267
All you want to know about retail and institutional FX. Reach me @AlexanderKoshkin to discuss advertising options.
Demo Account Prop Trading Platforms Do Not Need Authorisation: Czech RegulatorStarting our weekly news roundup, demo account prop trading services without real-market executions and subsequent settlements cannot be categorized as investment services under existing regulations, the Czech National Bank (CNB) recently clarified in a Q&A published on its website.The clarification came months after the Czech regulator exclusively told Finance Magnates that some prop trading business models “may be subject to the MiFID regulatory framework.” With the recent clarification, it can be assumed that the CNB is differentiating between the two prop trading models: demo accounts and real accounts.Prop Trading and CFD BrokersRegTech firm Muinmos and technology provider Brokeree Solutions announced a partnership focused on proprietary trading compliance and risk management for regulated brokers. This move came amid ongoing discussions about the legitimacy and regulation of prop trading in the financial industry.The collaboration integrates Brokeree's Prop Pulse technology for account management and risk mitigation with Muinmos' client onboarding platform. This combination is intended to offer FX brokers tools for regulatory compliance and risk control in prop trading operations.Centroid Integrates Scope Prime’s Liquidity Pools Through API ConnectionScope Prime, Rostro Financial Group's institutional liquidity brand, announced its integration with Centroid Solutions’ platform via Centroid Bridge. This integration allows Centroid’s clients to access a wide range of deep liquidity pools offered by Scope Prime.The move aims to update liquidity management, enhance operational efficiency, and improve connectivity across the platform. “We understand the importance of always having best-in-class market connectivity in place across all assets,” commented Daniel Lawrance, Chief Executive Officer at Scope Prime.DXtrade Partners with FinaltoDXtrade, Devexperts' flagship trading platform, collaborated with Finalto. This partnership aims to enhance liquidity provider services for brokers using the DXtrade platform. Finalto, known for its liquidity aggregation and risk management solutions, will integrate its services with DXtrade's trading ecosystem. This move is expected to give brokers access to Finalto's liquidity pools, which are designed to connect market demand with supply across over 3,000 instruments in multiple asset classes. Finalto recently introduced the Finalto Broker Handbook, a guide designed to help brokers build and sustain thriving retail brokerage businesses.LMAX Group Enters FX Swaps with FX HedgePool AcquisitionLMAX Group, which offers institutional execution venues for FX and digital assets trading, acquired FX HedgePool, an institutional swaps matching service, thus further expanding its offerings in the sector. However, the financial details of the acquisition remain unknown.The latest acquisition comes 12 months after LMAX bought the FX business of Cürex, a New York-based company specializing in institutional foreign exchange execution services and data analytics. FX HedgePool has expertise in the FX swaps and forwards market. Its network of buy- and sell-side relationships complements LMAX's existing institutional client base in its FX business.Ebury Starts Offering Payments Services to FX and CFDs BrokersEbury, a Santander-owned payments company, expanded its scope of clientele and has been onboarding forex and contracts for difference (CFD) brokers, Finance Magnates learned from an industry source in Cyprus.The payments giant officially started to onboard FX and CFDs brokers in December 2023. It currently has more than 20 brokers on its platform, with over a dozen being active. Interestingly, Ebury only recently began pitching its services to FX and CFDs brokers and did not actively target the ones already onboarded.Saxo Expands Offerings for “Buy-and-Hold Investors”The UK unit of Denmark-headquartered Saxo Bank launched SaxoInvestor, an investment platform targeted at “buy…
Читать полностью…
Coinbase will remove certain stablecoins from its platformin the European Economic Area (EEA) by the end of the year. The company madethe announcement today (Friday), citing upcoming regulatory changes in theregion.Stablecoins are digital assets designed to maintain a stablevalue by being tied to a fiat currency or other asset. These tokens have becomepopular in recent years due to their relative price stability compared to othercryptocurrencies.MiCA Enforces New RequirementsThe European Union's Markets in Crypto-Assets (MiCA)regulation, introduced in 2023, is scheduled to take full effect in December.The regulation imposes strict requirements on stablecoin issuers, includingtransparency, liquidity, and consumer protection standards.Coinbase has said it will provide its affected EEA customerswith the option to switch to stablecoins issued by authorized firms. Theseoptions will include Circle's USDC and EURC, which are tied to the US dollarand euro, respectively.The use of stablecoins has increased significantly, withmajor financial firms such as PayPal integrating them into their offerings. 🚨BREAKING NEWS:Coinbase is set to remove non-compliant stablecoins from its platform in the EU this December!On the other hand, Ripple's stablecoin, 'RLUSD', is fully compliant with MiCA regulations and is expected to launch this year!Get ready, because 'RLUSD' is poised… pic.twitter.com/OLcSUflRow— Brett (@Brett_Crypto_X) October 4, 2024Circle Complies with MiCABack in July, Circleannounced its registration as an electronic money institution in France, asreported by Finance Magnates. This approval allows the company to issuestablecoins under the European Union's MiCA regulatory framework. Circle, known for its USDC stablecoin, received the licensefrom France's banking regulator, the Autorité de Contrôle Prudentiel et deRésolution. This registration enables Circle to issue USDC and EURC within theEU, in compliance with MiCA'srequirements. Additionally, the company has launched Circle Mint in France,allowing businesses to mint and redeem Circle stablecoins.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/RKObt3F
When panicstrikes the markets, investors close their risky positions and return,chastened, to the instrument that hasn't failed them for decades: gold. Recentweakening of the US dollar, China's efforts to boost its economy, andgeopolitical tensions have propelled gold to unprecedented historical highs.The quarter closed as the best since 2016.Gold News: Precious MetalTests $2,685 amid Risk AversionGold priceshave skyrocketed to uncharted territory, touching a new all-time high of $2,685last week. Although the price has slightly retreated to $2,658 per ounce, itremains near record levels.This surgeresults from a perfect storm of economic factors, including China's stimulusmeasures, Middle East geopolitical tensions, and recent monetary policydecisions by major central banks."Thegold market received an ideal mix for growth," the Metals Radar analyticalteam, specialists in gold and silver markets, commented to Finance Magnates."On one hand, we have the weakest dollar in 14 months. On the other, riskaversion is increasing due to geopolitical tensions in the Middle East."China'sPolitburo commitment to stabilizing the real estate market, coupled with thePeople's Bank of China's decision to lower the 7-day reverse repo rates by 20basis points, has significantly boosted gold's upward trajectory. This move,reducing rates from 1.70% to 1.50%, signals China's determination to bolsterits economy, historically positive for commodity prices, including gold.The FederalReserve's recent 50 basis point rate cut has further fueled bullish sentimentin the gold market. Expectations of an aggressiveFed easing cycle have kept investors optimistic about gold's prospects.EscalatingMiddle East tensions, particularly missile strikes between Israel andHezbollah, have underscored gold's role as a safe-haven asset. Thesegeopolitical uncertainties have prompted investors to seek refuge in gold,contributing to its price surge.Gold Records Best Streakin over 8 YearsThesefactors have led gold to close its best three-month period since Q1 2016. Inthe past quarter, the precious metal's price rose by over 13%, extending itsstreak of uninterrupted gains to the fourth quarter. Such a streak lastoccurred at the beginning of the pandemic."Forecastsof gold reaching $3,000 or even $5,000 are becoming more common," MetalsRadar adds. "Analysts are less surprised by this. Such dynamic growth isigniting investors' imaginations."GoldmanSachs believes in $3,000 gold, presenting their latest projections earlier thismonth based on a scenario of a weakening US dollar. Meanwhile, Robert Kiyosaki,author of bestselling finance and investing books, sets the bar even higher. Hebelieves gold will reach $5,000 in the coming years.Gold news, FAQWhy do people invest in gold?Investorsturn to gold as a safeguard during economic uncertainty. It serves as a hedgeagainst inflation and currency fluctuations, particularly when traditionalassets like stocks and bonds falter. Gold's enduring value and historicalsignificance make it an attractive option for diversifying investmentportfolios and preserving wealth during turbulent times.What does the price of golddepend on?Gold pricesare influenced by a complex interplay of factors. These include global economicconditions, geopolitical tensions, monetary policies of major central banks,currency exchange rates (especially the US dollar), inflation expectations, andsupply and demand dynamics in the gold market. Additionally, investor sentimentand speculative activities can cause short-term price fluctuations.What will gold be worth in2030?Analystsare discussing potential prices of $3,000 (Goldman Sachs) to $5,000 (RobertKiyosaki) per ounce in the coming years. However, it's important to note thatlong-term price predictions are highly speculative and subject to numerousunpredictable factors.What factors are drivinggold prices to surpass $2,685?Several keyfactors are propelling gold to record highs:WeakeningUS dollarIncreasedglobal economic uncertaintyGeopoliticaltensions, particularly in the Middle…
Читать полностью…
After days of gridlock and uncertainty, the US port strike is over. Thelongshoremen strike, which threw the shipping industry into turmoil thisTuesday, finally reached a conclusion that saves the economy from potentialdisaster, with negotiations coming to a close yesterday. The strike, initiated by the International Longshoremen’s Association(ILA), froze operations at major US ports for days, threatening to disrupt analready fragile supply chain. The strike With a deal in place, however, we can all take adeep breath. But how did we get here, and what’s the actual fallout from allthis?US dock workers and port operators reached a deal to end a crippling three-day strike. The stoppage has shut down shipping on the East Coast and Gulf Coast. More here: https://t.co/Ad7E159EvC pic.twitter.com/b1NfRUENfW— Reuters Business (@ReutersBiz) October 4, 2024The Port Strike: A Messy Start and Even Messier ImpactsThe port workers strike kicked off in classic labor-versus-managementstyle. Long-simmering tensions between the ILA and port operators finallyboiled over when contract negotiations hit a wall. With dockworkers demandingbetter pay and working conditions, the shippers weren’t exactly quick toaccommodate those demands.This standoff led to a massive queue of ships waiting to unload theircargo, sparking fears of a nationwide supply chain bottleneck ala COVID. As thelongshoremen strike dragged on, businesses from all sectors were on edge. Thepotential cost? Billions of dollars in lost trade, delayed shipments, anddisrupted manufacturing schedules.Do not panic. Toilet paper, water, and baby formula are all manufactured in the US - and there will not be a shortage because of the port strike:https://t.co/oYINDfe3h6— Vanessa Yurkevich (@VanessaCNN) October 3, 2024Turns out, Americans were always going to be OK.The situation grew dire as the strike stretched into its third day,with a growing queue of ships off the coast of major US ports, includingSavannah and Houston. If left unresolved, these delays could have causedfar-reaching ripple effects on retailers, manufacturers, and consumers andmarkets around the world. Fortunately, that doomsday scenario was averted.The Strike Is Over: Reaching an AgreementThe deal that ended the port strike is a textbook example ofcompromise. Both sides made concessions to break the deadlock. The ILA and portoperators managed to reach an agreement that addressed key concerns for thedockworkers. Improved wages, better benefits, and a commitment to addressingworking conditions were the primary victories for the union. Meanwhile, port workerssecured more predictable and efficient labor terms.The strike is over, and the economy gets to breathe a sigh of relief.But make no mistake: the resolution wasn’t cheap. However, both sides knew thecosts of a prolonged strike would be catastrophic, so striking a deal (punintended) was the only option.Economic Impact: Dodging the BulletWhile the dockworkers strike undoubtedly caused disruption, the globaleconomic impact could have been far worse. The agreement helps prevent whatcould have turned into a shipping and trade nightmare.CNN reports that the strike caused significant backlogs at US ports,with hundredsof ships anchored offshore, unable to unload. Retailers, manufacturers, andcountless other industries felt the pinch as vital goods were delayed. Giventhe importance of ports in facilitating global trade, the consequences of aprolonged strike could have been staggering, with estimates suggesting billionsin economic losses.By reaching an agreement when they did, both the ILA and the shippershave helped avoid a significant hit to the supply chain. Goods will soon startflowing again, and businesses can begin to recover from the temporarydisruptions. Still, this is a wake-up call for an economy that’s alreadygrappling with inflation and geopolitical uncertainty. Any further disruptionsto the flow of goods could have pushed things over the edge.BREAKING🚨: THE STRIKE IS OVERILA Local 333 just announced they are going back to…
Читать полностью…
Scope Prime, the institutional liquidity unit under the Rostro Group, has continued to strengthen its team and has announced the addition of Gaby Kanj, an industry veteran with over thirty years of experience.The Focus Is on MENAIn the new role, Kanj will focus on Scope Prime’s operations in the Middle East and North African markets. He will be responsible for strengthening the company’s existing client relationship team in the region.“Gaby brings with him a wealth of industry, product, and regional experience that will provide significant value to the MENA team at Scope Prime,” said Daniel Lawrance, CEO of Scope Prime.“We are working with a growing number of financial institutions in the area and are receiving ever more complex requests for assistance as more entities gain a fuller understanding of what we do. Gaby’s extensive first-hand experience will be invaluable both for us and the companies we work with.”Many Key Hires by Scope PrimeThe appointment came only a day after Scope Prime announced the hiring of Lochlan White, the former EMEA Chief Commercial Officer of 26 Degrees, in a similar role but with a global scope. After 11 years, White parted from 26 Degrees, a company run by Gavin White as the Group CEO.Other key appointments at Scope Prime include Andrew Taylor as Head of APAC and Mirian Rostian as Head of Southeast Asia.The official press release shared with Finance Magnates highlighted that during his long career in the industry, Kanj held senior roles in brokerages operating in the Middle East and Cyprus. He also consulted and advised several other financial institutions and trading platforms.Kanj also acknowledged that Scope Prime “is going through a rapid phase of expansion,” adding that “both the global footprint and the development of a highly sophisticated tradable universe of assets reflect the company’s desire to innovate, and I’m confident that my market experience will support these goals.”Apart from the hiring, Scope Prime is also expanding its reach through partnerships. Recently, Centroid integrated liquidity pools of Scope Prime through API connections.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/bEAoDxc
The Belgian regulator has warned the public about seven companiesengaging in "recovery room fraud," a form of fraudulent activitywhere scammers target vulnerable individuals by promising to help recover lostfunds, but instead, they take advantage once more."Recovery Room Scam"According to the Financial Services and MarketsAuthority (FSMA), these companies target people who have already been victimsof investment fraud by offering them assistance in recovering their losses. The regulator identified several companies suspectedof operating recovery room scams, including Akin (www.akin.com.co), Bitcity (https://bitcity.cc/ and https://bitcity.ac/), Concord Services (https://ift.tt/biZ2qJx),Ledgible (https://ledgible.io/), Recovery AI (https://ift.tt/Kc9ehrg), Trade Control (www.tradecontrol.org), and World Blockchain Organization (https://uwnbo.info/; euwbo.com). In a "recovery room scam," scammers demand upfront fees for so-called administrative or legal costs and, in some cases, trickvictims into granting remote access to their computers, further endangeringtheir finances.“Victims of investment fraud are often targeted twiceby the same fraudsters: first the latter perpetrate investment fraud, andthereafter, recovery room fraud,” the FSMA mentioned. “The persons behind theinvestment fraud may also sell their victims’ contact information on to otherfraudsters. Anyone who has ever been a victim of investment fraud needs to beaware that fraudsters may target their victims again or sell their personaldata on to others.”The FSMA noted that victims are often approached viaunsolicited phone calls or emails. Fraudsters sometimes pose as law firms, accountants, or even official financial authorities and use the names oflegitimate companies or institutions.Digital WalletsThe scam follows a familiar pattern: fraudstersrequest payment for administrative tasks or tax fees, which are purelyfictitious. In other instances, they pose as good Samaritans offering freeservices, only to install spyware via remote desktop applications like Anydesk,granting them access to the victim's bank accounts.Fraudsters may also convince victims to create walletson cryptocurrency platforms, which they then exploit to steal funds. Regardlessof the method, the outcome is the same—victims lose even more money, often withno way to recover it. Worryingly, victims of investment fraud are oftentargeted twice. First, fraudsters carry out the initial scam; then, they returnwith the pretense of offering recovery services. The FSMA warns thatinformation about victims of previous scams can be sold to other fraudsters,making these individuals even more vulnerable.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/1aYjCBd
The MetaTrader 5 platform is scheduled for an update, knownas build 4585, on Friday, October 4, 2024. This update follows the previous major release, build 4570.The earlier version included improvements to the web terminal and introducednew machine learning functions in MQL5.New Features in MetaTraderThe latest release, build 4585, focuses on addressingspecific issues to enhance user experience. One significant change in thisupdate is the resolution of crashes that could occur under certain conditionswhen stopping the profiling of MQL5 programs.Additionally, the MetaEditor has been improved to fix memoryleaks that occurred during MQL5 program compilation and while using intelligentcode management functions. These enhancements aim to ensure a smootherexperience for users when working with their programs.The previous update, build 4380, for the MetaTrader 5 ClientTerminal, resolves issues affecting the Live Update system and introduces a newhotkey, Alt+X, for quick access to Expert Advisors. It also addresses errors related to the Bitmap object in theMetaTester and restricts testing agents from connecting to the MQL5 CloudNetwork in virtual environments lacking AVX support, enhancing security.Additionally, issues with the one-click trading panel in the Web Terminal havebeen fixed, improving user clarity and experience.MetaTrader 5 Build 4585 ReleasedThe upcoming update addresses crashes in the MetaTesterthat happened under certain conditions when re-running single-pass tests. Theseimprovements are intended to increase the overall stability and reliability ofthe MetaTrader 5 platform. Users can expect a more dependable experience withthis latest version.Back in May, MetaQuotesreleased the MetaTrader 5 platform beta build 4330, as Finance Magnates reported. Itincludes new analytical tools for traders and resources for developers. Developers can access support for the latest ChatGPT model,GPT-4o, to assist with code completion and provide helpful tips. Key featuresof the MetaTrader 5 web platform include an expanded set of analytical objects,enabling traders to measure time and prices, draw shapes like rectangles andcircles, and add labels to charts.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/sRlVNTu
ATFX launched the MetaTrader 5 platform to improveoperational efficiency and provide better solutions for navigating the globalfinancial markets. According to the company, the new feature promisesfaster trade execution enhanced analytical tools, and data security. Byadopting MetaTrader 5, ATFX also aims to enable its clients to access tools fortrading precision and decision-making.Commenting about the new integration, Jeffrey Siu,ATFX's Chief Operating Officer, said: "Our mission is to equip traderswith innovative technology that gives them a competitive edge in the rapidlyevolving financial sector. MetaTrader 5, with its intelligent trading systems,advanced charts, technical analysis, various order types, and execution modes,has become a primary tool for achieving that goal."Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/ny2xeaM
TheFinancial Commission (FinCom) has announced that Neex is its newest approvedmember. Neex is an online brokerage offering a variety of financialinstruments, including Forex, Indices, and Commodities. It has joined theself-regulatory forum, which highlights growing demand for independent externaldispute resolution (EDR) services in the FX industry.Neex’sstatus as an approved broker member became effective on October 3, 2024,following the approval of its membership application. This allows Neex and itscustomers access to various services and membership benefits. These includeprotection for up to €20,000 per complaint, backed by the FinCom’s CompensationFund.FinComBypasses Traditional ArbitrationTheFinCom offers brokerages and their clients an impartial mediation platform forresolving disputes when the parties cannot reach an agreement. “TheFinancial Commission provides brokerages and their customers with an unbiased3rd party mediation platform that helps resolve complaints in instances whenparties are unable to directly come to an agreement over disputes,” the pressrelease of FinCom stated.Accordingto the organization, it provides a faster and more straightforward resolutionprocess compared to traditional regulatory methods like arbitration or courtproceedings.As anew member, Neex joins a range of brokerages and independent service providers using the FinCom's services. This membership demonstrates Neex’s focuson its clients while adhering to the Commission's standards.FinCom Expands DRC, AddressesImpersonation ScamMeanwhile, the FinComhas announced the appointment of Aytugan Khafizov, Founder and CEO ofFastMT, to its Dispute Resolution Committee. Khafizov's appointment brings thetotal number of industry experts on the DRC to 37 since its establishment in2013. The committee consists of a diverse group of professionals dedicated toan impartial process for handling complaints from members' clients.Earlier, The FinComupdated its investigation into a scam involving individuals impersonatingits representatives, which was reported by Finance Magnates. This schemetargets traders by falsely offering funds recovery and legal services for afee. On December 15, 2023, the Commission issued a warning about theseimposters.The investigation revealed that theseindividuals prey on traders facing issues with unauthorized brokers, issuingfake letters of guarantee and soliciting fees. They used contact detailsresembling those of legitimate services like Blockchain.com and Coinwallet. TheFinancial Commission clarified that it does not offer funds recovery or chargefees for its services.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/EviPSQA
OANDA Europe, the UK-based subsidiary of the OANDA brokeragegroup, has released its financial results for the fiscal year ending 2023. Thecompany reported a turnover of £16.32 million, a slight decline from £16.85million in the previous fiscal year.“Despite lower market volatility in 2023, the Companyachieved similar financial performance to 2022 due to improvements in clientacquisition and retention,” the Companies House filing of the firm stated.Financial Performance OverviewNet profit for the fiscal year was £127,831. This representsa significant decrease compared to the prior year's net profit of £558,492. Theprofit before tax also fell from £704,581 in the previous year to £227,336.Administrative expenses for OANDA Europe totaled £16,585,444in fiscal year 2023. This figure reflects the company's continuous operationalcosts and represents a key component of its overall financial performance.In light of these results, the company has expressedconfidence in its future operations: “The directors have confidence that theCompany has adequate resources to continue operations for the foreseeablefuture and for a period of twelve months from the date when the financialstatements are authorized for issue.” “Accordingly, the Company continues to adopt the goingconcern basis in preparing the annual report and financial statements,” thefiling added.OANDA Expands into UK Cryptocurrency MarketEarlier, US-basedforex broker OANDA launched OANDA Crypto, a new cryptocurrency tradingplatform in the United Kingdom, as reported by Finance Magnates. The platform isregistered with the Financial Conduct Authority (FCA) and will provide variouscryptocurrency trading options for British investors. This launch follows OANDA's acquisition of a majority stakein FCA-registered crypto firm Coinpass last year, allowing the company to enterthe expanding UK crypto market, which has seen increased interest. OANDA Cryptowill enable trading in over 63 cryptocurrency pairs, including major digitalassets like Bitcoin, Ether, and Ripple. The company plans to add more tokensand features throughout the year to meet the changing needs of crypto traders.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/wKBb7tO
IXOPrime, INFINOX's institutional product offering, has seen significant growth in 2024, with KPI performance metrics that reflect the wider INFINOX brand success throughout the year. The IXOPrime product has been particularly attractive for Brokers and Institutional Clients since its launch in 2021. It is no surprise to see growth in 2024, with a 157% increase in Deposits and a 57% in volume traded.Jay Mawji, CEO of INFINOX, said, “we are particularly proud of our IXOPrime product. Our competitive nature at INFINOX manifests in us providing a premium product on every front: pricing, operations, technology, 24/7 support and fostering strong relationships - this is the INFINOX standard”A Relationship-Focused ApproachThe relationship-focused mantra continues to yield positive returns for IXOPrime, where the focus in relationships takes priority over numbers, “At IXO Prime, we’ve built our success on strong, personal relationships with our partners, this value add allows us to do our best work for our clients and ensure we add a value that goes beyond a set of metrics” said Lee Holmes, who recently returned to INFINOX, “"We're not here to chase a single metric." We focus on the larger picture, assisting our partners in increasing revenue in ways they may not be aware of."The strong relationships IXOPrime has with its clients, creates the environment for optimisation that yields competitive pricing and execution plus increasing the $pm revenue from order flow; which is the ultimate goal for all brokers and Institutional Clients. Technology That Delivers ResultsThe introduction of enhanced trading technology has allowed IXOPrime to go even further by providing pricing and execution models that underpin the benefit of executing with them. Clients can benefit from a whole-of-market approach, accessing the most efficient combination of pricing and market depth to maximise revenue from order flow. Furthermore, trading data and order maximisation mean that clients can be directed to suitable venues, ultimately providing a strong product offering to their clients. 2025: The Year of GrowthWith 2024 being a strong growth year for IXO Prime, much development has taken place in the background, yielding a strong offering into 2025. “We have had constructive feedback from our clients and are clear on where we can do better; paired with our vision and some incredible work by the teams, there is a strong confidence that we can produce the results in 2025 that match our ambition,” said Moe Padhani, Head of Sales & Commercial at INFINOX.With all eyes on IXOPrime, as they prepare for the Dubai Forex Expo in early October, it’s evident that INFINOX and the IXOPrime product continue it’s position as the leading Institutional Offering.About INFINOXINFINOX is a market-leading global, multi-regulated online brokerage that allows clients to trade a multi-asset class of CFDs. Founded in 2009, it forms strong relationships with partners and provides world-class service to its clients around the world. Its business is built on its core values of Integrity, Ambition, Excellence, and Inspiration.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/X8HcgAj
Sam Chaney, who left the NAGA Group last month, has joined forex and contracts for differences (CFDs) broker M4Markets as the new Commercial Director. The broker highlighted that the appointment came as it moved “into its next stage of expansion.”Growth Prospects of M4MarketsM4Markets expects to leverage Chaney’s expertise around the global financial scene and clients’ needs, which makes him “especially qualified” to direct company activities. His focus will be on strengthening the broker’s global presence and opening up new prospects in developing areas.“This is a unique opportunity to help rebuild and expand on a strong company foundation,” Chaney said in a statement highlighting his new role, adding that “I look forward to working with the team to deliver exceptional results and drive the company to new heights.”The offerings of M4Markets include trading services with CFDs on forex, commodities, indices, shares, and cryptocurrencies. It has also strengthened its regulatory standing, gaining licences from regulators in the United Arab Emirates, Cyprus, Seychelles, and South Africa.Finance Magnates last year reported that the operator of M4Markets acquired the operations of Tixee, another CFDs broker then operating in the EU and globally. Although neither broker revealed the terms of the acquisition, according to the Seychelles-registered website of Tixee, it had over 155,000 registered clients from over 115 countries.An Experienced ExecutiveChaney is an experienced executive who brings more than ten years of experience in the CFDs and financial services sector to his new role at M4Markets.He served as Chief Commercial Officer of NAGA for more than a year and was based in its London office, according to his LinkedIn profile. Before that, he was the Head of Sales Development at Infinox for five years. His other industry experience includes being the Head of Sales for Institutional FX and CFDs at Hantec Markets and the Sales Manager of FX and CFDs at OANDA Europe.“We’re confident that Sam’s leadership will play a key role in shaping the future of our business,” said Oscar Asly, CEO of M4Markets. “His extensive experience in scaling companies and expanding market share will be instrumental in driving our long-term goals.”This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/BsbAFG4
The PolishFinancial Supervision Authority (KNF) has unanimously revoked Conotoxia sp. z o.o. 's payment services license, citing the company's failure toensure prudent and stable management of its payment services activities.Polish Fintech ConotoxiaStripped of Payment LicenseIn astatement releasedyesterday (Wednesday), the KNF said its decision was primarily based onConotoxia's non-compliance with statutory obligations related to protectingfunds received from payment service users for the execution of paymenttransactions."As aresult of the administrative investigation and based on supervisory findings,the KNF concluded that the company does not ensure prudent and stablemanagement of the payment services business. Therefore, there is a rationalefor revoking the company’s authorization to provide payment services as adomestic payment institution," KNF commented in a statement originallypublished in Polish.The Polish regulatorhas ordered Conotoxia to immediately cease opening new payment accounts andstop accepting deposits or transfers to existing accounts. Existing accountholders will be allowed to withdraw funds or transfer them to other providersuntil all obligations are settled.It'simportant to emphasize that Conotoxia, which operates the popular local fintechbrand Cinkciarz.pl, conducts business through several different companies.Conotoxia sp. z o.o. is responsible for operating as a payment institution.Additionally, Cinkciarz.pl sp. z o.o. functions as a currency exchange serviceprovider and is a SWIFT member. Meanwhile, Conotoxia Ltd, licensed by CySEC,provides services in the FX/CFD market.Therefore,while the KNF has revoked the domestic payment institution license according toits latest decision, the license for providing CFD transactions issued inCyprus remainsvalid.Conotoxia,which operated through agents Cinkciarz.pl sp. z o.o. and Cinkciarz.plMarketing sp. z o. o., has been given until December 31, 2024, to terminate alllegal relationships arising from its payment services contracts and satisfy anyrelated claims.The KNF hasstated it will closely monitor Conotoxia's wind-down process to ensure allclient funds are properly returned or transferred.Finance Magnates wrote about Conotoxia over a year ago when the company celebrated a victory in a decade-long legal battle with another local digital currency exchange, Currency One SA. This rival had used Conotoxia's name as a search engine keyword to advertise its services. The court mandated Currency One to compensate Conotoxia with a payment of 2 million PLN (approximately 440,000 EUR) among other stipulations. Currency One has stated its intention to challenge the decision of the court.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/mGoODhy
Scope Prime, the institutional liquidity brand of RostroFinancial Group, has announced its integration with Centroid Solutions’platform via Centroid Bridge. This integration allows Centroid’s clients to access a broadrange of deep liquidity pools offered by Scope Prime. The move aims to updateliquidity management, enhance operational efficiency, and improve connectivityacross the platform.Centroid and Scope Prime Integration“We understand the importance of always having best-in-classmarket connectivity in place across all assets,” commented Daniel Lawrance,Chief Executive Officer at Scope Prime.This integration allows us to increase our reach byextending pricing into Centroid’s vast network of customers as ensuring theyhave seamless access to the deepest liquidity pools is a vital component fortheir success.”Centroid Bridge is a recognized liquidity management andorder execution engine. It provides institutional-grade connectivity solutions,including smart order routing and execution, liquidity management, and reportingtools for multi-asset platforms. According to the firm, the integration withScope Prime is seen as a step forward in advancing liquidity services forbrokers and traders globally.“This partnership highlights the strength of Centroid’stechnology in delivering the scalability and connectivity that today’s brokersneed to stay competitive.""We look forward to supporting Scope Prime as theycontinue to provide their clients with high quality liquidity services,” added CristianVlasceanu, CEO of Centroid Solutions.Expanding Partnership with DXtrade for CFD TradingSolutionsMeanwhile, Centroid has expanded its collaboration withDXtrade to support the DXtrade CFD white-label trading platform on CentroidRisk, its risk management system, as reported by Finance Magnates. Developed by Devexperts, DXtrade is a customizable tradingplatform that provides options for partial and full customization. It featuresa web trader, mobile apps for Android and iOS, and various tools for brokermanagement and client services.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/EamOjks
DXtrade, Devexperts' flagship trading platform, has announced a new partnership with Finalto. This collaboration will enhance liquidityprovider services for brokers using the DXtrade platform.DXtrade Platform Gains Access to Finalto's Multi-Asset Liquidity PoolFinalto,known for its liquidity aggregation and risk management solutions, willintegrate its services with DXtrade's trading ecosystem. This move is expectedto give brokers access to Finalto's liquidity pools, which are designed to connectmarket demand with supply across over 3,000 instruments in multiple assetclasses.“Finaltoand Devexperts have had a longstanding relationship over many years,” said PaulGroves, UK B2B CEO at Finalto. “Even though over time Finalto's technologyrequirements may have changed, keeping close bonds and working with Devexpertswill always be part of our future plans.”A few weeks ago, Finalto introduced the Finalto Broker Handbook, a guide designed to help brokers build and sustain thriving retail brokerage businesses. The company also recently appointed Simon Ormrod as Chief Financial Officer, who now leads the global Finance team.The newest integration aims to provide traders with additional tools for assessing marketconditions, including predictive and scenario analysis capabilities. Thesefeatures are designed to offer real-time insights, potentially leading to lowertransaction costs and improved trading efficiency.“Ensuringour brokers are able to offer their traders the best in liquidity serviceprovision is important to us,” Jon Light, Head of OTC Platform at Devexperts, added.“Liquidity services can have a significant impact on user experience andoverall trader performance.At the beginning of September, Devexperts added a high-speed copy trading feature to its white-label trading platform as part of a collaboration with Traders Connect. The platform enables multi-platform transaction copying without the need for software installation.DXtrade Expands into PropTradingDevexpertshas enhanced its DXtrade XT white-label trading platform to include futurestrading functionality, targeting proprietary trading firms. This expansionallows firms to offer US futures trading to global clients, complementingexisting forex and CFD trading support.The movecomes in response to growing demand for futures trading technology in the proptrading sector. Many firms previously focused on CFD products are now expandinginto derivative market instruments, particularly CME futures in the US.Devexperts has already onboarded 40 such firms over the past year.InSeptember, DXtrade XT introduced further enhancements to support prop trading.The latest update helps brokers and prop firms launch challenges and contests,offering tools to organize competitions using DXtrade XT as a paper moneytrading environment.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/l4E3OfQ
IG Australia partnered with Western Chances, acharitable organization supporting Melbourne's youth. The organization enhances the access to education of talented youth in Melbourne's west. According to the company's LinkedIn post, thiscollaboration highlights the company's commitment to fostering education andcreating opportunities for young people in communities facing inequities.Empowering the Youth Western Chances reportedly provides scholarships topromising students and aims to unlock the potential of young people who mightotherwise face obstacles to reaching their goals. The partnership will focus on funding educationalopportunities, providing resources, and ensuring these young individuals havethe support needed to pursue their aspirations.It is centered on a shared belief among the two firmsabout the value of education and the future of the youth. IG Australia isaligning with Western Chances to build a more inclusive and socially mobilecommunity in Australia, especially in regions where inequities have previously held backprogress."At IG Australia, we believe in thetransformative power of education and opportunity," IG Australia wrote."This partnership highlights our shared dedication to empowering peoplethrough education and supporting a socially mobile and inclusivecommunity.""It is through this partnership that we aim tosupport Western Chances in providing scholarships and programs that helptalented and motivated students overcome barriers to success."A Call for Community InvolvementIG Australia's partnership with Western Chances willdirectly contribute to scholarship programs designed to help young peopleovercome challenges in pursuing education. These scholarships focus onfinancial support and providing the tools and mentorship needed to achievelong-term success in their educational and professional journeys.Through this partnership, IG Australia has encouragedthe broader community to rally behind this cause. By supporting WesternChances, the organization hopes to create a ripple effect that will foster social mobilityand inclusiveness, ultimately leading to stronger, more connected communities.Meanwhile, IG Group Holdings recently announced the commencement of its second tranche of £150 million share buyback program. The firmdirected UBS AG London Branch to execute this phase, which will involverepurchasing up to £75 million worth of shares. The second tranche, set to begin immediately, isexpected to conclude by January 31, 2025, and follows the completion of thefirst £75 million tranche. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/Y9DLehl
Tradeweb Markets posted a strong performance inSeptember, reaching record total trading volumes of $56.1 trillion and anaverage daily volume (ADV) of $2.63 trillion. Throughout the third quarter, theelectronic marketplace operator has posted impressive numbers due to a surge in trading activityacross multiple asset classes. Strong ADV PerformanceThe average daily volume was $2.63 trillion inSeptember, representing a 68.3% year-over-year (YoY) growth. This was part ofan overall Q3 performance in which the ADV reached $2.21 trillion, up 55.3%YoY. The rates segment, a significant part of Tradeweb'sportfolio, experienced substantial growth. ADV in US government bonds rose by59.8% YoY to $232.2 billion, driven by strong institutional and retailactivity.Similarly, European government bonds showed healthygrowth, with ADV increasing by 16.7% YoY, fueled by heightened UK Giltactivity. Mortgage trading volumes also reached new highs, with ADV rising32.3% YoY to $240.2 billion. This was boosted by the volatility around theFederal Reserve's September meeting.The swaps and swaptions segment demonstrated thehighest growth in the rates category. The ADV for swaps/swaptions withdurations of at least one year surged by 73.1% YoY to $576.3 billion. The overall rate derivatives ADV reached $1.02trillion, a 79.1% increase. Market volatility, particularly surrounding centralbank moves, contributed to these numbers as traders sought to hedge risks.Tradeweb's credit trading volumes showed remarkableperformance as well. Fully electronic US credit ADV grew by 77% YoY to $8.6billion, while European credit ADV was up 27.9% YoY to $2.7 billion. Record trading activity in European portfolio tradingand wider adoption of the request-for-quote model drove this growth. Municipalbonds also saw growth, with ADV increasing by 7.7% YoY to $385 million,outpacing the broader market trends.Credit Derivatives VolumesCredit derivatives volumes gained traction, with a49.9% YoY increase to $54.9 billion in September. The rise in hedge fundactivity and credit volatility helped boost volumes in swap executionfacilities and multilateral trading facilities.The equities segment also experienced a growth boost.US ETF ADV rose by 2.7% YoY to $7.6 billion, while European ETF ADV increasedby 39.8% YoY to $3.1 billion. A diversified range of clients used an expandedset of trading functionalities, supporting this growth.Repo volumes saw a marked increase due to acombination of quantitative tightening, increased collateral supply, andcurrent market conditions, which led participants to shift from the Fed'sreverse repo facility to money markets.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/KN3WtOF
Crypto startup Lejilex and the United States Securities andExchange Commission (SEC) are engaged in a legal battle over the classificationof cryptocurrencies. Both parties have submitted competing briefs for summaryjudgment in a Texas federal court. Lejilex, which is part of the Crypto Freedom Alliance ofTexas, filed its brief on October 3. The company argues that it intends tofacilitate crypto transactions and not to sell securities. In its filing,Lejilex accuses the SEC of overstepping its regulatory authority. SEC Defends Stance on SecuritiesIn its brief, Lejilex contends that the SEC seeks to broadlyclassify asset sales as security transactions. The company claims that the SEChas maintained an approach that allows for a "transformativeexpansion" of its regulatory power without any limitations.Conversely, the SEC argues that the lawsuit attempts toconvince the court that cryptocurrencies should never be considered securities.The SEC has also raised the issue of standing, asserting that Lejilex has notfaced any agency enforcement actions against it.Earlier this year, in February, Lejilex requested the courtto determine that listing pre-existing tokens would not violate securitieslaws. Co-Founder Mike Wawszczak expressed frustration, stating: “We wish wewere launching our business instead of filing a lawsuit, but here we are,” inan interview with Reuters.Crypto startup Lejilex has asked a Texas federal court for a preemptive ruling against SEC enforcement actions, claiming it facilitates crypto transactions, not securities, and accusing the agency of regulatory overreach.— The Crypto News 🗞️ (@TCNCRYPTO) October 4, 2024Coinbase's Legal Battle ContinuesOn October 4, Coinbase Chief Legal Officer Paul Grewalcommented on the briefs in a post on X. He criticized the SEC's stance, arguingthat the classification of a digital asset transaction should not depend on theasset's nature. Grewal highlighted inconsistencies in the SEC's arguments,referencing a previous case where the SEC took a contradictory position.Coinbase is currently involved in a lawsuit with the SEC, which claims theexchange sold unregistered securities, a charge Coinbase denies.Grewal emphasized the importance of consistency ingovernment actions, stating: “This is our government acting in the name of allof us. Telling one judge one thing while telling another the opposite shouldnot be tolerated. We deserve better.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/wg9aoY2
Exness, one of the world’s largest brokers, announces its participation as an Elite Sponsor at the upcoming Forex Expo Dubai 2024 scheduled for 7 and 8 of October at World Trade Centre, Dubai. This sponsorship further solidifies Exness’ commitment to the MENA region.Forex Expo Dubai is a premier event in the financial industry, attracting more than 18,000 visitors from the trading community and the industry. As an Elite Sponsor, Exness will have a prominent presence at the Expo, showcasing its innovative trading solutions tailored for the MENA trader. In addition to its booth presence, Exness’ industry expert, Negin Negahdari, Senior Business Development Manager, is taking the stage to deliver an interesting keynote on "The Physiology of Trading," delving into the often-overlooked psychological aspects that can make or break a trader's success.Mohammad Amer, Exness Regional Commercial Director, expressed, "We are thrilled to be an Elite Sponsor of Forex Expo Dubai 2024. The MENA region is a key market for Exness and this event provides us the platform to showcase our innovative offerings and reaffirm our commitment to the region. We are excited to share our vision and contribute to the discussions about the future of the financial markets.”Exness uses a combination of technology and ethics to raise the industry benchmark and create favorable conditions for traders. It offers clients a frictionless trading experience through its superior proprietary platform and unique market protections and allows traders to experience how the markets should be.This article was written by FM Contributors at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/lBAkGdO
Carla Nemr, who left Tickmill earlier this year, has joined newly launched forex and contracts for differences (CFDs) broker Tauro Markets as its Chief Commercial Officer, Finance Magnates learned exclusively.Building a Strong Leadership TeamHer primary responsibility in the brokerage is to develop and execute global commercial strategies. She will further work closely with the management board and shareholders to ensure the broker’s long-term vision aligns with the broader goals of the Synervest Group, a financial backer of the broker.However, her immediate focus will be to create a roadmap for the newly launched broker’s commercial strategy and streamline both internal and external processes to optimise operations.“My role is to make sure we have a clear plan that helps us grow steadily, focusing on practical steps that will lead to lasting success,” Nemr told Finance Magnates. “I’ll be working to align our technology, operations, and market strategy to help Tauro Markets stand out worldwide.”A New Broker by a Known FaceTauro Markets has been launched recently by Alexander Oelfke, the former CEO of BDSwiss, who is also heading it as the Chief Executive. The other two co-founders of the platform are David Dubrulle and Konstantin Oelfke.The brokerage is headquartered in Dubai and already has a team of more than 100 staff across various locations and roles.Nemr, who has already assumed her new role, is based at the Dubai headquarters of the broker, but due to the global nature of her responsibilities, she will be travelling to various key markets throughout the year.In an exclusive interview with Finance Magnates, Oelfke revealed that Tauro Markets is “in the process of establishing teams in the LATAM and APAC regions.” Furthermore, the broker is now regulated in Mauritius, Kuwait, and St. Vincent & the Grenadines and is in the process of applying for more licences.Nemr left Tickmill after spending about eight years with the company. She joined the broker as the Head of Global Business Development and separated as the Chief Business Development Officer. She has over two decades of sales experience across industries and has also worked with other retail brokerage brands, including Amana Capital, FXTM, and Alpari.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/OjQS5ck
Revolut wants Meta to compensate users who fall victimto scams on its social media platforms, CNBC reported. The fintech giant’sdemands followed Meta’s recent launch of a data-sharing partnership with UKbanks, a move Revolut believes is insufficient to effectively address globalfraud issues.Revolut Demands More Than Data SharingMeta recently announced a partnership with UK banks NatWest and Metro Bank to reduce fraud by sharing data that may help prevent customers from falling prey to scams.However, Revolut finds this approach inadequate. Thefintech firm believes that, while collaboration is vital, the social mediagiant and others like it need to take a more proactive role in supporting fraudvictims. New UK payment industry regulations will reportedly comeinto effect this month, requiring banks and payment providers to compensatevictims of authorized push payment fraud. Initially, the Payments System Regulator suggested ahigher compensation limit, but the amount was scaled back following concernsraised by banks and payment firms. Revolut reportedly supports these measures but insists that theburden should not fall solely on financial institutions. Social mediaplatforms, where many scams originate, need to share the responsibility. Revolut's demands echo a broader sentiment amongfinancial institutions that tech companies must bear greater responsibility forfraud occurring through their platforms.While Meta’s recent partnership with UK banks is astep in the right direction, Revolut said that more substantial measures arerequired, ones that ensure accountability and protect consumers moreeffectively against the growing threat of online fraud.Social Media Last month, the Cyprus Securities and ExchangeCommission (CySEC) noticed the risks of social media scams. The regulatorlaunched a new social media campaign to warn investors to avoid the pitfalls inonline investment activities. The initiative was launched in response to the heightenednumber of online scams.CySEC flagged several fraudulent websites claimingaffiliation with the commission. In the campaign,which intends to protect investors from falling victim to social media scams, CySEC urged investors to protect their personal information. Similar warnings were issued by Germany’s financial regulator, BaFin, citing a growing trend where younger investors are turning to socialmedia. In May, BaFin conducted a survey involving 1,000 consumerswho had invested in the past two years. The study showed that more than half ofthe respondents from Millennials and Gen Z consider social media a goodalternative to traditional financial advice.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/0ulFas6
eToro released its financial results for the year 2023, highlighting amixed performance during this period. Net income dropped by a double-digitfollowing a decline in trading commission, which forms a larger part of thecompany’s revenues.“2023 saw a gradual thawing of financial markets following almost a yearof bear territory, allowing many retail investors to reverse losses from 2022and get their portfolios back on track,” eToro highlighted in the financialreport filed with Companies House Services.“However, whilst last year was a big improvement on its predecessor,aside from the gargantuan AI-fuelled performance of bug US tech stocks,particularly the so-called “Magnificent 7”, it was a case of slow and steadyfor markets grappling with higher interest rates and other economic headwinds.”Economic HeadwindseToro’s net income dropped 14% year over year to $125,736,161, followinga 19% decline in trading commissions to $106,021,023. Although the tradingcosts nearly doubled in the period, the company managed to reduce administrative expenses by 10%.Overall, the total comprehensive income decreased by 28% to $2,471,265. eToro generated total commissions of nearly $630 million in 2023 and morethan $100 million in EBITDA. The group also expanded its offerings, including launching ISA products in the UK, proxy voting,and extended-hours trading products. Additionally, the company reportedlyenabled UK clients to trade assets from the GBP eToro Money account.Total Assets Notable, eToro increased its total assets by 41% year over year, from$42,439,176 to $67,346,461, and ended the year with more than 35 millionregistered users globally and 3 million funded accounts (which increased by5%)."Towards the end of the year, we also saw bitcoin start to rally ahead ofJanuary’s approval of a spot Bitcoin ETF," the company noted. "This momentum hascontinued into 2024 as a multi-asset investing platform; eToro has been wellpositioned for the crypto comeback, providing users with straightforward accessto crypto alongside a wide range of other asset classes."Last month, eToro acquired the Australian investing appSpaceship for $55 million. This move aims to boost the Israel-basedcompany’s position in the savings sector and focus on more passive, long-terminvestments. Spaceship has more than 200,000 clients and manages more than $1billion worth of assets.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/7H0ms2r
Kraken has announced the launch of its new globalderivatives venue in Bermuda. This initiative aims to provide clients with alicensed trading platform in a recognized jurisdiction.Bermuda Authority Approves Kraken VenueKraken's new venue allows clients to trade derivativesaround the clock, aligning with the 24/7 nature of the cryptocurrency market. Accordingto the press release, the exchange operates under the regulatory oversight ofthe Bermuda Monetary Authority, which is recognized for its strong framework incryptocurrency regulation.With this launch, Kraken expands its offerings to includeover 200 different derivative contracts. The timing is important, as manyclients seek to use derivatives to better manage their digital asset exposures.“Derivatives now account for the majority of total cryptotrading volumes. Clients use derivatives for capital-efficient hedging,cross-margined exposure, as well as yield and arbitrage opportunities, amongothers,” said Shannon Kurtas, Head of Trading at Kraken. “Providing our clients with the ability to trade derivativessecurely and efficiently means they can take advantage of these diverseopportunities more easily as we anticipate continued growth in derivativevolumes and open interest.”Flexible Futures Trading AvailableInitially, Kraken will offer perpetual and fixed maturityfutures. These will be available against various collateral options, includingfiat currencies and more than thirty cryptocurrencies. This variety aims togive clients greater flexibility in managing their positions and associatedrisks.Access to the derivatives venue is provided to clients ineligible jurisdictions. They can connect through Kraken's applicationprogramming interfaces (APIs) and its web and mobile platforms. Bermuda’s Premier, E. David Burt, remarked: “Since 2017, weset out on a mission to provide regulatory clarity for digital asset businesseswhich uphold our jurisdiction’s standards in compliance and risk management. Weare happy to see global businesses like Kraken recognizing Bermuda as a premierjurisdiction for digital finance.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/yiXpMf9
eToro released its financial results for the year2023, highlighting a mixed performance during this period. Net income dropped by a double-digit following a decline in trading commission, which forms a larger part of the company’s revenues.“2023 saw a gradual thawing of financial marketsfollowing almost a year of bear territory, allowing many retail investors toreverse losses from 2022 and get their portfolios back on track,” eToro highlightedin the financial report filed with Companies House Services.Economic Headwinds“However, whilst last year was a big improvement onits predecessor, aside from the gargantuan AI-fuelled performance of bug UStech stocks, particularly the so-called “Magnificent 7”, it was a case of slowand steady for markets grappling with higher interest rates and other economicheadwinds.”eToro’s net income dropped 14% year over year to $125,736,161,following a 19% decline in trading commissions to $106,021,023. Although the tradingcosts nearly doubled in the period, the company managed to reduce by 10%. Overall,the total comprehensive income decreased by 28% to $2,471,265. eToro generated total commissions of nearly $630million in 2023 and more than $100 million in EBITDA. The group also expanded its offerings, including launching ISA products in the UK, proxy voting, and extended-hours trading products. Additionally, the company reportedly enabledUK clients to trade assets from the GBP eToro Money account.Total AssetsNotable, eToro increased its total assets by 41% year over year, from $42,439,176 to $67,346,461, and ended the year with more than 35 million registered users globally and 3 million funded accounts (which increased by 5%).“Towards the end of the year, we also saw bitcoinstart to rally ahead of January’s approval of a spot Bitcoin ETF, the companynoted. “This momentum has continued into 2024 as a multi-asset investing platform; eToro has been well positioned for the crypto comeback, providing users with straightforward access to crypto alongside a wide range of other asset classes.Last month, eToro acquired the Australian investing app Spaceship for $55 million. This move aims to boost the Israel-based company’s position in the savings sector and focus on more passive, long-term investments. Spaceship has more than 200,000 clients and manages more than $1 billion worth of assets.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/OtgL3lD
The Financial Conduct Authority (FCA) has imposed a fine of£28,959,426 on Starling Bank Limited. The fine is for failings related tofinancial crime, specifically concerning the bank’s financial sanctionsscreening process. The FCA also found that Starling repeatedly breached arequirement prohibiting it from opening accounts for high-risk customers.Starling's High-Risk Account OpeningsStarling Bank experienced rapid growth in its customer base,increasing from around 43,000 customers in 2017 to 3.6 million in 2023.However, the measures the bank implemented to fight financial crime did notkeep pace with this expansion.In 2021, the FCA reviewed the financial crime controls ofvarious challenger banks and identified significant concerns regardingStarling's anti-money laundering and sanctions framework. As a result of these findings, the FCA mandated thatStarling restrict the opening of new accounts for high-risk customers untilimprovements were made. Despite this requirement, Starling opened over 54,000accounts for 49,000 high-risk customers between September 2021 and November2023.BREAKING: Starling Bank, which has major operations in Cardiff, has been fined by The Financial Conduct Authority (FCA) for financial crime failings related to its financial sanctions screening. https://t.co/JO3XrgHld0 pic.twitter.com/bUTP8RSNCW— Insider (@insiderwales) October 2, 2024FCA Investigation Takes 14 MonthsIn January 2023, Starling discovered that its automatedscreening system had only screened customers against a small portion of thecomplete list of individuals subject to financial sanctions since 2017. Aninternal review revealed systemic issues within its financial sanctionsframework. Following this review, Starling reported multiple potential breachesof financial sanctions to the appropriate authorities.“Starling’s financial sanction screening controls wereshockingly lax. It left the financial system wide open to criminals and thosesubject to sanctions," commented Therese Chambers, Joint Executive Director of Enforcementand Market Oversight."It compounded this by failing to properly comply with FCArequirements it had agreed to, which were put in place to lower the risk ofStarling facilitating financial crime.”The investigation into Starling's practices took 14 months,significantly shorter than the average of 42 months for cases concluded in2023/24. In response to these findings, Starling Bank has implementedprograms to address the breaches and improve its overall financial crimecontrol framework. This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/U9wli43
TauroMarkets, a next-generation retail brokerage firm financially backed bySynervest Group, is launching with the financial backing of the newly formedSynervest Group as announced in a press release earlier today. The broker's product offerings extend beyond traditional CFDs, aimingto deliver a wider range of innovative financial instruments to both retail andinstitutional investors worldwide.Following the launch, Finance Magnates had the opportunity tosit down with Alexander Oelfke, CEO and Co-founder of Tauro Markets, for anexclusive interview discussing the company’s next steps and global expansionplans.“While we have been developing the platform and refining our offeringsover the past five years, this is the point at which we are fully presentingour expanded services and advanced trading technologies to the market,”Oelfke said. “It’s a significantmilestone that signals our readiness to serve clients globally with ournext-generation trading platform.”Apart from AlexanderOelfke, the other two co-founders of the platform are David Dubrulle andKonstantin Oelfke.B2B Is theFutureThe CEO furtherhighlighted that most features of the platform will be released in the nextcouple of months. The broker’s focus also extendsbeyond retail customers, with plans to also serve B2B clients in the future.“We are also looking into making our platform B2B-ready in the futurebecause we strongly believe that the majority of broker platforms will not meetthe requirements of future customers,” Oelfke added.“By launching now, we aim to create a community of clients and traderswho are vital to implementing our future offerings efficiently and in atargeted manner.”Backedby the Synervest Group, co-founded by Alexander Oelfke, Konstantin Oelfke, andDavid Dubrulle, the partnership brings deep expertise across trading, payments,and fintech. While this involvement will help reach secure and efficient onlinepayment orchestration and financial technology, Tauro Markets will maintainfull operational independence.AWell-Regulated BrokerThe brokerage isstrategically headquartered in Dubai, which, according to Oelfke, is “an essential hub of the global tradingcommunity at the moment, and most importantly, it’s a keylocation where new technologies around trading, investments, and cryptoare developed and fostered.”Despite being in theearly stages, the brokerage already has more than 100staff across various locations and roles, including technology,compliance, customer support, and business development.Regardingregulations, Tauro Markets currently holds trading licenses from theauthorities in Mauritius, Kuwait, and St. Vincent & the Grenadines.Additionally, the company is in the process of applying for further licenses.“Our key target markets are global, and we aretaking an opportunistic approach to drive the future growth of Tauro Markets.”Oelfke said. “That said, we already haveone of the strongest business development teams in the MENA region, and we arein the process of establishing teams in the LATAM and APAC regions.”BeyondCFDsAs a new entrant intothe financial services industry, Tauro Markets is differentiating itself byproviding modern tools to traders. It is introducing improved tradingalgorithms, faster execution speeds, and access to a broader range of digitalassets, including cryptocurrencies. The broker is also pushing with its productofferings by including forex, CFDs, commodities, indices, and a wider range ofdigital assets.“I strongly believe that a proper CFDoffering can serve the retail trader extremely well if structured correctly,”Oelfke told Finance Magnates. “However, especially when it comes tolong-term investments, we feel that additional products are needed to satisfythe full spectrum of customer needs.”He further revealed thatthe newly launched platform is already working on a crypto offering that willenable customers to hold cryptocurrencies and other tokens physically. Theplatform will also incorporate basic stocks, options, and exchange-traded funds(ETFs) into its offerings.“To make…
Читать полностью…
NAGA has introduced a new website that combines trading,investing, cryptocurrencies, and payments into a single platform called the'Everything Money' hub. By consolidating its main services, NAGA allows users tomanage their finances more easily in one place. The redesigned site aims toprovide a balance between extensive information and a user-friendly experience.It is designed to cater to both experienced traders and newcomers.Social Trading Connects NAGA UsersA feature of NAGA's platform is its Social Tradingcapabilities. This aspect has led to the nickname “the Facebook of investing.”Users can follow Lead Traders, interact with them, and automatically copy theirtrades in real time. This adopts a more connected experience. Collaborativetools are integrated throughout the platform, enabling users to share insights,discuss strategies, and learn from each other.NAGA also offers a modern approach to education. Users canaccess video snippets in addition to traditional resources like e-books andwebinars. This allows traders to learn at their own pace and improve theirskills effectively.NAGA Launches New 'Everything Money' Website Experience, Unifying Trading, Investing, Crypto, and PaymentsRead more: https://t.co/HnDmx7ZCZ1#NAGA #EverythingMoney #Trading #Crypto #PaymentSolutions #FintechInnovation #FinancialServices #finance #fintech #FinancialIT pic.twitter.com/W8RBzxtivN— Financial IT (@financialit_net) October 3, 2024Recently, the company launched its "EverythingTrading" app within Telegram, enabling users to trade directly through themessaging platform. This feature aims to make trading more accessible ineveryday conversations. NAGA has also partnered with football club BorussiaDortmund, enhancing its presence in the fintech industry.Completing Merger with CAPEXMeanwhile, NAGAGroup has completed its merger with Key Way Group, the parent company ofCAPEX.com, after receiving necessary regulatory approvals within six weeks.This merger aims to enhance NAGA's global presence and drive cost efficiency. With approximately 1.5 million users in over 100 countries, NAGA Groupplans to integrate CAPEX.com’s user base into its ecosystem, offering a rangeof features through the NAGA SuperApp. The group expects annual cost savings ofup to EUR 9 million by streamlining operations and leveraging technology, asreported by Finance Magnates.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/iv9cFYm
Marex PrimeServices, a division of financial services platform Marex, announced today (Thursday)its expansion into Dubai, marking another step in the company's Middle Eastgrowth strategy.Marex Ramps Up Middle EastOperations, Names Najjar to Lead Dubai TeamMoreover, thefirm has appointed Mazen Najjar, a veteran with over 12 years of experience infinancial services and prime brokerage sales across the MENA region, tospearhead its institutional sales efforts. Najjar joins Marex after a six-yeartenure at IG Prime, where he was driving growth through product launches anddeveloping partnerships with B2B clients.In his newrole, Najjar will be tasked with developing and implementing Marex PrimeServices' regional sales strategy, with a focus on providing localized supportand tailored prime brokerage solutions to a diverse client base includingbanks, hedge funds, investment managers, and family offices."Thisstrategic move strengthens our current operations and better positions us tomeet the evolving needs of our clients in the region,” Shahab Hashemi, CEO(MENA) at Marex, commented. “Incorporating prime services to our offeringallows us to deliver more tailored and localized solutions to hedge funds,family offices and other institutional clients."Theestablishment of a dedicated presence in Dubai complements Marex's existingoperations in the Middle East region and is expected to strengthen the firm'sposition in the competitive prime brokerage market.Justyesterday (Wednesday), Marex Group announced its agreement to acquire AarnaCapital Limited for Middle East clearing business. Based in Abu Dhabi, AarnaCapital provides clearing, execution and risk management solutions. "Thisis an exciting time for our prime services team, and I'm looking forward tobuilding on Marex's achievements and delivering tailored prime brokeragesolutions to our clients,” Najjar himself expressed enthusiasm about his newrole.Exec MovesMarex hasrecently made several other key executive changes. In June, the companyannounced Liz Barrett as the new Group Head of HR, starting June 24, 2023.Barrett, who brings over twenty years of experience in financial services, hasa robust background in global business operations, organizational change, andculture initiatives. She succeeds Karen Neffar, who has left the company toexplore new opportunities.Additionally,in March, Marex enhanced its Group Board by appointing John Pietrowicz.Previously serving as the Chief Financial Officer at CME Group, Pietrowicz'sextensive background in financial markets and regulatory frameworks addssignificant value to Marex. The company noted that his deep expertise incorporate finance, accounting, and mergers and acquisitions will help Marexeffectively manage the intricate aspects of market dynamics and compliancedemands.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/7vCqNZn
The Securities and Exchange Commission (SEC) yesterday (Wednesday) formally moved to appeal a federal judge's decision in the regulator’s case against Ripple, which resulted in a $125 million fine.SEC Files “Notice of Appeal”The regulator filed a "notice of appeal" to the Second Circuit Court of Appeals, indicating its intention to challenge the final judgement by Judge Analisa Torres, who closed the four-year-old case against the crypto company last August.A “notice of appeal” is a formal filing in a superior court by a party involved in a lawsuit, notifying the court and the opposing side of its decision to appeal.Although the judge imposed a penalty on the blockchain company, it was significantly lower than the nearly $2 billion the SEC had sought in the form of recovery and fines.“We believe that the district court’s decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws, and we look forward to making our case to the Second Circuit,” an SEC spokesperson said.Stuart Alderoty, Ripple’s Chief Legal Officer, called the SEC’s appeal “disappointing, but not surprising.” He further noted that the SEC’s Enforcement Director, Gurbir Grewal, resigned hours before the "notice of appeal" was filed.Ripple's CEO, Brad Garlinghouse, also questioned the SEC's "rational" and highlighted that the lawsuit "hasn’t protected investors."If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.Somehow, they still haven't gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b— Brad Garlinghouse (@bgarlinghouse) October 2, 2024A Long-Running Crypto LawsuitThe American regulator first took action against the blockchain company in December 2020, alleging the illegal sale of XRP tokens to both retail and institutional investors, raising more than $1.3 billion. According to the SEC, XRP constitutes unregistered securities.The initial lawsuit named Ripple’s CEO, Garlinghouse, and Co-Founder, Chris Larsen; however, the charges against them were dropped last October. Last July, the New York federal court ruled that the sale of XRP on exchanges and through algorithms did not violate any American securities law, although sales to institutions did.The $125 million penalty was related to securities law violations concerning the sale of XRP to institutions.This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/hWnBCrL
Lochlan White, who was the Chief Commercial Officer of EMEA at the Cyprus office of 26 Degrees, has left the company to join Scope Prime in a similar role. The departure came only a couple of weeks after the resignation of Riana Chaili, the company’s EMEA CEO.The exit of two top executives within such a short period, and the company’s delay in officially naming any replacements, raises questions about 26 Degrees' Cyprus operations. Notably, the company obtained a license from the Cyprus regulator last year.Departure after a Long TenureWhite was associated with 26 Degrees, which is run by Gavin White as the Group CEO, for the past 11 years. He joined in late 2023 as the Director of Marketing at the Sydney office of 26 Degrees (then Invast Global). He moved out of marketing, first becoming the Director of Prime Services in late 2019, and later the Head of Prime Services for the APAC region.In July 2021, he transitioned to the EMEA side of 26 Degrees’ business, relocating to the Cyprus office, where he took on the role of Chief Commercial Officer, a position he held for over two years.New Role at Scope PrimeWhite has now joined Scope Prime, which is part of the Rostro Group, as Chief Commercial Officer. According to an official press release shared with Finance Magnates, he will be based in Cyprus.In his new role, White will work with Scope Prime’s teams around the world and help them engage with counterparties looking to access the company’s liquidity.While executives are leaving 26 Degrees, Scope Prime has been expanding its team. Earlier this year, the company appointed Andrew Taylor as Head of APAC and Mirian Rostian as Head of South East Asia, with plans for further appointments in the coming months.“In recent months, we have made a series of senior hires globally as we look to grow our institutional liquidity offering,” said v, CEO of Scope Prime. “Adding Lochlan as CCO will be instrumental in ensuring the team can operate within a robust framework, allowing even more institutional counterparties to connect with our liquidity pools seamlessly.”This article was written by Arnab Shome at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/h0UWQNY