TMGM's prominent role as Gold Sponsor highlighted its steadfast commitment to Vanuatu's financial evolution. This dedication was further exemplified by TMGM's recent accolades: the company was honored as First Runner-up for Best Community Support 2024 and recognized for achieving the Highest Client Numbers in 2024. These achievements not only underscore TMGM's industry leadership but also reflect its significant contributions to Vanuatu's financial ecosystem.These recognitions also cement TMGM's trusted industry leader and innovator position. Operating under the TMGM brand, Trademax Global Limited is licensed and regulated by the Vanuatu Financial Services Commission (VFSC), reinforcing the company's deep-rooted commitment to regulatory excellence and its integral role in Vanuatu's financial ecosystem.(From R to L) Branan KARAE - VFSC Commissioner, Hon. John Salong DAMASING - Minister of Finance & Economic Management, Member from TMGM Group, Johnny WILSON - TMGM Vanuatu local directorTMGM Vanuatu's local director Johnny Wilson, expressed his pride in these achievements, stating, "We are honored to receive these awards. They reflect our team's hard work and dedication to providing exceptional service to our clients and supporting our community. “These recognitions inspire us to continue pushing the boundaries of excellence in the fintech sector,” he added.As the fintech landscape transforms rapidly, TMGM stands at the vanguard, championing the highest regulatory compliance and client protection standards. The company's proactive engagement in this symposium and recent achievements reflect its ongoing mission to provide a secure, cutting-edge, and client-centric trading environment.TMGM's participation in this landmark event demonstrates its dedication to fostering Vanuatu's robust and innovative financial ecosystem. It positions the company as a key architect in shaping the future of virtual assets in the region.About TMGM:TMGM is a global leader in online trading and investment services, offering unparalleled access to diverse financial instruments through its state-of-the-art trading platforms. With an unwavering focus on regulatory compliance, technological innovation, and exceptional client service, TMGM empowers traders worldwide to navigate global markets and realize their financial aspirations. Trademax Global Limited, operating under the TMGM brand, is proudly licensed and regulated by the Vanuatu Financial Services Commission (VFSC), embodying the highest standards of financial integrity. For more information, visit <a href="https://www.tmgm.com">https://www.tmgm.com</a>DisclaimerThe…
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The Bahamas-registered entity of London Capital Group Ltd (LCG), a retail forex and contracts for differences (CFDs) broker, has ceased its operations and announced publicly that it has been impossible to carry out its operations following the bankruptcy of its Swiss parent company, FlowBank.“LCG Capital Markets Limited maintains funds with accounts at FlowBank SA,” the notice on the website of the offshore entity of LCG stated. “Due to significant agreements between LCG Capital Markets Limited and FlowBank SA, the appointment of the Liquidators has currently made it impossible for LCG Capital Markets Limited to carry out its operations.”The Chaos After FlowBank’s BankruptcyLCG is owned by FlowBank, founded by former LCG CEO Charles-Henri Sabet. Previously, LCG was part of the London Capital Group Holdings, which encountered trouble after delisting from the London Stock Exchange and NEX Exchange in 2018. That same year, Charles-Henri Sabet, then CEO, bought LCG, separating it from the troubled London Capital Group Holdings, which went into liquidation.The entity operating the LCG brand under the Bahamas license offers forex and contracts for differences (CFDs) instruments. Meanwhile, another Financial Conduct Authority-registered entity, which operates LCG in the UK, changed its business model last year, becoming an introducing broker for IG, once its rival company.The notice by the Bahamas-registered LCG Capital Markets Limited came only over a week after the FCA imposed restrictions on onboarding new clients and taking deposits to the UK-registered sister entity.Force MajeureNow, the Bahamas-registered LCG is considering that “an emergency or an exceptional market condition exists which [might] prevent [it] from performing any or all of our obligations.” The company is determining to implement this under ‘force majeure events’.“Force Majeure Events include the following events: (i) any act, event or occurrence (including any strike, riot or civil commotion, industrial action, acts and regulations of any governmental or supranational bodies or authorities) that, in our reasonable opinion, prevents us from maintaining an orderly market in one or more of the indices/markets in respect of which we ordinarily accept transactions,” the notice added.The chaos started when the Swiss regulator cancelled FlowBank's license last month and declared the company bankrupt. The Bahamas-registered LCG is also now engaged with FlowBank's bankruptcy liquidators.Meanwhile, the majority shareholder of FlowBank called the move by the Swiss regulator a “violation of rights” and intends to take “all necessary procedures” to challenge the regulator’s decision.This article was written by Arnab Shome at www.financemagnates.com.
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Capital.comannounced today (Monday) it will no longer charge overnight funding fees onnon-leveraged contracts for difference (CFDs) trades for stocks andcryptocurrencies. The change eliminates certain fees for traders who maintainpositions beyond a single trading day, potentially benefiting those who preferlonger-term strategies.Capital.com EliminatesOvernight Fees on Non-Leveraged Stock and Crypto CFDsThedecision comes as Capital.com observes a shift in retail trader behaviortowards extended holding periods, particularly in stock and cryptocurrencymarkets. According to the company's data, 89% of all non-leveraged overnightpositions in Q2 2024 were in stocks and cryptocurrencies, compared to just 28%in commodities."Ourdata shows that retail traders are moving beyond day-trading to experiment withdifferent trading styles, including taking longer-term positions in popularstocks and cryptocurrencies," said Dana Massey, Chief Product Officer <a href="https://www.financemagnates.com/tag/capital-com/">atCapital.com.</a> "To support them in this journey, we have taken the decisionto remove funding adjustments for non-leveraged CFD trades on shares and<a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a>."Theplatform's data reveals that traders holding overnight stock positions typically maintain them for up to 7 days, while cryptocurrency traders average4 days. In contrast, positions in indices and commodities are usually closedafter just 3 days.With 0%overnight funding on popular markets like shares and cryptocurrencies, our traders have peace of mind to explorelonger-term, investment style strategies without worrying about the additionalcost burden,” added Massey.The newpolicy, effective immediately, applies only to overnight funding on 1:1leverage CFD trades for shares and cryptocurrency markets. Trades using otherleverage ratios or on different markets remain unaffected.Capital.com,which saw client trading <a href="https://www.financemagnates.com/forex/capitalcom-hits-12-trillion-in-client-trading-volumes-sees-53-surge/">volumesexceed $1 trillion in 2023</a>, continues to adapt its offerings to meet thechanging demands of retail traders. Among the mentioned changes was the Julypartnership <a href="https://www.financemagnates.com/forex/capitalcom-joins-forces-with-tradingview-for-advanced-trading-tools/">with TradingView</a>, a popular charting platform aimed at offeringtraders access to more advanced charts.Personnel Changes atCapital.comRecently,Capital.com has been notably active in the job market, alongside introducingnew product updates. <a href="https://www.financemagnates.com/executives/former-amazon-consultant-joins-capitalcom-as-global-head-of-programmatic/">Last week, Patricia Lyn Dixon </a>revealed on LinkedIn herrecent appointment as the Global Head of Programmatic at Capital.com. She joinsfrom Amazon Ads where she spent over two years as a Programmatic SolutionsConsultant.Earlierthis month, the broker also <a href="https://www.financemagnates.com/executives/capitalcom-hires-revoluts-tarek-mahassen-as-head-of-risk-in-mena/">welcomed Tarek Mahassen</a> as the new Head of Risk forthe MENA region. His move concludes a two-year period at Revolut where hisfinal role was Group Senior Operational Risk Manager. Prior to that, Mahassenhandled business risk management at a prominent London-based <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> company.In anothersignificant development this June, <a href="https://www.financemagnates.com/executives/capitalcom-names-campbell-macpherson-as-ceo-for-australian-operations/">Campbell MacPherson announced</a> that he hastaken on the role of Chief Executive Officer for Capital.com’s operations inAustralia. Before joining Capital.com, MacPherson was the Regional Director ofSales at FactSet, where he led initiatives to expand the company’s reach acrossvarious asset classes in the Pacific region.This article was written by Damian Chmiel at www.financemagnates.com.
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Nik Storonsky, the founder and CEO of Revolut, is planning to sell “tens or even hundreds of millions of dollars” of his stake in the fintech in the upcoming secondary share sale in the coming weeks, Sky News reported.Although the exact amount of his expected stake dilution remains unknown, the report outlined that it would depend on the valuation the company manages to attract. The exact stake of Storonsky in the fintech is also unknown.$40 Billion ValuationAccording to another Sky News report, the UK-headquartered fintech hired Morgan Stanley to organise a secondary sale round and is eyeing a valuation of $40 billion. In its previous funding round in 2021, the company was valued at $33 billion, making it the largest fintech in Europe. Now, with the new expected valuation, it would even eclipse the market capitalisation of banks like Barclays, NatWest, and Deutsche Bank.However, the British fintech will not raise any proceeds from the upcoming sale. Rather, it would offer the employees the opportunity to sell their stake to new investors.Record NumbersRevolut was founded in 2015 as a challenger bank and makes money from payments, subscriptions, and customers trading stocks and cryptocurrencies. The fintech recently broadened its offering by adding a range of trading instruments, including contracts for differences and bonds with third-party integrations.The platform has over 40 million customers globally, a third of whom are from the UK. Its competitors, Monzo and Starling, operate only in the UK and have fewer than 10 million customers each. In Europe, Revolut operates with a Lithuanian banking license and obtained a similar license in Mexico. It has also received a payment license in India.Meanwhile, the company's revenue jumped by 95 per cent to £1.8 billion in 2023, while it turned a pre-tax profit of £438 million. However, it is still waiting to receive a UK banking license for which it applied in 2021.This article was written by Arnab Shome at www.financemagnates.com.
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TMGM, a trailblazer in global online trading and investment services, took center stage as the Gold Sponsor of the Vanuatu Financial Services Commission's (VFSC) groundbreaking Second Symposium on Virtual Assets.This pivotal event, held on Thursday, June 27, 2024, in Port Vila, convened an elite gathering of finance brokers, regulators, government officials, and international experts to chart the course for Vanuatu's burgeoning fintech sector.The aptly themed "Shaping Tomorrow – Exploring the Role of the Financial Dealers Licence and Virtual Assets in National Development" symposium was a crucible for innovative ideas and strategic discussions.Distinguished speakers, including Rick McDonell, former Chairperson for the Asia Pacific Group (APG) on money laundering, and Loretta Joseph, VFSC's digital asset regulatory framework consultant, provided invaluable insights into the evolving landscape of virtual assets and financial integrity.Thought-provoking panel discussions delved into critical topics such as aligning with international standards set by APG, FATF, and the European Union, tackling the EU blacklist challenge, optimizing Financial Dealers Licence (FDL) requirements, and propelling Vanuatu's fintech industry forward.The symposium concluded with the prestigious FDL awards ceremony, celebrating local business practices, professional development, and community service excellence. TMGM's prominent role as Gold Sponsor highlighted its steadfast commitment to Vanuatu's financial evolution. This dedication was further exemplified by TMGM's recent accolades: the company was honored as First Runner-up for Best Community Support 2024 and recognized for achieving the Highest Client Numbers in 2024. These achievements not only underscore TMGM's industry leadership but also reflect its significant contributions to Vanuatu's financial ecosystem.These recognitions also cement TMGM's trusted industry leader and innovator position. Operating under the TMGM brand, Trademax Global Limited is licensed and regulated by the Vanuatu Financial Services Commission (VFSC), reinforcing the company's deep-rooted commitment to regulatory excellence and its integral role in Vanuatu's financial ecosystem.(From R to L) Branan KARAE - VFSC Commissioner, Hon. John Salong DAMASING - Minister of Finance & Economic Management, Member from TMGM Group, Johnny WILSON - TMGM Vanuatu local directorTMGM Vanuatu's local director Johnny Wilson, expressed his pride in these achievements, stating, "We are honored to receive these awards. They reflect our team's hard work and dedication to providing exceptional service to our clients and supporting our community. “These recognitions inspire us to continue pushing the boundaries of excellence in the fintech sector,” he added.As the fintech landscape transforms rapidly, TMGM stands at the vanguard, championing the highest regulatory compliance and client protection standards. The company's proactive engagement in this symposium and recent achievements reflect its ongoing mission to provide a secure, cutting-edge, and client-centric trading environment.TMGM's participation in this landmark event demonstrates its dedication to fostering Vanuatu's robust and innovative financial ecosystem. It positions the company as a key architect in shaping the future of virtual assets in the region.About TMGM:TMGM is a global leader in online trading and investment services, offering unparalleled access to diverse financial instruments through its state-of-the-art trading platforms. With an unwavering focus on regulatory compliance, technological innovation, and exceptional client service, TMGM empowers traders worldwide to navigate global markets and realize their financial aspirations. Trademax Global Limited, operating under the TMGM brand, is proudly licensed and regulated by the Vanuatu Financial Services Commission (VFSC), embodying the highest standards of financial integrity. For more information, visit <a href="https://www.tmgm.com">https://www.tmgm.com</a>DisclaimerThe…
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The Bahamas-registered entity of London Capital Group Ltd (LCG), a retail forex and contracts for differences (CFDs) broker, has ceased its operations and announced publicly that it has been impossible to carry out its operations following the bankruptcy of its Swiss parent company, FlowBank.“LCG Capital Markets Limited maintains funds with accounts at FlowBank SA,” the notice on the website of the offshore entity of LCG stated. “Due to significant agreements between LCG Capital Markets Limited and FlowBank SA, the appointment of the Liquidators has currently made it impossible for LCG Capital Markets Limited to carry out its operations.”The Chaos After FlowBank’s BankruptcyLCG is owned by FlowBank, founded by former LCG CEO Charles-Henri Sabet. Previously, LCG was part of the London Capital Group Holdings, which encountered trouble after delisting from the London Stock Exchange and NEX Exchange in 2018. That same year, Charles-Henri Sabet, then CEO, bought LCG, separating it from the troubled London Capital Group Holdings, which went into liquidation.The entity operating the LCG brand under the Bahamas license offers forex and contracts for differences (CFDs) instruments. Meanwhile, another Financial Conduct Authority-registered entity, which operates LCG in the UK, changed its business model last year, becoming an introducing broker for IG, once its rival company.The notice by the Bahamas-registered LCG Capital Markets Limited came only over a week after the FCA imposed restrictions on onboarding new clients and taking deposits to the UK-registered sister entity.Force MajeureNow, the Bahamas-registered LCG is considering that “an emergency or an exceptional market condition exists which [might] prevent [it] from performing any or all of our obligations.” The company is determining to implement this under ‘force majeure events’.“Force Majeure Events include the following events: (i) any act, event or occurrence (including any strike, riot or civil commotion, industrial action, acts and regulations of any governmental or supranational bodies or authorities) that, in our reasonable opinion, prevents us from maintaining an orderly market in one or more of the indices/markets in respect of which we ordinarily accept transactions,” the notice added.The chaos started when the Swiss regulator cancelled FlowBank's license last month and declared the company bankrupt. The Bahamas-registered LCG is also now engaged with FlowBank's bankruptcy liquidators.Meanwhile, the majority shareholder of FlowBank called the move by the Swiss regulator a “violation of rights” and intends to take “all necessary procedures” to challenge the regulator’s decision.This article was written by Arnab Shome at www.financemagnates.com.
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Capital.comannounced today (Monday) it will no longer charge overnight funding fees onnon-leveraged contracts for difference (CFDs) trades for stocks andcryptocurrencies. The change eliminates certain fees for traders who maintainpositions beyond a single trading day, potentially benefiting those who preferlonger-term strategies.Capital.com EliminatesOvernight Fees on Non-Leveraged Stock and Crypto CFDsThedecision comes as Capital.com observes a shift in retail trader behaviortowards extended holding periods, particularly in stock and cryptocurrencymarkets. According to the company's data, 89% of all non-leveraged overnightpositions in Q2 2024 were in stocks and cryptocurrencies, compared to just 28%in commodities."Ourdata shows that retail traders are moving beyond day-trading to experiment withdifferent trading styles, including taking longer-term positions in popularstocks and cryptocurrencies," said Dana Massey, Chief Product Officer atCapital.com. "To support them in this journey, we have taken the decisionto remove funding adjustments for non-leveraged CFD trades on shares andcryptocurrencies."Theplatform's data reveals that traders holding overnight stock positions typically maintain them for up to 7 days, while cryptocurrency traders average4 days. In contrast, positions in indices and commodities are usually closedafter just 3 days.With 0%overnight funding on popular markets like shares and cryptocurrencies, our traders have peace of mind to explorelonger-term, investment style strategies without worrying about the additionalcost burden,” added Massey.The newpolicy, effective immediately, applies only to overnight funding on 1:1leverage CFD trades for shares and cryptocurrency markets. Trades using otherleverage ratios or on different markets remain unaffected.Capital.com,which saw client trading volumesexceed $1 trillion in 2023, continues to adapt its offerings to meet thechanging demands of retail traders. Among the mentioned changes was the Julypartnership with TradingView, a popular charting platform aimed at offeringtraders access to more advanced charts.Personnel Changes atCapital.comRecently,Capital.com has been notably active in the job market, alongside introducingnew product updates. Last week, Patricia Lyn Dixon revealed on LinkedIn herrecent appointment as the Global Head of Programmatic at Capital.com. She joinsfrom Amazon Ads where she spent over two years as a Programmatic SolutionsConsultant.Earlierthis month, the broker also welcomed Tarek Mahassen as the new Head of Risk forthe MENA region. His move concludes a two-year period at Revolut where hisfinal role was Group Senior Operational Risk Manager. Prior to that, Mahassenhandled business risk management at a prominent London-based fintech company.In anothersignificant development this June, Campbell MacPherson announced that he hastaken on the role of Chief Executive Officer for Capital.com’s operations inAustralia. Before joining Capital.com, MacPherson was the Regional Director ofSales at FactSet, where he led initiatives to expand the company’s reach acrossvarious asset classes in the Pacific region.This article was written by Damian Chmiel at www.financemagnates.com.
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The European Securities and Markets Authority (ESMA) isseeking input on draft guidelines and technical standards. These pertain to therevised Alternative Investment Fund Managers Directive (AIFMD) and theUndertakings for Collective Investment in Transferable Securities (UCITS)Directive. Both directives aim to reduce financial stability risks andpromote harmonization of liquidity risk management in the investment fundssector.Guidelines for LMT CalibrationThe draft Regulatory Technical Standards (RTS) define thecharacteristics of Liquidity Management Tools (LMTs). This includes calculationmethods and activation mechanisms. ESMA has also released draft guidelines onLMTs for UCITS and open-ended AIFs. These guidelines provide instructions onhow managers should select and calibrate LMTs. This selection should considertheir investment strategy, liquidity profile, and redemption policy.“The revised AIFMD and UCITS Directive have introducedlong-awaited provisions on the availability and use of Liquidity ManagementTools. ESMA is now consulting on how toapply these provisions in practice,” said Verena Ross, ESMA Chair.“These new rules being proposed are in line with the latestglobal standards provided by the FSB and IOSCO, and will contribute to thestrengthening of the EU regulatory and supervisory regime for investment funds.” Earlier, ESMAreleased its second Final Report on the Markets in Crypto-Assets Regulation, detailing eight draft technical standards, as reported by Finance Magnates. These aim to enhance transparency for retail investors andclarify disclosure and record-keeping requirements for providers. The standardsalso introduce data protocols to aid National Competent Authorities insupervision.📣 #ESMA is seeking input on Liquidity Management Tools for funds under the revised AIFMD and the #UCITS Directive. 🗓️ Send your input by 8 Octoberhttps://t.co/LxNEEX7i2O pic.twitter.com/6G2K4CVVim— ESMA - EU Securities Markets Regulator 🇪🇺 (@ESMAComms) July 8, 2024ESMA Seeks Consultation InputThe RTS and guidelines aim to promote consistent applicationof the directives for UCITS and open-ended AIFs. They also aim to better equipEU fund managers to handle liquidity in market stress situations. Additionally,they clarify the functioning of specific LMTs, such as side pockets, a practicethat varies across the EU.The publication of these consultations is a key step inimplementing the new AIFMD and UCITS Directive. ESMA invites responses to the consultations by 8 October.ESMA will deliver the final RTS and guidelines by 16 April 2025.This article was written by Tareq Sikder at www.financemagnates.com.
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Vantage Markets is now offering multi-currency andmulti-account support in the latest effort to enhance copy trading services. The company has also expanded support for a wide array of currencies, including EUR, HKD, INR, JPY, US Cents, and USD. More Currency OptionsThis new offering will reportedly allow traders fromvarious regions to diversify their portfolios and participate in copy tradingusing their preferred currency. The Vantage app supports 55 global deposit methods, such as credit cards and bank transfers, catering to users’ funding preferences and complementing the offering.Besides multi-currency support, Vantage’smulti-account support for its copy trading promises to effectively enable usersto copy trade across different account types. For instance, a trader with aStandard STP account can copy trades from a provider using a Swap-free RAW ECNaccount, even if both accounts trade in different currencies, the companymentioned. Additionally, Vantage has reduced its minimum depositrequirement to $50. Vantage Markets is a multi-asset broker offering clients access to trading CFDs on Forex, Commodities, Indices, Shares, ETFs, and Bonds. The firm has been in the industry for more than 13 years, and its Vantage App is available on the App Store and Google Play.In April, Vantage integrated TradingView to expand itstrading options for clients. The company mentioned that this integrationenables users from serviceable regions to trade directly on TradingView's weband desktop platforms using its advanced tools and charts.Expanding OfferingsVantage's clients can open TradingView accounts andlink them to their user profiles. This enables them to trade CFD instruments,including currencies, commodities, and stock market instruments, directly fromTradingView charts.Additionally, Vantage opened its dedicated profilepage on TradingView's website to engage with users by sharing educationaltrading articles and market analysis. The retail FX and CFD broker also updatedits website and trading application to enhance transparency and cost savings. Early this year, Vantage unveiled changes to itsindices CFD product offering by launching CFDs on the Straits Times Index andTaiwan Stock Exchange Index in addition to the existing indices offerings. Some of thefeatures of Vantage's indices CFD offering include leverage up to 500:1, tightspreads, a broad range of markets, and negative balance protection.This article was written by Jared Kirui at www.financemagnates.com.
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TradewebMarkets has announced that its total trading volume for June 2024 reached $37.5trillion, with average daily volume (ADV) climbing to $1.94 trillion, <a href="https://www.financemagnates.com/institutional-forex/tradeweb-reports-25-jump-in-q2-profit-boosted-by-surging-trading-activity/">markinga 40.9% increase year-over-year</a> (YoY). In the monthly perspective, volumesalso recorded a modest increase of 2% from the level of $1.90 trillion.Tradeweb Reports Monthlyand Yearly Jump in Trading VolumesThecompany's second-quarter performance was equally impressive, with total tradingvolume hitting $121.0 trillion and ADV reaching $1.92 trillion, up 48.3%compared to the same period last year. Preliminary average variable fees permillion dollars of volume traded stood at $2.43. "Tradeweb in Q2 reported double-digit,YoY volume growth in rates, credit, money markets, and equities," <a href="https://www.financemagnates.com/tag/tradeweb/">Tradeweb CEO</a> BillyHult commented. “The second quarter of 2024 culminated with a strong June, ledby a 54% YoY increase in rates ADV and continued momentum in credit ADV – up67% YoY.”Today we reported June 2024 trading volume of $37.5tn and average daily volume of $1.94tn. Read more here: <a href="https://t.co/bEobiJCGWn">https://t.co/bEobiJCGWn</a> <a href="https://t.co/lwM8f0e851">pic.twitter.com/lwM8f0e851</a>— Tradeweb (@Tradeweb) <a href="https://twitter.com/Tradeweb/status/1810277647013879963?ref_src=twsrc%5Etfw">July 8, 2024</a>He addedthat the company set new records for quarterly ADV in several key areas,including U.S. government bonds, fully electronic US high <a href="https://www.financemagnates.com/terms/y/yield/">yield</a>, and repotrading. June's performance was particularly noteworthy, with rates ADV surging54% YoY and credit ADV jumping 67% YoY.In therates segment, US government bond ADV rose 50.8% YoY to $210.7 billion, whileEuropean government bond ADV increased 17.4% YoY to $50.5 billion. Thecompany's mortgage ADV also saw significant growth, up 22.9% YoY to $208.9billion.Credittrading volumes showed robust growth as well. Fully electronic US credit ADVincreased 41.4% YoY to $7.0 billion, while European credit ADV rose 24.2% YoYto $2.5 billion. Tradeweb captured an 18.9% share of fully electronic U.S. high-grade TRACE and an 8.1% share of fully electronic U.S. high-yield TRACE.Thecompany's repo ADV grew 20.8% YoY to $599.2 billion, driven by increased clientactivity on Tradeweb's electronic repo trading platform. However, US ETF ADVexperienced a slight decline, down 11.1% YoY to $8.1 billion, while EuropeanETF ADV increased 18.1% YoY to $2.8 billion.Tradeweb’s UpdatesTradewebMarkets announced significant updates to its <a href="https://www.financemagnates.com/executives/tradeweb-reshuffles-executive-team-president-thomas-pluta-leaves-amy-clark-joins-as-cao/">executiveteam in late June</a>. Amy Clack has been named the new Chief AdministrativeOfficer (CAO), set to begin her role in August 2024. Concurrently, ThomasPluta, the current President, is scheduled to step down later this year. Clackbrings over 25 years of financial services experience, transitioning fromher previous position in Wells Fargo's Corporate and Investment Bankingdivision. Her prior roles include serving as the Chief Operating Officer forInvestment Banking and Capital Markets at Credit Suisse.Additionally,Tradeweb has broadened its collaboration <a href="https://www.financemagnates.com/institutional-forex/tradeweb-and-ftse-russell-introduce-new-benchmark-prices-for-us-treasury-pricing/">withFTSE Russell</a> now to incorporate U.S. Treasury closing prices into their partnership. TradewebMarkets has also introduced a new functionality that integrates its <a href="https://www.financemagnates.com/institutional-forex/tradeweb-integrates-repurchase-agreements-and-interest-rate-swaps/">repurchaseagreement (repo) and interest rate swaps (IRS) platforms</a>. This integrationis aimed at improving the <a href="https://www.financemagnates.com/terms/e/execution/">execution</a>…
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Charlie Rozes has announced via LinkedIn today (Monday) thathe will assume the role of CFO & Executive Director at BMS Group, effectiveNovember 2024. Rozes, currently based in London, will report directly to BMSGroup CEO Nick Cook. He succeeds Nick Moss, who is set to retire from thecompany.A Transformational Financial ExecutiveRozes brings a wealth of experience, having served as ChiefFinancial Officer & Executive Director at IG Group since June 2020. Duringhis tenure, he led strategic initiatives that transformed IG Group into aglobal multi-asset class online trading platform and digital content provider. His achievements include overseeing the integration oftastytrade, a significant US options and futures trading platform, andexecuting the sale of non-core US businesses Nadex and the Small Exchange forsubstantial returns.At Marsh McLennan, Rozes played a pivotal role in theintegration of JLT PLC, achieving over $350 million in cost synergies ahead oftarget. His leadership was marked by successful financial restructuring andstrategic initiatives across global operations.At JLT Group, Rozes served as Group Finance Director andExecutive Director, overseeing global finance operations and driving sustainedorganic growth. His tenure culminated in the successful negotiation and sale ofJLT Group at a significant premium.Rozes commented on the appointment: “The opportunity toreturn to the insurance industry means a great deal to me, especially given theopportunity to contribute to BMS at this exciting stage in its growth. I amthrilled to join the team and look forward to working with my new colleagues.”IG Group Welcomes Head of DevelopmentMeanwhile, IGGroup has appointed Mark Evans as Head of Corporate Development. Evansbrings over six years of experience at the London-based forex and CFD tradingfirm, where he previously served as Head of Consumer Insights and Strategy, as Finance Magnates reported. Before joining IG Group, he held the position of FinancialPlanning and Analysis Manager. Evans' LinkedIn profile highlights roles atprominent organizations including Barclays Bank, where he managed Group CentreFinance, and later served as Vice President at Barclaycard. He also spent fouryears as Senior Business Adviser at BDO UK LLP.This article was written by Tareq Sikder at www.financemagnates.com.
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Life insurance is often associated with providing financial protection for families in the event of a breadwinner's death. However, for traders, life insurance offers unique advantages that go beyond basic financial security. This article delves into the various ways life insurance can benefit traders, with a special focus on the potential cash value of life insurance policies.Understanding Life Insurance for TradersThe Basics of Life InsuranceLife insurance policies come in two main types: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, usually 10, 20, or 30 years, and pays out a death benefit if the policyholder dies during the term. Permanent life insurance, on the other hand, provides lifelong coverage and includes a cash value component that grows over time. Visit <a href="https://www.reassured.co.uk/">Reassured</a> to learn more about your various options from the best Insurance Companies in the UK.Why Traders Should Consider Life InsuranceFor traders, the financial markets' inherent risks make life insurance an essential tool for ensuring long-term financial stability. Unlike salaried employees, traders often face unpredictable income streams, making it crucial to have a safety net. Life insurance offers peace of mind by guaranteeing that loved ones will be financially protected in the event of an untimely death.The Unique Benefits of Life Insurance for TradersFinancial Protection for DependentsOne of the primary benefits of life insurance is providing financial security for dependents. For traders with families, life insurance ensures that their loved ones are taken care of financially, even if they are no longer around to provide support. This is especially important for traders who may have significant debt or financial obligations that could burden their families.Estate Planning and Wealth TransferLife insurance plays a vital role in estate planning and wealth transfer. Traders often accumulate significant assets throughout their careers, and life insurance can help ensure these assets are passed on to heirs in a tax-efficient manner. The death benefit from a life insurance policy can be used to pay estate taxes, ensuring that the trader's assets are preserved for future generations.The Potential Cash Value of Life InsuranceBuilding Cash Value Over TimeOne of the most compelling features of permanent life insurance is its ability to build cash value over time. This cash value grows tax-deferred and can be accessed by the policyholder during their lifetime. For traders, this can be a valuable source of liquidity that can be used for various purposes, including supplementing income during market downturns.Using Cash Value as CollateralTraders can also use the cash value of their life insurance policies as collateral for loans. This can be particularly useful for traders who need additional capital to take advantage of market opportunities or to cover unexpected expenses. Unlike traditional loans, loans against life insurance policies typically have lower interest rates and more flexible repayment terms.Leveraging Life Insurance for Financial FlexibilitySupplemental Retirement IncomeThe cash value of a life insurance policy can be used to supplement retirement income. Traders who have successfully built substantial cash value in their policies can access this money tax-free through policy loans or withdrawals. This provides an additional income stream during retirement, helping traders maintain their desired lifestyle.Protection Against Market VolatilityFor traders, market volatility is a constant concern. The cash value component of a life insurance policy offers a stable, low-risk asset that can provide financial security during turbulent market periods. This stability can be especially reassuring for traders who rely on their investment returns for daily living expenses.Conclusion: A Strategic Financial Tool for TradersLife insurance is more than just a safety net; it is a strategic financial tool offering…
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NVIDIA CEO Jensen Huang has recentlymade headlines by selling a substantial portion of his company stock, amountingto $229 million. This move comes on the heels of NVIDIA’s stock rally, drivenby robust demand for its AI and data center chips and reflects broader trends in thesector.The semiconductor sector has been ona tear recently, <a href="https://www.financemagnates.com/trending/amazon-reaches-2-trillion-market-cap-the-new-titan-of-tech/">withstocks like NVIDIA leading the charge</a> due to their critical role inpowering next-generation technologies. As the demand for AI capabilities, datacenters, and high-performance computing continues to skyrocket, companies inthis space have seen their valuations soar. NVIDIA, in particular, has become acornerstone of the AI revolution, with its GPUs serving as the backbone forcountless AI applications.Joining the Ranks of Chip IndustrySellersHuang isn't alone in this sell-offspree. Other top executives in the chip industry, such as Micron’s SanjayMehrotra and Qualcomm’s Cristiano Amon, have also capitalized on theircompanies' stock surges by selling off their holdings. This pattern amongindustry leaders signals a shared strategy: taking advantage of peak marketvaluations to secure personal financial gains.Nvidia <a href="https://twitter.com/search?q=%24NVDA&src=ctag&ref_src=twsrc%5Etfw">$NVDA</a> vs Intel <a href="https://twitter.com/search?q=%24INTC&src=ctag&ref_src=twsrc%5Etfw">$INTC</a>: 2014 to today <a href="https://t.co/NqUFZpQMjE">pic.twitter.com/NqUFZpQMjE</a>— Evan (@StockMKTNewz) <a href="https://twitter.com/StockMKTNewz/status/1761469357815652791?ref_src=twsrc%5Etfw">February 24, 2024</a>It takes a while, but you can just skip to the end.These sales are not random acts, butare well-timed moves aligned with market conditions. Mehrotra, for instance,sold shares amidst Micron’s rise, driven by memory chip demand and data storageneeds. Similarly, Qualcomm’s Amon executed sales following the company'sadvances in 5G technology and mobile processor dominance. These actions reflecta calculated approach to personal wealth management against the backdrop oftheir companies' successes.The Strategic TimingThe timing of these sales iscrucial. NVIDIA’s stock has seen an extraordinary rise, buoyed by the company’sadvancements and dominant position in the <a href="https://www.financemagnates.com/terms/a/artificial-intelligence-ai/">artificial intelligence (AI</a>) hardware market. By cashing induring these high times, executives like Huang are ensuring they reap maximumbenefits. The rationale is clear: strike while the iron is hot. With stockprices at historic highs, it’s a prime opportunity to lock in profits.NVIDIA's growth has been nothingshort of meteoric, with its market capitalization reaching unprecedentedlevels. This has been driven by the company's strategic investments in artificial intelligence (AI),<a href="https://www.financemagnates.com/terms/m/machine-learning/">machine learning</a>, and high-performance computing. Implications for InvestorsFor investors, these high-profilestock sales might raise eyebrows. Does the sell-off indicate that theseexecutives anticipate a potential plateau or decline in stock value? Or is itsimply a prudent financial decision to diversify their assets after a period ofunprecedented growth?The truth likely lies somewhere inbetween. While the sales do not necessarily predict a downturn, they highlightthe fact that executives are constantly considering their stock management.It’s about balancing personal financial security with corporate stewardship.Executives selling shares is a common practice, often planned months inadvance, and typically doesn’t reflect a lack of confidence in the company’sfuture. However, it's worth noting that such moves can create a perceptionissue. Investors might worry about the timing and rationale behind these sales.The Bigger PictureThis trend of stock sales among chipexecutives underscores a broader theme in the tech industry: the maturation andstabilization of the market.…
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Life insurance is often associated with providing financial protection for families in the event of a breadwinner's death. However, for traders, life insurance offers unique advantages that go beyond basic financial security. This article delves into the various ways life insurance can benefit traders, with a special focus on the potential cash value of life insurance policies.Understanding Life Insurance for TradersThe Basics of Life InsuranceLife insurance policies come in two main types: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, usually 10, 20, or 30 years, and pays out a death benefit if the policyholder dies during the term. Permanent life insurance, on the other hand, provides lifelong coverage and includes a cash value component that grows over time. Visit <a href="https://www.reassured.co.uk/">Reassured</a> to learn more about your various options from the best Insurance Companies in the UK.Why Traders Should Consider Life InsuranceFor traders, the financial markets' inherent risks make life insurance an essential tool for ensuring long-term financial stability. Unlike salaried employees, traders often face unpredictable income streams, making it crucial to have a safety net. Life insurance offers peace of mind by guaranteeing that loved ones will be financially protected in the event of an untimely death.The Unique Benefits of Life Insurance for TradersFinancial Protection for DependentsOne of the primary benefits of life insurance is providing financial security for dependents. For traders with families, life insurance ensures that their loved ones are taken care of financially, even if they are no longer around to provide support. This is especially important for traders who may have significant debt or financial obligations that could burden their families.Estate Planning and Wealth TransferLife insurance plays a vital role in estate planning and wealth transfer. Traders often accumulate significant assets throughout their careers, and life insurance can help ensure these assets are passed on to heirs in a tax-efficient manner. The death benefit from a life insurance policy can be used to pay estate taxes, ensuring that the trader's assets are preserved for future generations.The Potential Cash Value of Life InsuranceBuilding Cash Value Over TimeOne of the most compelling features of permanent life insurance is its ability to build cash value over time. This cash value grows tax-deferred and can be accessed by the policyholder during their lifetime. For traders, this can be a valuable source of liquidity that can be used for various purposes, including supplementing income during market downturns.Using Cash Value as CollateralTraders can also use the cash value of their life insurance policies as collateral for loans. This can be particularly useful for traders who need additional capital to take advantage of market opportunities or to cover unexpected expenses. Unlike traditional loans, loans against life insurance policies typically have lower interest rates and more flexible repayment terms.Leveraging Life Insurance for Financial FlexibilitySupplemental Retirement IncomeThe cash value of a life insurance policy can be used to supplement retirement income. Traders who have successfully built substantial cash value in their policies can access this money tax-free through policy loans or withdrawals. This provides an additional income stream during retirement, helping traders maintain their desired lifestyle.Protection Against Market VolatilityFor traders, market volatility is a constant concern. The cash value component of a life insurance policy offers a stable, low-risk asset that can provide financial security during turbulent market periods. This stability can be especially reassuring for traders who rely on their investment returns for daily living expenses.Conclusion: A Strategic Financial Tool for TradersLife insurance is more than just a safety net; it is a strategic financial tool offering…
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NVIDIA CEO Jensen Huang has recentlymade headlines by selling a substantial portion of his company stock, amountingto $229 million. This move comes on the heels of NVIDIA’s stock rally, drivenby robust demand for its AI and data center chips and reflects broader trends in thesector.The semiconductor sector has been ona tear recently, <a href="https://www.financemagnates.com/trending/amazon-reaches-2-trillion-market-cap-the-new-titan-of-tech/">withstocks like NVIDIA leading the charge</a> due to their critical role inpowering next-generation technologies. As the demand for AI capabilities, datacenters, and high-performance computing continues to skyrocket, companies inthis space have seen their valuations soar. NVIDIA, in particular, has become acornerstone of the AI revolution, with its GPUs serving as the backbone forcountless AI applications.Joining the Ranks of Chip IndustrySellersHuang isn't alone in this sell-offspree. Other top executives in the chip industry, such as Micron’s SanjayMehrotra and Qualcomm’s Cristiano Amon, have also capitalized on theircompanies' stock surges by selling off their holdings. This pattern amongindustry leaders signals a shared strategy: taking advantage of peak marketvaluations to secure personal financial gains.Nvidia <a href="https://twitter.com/search?q=%24NVDA&src=ctag&ref_src=twsrc%5Etfw">$NVDA</a> vs Intel <a href="https://twitter.com/search?q=%24INTC&src=ctag&ref_src=twsrc%5Etfw">$INTC</a>: 2014 to today <a href="https://t.co/NqUFZpQMjE">pic.twitter.com/NqUFZpQMjE</a>— Evan (@StockMKTNewz) <a href="https://twitter.com/StockMKTNewz/status/1761469357815652791?ref_src=twsrc%5Etfw">February 24, 2024</a>It takes a while, but you can just skip to the end.These sales are not random acts, butare well-timed moves aligned with market conditions. Mehrotra, for instance,sold shares amidst Micron’s rise, driven by memory chip demand and data storageneeds. Similarly, Qualcomm’s Amon executed sales following the company'sadvances in 5G technology and mobile processor dominance. These actions reflecta calculated approach to personal wealth management against the backdrop oftheir companies' successes.The Strategic TimingThe timing of these sales iscrucial. NVIDIA’s stock has seen an extraordinary rise, buoyed by the company’sadvancements and dominant position in the <a href="https://www.financemagnates.com/terms/a/artificial-intelligence-ai/">artificial intelligence (AI</a>) hardware market. By cashing induring these high times, executives like Huang are ensuring they reap maximumbenefits. The rationale is clear: strike while the iron is hot. With stockprices at historic highs, it’s a prime opportunity to lock in profits.NVIDIA's growth has been nothingshort of meteoric, with its market capitalization reaching unprecedentedlevels. This has been driven by the company's strategic investments in artificial intelligence (AI),<a href="https://www.financemagnates.com/terms/m/machine-learning/">machine learning</a>, and high-performance computing. Implications for InvestorsFor investors, these high-profilestock sales might raise eyebrows. Does the sell-off indicate that theseexecutives anticipate a potential plateau or decline in stock value? Or is itsimply a prudent financial decision to diversify their assets after a period ofunprecedented growth?The truth likely lies somewhere inbetween. While the sales do not necessarily predict a downturn, they highlightthe fact that executives are constantly considering their stock management.It’s about balancing personal financial security with corporate stewardship.Executives selling shares is a common practice, often planned months inadvance, and typically doesn’t reflect a lack of confidence in the company’sfuture. However, it's worth noting that such moves can create a perceptionissue. Investors might worry about the timing and rationale behind these sales.The Bigger PictureThis trend of stock sales among chipexecutives underscores a broader theme in the tech industry: the maturation andstabilization of the market.…
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Italy's securities regulator, Consob, has issued a warning to investors about the risks associated with retail prop trading activities. It describes them as onlinetrading simulations that promise profits but may lead to financial losses.Consob Flags Prop Firm “TradingGames” as Potential Investor TrapThe Italianmarket watchdog describes the prop trading industry very interestingly,completely different from how the companies operating within it do.Theregulator said these offerings, promoted on websites and social media platforms, "simulate an online trading activity in a type of finance video game aimed at passing skill tests and making a profit." They are presented under various names, including "shadow investment game," "funding trading," and "financed trading accounts." These simulations often require users toenroll in paid training courses before participating in <a href="https://www.financemagnates.com/terms/o/online-trading/">online trading</a>challenges.Accordingto Consob, the schemes typically involve users progressing from simulatedtrading to purportedly real trading using capital provided by self-described"proprietary firms" or "prop firms." To enticeparticipants, these firms offer to share some profits generated.Theregulator emphasized that these simulations carry significant risks for savers and could result in the loss ofinvested funds.“Consob hasreceived several reports from users who have signed up for such offers. Thecomplaints concern both the level of difficulty of the tests, which areallegedly contrived to push ‘players’ to try again, and the failure to sharethe alleged profits.” The regulator commented.Regulatoryinterest in proprietary trading began in February, leading to the withdrawalfrom part of the market by the popular <a href="https://www.financemagnates.com/forex/prop-trading-firms-renaissance-cutting-us-clients-integrating-new-trading-platforms/">tradingplatform provider MetaQuotes</a>, difficulties in access for investors <a href="https://www.financemagnates.com/forex/breaking-prop-trading-firm-myfundedfx-restricts-us-clients/">fromthe USA</a>, and the suspension of operations <a href="https://www.financemagnates.com/forex/prop-trading-and-metaquotes-funding-pips-case-may-mark-the-end-of-mt-access-to-us-clients/">bysome companies</a>Increasing Number ofEuropean Regulators Warning Against Prop TradingSimilarwarnings have been issued by financial market <a href="https://www.financemagnates.com/forex/fsma-warns-public-against-dubious-practices-of-prop-trading-firms/">supervisory authorities inBelgium</a> (FSMA) and Spain (CNMV), highlighting a growing trend of concern amongEuropean regulators.At the endof May, <a href="https://www.financemagnates.com/forex/exclusive-regulators-conducted-preliminary-reviews-on-potential-prop-trading-regulations/">Finance Magnates reported</a> that the European Securities andMarkets Authority (ESMA) had convened a discussion on the regulationsconcerning prop trading. Remonda Kirketerp-Møller, the founder and CEO ofregulatory <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> firm Muinmos, shared that “regulators have beenconducting studies, gathering data, and engaging in consultations with industryparticipants to better understand the nature and implications of prop trading.”Currently,prop trading firms are primarily governed by laws such as consumer protectionrules, data protection regulations, and international sanctions conditions. These companies are predominantly registered <a href="https://www.financemagnates.com/forex/trader-funded-firms-operate-globally-but-registrations-are-concentrated-in-us-and-uk/">in the US, the UK, the UAE,and Saint Vincent and the Grenadines</a>, although many are also registered withinthe EU.In earlyJune, the Czech regulator <a href="https://www.financemagnates.com/forex/exclusive-czech-regulator-asserts-prop-trading-firms-may-be-subject-to-mifid/">indicated that prop trading firms</a> “may be subject toMiFID regulations.” The business models used by firms…
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On June 6, the European Central Bank (ECB) communicated its decision to lower its three main interest rates by 25 basis points for the first time in five years. Ahead of the Fed, which by tradition, would have been expected to come forward first with an interest rate cut, the ECB brought its main refinancing rate down to 4.25% from 4.50%. Concurrently, the marginal lending facility rate and the deposit facility rate decreased to 4.50% and 3.75%, respectively. But why now, and what does it mean for the Euro area?More contextLest we forget, the world’s central banks hiked interest rates to rein in the high inflation elevated by the pandemic and the energy shockwave stirred by Russia’s aggression against Ukraine. Prices in the Euro-dependent economies, the US and the UK soared as a result, eroding buying sentiment and causing investors to pivot to safe-haven assets such as gold or silver. Since then, the situation has broadly improved. Although some prices continue to rise, particularly in the services sector, overall inflation has declined, giving a breather to the business sector and reinvigorating investor interest for alternative assets.Despite the progress it made in taming inflation and bringing it closer to its 2% target, the ECB is still not rushing to continue dropping the interest rates. This stance has been perceived by many as “hawkish”, since the central bank remains committed to keeping “interest rates restrictive for as long as necessary”, whilst pursuing “a data-dependent and meeting-by-meeting approach”.The immediate impact on the EuroThe monetary policy divide between the US and Europe has slightly weakened the Euro. If between mid-April and mid-June, the single currency had strengthened against the US dollar, rising to 1.070 from 1.062, now considering the asynchronous monetary policy between the ECB and the Fed, the Euro could face further devaluation against the dollar. Why is the Euro weaker?There are at least three reasons behind the single currency’s weakness. First, the imperative to boost European production and exports, especially in the field of energy has never been more evident as the Ukraine war has been dragging on for nearly two years, driving energy costs at record highs.Unlike the US, for example, which is the world’s largest energy producer and consumer at the same time, the EU has yet to catch up on production. Still largely dependent on Russia’s fossil fuels, the EU has a lot more to suffer from the high energy prices than the US, which is well known for its ability to offset any losses in purchasing power as an energy consumer against the gains it generates as an energy producer.It may be quite some time before Europe reaches its green energy target and breaks the shackles of fossil fuel dependency. This brings us to the second reason - the US dollar strength.The Federal Reserve has already hiked its key interest rates three times this year. Huge amounts of cash started flowing into the US economy to benefit from the higher interest rates. In keeping with the old adage, “higher interest rates, greater demand for currency”, the greenback appreciated thanks to greater demand.The third reason is more related to the markets’ reaction to the current economic context. As explained earlier, in times of uncertainty, investors tend to shift focus to what they consider as safe havens. Presently, the US dollar is the only global currency and hence, it serves as a universal means of exchange for goods and services worldwide. This contributes to it being regarded as a safe haven, which makes it appealing to investors. Nevertheless, caution must be exercised and investors should continue to stay informed about the markets and assess risk according to the fundamental and technical data at hand. Are there any positives to a weaker Euro?The weaker Euro has as many significant advantages as it has disadvantages. The first and foremost advantage is the rising cost of exports. European products - priced in US dollars - become more affordable in the US, which…
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Plus500 (LON: PLUS) generated revenue of $182.6 million in the second quarter of 2024, which increased 14 per cent year-over-year. However, the figure dropped by 15.3 per cent when compared to the $215.6 million generated in the first three months of the year.EBITDA also followed the same trend, improving by 11 per cent to $81.3 million year-over-year and declining by 20.7 per cent quarter-over-quarter. The quarter's EBITDA margin was 45 per cent, 2 percentage points lower than the corresponding quarter of the previous year.The Impact of EURO 2024Justifying the numbers, the London-listed brokerage pointed out that financial market activity was dull towards the end of the quarter due to the UEFA EURO 2024 Football Championship, which was expected given previous trends.“During the first six months of 2024, Plus500 delivered excellent financial and operational progress despite difficult market conditions,” said David Zruia, Chief Executive Officer at Plus500.“Revenue and EBITDA increased meaningfully year-on-year, highlighting the inherent resiliency and strength of the Group's differentiated business model. This underpins our continued focus on our stated strategy of expanding into new markets, developing new products, and deepening relationships with our customers.”The trading update today (Monday) further revealed that the Israeli broker added 24,810 new customers between April and June, compared to 22,248 new customers in the corresponding quarter of 2023.Furthermore, the company still boasts a healthy balance sheet with over $1 billion in cash.A Strong OutlookAs for the outlook, the broker is anticipating its revenue and EBITDA for the ongoing financial year to be in line with the current market expectations, which are $697.8 million and $314.6 million, respectively.“Plus500 remains well positioned to capitalise on both short-term market conditions and the longer-term growth trends in its end markets,” Zruia added. “In the short term, our increasingly diversified offering and intuitive trading platforms allow customers to access a wide variety of products, services, and features across multiple markets. Over the medium term, we will continue to invest in our strategic roadmap initiatives, which are enabled by our class-leading technology, deep customer engagements, and robust financial position.”This article was written by Arnab Shome at www.financemagnates.com.
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After a record-high number of executive moves last week, this week saw a slight drop in the number of appointments, promotions, and exits. In this week's segment, notable moves camefrom FX, proprietary trading, and investment platforms.Notably, former Amazon Consultantjoined Capital.com as Global Head of Programmatic; Finalto recruited DigitalMarketing Expert Grant Ellis from CMC Markets; GCEX strengthened UAE presencewith a new Non-Executive Director; Capital.com hired Revolut's Tarek Mahassenas Head of Risk in MENA; MetaQuotes welcomed TopFX's former executive RamiFleifel as Sales Manager; prop trading giant FTMO strengthened c-suite with anew CFO and Head of Legal; Marex's former Director Tim Cunningham joinedLiquidnet; TradingView targets Australia expansion with a new Director ofGrowth. Take a look at our executive move segment for this week as we highlight the most important executive appointments, promotions, and exits from notable brands.Executive Moves of the WeekFormer Amazon Consultant JoinsCapital.com as Global Head of ProgrammaticCapitcal.com appointed Patricia LynDixon as Global Head of Programmatic. Previously, Dixon worked at Amazon Ads asa Programmatic Solutions Consultant for over two years. Before Amazon, she wasthe Buyer Lead for the UK and Nordics at Magnite for one and a half years. Besides that, Dixon also held variousroles at Omnicom Media Group. She was the Director of Programmatic AV and laterthe Operational Business Director for one and a half years. She started atOmnicom as a Senior Programmatic Video Manager nearly a year ago. Her careerbegan at Videology, where she spent nearly four years.Discover more about <a href="https://www.financemagnates.com/executives/former-amazon-consultant-joins-capitalcom-as-global-head-of-programmatic/">Capitcal.com's appointment of Patricia Lyn Dixon</a> as Global Head of Programmatic. Finalto Recruits Digital MarketingExpert Grant Ellis from CMC MarketsFinalto hired CMC Markets' FormerDigital Marketing Manager, Grant Ellis, to serve in the same capacity. Ellishas been with CMC Markets for nearly two years as the Digital MarketingManager, leading the development of strategies to acquire leads and managemarketing campaigns.She previously served as the Digital Marketing Manager for the London-based Kingfisher Insurance. The <a href="https://www.financemagnates.com/terms/m/marketing/">marketing</a> expert has also worked for other brands, including Cogora, ZincMedia Group, and GP Acoustics. In a similar move, Finalto onboarded Daniel Leisas the Sales Director in February, joining the company's London offices.Display more about <a href="https://www.financemagnates.com/executives/finalto-recruits-digital-marketing-expert-grant-ellis-from-cmc-markets/">Finalto's hire of CMC Markets' former Digital Marketing Manager</a>, Grant Ellis. GCEX Strengthens UAE Presence with NewNon-Executive Director OnboardGC Exchange FZE, the Dubai-based armof the GCEX Group, named Saeed Al Darmaki as the Non-Executive Director as partof its efforts to expand its presence in the UAE. Al Darmaki's will focus onthe company's expansion. Currently, GC Exchange FZE is operating in the countryas a Virtual Asset Service Provider (VASP) license from Dubai's Virtual AssetsRegulatory Authority (VARA).Headquartered in London with physicaloffices in Copenhagen, Glasgow, Zug Crypto Valley, and Kuala Lumpur, GCEXopened its Dubai offices in mid-2022 and subsequently obtained the locallicense. Currently, Al Darmaki is currently the CEO of Sheesha Finance andco-founder of the Alphabit investment fund. He also holds advisory roles inseveral other companies in the country.Find out more about <a href="https://www.financemagnates.com/executives/gcex-strengthens-uae-presence-with-new-non-executive-director-onboard/">Al Darmaki's onboarding as a Non-Executive Director</a> at GCEX and the firm's effort to expand its presencein the UAE. Capital.com Hires Revolut's TarekMahassen as Head of Risk in MENACapital.com brought Tarek Mahassen asHead of Risk for the MENA region…
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Italy's securities regulator, Consob, has issued a warning to investors about the risks associated with retail prop trading activities. It describes them as onlinetrading simulations that promise profits but may lead to financial losses.Consob Flags Prop Firm “TradingGames” as Potential Investor TrapThe Italianmarket watchdog describes the prop trading industry very interestingly,completely different from how the companies operating within it do.Theregulator said these offerings, promoted on websites and social media platformsas traders’ skill tests, are presented under various names including"shadow investment game," "funding trading," and"financed trading accounts." These simulations often require users toenroll in paid training courses before participating in online tradingchallenges.Accordingto Consob, the schemes typically involve users progressing from simulatedtrading to purportedly real trading using capital provided by self-described"proprietary firms" or "prop firms." To enticeparticipants, these firms offer to share a portion of any profits generated.Theregulator emphasized that these simulations, which resemble financial videogames, carry significant risks for savers and could result in the loss ofinvested funds.“Consob hasreceived several reports from users who have signed up for such offers. Thecomplaints concern both the level of difficulty of the tests, which areallegedly contrived to push ‘players’ to try again, and the failure to sharethe alleged profits.” The regulator commented.Increasing Number ofEuropean Regulators Warning Against Prop TradingSimilarwarnings have been issued by financial market supervisory authorities inBelgium (FSMA) and Spain (CNMV), highlighting a growing trend of concern amongEuropean regulators.At the endof May, Finance Magnates reported that the European Securities andMarkets Authority (ESMA) had convened a discussion on the regulationsconcerning prop trading. Remonda Kirketerp-Møller, the founder and CEO ofregulatory compliance firm Muinmos, shared that “regulators have beenconducting studies, gathering data, and engaging in consultations with industryparticipants to better understand the nature and implications of prop trading.”Currently,prop trading firms are primarily governed by laws such as consumer protectionrules, data protection regulations, and international sanctions conditions. These companies are predominantly registered in the US, the UK, the UAE,and Saint Vincent and the Grenadines, although many are also registered withinthe EU.In earlyJune, the Czech regulator indicated that prop trading firms “may be subject toMiFID regulations.” The business models used by firms engaged in prop trading(technically funded trader services) can take various forms, some of which maybe subject to the MiFID regulatory framework.” Notably, one of the leading proptrading firms, FTMO, is based in the Czech Republic.This article was written by Damian Chmiel at www.financemagnates.com.
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On June 6, the European Central Bank (ECB) communicated its decision to lower its three main interest rates by 25 basis points for the first time in five years. Ahead of the Fed, which by tradition, would have been expected to come forward first with an interest rate cut, the ECB brought its main refinancing rate down to 4.25% from 4.50%. Concurrently, the marginal lending facility rate and the deposit facility rate decreased to 4.50% and 3.75%, respectively. But why now, and what does it mean for the Euro area?More contextLest we forget, the world’s central banks hiked interest rates to rein in the high inflation elevated by the pandemic and the energy shockwave stirred by Russia’s aggression against Ukraine. Prices in the Euro-dependent economies, the US and the UK soared as a result, eroding buying sentiment and causing investors to pivot to safe-haven assets such as gold or silver. Since then, the situation has broadly improved. Although some prices continue to rise, particularly in the services sector, overall inflation has declined, giving a breather to the business sector and reinvigorating investor interest for alternative assets.Despite the progress it made in taming inflation and bringing it closer to its 2% target, the ECB is still not rushing to continue dropping the interest rates. This stance has been perceived by many as “hawkish”, since the central bank remains committed to keeping “interest rates restrictive for as long as necessary”, whilst pursuing “a data-dependent and meeting-by-meeting approach”.The immediate impact on the EuroThe monetary policy divide between the US and Europe has slightly weakened the Euro. If between mid-April and mid-June, the single currency had strengthened against the US dollar, rising to 1.070 from 1.062, now considering the asynchronous monetary policy between the ECB and the Fed, the Euro could face further devaluation against the dollar. Why is the Euro weaker?There are at least three reasons behind the single currency’s weakness. First, the imperative to boost European production and exports, especially in the field of energy has never been more evident as the Ukraine war has been dragging on for nearly two years, driving energy costs at record highs.Unlike the US, for example, which is the world’s largest energy producer and consumer at the same time, the EU has yet to catch up on production. Still largely dependent on Russia’s fossil fuels, the EU has a lot more to suffer from the high energy prices than the US, which is well known for its ability to offset any losses in purchasing power as an energy consumer against the gains it generates as an energy producer.It may be quite some time before Europe reaches its green energy target and breaks the shackles of fossil fuel dependency. This brings us to the second reason - the US dollar strength.The Federal Reserve has already hiked its key interest rates three times this year. Huge amounts of cash started flowing into the US economy to benefit from the higher interest rates. In keeping with the old adage, “higher interest rates, greater demand for currency”, the greenback appreciated thanks to greater demand.The third reason is more related to the markets’ reaction to the current economic context. As explained earlier, in times of uncertainty, investors tend to shift focus to what they consider as safe havens. Presently, the US dollar is the only global currency and hence, it serves as a universal means of exchange for goods and services worldwide. This contributes to it being regarded as a safe haven, which makes it appealing to investors. Nevertheless, caution must be exercised and investors should continue to stay informed about the markets and assess risk according to the fundamental and technical data at hand. Are there any positives to a weaker Euro?The weaker Euro has as many significant advantages as it has disadvantages. The first and foremost advantage is the rising cost of exports. European products - priced in US dollars - become more affordable in the US, which…
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Plus500 (LON: PLUS) generated revenue of $182.6 million in the second quarter of 2024, which increased 14 per cent year-over-year. However, the figure dropped by 15.3 per cent when compared to the $215.6 million generated in the first three months of the year.EBITDA also followed the same trend, improving by 11 per cent to $81.3 million year-over-year and declining by 20.7 per cent quarter-over-quarter. The quarter's EBITDA margin was 45 per cent, 2 percentage points lower than the corresponding quarter of the previous year.The Impact of EURO 2024Justifying the numbers, the London-listed brokerage pointed out that financial market activity was dull towards the end of the quarter due to the UEFA EURO 2024 Football Championship, which was expected given previous trends.“During the first six months of 2024, Plus500 delivered excellent financial and operational progress despite difficult market conditions,” said David Zruia, Chief Executive Officer at Plus500.“Revenue and EBITDA increased meaningfully year-on-year, highlighting the inherent resiliency and strength of the Group's differentiated business model. This underpins our continued focus on our stated strategy of expanding into new markets, developing new products, and deepening relationships with our customers.”The trading update today (Monday) further revealed that the Israeli broker added 24,810 new customers between April and June, compared to 22,248 new customers in the corresponding quarter of 2023.Furthermore, the company still boasts a healthy balance sheet with over $1 billion in cash.A Strong OutlookAs for the outlook, the broker is anticipating its revenue and EBITDA for the ongoing financial year to be in line with the current market expectations, which are $697.8 million and $314.6 million, respectively.“Plus500 remains well positioned to capitalise on both short-term market conditions and the longer-term growth trends in its end markets,” Zruia added. “In the short term, our increasingly diversified offering and intuitive trading platforms allow customers to access a wide variety of products, services, and features across multiple markets. Over the medium term, we will continue to invest in our strategic roadmap initiatives, which are enabled by our class-leading technology, deep customer engagements, and robust financial position.”This article was written by Arnab Shome at www.financemagnates.com.
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