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In the retail brokerage sector, the pursuit of high-level automation in technological solutions is becoming increasingly paramount. Automation alleviates the administrative burden on managers, streamlines platform operations, and mitigates the risk of human error. For large-scale solutions with thousands of active client accounts—such as social trading, PAMM, or prop trading platforms—automated features are not just desirable but essential. The exponential growth of trading operations makes manual monitoring and management impractical, driving brokers to seek "smart" turnkey technologies that promise enhanced manageability and operational efficiency.However, automation does not come without its challenges. The delegation of routine tasks to automated systems can reduce a broker's control over operational processes, introducing a new set of risks.While automation is a critical component of third-party solutions for retail brokerages, an over-reliance on machines can be detrimental, especially in the context of complex account management technologies. In some cases, initiating processes manually remains the optimal choice. To balance automation with human oversight, brokers can adopt a hybrid strategy. This approach might involve: automated processes with manual approval or partial automation, where certain processes are done manually.“I understand a desire to automate every part of your business, but each automation process implies a certain level of access to sensitive information. Even if a broker hosts everything on proprietary infrastructure and trusts their tech provider, there is still a chance that something goes sideways. Brands should have a comprehensive emergency plan as well as a continuous review system to detect any discrepancies with clients’ data”, commented Anton Sokolov, Marketing Manager in Brokeree Solutions. “While true that automation reduces human errors, you should not rely on fully automated systems without an emergency brake or a rollback process in place.”Kinds of automatization: expert discussionThere are different aspects in account management systems, where automation may be applied: risk management, client attraction, customer relationships, etc. We have asked industry experts what threats and perspectives they see in the automation of specified areas when discussing third-party solutions.● Automation is very important when brokers want to scale. We like to help our clients find the balance between automation and identifying where it may be safer to have manual processes in place. This depends on the scale, budget, and capabilities of the personnel each broker has. We like to think of our dealers being 'bionic.' By this, we mean using automation more and more to handle monotonous tasks, thereby allowing human intellect to shine through where it is most needed. Certainly, this brings value as automation amplifies human effort rather than minimizing it. With the right tools, brokers can scale more effectively; for example, three dealers can accomplish the job that once required five.Alexander Geralis, Director at Finthentic● Automation of brokerage processes offers significant value, particularly in a risk management. It allows brokers to respond instantly to market volatility spikes or "black swans", manage the trade flow and account leverages, minimize risks in extreme market conditions.Automation is also important in countering cheaters, who have long been using robots for their own purposes. For example, comparing quote flows from different brokers to find delays and trade on arbitrage. It is impossible to effectively counter toxic clients without auto detection of such an activity.However, automation alone does not solve these tasks. It is essential to have a clear understanding of which actions to take and when, and then automate those actions according to prepared risk management rules. Balancing automation with human expertise is crucial in maintaining a high level of brokerage services.Valerii Dolgov, CEO of Indigosoft (developer of Brokerpilot).●…
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The Finance Magnates Pacific Summit (FMPS) will be featuring the industry’s biggest talent, names, and speakers from around the globe later this month. Held on August 27-29 in Sydney, Australia, the summit will be spotlighted by marquee sessions, perhaps none bigger than the Leader’s panel, covering existential threats and the latest burning trends.FMPS is shaping up to be a can’t-miss event this August, bringing together both the B2B and B2C industry for an unforgettable experience. The event will look to cover four distinct content verticals, ensuring there is something for all attendees.This includes online trading, crypto, payments, and fintech, part of a two-day curated content track. Attendees will be able to take advantage of two individual content stages, the Exchange Zone and Centre Stage. The full-length agenda for FMPS is already live and participants are encouraged to familiarize themselves with what’s in store this August.As a quick reminder, it is not too late to reserve your seat online for FMPS. Make sure to skip the queues on-site this August in Sydney and register today for the biggest event of the year in APAC!Industry’s Biggest Leaders to Discuss the Current State of Play at FMPSThe most anticipated session of the event, Leaders Kickoff: on Existential Risks and Silver Bullets, will be taking place on August 28, 11:30-12:10 on Centre Stage.The panel will touch on how competition from funded trading is growing fiercer, while settlement times are getting shorter. Given the potential for one looming industry-altering class action, it is fair to say that the retail trading industry is at a crossroads. Join some of the most influential leaders from around the industry including the following speakers:Andrea Badiola Mateos, Chief Commercial Officer, Finance Magnates Group David Jenkins, Chief Technology Officer, Pepperstone Andrew Ralich, CEO & Co-Founder, oneZero Alex MacKinnon, CEO, APAC, Finalto Asia Gavin White, Group CEO, 26 Degrees Global Markets Joe Li, Chairman, ATFXParticipants can expect to learn the impact of the t+1 settlement 3 months in, as well as what sets Australia apart, and what is the optimal or current APAC strategy. In addition, attendees can also learn from the experts on how to accommodate prop trading, how big is it, and where is it headed, or what are the most successful revenue streams, and what are the biggest concerns in the room.This is one panel you cannot afford to miss this August. See you in Sydney later this month!This article was written by Jeff Patterson at www.financemagnates.com.
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The CyprusSecurities and Exchange Commission (CySEC) has imposed a hefty €740,000 fine onExelcius Prime Ltd, the operator of the 1Market trading brand, for a series of regulatorybreaches. The decision addresses violations spanningfrom unauthorized service provision to inadequate client protection measures.Regulatory Breaches Cost Exelcius Prime €740,000 in CySEC PenaltiesThe total fine of €740,000, one of the highest imposed by CySEC recently, comprises as many as 9 different violations. For example, CySEC'sinvestigation revealed that Exelcius Prime offered investment advice withoutproper authorization, a violation that resulted in a €45,000 penalty. Theregulator also identified significant governance issues, including insufficienttime commitment from board members and a lack of collective experience at thedirector level, leading to an additional €60,000 fine.Organizationaldeficiencies formed a substantial portion of the sanctions. A €240,000 fine wasimposed for failures in compliance procedures, product review processes, andoutsourcing risk management. The company also failed to provide the requiredrecords to the regulator.Clientprotection emerged as a critical area of concern. CySEC fined Exelcius Prime€120,000 for inadequate conflict of interest management and €110,000 forfailing to act in clients' best interests. The firm also faced penalties formisleading client communications and inappropriate product recommendations.Theregulator's decision also highlighted the company's failure to properly assessproduct suitability for clients and its premature establishment of a branch inthe Czech Republic without full disclosure to CySEC:€240,000: Poor organization, including badpolicies and failure to review products.€120,000: Not managing conflicts of interestbetween employees and clients properly.€110,000: Failing to act in clients' bestinterests.€100,000: Giving unclear or misleadinginformation to clients.€60,000: Problems with the company's boardand management structure.€45,000: Offering investment advice withoutpermission.€25,000: Not checking if products wereright for clients.€20,000: Failing to assess if services wereappropriate for clients.€20,000: Opening a branch in Czech Republicwithout telling CySEC everything required.ExelciusPrime has not yet issued a public statement regarding the fines or anypotential appeal of the decision. Interestingly, the fine was imposed at the beginning of March, but CySEC has only now decided to announce it. Earlier, at the end of July, the regulator reported a significantly smaller fine imposed in June of €3,500. It's important to note that Exelcius Prime, licensed by CySEC since 2018, is currently "Under examination for voluntary renunciation of the authorization." Moreover, the 1Market domains under which the company provided its brokerage services are no longer available, just like the exelciusprime.com website. There are indications that the company has not been conducting active operations for some time.CySEC Imposes IncreasinglyHigher FinesConsideringthat in 2023 CySEC imposed a total of €2.2 million in fines on financial firms,the penalty received by the 1Market operator represents one-third of thisvalue.Recentactions, however, show that CySEC is "gaining momentum" and imposingmore substantial financial penalties for serious violations, similar toregulators from other jurisdictions. An exampleis the €200,000 fine imposed on IC Markets in mid-July, which the regulatorclaims violated its license by offering financial leverage of 1000:1. The casehas not been resolved, as the broker disagrees with the decision and intends toappeal.CySEC alsopublished today (Wednesday) its latest report summarizing the complianceactivities of regulated firms. The regulator identified several areas whereregulated entities, including local investment firms and crypto serviceproviders, need to improve their anti-money laundering and counter-terroristfinancing (AML/CFT) practices.This article was written by Damian Chmiel at www.financemagnates.com.
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H2O AssetManagement has agreed to pay €250 million to investors and exit the UK marketfollowing a damning investigation by the UK's Financial Conduct Authority(FCA). The regulator uncovered significant failures in the firm's investmentpractices, governance, and communications with authorities between April 2015and November 2019.H2O's €250 MillionSettlement Caps Years-Long Regulatory SagaThe FCA'sinvestigation revealed that H2O failed to conduct proper due diligence onhigh-risk, illiquid investments related to Lars Windhorst's Tennor Group ofcompanies and other entities he introduced. These investments, totalingapproximately €1.643 billion by August 2020, proved difficult to sell, leadingto the freezing of investor funds in 2020."H2O'sjob was to manage its funds properly and protect investors,” Steve Smart, jointExecutive Director of Enforcement and Market Oversight at the FCA, stated. “Itfailed to do this and, to make matters worse, it repeatedly provided misleadinginformation to the FCA."Theregulator found that H2O breached multiple rules of the FCA's Principles forBusinesses, including failing to conduct business with due skill, care, anddiligence, inadequate organization and control of its affairs, and failing tobe open and cooperative with the regulator.In aparticularly serious breach, H2O provided false and misleading statements anddocumentation to the regulator, including fabricated records and meetingminutes. The FCA discovered that H2O had created multiple records of governanceand oversight committee meetings that had never taken place, and providednumerous misleading due diligence reports that were prepared retrospectivelyrather than at the time of investment decisions.The Fine Could Be HigherWhile theFCA would typically impose a substantial fine for such serious breaches, it hasinstead agreed to H2O's €250 million payment to affected investors. Asignificant portion of this sum comes from a voluntary contribution by the H2OGroup. Additionally, H2O has waived its rights to fees and investments totaling€320 million.“Throughthis settlement the FCA has secured money for affected investors and agreementthat H2O will stop operating regulated business in the UK,” Smart added.BREAKING🚨:FCA said that French asset manager H2O will pay $273 Million to investors unable to access their funds since 2020. pic.twitter.com/rSGnRohdgQ— Money Guys (@MoneyyGuys) August 7, 2024As part ofthe settlement, H2O will apply to cancel its UK authorization by December 31,2024, effectively ceasing its regulated business operations in the country. Thefirm has also agreed to implement significant enhancements to its governance,systems, and controls to prevent similar misconduct in the future.The Frenchfinancial services regulator, Autorité des marchés financiers (AMF), whichoversees the collective investments managed by H2O on a cross-border basisunder the UCITS Directive, had previously issued a penalty to H2O, which iscurrently under appeal.Investorsin H2O's funds, particularly those with assets in the side-pocketed fundscreated in 2020 to hold the illiquid investments, will be watching closely tosee how quickly they can recover their trapped funds. The €250 million payment,along with any future recoveries, offers some hope of recompense for affectedinvestors.The 2nd HighestPenalty Imposed by the FCAIt's worthnoting that the penalty imposed on H2O is one of the highest in the history ofthe regulator. Until now, the record fine was £284 million, which Barclaysreceived in 2015. As for the highest penalties imposed this year, both occurredin May. Citigroup had to pay £61.6 million for a trading mistake that cost much more,amounting to £1.4 million. At the same time, HSBC received a £6.28 million penalty for failures incustomer treatment. From June 2017 to October 2018, HSBC's actions resulted ininsufficient consideration of customers' circumstances.This article was written by Damian Chmiel at www.financemagnates.com.
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Flywire has announced plans to acquire Invoiced, aiming tostrengthen its B2B payments division. This move is expected to enhanceFlywire’s software suite for its global clients and target market. Flywireestimates this market to encompass around $10 trillion in global paymentvolume.Invoiced Integrates Major SystemsInvoiced offers a SaaS platform designed to automateAccounts Receivable (A/R) processes. The platform handles invoice management,payer communication, and payment reconciliation. It integrates with majoraccounting and ERP systems, such as Oracle’s NetSuite, Sage Intacct, andMicrosoft Business Dynamics. Invoiced’s diverse client base and recentrecognition as the top A/R automation software by G2 Crowd highlight itssuccessful track record.Flywire intends to combine Invoiced’s A/R automationcapabilities with its own global payment network. This network supports variouspayment methods in over 140 currencies across 240 countries and territories.The merger is projected to deliver a comprehensive software and paymentssolution, aiming to streamline finance department workflows.We’re announcing some exciting news – Flywire has acquired @InvoicedApp! The addition of Invoiced augments Flywire’s #B2B payments solution with workflow automation software purpose-built for mid-market companies to streamline the entire A/R process. Learn more:… pic.twitter.com/hyIhFcQ6lI— Flywire (@Flywire) August 6, 2024Investment in A/R RisesInvestment in A/R solutions is growing as businesses seek toimprove financial operations and cash flow. Industry research estimates theglobal A/R Automation market will increase from USD 3.3 billion in 2022 to USD6.5 billion by 2027, with a compound annual growth rate of 14.2%. This growthreflects the importance of A/R solutions in boosting efficiency, reducingerrors, and supporting financial decisions. The need for compliance with taxregulations and streamlined cross-border transactions further drives demand foradvanced invoicing solutions.The acquisition aligns with Flywire’s strategy to enhanceits organic growth and expand its business lines. Flywire anticipates Invoicedwill contribute approximately $2 million in revenue with software-like grossmargins in FY 2024. Despite Invoiced’s strong Adjusted EBITDA margins, Flywireplans to reinvest most of these funds to support business growth. Furtherdetails will be provided in the upcoming earnings call scheduled for August 6,2024.This article was written by Tareq Sikder at www.financemagnates.com.
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In an unexpected twist of economic fate, Canada has swung to a tradesurplus, largely thanks to significant increases in oil and gold exports. Morefamed for their maple syrup exports, Canada seems set to reap the rewards ofshifts in the global economy. The news is sending ripplesthrough global markets, presenting new opportunities and considerations fortraders worldwide.Statistics Canada announced the country exported an additional C$638million ($461 million) of goods and services than it imported in June, compared to a deficit of C$1.6 billion ($1.16 billion) in May. The relevant press release can be found here.“In June, crude oil and unwrought gold accounted for more thanthree-quarters of the increase in the value of total exports,” StatisticsCanada’s release stated. Total exports were up 5.5% in June, mostly driven bycrude oil and gold, while imports were up 1.9% with increased numbers of carsand trucks imported.Canada hits surprise trade surplus on energy, gold exports https://t.co/5X6h1tc4U8— BNN Bloomberg (@BNNBloomberg) August 6, 2024Oil's Slick RiseIn May, after 12 years and an investment of C$34 billion, Canadalaunched the Trans Mountain Pipeline expansion project (TMX), opening up the Asia-Pacificmarket to local crude oil producers and increasing export opportunities for the commodity.In addition, post-pandemic recovery efforts have reignited global oildemand, positioning Canadian crude at a competitive advantage. As internationaloil prices stabilize, Canadian exporters are seeing increased profits,contributing massively to the national trade surplus. “While prices for crudeoil exports rose in June, volumes were the largest contributor to theincrease,” the Statistics Canada release said. “The higher exported volumeswere driven in part by higher exports of crude oil to Asian countries. The risein exports destined to this part of the world reflects increased deliveries ofcrude oil from Western Canada via the Trans Mountain pipeline, whose expansionwas recently completed.”Overall, exports of energy products, which account for over a fifth of Canada’sexports, rose 11.7%.Gold Glitters on the Global StageThe Canadian press have been reporting that the country’s gold exportshave been consistently climbing for several months, as central banks,particularly China's, have been boosting their reserves of the precious metalin response to global economic uncertainties.In addition, as gold has seen a resurgence in value, and with inflation worries onthe rise, investors are flocking to gold, boosting Canada's exports andsolidifying its standing in the trade markets. Exports of metal and non-metallic products, a 10th of total exports,rose 11.8%.Opportunity Knocks?For traders, Canada’s newfound surplus spells opportunity. The influxof Canadian commodities could mean diversified portfolios and a chance to hedgeagainst inflation with gold investments. Moreover, the stability in oilsupplies could temper market volatility, offering a more predictable tradingenvironment.Strategic Shift?Today, in the Daily (August 6): https://t.co/t4CCaG9Tno.Our new articles touch on the following topics: • International trade• Population and demography• Economic accounts• And more! pic.twitter.com/OZiVutjkWi— Statistics Canada (@StatCan_eng) August 6, 2024Investors might look towards Canadian markets for long-termpositions, especially in sectors related to natural resources. Companiesinvolved in the extraction, processing, and exporting of these commodities arelikely to see increased interest, making them stocks to watch.Strengthening the LoonieA strong trade surplus generally bolsters a nation's currency. ForCanada, this could mean a stronger Canadian dollar, which might impactinternational trade dynamics, especially with its largest trading partner, theU.S.Canada's trade shift could also recalibrate its trade relations,particularly with countries heavily reliant on oil and gold imports. Thisscenario might lead to new trade agreements or adjustments in existing ones,affecting global economic policies.Looking…
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Back in September 2023, when theCommodity Futures Trading Commission (CFTC) filed a complaint against TradersGlobal Group Inc., the operator of prop trading firm My Forex Funds (MFF), it wasprobably hoping for a decisive legal victory.In the lawsuit, CFTC's Division ofEnforcement claimed that the defendants, Traders Global Group and founderMurtuza Kazmi, fraudulently solicited customers to enter into leveraged forexexchange transactions. According to the US derivatives market regulator, whatMFF presented as a prop trading platform, offering customers to "becomeprofessional traders" and trade with Traders Global's proprietary funds,was actually a Ponzi-like scheme luring customers to lose money.Major Enforcement Action in Prop IndustryFor the <a href="https://www.financemagnates.com/tag/cftc/">CFTC</a>, the MFF case is more than aregular case. The lawsuit captured widespread attention in the FX industry asone of the first enforcement actions against the emerging prop trading hype.Financial regulators such as the CFTC often seek high-profile litigations toconsolidate their authority over new domains, shape industry practices, and strengthen their positions in the eyes of the public.Interesting but probably not significant development in CFTC vs <a href="https://twitter.com/hashtag/MyForexFunds?src=hash&ref_src=twsrc%5Etfw">#MyForexFunds</a> today:CFTC commissioner Pham rips her own agency. She made the remarks in August 2023 and May 2024, but they were released publicly today:<a href="https://t.co/RFuZLXGuVh">https://t.co/RFuZLXGuVh</a><a href="https://t.co/RFuZLXGuVh">https://t.co/RFuZLXGuVh</a>— MD Financial Skills (@MDiamondFinance) <a href="https://twitter.com/MDiamondFinance/status/1808602674159395106?ref_src=twsrc%5Etfw">July 3, 2024</a>On August 29, two daysbefore filing the complaint, the US District Court in New Jersey handed theagency an early win, an ex-parte restraining order freezing the defendants'assets and nominating receivership on the MFF business. Since then, however, the road has beenless uphill than what the <a href="https://www.financemagnates.com/terms/c/cftc/">CFTC</a> planned. In November 2023, the court did grantin part the CFTC's motion for a preliminary injunction against MFF, based on a prima facie look at the facts brought bythe agency. Yet, during the hearing, it was revealed that the CFTC failed toinform the court that a sworn declaration by an agency investigator includedfalse statements (to support the motion for an asset freeze, the CFTC wronglyalleged that Traders Global transferred $31.5 million to "unidentifiedaccounts" of the founder; shortly afterward it discovered that the moneywas used for lawful tax payments). In a sidebar <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a>, the judge lashed outat the CFTC counsel: "I am trying tounderstand the timeline of this. You learned of this discrepancy, this mistakea week or two after the filing, and you didn’t inform the Court or defensecounsel […] if that is accurate, CFTC is going to be in a lot of troubletoday." The <a href="https://www.financemagnates.com/forex/breaking-us-court-orders-release-of-majority-of-my-forex-funds-founders-assets/">court decided to cut the freeze order</a> from $310 million(as originally requested by the CFTC) to $12 million.Important Notice 📢Yesterday we learned that, without prior notice or discussion, a provincial securities regulator in Canada and the commodities regulator in the United States issued orders preventing us from trading securities or accessing funds in our bank accounts.Until… <a href="https://t.co/dKpxmx5axT">pic.twitter.com/dKpxmx5axT</a>— MyForexFunds (@MyForexFunds) <a href="https://twitter.com/MyForexFunds/status/1697416741138157570?ref_src=twsrc%5Etfw">September 1, 2023</a>MFF Fights BackFollowing the revelations, MFF retaliatedin March with its own motion against the CFTC. Defendants accused the CFTCstaff of "repeatedly lying" to the court, asking for sanctions againstplaintiffs that will include, at minimum, an "evidentiary…
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Tony Gruebner announced on LinkedIn that his tenure as ChiefMarketing Officer (CMO) at Pepperstone has ended. He stated that it was anopportunity to lead a team and help transform the Australian finance brand.Achievements at PepperstoneDuring his time at Pepperstone, Gruebner highlighted severalachievements. He mentioned the creation of a YouTube channel, including theTrade Off show, which is now produced in four countries and three languages. He also noted sponsorships with the ATP Tour, Geelong Cats,Adelaide Strikers, and South East Melbourne Phoenix. Additionally, he oversawthe development and release of the Pepperstone trading app. Gruebner alsomentioned three global brand campaigns with Saatchi & Saatchi NZ, includingone with John McEnroe.Before joining Pepperstone, Gruebner worked at Sportsbet fornine years and two months. His roles included Executive General Manager of DataProducts and Executive General Manager of Analytics, Insights, and Modelling.He also served as General Manager of Customer Operations.Earlier in his career, Gruebner was a Digital StrategyConsultant at Lyris in London from 2010 to 2011. Back in 2020, Pepperstoneappointed Tony Gruebner as Chief Marketing Officer, as reported by Finance Magnates.He replaced Meagan Nies, who had left the company.Pepperstone Partners with Tennis IconPepperstonehas announced a partnership with tennis icon John McEnroe, who will serveas a Global Tennis Ambassador, as reported by Finance Magnates. McEnroe, a formerworld No. 1 and seven-time Grand Slam singles champion, will join Australianplayer Alex de Minaur, who is already an ambassador for the broker. Thisaddition reflects Pepperstone's commitment to supporting tennis globally. Thebroker is a Platinum Partner of the Association of Tennis Professionals and holds the naming rights for the Pepperstone ATP Rankings. While manybrokers focus on football and motorsports for promotions, Pepperstone utilizestennis to engage with local audiences.This article was written by Tareq Sikder at www.financemagnates.com.
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ATFX is a leading global fintech broker with a local presence in 23 locations, including the Levant. Since setting up a team in the region, ATFX has been dedicated to expanding its brand influence in Jordan. A recent significant meeting at the Embassy of the People's Republic of China in the Hashemite Kingdom of Jordan highlighted ATFX's commitment. The meeting was attended by Joe Li, Chairman of ATFX; Siju Daniel, Chief Strategy Officer of ATFX and Ahmad Al Disi, Managing Director of ATFX Levant, along with Mr. Luo Wenjun, Counselor of the Chinese Embassy in Jordan.This high-profile event delved into ATFX's foreign investment strategies in the Hashemite Kingdom of Jordan and the broader Levant region, emphasizing its meticulously planned blueprint for prosperous development. The ATFX Group not only demonstrated its strong determination to deepen its presence in the region but also vividly illustrated its selfless dedication to promoting regional economic growth and cooperation through a series of innovative initiatives and localized strategies.In the coming period, ATFX will remain true to its original mission, continuing to race ahead in providing top-tier services to its clients, all while maintaining steady and orderly progress. Looking ahead, ATFX is committed to serving its global clients with enthusiasm, high-quality service, and highly efficient financial operations, enabling more people to enjoy premium, secure financial investment services, ultimately benefiting investors worldwide!About ATFXATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK's FCA, Cypriot CySEC, UAE's SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.For further information on ATFX, please visit the ATFX website: https://www.atfx.com.This article was written by FM Contributors at www.financemagnates.com.
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In theearly hours of today (Friday), an incident occurred at a Forex broker's office inLimassol, involving unknown perpetrators who arrived on motorcycles. According to information provided bythe police, at approximately 12:30 AM local time, several shotswere fired at a building near the Municipal Garden, which houses one of themany FX firms located in the Cypriot city. Currently, it is not known which company is involved, and the story will be updated.Forex Broker's Office Shotat in LimassolAs Philenews reported, a privatesecurity guard protecting the targeted company's building alerted the police inthe night. Law enforcement immediately responded to the scene. Initial findingssuggest that two individuals on a black motorcycle without license platesapproached the broker's office.Thesecurity guard was unable to provide details about their appearance, as theperpetrators wore helmets throughout the incident. After dismounting from themotorcycle, they fired several shots at the building before fleeing.As a resultof the gunfire, the front window of the office and part of the office enclosurewere shattered. Police immediately cordoned off the area, and an investigationis currently underway. At thistime, no further details have been released regarding the alleged motives forthe incident or the name of the company whose office was targeted. When more details emerge, the article will be updated.This article was written by Damian Chmiel at www.financemagnates.com.
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BDSwiss’ former CEO for MENA, Daniel Takieddine, has founded a multi-asset brokerage startup that promises to empower investors to take control of their financial decisions. Takieddine, who served as BDSwiss CEO for MENA forthree years, announced his new role as the Co-founder and CEO of Sky LinksCapital Group today (Thursday).A Multi-Asset Trading Platform According to Takieddine’s profile, Sky Links Capital Groupseeks to offer a platform for trading a range of assets, including equities,bonds, commodities, and currencies. The company description reads: “SkylinksCapital equips clients with advanced tools and real-time market insights,enabling them to execute trades swiftly and confidently. Our focus ontransparency and competitive pricing ensures that investors receive the supportthey need to navigate the complexities of global financial markets independentlyand effectively.”Prior to his role at BDSwiss, Takieddine held senior rolesat other notable industry brands. He served as the Head of Sales at FXPrimus and held several positions at ADSS, including Senior Vice President of Sales, Director of Retail Sales, and Senior Vice President of DirectSales.Takieddine moved to BDSwiss as MENA CEO in 2021 after spending a year andfour months at FXPrimus, where he was the Head of Sales in charge of offeringFX and CFD derivatives to retail and institutional investors in the MiddleEast.Industry Veteran Prior to that, he spent more than six years at ADSS's UAE offices. He joined the broker as the Vice President of Direct Salesand was later elevated to the Director of Retail Sales. He exited the brokeragefirm in August 2020 as the Senior Vice President of Institutional Sales.Takieddine started his career in the Forex tradingindustry in early 2009 as a Sales Trader with AMfinancials. Afterwards, he movedto Amana Capital as a Senior Account Manager, dedicating nearly three years tothe broker’s Dubai office.In June, BDSwiss obtained a Category 5 license from the UAE’s Securities and Commodities Authority to offer a range of financial products and services, including forex trading and CFDs for retail and institutional investors. This article was written by Jared Kirui at www.financemagnates.com.
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The Business PaymentsCoalition’s E-remittance Exchange Pilot, running from September 2023 to June2024, demonstrated that electronic remittance information could be exchangedautomatically between businesses. This success was largely due to thedevelopment and testing of a new e-remittance data model that standardizes theformatting and exchange of remittance information. By proving the viability of thismodel, the pilot showed that automation in B2B payments is not only possiblebut highly beneficial. What Are theImmediate Benefits for Businesses?The immediate benefits for businesses adopting the newe-remittance data model are substantial. By automating the sending andreceiving of remittance information, businesses can significantly reduce manualerrors, lower operational costs, and speed up transaction times. Theseimprovements lead to more accurate financial reporting and better cash flowmanagement. Essentially, businesses can operate more efficiently and allocateresources more strategically, enhancing their overall competitiveness.How DoesStandardization Drive Efficiency?Standardization is at the core of the E-remittance ExchangePilot’s success. The new data model ensures that remittance information isformatted consistently across different systems and platforms. Thiscompatibility is crucial for fully automating payment processes. Withoutstandardization, businesses face significant hurdles in integrating newtechnologies and achieving true automation. The model provided by the BPCoffers a clear, consistent method for handling electronic remittances, thusdriving efficiency across the board.To support businesses in transitioning to this new system,the BPC has provided extensive resources. These include detailed documentation,implementation guides, and ongoing support. These resources are designed tofacilitate the adoption of the e-remittance data model, ensuring thatbusinesses can smoothly transition to automated payment processes. By providingthese tools, the BPC aims to make STP the standard in B2B payments.What Does This Meanfor the Future of B2B Payments?The successful completion of the E-remittance ExchangePilot signals a broader shift towards digitization and automation in financialoperations. As more businesses adopt these technologies, further innovations inthe payments space are expected. This shift will likely lead to reducedoverhead costs, enhanced competitiveness, and overall economic growth. Byembracing automation, businesses are better positioned to thrive in afast-paced, digital economy.The completion of the E-remittance Exchange Pilot is amilestone in the journey towards STP in B2B payments. It highlights thetransformative potential of technology in reshaping financial operations,promoting efficiency, accuracy, and speed. For businesses, the path forward isclear: embracing digital payments and automation is not just beneficial butessential for staying competitive in the evolving marketplace.This article was written by Pedro Ferreira at www.financemagnates.com.
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On June 28, 2024, the RTP® network achieved a significantmilestone with over $1 billion in instant payments processed in a single day,setting a new benchmark for the largest instant payments system in the U.S.This event underscores the growing adoption and trust in real-time paymentsolutions among consumers and businesses alike.Why Is the RTPNetwork Growing So Quickly?The RTP network, managed by The Clearing House, reportedrecord-breaking figures in Q2 2024: 82 million transactions totaling $55billion. This remarkable growth, with a 7% increase in transaction volume and a30% jump in transaction value from the previous quarter, highlights theexpanding use cases for instant payments. Businesses, leveraging the RTPnetwork for diverse purposes such as account-to-account transfers, mortgageclosings, gig economy payouts, and earned wage access, are driving this surge.What Are theBenefits for Financial Institutions?Financial institutions that have integrated with the RTPnetwork are witnessing significant advantages. By offering instant paymentcapabilities, banks and credit unions can attract and retain customers seekingimmediate transaction settlement. These institutions benefit from increaseddeposits and enhanced customer satisfaction, as they meet the demand for 24/7payment availability.Margaret Weichert, Chief Product Officer at The ClearingHouse, emphasized that the rising transaction values are indicative of broadadoption across various sectors. This trend reflects a strategic shift towardsutilizing instant payments for high-value transactions, such as cashconcentration for businesses, thereby maximizing the operational benefits ofthe RTP network.How Does the RTPNetwork Enhance Payment Security and Efficiency?The RTP network’s ability to handle instant paymentclearing and settlement provides a secure and efficient channel for financialtransactions. By facilitating the immediate exchange of related paymentinformation within the same secure channel, the RTP network reduces the risksassociated with delayed settlements and enhances the transparency of financialoperations.This system’s reliability and security are rooted in TheClearing House's extensive experience in operating U.S.-based payment networksthat manage over $2 trillion daily through various services, including wire,ACH, and check image exchanges. The RTP network builds on this legacy, offeringfinancial institutions and their customers a robust platform for digitaltransaction services.Embracing the Era of Instant PaymentsThe ongoing success of the RTP network points to a broadertrend towards the adoption of real-time payment systems. As more financialinstitutions and businesses recognize the benefits of instant payments, we canexpect continued growth and innovation in this space. The ability to processtransactions in real-time not only improves cash flow management but alsosupports more dynamic and responsive business operations.For consumers, the convenience of instant paymentstranslates to better control over personal finances, quicker access to funds,and enhanced financial planning. For businesses, real-time payments offer astrategic advantage by enabling faster and more reliable transactions, whichcan be crucial in a competitive market.This article was written by Pedro Ferreira at www.financemagnates.com.
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Nuvei Corporation, a Canadian fintech company, announced apartnership with Mastercard today. This partnership will launch a newoff-ramping solution in Europe. The solution allows consumers to convert theirdigital assets, including cryptocurrencies, into traditional fiat currency.They can do this using debit, credit, and prepaid cards.Digital Finance Bridge This new function bridges digital and traditional finance.Consumers can spend their converted funds through Mastercard's global network.The off-ramping solution is part of Nuvei's modular payment platform. It aimsto offer a simple and secure user experience.Consumers can convert a wide range of supported digitalassets into fiat currency. They can then transfer the funds to their eligibleMastercard in near real-time. This process uses Mastercard Move's moneymovement capabilities. The integrated solution removes the need for third-partyexchanges or money service businesses.“We're excited to collaborate with Mastercard toaccommodate access liquidity and payments for Digital Asset holders,” commented Philip Fayer, Chair and CEO of Nuvei. “Our mission is to enablebusinesses and their customers to connect through payments, wherever consumersare and however they want to pay. Offering crypto off-ramps through our singleintegration aligns perfectly with this mission to facilitate frictionlesstransactions across the digital economy.”Nuvei introduces off-ramping of Digital Assets to cards via Mastercard Move in Europe https://t.co/VXicQFHfWN #2024Trends #blockchain #banking #futuretechnology #financetechnology— Global FinTech Series (@FinTech_Series) July 11, 2024Blockchain Payment IntegrationNuvei's off-ramp solution with Mastercard is part of itsstrategy. It aims to connect traditional payments, open banking, and blockchaintechnology into one seamless experience.“Enabling choice how consumers can engage in DigitalAssets in a safe, simple and secure manner in line with all relevant regulation is at the heart of our strategy in this space,” added Christian Rau,Senior Vice President, Fintech and Crypto Enablement, Mastercard Europe.“Combining our global network of partners and digital solutions withNuvei's advanced integration opens new opportunities and choice for businessesengaging in digital assets and consumers alike.”This article was written by Tareq Sikder at www.financemagnates.com.
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ArtificialIntelligence is a topic of fascination and speculation, withpredictions about its capabilities ranging from utopian to dystopian. Recently,OpenAI – the company behind ChatGPT – introduced a five-level humanintelligence scale designed to measure AI's progress toward human-levelproblem-solving. OpenAI'sFive-Level Human Intelligence ScaleOpenAI's humanintelligence scale is a novel framework that categorizes the problem-solvingabilities of <a href="https://www.financemagnates.com/tag/ai/">ArtificialIntelligence (AI)</a> into five distinct levels. Each level represents a progression incomplexity and capability, aiming to provide a clear benchmark for evaluatingAI's advancement toward human-like intelligence. CEO Sam Altman claimed that their program is currently <a href="https://www.bloomberg.com/news/articles/2024-07-11/openai-sets-levels-to-track-progress-toward-superintelligent-ai?sref=P6Q0mxvj">“almostat Level 2”</a>. Level 1: BasicTasks - AI at thislevel can perform simple, routine tasks that do not require complexdecision-making. Examples include basic data entry and simple algorithmicfunctions.Level 2:Intermediate Problem Solving - At this stage, AI systems can handle morecomplex tasks involving some degree of problem-solving and decision-making,such as basic customer service bots and simple predictive <a href="https://www.financemagnates.com/terms/a/analytics/">analytics</a>.Level 3: AdvancedProblem Solving- AI reaches a stage where it can understand context, make more nuanceddecisions, and handle tasks like advanced data analysis, natural languageprocessing, and complex customer interactions.Level 4:Expert-Level Problem Solving - AI begins to mirror human expertcapabilities, capable of handling highly complex tasks that require specializedknowledge and critical thinking, such as medical diagnostics and intricatefinancial modeling.Level 5:Human-Level Intelligence- The ultimate goal, where AI can perform any intellectual task that a humanbeing can, exhibiting creativity, empathy, and advanced problem-solvingabilities.OpenAI has developed a system to track its progress toward building AI software capable of outperforming humans. <a href="https://t.co/x4jhitnPXp">https://t.co/x4jhitnPXp</a>— Bloomberg Technology (@technology) <a href="https://twitter.com/technology/status/1811489119291212252?ref_src=twsrc%5Etfw">July 11, 2024</a>TheJourney Toward Full AI PotentialWhile OpenAI'sscale is certainly useful for understanding and measuring AI's progress,experts believe that AI has yet to reach its exponential growth phase. MattWood, Vice President of AI Products at Amazon Web Services, suggests thatalthough AI technologies have advanced rapidly, they have not yet achieved thehigh growth phase seen in other technological revolutions. This phase is characterizedby rapid, exponential improvements in capabilities and applications.“Technology follows an S-curve overtime,” Wood said in an interview with Quartz. “You never know where you’re aton the S-curve until you’re looking backwards.” However, while the majority ofanalysts, according to Wood, “probably predict” generative AI is “somewhere inthe middle of that S-curve, in that high-gradient growth part,” Wood said hethinks “we’re still in the bottom left-hand corner. I don’t think we’ve hitthat hockey stick inflection point yet.”Woodwent on to say that as AI enters its exponential growth phase, that it will “startto feel very normal, very, very quickly” and soon become “the new normal”.CurrentState of AIToday, technologies like OpenAI's GPT-4 are capable of performing tasks that wereunimaginable a decade ago. They can generate human-like text, engage in complexconversations, and provide insights based on vast amounts of data. However,these capabilities are still bound by significant limitations. At present, programs strugglewith tasks requiring deep contextual understanding, emotional intelligence, andthe ability to make ethical decisions in ambiguous situations.Barriersto Exponential GrowthThereare numerous barriers to…
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Rightlander, a company specializing in affiliate complianceand partner monitoring solutions, has appointed Sarafina Wolde Gabriel as itsnew Chief Executive Officer (CEO). Wolde Gabriel brings over 19 years of experiencein digital marketing and affiliate compliance. She previously served asRightlander's Chief Strategy Officer.Rightlander Announces New CEODuring her tenure as Chief Strategy Officer, Wolde Gabrielplayed a key role in the company's growth and market expansion. She wasinvolved in developing the company's product offerings and building importantpartnerships.Wolde Gabriel commented: "I am honoured to take on the roleof CEO at such an exciting time for Rightlander. I look forward to working withour talented team to build on our successes and drive further innovation in oursolutions. Together, we will continue to support our clients in navigating thecomplexities of affiliate compliance and achieving their business goals."Recently, she wrote an article for Finance Magnates about the EU’supcoming Markets in Crypto Assets (MiCA) regulation, which introduces newcompliance and transparency requirements for the crypto industry starting in2024.From GeoComply to RightlanderBefore joining Rightlander, Wolde Gabriel worked atGeoComply as Senior Director of Global Markets from January 2022 to March 2023.There, she focused on expanding products and services in international markets,establishing relationships with industry contacts in fraud and compliance, andrepresenting the company at major industry events.Prior to GeoComply, Wolde Gabriel was with Income Access, aPaysafe company, for nearly 18 years. She served as VP Strategy from September2016 to January 2022, where she led strategic planning and company growthefforts. She was also Chief Marketing Officer from April 2012 toJanuary 2022, overseeing marketing strategy and corporate branding. Her earlierrole was Director of Marketing from January 2009 to September 2012, where shewas responsible for developing affiliate marketing strategies.This article was written by Tareq Sikder at www.financemagnates.com.
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The Finance Magnates Annual Awards, powered by AWS, are honored to feature a distinguished panel of judges. Today, we introduce you to Pere Monguió, the co-CEO of FXStreet, and Peter Tatarnikov, the CEO of GFF CORP INC. Their extensive experience and commitment to the financial industry make them invaluable additions to our judging panel.Pere Monguió Pere oversees the editorial, analytical, and marketing areas at FXStreet. With over a decade of experience, he is dedicated to empowering independent traders with the insights and tools they need to navigate the financial markets.Role as a Judge:As a judge for the Finance Magnates Annual Awards, Pere brings a wealth of knowledge and a keen eye for quality and innovation. His insights will be invaluable in assessing the nominees and selecting the winners who have truly excelled in the financial industry.Professional Journey:For over ten years, Pere has been a guiding force in the financial services industry, passionately helping independent traders find their footing in the complex world of finance. At FXStreet, he ensures that users have access to high-quality, reliable information, showcasing his unwavering commitment to excellence in financial services.Educational Background:Pere holds a degree in Advertising and Public Relations from the Universitat Autònoma de Barcelona. This academic foundation provides him with a unique perspective on communication and marketing within the financial industry, enhancing his ability to understand and convey complex financial information effectively.Peter TatarnikovPeter has over 20 years of experience in the Forex industry. He started as a trading desk assistant and rose to become the CEO of GFF CORP INC. He is a respected commentator and has conducted over 200 seminars on Forex Trading.Roles as Judges:Peter’s extensive experience includes key roles at major Forex brokers, where he has demonstrated exceptional leadership and strategic vision. His insights will be invaluable in evaluating the nominees and selecting the winners who have truly excelled in the financial industry.Professional Journey:Peter started his career as a trading desk assistant in 1999 and quickly climbed the ranks to become Chief Dealer at a major European retail Forex broker by 2003. His vast knowledge and managerial skills led him to the role of COO at Forex Club USA in 2006, and by 2010, he had become the CEO. Over the years, Peter has conducted over 200 seminars on Forex trading, earning a reputation as a respected commentator and spokesperson for the retail FX industry.Career Highlights:Peter’s extensive experience includes key roles at major Forex brokers, where he has demonstrated exceptional leadership and strategic vision. His commitment to professionalism and dedication to the industry have earned him a reputation as a thought leader and influencer in the retail FX sector.Celebrating Excellence with Expert JudgesPere Monguió’s dedication to empowering traders and Peter Tatarnikov’s extensive experience in the Forex industry make them outstanding judges for the Finance Magnates Annual Awards. We are confident that their valuable insights will enhance the selection process and elevate the standards and prestige of our awards.As we look forward to this year's awards, their expertise will help us recognize and celebrate excellence in the financial industry. Nominations are still open, so don’t miss your chance to gain industry recognition and showcase your achievements. Nominate your brokerage today and be part of this prestigious event. For more information, visit awards.financemagnates.com.What are the Finance Magnates Annual Awards?The Finance Magnates Annual Awards, powered by AWS, is a prestigious event that recognizes excellence and innovation in the financial industry.How is the voting process conducted? The voting process is transparent and democratic, with 50% of the vote coming from the community and the other 50% from an esteemed panel of judges. Who are the judges for the Finance Magnates Annual Awards?…
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The Financial Conduct Authority (FCA) has recently conductedan assessment of cryptocurrency firms to ensure their compliance with newfinancial promotion rules aimed at improving consumer understanding of cryptoinvestment risks. These rules, which came into effect in October 2023, wereintroduced following consultation and legislative changes.FCA Scrutinizes Crypto FirmsThe review by the FCA concentrated on several key areas,including the implementation of personalized risk warnings, the enforcement ofa 24-hour cooling-off period, proper client categorization, and conductingappropriateness assessments. This review is the first of its kind for allcrypto firms marketing to UK consumers. The FCA recognizes that adapting tothese new regulations may present challenges for firms.Many firms have sought additional clarity on the FCA'sexpectations regarding these rules. The FCA intends to work collaborativelywith the industry to raise standards. The publication of this review isdesigned to help firms meet their obligations and support consumers in makinginformed decisions.The review found some firms demonstrating good practices,which are highlighted in the report. However, there were numerous instanceswhere firms failed to meet the required standards. The FCA has engagedextensively with these firms to address and rectify the issues but notes thatfurther improvements are needed.Crypto Firms Need ImprovementThe FCA advises all firms to review both the examples ofgood and poor practice provided, as well as the previously issued guidance. Thereport also noted that some firms have relied on industry comparisons todetermine acceptable practices. Given the identified issues, the FCA expectsfirms to engage directly with the authority to enhance sector-wide standards.Firms responsible for financial promotions are required tohave strong systems and controls in place to ensure compliance. The FCA haswarned that failure to improve will result in regulatory action. Additionally,compliance with the financial promotions regime will be considered in anyfuture authorization applications under the new financial services regulatoryframework for cryptoassets.The FCA will continue to collaborate with the industry onthis and other aspects of the evolving crypto regime. Firms must register withthe FCA if they provide services that fall under money laundering regulations,such as cryptoasset exchanges, peer-to-peer providers, ICOs, and custodianwallet providers.This article was written by Tareq Sikder at www.financemagnates.com.
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Eugenia Mykulyak, Founder & Executive Director of B2PRIME spoke with FM events ahead of the upcoming Finance Magnates Pacific Summit (FMPS), taking place on August 27-29 in Sydney, Australia. The event is expected to draw the biggest brands, including B2Prime, who is playing an integral role in the summit. Ms. Mykulyak gave her perspective on FMPS, as well as her insights into B2Prime’s growing market penetration in the Asia-Pacific (APAC) region, and the broader trajectory of the retail trading industry.Every company or brand gets something different out of expos or events. How do you feel your company can directly benefit from attending FMPS this August?For us, expos like FMPS are invaluable. They provide a unique opportunity to connect with the right audience, which isn't always easy in the B2B space. Being a Prime of Prime multi-asset liquidity provider, these events help us forge new connections, explore partnerships, and uncover opportunities. With FMPS being held in Australia—a relatively new region for us—we're eager to learn about the local market and see how our solutions can meet the needs of businesses there.FMPS is making its inaugural splash in Australia. What are you hoping to see or get out of this year’s event?This is our first time participating in an event in Australia, so we see it as a fantastic chance to introduce our liquidity solutions to a new audience. We offer a diverse range of instruments across 6 asset classes, including FOREX, crypto, Equity Indices, Commodities, Precious Metals, and NDFs in CFD form—something not many provide. We also offer connectivity through OneZero Hub, Prime XM XCORE, FIX API, cTrader, and we have a bridge for MT4/MT5. Aside from this, 2024 has been big for us so far; we've expanded our supported instruments, increased leverage for our clients, gained a new license in Seychelles, secured initial approval from Dubai's VARA, and forged a strategic partnership with Spotware, the company behind market-leading platform, cTrader. So, we're excited to share these developments at the expo and see how they resonate with the participants.The APAC retail market has its own nuisances and strengths, perhaps none greater than a critical mass of talent and a developed infrastructure. Is operating in APAC or Australia a consideration for your brand or does this align with your company’s goals?This region's dynamic market and developed infrastructure are very attractive to us. As a global multi-asset and multi-market liquidity provider, we're always exploring opportunities to enter new regions, and expanding into the APAC market is definitely on our agenda. We believe FMPS will offer valuable insights into the local market and regulatory standards and help us step forward in the process. FMPS will be attracting the most recognizable and best-performing brands from multiple industries. How does your company plan to stand out in the crowd or put itself on the map in front of a regional, as well as global audience?I believe B2PRIME is already well-regarded both regionally and globally for our deep pool of multi-asset liquidity sourced from tier-1 providers, as well as our comprehensive connectivity options and compliance across several jurisdictions. Our liquidity is continually updated as we research the most-demanded instruments and ensure we are the first to offer them to clients. We are also constantly expanding our presence. At FMPS, we plan to emphasise these strengths and engage directly with potential and existing clients, as well as industry peers. Sharing insights, learning from others, and showcasing our latest innovations are key objectives for us. We're committed to demonstrating how our solutions can provide a competitive edge in a crowded market.The retail trading industry continues to move ahead in 2024, with the push for new clients and business ongoing. In what ways is your company equipped to handle any potential challenges or industry shakeups in H2 or beyond?The industry is definitely getting more and more mature each…
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CyprusSecurities and Exchange Commission (CySEC) has identified several areas whereregulated entities, including local investment firms and crypto servicesproviders need to improve their anti-money laundering and counter-terroristfinancing (AML/CFT) reporting practices.Cyprus Regulated Firms Needto Address Key Reporting IssuesIn acircular issuedtoday (Wednesday), CySEC outlined common weaknesses found in ComplianceOfficers' Annual Reports and Internal Audit Reports for 2022, submitted byvarious financial entities under its supervision, including Cyprus InvestmentFirms (CIFs), Crypto Asset Service Providers (CASPs) and more.“Particularly,it was observed that the information provided in the Compliance Officers’Annual Reports is merely the result of the inspections and reviews performedwith no reference to the method of the inspections and reviews that wereconducted,” CySEC commented.Theregulator also noted that some reports lacked detailed descriptions ofidentified deficiencies in AML measures. CySEC argues in the document thatgeneral overviews are not enough. It wants to see specifics on weaknesses,their implications, and proposed remedial actions with implementationtimelines.Anotherarea of concern was inadequate information on high-risk customers. Theregulator emphasized the need for comparative data on the number, origin, andtype of high-risk clients, year-over-year. Thecircular also stressed the importance of thorough documentation on systems forongoing account monitoring. Regulated entitiesshould also present sufficient information on the next year's training programfor the Compliance Officer and staff, and provide adequate information on theCompliance Officer's Department structure and duties. What is more, companieslike CIFs and CASPS should ensure that Board of Directors' minutes includeimplementation timeframes for corrective measures addressing identified issues.CySEC Fights WindmillsTheregulator's findings are part of its annual risk-based assessment, which aimsto ensure that financial institutions maintain strong defenses against moneylaundering and terrorist financing. This isn't the first time CySEC hashighlighted this issue; asimilar assessment was observed over three years ago. Although theregulator is taking action, these measures seem not to be producing theintended effects.CySECwarned that recurring weaknesses would undergo "rigorous compliancechecks" and reminded entities of potential administrative sanctions fornon-compliance. This is not just a threat, as such penalties have been paid inthe past. For example, in February, CySECfined Fintailor Investments €200,000 for potential breaches of regulationsrelated to the prevention of money laundering. A few months earlier, FreedomFinance paid €50,000 in a similar case.The latestpenalty imposed by the regulator, amounting to €200,000, was however not forbreaches related to AML/CFT but for offering excessively high financialleverage. CySEC claimed that IC Markets offered clients leverage of 1000:1,significantly higher than European regulations allow. However, IC Marketsdenied the grounds of the regulator's decision, announcing plans to appeal.This article was written by Damian Chmiel at www.financemagnates.com.
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Theinvestment banking firm, Piper Sandler, has agreed to pay $16 million in civilpenalties to settle investigations by U.S. regulators into its record-keepingpractices. The settlement, announced on Tuesday, marks the latest developmentin a broader crackdown on Wall Street's communication compliance.Piper Sandler to Pay $16Million in Regulatory Fines over Communication LapsesTheMinneapolis-based firm will pay $14 million to the Securities and ExchangeCommission (SEC) and $2 million to the Commodity Futures Trading Commission(CFTC). These fines stem from probes into unapproved business-relatedcommunications conducted on messaging platforms.“TheCompany has reached agreements in principle with the staff of the SEC and withthe staff of the CTFC to resolve investigations regarding compliance withrecordkeeping requirements for business-related communications sent overunapproved electronic messaging channels,” the company commented in the newestfiling. Theinformation about the settlement appeared in the investment bank's latest revenue report for Q2 2024. It shows that the company's revenues reached $340 million, up from $290 million reported the previous year. As a result, net profit was $14.9 million, and earnings per common share (EPS) was $2.19,compared to $0.26 in Q2 2023.Last month, the CFTC also reached a historically significant settlement with the bankrupt cryptocurrency exchange FTX, valued at $12.7 billion. This settlement concludes a legal dispute lasting over a year and a half, which includes $8.7 billion in restitution and $4 billion in disgorgement.The Tip of the $1.7Billion IcebergThe actionagainst Piper Sandler is part of a multi-year initiative by the SEC toscrutinize how financial institutions document and preserve employeecommunications, particularly in light of the shift to remote work during theCOVID-19 pandemic. Regulatorsrequire banks and investment firms to maintain comprehensive records of staffcommunications and generally prohibit the use of personal email, texts, andmessaging applications for work-related matters.Since 2021,the SEC has imposed fines totaling over $1.7 billion on numerous firms forsimilar compliance failures. Major banks such as JPMorgan Chase and WellsFargo have also faced penalties in this regulatory sweep.The penaltyfor JPMorgan wasparticularly large, amounting to nearly $350 million in March this year.However, it turned out that the alleged misconduct occurred over nearly adecade, from 2014 to 2023.The PiperSandler case highlights the difficulties broker-dealers and investment advisersface in meeting record-keeping requirements amidst the rising prevalence ofoff-channel communications. Earlier this year, Oppenheimer settled similarcharges with the SEC, agreeing to pay $12 million in civil penalties. Togetherwith Oppenheimer, 15 other broker-dealers and investment advisers alsoreceived penalties at that time.This article was written by Damian Chmiel at www.financemagnates.com.
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With its well-rounded functionality, OctaTrader aims to cover the entire traders' experience across four fundamental areas: payments, education, trading, and decision-making. This all-in-one architecture allows the application to form a trading ecosystem designed for clients of various experience levels, trading styles, and asset preferences. As such, the platform continuously evolves, receiving updates with new enhancements and features at least twice a month. In the third quarter of 2024, the OctaTrader team will deploy Space, the analytics hub embedded into the application, for all regions and Octa clients. Bringing together analytics, education, and decision-making support within a single toolkit, Space will be an integral part of the OctaTrader's interface. Space takes data-driven, confident, and innovative decision-making to a new level, enabling traders to copy ideas and predictions from the curated news feed to the client's trading chart in a few clicks.As a modern trading toolkit, Space uses machine learning algorithms to process historical data and offer analytical predictions. It provides detailed educational materials for those willing to dive deep into the intricacies of technical analysis and learn more about fundamental trading concepts and the workings of financial markets. After that, Octa's team of highly experienced expert traders thoroughly checks and reinforces the predictions. This combination of modern technology and human expertise facilitates decision validation. It allows less experienced traders to navigate financial markets more efficiently, spending less mental and nervous energy on the way. The upcoming OctaTrader updates include adding analytical tools to the trading chart panel. This feature will allow traders not to draw patterns by hand and save their time by using presets from the feed instead and adding them to the chart layout. OctaTrader clients can place orders using ideas listed in the Space feed—or add the ideas that caught their eye to the chart for future analysis. Depending on the prediction featured in the selected Space post, the chart will display an arrow indicating the predicted price movement, visualising the idea and further streamlining the trading journey. ConclusionWith its focus on continuous development and iterative research of the most popular traders' demands, OctaTrader evolves according to the best industry practices. The ever-expanding list of useful features and tools allows traders to efficiently validate their decisions and spend less time on research and analysis while receiving quality expert insights tailored to their needs and preferences. To further enhance traders' opportunities, Octa has recently introduced the new leverage option of 1:1000, which is currently available to all clients. With this new option, the broker allows you to open larger positions with a smaller capital investment. AboutOcta is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 42 million trading accounts. Octa's free educational webinars, articles, and analytical tools help clients reach their investment goals.The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.Since its foundation, Octa has won more than 70 awards, including the ‘Best Educational Broker 2023’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine. This article was written by FM Contributors at www.financemagnates.com.
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ArtificialIntelligence is a topic of fascination and speculation, withpredictions about its capabilities ranging from utopian to dystopian. Recently,OpenAI – the company behind ChatGPT – introduced a five-level humanintelligence scale designed to measure AI's progress toward human-levelproblem-solving. OpenAI'sFive-Level Human Intelligence ScaleOpenAI's humanintelligence scale is a novel framework that categorizes the problem-solvingabilities of <a href="https://www.financemagnates.com/tag/ai/">ArtificialIntelligence (AI)</a> into five distinct levels. Each level represents a progression incomplexity and capability, aiming to provide a clear benchmark for evaluatingAI's advancement toward human-like intelligence. CEO Sam Altman claimed that their program is currently <a href="https://www.bloomberg.com/news/articles/2024-07-11/openai-sets-levels-to-track-progress-toward-superintelligent-ai?sref=P6Q0mxvj">“almostat Level 2”</a>. Level 1: BasicTasks - AI at thislevel can perform simple, routine tasks that do not require complexdecision-making. Examples include basic data entry and simple algorithmicfunctions.Level 2:Intermediate Problem Solving - At this stage, AI systems can handle morecomplex tasks involving some degree of problem-solving and decision-making,such as basic customer service bots and simple predictive <a href="https://www.financemagnates.com/terms/a/analytics/">analytics</a>.Level 3: AdvancedProblem Solving- AI reaches a stage where it can understand context, make more nuanceddecisions, and handle tasks like advanced data analysis, natural languageprocessing, and complex customer interactions.Level 4:Expert-Level Problem Solving - AI begins to mirror human expertcapabilities, capable of handling highly complex tasks that require specializedknowledge and critical thinking, such as medical diagnostics and intricatefinancial modeling.Level 5:Human-Level Intelligence- The ultimate goal, where AI can perform any intellectual task that a humanbeing can, exhibiting creativity, empathy, and advanced problem-solvingabilities.OpenAI has developed a system to track its progress toward building AI software capable of outperforming humans. <a href="https://t.co/x4jhitnPXp">https://t.co/x4jhitnPXp</a>— Bloomberg Technology (@technology) <a href="https://twitter.com/technology/status/1811489119291212252?ref_src=twsrc%5Etfw">July 11, 2024</a>TheJourney Toward Full AI PotentialWhile OpenAI'sscale is certainly useful for understanding and measuring AI's progress,experts believe that AI has yet to reach its exponential growth phase. MattWood, Vice President of AI Products at Amazon Web Services, suggests thatalthough AI technologies have advanced rapidly, they have not yet achieved thehigh growth phase seen in other technological revolutions. This phase is characterizedby rapid, exponential improvements in capabilities and applications.“Technology follows an S-curve overtime,” Wood said in an interview with Quartz. “You never know where you’re aton the S-curve until you’re looking backwards.” However, while the majority ofanalysts, according to Wood, “probably predict” generative AI is “somewhere inthe middle of that S-curve, in that high-gradient growth part,” Wood said hethinks “we’re still in the bottom left-hand corner. I don’t think we’ve hitthat hockey stick inflection point yet.”Woodwent on to say that as AI enters its exponential growth phase, that it will “startto feel very normal, very, very quickly” and soon become “the new normal”.CurrentState of AIToday, technologies like OpenAI's GPT-4 are capable of performing tasks that wereunimaginable a decade ago. They can generate human-like text, engage in complexconversations, and provide insights based on vast amounts of data. However,these capabilities are still bound by significant limitations. At present, programs strugglewith tasks requiring deep contextual understanding, emotional intelligence, andthe ability to make ethical decisions in ambiguous situations.Barriersto Exponential GrowthThereare numerous barriers to…
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Leverate, atechnology solutions provider for brokers, is expanding its global presencewith the addition of new sales executives inDubai and Latin America. The company's growth initiative follows asignificant uptick in sales and market expansion, particularly in Asia and LATAM.Leverate Expands GlobalFootprint amid 70% Sales SurgeThe firmhas experienced a 70% increase in sales since the beginning of the year,primarily attributed to the launch of its new product tailored for proprietarytrading (prop) firms. This surge in demand has prompted Leverate to strengthenits team and establish new offices in those key markets."Thesetwo markets are very important to us, and we are committed to establishing andexpanding our presence to support local customers," Shmulik Kordova, ChiefCommercial Officer of Leverate, commented.Leveratedecided to join the prop trading game at the beginning of March when thecompany presented its white-label solution for firms interested in enteringthis rapidly growing space. The Israel-based company created a tool thatincludes a trading platform, client portal, challenges dashboard, CRM, backoffice, risk management, and liquidity integration."Theincrease in sales follows the launch of our new white label solution for propfirms, which has seen growing demand. We are solidifying our position as amajor supplier in the prop industry, thanks in part to our highly attractivefixed pricing,” Kordova added.Next, inApril, Leverate introduced updates to its flagship trading platform, addingenhancements specific to the prop trading industry. This provided prop tradingfirms with access to real-time market data, sophisticated charting tools, andcustomizable analytics.Leverate'sprop trading offerings have recently been utilized by YourPropFirm.Additionally, an increasing number of traditional FX/CFD brokers are joiningthis space. The latest example is the move by the broker ThinkMarkers, whichlaunched its own prop trading brand, ThinkCapital.The shifttowards new markets came after Leverate relinquished its long-held Cyprus license, which was issued by CySEC.This article was written by Damian Chmiel at www.financemagnates.com.
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Multi-asset financial service provider Virtu Financialwill sponsor Maria Costa, a professional equestrian show jumper who is preparing to compete in the Olympics and other prestigious competitions.GrandPrix VictoriesMaria Costa has a glittering career adorned with GrandPrix victories and notable appearances in Nations Cup competitions. Her currenttraining reportedly focuses on representing the US in forthcoming Nations Cupevents, the 2026 World Equestrian Games in Aachen, Germany, the 2027 PanAmerican Games in Barranquilla, Colombia, and, ultimately, the 2028 OlympicGames in Los Angeles, California.Speaking about the sponsorship deal, Douglas Cifu,Virtu's Chief Executive Officer, said: “Maria is an accomplished athleteand exceptional role model. She is well on her way to future success on theinternational show jumping stage, including representing the United States atthe 2028 Olympics. Virtu is proud and honored to help support Maria in thequest to achieve her championship goals.”Costa's career achievements reflect her dedication andskill. Her Grand Prix victories and consistent performance in Nations Cupcompetitions underscore her prowess in show jumping. As she prepares for thesehigh-profile events, Virtu Financial's support provides her with the resourcesto excel further.Virtu Financial's products and services includeexecution, liquidity sourcing, analytics, and broker-neutral platforms thatserve clients across more than 50 countries and multiple asset classes such asequities, ETFs, foreign exchange, futures, fixed income, cryptocurrency, andother commodities.Virtu Financial's Recent DevelopmentsIn June, Virtu Financial disclosed that it was seeking $500 million in debt financing to restructure an initial debt. According to thefirm, this step aims to optimize Virtu Financial's financial position byrepaying existing debt and positioning the company for growth.Notably, Virtu Financial announced that it will offer$500 million in senior first lien notes through its subsidiaries, VFH ParentLLC and Valor Co-Issuer. This private offering sought to repay $500 million ofthe existing senior secured first-lien term loan facility. Elsewhere, in a financial report for the firstquarter, Virtu Financial reported a net income of $111 million and a normalized adjusted net income of $124 million. The company's total revenues boosted these figures, jumping to $642 million thanks to a notable trading net incomeof $408 million. Virtu's net income margin was 17%.This article was written by Jared Kirui at www.financemagnates.com.
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The Financial Conduct Authority (FCA) has initiated legalproceedings against nine individuals implicated in an unauthorized foreignexchange trading scheme promoted via social media channels. At a plea and trialpreparation hearing held today at Southwark Crown Court, the defendants facedcharges related to financial promotions without authorization.Trial Dates ScheduledSeveral individuals pleaded not guilty to charges of issuingunauthorized financial promotions. One individual additionally pleaded notguilty to providing unauthorized advice on contracts for difference (CFDs).Another individual did not enter a plea; their plea hearing is scheduled forSeptember 26, 2024.Due to scheduling constraints, trial dates have been set forFebruary 1, 2027, and March 15, 2027, at Southwark Crown Court, reflecting theearliest available dates for the court to accommodate this complex case.We've charged Emmanuel Nwanze, Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, Eva Zapico and Holly Thompson over the promotion of an unauthorised trading scheme. #FinancialRegulationhttps://t.co/5EP6A9J2vC— Financial Conduct Authority (@TheFCA) May 16, 2024Individuals who believe they have incurred financial lossesrelated to this matter are encouraged to contact the FCA's consumer contactcentre for further assistance.Gamification in Investment AppsTheFCA has expressed concerns over trading apps' use of digital engagementpractices (DEPs), citing potential risks of increased investor exposure to risk,as reported by Finance Magnates.According to findings from a recent online study, the FCA implemented anexperimental trading app platform to assess DEPs' impact on trading behaviour. The study, involving over 9,000 consumers, revealed thatfeatures like push notifications and prize draws could elevate tradingfrequency by 11% and prompt riskier investment decisions by 12%. Additionally,these gamification strategies were associated with an 8% rise in tradesinvolving high-risk investments and a 6% increase in such investments.Furthermore, the FCA identified that DEPs disproportionatelyaffected certain demographics, including individuals with lower financialliteracy, women, and younger adults aged 18-34. Under the Consumer Dutyframework, trading apps are mandated to tailor their services to ensure theyfacilitate informed investment decisions that meet consumers' needs.This article was written by Tareq Sikder at www.financemagnates.com.
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Mastercard's recent announcement about the adoption of palmpayments signifies a notable shift in contactless payment technology. Thisinnovative approach, which allows consumers to make payments using just theirpalm, highlights the increasing trend towards more seamless and securetransaction methods. Mastercard's initiative leverages biometric authenticationto ensure a high level of security and convenience, aiming to transform the waywe interact with everyday financial transactions.How Does Palm Payment Technology Work?Palm payment technology uses biometric data to authenticatetransactions. When a consumer enrolls in the system, their palm's uniquepattern is scanned and linked to their payment method. At checkout, instead ofreaching for a card or mobile device, the consumer simply holds their hand overa palm reader, which verifies their identity and processes the paymentinstantly. This method not only speeds up the transaction process but alsoreduces physical contact, making it a hygienic option, especially in a post-pandemicworld.Understanding the Benefits For consumers, the primary benefits of palm payments areconvenience and security. The process is quick and eliminates the need to carryphysical cards or even a smartphone. The biometric authentication adds a layerof security, as it is difficult to replicate an individual's unique palm print.Additionally, this technology reduces the risk of card skimming and other formsof payment fraud.Businesses, in their turn, can expect to see that faster transaction times mean shorter linesand a better customer experience. The secure nature of biometric payments canalso reduce instances of fraud-related losses. Moreover, businesses that adoptcutting-edge payment technologies can attract tech-savvy customers looking forinnovative and efficient shopping experiences.On the Broader Implications for the Payment IndustryThe adoption of palm payments by Mastercard is a clearindicator of the broader trend towards biometric authentication in thefinancial sector. This move could pave the way for more widespread use ofbiometric data in various types of transactions, from banking to onlineshopping. As biometric technology becomes more common, we may see a reductionin the use of traditional payment methods, leading to a more secure andefficient payment ecosystem.But while the benefits are clear, there are also challenges andconsiderations to address. Privacy concerns are paramount, as biometric data ishighly sensitive. Mastercard and other companies involved in this technologymust ensure robust data protection measures are in place to safeguard consumerinformation. Additionally, widespread adoption will require significantinvestment in new hardware and training for businesses.This article was written by Pedro Ferreira at www.financemagnates.com.
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Trent Hoerr announced via LinkedIn his new position as ChiefExecutive Officer at BullRush. Hoerr has served as Global Committee Member atGlappitnova, a Chicago-based week-long festival aimed at uniting younginfluencers and aspiring leaders across various industries through storytellingsessions, artistic exhibitions, and interactive experiences.Operational Leadership HighlightsPreviously, Hoerr served as the Chief Operating Officer atFPFX Technologies from July 2020 to July 2024, based in Boca Raton, Florida.FPFX Technologies specializes in developing customized FX brokerage and tradingsolutions for a wide range of clients, including retail traders, institutionaltraders, money managers, and hedge funds. During his tenure, Hoerr played a keyrole in overseeing operational strategies and enhancing service offerings suchas market access through top Forex brokers, cash back rebates for retailtraders, and tailored trading algorithms.Before FPFX Technologies, Hoerr held the position of Head ofSales at Forest Park FX from January 2016 to July 2024, also located in BocaRaton, Florida. At Forest Park FX, he led sales initiatives and managed clientrelationships, focusing on delivering value-added services such asadministrative and operational support for money managers, customized liquiditysolutions for hedge funds, and rebate programs for retail traders partneringwith top Forex brokers.Prior to his roles in Florida, Hoerr served as the GlobalHead of Operations at Direct FX Trading from 2014 to 2016, based in Chicago,IL. Direct FX Trading specialized in FX brokerage services, where Hoerrcontributed to operational excellence and strategic initiatives.Prop Firm Agreement TerminatedEarlier, FPFXTechnologies announced the termination of its agreement with FundedEngineer, a prop firm, as reported by FinanceMagnates. This decision marked the conclusion of their partnership,including the license agreement and associated services. FPFX Tech's leadership made this decision following athorough evaluation process. Funded Engineer, as stated on FPFX Tech's website,focuses on increasing trading capital and expanding drawdown limits to promotea sustainable trading environment for its traders.This article was written by Tareq Sikder at www.financemagnates.com.
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Binance is finalizing the sale of its majority stakein crypto exchange Gopax to South Korean cloud service provider Megazone, localmedia publication The Chosun reported. This decision is pivotal for Gopax, oneof Korea's top five won exchanges, as it faces the risk of delisting ifgovernance issues remain unresolved.Enhancing GovernanceCurrently, Binance holds a 72.6% stake in Streami, theoperator of Gopax. However, the exchange plans to reduce its stake to around10% by selling shares to Megazone. This move is reportedly part of the exchange's initiative to enhance its governance structure, a requirement set by financialauthorities to process a change report ahead of renewing Gopax's real-nameaccount contract with Jeonbuk Bank.A virtual asset industry insider told the mediapublication that the sale aims to meet the demands of financial authorities,who have delayed approving Binance's change report for over a year. TheFinancial Services Commission has reportedly insisted that Binance reduce itsstake to less than 10% to proceed with the report. Binance responded in March,committing to restructure its governance and lower its Gopax stake.Previously, BF Labs, a domestic KOSDAQ-listed company,emerged as a potential partner for Binance. BF Labs acquired an 8.55% stake inStreami and sought to increase its holdings. However, funding issues haltedfurther acquisitions, leaving Binance to seek other solutions to comply withregulatory requirements.The urgency of this stake sale is underscored by thelooming deadline for Gopax's real-name account renewal with Jeonbuk Bank onAugust 11. The revised Special Financial Transactions Act mandates thatexchanges report changes related to real-name account renewals at least onemonth prior to signing the contract. Thus, a decision on the renewal must bereached by the end of this month.GOPAX Faces Financial DistressGOPAX is currently experiencing financialdistress, with total debt reaching 118.4 billion won as of April this year. Thedebt situation worsened due to the rise in Bitcoin prices and the fallout fromthe FTX bankruptcy in 2022, which left Gopax with significant liabilities.Although Binance agreed to cover Gopax's 56 billion won debt during theacquisition, this agreement hinged on financial authorities allowing Binance'sentry.A Megazone representative mentioned that they areexploring various forms of collaboration, including equity acquisition, butemphasized that no concrete decisions have been made regarding the process ortiming.This sale represents a critical time for Binanceand Gopax. Successfully navigating this transaction and securing the approvalof financial authorities is essential to maintaining their status as a keyplayer in Korea's won exchange market.This article was written by Jared Kirui at www.financemagnates.com.
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ATFX is a leading global fintech broker with a local presence in 23 locations, including the Levant. Since setting up a team in the region, ATFX has been dedicated to expanding its brand influence in Jordan. A recent significant meeting at the Embassy of the People's Republic of China in the Hashemite Kingdom of Jordan highlighted ATFX's commitment. The meeting was attended by Joe Li, Chairman of ATFX; Siju Daniel, Chief Strategy Officer of ATFX and Ahmad Al Disi, Managing Director of ATFX Levant, along with Mr. Luo Wenjun, Counselor of the Chinese Embassy in Jordan.This high-profile event delved into ATFX's foreign investment strategies in the Hashemite Kingdom of Jordan and the broader Levant region, emphasizing its meticulously planned blueprint for prosperous development. The ATFX Group not only demonstrated its strong determination to deepen its presence in the region but also vividly illustrated its selfless dedication to promoting regional economic growth and cooperation through a series of innovative initiatives and localized strategies.In the coming period, ATFX will remain true to its original mission, continuing to race ahead in providing top-tier services to its clients, all while maintaining steady and orderly progress. Looking ahead, ATFX is committed to serving its global clients with enthusiasm, high-quality service, and highly efficient financial operations, enabling more people to enjoy premium, secure financial investment services, ultimately benefiting investors worldwide!About ATFXATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK's FCA, Cypriot CySEC, UAE's SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.For further information on ATFX, please visit the ATFX website: https://www.atfx.com.This article was written by FM Contributors at www.financemagnates.com.
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