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Open Payment Technologies Ltd, today announces the launch of its digital wallet app "Kuady”. Designed to accelerate financial inclusion and transform how merchants and users manage their money, Kuady offers an advanced, user-friendly experience that ensures secure and efficient money management.Kuady will make its debut in Peru and Chile – giving global organisations access to these markets with seamless cross-border transactions – with further LatAm countries being added monthly. Expansion into Africa and Europe will follow. Operating under an Electronic Money Transmission Services license granted by the Isle of Man Financial Services Authority, Kuady will act as a payment service processor for merchants and offer an e-wallet app for customers. It provides robust chargeback protection and features to boost customer acquisition, retention, and activation. The digital wallet provides merchants with instant payouts for their customers, a feature that provides a solution for individuals who struggle to access their funds, and offers its users deposit options such as cards, online bank transfers, and cash.“At Kuady, we are dedicated to fostering a sense of community that simplifies financial management and we see Kuady as a beacon for business growth and longevity” says Lorenzo Pellegrino, CEO of Kuady. “Our digital wallet is intuitive, secure, and accessible to all, enabling us to promote financial inclusion and empower individuals and businesses.”Kuady is also a powerful acquisition tool. Merchants who use Kuady will benefit from ongoing investment in acquisition and marketing initiatives; investments that will increase Kuady’s consumer base organically. “Seamless, secure transactions are crucial for everyday life and our innovative platform is designed to be a one-stop solution for every financial need. With Kuady, we can realize our vision of advancing financial inclusion and giving individuals and businesses the tools they need to thrive in a global economy. It really is the partner in your pocket for merchants and users alike,” concludes Mr. Pellegrino.To learn more about Kuady, visit https://www.kuady.com. About KuadyKuady is a digital wallet app that aims to revolutionize financial management for merchants and users worldwide.With a focus on innovation, user-friendliness, and financial inclusion, Kuady provides diverse payment methods and a range of benefits for merchants and users alike.About Lorenzo PellegrinoA highly respected payments industry leader, Lorenzo Pellegrino has almost 20 years of senior management experience. He most recently held the role of Chief Operations & Digital Officer at PayRetailers. Previously he was CEO of Skrill and NETELLER, heading their digital wallets business and a marketing affiliate services company, Income Access, which are part of the Paysafe Group Plc. He devised Paysafe’s IPO on the New York Stock Exchange (NYSE) in 2021.Prior to this role, Lorenzo was the Executive Vice President for Digital Development for Optimal Payments Plc from 2012 to 2015, where he led their go-to-market strategy of the NETELLER wallet business and acquisition of Skrill. He spearheaded the company’s effort in integrating both wallet businesses which led to significant operational efficiencies and margin optimisation. Before joining Optimal Payments, he held various executive level positions at Skrill (previously known as Moneybookers) and led their business development efforts in the US.For media inquiries, please contact:This article was written by FM Contributors at www.financemagnates.com.
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The Financial Conduct Authority (FCA) has published newrules today (Thursday). These rules establish a simplified listings regime witha single category and streamlined eligibility for companies seeking to listtheir shares in the UK.UK Listing Rules RevisedThe revised listing rules aim to better align the UK’sregime with international market standards. According to the regulator, they ensure that investors willhave the necessary information to make informed decisions about their money.The rules also maintain investor protections to hold companymanagement accountable.The new rules eliminate the requirement for votes onsignificant or related party transactions. They also offer flexibility aroundenhanced voting rights. However, shareholder approval is still needed for keyevents such as reverse takeovers and decisions to delist a company's shares.Our new rules aim to encourage more companies to publicly list in the UK, increasing opportunities for investors and supporting UK growth and competitiveness. https://t.co/ULVXSp9o1w #UKListing #UKGrowth #Competitiveness #FinancialServices #FinancialRegulation pic.twitter.com/kfZn6VuElj— Financial Conduct Authority (@TheFCA) July 11, 2024Sarah Pritchard, Executive Director, Markets andInternational, at the FCA said: “Regulation is only part of the answer inhelping the UK achieve sustainable growth. Other factors also play asignificant role in influencing where a company decides to list." "We’recommitted to continually working together with all those who have a part toplay in supporting a thriving UK capital market and thank everyone who hascontributed to this work so far.”Boosting Economic GrowthThe changes to listing rules follow extensive marketengagement. The FCA has acknowledged the new rules involve allowing greaterrisk. However, the FCA believes that the changes will better reflect the riskappetite needed for economic growth. The new rules will come into effect on 29July 2024.Chancellor of the Exchequer Rachel Reeves said: “These newrules represent a significant first step towards reinvigorating our capitalmarkets, bringing the UK in line with international counterparts and ensuringwe attract the most innovative companies to list here.”This article was written by Tareq Sikder at www.financemagnates.com.
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Federalbanking regulators have imposed a combined $136 million in fines on CitigroupInc. and its subsidiary Citibank, N.A. for ongoing deficiencies in riskmanagement, internal controls, and data governance.Regulators Slap Citigroupwith $136 Million in Fines for Risk Management FailuresThe FederalReserve Board levied <a href="https://www.federalreserve.gov/newsevents/pressreleases/files/enf20240710a1.pdf">a $60.6 million civil money penalty</a> against Citigroup,while the Office of the Comptroller of the Currency (OCC) <a href="https://www.occ.treas.gov/news-issuances/news-releases/2024/nr-occ-2024-76.html">assessed a $75million fine</a>. These actions stem from the banking giant's failure to adequatelyaddress longstanding issues identified in enforcement orders issued by bothregulators in October 2020, when the institution already paid $400 million"Citibankmust see through its transformation and fully address in a timely manner itslongstanding deficiencies," said Acting Comptroller of the CurrencyMichael J. Hsu. "While the bank's board and management have mademeaningful progress overall, including taking necessary steps to simplify thebank, certain persistent weaknesses remain, in particular with regard todata."Regulators fine Citigroup $136 million in setback for CEO Jane Fraser <a href="https://t.co/N2896CnvA5">https://t.co/N2896CnvA5</a> via <a href="https://twitter.com/YahooFinance?ref_src=twsrc%5Etfw">@YahooFinance</a>— Shanny Basar (@shannybasar) <a href="https://twitter.com/shannybasar/status/1811292599774253422?ref_src=twsrc%5Etfw">July 11, 2024</a>The FederalReserve's penalty follows a 2023 examination that found Citigroup had madeinsufficient progress in enhancing its data quality management program andimplementing appropriate compensating controls to mitigate associated risks.These shortcomings constitute violations of the 2020 cease and desist order,which mandated significant improvements in Citigroup's <a href="https://www.financemagnates.com/terms/r/risk-management/">risk management</a> andinternal control practices.The OCC'samended enforcement action requires Citi to prioritize remediation work,including through the allocation of sufficient resources. The regulator citedthe bank's failure to meet remediation milestones and make sufficient andsustainable progress towards compliance with the 2020 order.Bothregulators emphasized the need for Citigroup to accelerate its efforts toaddress these longstanding issues. The penalties underscore the ongoingchallenges faced by one of the world's largest financial institutions inmodernizing its risk management and data systems.JaneFraser, the CEO of Citigroup, addressed the imposed penalties in a statement onWednesday, saying, "We've always said that progress wouldn't be linear,and we have no doubt that we will be successful in getting our firm where itneeds to be in terms of our transformation. We're committed to spending what isnecessary to address our consent orders.Citigrouphas consented to the orders without admitting or denying any allegations. Thepenalties will be remitted to the US Department of the Treasury. The regulatorswarned that further material failures to remediate these violations couldresult in additional penalties or corrective actions under the Federal DepositInsurance Act.Algo Trading ViolationsThese arenot the only penalties that Citigroup has received in recent months. Severalweeks ago, Germany's financial regulator, BaFin, <a href="https://www.financemagnates.com/forex/citigroup-fined-129m-for-algorithmic-trading-violations-in-germany/">imposed a €12.975 million($13.82 million) fine</a> on Citigroup Global Markets Europe AG for breachingobligations related to algorithmic trading under the country's securitiestrading laws. A monthearlier, Citigroup Global Markets Limited (CGML) <a href="https://www.financemagnates.com/forex/citigroup-fined-616m-over-algorithmic-trading-mistake-worth-14b/">received a combined fine of£61.6 million</a> from the Financial Conduct Authority (FCA) and the Prudential<a …
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Flipster, a cryptocurrency derivatives trading platform, is celebrating its 1st anniversary by launching two competitions and giving away 150,000 USDT worth of prizes. Since its launch, the Flipster platform has been fueled by a 1,943% trading volume growth and 3,998% net asset growth. These figures accompany an equally impressive 190% sign-up growth, and a 565% growth in active traders, with users spanning across 177 countries, reflecting strong user retention and platform satisfaction.A fast-growing cryptocurrency trading platform, Flipster has a daily trading volume exceeding $480,000,000, according to CoinMarketCap data as of the date of this release.Source: CoinMarketCapPlatform Highlights· Wide variety of crypto: Traders can access over 250 perpetual futures listings with leverage of up to 100x, including tokens not readily found on other futures trading platforms and some with low visibility in spot markets, offering more diversification opportunities.· Zero Trading Fees: Our zero trading fees allows traders to maximize their profits by eliminating transaction costs, making Flipster attractive for retail users seeking the best prices compared to other exchanges.· High Liquidity: Flipster offers narrower bid-ask spreads and higher liquidity than larger trading platforms, facilitating seamless trading regardless of market conditions.The past year has been packed with top-tier partnerships to bring the Flipster trading experience to a whole new level, including TON (The Open Network), Over Protocol, and Scallop (SCALLOP).Flipster’s commitment to being the fastest trading platform to offer the world's first perpetual futures listings on the latest cryptocurrencies, with recent listings including ZRO, ZK, AEVO, BLAST, and ETHFI, appeals to serious traders looking to elevate their crypto game. The Flipster team aims to continually reimagine what exists in the crypto space to unlock unprecedented value for users. Through its Earn Campaign, users can trade while earning a 20% APR* (varies daily) on their USDT wallet balance simultaneously, with no lock-up period and automatic daily reward distribution. Other latest innovations include multi-position trading, launchpool, and position airdrops.User safety and asset security comes first on Flipster. The trading platform adheres to strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. Industry standard security measures such as two-factor authentication is compulsory for all user accounts, and the Flipster team performs continuous monitoring of all transactions for suspicious activity. To protect users’ accounts, Flipster continuously updates and improves its security measures in response to emerging threats and technological advancements, and performs ongoing security assessments and compliance checks. As part of its commitment to transparency, Flipster conducts regular audits of its reserves and has published its Proof of Reserves (PoR) on its website. PoR is a form of verification that ensures all user assets held on Flipster's platform are fully backed on a 1:1 basis and are securely managed. The safeguarding of their assets is always a top priority for Flipster. By doing this, users can easily authenticate that their assets are fully accounted for, reinforcing the trust and confidence they have in Flipster, and giving them peace of mind.To celebrate this 1st anniversary milestone and appreciate the community’s support, Flipster is excited to announce two competitions, with prize pools of 75,000 USDT each. Users can take part in a trading volume competition or profit and loss (P&L) trading competition from 17 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC. Be among the first 12,000 users to register for each competition from 10 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC for participation eligibility. To claim rewards, users need to contribute a trade volume value of at least 10,000 USDT. The top 200 traders for each competition can get their share of rewards. Flipster plans to host in-person…
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According to <a href="https://www.bis.org/publ/bppdf/bispap147.pdf">a comprehensive survey by the Bank forInternational Settlements</a> (BIS) in 2023, 86 central banks worldwide are deeplyengaged in CBDC development. This burgeoning interest signals a significantmove towards integrating digital currencies into the mainstream financialsystem, aiming to modernize payment mechanisms and enhance financial stability.The Rising Prominence of CBDCsCentral Bank Digital Currencies represent a fundamental change in how weperceive and utilize money. Unlike traditional cashless payment instrumentssuch as credit transfers and e-money, CBDCs are a direct liability of thecentral bank, offering a new form of digital money. This distinction is crucialas it underpins the trust and stability associated with central banks. <a href="https://www.bis.org/publ/bppdf/bispap147.htm">The BISsurvey </a>highlights that more than half of the surveyed central banks areactively working on proofs of concept, with a third running pilot programs.The interest in CBDCs is driven by multiple factors, including the desireto enhance payment systems, support monetary policy, and strengthen financialstability. Retail CBDCs, intended for everyday transactions by households andfirms, have been a focal point of many central banks. However, there is anotable shift towards wholesale CBDCs, which are designed for transactionsbetween financial institutions. These wholesale CBDCs promise newfunctionalities through tokenization, such as composability and programmability,which could revolutionize interbank transactions.The Role of StablecoinsStablecoins have emerged as a significant innovation within the broadercategory of cryptoassets. Unlike traditional cryptocurrencies, stablecoins aimto maintain a stable value relative to a specified peg, making them moresuitable for payments. The BIS survey reveals that stablecoins, despite theirsmall market share, have gained traction among traditional financialinstitutions. High-profile launches like Société Générale's EUR CoinVertibleand PayPal's PYUSD indicate a growing acceptance of stablecoins in mainstreamfinance.These developments highlight the potential of stablecoins to bridge thegap between the traditional financial system and the crypto ecosystem. However,the widespread adoption of stablecoins also raises critical regulatorychallenges. If not properly designed and regulated, stablecoins could poserisks to the safety and efficiency of payment systems. The BIS surveyunderscores that two-thirds of respondent jurisdictions are actively working onregulatory frameworks to address these concerns, emphasizing the need forrobust oversight to mitigate potential risks.The Road Ahead<a href="https://www.financemagnates.com/cryptocurrency/the-broader-implications-of-central-bank-digital-currencies/">The journey towards integrating CBDCs</a> and stablecoins into the financialsystem is complex and multifaceted. Central banks are not only experimentingwith the technical feasibility of these digital currencies but also engagingwith a wide range of stakeholders to shape their design and implementation. TheBIS survey indicates that many central banks are considering features such asinteroperability with existing payment systems, offline capabilities, andholding limits for retail CBDCs. For wholesale CBDCs, the focus is onprogrammability and seamless integration into current financialinfrastructures.Global cooperation is essential in this endeavor. While each jurisdictionhas unique economic and social conditions influencing its approach to CBDCs andstablecoins, coordinated efforts are crucial for creating a safe and efficientglobal payment landscape. The BIS survey advocates for internationalcollaboration to ensure that payment innovations benefit all users whileminimizing risks.As the financial world stands on the brink ofthis digital transformation, the commitment to collaboration andforward-thinking policies will determine the success of these initiatives. TheBIS survey highlights a clear…
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AlthoughBitget is not the largest cryptocurrency exchange in terms of total volumes, itclosed a favorable quarter. From April to June, the platform ranked third innet capital inflow and showed the strongest market share growth compared to itscompetitors. Investorstransferred $700 million to Bitget in the second quarter, and activity on theplatform increased by nearly 50%.Bitget Reports $700MCapital Inflow and 50% Traffic Surge in Q2 2024Theexchange experienced a surge in user funds, with Bitcoin (BTC), Tether (USDT),and Ethereum (ETH) holdings increasing by 73%, 80%, and 153%, respectively,over the first six months of the year. This growth coincided with theaddition of 2.9 million new users to the platform.This placedBitget among the top exchanges with the highest net positive inflows in thepast quarter. Only Binance, which remains the market leader, and Bitfinexachieved better results in this category.Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2!👏 pic.twitter.com/UzxthwC4D8— Gracy Chen @Bitget (@GracyBitget) July 9, 2024Accordingto CCData's latest H2 Outlook Report, the exchange also reported the largestmarket share growth among centralized exchanges, increasing by 38.4% from H22023 to H1 2024.Bitget'sspot trading volume saw a visible uptick too, rising from $28 billion in Q1 to$32 billion in Q2, marking an increase of over 10%. The platform'smonthly visitors reached 10 million. Although its volumes are increasing, Bitget still does not rank amongthe top 10 cryptocurrency exchanges in terms of spot trading.Sport Sponsorships and NewProductsGracy Chen,CEO of Bitget, commented on the quarter's performance, stating, "Q2 2024has been a pivotal period for Bitget. Our collaboration with Turkish athletesalong with significant growth in users and website traffic is a part of ourglobal expansion."In a moveto expand its global presence, Bitgetpartnered with three Turkish national athletes as part of its #MakeItCountcampaign, featuring Lionel Messi. The agreement with famous footballer wassigned back in February, to build a brand presence in Latin America.Theexchange also launched a $20 million TON Ecosystem Fund in collaboration withForesight Ventures to support early-stage projects on The Open Network.Theexchange introduced two new initial token listing products, PoolX andPre-market, which collectively launched over 100 projects. What is more, Bitget'snative token, BGB, was recognized as the best-performing centralized exchangetoken in June and was ranked in the top 10 cryptocurrencies by Forbes. In itslatest move, the cryptocurrency exchange aimed to become a regulated player in India.This announcement comes as the most populous democracy grapples with thecomplexities of integrating cryptocurrencies into its financial ecosystem. Also recently,Bitget Wallet announced a joint investment with the crypto investment firmForesight X in Tomarket, a decentralized trading platform. This venture targetsemerging asset classes and aims to expand the wallet's services beyondtraditional decentralized exchanges (DEXs).This article was written by Damian Chmiel at www.financemagnates.com.
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After threeyears of development, the creators of Myfxbook, one of the most popular FX/CFDonline trading tools and social trading communities for retail traders, haveunveiled a new portfolio tracker for over 150,000 instruments called Marketlog.In anexclusive interview with Finance Magnates, Alex Rekun revealed that thenew tool would provide automatic connections to more than 10,000 banks andbrokers that investors use daily.Myfxbook Introduces a NewProduct: Meet MarketlogMarketlog'sprimary goal is to enable investors to track their stock portfolio and otherinstruments from a single location. According to Rekun, one of Myfxbooks’sFounders, the application allows users to monitor dividends and stock splits,as well as track a range of other asset classes, including ETFs, indices,bonds, options, forex, and crypto."Themain goal is to provide a user-friendly stock portfolio tracker with anengaging and beautiful UI that is simple to use even for novice investors, yetpowerful enough for professional investors as well," Rekun commented inhis conversation with Finance Magnates.Once aninvestor inputs information about all their instruments and positions intoMarketlog, the tool updates the information in real time with live marketprices, providing an instant overview of all instruments in one place.However,Marketlog will not be connected to the existing Myfxbook platform and, as thecreator admits, is a completely standalone service.Marketlogusers can choose from three different subscription plans: a free one and twopaid plans that increase usage limits and add several additional features. However,Rekun notes that the free version is designed to be "more thansufficient" for beginner investors, allowing them to track up to 12different investments and 100 transactions.A 15-Year-Old Idea,Finally DevelopedRekunadmits that the idea of creating a stock portfolio tracker first emerged in2009 when Myfxbook was being established. At that time, he and his brotherPavel Rekun also acquired the domain Mystockbook, intended to serve as the homefor another service. Ultimately, however, efforts focused on developing toolsfor FX/CFD traders, and the second project was postponed and eventually took ona completely different name."Weonly began planning for it a decade later," Rekun revealed. "Theproject officially started development in 2021 and was quietly launched just afew weeks ago, notifying only our existing client base after nearly three yearsof development." The creators of Myfxbook began to seriously plan thecurrent Marketlog around the time Rekungave his first public interview.When askedwhy the work took so long, the founder of Myfxbook and Marketlog admitted thatthe entire architecture was built from scratch. Along the way, they testedseveral different design iterations before settling on the best one."Additionally,unlike forex, where most investors use the same trading platform, makingintegration straightforward, the stock markets involve thousands of differentplatforms," added Rekun. "Each of these platforms requires its owndata cleansing, significantly slowing down the integration process."Marketlogis continuously being developed, with new functionalities to be introduced inthe coming weeks. Currently, work is underway to launch mobile applications forboth Android and iOS devices.This article was written by Damian Chmiel at www.financemagnates.com.
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Bank of Israel (BOI) has postponed the launch ofthe digital shekel until the European Central Bank (ECB) unveils its digitaleuro, Reuters reported. BOI will wait for major Western central banks to takethe first step in adopting central bank digital currencies (CBDCs). Digital Shekel Debut BOI's Deputy Governor Andrew Abir told the mediapublication: "We are all waiting for the first western central bank topull the trigger, which is almost certainly going to be the ECB. And then youmay see a rush of countries going forward with it." As of March, 134 countries, encompassing 98% of theglobal economy, are exploring digital versions of their currencies. China leadswith advanced pilot programs, while the US Federal Reserve lags behind. TheBank of Israel initiated its exploration into CBDCs in 2017, aiming to enhanceits payments system.The BOI's interest in a digital shekel intensified inNovember 2020. Collaborating with central banks from Hong Kong, Sweden, Norway,and the Bank for International Settlements. BOI has been testing its digital currency in an initiative termed the "Digital ShekelChallenge," which invites fintech and traditional financial companies toshowcase potential use cases.Despite these efforts, the BOI is uncertain about theeventual launch of a digital shekel. The current experiment serves as an"action plan" to be implemented when deemed necessary andappropriate.The ECB shares similar hesitations, with the potentialintroduction of a digital euro still uncertain. Europe's dependence oncross-border payment services from US giants like Visa and Mastercard adds tothe complexity.Public Adoption UncertaintyAbir highlighted the challenge of public adoption,stating that the concern is whether the public will adopt a digital currency.The BOI is conducting a behavioral study to understand the public willingnessto embrace a digital shekel.Abir pointed out the gap between theoretical studiesand practical usage. He said that some studies are pushing people to use digital currency. However, he maintains that there should bea good set of use cases.As the BOI waits for the ECB's move, the globalfinancial community remains keenly interested in how digital currencies willreshape economies and payment systems. The success of the digital euro couldpave the way for Israel's digital shekel and potentially revolutionize globalfinancial transactions.This article was written by Jared Kirui at www.financemagnates.com.
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Cyprus has issued an alert to financialprofessionals, emphasizing their pivotal role in thwarting terror financing. This directive by the Institute of Certified Public Accountants of Cyprus (ICPAC) highlights heightened scrutiny on cryptocurrency transactions and non-profit organizations (NPOs), which are increasingly susceptible to exploitation by terrorist entities.Preventing Terror FinancingThe ICPAC's "terror financing alert" iscalling on Cyprus' accounting and audit sectors. Acknowledging the evolvinglandscape of financial crime, the alert directs attention to five primarymethods of fund transfer, prominently featuring cryptocurrencies. According to the institute, these digital assets,known for their pseudo-anonymous nature, present a growing challenge intracking illicit financial flows. The directive emphasized the importance oftransaction monitoring and conducting Know Your Client (KYC) procedures asessential defenses against terrorist financing activities.Under the alert, ICPAC highlighted specific risk areaswhere financial professionals must intensify their vigilance. It urged charitableorganizations and NPOs, often targets for illicit funding, toscrutinize donations. The proximity of operations to conflict zones orjurisdictions under sanctions amplifies these risks, necessitating duediligence on ownership structures and funding sources.Monitoring financial activities associated withterrorism financing is reportedly complex, ranging from minute transactions tosubstantial sums. Historically reliant on intelligence and information, theseefforts now place greater responsibility on financial professionals asfrontline gatekeepers. Cryptocurrency and Emerging RisksOf particular concern are crypto assets, increasinglyfavored by terrorists for their anonymity and global accessibility. ICPAC's alerthas stressed the importance of screening crypto wallets against sanctions listsand monitoring transactions for suspicious patterns, including the use ofmixing services.ICPAC mentioned that the regulatory frameworks and technological tools employed to combat the misuse of crypto in funding terrorism must evolve as crypto evolves. Notably, the failure to report suspicions ofterrorist financing constitutes a serious offense under Cyprus' Combating ofTerrorism and Victim Protection Law of 2019. The directive serves as both a regulatory guidelineand a stark reminder of the legal repercussions for non-compliance within thefinancial sector. ICPAC plans to further bolster its guidance on terroristfinancing, ensuring members and firms remain adept in navigating these complexregulatory landscapes.This article was written by Jared Kirui at www.financemagnates.com.
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The advent of artificial intelligence marks a significantmilestone for central banks, transforming them from traditional financialoverseers into pioneers of innovation. A recent report commissioned by theEurogroup underscores the immense potential AI holds for these institutions. Byleveraging AI, central banks can significantly enhance their economicforecasting capabilities, utilizing real-time data to make more informeddecisions. This shift allows for more precise monetary policies, fostering stableeconomic environments.AI's impact extends to regulatory functions as well.Central banks can now utilize advanced algorithms to monitor financialinstitutions, detect anomalies, and predict systemic risks well before theymanifest. This proactive regulation ensures a more resilient financial system,preventing crises rather than merely responding to them. The integration of AIalso streamlines operations, automating routine tasks and enabling centralbanks to focus on strategic, high-impact activities.Furthermore, the report advocates for central banks toactively invest in AI research and development. This proactive stance will notonly accelerate AI adoption but also position central banks as leaders in thefinancial sector's digital transformation. By collaborating with otherinstitutions and sharing best practices, central banks can foster a moreintegrated and robust financial system.Recent statements from tech leaders like Elon Musk andGeoffrey Hinton highlight the broader implications of AI. Musk has described AIas "the most disruptive force in history," foreseeing a future wheremany jobs become redundant. Hinton has echoed this sentiment, suggesting thatpeople consider careers less susceptible to automation. These perspectivesunderscore the transformative power of AI, a force that central banks are nowpoised to harness for the benefit of the economy.Central banks are not merely adapting to a new tool butembracing a fundamental shift in their operational paradigm. By integrating AI,they can enhance their ability to manage economic stability, regulate financialinstitutions, and protect consumer data. This transformation is not just abouttechnological adoption but about rethinking the very foundations of financialoversight and stability.As central banks lead this AI-driven evolution, they mustdo so with a commitment to ethical standards, transparency, and public trust.Ensuring fairness and accountability in AI applications will be crucial.Engaging with stakeholders, including governments, financial institutions, andthe public, will foster a collaborative environment that supports AIintegration.The AI "gold rush" presents central banks with anunprecedented opportunity to revolutionize their operations. By adopting aforward-thinking and collaborative approach, these institutions can harness AIto achieve greater efficiency, stability, and resilience in the financialsystem. The future of central banking is not just about managing money butabout leading a new era of technological advancement that will shape the globaleconomy for years to come.This article was written by Pedro Ferreira at www.financemagnates.com.
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Clear Street, a cloud-native financial technology firmfocused on modernizing the brokerage ecosystem, has appointed Edward Tilly asPresident. Tilly joins Clear Street following a decade-long tenure as ChiefExecutive Officer at CBOE Global Markets, Inc., during which he significantlyincreased market capitalization from $2.0 billion to over $18.0 billion. His leadership was marked by transformative initiatives suchas the 2017 acquisition of BATS Global Markets, Inc. and the introduction ofinnovative financial products like zero-days-to-expiration options.Executive Collaboration at Clear StreetTilly brings experience and a proven track record of successin managing a publicly traded company to Clear Street. In his new role, he willcollaborate closely with Chris Pento, Clear Street's Chief Executive Officer,to steer the firm through its next growth phase. Tilly will report directly toClear Street’s Board of Directors.“I am thrilled to be joining a company whose global visionis relentlessly customer-centric and whose technology platform is so unique.Having spent more than thirty years in the financial markets hyper-focused oninnovation and accessibility, Clear Street has an exciting opportunity and I amlooking forward to working with Chris and his team,” commented Tilly.Clear Street has strengthened its executive team over thepast year with other notable additions, including Atul Pawar, former head ofU.S. Prime, Clearing, FCM, and Counterparty Risk at Goldman Sachs, and JonDaplyn, former technology leader at Morgan Stanley.Cboe to Close Crypto ExchangeEarlier, CboeGlobal Markets announced plans to shut down its cryptocurrency exchange bythe third quarter of 2024, as reported by Finance Magnates. The transitionwill see cash-settled Bitcoin and ether futures contracts moving from the CboeDigital Exchange to the Cboe Futures Exchange by the first half of 2025. This move aims to consolidate Cboe's US futures offeringsunder one platform, enhancing operational efficiency globally. Leveraging itsestablished derivatives franchise, Cboe intends to bolster exchange-tradeddigital asset derivatives markets.Cboe will retain ownership and operation of Cboe ClearDigital, integrating it with Cboe Clear Europe to streamline operations andimprove client service worldwide. The company expects minimal impact on 2024net revenue due to the closure, anticipating cost savings. This article was written by Tareq Sikder 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 more 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 trades 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.Speaking about the new offering, Lian J, Vantage’s UserGrowth Director, mentioned: "Our new multi-currency support and multipleaccount types are designed to further break down any geographical and technicalbarriers for traders, empowering traders to follow and learn from any seasonedtrader they choose, supporting accessibility across all experiencelevels."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 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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AlthoughBitget is not the largest cryptocurrency exchange in terms of total volumes, itclosed a favorable quarter. From April to June, the platform ranked third innet capital inflow and showed the strongest market share growth compared to itscompetitors. Investorstransferred $700 million to Bitget in the second quarter, and activity on theplatform increased by nearly 50%.Bitget Reports $700MCapital Inflow and 50% Traffic Surge in Q2 2024Theexchange experienced a surge in user funds, with Bitcoin (BTC), Tether (USDT),and Ethereum (ETH) holdings increasing by 73%, 80%, and 153%, respectively,over the first six months of the year. This growth coincided with theaddition of 2.9 million new users to the platform.This placedBitget among the top exchanges with the highest net positive inflows in thepast quarter. Only Binance, which remains the market leader, and Bitfinexachieved better results in this category.Glad to share our achievements with you! Bitget is ranked top 3 in terms of capital inflow in Q2!👏 pic.twitter.com/UzxthwC4D8— Gracy Chen @Bitget (@GracyBitget) July 9, 2024Accordingto CCData's latest H2 Outlook Report, the exchange also reported the largestmarket share growth among centralized exchanges, increasing by 38.4% from H22023 to H1 2024.Bitget'sspot trading volume saw a visible uptick too, rising from $28 billion in Q1 to$32 billion in Q2, marking an increase of over 10%. The platform'smonthly visitors reached 10 million. Although its volumes are increasing, Bitget still does not rank amongthe top 10 cryptocurrency exchanges in terms of spot trading.Sport Sponsorships and NewProductsGracy Chen,CEO of Bitget, commented on the quarter's performance, stating, "Q2 2024has been a pivotal period for Bitget. Our collaboration with Turkish athletesalong with significant growth in users and website traffic is a part of ourglobal expansion."In a moveto expand its global presence, Bitgetpartnered with three Turkish national athletes as part of its #MakeItCountcampaign, featuring Lionel Messi. The agreement with famous footballer wassigned back in February, to build a brand presence in Latin America.Theexchange also launched a $20 million TON Ecosystem Fund in collaboration withForesight Ventures to support early-stage projects on The Open Network.Theexchange introduced two new initial token listing products, PoolX andPre-market, which collectively launched over 100 projects. What is more, Bitget'snative token, BGB, was recognized as the best-performing centralized exchangetoken in June and was ranked in the top 10 cryptocurrencies by Forbes. In itslatest move, the cryptocurrency exchange aimed to become a regulated player in India.This announcement comes as the most populous democracy grapples with thecomplexities of integrating cryptocurrencies into its financial ecosystem. Also recently,Bitget Wallet announced a joint investment with the crypto investment firmForesight X in Tomarket, a decentralized trading platform. This venture targetsemerging asset classes and aims to expand the wallet's services beyondtraditional decentralized exchanges (DEXs).This article was written by Damian Chmiel at www.financemagnates.com.
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After threeyears of development, the creators of Myfxbook, one of the most popular FX/CFDonline trading tools and social trading communities for retail traders, haveunveiled a new portfolio tracker for over 150,000 instruments called Marketlog.In anexclusive interview with Finance Magnates, Alex Rekun revealed that thenew tool would provide automatic connections to more than 10,000 banks andbrokers that investors use daily.Myfxbook Introduces a NewProduct: Meet MarketlogMarketlog'sprimary goal is to enable investors to track their stock portfolio and otherinstruments from a single location. According to Rekun, one of Myfxbooks’sFounders, the application allows users to monitor dividends and stock splits,as well as track a range of other asset classes, including ETFs, indices,bonds, options, forex, and crypto."Themain goal is to provide a user-friendly stock portfolio tracker with anengaging and beautiful UI that is simple to use even for novice investors, yetpowerful enough for professional investors as well," Rekun commented inhis conversation with Finance Magnates.Once aninvestor inputs information about all their instruments and positions intoMarketlog, the tool updates the information in real time with live marketprices, providing an instant overview of all instruments in one place.However,Marketlog will not be connected to the existing Myfxbook platform and, as thecreator admits, is a completely standalone service.Marketlogusers can choose from three different subscription plans: a free one and twopaid plans that increase usage limits and add several additional features. However,Rekun notes that the free version is designed to be "more thansufficient" for beginner investors, allowing them to track up to 12different investments and 100 transactions.A 15-Year-Old Idea,Finally DevelopedRekunadmits that the idea of creating a stock portfolio tracker first emerged in2009 when Myfxbook was being established. At that time, he and his brotherPavel Rekun also acquired the domain Mystockbook, intended to serve as the homefor another service. Ultimately, however, efforts focused on developing toolsfor FX/CFD traders, and the second project was postponed and eventually took ona completely different name."Weonly began planning for it a decade later," Rekun revealed. "Theproject officially started development in 2021 and was quietly launched just afew weeks ago, notifying only our existing client base after nearly three yearsof development." The creators of Myfxbook began to seriously plan thecurrent Marketlog around the time Rekungave his first public interview.When askedwhy the work took so long, the founder of Myfxbook and Marketlog admitted thatthe entire architecture was built from scratch. Along the way, they testedseveral different design iterations before settling on the best one."Additionally,unlike forex, where most investors use the same trading platform, makingintegration straightforward, the stock markets involve thousands of differentplatforms," added Rekun. "Each of these platforms requires its owndata cleansing, significantly slowing down the integration process."Marketlogis continuously being developed, with new functionalities to be introduced inthe coming weeks. Currently, work is underway to launch mobile applications forboth Android and iOS devices.This article was written by Damian Chmiel at www.financemagnates.com.
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Bank of Israel (BOI) has postponed the launch ofthe digital shekel until the European Central Bank (ECB) unveils its digitaleuro, Reuters reported. BOI will wait for major Western central banks to takethe first step in adopting central bank digital currencies (CBDCs). Digital Shekel Debut BOI's Deputy Governor Andrew Abir told the mediapublication: "We are all waiting for the first western central bank topull the trigger, which is almost certainly going to be the ECB. And then youmay see a rush of countries going forward with it." As of March, 134 countries, encompassing 98% of theglobal economy, are exploring digital versions of their currencies. China leadswith advanced pilot programs, while the US Federal Reserve lags behind. TheBank of Israel initiated its exploration into CBDCs in 2017, aiming to enhanceits payments system.The BOI's interest in a digital shekel intensified inNovember 2020. Collaborating with central banks from Hong Kong, Sweden, Norway,and the Bank for International Settlements. BOI has been testing its digital currency in an initiative termed the "Digital ShekelChallenge," which invites fintech and traditional financial companies toshowcase potential use cases.Despite these efforts, the BOI is uncertain about theeventual launch of a digital shekel. The current experiment serves as an"action plan" to be implemented when deemed necessary andappropriate.The ECB shares similar hesitations, with the potentialintroduction of a digital euro still uncertain. Europe's dependence oncross-border payment services from US giants like Visa and Mastercard adds tothe complexity.Public Adoption UncertaintyAbir highlighted the challenge of public adoption,stating that the concern is whether the public will adopt a digital currency.The BOI is conducting a behavioral study to understand the public willingnessto embrace a digital shekel.Abir pointed out the gap between theoretical studiesand practical usage. He said that some studies are pushing people to use digital currency. However, he maintains that there should bea good set of use cases.As the BOI waits for the ECB's move, the globalfinancial community remains keenly interested in how digital currencies willreshape economies and payment systems. The success of the digital euro couldpave the way for Israel's digital shekel and potentially revolutionize globalfinancial transactions.This article was written by Jared Kirui at www.financemagnates.com.
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Cyprus has issued an alert to financialprofessionals, emphasizing their pivotal role in thwarting terror financing. This directive by the Institute of Certified Public Accountants of Cyprus (ICPAC) highlights heightened scrutiny on cryptocurrency transactions and non-profit organizations (NPOs), which are increasingly susceptible to exploitation by terrorist entities.Preventing Terror FinancingThe ICPAC's "terror financing alert" iscalling on Cyprus' accounting and audit sectors. Acknowledging the evolvinglandscape of financial crime, the alert directs attention to five primarymethods of fund transfer, prominently featuring cryptocurrencies. According to the institute, these digital assets,known for their pseudo-anonymous nature, present a growing challenge intracking illicit financial flows. The directive emphasized the importance oftransaction monitoring and conducting Know Your Client (KYC) procedures asessential defenses against terrorist financing activities.Under the alert, ICPAC highlighted specific risk areaswhere financial professionals must intensify their vigilance. It urged charitableorganizations and NPOs, often targets for illicit funding, toscrutinize donations. The proximity of operations to conflict zones orjurisdictions under sanctions amplifies these risks, necessitating duediligence on ownership structures and funding sources.Monitoring financial activities associated withterrorism financing is reportedly complex, ranging from minute transactions tosubstantial sums. Historically reliant on intelligence and information, theseefforts now place greater responsibility on financial professionals asfrontline gatekeepers. Cryptocurrency and Emerging RisksOf particular concern are crypto assets, increasinglyfavored by terrorists for their anonymity and global accessibility. ICPAC's alerthas stressed the importance of screening crypto wallets against sanctions listsand monitoring transactions for suspicious patterns, including the use ofmixing services.ICPAC mentioned that the regulatory frameworks and technological tools employed to combat the misuse of crypto in funding terrorism must evolve as crypto evolves. Notably, the failure to report suspicions ofterrorist financing constitutes a serious offense under Cyprus' Combating ofTerrorism and Victim Protection Law of 2019. The directive serves as both a regulatory guidelineand a stark reminder of the legal repercussions for non-compliance within thefinancial sector. ICPAC plans to further bolster its guidance on terroristfinancing, ensuring members and firms remain adept in navigating these complexregulatory landscapes.This article was written by Jared Kirui at www.financemagnates.com.
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In the UK, Authorized Push Payment (APP) scams have become agrowing threat, luring unsuspecting individuals into transferring their moneydirectly to fraudsters. This alarming rise in sophisticated scams necessitateddecisive action. <a href="https://www.psr.org.uk/our-work/app-scams/">ThePayment Systems Regulator (PSR) is at the forefront,</a> championingcomprehensive measures to safeguard consumers and restore trust in thefinancial system.The Rising Tide of APP Scams<a href="https://www.financemagnates.com/fintech/payments/the-great-app-heist-rethinking-responsibility-in-a-digital-age-of-deception/">APP scams have surged</a>, exploiting the very systems designedto make our lives easier. Unlike traditional fraud, where unauthorizedtransactions occur without the victim's knowledge, APP scams involve thevictim's explicit authorization. This nuance complicates the issue, as victimswillingly part with their money under false pretenses. Scammers employ varioustactics, from posing as bank officials to creating fake invoices, manipulatingemotions and trust to achieve their ends.The financial and emotional toll on victims is profound.Many lose life savings, experience significant stress, and face an uphillbattle in recovering their funds. Recognizing this, the PSR has made tacklingAPP scams a top priority. Their approach isn't merely reactive; it's aboutcreating a resilient framework that anticipates and thwarts fraudulent attemptsbefore they succeed.A New Era of ReimbursementA pivotal aspect of the PSR's strategy is ensuring thatvictims are reimbursed. Historically, the onus was on the victims to prove theywere scammed, often a daunting and convoluted process. The new regulationsmandate that banks and payment service providers (PSPs) reimburse victimspromptly, shifting the burden of proof away from the victims.Effective from October 2024, these rules aim to create amore balanced and fair system. The focus is on making the reimbursement processstraightforward and victim-friendly. This approach not only provides immediatefinancial relief but also restores confidence in the financial system. Byholding financial institutions accountable, the PSR is driving a culture ofresponsibility and diligence.The implications are significant. Banks and PSPs are nowincentivized to enhance their fraud detection and prevention mechanisms. Theemphasis is on preemptive action—identifying and blocking suspicioustransactions before they occur. This shift in responsibility ensures thatinstitutions are more vigilant, investing in advanced technologies and robustsecurity protocols.Collaborative Efforts and Future DirectionsCombatting APP scams is not a solitary endeavor. The PSR'sstrategy involves collaboration with various stakeholders, including Pay.UK andother industry players. This collective effort is crucial in creating a unifiedfront against fraud. The introduction of the Confirmation of Payee service is atestament to this collaboration. By verifying the recipient's details before apayment is made, this service adds an extra layer of security, significantlyreducing the chances of funds being misdirected.Transparency is another cornerstone of the PSR's approach.By publishing performance data, the regulator holds financial institutionsaccountable, fostering a culture of continuous improvement. This transparencyalso empowers consumers, providing them with the information needed to makeinformed decisions about their financial transactions.Looking ahead, the PSR has outlined a clear roadmap for thefuture. The focus is on continuous adaptation and improvement. As scammersevolve their tactics, so too must the strategies to combat them. The PSR iscommitted to staying ahead of the curve, leveraging technology and innovationto protect consumers.Education and awareness are also key components of the PSR'sstrategy. By educating the public about the risks of APP scams and how toidentify potential threats, the regulator aims to create a more informed andvigilant populace. This proactive approach ensures that consumers…
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The Financial Conduct Authority (FCA) has published newrules today (Thursday). These rules establish a simplified listings regime witha single category and streamlined eligibility for companies seeking to listtheir shares in the UK.UK Listing Rules RevisedThe revised listing rules aim to better align the UK’sregime with international market standards. According to the regulator, they ensure that investors willhave the necessary information to make informed decisions about their money.The rules also maintain investor protections to hold companymanagement accountable.The new rules eliminate the requirement for votes onsignificant or related party transactions. They also offer flexibility aroundenhanced voting rights. However, shareholder approval is still needed for keyevents such as reverse takeovers and decisions to delist a company's shares.Our new rules aim to encourage more companies to publicly list in the UK, increasing opportunities for investors and supporting UK growth and competitiveness. https://t.co/ULVXSp9o1w #UKListing #UKGrowth #Competitiveness #FinancialServices #FinancialRegulation pic.twitter.com/kfZn6VuElj— Financial Conduct Authority (@TheFCA) July 11, 2024Sarah Pritchard, Executive Director, Markets andInternational, at the FCA said: “Regulation is only part of the answer inhelping the UK achieve sustainable growth. Other factors also play asignificant role in influencing where a company decides to list." "We’recommitted to continually working together with all those who have a part toplay in supporting a thriving UK capital market and thank everyone who hascontributed to this work so far.”Boosting Economic GrowthThe changes to listing rules follow extensive marketengagement. The FCA has acknowledged the new rules involve allowing greaterrisk. However, the FCA believes that the changes will better reflect the riskappetite needed for economic growth. The new rules will come into effect on 29July 2024.Chancellor of the Exchequer Rachel Reeves said: “These newrules represent a significant first step towards reinvigorating our capitalmarkets, bringing the UK in line with international counterparts and ensuringwe attract the most innovative companies to list here.”This article was written by Tareq Sikder at www.financemagnates.com.
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Federalbanking regulators have imposed a combined $136 million in fines on CitigroupInc. and its subsidiary Citibank, N.A. for ongoing deficiencies in riskmanagement, internal controls, and data governance.Regulators Slap Citigroupwith $136 Million in Fines for Risk Management FailuresThe FederalReserve Board levied <a href="https://www.federalreserve.gov/newsevents/pressreleases/files/enf20240710a1.pdf">a $60.6 million civil money penalty</a> against Citigroup,while the Office of the Comptroller of the Currency (OCC) <a href="https://www.occ.treas.gov/news-issuances/news-releases/2024/nr-occ-2024-76.html">assessed a $75million fine</a>. These actions stem from the banking giant's failure to adequatelyaddress longstanding issues identified in enforcement orders issued by bothregulators in October 2020, when the institution already paid $400 million"Citibankmust see through its transformation and fully address in a timely manner itslongstanding deficiencies," said Acting Comptroller of the CurrencyMichael J. Hsu. "While the bank's board and management have mademeaningful progress overall, including taking necessary steps to simplify thebank, certain persistent weaknesses remain, in particular with regard todata."Regulators fine Citigroup $136 million in setback for CEO Jane Fraser <a href="https://t.co/N2896CnvA5">https://t.co/N2896CnvA5</a> via <a href="https://twitter.com/YahooFinance?ref_src=twsrc%5Etfw">@YahooFinance</a>— Shanny Basar (@shannybasar) <a href="https://twitter.com/shannybasar/status/1811292599774253422?ref_src=twsrc%5Etfw">July 11, 2024</a>The FederalReserve's penalty follows a 2023 examination that found Citigroup had madeinsufficient progress in enhancing its data quality management program andimplementing appropriate compensating controls to mitigate associated risks.These shortcomings constitute violations of the 2020 cease and desist order,which mandated significant improvements in Citigroup's <a href="https://www.financemagnates.com/terms/r/risk-management/">risk management</a> andinternal control practices.The OCC'samended enforcement action requires Citi to prioritize remediation work,including through the allocation of sufficient resources. The regulator citedthe bank's failure to meet remediation milestones and make sufficient andsustainable progress towards compliance with the 2020 order.Bothregulators emphasized the need for Citigroup to accelerate its efforts toaddress these longstanding issues. The penalties underscore the ongoingchallenges faced by one of the world's largest financial institutions inmodernizing its risk management and data systems.JaneFraser, the CEO of Citigroup, addressed the imposed penalties in a statement onWednesday, saying, "We've always said that progress wouldn't be linear,and we have no doubt that we will be successful in getting our firm where itneeds to be in terms of our transformation. We're committed to spending what isnecessary to address our consent orders.Citigrouphas consented to the orders without admitting or denying any allegations. Thepenalties will be remitted to the US Department of the Treasury. The regulatorswarned that further material failures to remediate these violations couldresult in additional penalties or corrective actions under the Federal DepositInsurance Act.Algo Trading ViolationsThese arenot the only penalties that Citigroup has received in recent months. Severalweeks ago, Germany's financial regulator, BaFin, <a href="https://www.financemagnates.com/forex/citigroup-fined-129m-for-algorithmic-trading-violations-in-germany/">imposed a €12.975 million($13.82 million) fine</a> on Citigroup Global Markets Europe AG for breachingobligations related to algorithmic trading under the country's securitiestrading laws. A monthearlier, Citigroup Global Markets Limited (CGML) <a href="https://www.financemagnates.com/forex/citigroup-fined-616m-over-algorithmic-trading-mistake-worth-14b/">received a combined fine of£61.6 million</a> from the Financial Conduct Authority (FCA) and the Prudential<a …
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Flipster, a cryptocurrency derivatives trading platform, is celebrating its 1st anniversary by launching two competitions and giving away 150,000 USDT worth of prizes. Since its launch, the Flipster platform has been fueled by a 1,943% trading volume growth and 3,998% net asset growth. These figures accompany an equally impressive 190% sign-up growth, and a 565% growth in active traders, with users spanning across 177 countries, reflecting strong user retention and platform satisfaction.A fast-growing cryptocurrency trading platform, Flipster has a daily trading volume exceeding $480,000,000, according to CoinMarketCap data as of the date of this release.Source: CoinMarketCapPlatform Highlights· Wide variety of crypto: Traders can access over 250 perpetual futures listings with leverage of up to 100x, including tokens not readily found on other futures trading platforms and some with low visibility in spot markets, offering more diversification opportunities.· Zero Trading Fees: Our zero trading fees allows traders to maximize their profits by eliminating transaction costs, making Flipster attractive for retail users seeking the best prices compared to other exchanges.· High Liquidity: Flipster offers narrower bid-ask spreads and higher liquidity than larger trading platforms, facilitating seamless trading regardless of market conditions.The past year has been packed with top-tier partnerships to bring the Flipster trading experience to a whole new level, including TON (The Open Network), Over Protocol, and Scallop (SCALLOP).Flipster’s commitment to being the fastest trading platform to offer the world's first perpetual futures listings on the latest cryptocurrencies, with recent listings including ZRO, ZK, AEVO, BLAST, and ETHFI, appeals to serious traders looking to elevate their crypto game. The Flipster team aims to continually reimagine what exists in the crypto space to unlock unprecedented value for users. Through its Earn Campaign, users can trade while earning a 20% APR* (varies daily) on their USDT wallet balance simultaneously, with no lock-up period and automatic daily reward distribution. Other latest innovations include multi-position trading, launchpool, and position airdrops.User safety and asset security comes first on Flipster. The trading platform adheres to strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. Industry standard security measures such as two-factor authentication is compulsory for all user accounts, and the Flipster team performs continuous monitoring of all transactions for suspicious activity. To protect users’ accounts, Flipster continuously updates and improves its security measures in response to emerging threats and technological advancements, and performs ongoing security assessments and compliance checks. As part of its commitment to transparency, Flipster conducts regular audits of its reserves and has published its Proof of Reserves (PoR) on its website. PoR is a form of verification that ensures all user assets held on Flipster's platform are fully backed on a 1:1 basis and are securely managed. The safeguarding of their assets is always a top priority for Flipster. By doing this, users can easily authenticate that their assets are fully accounted for, reinforcing the trust and confidence they have in Flipster, and giving them peace of mind.To celebrate this 1st anniversary milestone and appreciate the community’s support, Flipster is excited to announce two competitions, with prize pools of 75,000 USDT each. Users can take part in a trading volume competition or profit and loss (P&L) trading competition from 17 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC. Be among the first 12,000 users to register for each competition from 10 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC for participation eligibility. To claim rewards, users need to contribute a trade volume value of at least 10,000 USDT. The top 200 traders for each competition can get their share of rewards. Flipster plans to host in-person…
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According to <a href="https://www.bis.org/publ/bppdf/bispap147.pdf">a comprehensive survey by the Bank forInternational Settlements</a> (BIS) in 2023, 86 central banks worldwide are deeplyengaged in CBDC development. This burgeoning interest signals a significantmove towards integrating digital currencies into the mainstream financialsystem, aiming to modernize payment mechanisms and enhance financial stability.The Rising Prominence of CBDCsCentral Bank Digital Currencies represent a fundamental change in how weperceive and utilize money. Unlike traditional cashless payment instrumentssuch as credit transfers and e-money, CBDCs are a direct liability of thecentral bank, offering a new form of digital money. This distinction is crucialas it underpins the trust and stability associated with central banks. <a href="https://www.bis.org/publ/bppdf/bispap147.htm">The BISsurvey </a>highlights that more than half of the surveyed central banks areactively working on proofs of concept, with a third running pilot programs.The interest in CBDCs is driven by multiple factors, including the desireto enhance payment systems, support monetary policy, and strengthen financialstability. Retail CBDCs, intended for everyday transactions by households andfirms, have been a focal point of many central banks. However, there is anotable shift towards wholesale CBDCs, which are designed for transactionsbetween financial institutions. These wholesale CBDCs promise newfunctionalities through tokenization, such as composability and programmability,which could revolutionize interbank transactions.The Role of StablecoinsStablecoins have emerged as a significant innovation within the broadercategory of cryptoassets. Unlike traditional cryptocurrencies, stablecoins aimto maintain a stable value relative to a specified peg, making them moresuitable for payments. The BIS survey reveals that stablecoins, despite theirsmall market share, have gained traction among traditional financialinstitutions. High-profile launches like Société Générale's EUR CoinVertibleand PayPal's PYUSD indicate a growing acceptance of stablecoins in mainstreamfinance.These developments highlight the potential of stablecoins to bridge thegap between the traditional financial system and the crypto ecosystem. However,the widespread adoption of stablecoins also raises critical regulatorychallenges. If not properly designed and regulated, stablecoins could poserisks to the safety and efficiency of payment systems. The BIS surveyunderscores that two-thirds of respondent jurisdictions are actively working onregulatory frameworks to address these concerns, emphasizing the need forrobust oversight to mitigate potential risks.The Road Ahead<a href="https://www.financemagnates.com/cryptocurrency/the-broader-implications-of-central-bank-digital-currencies/">The journey towards integrating CBDCs</a> and stablecoins into the financialsystem is complex and multifaceted. Central banks are not only experimentingwith the technical feasibility of these digital currencies but also engagingwith a wide range of stakeholders to shape their design and implementation. TheBIS survey indicates that many central banks are considering features such asinteroperability with existing payment systems, offline capabilities, andholding limits for retail CBDCs. For wholesale CBDCs, the focus is onprogrammability and seamless integration into current financialinfrastructures.Global cooperation is essential in this endeavor. While each jurisdictionhas unique economic and social conditions influencing its approach to CBDCs andstablecoins, coordinated efforts are crucial for creating a safe and efficientglobal payment landscape. The BIS survey advocates for internationalcollaboration to ensure that payment innovations benefit all users whileminimizing risks.As the financial world stands on the brink ofthis digital transformation, the commitment to collaboration andforward-thinking policies will determine the success of these initiatives. TheBIS survey highlights a clear…
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In the interconnected world of 2023, identity theft hastaken a sharp, menacing turn with job scams surging by an alarming 118%. Thisstark rise isn't just a statistical anomaly; it reveals a deeply unsettlingreality where the very platforms designed to empower career growth have becomehunting grounds for cyber predators. <a href="https://www.idtheftcenter.org/post/2023-trends-in-identity-report-118-percent-job-scam-increase/">The recent report by the Identity TheftResource Center</a> (ITRC) lays bare this grim evolution, shedding light on howsophisticated scammers exploit trust and ambition in a digital age.Scams on LinkedInAt the heart of this issue is LinkedIn, a platformsynonymous with professional networking and job opportunities. Traditionally asafe space for career progression, LinkedIn has now become a hotbed forfraudulent activities. Scammers create convincing profiles and job postings,luring in unsuspecting job seekers with promises of lucrative positions. Thebait is often too tempting to ignore, leading individuals down a path wheretheir personal and financial information is extracted and misused.The Google VoiceScam: A New Breed of DeceptionOne of the most prevalent scams involves fake job offersthat require applicants to share sensitive information such as social securitynumbers, banking details, and copies of identification documents. Once inpossession of this data, scammers can wreak havoc, creating new accounts,taking over existing ones, or even committing other forms of financial fraud.The emotional and financial toll on victims is profound, as they grapple withthe fallout of compromised identities and drained bank accounts.The AlarmingPrevalence of Job ScamsThe Google Voice scam has emerged as a particularlyinsidious threat. Accounting for 60% of the reported incidents, this scamtypically involves fraudsters contacting victims through job search platforms.They pose as potential employers or recruiters and convince victims to shareverification codes sent to their phones. Unbeknownst to the victims, thesecodes are used to set up Google Voice numbers linked to their real phonenumbers. The scammers then use these numbers to perpetrate further fraud, maskingtheir true identities and creating additional layers of deception.Identity Theft: AChanging Threat LandscapeThe ITRC report highlights that while the overall number ofidentity crime reports has decreased by 16%, the sophistication and brazennessof the attempts have increased. This paradox underscores a crucial point: thethreat landscape is becoming more complex, with fewer but more impactfulincidents. Scammers are refining their tactics, focusing on quality overquantity, and leveraging the latest technology to enhance their deception.FinancialExploitation: The Endgame of Identity ThievesCompromise through scams, lost or stolen items, andunauthorized access to devices remain the most reported types of identitycompromise. <a href="https://www.financemagnates.com/fintech/payments/how-love-went-rogue-in-the-digital-age/">The methods may vary, but the endgame is consistent</a>—exploitingvulnerabilities to gain unauthorized access to financial accounts. The creationof new accounts and the takeover of existing ones are the primary forms ofmisuse, driving home the message that vigilance is not just a precaution but anecessity.A Call to Action forJob Seekers and OrganizationsThe financial sector has always been a prime target foridentity thieves, but the rise in job scams indicates a shift in strategy. Byattacking individuals at a point of vulnerability—during a job search—scammerscan bypass traditional security measures. This method exploits not just thedigital but also the psychological space, preying on the hope and urgency thatoften accompany job hunting.Enhancing SecurityMeasures: A Shared ResponsibilityThe ITRC's findings are a clarion call for both individualsand organizations. For individuals, the need for skepticism and due diligencehas never been greater. Job seekers must verify the legitimacy of job offersand…
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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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Clear Street, a cloud-native financial technology firmfocused on modernizing the brokerage ecosystem, has appointed Edward Tilly asPresident. Tilly joins Clear Street following a decade-long tenure as ChiefExecutive Officer at CBOE Global Markets, Inc., during which he significantlyincreased market capitalization from $2.0 billion to over $18.0 billion. His leadership was marked by transformative initiatives suchas the 2017 acquisition of BATS Global Markets, Inc. and the introduction ofinnovative financial products like zero-days-to-expiration options.Executive Collaboration at Clear StreetTilly brings experience and a proven track record of successin managing a publicly traded company to Clear Street. In his new role, he willcollaborate closely with Chris Pento, Clear Street's Chief Executive Officer,to steer the firm through its next growth phase. Tilly will report directly toClear Street’s Board of Directors.“I am thrilled to be joining a company whose global visionis relentlessly customer-centric and whose technology platform is so unique.Having spent more than thirty years in the financial markets hyper-focused oninnovation and accessibility, Clear Street has an exciting opportunity and I amlooking forward to working with Chris and his team,” commented Tilly.Clear Street has strengthened its executive team over thepast year with other notable additions, including Atul Pawar, former head ofU.S. Prime, Clearing, FCM, and Counterparty Risk at Goldman Sachs, and JonDaplyn, former technology leader at Morgan Stanley.Cboe to Close Crypto ExchangeEarlier, CboeGlobal Markets announced plans to shut down its cryptocurrency exchange bythe third quarter of 2024, as reported by Finance Magnates. The transitionwill see cash-settled Bitcoin and ether futures contracts moving from the CboeDigital Exchange to the Cboe Futures Exchange by the first half of 2025. This move aims to consolidate Cboe's US futures offeringsunder one platform, enhancing operational efficiency globally. Leveraging itsestablished derivatives franchise, Cboe intends to bolster exchange-tradeddigital asset derivatives markets.Cboe will retain ownership and operation of Cboe ClearDigital, integrating it with Cboe Clear Europe to streamline operations andimprove client service worldwide. The company expects minimal impact on 2024net revenue due to the closure, anticipating cost savings. This article was written by Tareq Sikder at www.financemagnates.com.
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