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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.
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MarathonDigital Holdings, the largest publicly listed Bitcoin (BTC) miner on WallStreet (NASDAQ: MARA),has caught the attention of financial group Macquarie, which initiated coverageof the company's shares with an "Outperform" rating. Due to the company's moves towards the artificial intelligence (AI) industry, the stock is expected to grow by nearly 50% in the coming weeks and months.MARA Stock Poised to RiseTowards $22, Boosted by AI BoomOnSeptember 24, 2024, Macquarie initiated coverage of Marathon Digital Holdingswith an "Outperform" recommendation. This positive outlook for MARA'sstock has garnered attention in the financial markets.A $22 pricetarget would be MARA's highest since late July and would represent asignificant rebound from current lows. The company can't consider the currentyear successful: while Bitcoin continues to gain 50%, its stock has fallen by35%.However,this is expected to change due to the company's moves towards AI, a trendfollowed by an increasing number of firms in the mining sector. They focus on high-performance computing (HPC), as confirmed by a recent analysisfrom investment management firm VanEck.VanEck'shead of digital assets research, Matthew Sigel, estimates that this strategicpivot could unlock $38 billion in value for mining companies by 2027."AIcompanies need energy, and bitcoin miners have it," commented Sigel."As the market values the growing AI/HPC data center market, access topower—especially in the near term—is commanding a premium."AlthoughMARA hasn't officially announced plans to shift its focus to AI, recentpersonnel moves seem to confirm this direction. In early September, the companyappointed George and Barbara Humpton to its Board of Directors and named DougMellinger as Lead Independent Director. George, for example, possesses"deep expertise in artificial intelligence, data centers, and high-growthtechnology environments."“Janet'sextensive experience in artificial intelligence and data center operations,coupled with Barbara's leadership in technology and infrastructure, will beinvaluable as we continue to innovate and grow,” commented Fred Thiel, the MARACEO.Macquarie'sbullish stance on Marathon Digital is also based on several additional factors:MarketPosition: MarathonDigital was recognized for its commanding deployed capacity among institutionalBitcoin miners.ComprehensiveOfferings: Thecompany's broad range of services in the digital infrastructure space,including MARAPOOL, MARAFW, Auradine, 2PIC, and various sustainabilityinitiatives, were highlighted as key strengths.IntegratedPlatform: Macquarieviews Marathon Digital as a scaled, integrated platform for investors lookingto engage with the bitcoin sector.Mara Stock News: MarathonDigital Reports 5% Increase in Bitcoin Production for SeptemberAccordingto the newest MARA’smining report, the company produced 705 bitcoins in September, markinga 5% increase from the previous month.The WallStreet Bitcoin miner’s energized hash rate grew to 36.9 EH/s, up 5% fromAugust's 35.2 EH/s. Marathon won 207 blocks during the month, a 6% risecompared to August."Ourglobally diversified operations demonstrated strength in September, withsignificant uptime and increased hash rate," said Fred Thiel, Marathon'sChairman and CEO. "We're proud to have surpassed a marathon worth ofbitcoin holdings, with nearly 27,000 BTC on our balance sheet."The betterresults come in a time, when Bitcoin mining difficulty hit a record high of92.67 trillion, slashingprofit margins among producers.However, Marathonremains on track to reach its target of 50 EH/s by the end of 2024. The companyis making progress on converting its Granbury data center from air-cooled toimmersion containers, with completion expected before year-end.As ofSeptember 30, Marathon held 26,842 unrestricted Bitcoins and did not sell anyduring the month. Key operational metrics for September include:Averagedaily BTC production: 23.5 (up from 21.7 in August)Share ofavailable miner rewards: 5.2% (up from 4.8% in August)Transactionfees as percentage…
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Demo account prop trading services without real-market executions and subsequent settlements cannot be categorised as investment services under existing regulations, the Czech National Bank (CNB) recently clarified in a Q&A published in its website.Demo Account Prop Trading Is Beyond Regulatory ScopeThe 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.Interestingly, a majority of prop firms, including many major ones, offer demo account trading services. FTMO, a Czech-domiciled prop trading firm that generated $213 million in revenue in 2023, also offers demo account trading.The CNB further explained that even if a certain activity formally meets the characteristics of one of the investment services but does not relate to any investment instruments, it cannot be categorised as an investment service under existing laws.“The essence of simulated trading on a demo account with virtual funds is, simply put, the opportunity to try trading in a test environment, which allows you to work with real market data, but without entering and executing real trading instructions,” the CNB noted (translated from Czech). “It, therefore, follows from the very nature of this activity that it cannot meet the characteristics of the provision of investment services.”“It is, therefore, not an activity subject to a CNB permit.”The regulator also clarified that virtual funds used for simulated trading on a demo account do not meet the characteristics of electronic money, as they do not represent any claim against the entity that issued them.Regulators Looking into Prop TradingMeanwhile, several other regulators are evaluating their regulatory scope regarding prop trading platforms. Finance Magnates earlier exclusively reported that the European Securities and Markets Authority had conducted an initial review of such prop trading firms and had also discussed potential regulations for the industry. The Australian regulator also clarified that it is “monitoring the emergence of prop trading firms.”However, regulators in Italy and Belgium have taken a harsher stance, issuing warnings against all prop trading activities, with one even calling them “video games.”This article was written by Arnab Shome at www.financemagnates.com.
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UK-based Alkimi, the world's first decentralised ad exchange, is excited to announce the appointment of Robert Bradley as Non-Executive Director. Robert brings over 20 years of experience in the media industry, working for the biggest media brands, and leading digital innovation, commercial strategy, and ad tech operations, driving significant revenue growth across global markets.As an advisor at Alkimi, Robert will leverage his extensive background in digital ecosystems, ad technology, and international commercial strategy to help scale Alkimi's platform, bringing innovative solutions to the forefront of the advertising industry."Robert's unparalleled expertise in the media sector, particularly in digital strategy and revenue growth, aligns perfectly with Alkimi's vision of disrupting traditional advertising. At our core, we truly believe in addressing transparency at an industry level, reducing fees whilst gaining efficiency and working our way towards net zero emissions. Robert is the perfect fit to help move mountains with us and we are thrilled to have him on board as we continue to scale and innovate." said Ben Putley, CEO & Co-Founder of Alkimi.Bradley's career has spanned key leadership roles at News Corp, IDG, CNN International Commercial (CNNIC). His current role as the Senior VP at CNNIC / Warner Bros. Discovery, Inc. where he spearheads commercial digital transformation and revenue growth across key digital assets. Alongside managing strategic partnerships across APAC, LATAM, and EMEA regions, he also has experience in managing multi-platform brand partnerships and ad sales, positioning him uniquely to guide Alkimi in its next phase of growth.Having followed the highly motivated nimble team for several years, Bradley has been impressed by the meteoric rise, taking note of Alkimi's transparency and low fees."Alkimi is at the cutting edge of the advertising industry, and I'm excited to be part of a team that's revolutionizing how brands connect with audiences in a way that’s transparent, efficient and in a way media owners can benefit. I look forward to contributing to the company's strategic direction and helping it achieve its ambitious goals," said Robert Bradley, Non-Executive Director at Alkimi. Bradley's breadth of experience in AdTech and programmatic advertising gives him unique insights, built from years of practical, hands-on senior roles within the ecosystem. Alkimi is not only a natural fit for Bradley, but the company will also benefit from his wealth of knowledge and leadership as it continues to expand its offerings, solidifying its position as a trailblazer in decentralised ad technology. Bradley will be making his first live panel appearance with Alkimi at Zebu Live in October.About AlkimiAlkimi (https://www.alkimi.org/) is a decentralised replacement to the inefficient legacy programmatic ad exchanges with the mission to restore the value exchange between advertisers, publishers and users. Alkimi is a custom layer 2 scaling solution on the Ethereum network, specifically for advertising — which allows us to provide the fastest, infinitely scalable solution with 0% fraud, low transaction fees and complete end-to-end transparency.About Robert Bradley Rob joins Alkimi, as a NED, to share his vast background of leading processes related to the digital ecosystem for Web2 companies, such as CNN and Warner Bros Discovery. He is eager to sustain innovation and monetisation of new products, leading ad tech, commercial strategy, TV and digital operations.He has two decades of professional experience, including 6+ years as Senior Vice President at Warner Bros Discovery where he oversees Warner One’s commercial Strategy and Revenue. Prior to his current role Rob led commercial partnerships for CNNIC across the UK, US, and Nordics alongside overseeing international digital monetisation, ad operations and innovation. Rob’s illustrious career also includes stints at News Corp, OPW and IDG where he was the Head of Programmatic.This article was written by FM Contributors…
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FlexTrade, a multi-asset execution and order management systems firm, and Propellant Digital, a firm offering trading data analytics,partnered to offer pre-trade insights to T. Rowe Price's fixed-income tradingteams. According to the official announcement, T. Rowe Pricewill enhance its fixed-income trading capabilities by adopting PropellantDigital's analytics platform through FlexTrade's execution management system,FlexFI. This collaboration promises to streamline workflows,deliver real-time market insights, and optimize trading strategies for T.Rowe's trading teams.Leveraging Real-Time Transparency The integration of Propellant Digital's data analyticswith FlexTrade's FlexFI platform offers T. Rowe Price's fixed-income teamsaccess to pre-trade information, including real-time market activity,historical trading prices, and aggregated trade volumes. By embedding these insights within FlexFI's orderblotter, the partnership aims to capitalize on the growing transparencyrequirements in Europe and the UK aimed at enhancing fixed-income trading.Speaking about the integration, Andy Mahoney, theManaging Director for EMEA at FlexTrade, said: "The ability to aggregatemultiple sources of market, pricing, and trading data into a single view is oneof the key drivers for adopting a fixed-income EMS. With sources of pre-andpost-trade data ever-increasing in richness, volume, and complexity, it's nowbecoming paramount that bond trading desks adopt a fixed-income EMS rather thanmanaging this data manually."FlexTrade's role in this collaboration cannot beunderstated. As Matt Murphy from T. Rowe Price points out, the use of FlexFI astheir fixed-income execution management system enables T. Rowe toefficiently incorporate new data sources into their trading interface. This flexibility ensures traders get an aggregatedview of multiple data streams, which is crucial for making informed decisionsamidst constantly changing market dynamics.Technological Collaboration for a Data-Driven ApproachPropellant's focus on transparency and analyticscomplements FlexTrade's open architecture, creating a cohesive tradingenvironment that seamlessly integrates new data sources. The new partnership is built around ensuring traderscan access and act on pre-trade data.Early this year, the Italian asset management firm Anima Alternative SGR integrated a new analytics suite accessible through FlexTrade Systems. Anima's traders can use the data to power automated trading strategies through the platform.This article was written by Jared Kirui at www.financemagnates.com.
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Marex Group plc has announced its agreement to acquire AarnaCapital Limited. This move aims to expand Marex's operations in the Middle Eastand enhance its clearing business. Aarna Capital, based in Abu Dhabi, specializes in clearing,execution, and customized risk management solutions. Its services cover energy,base and ferrous metals, as well as financial markets, including equities,fixed income, and foreign exchange.Marex Gains Clients with AcquisitionThe acquisition will enable Marex to gain additionalcapabilities in a new location and access approximately 180 local clients.These clients include institutional investors, family offices, and corporateclients, supported by a well-established team. Marex currently has about 60employees in Dubai, and this acquisition is expected to complement its existingoperations in the region.“This acquisition meets our strict financial criteria and isat an attractive valuation, representing three to four times expected profitafter tax,” commented Ian Lowitt, CEO of Marex.“We also retain some firepower from the capital raised inour IPO to support further growth investments, as we look to continue to expandand diversify our business.”Marex Expands in the Middle East with the Acquisition of Aarna Capital $MRX https://t.co/HjheURIrPD— Crwe World (@CrweWorld) October 2, 2024Last year, Marexcompleted the acquisition of Cowen's prime brokerage and outsourced tradingbusiness, as reported by FinanceMagnates. This acquisition added approximately 160 professionals from eightinternational offices and various trading and reporting technologies to Marex. The acquired business operates as part of Marex CapitalMarkets under the leadership of Jack Seibald and Mike Rosen, who have led itsince its inception in the mid-1990s.Expecting Profit GrowthFinancially, the transaction is projected to be accretive toearnings. Marex anticipates that it will contribute around five percent to itsprofit after tax from the fiscal year ending December 31, 2025, onward. This includes immediate synergies from Aarna Capital’soperations, which will flow through the Marex platform. The company expects tosave on internal clearing fees and increase net interest income throughexisting financing relationships. The acquisition is anticipated to close inlate 2024, pending regulatory approval.“Our clients will continue to be serviced by our team butwill have access to a greater range of products and services from the broaderMarex franchise,” said Dmitry Nedvetsky, Senior Executive Officer at AarnaCapital.“Meanwhile we hope to offer Marex’s clients our servicesfrom Abu Dhabi. The Middle East represents an important growth market, andenables Marex to introduce new clients to its platform, increase thecapabilities it can offer existing clients, and grow its global footprint.”This article was written by Tareq Sikder at www.financemagnates.com.
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RegTechfirm Muinmos and technology provider Brokeree Solutions have announced apartnership focused on proprietary trading compliance and risk management forregulated brokers. This move comes amid ongoing discussions about thelegitimacy and regulation of prop trading in the financial industry.Prop Trading Compliance: Muinmosand Brokeree Solutions to Address the IssueThecollaboration integrates Brokeree's Prop Pulse technology for accountmanagement and risk mitigation with Muinmos' client onboarding platform. Thiscombination is intended to offer FX brokers tools for regulatory compliance andrisk control in prop trading operations."Theconversation around prop trading is highly negative these days, but forregulated brokers who have the right controls and risk management in place,prop trading presents an opportunity for an additional revenue stream,” RemondaKirketerp-Møller, Founder and CEO of Muinmos, commented. “Our combinedoffering enables the firms to offer a compliant and at the same timecompetitive prop trading option.”Thepartnership aims to address concerns within the industry regarding risksassociated with prop trading. In a recent interview with Finance Magnates, PipFarm’s CEO, James Glyde, explained that those risks are “incredibly hard to manage.”“Themechanics of prop trading are completely different from a CFDs broker where youhave a deposit and margin,” he continued, “you can either use that to transferthe risk to the liquidity provider, or you can accept the risk. So themechanics are completely different, making the risk similar yet different.”Muinmos andBrokeree assert that they have found a way to address this issues, includingthe associated reputational risk.“We arevery aware that many regulated brokers are concerned that their reputation willbe tarnished if they offer prop trading,” Andrey Kamyshanov, Co-Founder andManaging Partner at Brokeree Solutions, added. “With Muinmos’ complianceexpertise and Brokeree’s account management system for prop trading firms,regulated brokers can be reassured that they will have a robust offering toenable them to thrive now and as regulation is inevitably introduced.”Bothcompanies report having client bases among regulated brokers and express acommitment to compliant trading practices. They indicate an intention to workwith regulators to implement controls without unduly restricting legitimatefinancial activities.Brokers Enter the PropTrading SpaceAlthoughthe prop trading industry doesn't enjoy a good reputation, didn't the CFDs facesimilar challenges? Regulators worldwide warn against prop firms, much likethey once cautioned against brokers.While manyof these warnings are justified, and some unscrupulous firms advertiseprop trading as "video games," the market also includes honestcompanies that prioritize safety standards.CFD brokersare now introducing a new quality to prop trading. Thanks to their regulatorycompliance, they provide investors with a much higher level of service andguarantee fund withdrawals.From late2023 to May 2024, five different firms from the traditional CFD sector enteredthe industry, includingOANDA, Hantec Markets, IC Markets, and Axi. A comparison of their offeringsis available below:Since then,other brokerage brands have decided to try their hand at prop trading. Amongthem isThinkMarkets, which launched ThinkCapital, offshoreCFD brokers AXE, and FundedBull, foundedby a former XM veteran.This article was written by Damian Chmiel at www.financemagnates.com.
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It is no secret that for many newcomers, the crypto world seems like an impenetrable fortress, mired with technical concepts like digital wallets and private keys. And, while undoubtedly crucial for security, they often act as a significant barrier to entry. Imagine explaining to a non-technologically savvy family member that their life savings are now protected by a string of random characters that they must safeguard at all costs. It's no wonder many potential users feel overwhelmed and hesitant to take their first steps into this digital realm.However, the complexity doesn't end there. Traditional crypto platforms come loaded with an array of charts, graphs, and unfamiliar terms that can make even the most technologically hip individuals scratch their heads. That said, over the last couple of years, the tides seem to be turning, with a new wave of platforms — offering intuitive interfaces and one-click transactions — emerging rather quickly.These innovative solutions are designed with simplicity in mind, bridging the gap between traditional finance (trad-fi) and the crypto economy, thus opening the door for millions of potential users previously deterred by the complexity associated with digital asset transactions.One standout example in this new generation of user-friendly crypto platforms is Ramp Network. Recognizing the need for a more straightforward approach to crypto transactions, the platform has positioned itself as an easy way for users to buy or sell crypto directly.Their solution aggregates various sources of liquidity, payment, and payout methods, offering users a seamless on-ramping and off-ramping process that feels familiar and approachable.What sets Ramp Network apart is its focus on integration and simplicity. Instead of sending users to external exchanges – a process that often leads to dropped transactions and frustrated users – Ramp Network allows for crypto purchases right within its dApp environment, thus maximizing user retention. Guiding new entrants with education and innovationAs the crypto industry continues to mature, there's a growing recognition of the importance of education in driving adoption. Tutorials and learning programs have become essential tools in easing the onboarding process for beginners as they demystify complex concepts, provide step-by-step guides for executing transactions, and offer insights into the best practices needed for security (especially when it comes to investment strategies). Parallel to these educational efforts, technological innovations are also making crypto more accessible to the masses. Layer 2 (L2) solutions, for instance, are addressing one of the most significant pain points in the crypto space: high transaction fees. By processing transactions off the main blockchain and only settling the final state on the main chain, these solutions dramatically reduce costs and increase transaction speeds - making crypto a viable option for everyday use and not just large investments.One key example of how user-friendly solutions can drive adoption is StocksFC, an innovative platform where football fans can buy, sell, and trade digital tokens representing real soccer players.Upon its market debut, the project faced a significant challenge, i.e. onboarding users who were passionate about football but potentially unfamiliar with cryptocurrency transactions. By integrating Ramp Network as their exclusive on-ramp provider, StocksFC was able to streamline the process of acquiring Ethereum (ETH) for their users. This strategic decision proved crucial in their rapid growth, allowing them to onboard their first 3,000 users shortly after launch. The simplicity of the process was key - instead of requiring users to navigate complex cryptocurrency exchanges, StocksFC offered a familiar, straightforward method of purchasing ETH directly within their platform.The results were quite striking, as an impressive 92% of the users who made their initial transaction through Ramp Network became active users on the StocksFC platform. Alex…
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It is a confident sign that the Web3 industry is growing and maturing. It is also a healthy indicator that there is ripe opportunity for bleeding edge technologies to combine, developing disruptive innovation for the marketplace. Yes, Mergers & Acquisitions in the Web3 space have been growing in the last several years, but 2024 has shown a clear direction on where the industry is likely headed in the near future.There were 200+ crypto M&A actions in 2022, and around 150 in 2023. The vast majority of these were either smaller firms connecting, or a larger firm acquiring a smaller firm. However, 2024 has given reason to expect much more substantial M&A activity within the Web3 industry, and it will likely involve much more than simply merging token projects together. Rather, there is a growing opportunity for blockchain technology to reach across industry boundaries and partner with other advanced technologies such as AI. The combination of technologies has already shown promise, and the market is filled with opportunities where AI/blockchain products and services could create entirely new markets. Why now? There are a number of key reasons, along with interesting speculation on what the next few years will hold for the blockchain, AI, and other advanced tech industries. To help answer these questions, we invited Mario Casiraghi, Co-Founder of SingularityDAO, CFO of SingularityNET, and an executive at ASI, to weigh in on the current M&A environment. Casiraghi was instrumental to 2024’s massive three-way merger between AI-related crypto projects Fetch.ai, SingularityNET and Ocean Protocol. The ASI (Artificial Superintelligence Alliance) merger creates a roadmap and precedent in the DeFi-AI space.Interview with Mario CasiraghiThe ASI merger was major headlines for the Web3 industry this year. How do you view this partnership from a decentralized perspective?The ASI merger represents a significant step towards a more robust, decentralized ecosystem for advancing AI. Bringing the AGIX, FET and OCEAN tokens together into a unified ASI token is a strategic move where we’ll be able to streamline operations and also open up collaboration across different AI and DeFi projects. The ASI has a multi-layered decision-making process that aims to maintain decentralization and enable efficient governance. This, combined with resources from SingularityNET, Ocean Protocol and Fetch.ai, will help scale up the decentralized AI efforts, which will be crucial for competing against centralised ‘Big Tech’ companies in the AI space, and ensures that AGI development remains open and inclusive.The M&A activity within Web3 is starting to gain ground not just in terms of scope, but also in terms of reaching out across industries. What are the key drivers behind this, and why is it happening now?First, we’re operating in a highly fragmented market right now, with gaps between AI, DeFi, RWAs, and TradFi. By merging, projects are able to bring together their talent and connections from these different domains. For example, professionals with TradFi backgrounds. Second, regulatory changes are another major reason we see mergers and acquisitions happening. The DeFi space is under more scrutiny than ever. Finally, it’s simply a brutal market. Competitive and fast-paced. Mergers and acquisitions can be a strategic move for us, to keep long-term success in volatile market conditions. You mentioned regulation as a key driver for increased M&A activity. How do you foresee that M&A activity and consolidation in Web3 will help strengthen the industry’s ability to drive increased adoption, while at the same time navigating regulatory challenges successfully?Mergers and acquisitions allow complementary technologies to come together, leading to greater innovation, better user experiences, and more effective navigation of the regulatory landscape. Larger, more established players have greater influence and can work directly with policymakers to shape the future of this industry.Improved security, user experience, and…
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The year 2024 has recorded unprecedented losses in thecybersecurity landscape. By the end of Q3, they reached $2.11 billion in total,surpassing all the losses from 2023, Cyvers' report shows.The year has witnessed a sharp increase in hackingincidents. This highlights a growing threat landscape that necessitates immediateattention, as shown by the significant breach of WazirX and DMM Bitcoinexchange.Cybersecurity Losses SurgeIn the first three quarters of 2024, losses have alreadyexceeded the total for 2023. Key statistics illustrate this trend: fromJanuary to September 2023, losses amounted to $1.23 billion, while the totalfor January to December 2023 was $1.69 billion. The losses from January to September 2024 represent anapproximately 72% increase compared to the same period in the previous year.Additionally, hacking incidents in centralized finance (CeFi) entities havesurged by nearly 1,000%. Losses from wallet and custodian breaches havealmost doubled. Conversely, losses from decentralized finance (DeFi) platformhacks have decreased by 25%.CeFi Vulnerabilities: WazirX and DMMCeFi platforms have experienced a dramatic rise in hackingincidents. The year has seen a 984% year-on-year increase in hacks, drivenprimarily by several high-profile attacks. In Q2 2024, centralized exchangesreported losses of approximately $401 million due to five significant attacks. The DMM Bitcoin exchange breach accounted for $305 millionof this total, marking it as one of the largest centralized exchange breaches of the year. Other affected platforms included BtcTurk, Lykke, RainExchange, and FixedFloat. This increase in vulnerabilities underscores the needfor improved access controls and regulatory oversight.Bitcoin Heist Hits Japanese Exchange DMM Bitcoin https://t.co/RPT9Vxhsnf pic.twitter.com/HCXDznWG2o— CySecurity News (@EHackerNews) June 6, 2024In related news, a Singapore court has granted a four-monthmoratorium to the Indian cryptocurrency exchange WazirX, subject to specificconditions. They include disclosing wallet addresses via a courtaffidavit, responding to user inquiries, providing financial accounts withinsix weeks, and conducting future votes on an independent platform. WazirX, which suffered a loss of $234 million in a July hackaffecting 45% of customer funds, initially sought a six-month moratorium. Thejudge noted that WazirX acted in good faith by requesting the moratorium andsuggested that the exchange consider disclosing assets beyond its held tokens.🚨 BREAKING: #WazirX granted a 4-month conditional moratorium by the Singapore court! 🇸🇬 After a $230 million hack, the exchange is under scrutiny. #cryptocurrency #hack #moratorium pic.twitter.com/RUJhOLJr9J— FinFarm (@FarmFin) September 30, 2024DeFi Losses Decline 25%In contrast, DeFi platforms have shown a 25% reduction inlosses compared to Q2 2023, yet they continue to face substantial challenges.During Q2 2024, they experienced losses of $171.3 million across 62incidents. The complexity of smart contracts and decentralized protocols leavesthese platforms vulnerable. Ethereum and BNB Chain remain the primary targetsfor DeFi exploits, reflecting their extensive ecosystems.The report highlights critical vulnerabilities affecting thesector. Access control vulnerabilities from January to September 2023 totaled$742.6 million, while for the same period in 2024, they reached $1.62 billion,indicating a 99% increase. Conversely, losses from smart contractvulnerabilities decreased from $429.6 million in 2023 to $380.4 million in2024, a decline of 19%.Addressing Crypto-Related CrimesThe overall number of incidents also demonstrates concerningtrends. From January to September 2024, a total of 131 incidents were reported,including 79 smart contract exploits and 51 access control violations. Incomparison, the same period in 2023 recorded 44 incidents, reflecting a 197%surge in 2024. Specifically, smart contract exploits increased by 182%, andaccess control violations rose by 218%.To address these issues, the report outlines severalrecommendations.…
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Volatilityin financial and foreign exchange (FX) markets persisted last month as thedollar fell to fourteen-month lows. This helped FXSpotStream, a provider ofmultibank FX aggregation services, achieve record volumes for the thirdconsecutive month, reaching an average daily volume (ADV) above $100 billionfor the first time in history.FXSpotStream ReportsRecord ADV in September 2024The totalADV last month was $101.9 billion, growing 5% from $96.8 billion reported inAugust. FXSpotStream is currently riding a wave of growth, though the ADVindicator benefited from fewer trading days. September had 21, while August had22, and July had 23.The spotADV indicator saw a modest decline, landing at $72 billion compared to $73.2billion reported a month ago. However, the "other ADV" category grewby over $6 billion to nearly $30 billion, which significantly boosted the totalvalues and allowed reaching an all-time high (ATH).The jump in ADV at FXSpotStream compared to September 2023 results was 55%. Year-over-year, other popular FX trading venues, including Euronext FX, 360T, Cboe, and Click 365, also saw growth.Month-to-month,however, the situation wasn't as favorable, and their ADVs declined morenoticeably. For Japan's Click 365, it was over 33% to 1.9 million contracts.Financial Data and NewIndependent Board ChairmanReturningto FXSpotStream, the company's European branch reported financial results amonth ago, showing a net profit increase of over 60% to $183,000. According tothe latest report published in the UK's Companies House, FXSpotStream Europeachieved a turnover of $3.5 million, increasing its revenue by 40% from $2.5million recorded in the previous year. It's worth noting that this is anotherconsecutive year where the company's main financial indicators showed positivechanges.In June,FXSpotStream appointed John Ashworth as the independent chairman of the boardof directors13. Ashworth, currently the CEO of Caplin Systems, a tradingsoftware provider, has over 30 years of experience in the technology industry2.He previously held leadership positions in well-known companies in the foreignexchange market, such as FENICS, GFI, Apama, and FXAll.“As we continue to mature and expand as a business, there is a need to add senior leadership with a strong background in independent governance and technology, and John brings both of these to the table,” Jeff Ward, the CEO of FXSpotStream, commented.This article was written by Damian Chmiel at www.financemagnates.com.
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Bitcoin, Ethereum, and Solanaexperience sharp declines as geopolitical tensions between Iran and Israeldisrupt the crypto market, raising concerns over the resilience of digitalassets as a safe haven.The Ripple Effect of GeopoliticalTensions on Crypto MarketsLast night and this early this morningIran launched a series of missiles at Israel, potentially signaling theescalation of the conflict in the Middle East. While the incident reverberatedthrough traditional markets, it also caused a sharp reaction in thecryptocurrency sector. Bitcoin, Ethereum, Solana, and other majorcryptocurrencies saw significant price drops as traders rushed to assess thefallout from the geopolitical instability.Despite being heralded as apotential safe-haven asset, Bitcoin’s performance in this crisis has raisedquestions about the resilience of cryptocurrencies in times of global unrest.Why is the crypto market down today?The entire crypto market dipped on Oct. 1 as rising geopolitical tensions in the Middle East, increasing long liquidations and a sell-off in US equities appeared to cool investor enthusiasm for “Uptober.”#Crypto #Iran #Israel #bitcoin #xrp pic.twitter.com/SM20KWHrdH— Laughing Ledger (@LedgerLaughing) October 2, 2024A Sharp Decline in Crypto Prices:Bitcoin, Ethereum, and Solana Take a HitIn the hours following the missilestrikes, major cryptocurrencies experienced substantial declines. Bitcoin,often compared to gold as a "safe haven" asset, fell by 5%, sittingjust above $60,000 mark, Solana saw falls of 8%. Ethereum, which had beenriding a wave of optimism thanks to its increasing adoption in decentralizedfinance (DeFi) and non-fungible tokens (NFTs), dropped by 6%. Solana, one ofthe best-performing altcoins earlier in the year, experienced even sharperlosses, reflecting the broader market uncertainty.These rapid price drops suggestthat, despite growing institutional interest in digital assets, the cryptomarket remains highly sensitive to external shocks, especially when theyinvolve geopolitical risk.Safe Haven or Risk Asset? The DebateAround Bitcoin's RoleThe decline in Bitcoin’s priceamidst the Iran-Israel tensions has sparked renewed debate about whethercryptocurrencies, particularly Bitcoin, can serve as a reliable store of valueduring periods of global instability. Historically, Bitcoin has been positionedas a digital alternative to gold—an asset that thrives in times of economicuncertainty. However, the recent drop following Iran’s missile launch hasraised concerns that Bitcoin may not be as "safe" as many proponentsclaim.While Bitcoin is often seen as a hedge against economicand political turmoil, its price volatility can undermine its safe-havenstatus in the short term. Investors seeking shelter during crises often flockto traditional assets like gold or U.S. Treasury bonds, which are viewed asmore stable.Despite this, some market analystsbelieve that Bitcoin’s long-term prospects as a hedge remain intact. They arguethat the current price fluctuations are a reflection of its relatively youngstatus in global finance and that over time, as adoption increases, itsvolatility could decrease. Still, for the moment, Bitcoin's reaction togeopolitical crises highlights the ongoing challenges it faces in securing areputation as a stable store of value.Impact on Uptober’s Bullish MomentumOctober is often considered abullish month for cryptocurrencies, earning the moniker "Uptober"from traders due to its historical trend of price increases. Prior to themissile strike, many investors were hopeful that Bitcoin and other major cryptocurrencieswould continue to climb after a period of relative stagnation. However, thesudden drop in prices following the Iran-Israel conflict has cast a shadow overthose bullish expectations.Why is the crypto market down today?The entire crypto market dipped on Oct. 1 as rising geopolitical tensions in the Middle East, increasing long liquidations and a sell-off in US equities appeared to cool investor enthusiasm for “Uptober.”#Crypto #Iran #Israel #bitcoin…
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The world continues to embrace digitalization across multiple industries, with the financial sector being no exception heading into 2025. Digital payments, once considered an emerging technology, have now become a staple of the global economy. Looking ahead, the collision between digital payments with contactless transactions and cryptocurrencies will continue to drive innovation. However, as the industry eyes future changes, several key trends are expected to shape this space, ultimately transforming how individuals and businesses manage financial transactions.Key Payment Innovations to Watch in 20252025 is expected to provide a leap forward in terms of several payment technologies as well as some significant developments. This includes the increasing adoption and exploration of Central Bank Digital Currencies (CBDCs). Central banks around the world have already been experimenting with digital versions of their national currencies. However, further developments will aim to improve payment efficiency, reduce transaction costs, and provide more secure, transparent payment systems.Countries such as China, the United States, and the European Union are either launching or actively exploring pilot programs for CBDCs. These digital currencies offer a government-backed alternative to decentralized cryptocurrencies like Bitcoin and Ethereum, with the potential to streamline cross-border transactions and enhance financial inclusion.As CBDCs gain momentum, businesses will need to adapt to this new form of digital currency, which could eventually reshape the global financial system. The integration of CBDCs into mainstream commerce could also lead to significant changes in payment infrastructure, regulatory frameworks, and consumer behavior.Redefining the MainstreamAs digital payments become more ubiquitous, security concerns remain a top priority for both consumers and businesses. Biometric authentication, such as fingerprint scanning, facial recognition, and voice recognition, is emerging as a leading solution to enhance security and combat fraud.Biometric technology offers a more secure and convenient alternative to traditional passwords or PINs, providing real-time verification of user identity. As smartphones and wearable devices continue to integrate biometric capabilities, we can expect to see more financial institutions and payment providers adopting these technologies to streamline payment processes and protect users from fraud.In 2025, biometric authentication is expected to become a standard feature in mobile wallets, banking apps, and payment gateways. This shift will enhance security, improve user experience, and reduce the risk of fraud, especially in high-value transactions.By extension, embedded finance, and specifically embedded payments, are quickly transforming the way consumers interact with digital financial services. Embedded payments enable non-financial platforms to integrate payment solutions directly into their products and services, offering seamless transactions without redirecting users to third-party providers.By next year, we will see the rise of embedded payments across e-commerce, transportation, healthcare, and even social media. Companies like Uber and Amazon have already integrated payments directly into their apps, enabling users to complete transactions without leaving the platform. This trend is expected to expand, with more non-financial companies offering embedded payment solutions to enhance convenience and customer retention.For businesses, adopting embedded payments opens up new revenue streams and improves customer engagement. For consumers, it simplifies the payment experience by reducing friction and providing a more integrated service.Contactless Payments – Business as Usual or New Tech? Contactless payments have surged in popularity, particularly since the COVID-19 pandemic, and their dominance is set to continue into 2025. The convenience, speed, and security of contactless technology have made it a preferred choice for consumers around…
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XTB, thePolish publicly listed fintech company (WSE: XTB), is launching two new products as part of its 2024 expansion strategy, Finance Magnates learned exclusively. The company will introduce a virtual wallet with a multi-currency card today (Wednesday) and Individual Retirement Accounts (IKE) forPolish investors.XTB Expands Product Lineupwith E-Wallet and Multi-Currency CardThe mobilewallet with a multi-currency card, another new product in XTB's lineup thisyear, has already launched in Portugal and the Czech Republic. It is expectedto be available in Poland within the next few weeks.As FinanceMagnates learned, after the initial debut, additional markets will begradually implemented. The wallet will support seven currencies: EUR, USD, GBP,PLN, HUF, RON, and CZK, with more to come in the future."XTB'smobile wallet provides investors with instant access to their funds and makesmanaging daily finances effortlessly,” Omar Arnaut, the CEO of XTB commentedfor Finance Magnates. “Putting one's money to work has been madesignificantly easier, as now both investing, and payments can be done instantlyin one app.”The virtualcard is equipped with advanced security measures, suchas two-factor authentication (2FA), adjustable spending limits that userscan modify instantly via the XTB app, and the option to disable the card temporarily.Retirement Accounts inPolandAlthough XTB's next product, IKE, pertains only to the Polish market, but it could significantly impact the fintech's revenue structure in the coming quarters. IKE is one of the local investment accounts that allows savingfor retirement with tax benefits. Currently, IKE has about 900,000 participantsin Poland, which presents an opportunity to attract more passive savers to thecompany's offerings."We'reconfident that combining our diverse offering with IKE benefits willsignificantly boost interest in retirement investing. It's a crucial topicaffecting us all, and I'm pleased that users can now plan their financialfuture using our app,” added Arnaut.XTB's IKEaccounts will initially be available only through the mobile app, with desktopaccess planned for 2025. The accounts will offer access to XTB's full range ofstock offerings, including both Polish and foreign markets. Importantly,investors will be able to utilize fractional shares within their IKE accounts,allowing for portfolio diversification even with small investment amounts.Clients inthe UK are also waiting for savings and retirement products. In May, XTBobtained an ISA license, which opens its way to a market worth £400billion.All-in-One Investment AppAs XTBcontinues to expand its product range, the company aims to compete in thebroader fintech space. Arnaout insists that XTB is carving its own path,focusing on becoming "Europe's number one universal app for financialmanagement.""Weare now a full-fledged fintech. While CFDs remain our core business, XTB hassignificantly evolved. In the first half of 2024, about 80% of our clients'initial transactions involved stocks, ETFs, and Investment Plans,” XTB’s CEOcommented.This wasevident in the report for H1 2024, whererevenues jumped to $938 million, and net profit amounted to $463 million.Additionally, the broker added 232,000 new clients, bringing their totalcustomer base to 1.11 million.“We havedelivered thisyear's product pipeline and are making good progress towards becomingEurope's number one investment super-app,” added Arnaut. “Our broad productoffering supported by the partnership withour new brand ambassador Zlatan Ibrahimovic will surely elevate our brandto a completely another level.”This article was written by Damian Chmiel at www.financemagnates.com.
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Interactive Brokers Group posted impressive tradingmetrics in September, highlighting a substantial boost in client engagement andfinancial performance. The company's monthly report highlights notableincreases in Daily Average Revenue Trades (DARTs) and client equity.Strong Trading MetricsInteractive Brokers recorded 2.634 million DARTs, aremarkable 46% increase compared to the previous year, though slightly down 3%from August. Client equity reached an impressive $541.5 billion, marking a 46%year-over-year increase and a 5% rise since August. This surge reflects both market dynamics andInteractive Brokers' ability to attract and retain a diverse clientele, whichnow numbers 3.12 million accounts, up 28% from the previous year.The brokerage also reported ending client margin loanbalances of $55.8 billion, reflecting a 28% increase compared to last year anda 2% rise since the previous month. Moreover, client credit balances totaled $116.7billion, including $4.6 billion in insured bank deposit sweeps, indicating a19% increase year over year and a 4% increase month over month. Cost of TradingRegarding trading costs, the average commission percleared order was $2.88, with stocks averaging $2.04 per order, equity optionsat $3.92, and futures at $4.34. Notably, the total cost for executing U.S. Reg.-NMSstocks through Interactive Brokers was approximately 4.3 basis points of trademoney, emphasizing the firm's commitment to transparent and cost-effectivetrading solutions.The value of Interactive Brokers'' GLOBAL, a measurereflecting its currency diversification strategy, increased by 0.24% inSeptember and 1.14% for the quarter, indicating stability amidst fluctuatingglobal markets. The firm's strategic approach to diversifying its networth across major currencies further strengthens its financial positioning.This article was written by Jared Kirui at www.financemagnates.com.
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The publicly listed online brokerage Interactive Brokers (NASDAQ: IBKR) hasannounced a new collaboration with Acuity Trading to integrate the AcuityResearch Terminal into its platform. This move aims to enhance the research anddecision-making tools available to investors using Interactive Brokers'services.Interactive BrokersIntegrates Acuity Trading's Research TerminalThe AcuityResearch Terminal is now fully accessible through the Interactive Brokers'Discovery Tool within the Trader Workstation (TWS) Mosaic interface. Thisintegration provides investors a centralized research platform offeringalternative data sets and unique analysis tools across multiple asset classes."Weare thrilled to work with Interactive Brokers, a platform synonymous withadvanced trading technology and that has a global investor base,” Andrew Lane,CEO of Acuity Trading, commented. “By integrating the Acuity Research Terminalinto their ecosystem, we are empowering investors with the tools they need touncover opportunities and make data-driven investment decisions."Thenewly integrated Research Terminal offers several key features:Multi-AssetClass Coverage:Users can analyze up to five asset classes simultaneously, including Equities,Currencies, Commodities, Indices, and Cryptocurrencies.ComprehensiveCalendar Events:The platform provides detailed corporate and economic calendars, allowinginvestors to track high-impact events across various sectors and regions.AssetIQ: This tool offers an overview ofavailable instruments, highlighting opportunities based on Acuity's proprietarydata scores derived from factors such as momentum, volatility, and newssentiment.NewsIQ: Powered by Dow Jones data, thisfeature delivers critical insights and helps investors identify potentiallyprofitable assets by tracking their popularity and sentiment across newssources.Acuity first presented its artificial intelligence (AI) driven Research Terminal in 2019. Since then, it has formed numerous partnerships helping industry companies offer clients more personalized and accurate data. For example, last month, Acuity welcomed Amega as a partner, and it integrated the AnalysisIQ tool. Previously, the Forex CRM provider Techysquad also partnered with Acuity Trading to improve data integration.What's New at InteractiveBrokers?InteractiveBrokers has recently made several significant announcements and improvements toits offerings. For example, Graeme Farrell has joined IBKR's board ofdirectors. Farrell, who currently serves as the Group Chief Risk Officer,brings valuable experience from his previous role as Global Head of OperationalRisk & Resiliency at AQR Capital Management.IBKR hasalso expanded its global bond offering through the IBKR Bond Marketplace. Keyenhancements include:Extendedtrading hours of up to 22 hours a day for global corporate bonds, EuropeanGovernment Bonds (EGBs), and UK GiltsAdditionof Swiss Franc-denominated (CHF) bonds, including Swiss government bonds andglobal corporate bondsInSeptember, Interactive Brokers reported new trading metrics. Daily AverageRevenue Trades (DARTs) reached 2.634 million, a 46% increase year-over-year. Clientequity grew to $541.5 billion, up 46% from the previous year and 5% from AugustThis article was written by Damian Chmiel at www.financemagnates.com.
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The efficacy of cross-border payments across borders has become an essential aspect of businesses. Unfortunately, these payments are also a notable pain point for operations as they expand into international markets. As such, Finance Magnates has partnered with Visa to launch a quick survey to glean the latest insights and feedback from all participating professionals.Each industry has grappled with cross-border payments in their own way, with the financial services space having its own unique experience. Businesses routinely have to grapple transaction costs, compliance issues, security protocols, and other potential processing delays.Why Your Participation in the Survey Matters In the face of these challenges, this survey is looking to garner actionable feedback to help contribute to solutions and strategies moving forward. This includes forming industry techniques as well as best practices in the financial services space as we head into 2025.Whether you are a financial professional, fintech leaders, and business executives are encouraged to fill out the survey. Participate today by accessing the following link.Any industry has room for optimization and payments operations are no exception. Survey responses can be helpful in improving operational efficiency while reducing friction in cross-border payments. Ultimately, all individuals are invited to participate in the survey to lend their voice in steering the future of global financial innovations and standards.Noteworthy Trends that Are Looking to Be AddressedThe survey touches on several elements of the cross-border payments sphere. Respondents can address some prominent trends and topics, each of which have the goal of identifying the most efficient or salient strategies. The participation from a diverse audience will also be instrumental in lending a broad-based perspective.Both Finance Magnates and Visa thank all participants for their attention, time, and effort in helping shape the future of cross-border payments!This article was written by Finance Magnates Staff at www.financemagnates.com.
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Gurbir Grewal, the Director of the Securities and ExchangeCommission’s (SEC) Division of Enforcement, is leaving the agency. His departure marks the end of a three-year tenure marked by significant enforcementactions. DeputyDirector Sanjay Wadhwa will take over as Acting Director, with Chief CounselSam Waldon stepping into the role of Acting Deputy Director.Leadership Transition at SECAccording to the regulator’s statement, SEC Chair Gary Gensler praised both Grewal and Wadhwa,highlighting their commitment to investor protection and market integrity. Healso expressed confidence in Sam Waldon, who will assume the role of ActingDeputy Director.“We have been incredibly fortunate that such anaccomplished public servant, Gurbir Grewal, came to the SEC to lead theDivision of Enforcement for the last three years,” Gensler said. “Every day, hehas thought about how to best protect investors and help ensure marketparticipants comply with our time-tested securities laws. He has led a Divisionthat has acted without fear or favor, following the facts and the law whereverthey may lead. I greatly enjoyed working with him and wish him well.”Today we announced that Gurbir S. Grewal, Director of the Division of Enforcement, will depart the agency, effective Oct. 11, 2024. https://t.co/4wXy6ka0qM pic.twitter.com/mnVf378bPi— U.S. Securities and Exchange Commission (@SECGov) October 2, 2024Under Grewal’s leadership, the Division of Enforcementreportedly pursued more than 2,400 enforcement actions, resulting in over $20billion in disgorgement, civil penalties, and prejudgment interest. TheDivision also secured over $1 billion in whistleblower awards and achieved morethan 340 industry bars against individuals.Grewal's TenureGrewal's tenure focused on proactive enforcement,recalibrating penalties to deter misconduct, and holding key players accountablefor securities law violations. He emphasized cooperation and self-policing askey measures to ensure market integrity.Grewal’s departure comes as the SEC focuses on regulating evolving sectors, such as cryptocurrency andfinancial technology. Grewal's legacy, marked by a strong stance on investorprotection, has reportedly set a standard for his successors.This article was written by Jared Kirui at www.financemagnates.com.
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With the US presidential election drawing closer,nearly half of American retail investors are adjusting their portfolios. Arecent survey revealed that some of the investors are strengthening their cashreserves while others are targeting opportunities in equities and cryptoassets.Investors Adapt Strategies The survey by eToro showed that 49% of American retailinvestors have either already adjusted or plan to adjust their portfolios dueto the upcoming presidential election. The study, which included responses from 1,000 USretail investors, showed that a significant portion of investors is increasingtheir cash holdings, with 42% of respondents favoring a more liquid position.Another 35% are buying more stocks, while 20% are venturing into crypto. Interestingly, the study highlighted a generationaldivide in how investors are reacting to election-driven uncertainty. Youngerinvestors, particularly Gen Z (69%) and Millennials (68%) are the mostproactive in adjusting their portfolios. Millennials are over twice as likely as their Boomercounterparts to have already made portfolio changes, with 32% of Millennialsshifting their investments compared to 14% of Boomers.Commenting on the data, eToro Analyst Bret Kenwell mentioned:“There’s nothing wrong with investors adjusting their asset allocation ahead ofa big event, like the election. While younger investors are being a bit moreopportunistic, older investors are opting to be more passive, letting theirinvestment plans stay the course.”Conversely, older generations are largely stickingwith their existing plans. More than half of Gen X (51%), Boomers (63%), andthe Silent Generation (60%) say they will not make adjustments before theelection. While Millennials and Gen Z are increasingly buyingstocks, with almost half of Gen Z (49%) doing so, older investors, includingBoomers (43%) and the Silent Generation (47%), are focusing on increasing cashallocations.Financial ServicesDespite the looming election, the overall investmentsentiment remains positive toward certain sectors. Financial services continueto dominate as the top-held sector among retail investors, with 58% maintainingor increasing their exposure. Technology (51%) and energy (41%) are also popular,though generational differences have become more apparent over time. Both Gen Z(68%) and the Silent Generation (55%) increased their tech ownershipsignificantly from the previous quarter, while other generations were morereserved. This indicates a willingness among the youngest andoldest investors to buy into tech despite recent volatility. Among the topseven high-profile technology giants, retail investors are particularlyinterested in Amazon, with 26% planning to increase their holdings in thecompany. In contrast, Tesla ranked as the least popular amongthese tech giants, with 36% of respondents indicating they do not plan toinvest in it, followed closely by Alphabet (35%) and Nvidia (34%).This article was written by Jared Kirui at www.financemagnates.com.
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Scope Markets launched two new equity indices toenable global investors to access the stock markets of Dubai and Abu Dhabi.These indices, named AD15 and DXBI, allow traders to benefit from the movementsof UAE markets.Access to UAE Equity IndicesAccording to the company, the offering makes it easier for global traders to gainexposure to the regional equity indices of Dubai and Abu Dhabi. The indices AD15 for Abu Dhabi and DXBI for Dubai are reportedly available to investors through a single transaction, promising a simplified way to invest in two of the fastest-growing regional markets.The UAE equity markets have reportedly recorded a significant risecompared to many other global markets over the summer. From June to August2024, the Abu Dhabi benchmark index grew by 10%, while the Dubai indexoutperformed with a 15% increase.In contrast, indices like the Dow 30 only gained about5%, and the FTSE-100 remained largely unchanged. The high demand for qualityinvestments in the region is evident, with recent IPOs, like Parkin's,reportedly being oversubscribed 165 times.Commenting on the launch, Pavel Spirin, the Chief Executive Officer at Scope Markets, said: "We are genuinely excited to offer clients theability to gain exposure to both the Dubai and Abu Dhabi equity indices via aCFD. It’s no secret that the GCC economies are growing rapidly, fuelled in partby more companies listing on the relevant regional markets.""We know that investors from across the world want aneasy way to add UAE exposure to their portfolios – these new products deliverthat reality."Expanding Tradable InstrumentsThe new UAE equity index products are available forlong and short trades, with leverage of up to 1:20. This addition comesalongside over 80 single equity CFDs from Abu Dhabi and Dubai, which have beenincorporated into Scope Markets' tradable portfolio in the past year.By offering a broader range of products, Scope Marketsseeks to appeal to investors seeking flexibility and opportunities infast-growing markets. In June, Scope Markets introduced US-listed products for markets outside the US, including the Dollar Index and the VIX. The company mentioned that this step is driven by growing demand and aims to offer traders flexibility. This article was written by Jared Kirui at www.financemagnates.com.
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The CyprusSecurities and Exchange Commission (CySEC) has announced a further extension tothe implementation of its decision regarding Otkritie Broker Ltd, a CyprusInvestment Firm (CIF).In astatement released today (Wednesday), CySEC revealed that its board has decidedto grant an additional six-month extension before the prohibition on IgorGutinskiy, the sole director of Otkritie Broker Ltd, takes effect. Thisdecision was made during a board meeting held on September 23, 2024.CySEC Extends ProhibitionPeriod for Russia-Linked Otkritie Broker DirectorTheoriginal decision, which prohibits Gutinskiy from exercising management dutieson the company's Board of Directors for a period of two years, wasinitially announced on April 12, 2023. The implementation of thisprohibition has now been postponed for a second time.OtkritieBroker Ltd holds the CIF authorization under licensenumber 294/16 since 2016. This company offers services in investmentadvising, brokerage, and asset management under Open Broker trading brand.Despite being registered in Cyprus, its association with a Russian bank has ledto potential controversy, especially considering the ongoing war in Ukraine.Theregulatory action against Otkritie Broker Ltd, stems from concerns about theinfluence exercised by Otkritie FC Bank, one of the largest commercial banks inRussia in terms of owned assets, on the firm's management.CySEC Decision for Influence exercised by Otkritie FC Bank to the sound and prudent management of the Otkritie Broker Ltdhttps://t.co/6AUfddyyA1— CySEC - Cyprus Securities and Exchange Commission (@CySEC_official) October 2, 2024Additionally,Otkritie operated a separate entity in Cyprus known as OtkritieCapital Cyprus. This subsidiary had its licenserevoked in 2021 following the company's decision to terminate its retailbrokerage operations in Cyprus the previous year.This extended grace period may be intended to allow for a smoother transition in the company's leadership. The Commission stated that it would continue to monitor the situation closely and may provide further updates asnecessary.This article was written by Damian Chmiel at www.financemagnates.com.
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The Forex market is evolving rapidly, fueled by technological advancements, rising trading volumes, and the need for secure, efficient transactions. Brokers, traders, and financial institutions are adapting to this fast-paced environment by embracing innovative payment solutions. Embedded wallet technology is at the forefront of this transformation, driving growth in the FX market.In this article, we explore the evolution of the Forex market and how embedded wallets are meeting its growing demands. Payment providers like Paysafe can help in this space, providing expertise and industry-leading white-label wallets solutions. To support FX merchants in understanding the market and the benefits of Paysafe's wallet-as-a-service solutions, we have made our on-demand webinar available.Watch the “Boost Forex Revenue: Wallets & Growth Strategies” webinar for more info.As we move forward, the integration of these wallets will be crucial in improving transaction speeds, enhancing security, and driving revenue growth for FX merchants.The rapid growth of the forex marketThe Forex market has rapidly expanded over the past few years, largely due to technological advancements and a shift in trading behavior. In 2022 alone, the global daily trading volume of Forex reached approximately $7.5 trillion USD. Additionally, the Forex market isn’t slowing down, as it’s predicted to have an impressive compound annual growth rate (CAGR) of 6.5%, which would lead to a market size of over $10 trillion USD by 2032.This surge is fueled by the increasing participation of retail traders, greater access to trading platforms, and a growing demand for more flexible and digital financial services.As the Forex market evolves, so do the expectations of traders and brokers. Traders are looking for ways to execute trades quickly, securely, and efficiently, while brokers aim to offer a seamless customer experience. Financial institutions are also under pressure to adapt to these trends, seeking solutions that can simplify operations, reduce costs, and enhance the user experience.One of the primary challenges facing the FX market is ensuring that transactions are fast, secure, and cost-effective. Given the global nature of Forex trading, the speed at which transactions are processed and settled is critical. Traditional payment methods often fall short in meeting the needs of modern Forex platforms, as they tend to be slow, costly, and prone to delays.This is where wallet-as-a-service solutions come into play. By integrating digital wallets directly into Forex platforms, brokers can meet these increasing demands while positioning themselves for future growth.Why wallet-as-a-service is a game changer in the forex industryWallet-as-a-service has become a revolutionary solution for FX merchants by addressing some of the most pressing challenges in the industry. These digital white-label wallets provide seamless integration into Forex platforms, enabling faster transactions, enhanced security, and greater accessibility for users.Here are some key benefits of embedded wallets in the Forex market:Faster Transactions: Embedded wallets significantly reduce transaction processing times. In the Forex market, where seconds can make a difference, the ability to complete transactions instantly is a major advantage. This can lead to increased trading volume and improved customer satisfaction.Enhanced Security: Security is paramount in the Forex market, where large sums of money are exchanged daily. Embedded wallets provide an additional layer of security by incorporating advanced encryption and fraud detection technologies. This helps reduce the risk of unauthorized transactions, chargebacks, and other security breaches.Streamlined User Experience: Embedded wallets offer a simplified and user-friendly payment process that eliminates the need for traders to rely on multiple external payment methods. This leads to a more intuitive, efficient, and enjoyable trading experience, helping brokers attract and retain more customers.Global…
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Two weeksago, the Federal Reserve (Fed) began a widely anticipated cycle of interestrate cuts. As a result, the US dollar exchange rate fell to its lowest levelsince July 2023. Moreover, the USD recorded its worst quarter in two years,losing particularly strongly against the yen. Due to the narrowing interestrate differential between the US and Japan, the $4 billion "carrytrade" is starting to fade.Federal Reserve Slashes Rates: Impact on DollarExchange Rate and Forex MarketOn August18, the US Fed cut its benchmark interest rate by half a percentage point, thefirst time in four years. With this move, Federal Reserve Chairman JeromePowell signaled the beginning of a new cycle of interest rate cuts.Thedecision came after two years of aggressive rate hikes aimed at curbing rampantinflation. At one point, inflation reached 7%, but has now fallen to around2.2%. The Fed also managed to stabilize the unemployment rate and GDP, whichencouraged the Federal Open Market Committee (FOMC) to initiate a new easingcycle."Inthe current environment, there is uncertainty over whether the Federal Reservewill cut rates for a positive reason: success in controlling inflation, or fora more concerning one: rising economic risks," commented Jon DuPrau,Managing Partner at SuperDex. "This distinction is crucial because theimpact of Fed rate cuts on markets is heavily influenced by the broadereconomic context."Inanticipation of the cuts, the US dollar exchange rate had already beenweakening. It reached its peak against major currencies in the second half of2022 and has been on a downward trend since then. The latest leg of thisdecline began in June 2024 and continues to this day. As a result, the dollarindex DXY, which measures the strength of the USD against major currencies suchas the euro, pound, and yen, has fallen to fourteen-month lows.Interestingly,analysts are convinced that this is just the beginning of the US dollar'sdepreciation. For example, Goldman Sachs in its latest forecast assumes that itwill soon reach more than three-year lows. This is expected to be particularlynoticeable against the British pound, which the banking giant predicts willreach 1.40 next year. Currently, one pound buys 1.33 dollars.The Fed'sdecision affected not only currency exchange rates and their volatility butalso other instruments and investor behavior. Broker representatives noticed asignificant increase in trading activity at the time of the US rate cut.Currency MarketVolatility: Spreads Widen on Major Pairs and IndicesThevolatility range of major financial instruments on September 18 wassignificantly higher than the average on other days. The EUR/USD currency pairfell and rose within a range of more than 0.8% that day, reacting to both thedecision and the subsequent press conference with Powell."It'snot surprising that such an event attracted increased investor interest, as theFed's decision was anticipated by the market," commented Marek Nita, Headof OTC Market at XTB. "We noticed a significant increase in interest amongboth logged-in users and those active during the announcement of the decision,even compared to previous US interest rate decisions."AnotherEuropean broker, Mind Money, also noticed a widening of spreads. According toits CEO, Julia Khandoshko, the differences between USD and EUR increased, butnothing extraordinary was observed."Currencyspread USD/EUR has widened, but within the bounds of decency and marketexpectations—no sudden and unexpected movements," commented Khandoshko.As Nitaadds, investors this time were interested not only in FX CFDs but also in otherinstruments. Stock indices, S&P 500 and Nasdaq 100, as well as goldcontracts, attracted much more investor attention. Gold tested new historicalhighs at $2,600 per ounce, after previously testing lows below $2,550."Interestingly,in Europe and LATAM, activity on the mentioned indices prevailed, while in theMENA and Asia regions, CFD contracts on gold were the most popular," addedNita.We alsocan't ignore what happened with the yen, especially…
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Sunny Lethyy announced on LinkedIn today (Wednesday) that she is joiningTrive International as the new Head of Sales. Her appointment follows severalyears of experience in financial companies across different regions.Lethyy Joins Trive Before joining Trive International, Lethyy worked asDirector of Corporate Partnerships at an International Financial Company, aposition she held for eight months in Ho Chi Minh City, Vietnam. Herresponsibilities included partner program development and corporate partnershipmanagement.She served as Country Manager at AUS Global in the UnitedArab Emirates for about one year, focusing on business development and directsales.Earlier, she was Country Manager at GTC Global Trade CapitalLtd in the UAE, a role she held for over one year, where she was responsiblefor risk analysis and business development.Lethyy’s previous experience includes about three years asGlobal Business Development Manager at Mohicans Markets in Dubai.This article was written by Tareq Sikder at www.financemagnates.com.
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The UK unit of Denmark-headquartered Saxo Bank today (Wednesday) announced the launch of SaxoInvestor, an investment platform targeted at “buy-and-hold and active investors” in the country.SaxoInvestor LaunchesAccording to the official press release, the new platform offers access to more than 70,000 instruments, including stocks, ETFs, bonds, and mutual funds.“With this new user-friendly platform, SaxoInvestor delivers top-tier insights and diverse investment themes, levelling the playing field for investors of all backgrounds,” said Andrew Bresler, CEO of Saxo UK.Saxo Bank further highlighted that the number of active investors has grown by 38 percent in the last 12 months, and female investors have increased by 20 percent. The number of young investors on the platform also increased significantly, with a 46 percent increase among those aged 21-30 and a 24 percent increase in the 31-40 age group.The brokerage operator explained that the launch of the new UK-specific platform followed the recognition of the growing trend of buy-and-hold investors in the country, particularly those holding stocks and shares ISAs.Cutting Down Investors’ CostsTo compete, the SaxoInvestor platform is offering low commissions and 0.25 percent FX fees. It will also allow extended market access hours.“Since introducing our pricing cuts in January and Mutual Funds last year, we've focused on attracting investor clients,” Bresler added. “The launch of SaxoInvestor in the UK marks a significant milestone. With its simplified, user-friendly interface, the platform makes it easy for anyone to access financial markets and take control of their financial future.”Meanwhile, Saxo Bank confirmed the closure of its offices in Hong Kong and Shanghai, citing changes in the business environment. However, the group will continue to operate in the Asia-Pacific region from its Singapore base. The restructuring followed Saxo’s review of strategic opportunities for its operations in Australia, Japan, and Hong Kong.This article was written by Arnab Shome at www.financemagnates.com.
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Tools forBrokers (TFB), a technology provider for the financial services industry, hasannounced the opening of a new representative office in Dubai. With this step,the company wants to build its expansion strategy in the Middle East and NorthAfrica (MENA) region.Technology Provider Toolsfor Brokers Expands with New Dubai OfficeThedecision to establish a presence in Dubai comes as the emirate continues tocement its position as a global financial hub. With its strategic location androbust infrastructure, Dubai has become an increasingly attractive destinationfor financial technology companies seeking to tap into the region's growingmarket.The movealigns with TFB's broader strategy to strengthen its foothold in the MENAmarket. By having a local presence, the company aims to enhance its servicedelivery and support capabilities for regional clients.“We've seencontinuous growth in the market over the past few years,” Albina Zhdanova,Chief Commercial Officer at TFB, commented. “As the number of local clients andpartners has grown year to year, it made sense to set up a representativeoffice there.” Zhadanova joined TFB in 2012 and served as the Chief Operating Officer (COO) for over a decade. At the end of last year, when the company reshuffled management, she took over the position of Chief Commercial Officer, while Vladimir Viuchejskiy assumed the role of COO.Theannouncement comes on the heels of TFB's participation in the Foex expo inDubai, where the company is showcasing its latest offerings. These includeupdated versions of its flagship multiplatform liquidity bridge, TradeProcessor, and the TFB PAMM solution.“Being evencloser to the market, we will continue to provide excellent service and supportand expand our presence and role in the market,” added ZhdanovaTools forBrokers provides technology solutions for retail brokers, LPs, prop tradingcompanies, and hedge funds. The company's product ecosystem is built around itsTrade Processor liquidity bridge compatible with multiple trading platforms,including MetaTrader, cTrader, DXtrade and MatchTrader.New cTrader and DXtrade IntegrationsStaying inthe topic of trading platforms, TFB has recently expanded its offerings withnew integrations, focusing on enhancing services for prop trading firms andbrokers.In earlyAugust, TFB introduced a specialized cTrader package tailored for the growingprop trading sector. This all-in-one solution aims to help prop tradingcompanies launch or enhance their operations. The package includes cTraderTerminal Pack, cTrader Copy, and cTrader Invite Affiliate Program, along withTFB's own products such as the Trade Processor liquidity bridge and riskmanagement solutions.Earlier, inApril, TFB partnered with Devexperts to integrate the DXtrade platform into itsTrade Processor ecosystem. This integration enhances TFB's multiplatformliquidity bridge, providing clients with a secure, user-friendly, andregulatory-compliant trading platform. The collaboration expands access to awide range of instruments and diversified trading strategies.Additionally,TFB has joined forces with SALVUS Funds, an advisory firm specializing inlicensing and regulatory compliance. This partnership aims to simplify andaccelerate the process of launching brokerage businesses for TFB's clients,which include retail brokers, hedge funds, and prop trading companies.This article was written by Damian Chmiel at www.financemagnates.com.
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After successfully listing Bitcoin and Ethereum exchange-traded funds (ETFs) on US exchanges, Bitwise is now moving towards creating an XRP ETF and has already registered a trust entity in the state of Delaware on Tuesday.An XRP ETF TrustThe newly registered firm appeared on the US state's Division of Corporations website, and Bitwise confirmed its authenticity on multiple media platforms.“We can now confirm that this is both legitimate and from Bitwise,” a Bitwise spokesperson told crypto-focused publication Coindesk, confirming the filing was real.The official confirmation was necessary, as earlier, similar illegitimate filings of potential XRP ETFs pumped the token’s price. Last November, a filing for a BlackRock XRP ETF appeared on the government’s corporations website, which turned out to have no links with BlackRock, as the asset management giant later confirmed.However, the creation of an XRP ETF trust does not guarantee the listing of that cryptocurrency's investment vehicle. Rather, the filing is the first step towards creating an XRP ETF, a token closely associated with the blockchain company Ripple.An XRP ETF Is “Inevitable”In May, Ripple’s CEO, Brad Garlinghouse, also pointed out that the launch of an XRP ETF is “inevitable” following the listing of similar products for Bitcoin and Ether, the top two cryptocurrencies. While Bitcoin has a market cap of over $1.2 trillion, XRP only has about $34 billion.XRP also faced actions by the SEC, which dragged the blockchain company to the courts under allegations of offering unregistered securities. Although the court squashed the allegations of any violations in XRPs offerings to retail investors, it slapped Ripple with $125 million penalty for securities regulations breaches in its institutional sale transactions.Amid the approval by the Securities and Exchange Commission (SEC), nine Bitcoin ETFs were listed on US exchanges in January this year. Months later, the US regulator also approved Ether ETFs. Bitwise, along with mainstream financial giants like BlackRock and Fidelity, were among the players offering those crypto investment vehicles.While Bitcoin and Ether ETFs were already listed on multiple markets before their US listing, XRP, despite its popularity, remains one of the cryptocurrencies without any ETFs in any markets.Meanwhile, a few companies are also seeking to launch Solana ETFs and have already initiated steps to receive approval from the SEC.This article was written by Arnab Shome at www.financemagnates.com.
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The Australian Securities and Investments Commission (ASIC) has cancelled the operational license of the now-defunct Prospero Markets, which offered contracts for differences (CFDs) instruments to retail traders.Prospero Markets Lost AFS LicenseThe cancellation of the Australian Financial Services (AFS) license, effective from 25 September, came after the regulator suspended it in December 2023. The broker is currently under liquidation after a federal court, upon the application of ASIC, ordered the wind-up of its business on “just and equitable grounds.”“Under the Corporations Act, ASIC may suspend or cancel an AFS license if the licensee is being wound up or if the licensee has ceased to carry on a financial services business,” the regulator noted.However, the brokerage can still appeal ASIC's decision.Last month, ASIC also cancelled FXOpen's AFS license, citing serious concerns about the “inadequacy of its human resources to provide financial services and to carry out supervisory arrangements.”Links to a Massive Money Laundering ChainProspero Markets obtained the AFS license in late 2012, authorizing it to offer over-the-counter derivatives and foreign exchange contracts to retail and wholesale clients.However, ASIC’s action against the broker came after an investigation that began last year when Australian police charged former officers and responsible managers of the brokerage with money laundering in October 2023. These charges were linked to the Changjiang Currency Exchange money remitting chain, which was accused of laundering nearly $229 million over three years.In its investigation into the brokerage business, ASIC found a “broad range of concerns regarding the management of Prospero’s business.” The regulator highlighted potential breaches of the broker's licensing conditions and its obligations as an issuer of over-the-counter derivatives.While suspending its license last December, the Australian regulator cited the broker's failure to submit annual financial statements and audit reports on time.“ASIC has specified that until 25 March 2026, Prospero Markets must continue to be a member of AFCA, continue to have arrangements for compensating retail clients, including the holding of professional indemnity insurance cover, and must comply with the ASIC Client Money Reporting Rules 2017,” the latest announcement added.This article was written by Arnab Shome at www.financemagnates.com.
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Blockchain network Ripple obtained approval from Dubai'sregulators to launch its payment infrastructure across the UAE. Thein-principle approval was awarded by the Dubai Financial Services Authority(DFSA). According to the company's announcement, this moveenhances its presence in the region and provides a platform for blockchain-enabledpayment services in the rapidly expanding crypto space.A Key Regulatory Win The DFSA's approval enables Ripple to provideenterprise-grade digital asset infrastructure to a broader customer base in theUAE. With this approval, Ripple will introduce Ripple Payments Direct, asolution promising faster and more cost-effective cross-border payments. This development aligns with Ripple's efforts toenhance payment efficiency by providing on/off-ramps between digital and fiatcurrencies. The company reportedly aims to use this base as a launching pointfor expanding operations throughout the region.We’re delighted to have secured in-principle approval of a financial services license from Dubai Financial Services Authority, unlocking our end-to-end managed payments services in the UAE. 🌍🇦🇪https://t.co/4zq8YPlgaG— Ripple (@Ripple) October 1, 2024The decision to continue growing its presence in theUAE follows Ripple's establishment of its regional headquarters in Dubai in2020. With the new in-principle license from the DFSA, Ripple is expanding itspartnership with global regulators and policymakers. Ripple already holds over 55 licenses globally,including from authorities such as the Monetary Authority of Singapore, the NewYork Department of Financial Services, and the Central Bank of Ireland.Global ExpansionRipple's growth in the UAE includes partnerships withinnovation hubs and academic institutions. Recently, Ripple announced apartnership with the DIFC Innovation Hub as part of its global 1B XRP Fundinitiative. This partnership aims to foster blockchain and digitalasset development in the region, connecting emerging developers with a networkof over 1,000 tech firms, digital labs, and venture capital entities.Through these partnerships, Ripple aims to play a keyrole in advancing blockchain research, nurturing talent, and driving financialinnovation in the UAE, solidifying Dubai's position as a major global fintechhub.In June, Ripple finalized the acquisition of the New York-based Standard Custody and Trust Company and enlisted the company's CEO as Senior Vice President of Stablecoins. The transaction added to Ripple's portfolio of nearly 40 US money transmitter licenses, a Major Payment Institution License in Singapore, and a Virtual Asset Service Provider registration in Ireland.This article was written by Jared Kirui at www.financemagnates.com.
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Financial Conduct Authority (FCA) issued a warningregarding IC Markets Global, indicating that the company may be promotingfinancial services in the UK without proper authorization. FCA's Warning In a notice published today (Tuesday), the regulatormentioned that IC Markets Global may be offering financial services in the UKwithout its permission. Finance Magnates sought comments from the companyregarding the regulator’s notice, and we will update this report once we get theirfeedback. “This firm may be providing or promoting financialservices or products without our permission,” the regulator mentioned. “Almostall firms and individuals must be authorized by us to carry out or promotefinancial services in the UK. This firm is not authorised by us and may betargeting people in the UK.”In the watchdog’s warning, the FCA provided variouscontact details, including a website, email addresses, and multiple telephonenumbers. However, the FCA advised that these contact details may be incorrector subject to change, potentially leading investors to further confusion andrisk.Additionally, the authority said that investors whoengage with the firm will not have access to the Financial Ombudsman Servicefor dispute resolution. The Financial Services Compensation Scheme will reportedly not apply in such cases, and the recovery of funds may be highly unlikely.Previous Regulatory HurdlesIC Markets faced a similar regulatory hurdle in July when the Cyprus Securities and Exchange Commission (CySEC) fined the firm operating the IC Markets brand, IC Markets (EU), €200,000. The regulator accused the company of breaching leverage rules. CySEC mentioned that the broker's Cyprus-regulated entity offered users up to 1000:1 leverage through an offshore entity. This is reportedly against the regulation that allows FX and contracts for differences brokers to offer leverage up to 30:1 in the EU. IC Markets, however, denied the basis of theregulator's fine and vowed to appeal the matter. A representative from the firmtold Finance Magnates: “IC Markets (EU) Ltd categorically denies the basis ofthe Cyprus Securities and Exchange Commission's (CySEC) decision dated July 19,2024, and will rigorously pursue an appeal.”Notably, CySEC highlighted that it was not the first time that IC Markets had violated its regulation, pointing to a similar breach it intervened against the broker in 2021.This article was written by Jared Kirui at www.financemagnates.com.
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