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Marcus Fetherston has been appointed General Manager atBlueberry Funded, a proprietary trading firm operated by Blueberry Markets, FinanceMagnates has learned through his LinkedIn profile. Blueberry Funded Adds LeaderBefore joining Blueberry Funded, Fetherston held severalpositions in the financial sector. Most recently, he was the Director and ChiefProduct Officer at PropTradeTech, a role he occupied from March 2023 to June2024. PropTradeTech is a Melbourne-based firm specializing in tradingtechnology.Prior to PropTradeTech, Fetherston served as Director ofOperations at Eightcap from September 2020 to March 2023. Eightcap is alsoheadquartered in Melbourne and operates within the financial markets sector.Fetherston's career includes experience at Pepperstone,where he worked in various roles from July 2017 to August 2020. His positionsthere ranged from Operations Officer to Operations Team Lead and ResponsibleManager. Pepperstone is a global brokerage firm.Earlier in his career, Fetherston was a Customer ServiceRepresentative at Commonwealth Bank from October 2015 to July 2016. This roleinvolved direct client interaction and support in the banking sector.Prop Trading Panel DiscussionFetherstonparticipated as a speaker in a panel discussion titled “Prop Trading forRetail Brokers: Viability or Liability?” at the Finance Magnates LondonSummit 2023. During the session, industry experts examined the intersectionof prop trading and retail brokerage services, highlighting emerging trends andpotential opportunities for collaboration.Recently, FinanceMagnates interviewed James Glyde, Founder and CEO of PipFarm, about thechallenges of managing risk in prop trading. Glyde highlighted that while proptrading and CFDs share a common origin, they differ significantly in riskmanagement. “The risk is incredibly hard to manage in the prop tradingindustry,” he noted, adding that it is often assumed that traders will incurlosses.Meanwhile, Bullo, a fintech startup, has finished its SeriesA funding round and willtemporarily pause proprietary trading services while it seeks regulatorylicenses in several Tier 1 jurisdictions. This decision addresses theregulatory uncertainties affecting prop firms and aims to mitigate associatedrisks.This article was written by Tareq Sikder at www.financemagnates.com.
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Cryptocurrency mining in Russia has been officiallylegalized, marking a significant shift in the country's approach to digitalassets, RT reported. The new law, signed by President Vladimir Putin, introduces acomprehensive legal framework that regulates cryptocurrency mining and definesthe rights and obligations of those involved in the industry. Russia Recognizes Crypto MiningThe law, published on Russia's official legalinformation portal, clarifies the previously unregulated cryptocurrency mining sector. By legally recognizing cryptocurrency mining as a legitimate activity, the Russian government has included it as part of the broader economic turnover rather than simply as a means of issuing digital currency. Under the new legislation, only Russian legal entitiesand individual entrepreneurs registered with the government are permitted toengage in cryptocurrency mining. However, individual miners are allowed tooperate without registration, provided their energy consumption stays withinlimits set by the government. This provision allows small-scale miners to continuetheir activities without formal registration, while largeroperations will be subject to stricter controls.2022: Russia's central bank proposed banning #Bitcoin and crypto mining.2024: Putin signs law legalizing Bitcoin and crypto mining in Russia 🇷🇺 pic.twitter.com/Q2lPrUaU5W— Bitcoin Magazine (@BitcoinMagazine) August 8, 2024The law legalizes mining and allows the trading of foreign digital financial assets on Russianblockchain platforms. However, this comes with some restrictions: the Bank of Russia retains the power to ban certain assets if they are deemed a threat tothe country's financial stability.Trade and Regulatory OversightThis measure highlights the government's cautiousapproach to digital assets, balancing the promotion of innovation with the needto protect the financial system.The legislation also imposes strict controls on theadvertising and promotion of cryptocurrencies. It prohibits offering digitalassets to an unlimited number of people, a move likely aimed at preventing thewidespread promotion of potentially risky investments. Additionally, the law allows for the possibility ofbanning cryptocurrency mining in specific regions or territories, providing thegovernment with the flexibility to manage the industry based on localconditions.President Putin has emphasized the importance ofregulating cryptocurrencies and digital assets as a promising area for economicdevelopment. At a recent government meeting, he highlighted the need for Russiato "seize the moment" and establish a robust legal framework tosupport the growth of digital assets within the country and in internationaltrade. This article was written by Jared Kirui at www.financemagnates.com.
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Doo Group's Head of Institutional Clients, Fraser Nelson, isleaving the company, according to an announcement he made on LinkedIn today(Thursday). Nelson joined the company as the Head of Business Developmentbefore being promoted to the role of Head of Institutional Clients, a role heheld for a year.Two Years at Doo Group"After 2 years of Excitement, Hard Work, Travel, andGrowth, my time at Doo has come to an end. As I prepare to take the next stepsin my career, I wanted to say thanks to the management team for the confidencein making me the number 3 hire outside of Asia, backing me to open offices andspearhead growth, believing in me to be the face of our Recruitment andBranding videos and empowering me to be the companies face and voice at Exposand Seminars," Nelson wrote."There's been many milestones in my 2 years with Doobut my particular highlights have been: Seeing volume grow from 23 billion toover 100 billion a month, expanding our Offices and presence to over 30locations globally, positioning as one of the fastest growing brokers in LATAMand Africa, and building up the Liquidity pool access and Institutionalproduct." Serving in Other Notable BrandsNelson's career spans several notable industry brands, amongthem Centroid Solutions, PrimeXM, and HotForex. He served as Centroid's GlobalBusiness Development Manager, PrimeXM's Relations and Business DevelopmentManager, and HotForex's Regional Head of Business Development.In June, Doo Group released its financial results,highlighting total trading volume worth USD 106.53 billion. This represented adrop from the previous month, with the average daily volume declining.The most traded products in the group in May wereXAU/USD, EUR/USD, and GBP/USD. XAU/USD recorded the most trading volume,reaching USD 80.99 billion. EUR/USD had the most significant increase,increasing by 11.26% from April.Elsewhere, Doo Capital Market, a subsidiary of DooFinancial, obtained the license from the Monetary Authority of Singapore (MAS)early this year, boosting its operations in the region.Doo Financial has been broadening its services in theSingaporean market. The approval authorizes DCM to engage in activities,including capital markets products, product financing, and offering custodialservices.This article was written by Jared Kirui at www.financemagnates.com.
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Exness, one of the largest brokers in the world, has launched a new brand campaign, marking a shift in how it connects with traders, recognizing that trading is fueled by more than just data and product features. The campaign titled “Born to Trade” focuses on the emotions that drive a trader's journey, capturing the shared trading experience and the community it has created. Exness CMO Alfonso Cardalda explores the “Born to Trade” philosophy and thought process.The vision The campaign is a bold move to forge a deeper connection. It acknowledges that while the company has successfully communicated its product offerings, Exness has yet to fully explore the qualitative aspects of trading and the relationship with traders. The campaign bridges this gap and captures the essence of what it means to be a trader: the emotions, skills, and sense of community."Born to Trade" is more than just a slogan. This concept emerged following feedback from Exness' traders, partners, and Introducing Brokers. Cardalda expressed, "It's about more than just promoting a product. It's about connecting with traders on a deeper level, recognizing their unique DNA, and providing them with the tools they need to thrive."Connecting with traders on an emotional levelCardalda emphasizes the importance of understanding the emotional aspect of trading. While analysis and data are crucial, emotions also play a significant role. Recognizing this duality allows the creation of messaging that resonates with traders at this level.He notes, "While we've effectively communicated our product benefits and features, we haven't fully explored the emotions that drive traders. This campaign aims to bridge that gap." “Born To Trade” is a departure from the industry's focus on product features and tactical marketing. It's about fostering community and celebrating the trader's identity. By addressing the emotional side of trading, Exness hopes to create a lasting connection with its audience.Reinforcing reliability through simplicity and transparencyExness' reputation for reliability is deeply rooted in its product. The new campaign reinforces this by focusing on clarity, transparency, and efficiency. This commitment to simplicity is evident in both the visual identity and the functionality of Exness' platform.Cardalda said, “It isn’t about creating a façade of reliability; it's about showcasing Exness' commitment to providing the best possible trading platform and fostering trust with traders.” By prioritizing clarity and simplifying the trading experience, Exness aims to make traders feel comfortable and confident in their chosen platform.Measuring Success Beyond NumbersAs a data-driven company, Exness is meticulous about measuring success. The “Born To Trade” campaign, a global concept with localized execution, will be assessed mainly by its impact on brand perception and emotional connection.This signifies a shift away from classic metrics and towards reinforcing brand identity. The emphasis is on how traders recognize and connect with the new brand identity launched earlier this year.The Path ForwardWith its refreshed brand identity and the “Born To Trade” campaign, Exness is poised to elevate its image to new heights. By focusing on innovation, expansion, and communication, the broker aims to solidify its position as a leader in the global trading industry.Through continued investment in top-tier products, expansion into new markets, and fostering meaningful relationships with clients, Exness is committed to delivering a trading experience that's not only reliable and efficient but also emotionally fulfilling for traders worldwide.This article was written by FM Contributors at www.financemagnates.com.
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As of July 31 this year, Binance had recovered $73 million in stolen cryptocurrencies. This represents a notable 33%increase from the approximately $55 million secured in 2023.Recovering and Freezing Illegal Crypto Assets According to the crypto exchange giant, the platform'ssecurity team has been at the forefront of recovering misplaced and lost fundsand freezing ill-gotten gains that find their way onto the exchange. Binancehas also reportedly collaborated with both industry peers and the public sectorto ensure that affected users receive the necessary support.Approximately 80% of the recovered and frozen funds are tied to hacks, exploits, and thefts that occur outsidethe Binance platform. The remaining 20% involves scams that also originateexternally. Binance's stance has been instrumental in theserecoveries, with Chief Security Officer Jimmy Su emphasizing the company'suser-centric culture as a driving force behind these achievements.Contrary to what might be expected, the increase inrecovered and frozen funds does not indicate a rise in criminal activity withinthe cryptocurrency space. With all transactions publicly recorded, it hasreportedly become easier to trace and recover stolen funds.Crypto Crime ReportAccording to Chainalysis' 2024 Crypto Crime Report,the total value received by illicit cryptocurrency addresses droppedsignificantly in 2023. The report noted a decline in the share of all cryptotransaction volume associated with illicit activity, from 0.42% in 2022 to0.34% in 2023.A recent report showed that the cryptocurrency anddecentralized finance (DeFi) space suffered a whopping $1.19 billion in lossesdue to hacks, scams, and exploits in the first half of 2024.According to the latest report by blockchain security firmCertiK, there is a worrying trend in the crypto space in relation to securitychallenges. Among the challenges, phishing attacks have become the mostdamaging factor, resulting in $497.7 million in losses across 150 incidents.Secondly, private key exploits are the most costly attacktype, having resulted in $408.9 million lost over 42 major incidents. Ethereum blockchain suffered the most, reporting 235 security incidents that led tonearly $400 million in losses.This article was written by Jared Kirui at www.financemagnates.com.
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Asia-Pacific (APAC) is one of the world’s fastest growing online trading markets. As it continues to grow, Asia’s trading software market is expected to hit a staggering $19.68 billion by 2031, expanding at a CAGR 7.84% between 2024 - 2031. In this context, iFX EXPO Asia 2024 presents itself as a launching board for industry players looking to expand in the region.As the start of Asia’s largest B2B online trading expo approaches, the industry is brimming with excitement. Some of the largest players, including FXGT, Equiti Capital, Peska, B2Broker, Libertex, Match-Prime, Acuity, MC Markets, and FundersPro will be there to showcase their advanced trading technologies and solutions.Taking place between 16 - 18 September, iFX EXPO Asia 2024 promises 2+ days of exclusive networking and a chance to reflect on the latest industry trends, challenges and opportunities. C-level executives and thought leaders from top online trading firms and fintechs will tackle these and other hot topics head-on.Networking to begin withThe Official Welcome Party will mark the start of the expo in style. Held on September 16, at CentralWorld’s Centara Grand & Bangkok Convention Centre, this networking evening adds a much-needed spark of glamour to the business talks. Participants will be able to warm up before the main event as they connect with existing and new potential partners, exchanging ideas and discovering new growth avenues. You just can’t miss this! Register now to save your spot.Apart from the Welcome Party, iFX EXPO Asia 2024 will offer plenty of networking opportunities over the course of the two days. Strategically placed around the exhibition centre, the Networking Lounges will offer attendees an exclusive space to discuss and catch up on essential areas of business.The Night Party will mark the end of the 1st day of the exhibition. Taking place at the TRIBE Sky Beach Club, the informal gathering will allow the distinguished attendees to relax, connect at a deeper level while enjoying the enticing atmosphere.The exhibitionThe epicentre of iFX EXPO Asia 2024 will be the expo floor. With more than 3.5K delegates from 1.6K+ companies in attendance, this year’s edition promises to be the largest yet. Booths from big fintech and online trading brands will dot the exhibition hall. Free to attend, the expo will offer visitors the privilege to familiarise themselves with the latest technologies, covering the whole spectrum of broker-specific solutions, from trading platforms to CRM and liquidity, regtech, paytech, as well as marketing automation and affiliate management tools. Introducing Brokers (IBs) and Affiliates will have the opportunity to meet top brokers face-to-face and identify the right partnership programmes for their business.By uniting all the key stakeholders in the online trading industry, the expo is the place to be for everyone in FX as they look to expand their network, find new partners, and identify lucrative opportunities across Asia’s financial markets. The conferenceiFX EXPO Asia 2024 presents itself as an ideal arena for high-level industry debate featuring renowned FX and fintech professionals. Over 100 speakers are expected to shed light on some of the most pressing subject matters.Mona Zoet (RegPac Revolution), Rahul Mahajan (Negarro), Otakar Suffner (FTMO), Kamalika Poddar (LXME), Penny Chai (Sumsub), Muneeb Khan (Kraken), Andrew Lane (Acuity), and many other renowned speakers will take the stage at the Speaker Hall and Idea Hub. Some of the topics they will address include:● Crypto in Asia: The World is Watching● Asia’s Rise: Serving Prop-Trading Potential● IBs & Affiliates for Successful Business Development● Exclusive Startup Guide: The Funding Game● And so many moreAccommodation at discounted rates!The Centara Grand & Bangkok Convention Centre at CentralWorld is iFX EXPO Asia’s official hotel partner. This means that you can book your stay at the same hotel hosting the expo. Special rates are also available for stays between September 14 - 19, 2024. As the number…
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Forex and CFD company Taurex has appointed MariaMeramveliotaki as the new Brand and Strategy Director. Based in Limassol,Cyprus, Meramveliotaki will, among other roles, execute the company's strategic plan and lead an in-house team to develop marketing strategies.Executing Taurex's Strategic PlanAnnouncing her appointment on LinkedIn, Meramveliotaki said:"Stepping into a new chapter at Taurex—I've been promoted to Brand andStrategy Director! This role gives me a fantastic opportunity to align ourstrategic vision with our core principles and build a lasting brand.""Thank you to the Taurex team and leadership for theirtrust and support. I look forward to collaborating on thoughtful strategies anddriving continuous improvement to achieve our goals."Until her promotion, Meramveliotaki served as Taurex's Headof Marketing Communications, a role she dedicated more than a year. Themarketing expert has also worked for the prime brokerage form TOPFX as the Headof Marketing and Senior Content Writer.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Periklis Hanna has announced his resignation from his roleas Head of Marketing at The Trading Pit. He shared the news today (Thursday) via LinkedIn,citing careful consideration as the reason for his decision.Resigning from The Trading PitHanna expressed gratitude to his colleagues, noting that histime at The Trading Pit was marked by significant learning and growth. Hedescribed his journey there as "incredible," and mentioned that he isnow looking forward to exploring new opportunities.“I want to extend my heartfelt thanks to everyone I’ve hadthe pleasure of working with during my time there. It’s been an incrediblejourney filled with learning, growth, and great experiences,” he shared onthe post.“As I look ahead, I am excited about the opportunities tocontinue growing, learning, and helping others in new and different ways. Rightnow, I’m taking some time to reflect, explore, and strengthen my connectionswithin my network.”Professional Background SummaryBefore his tenure at The Trading Pit, Hanna held severalpositions in the marketing field. He worked as Head of Marketing and Operationsat Wintrado Technologies AG from February 2020 to July 2022, and as a DigitalMarketing and Business Development Executive at Digipro Education Limited andFUNecole in 2019 and 2020.He also served as a Digital Marketing & BusinessDevelopment Executive at Airtrans Group from March 2017 to March 2019.Meanwhile, ThemisChristou has left his role as Chief Marketing Officer at The Trading Pit,where he served for two years after moving from M4Markets, as Finance Magnates reported.Christou, a Harvard alum, previously worked at Tickmill in various rolesincluding Senior Marketing Specialist and Interim CMO. Recently, TheTrading Pit saw significant leadership changes with the departures ofCo-Founder Christoph Radecker and CEO Thomas Heyden, who expressed gratitudefor their experiences at the firm.This article was written by Tareq Sikder at www.financemagnates.com.
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Pepperstone will be attending the upcoming Finance Magnates Pacific Summit (FMPS) as a Platinum Sponsor on August 27-29 in Sydney, Australia. Ahead of the landmark event, FM spoke with James Perry-Keene, Head of Strategic Partnerships at Pepperstone for his perspective on the event and the company’s role this August. As one of the most influential brands at FMPS, Mr. Perry-Keene touched on a number of key points and noteworthy trends in a tell all interview.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?Attending FMPS this August presents a unique opportunity for Pepperstone to engage directly with industry peers. Our primary benefit will be gaining insights into emerging trends and challenges, which will help us fine-tune our strategies. Additionally, the event will allow us to showcase our latest innovations and technologies, strengthening our position as a leading global online trading provider.FMPS is making its inaugural splash in Australia. What are you hoping to see or get out of this year’s event?As FMPS makes its debut in Australia, we’re excited to explore new industry dynamics and connect with both regional and global peers. We hope to gain a deeper understanding of the local market landscape, exchange ideas with industry leaders, and identify new opportunities for collaboration. The event is a perfect platform to stay informed about the latest trends and innovations that will shape the future of our industry.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?Since being established in Australia in 2010, we have grown to become one of the most reputable online brokers in the industry, with our clients now trading across 160 countries. Pepperstone prides itself on fast and reliable execution, competitive pricing, and outstanding customer support. Expanding our presence in APAC continues to strengthen our position as a leading global online trading provider. 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?At FMPS, Pepperstone plans to stand out by highlighting our commitment to fast and reliable execution, competitive pricing, and outstanding customer support. We’ll showcase our advanced trading platforms and competitive pricings, which are key to our reputation as a top-tier broker. By engaging actively with attendees and demonstrating our industry-leading solutions, we aim to make a significant impact and reinforce our position on both regional and global stages.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?Pepperstone is well-equipped to navigate potential challenges and industry shakeups thanks to our strong foundation in technology and client-centric approach. Our agile infrastructure and innovative solutions allow us to adapt quickly to market changes. We continuously invest in our technology stack and maintain a close pulse on market trends to ensure that we can swiftly address emerging issues and seize new opportunities. Our robust support system and strategic foresight position us to handle future challenges effectively and continue delivering value to our clients.This article was written by Finance Magnates Staff at www.financemagnates.com.
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Between April 1, 2024, and June 30, 2024, the FinancialConduct Authority (FCA) took actions against firms breaching financialpromotion rules, as well as investigations into unregulated activity. During this period, 3,273 promotions from authorised firmswere either amended or withdrawn. Additionally, 528 alerts were issuedregarding unauthorised firms and individuals, with 11% of these alerts relatedto clone scams, where fraudsters use details of legitimate firms to appeargenuine.FCA Enforcement: Key FiguresFollowing the end of the modification by consent for theDirect Offer Financial Promotion (DOFP) rules introduced by Policy Statement23/6, compliance reviews were conducted. Feedback was provided to firms, andsupervisory actions were taken when breaches were identified.A total of 943 financial promotions were reviewed duringthis period. Of these, 69% were identified through proactive monitoring, 11%through consumer complaints, 10% through firm submissions, 6% from UKregulators, and 4% from other FCA areas. The retail investments and retaillending sectors saw the highest levels of amendments and withdrawals,accounting for 89% of the total interventions with authorised firms.In terms of unauthorised firms, 5,544 reports were receivedabout potential breaches. Among these, 528 alerts were issued, with 11% relatedto clone scams. These scams often involved breaches of online financialpromotion restrictions, and actions were taken to remove the offendingwebsites.FCA Monitors Crypto PromotionsFor cryptoasset firms, the Direct Offer Financial Promotion(DOFP) rules that came into effect on January 8, 2024, require personalizedrisk warnings, a 24-hour cooling-off period, and client categorisation andappropriateness assessments. Reviews of compliance with these rules led tofeedback for firms and actions where breaches were found. Findings on good andpoor practices were also published to improve sector standards.Registered cryptoasset firms using ‘widget’ models toprovide services through APIs were reviewed for compliance. Concerns wereraised about illegal promotions by partner firms. Firms were advised to ensurethey understand and comply with UK financial promotion regulations, conductthorough reviews and ongoing monitoring of partner firms, and avoid implyingthat partners do not need to comply with these regulations. Action was expectedto address risks if partners were found in breach of the regulations.This article was written by Tareq Sikder at www.financemagnates.com.
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Choosing the right trading account is crucial for achieving your investment goals. With several options available, each catering to different needs and strategies, it's essential to understand their features, benefits, and drawbacks. In this article, we'll compare the main types of trading accounts to help you decide which one is best for you.Types of Trading AccountsBefore discussing the specifics, let's briefly introduce the main types of trading accounts. Each type serves a unique purpose and is suitable for different levels of experience and investment goals.Cash AccountsCash accounts are the most straightforward type of trading account. They require investors to pay for securities in full at the time of purchase. This means you can't use leverage to increase your buying power. For beginners or conservative investors, cash accounts are often the best choice because they carry less risk compared to margin accounts.For example, if you want to buy $1,000 worth of stock, you need to have $1,000 in your account. There's no borrowing involved, which eliminates the risk of margin calls. However, the downside is that your buying power is limited to the amount of cash you have available.Margin AccountsMargin accounts allow investors to borrow money from their broker to purchase securities. This can amplify both gains and losses, making them suitable for more experienced traders who understand the risks involved. With a margin account, you might only need $500 to buy $1,000 worth of stock, borrowing the remaining $500 from your broker.The main benefit of a margin account is increased buying power. This can be particularly advantageous in a bullish market where stock prices are rising. However, the risk of margin calls and higher interest costs can be significant drawbacks. If the value of your investments falls, you might be required to deposit more funds or sell assets to cover the margin loan.Specialized Trading AccountsIn addition to cash and margin accounts, there are specialized trading accounts that cater to specific needs.These accounts offer unique features that might be beneficial depending on your trading strategy and goals.Options AccountsOptions accounts allow investors to trade options contracts, which can be used for hedging, income generation, or speculation. These accounts often require broker approval and come with varying levels of trading permissions based on the investor's experience and financial situation.Options trading can be highly profitable, but it also carries a high level of risk. Selling naked options can lead to unlimited losses while buying options can result in the loss of the entire premium paid.Retirement AccountsRetirement accounts, such as Individual Retirement Accounts (IRAs), provide tax advantages for long-term investors. These accounts can be either traditional or Roth, with each type offering different tax benefits. Trading within a retirement account can be a good strategy for building wealth over time while minimizing tax liabilities.For example, contributions to a traditional IRA may be tax deductible, and taxes on earnings are deferred until withdrawal. In contrast, Roth IRAs are funded with after-tax dollars, but qualified withdrawals are tax-free.Comparing Account FeaturesUnderstanding the specific features of each type of trading account can help you make an informed decision. Below is a table to compare trading account options that summarize the key differences between cash, margin, options, and retirement accounts.Choosing the Right Account for YouNow that we've outlined the main types of trading accounts and their features, the next step is to determine which one is right for you. When making this decision, consider your investment goals, risk tolerance, and level of experience.For BeginnersIf you're new to trading, a cash account or a retirement account is typically the best place to start. These accounts offer simplicity and lower risk, making them ideal for learning the basics of investing without the added complexity of leverage…
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“The risk is incredibly hard to manage in the prop trading industry,” James Glyde, founder and CEO of PipFarm, told Finance Magnates while speaking on the sidelines of iFX EXPO International 2024, adding that it is because “it's assumed the traders will lose.”“The Mechanics Are Different”Although the prop trading industry emerged from the contracts for differences (CFDs) industry, there are differences between the two in terms of risk management, as Glyde pointed out: “In the CFD industry, we have a ton of data that says that most traders will lose in the long run. But in the prop trading industry, it's like a micro-trading session.”“The mechanics of prop trading are completely different from a CFDs broker where you have a deposit and margin,” he continued, “you can either use that to transfer the risk to the liquidity provider, or you can accept the risk. So the mechanics are completely different, making the risk similar yet different.”Glyde, interestingly, has experience in both prop trading and CFDs. He launched PipFarm in early 2024 after spending about a year as the Chief Operating Officer at the Swedish prop trading firm Nordic Funder. He entered the retail trading industry in late 2010 as an Institutional Sales Manager at TopFX and later moved to Spotware Systems, the developer of cTrader, as the Chief Commercial Officer, a role he held for six years.“The business is young, but it's growing,” he said, mentioning his prop trading firm. “We're building the community; it's growing every day, and you know traders are flocking to us because we're offering something a little bit different.”“We Decided to Look for Another Way”Interestingly, PipFarm's offerings are also a bit different from those of other prop trading firms in the industry. It has taken an approach to managing risk through gamification, which is reflected in the sale of its add-on services.“Most prop firms sell add-ons to their challenges, so you can buy your way into extra risk,” said Glyde. “The problem is you welcome the trader with almost no track record with you, and you're giving them access to the riskiest variation of your product.”“We decided to look for another way,” he added. “Our approach is that when a trader sponsors a challenge and reaches some kind of milestone… we credit them with some experience points. When they accumulate these experience points, they earn a rank, they get promoted, and with each rank, they unlock more desirable features, like higher leverage and faster payouts.”“We build this track record with the trader rather than just letting them buy their way into risk.”Explaining the revenue structure, Glyde revealed that the “majority of PipFarm’s revenue does come from collecting fees.”“At the moment, we don't have the largest book in the world,” he admitted, adding that “at the moment the risk has to be managed manually.” He further continued, “The priority is to transfer risk rather than to just profit from the market. So, to make the trading initiatives profitable, a larger book of clients is required.”“Clearly, Something Is Needed”Responding to the potential regulations on prop trading firms, he said: “I'm not opposed to regulation, but I'm also not necessarily for it,” continuing that “it always depends on the shape and the size.”Finance Magnates exclusively reported earlier that the European Securities and Markets Authority (ESMA) ran an initial check on prop trading firms and discussed possible regulations in the industry. Further, the Czech National Bank commented that some prop firms “may be subject to MiFID.”“Clearly, something is needed,” according to Glyde. “As a prop firm, there are two laws you need to follow: data protection laws and fair trading standards. However, there have been multiple cases when these basics were not followed.”This article was written by Yam Yehoshua at www.financemagnates.com.
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CompagnieFinancière Tradition (CFT), a global interdealer broker based in Switzerland,announced today (Thursday) an increase in revenue to CHF 577.0 million for the first half of 2024, driven by strongperformance across all regions and most asset classes.Compagnie FinancièreTradition Reports Revenue Growth in Q2 and H1 2024TheSwiss-based company reported adjusted revenue, including joint ventures, of CHF 577.0million for the six months ended June 30, up from CHF 552.4 million in the sameperiod last year. The company's core interdealer broking (IDB) business led thegrowth, with revenue increasing 9.4% at constant exchange rates to CHF 560.3million. The retail investors segment (Non-IDB) also showed improvement,growing 4.9% to CHF 16.7 million.However,reported revenue figures were impacted by currency fluctuations, particularlythe strengthening of the Swiss franc against the Japanese yen. As a result,reported revenue under IFRS standards increased by 4.6% to CHF 537.1 million."Consolidated revenue continued tobe impacted by a currency effect compared to the first semester of 2023 due tothe strengthening of the Swiss franc, notably against the Japanese yen," the company commented.The secondquarter also saw robust growth, with revenue surging 14.4% to CHF293.2 million.The IDB segment posted a 14.7% increase, while the Non-IDB business grew by7.0%.For comparison, CFT generated revenue of CHF 265.6 million between January and March. Including contributions from a joint venture, the group's quarterly revenue increased to CHF 283.8 million, down slightly from CHF 290.5 million in the same period the previous year.CompagnieFinancière Tradition, which employs over 2,400 people in more than 30countries, provides broking and data services for a wide range of financial andnon-financial products. The company is listed on the SIX Swiss Exchange.Continued Growth into 2024Following a Strong 2023Thepositive performance this year follows impressive results from the previousyear. According to the CFT report from March, the company concluded 2023 with apre-tax profit of CHF 127.2 million, an increase of 16.1 percent, against itsannual IFRS revenue of CHF 982.4 million. The net profit was reported at CHF94.4 million, up by 15.9 percent.Officialdata further indicates that the IFRS operating profit reached CHF 105.5million, marking a 19.7 percent rise from the prior year, with the operatingmargin improving to 10.7 percent from 9.9 percent. Revenue from joint venturessurpassed CHF 1.05 billion, reflecting a 9.5 percent growth year-over-year.Operating profit rose by 17.1 percent to CHF 127.7 million, while the operatingmargin increased to 12.1 percent from 11.4 percent the year before.Meanwhile, theSwiss interdealer broker and operator of a Japanese retail forex platform hasbolstered its executive team by naming Michel Everaert as the Global Head ofE-Commerce and Digitalization. In his new capacity, Everaert spearheads thecompany's digital strategies and fast-track its integration of high-techsolutions in a customer-centric approach.This article was written by Damian Chmiel at www.financemagnates.com.
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TP ICAPGroup Plc, the world's largest inter-dealer broker, is considering a potentiallisting of its Parameta Solutions data unit in New York rather than London,signaling a potential setback for the UK capital markets.TP ICAP Mulls New YorkListing for Data Unit, Bypassing LondonThecompany, which connects clients in wholesale financial markets, cited betterliquidity and a more robust ecosystem of specialist investors and analysts inthe US as key factors influencing this decision. TP ICAP also noted that 95% ofParameta's revenue is dollar-denominated, making a Wall Street. listing morereflective of the unit's business operations.ParametaSolutions, which provides over-the-counter financial data and analytics toinstitutional clients, generated £97 million in revenue and £39 million inadjusted earnings before interest and tax in the first half of 2024. Thisrepresents approximately 8% of TP ICAP's total revenue.While thepotential US listing is under consideration, TP ICAP CEO Nicolas Breteauemphasized that no final decision has been made. "There is, of course, nocertainty about either a public offering or its location. We will update onprogress, as and when appropriate."Strong Financial ResultsThe newscomes as TP ICAP reportedstrong financial results for the first half of 2024. The company saw a 32%surge in pretax profit to £120 million, while revenue edged up to £1.14billion. The firm also announced a £30 million share buyback program andmaintained its interim dividend at 4.8 pence per share.“Our focuson diversification is paying off,” Breteau commented on the results. “Grouprevenue increased by 3% in constant currency, building on last year's strongperformance. We delivered record H1 profits with adjusted EBIT up 9%.”The E&Cdivision of the company experienced an 8% rise in revenue. Meanwhile, theGlobal Broking segment continued to hold its position as a market leader, eventhough its revenues remained unchanged from the previous year.TP ICAP'soperations also include Liquidnet, a private trading operator thatbecame part of the Group following an acquisition over threeyears ago. ForLiquidnet, revenues grew by 8%, thanks to an increasing market share in the USand EMEA.London Loses IPO Battle toNew YorkTP ICAP'sconsideration of a New York listing for Parameta adds to the ongoing debateabout London's competitiveness as a global financial center. As the TP ICAP spokesperson commented forBloomberg, the United States has a "large financial data sector, with anecosystem of specialist investors and analysts, who have a deep understandingof the industry."Even London’s biggest inter-dealer broker is looking to the US as it considers an initial public offering of a lucrative data business, the latest sign that the City is struggling to compete with New York for equity capital markets activity https://t.co/FnenIn9FMo— Bloomberg UK (@BloombergUK) August 7, 2024As aresult, the company joins a growing number of British entities opting forlistings outside the country, favoring the United States.An example is Marex Group, which announced in March its intention to debuton Nasdaq under the ticker "MRX". In 2023, theUS completely dominated the IPO market, while activity in London fell by36% during the same period. In the record year of 2021, IPOs raised $20billion, but the values have seen a significant decline over the past twoyears. Last year, the UK’s IPO market did not even exceed the value of $1billion.Despitethese challenges, TP ICAP confirmed it has no plans to change the group'sprimary listing, which remains in London. The company's shares respondedpositively to the news, rising 7.8% to 227.5 pence during Wednesday's Londontrading.This article was written by Damian Chmiel at www.financemagnates.com.
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RobinhoodMarkets (NASDAQ: HOOD) reported record-breaking second-quarter results onWednesday, with total net revenues soaring to $682 million. The company'sperformance was boosted by significant growth in transaction-based revenues anda surge in its premium subscription service.Robinhood Posts Record Q2 NumbersThefinancial technology firm, known for its commission-free trading platform, sawits net income climb to $188 million, translating to diluted earnings per shareof $0.21. This marks a substantial increase from the $25 million, or $0.03 pershare, reported in the same quarter last year.In Q2 2024, Robinhood $HOOD earned $285 million in net interest income. $134 million came from interest on cash and deposits* earning 5.25%. Interest rate cuts will be a meaningful headwind for the company.* Includes cash and cash equivalents, cash, cash equivalent, and… pic.twitter.com/tMlmEoXUja— Jevgenijs Kazanins (@jevgenijs) August 7, 2024Net profitincreased by 652% compared to the $25 million reported in the same period lastyear and by 20% compared to the $157 million from the first quarter of thisyear.“I’mencouraged by the progress we’re making as a business,” said Jason Warnick,Chief Financial Officer of Robinhood. “In Q2, we set new quarterly records forrevenues and earnings per share as we continue to focus on delivering anotheryear of profitable growth.”Robinhood'stransaction-based revenues, which include income from options,cryptocurrencies, and equities trading, jumped 69% year-over-year (YoY) to $327million. Options trading continued to be a key driver, with revenues in thissegment increasing 43% to $182 million. Cryptocurrency trading revenues morethan doubled, surging 161% to $81 million."Thisquarter, we kept up the pace with rapid product launches and a relentless driveto provide top value for our customers," said Vlad Tenev, CEO andCo-Founder of Robinhood.Earlier this week, Robinhood announced the appointment of David Schwed as the Chief Information Security Officer for its Brokerage division. Previously, Schwed served as the Chief Operating Officer and subsequently as an Advisor at Halborn, a cybersecurity company. Gold Surpasses 2 MillionThecompany's premium subscription service, Robinhood Gold, reached a milestone of2 million subscribers, representing an increase of 750,000 or 61% YoY. Thisgrowth in Gold subscribers has contributed to the company's other revenues,which rose 19% to $70 million."WithRobinhood Gold reaching 2 million subscribers, we're witnessing the flywheelaccelerate,” added Tenev.Robinhood'sassets under custody (AUC) also grew 57% YoY to $139.7 billion, driven by netdeposits and higher equity and cryptocurrency valuations. The company reportednet deposits of $13.2 billion for the quarter, representing an annualizedgrowth rate of 41% relative to AUC at the end of Q1 2024.The companyalso highlighted its recent strategic moves, including the planned acquisitionof Bitstamp, Ltd., a globally-scaled crypto exchange, and the purchase of PlutoCapital Inc., an AI-powered investment research platform. Lookingahead, Robinhood maintained its full-year 2024 expense outlook, projecting GAAPtotal operating expenses and Non-GAAP combined Adjusted Operating Expenses andShare-Based Compensation to range between $1.85 billion to $1.95 billion.Concurrently, the firm launched joint investment accounts that allow multiple users to handle investments collaboratively. This new feature allows families and partners to combine their assets into one account, thereby improving their investment approaches.This article was written by Damian Chmiel at www.financemagnates.com.
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DespiteBitcoin's (BTC) mixed performance during the vacation period, activity on majorcryptocurrency exchanges remains substantial. The total volume of the largestcentralized platforms has maintained multi-month highs, growing by over 100%compared to last year. However, it's impossible to ignore the 60% decreasecompared to the record-breaking March.Spot Crypto Volumes GrowMonth-over-Month and Year-over-YearAccordingto the latest analysis conducted by Finance Magnates Intelligence, thetotal spot volume for the 10 largest centralized exchanges in July was $844.9billion, representing a 13% increase from the $812.5 billion reported a monthearlier.Althoughthis result is about 60% lower than the record-breaking $2 trillion from Marchwhen Bitcoin tested all-time highs, investor activity still remains atmulti-month highs.OnlyBinance and OKX recorded modest month-over-month declines. The remainingexchanges observed a rebound from local June lows."In July, the combined spot and derivatives trading volume on centralized exchanges rose 19.0% to $4.94tn, recording the first increase in four months," the newest report from CCData commented. "The surge in volume follows multiple bullish catalysts, including the launch of the spot Ethereum ETFs in the US and the pro-crypto sentiment voiced by US political figures at the Bitcoin conference held in Nashville, Texas."No Changes at the TopThere'slittle change among the leaders. Binance still reigns supreme on the podiumwith a result of $403.7 billion, Bybit is second with $134.6 billion, and Huobiis third, achieving $79.4 billion. At the end of July, Bybit announced the addition of the popular FX trading platform MetaTrader 5 to its offerings.OnlyCoinbase and OKX swapped positions. Coinbase is currently in fourth placethanks to a 7% increase in monthly volumes to nearly $64 billion, while OKX isnow just under $63 billion.As aresult, the market share distribution remains unchanged. Binance remains theleader, accounting for almost half of the activity among the top 10 centralizedexchanges in terms of spot volumes.Huge Volume DifferencesCompared to 2023Althoughmonth-to-month differences are small, when compared to July 2023, we see a hugeleap. The average change is 105%, with some record-breakers increasing theirvolumes several times over.The leaderhere is ByBit, which a year ago reported a volume of just under $23 billion.Currently, it's 400% larger at $135 billion. Huobi also recorded a jump of 239%from $21.3 billion. Only Upbit experienced a decline, with its volume shrinkingfrom almost $61 billion to $46.7 billion reported last month.What will August look like? This month began with huge drops in Bitcoin, testing the $50,000 level (six-month lows) and wiping $320 billion in value from the market. However, this ensured record volatility and investor activity.This article was written by Damian Chmiel at www.financemagnates.com.
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The Commodity Futures Trading Commission (CFTC) announced today (Thursday) that it has secured a $12.7 billion judgment against FTX and Alameda Research. These funds will reportedly be used to compensate the victims of the bankrupt exchange's fraudulent activities. CFTC Victory in Crypto Fraud CaseThis ruling, handed down by the US District Courtfor the Southern District of New York, marks the largest financial recovery inthe CFTC's history and highlights the agency's commitment to protectinginvestors from fraudulent schemes in the ever-evolving digital asset space. The court's decision requires FTX to pay $12.7 billionin monetary relief, which includes $8.7 billion in restitution to customers and$4 billion in disgorgement. The judgment reflects the severity of FTX's actions,where customer funds, including digital assets like Bitcoin and Ether, werecommingled and misappropriated despite the company's public assurances ofsecure and segregated custody.CFTC Chairman Rostin Behnam highlighted the matter, saying: "FTX used age-old tactics to create an illusionthat it was a safe and secure place to access crypto markets. But the basicregulatory tools, like governance, customer protections, and surveillance thatexist to identify misconduct and ultimately prevent collapse, were simply notthere.".@CFTC Obtains $12.7 Billion Judgment Against FTX and Alameda: https://t.co/S6irxpka58— CFTC (@CFTC) August 8, 2024The CFTC's case against FTX began in December 2022,shortly after the company's collapse. The complaint, which also targeted keyFTX insiders, including Caroline Ellison and Gary Wang, charged them withorchestrating a massive fraud that ultimately led to billions in losses forinvestors. Future Implications for the Crypto IndustryFTX's legal troubles are far from over. The CFTCcontinues to pursue further litigation against Samuel Bankman-Fried and othertop executives, aiming to secure additional penalties and permanent injunctionsagainst future violations. The $12.7 billion judgment against FTX is not just avictory for the victims of its fraud but also a pivotal moment in theregulation of the cryptocurrency industry. With the CFTC's victory, there isrenewed urgency for comprehensive digital asset legislation that can close theregulatory gaps that allowed FTX's deceptive practices to flourish.This article was written by Jared Kirui at www.financemagnates.com.
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It is already August which means the final countdown to the Finance Magnates Pacific Summit (FMPS) is now officially underway. The biggest event in the Asia-Pacific (APAC) is slated to be held in Sydney, Australia on August 27-29, drawing the industry’s elite, as well as thousands of attendees, traders, and more.Prospective attendees can expect to learn from expert speakers, thought leaders, and premier educators, part of a two-day celebration of the retail trading industry in Australia and beyond. This includes a jam-packed agenda that features plenty of content that is tailor made to the retail trading demographic. Are you curious about what is in store at FMPS? Head on over to the website and check out the live full-length agenda today and mark your calendar with the most important sessions. The inaugural event will be bringing panels, workshops, sessions, and more across two dedicated content stages, the Centre Stage and Exchange Zone. One session to watch will be the upcoming workshop, Trading with AI: CoPilots, Not Advisors.As a quick reminder, it is not too late to reserve your seat online for FMPS. Time is running out so make sure to skip the queues on-site this August in Sydney and register today for the biggest event of the year in APAC!Why AI is a Tool, Not the Answer Prospective participants can take advantage of plenty of content, networking opportunities, and entertainment throughout the event. However, one of the biggest draws will be the plentiful sessions and emphasis on the retail trading space, all of which can be seen at the Exchange Zone this August. The upcoming session, Trading with AI: CoPilots, Not Advisors is perhaps the best opportunity to take a deep dive into the role of AI in trading, as well as how to best leverage this tool for all strategies. This informative session will be taking place on August 28, 12:30-12:50, exclusively at the Exchange Zone. The workshop will be run by Anthony Darvall, Founder at Traderflow. What can attendees expect in this session?Well, it comes as no surprise that AI has taken over coding and simple tasks like summarizing and creation of pictures. With finance, the potential for AI is immense as the amount of information that traders process can be overwhelming. A trading copilot would learn/watch/alert traders based on their trading habits and give both risk management and fundamental/technical actionable information in a timely manner. Join Mr. Darvall as he looks to simplify the trading work flows to help traders minimize screen time.Mr. Darvall is a 17-year veteran of the FX market and the former Chief Market Analyst at EasyMarkets.com. In 2022, he transitioned from broking to founding an AI startup, Traderflow. Traderflow aims to create AI Trading Copilots that streamline traders' workflows, reducing the need for multiple screens and consolidating information delivery to a single laptop.This is one session to circle on your calendar this August. See you in Sydney!This article was written by Jeff Patterson at www.financemagnates.com.
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Cryptocurrency exchange BingX has integrated Apple Payand Google Pay into its platform to enhance the purchase of digital assets.This step enables BingX users to purchase cryptocurrencies using 30 differentfiat currencies and two payment methods. Apple Pay is now available for BingX users. Usingencryption techniques, Apple Pay promises users secure transactions whenpurchasing cryptocurrencies.Using Encryption TechniquesSpeaking about the integration, Vivien Lin, the ChiefProduct Officer of BingX, said: "We are excited to introduce Apple Pay andGoogle Pay on BingX, providing our users with more convenient and securepayment options. These integrations enhance the overall user experience andreinforce our commitment to innovation and customer satisfaction."Google Pay also offers a digital wallet and paymentsystem compatible with Android devices and the Chrome browser. It can handleboth online and offline transactions, enabling users to make payments evenwithout an internet connection. To mark this integration, BingX has launchedpromotional offers. Users can reportedly access zero transaction fees whenpurchasing cryptocurrencies through Apple Pay or Google Pay on the Quick Buypage.Promotional OffersAdditionally, the company announced that new users canreceive a 10% cashback on their first purchase. In contrast, existing users canearn rewards of up to $200, depending on the total amount of their cryptopurchases.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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DesimirPaskalev, a trading industry veteran associated with retail broker XM for overa decade, has decided to run his own project under the FundedBullbanner. In an exclusive interview with Finance Magnates, Paskalevadmitted that he chose to move towards prop trading because the entry barriersare lower than those of running an FX/CFD brokerage business.Paskalev Trades XM for HisOwn Prop Business FundedBullPaskalev has undoubtedly been one of XM's most recognizable faces over the past ten years, serving as Partner Relations Manager, primarily in Europe. After a decade with one company, he decided to launch his own business. For the past few months, the ex-XMrepresentative has been trying his hand in the prop trading industry."Myambitions have grown, and I believe they can be best fulfilled through businessownership and its development," Paskalev commented in an interview with FinanceMagnates. He added that over the years, he has built knowledge andconnections in the retail trading industry that allowed him to start his ownventure.But why notan FX/CFD broker? As Paskalev honestly admits, he considered launching a newbrokerage brand, but given the higher entry threshold and enormous competition,he decided to direct his interest toward a younger, rapidly developingindustry."Iconsidered starting an FX/CFD brokerage, but the complexities involved in sucha venture, like higher budgets, a larger team, extensive resources, and longertime to market, were substantial," Paskalev comments, not ruling outlaunching a broker in the future.With a propfirm, it's the opposite. Smaller business launch amounts mean that within a fewmonths, a ready product can be put in the hands of users."Thisstrategic choice allowed us to establish a solid foundation and scale ouroperations effectively, as well as potentially expand into retail FX and CFDtrading at a later stage," added the Founder of FundedBull.Paskalev is not the only former executive of a popular broker who has recently decided to strike out on his own. In May, Finance Magnates exclusively reported that a former Admirals and Alpari Board Member, Bartosz Bielec, launched his own FX/CD Broker. A month ago, the former MENA CEO of BDSwiss, Daniel Takieddine, also took a similar step, introducing the Sky Links Capital Group brand.Differentiation throughAffiliationHowever,it's impossible not to notice that prop firms are also sprouting up likemushrooms recently, and competition is significantly increasing. RegulatedFX/CFD brokers have also started joining the industry, which can certainly makeit difficult for smaller firms to operate.So how doesFundedBull want to stand out in this market? According to Paskalev, the answeris a "leading affiliate program," drawing on experiences fromprevious markets he worked in."Withover a decade of experience in affiliate management, I see this as a strategicadvantage and a key opportunity," he explains.In one of the latest op-eds for Finance Magnates, Christopher Balanzategui, the CEO of N3tworx, described the marketing and affiliate advantages that prop firms have over CFD brokers. The nextstep is to encourage clients by presenting them with clear rules for conductingchallenges and access to the widest possible number of trading platforms. Theoffer includes DxTrade, cTrader, Match-Trader, and in the future, TradeLocker."Weanticipate significant interest through our affiliates, but we will also havean internal marketing team to drive additional engagement and growth,"adds Paskalev.The Industry Is Not withoutControversyAsked abouthis thoughts on the current reputation of the retail prop trading industry,which is full of controversies, potential rug pulls, and problems with clientfund withdrawals, Paskalev admits that, like FX/CFD once was, prop trading isstill in its infancy stage and developing."Itremains relatively immature in several areas, including regulation, technology,and management," Paskalev explains. "This immaturity often leads tooperational issues, with some firms failing to manage client funds properly…
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A report highlights growing concerns among North Americanfund managers about foreign exchange (FX) volatility. The report, titled theMillTechFX North American Fund Manager CFO FX Report 2024, reveals significantshifts in hedging strategies due to current market conditions and upcoming USelections.Fund Managers Extend HedgingThe study, which surveyed 250 senior financedecision-makers, found that 65% of fund managers plan to extend their hedgetenor. This move will provide protection for a longer period against FXvolatility. Additionally, 34% of respondents intend to increase their hedgeratio, aiming to shield a greater portion of their exposure from marketfluctuations.The report notes that North American fund managers aregrappling with the impact of a stronger dollar. A substantial 83% ofrespondents reported that their returns have been negatively affected by thestrong dollar. Operational costs have also risen for 81% of fund managers, with34% experiencing a significant increase. Nearly all 93% are concerned abouthow the stronger dollar affects their foreign market exposure, with 46%expressing significant concern.Research shows that the impact of election-relateddevelopments on the US dollar is a primary concern for North American fundmanagers, who are adopting strategies to safeguard their returns. The mainconcerns include increased volatility 40%, policy changes affecting currencyvalues 37%, and unpredictable market movements 37%. CEOs are particularly focused on policy changes andcounterparty risk in hedging transactions. Consequently, many fund managers areadjusting their hedging strategies, with 65% planning to extend their hedgetenors to enhance protection against volatility.Eric Huttman, CEO of MillTechFX commented: “It’s afascinating time in the FX market in North America with the greenbackstrengthening, despite analysts predicting its value would drop in 2024 coupledwith a highly charged US presidential election campaign which will likely movemarkets.""It’s clear that fund managers are concerned about the potential FXramifications, with many adopting a more proactive approach, protecting more oftheir currency exposures for longer as they seek to secure certainty in a climatethat is anything but certain.”Hedge Ratio Increases to 55%To address these challenges, 79% of fund managers are nowhedging their forecastable currency risk, up from 72% in 2023. The averagehedge ratio has risen to 55%, compared to 50% last year, and the average hedgetenor has increased to 5.41 months from 4.96 months. Despite these adjustments,80% of fund managers have noted an increase in the cost of hedging over thepast year.The report also reveals trends in technology adoption andoperational changes. Nearly all (99%) of fund managers are exploring newtechnologies, with a particular focus on process automation 41%.Additionally, 31% are considering full FX workflow automation. However, asignificant number of fund managers continue to use manual methods for FXoperations, with 26% handling transactions via email and 24% using the phone.T+1 Settlement Costs RiseIn anticipation of the move to T+1 settlement, fund managershave made several adjustments. These include increasing staffing 45%,improving communication with counterparties 43%, and upgrading IT systems42%. Despite these preparations, 78% reported that the transition to T+1 hasled to higher operational costs.“The other large shift in the market was on the operationalfront, as market participants geared up for T+1. They increased staff andoverhauled IT systems, leading to increased costs and this investment ensuredthe transition was smooth with CLS reporting that there has been no decrease inprocessed volumes,” Huttman added.Top FX Challenges RevealedFinally, the report identifies key FX challenges andpriorities. The principal operational challenge is cost calculation 30%,followed by onboarding liquidity providers 28% and securing credit lines26%. The top priority for fund managers is FX counterparty credit 36%, withuncollateralized hedging…
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Layer 3 blockchain project Orbs has unveiled its blueprint for enhancing DeFi trading by adding additional capabilities to decentralized platforms. Its solution brings CeFi-level execution to DeFi platforms, delivering a superior onchain trading experience.Orbs’ decentralized L3 infrastructure has been designed to support advanced onchain trading through the provision of deep liquidity on demand. This enables CeFi-level execution capabilities for DeFi platforms across the omnichain landscape.By providing DeFi protocols with aggregated liquidity, Orbs enables DEXs to deliver onchain pricing that is competitive with centralized exchanges. In addition to enhancing spot trading, Orbs’ technology can support onchain derivatives, allowing leveraged trades to be executed at market prices.Orbs also allows DEXs to facilitate complex trading strategies with advanced order types and decentralized derivatives, giving users unprecedented control and flexibility. This is achieved without requiring liquidity to migrate to a new chain, forming a decentralized backend for decentralized trading platforms that bridges the gap between DeFi and CeFi.Users are drawn to onchain trading for its privacy, security, and lack of counterparty risk but often face liquidity fragmentation, inferior user experience, and uncompetitive pricing. Orbs allows DEXs that utilize its technology to circumvent these challenges, granting DeFi users an experience on par with centralized counterparts.Orbs provides an execution layer that currently powers four main protocols:Liquidity Hub: Decentralized optimization layer enabling DEXs to tap into external liquidity sources in order to provide CeFi-competitive prices on swaps. Perpetual Hub: Full suite of services including hedger, liquidator and oracle, enabling intent-based onchain perpetual futures trading. dTWAP Protocol: Advanced order type for DEXs allowing for CeFi-level time-based TWAP orders to be executed onchain.dLIMIT Protocol: Advanced order type for DEXs allowing for CeFi-level limit orders to be executed onchain.Once integrated into a decentralized trading platform, these protocols empower traders with advanced tools and platforms, ensuring secure, scalable, and efficient trading solutions without centralized intermediaries. From executing sophisticated trading strategies to tapping into external liquidity sources, Orbs' Layer 3 technology paves the way for a new era of decentralized finance that is no longer constrained by onchain liquidity.About Orbs Orbs is a decentralized Layer-3 (L3) blockchain infrastructure designed specifically for advanced on-chain trading. Orbs optimizes trading with aggregated liquidity, advanced trading orders, and on-chain derivatives. Orbs enhances the capabilities of both EVM and non-EVM smart contracts without moving liquidity onto a new chain. This one of a kind setup acts as a decentralized backend that brings CeFi-level execution to DeFi trading.Learn more: https://www.orbs.com/This article was written by FM Contributors at www.financemagnates.com.
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VT Markets is a challenger brand that has excelled at strengthening its market footprint in several regions. This includes Europe, Latin America (LATAM), North Africa and more. Finance Magnates spoke with Dandelyn Koh, Global Brand & PR Lead at VT Markets for her unique perspective on the company and its future strategy.In a full-length interview, Ms. Koh spoke at length about VT Markets evolution, expanding offering, and new developments in the pipeline.VT Markets has really strengthened its market footprint in the EMEA/LATAM and MENA region in 2024. What was the impetus behind this strategy?The impetus behind VT Markets’ strategy to strengthen its market footprint in the EMEA, LATAM, and MENA regions is driven by our commitment to global growth and our mission to make trading accessible for everyone. Recognizing the growing potential and diverse needs of traders in these regions, we aimed to provide our advanced trading platforms, competitive pricing, and excellent customer service to a broader audience. This strategy included opening new offices in key markets, hiring experienced staff, and participating in regional financial expos and exhibitions. By establishing a strong presence in these regions, we are able to offer tailored solutions that cater to the unique preferences and requirements of our clients.Are there any barriers to entry in the above regions and how has VT Markets managed to perform so well across these markets?Barriers to entry in the EMEA, LATAM, and MENA regions include regulatory requirements, market competition, and the need for localized services. VT Markets has managed to perform well and navigated these challenges by building strong relationships with local partners and affiliates, ensuring we understand and cater to the specific needs of traders in these areas. Our ability to offer ultra-low spreads, lightning-fast execution, and a comprehensive suite of trading tools has set us apart from competitors. Additionally, by establishing local offices and hiring experienced staff members, we have been able to provide tailored services that meet the specific needs of traders in these regions. Our commitment to customer satisfaction and continuous innovation has fuelled our performance across these markets.VT Markets has operated as a challenger brand, growing by impressive margins over the last couple of years. What do you owe to this growth and success?The impressive growth and success of VT Markets as a challenger brand can be attributed to several key factors. Our dedication to innovation and technological advancements, such as the upgraded VT Markets App and integration with TradingView and Acuity's Signal Centre, has provided traders with state-of-the-art tools and a superior trading experience. Our diverse product offerings, with over 1,000 tradeable instruments and ultra-low spreads, cater to a wide range of trading preferences. Additionally, our exceptional customer service, as well as industry recognitions have built trust and loyalty among our clients such as being awarded Best Forex CFD broker UAE 2024, Best Multi-Asset Broker MENA 2024, etc. Our global expansion strategy and commitment to making trading easy and accessible for everyone have further driven our growth.How has the company grown on a brand and trading level, and do you see this growth being sustainable moving forward?VT Markets has evolved significantly on both brand and trading levels. We have expanded our product offerings to include over 500 share CFDs and bond CFDs, with more to go, catering to diverse trading preferences. Our brand has gained recognition through multiple industry awards and our reputation for exceptional customer service and innovative trading solutions. We have also enhanced our trading platforms with advanced tools and integrated market insights. This growth is sustainable due to our continuous focus on innovation, regulatory compliance, and client satisfaction. By staying ahead of market trends and adapting to the evolving needs of traders, we are well…
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“A purely peer-to-peer version ofelectronic cash”: that’s how Satoshi Nakamoto defined Bitcoin in the originalwhitepaper. Electronic cash or not, Bitcoin has now attracted theattention of everyone: tech enthusiasts, consumers, traders, investors, bakers,and even regulators.Although Bitcoin dominates themultitrillion-dollar market, there are tens of thousands of othercryptocurrencies; some were developed for particular purposes, while others arebased on mere internet jokes.So, the question remains: Does Bitcoinor any other cryptocurrency have the potential to replace existing forms offiat currencies?Well, the governments of two sovereigncountries, El Salvador and the Central African Republic, think so, as Bitcoinis a legal tender there. However, things are different in other countries,especially the developed ones that dictate the global economy.Understanding the BasicsBefore diving into the details, it iscrucial to understand the fundamental difference between fiat currencies andcryptocurrencies. Although the basics might be distinct on the surface, theadaptation of both has created co-relations.Fiat currencies, such as the USdollar, euro, or yen, are issued by the central banks of the countries. The World Bank defines fiat currencies as “anylegal tender designated and issued by a central authority that people arewilling to accept in exchange for goods and services because it is backed byregulation.” The government backs them, ensuring legal guarantees for them.Interestingly, some fiats, like the Belize dollar, the Hong Kong dollar, andthe United Arab Emirates dirham, are pegged to the US dollar.On the other hand, cryptocurrenciesare decentralised and not backed by any centralised authority. According to theWorld Bank, cryptocurrencies are “a type of unregulated, digital money, whichis issued and usually controlled by its developers, and used and accepted amongthe members of a specific virtual community.”But what was the psyche of SatoshiNakamoto, the creator of Bitcoin, in creating it?In the Bitcoinwhitepaper, the mysterious Satoshi Nakamoto wanted to create “anelectronic payment system based on cryptographic proof instead of trust.” Hestructured the controlling infrastructure of Bitcoin as “an electronic paymentsystem based on cryptographic proof instead of trust.” It is beyond thecontrolling scope of any central bank or other governmental authority.Proof-of-work-based blockchains alsoconsider security, as the transactions on the blockchain cannot be reversed ormodified without a majority consensus of the node operators, which ispractically impossible.What Makes Money, Money?The ancient economy was based onbarter systems. Cows and pots in that age had the same use as a dollar billtoday—they were all widely accepted in exchange for goods and services.Then, the modern monetary system came.Coins made out of precious metals were pumped into the markets. As the economyand institutions modernised further, paper money took over. Although the use offiat money can be traced back to the 10th century by the Song Dynasty in China,the global use of it came in recent centuries.The key behind the trust in fiatcurrencies is the government’s guarantee.Cryptocurrency, as it isdecentralised, has eliminated the necessity of such guarantees. However, peoplestill need to trust and accept it as a payment to make it replace fiats. Unlesspeople accept or believe in its value, it is just a number on the internet.Although going by the architecture ofblockchain, cryptocurrencies might look promising, there are other factors,like technological challenges. Can Crypto Be the Next Money?Cryptocurrencies can break the barrierof centralisation when it comes to payments. However, the real benefit of usingcryptocurrencies comes from the underlying technology - blockchain.One of the most highlighted advantagesof cryptocurrencies in the monetary system is cross-border payments. Theexisting cross-border payment system involves intermediary banks, and thesettlement sometimes takes days. Further, the SWIFT-based…
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Leading investment trading firm EC Markets is delighted to announce its global expansion and unveil a comprehensive rebranding initiative in celebration of its 12th anniversary. Currently ranked among the top five CFD broker companies in China, EC Markets has established a strong reputation in the foreign exchange market over the past years.EC Markets is undergoing a thorough transformation to better reflect its enduring commitment to innovation and excellence. This includes the redesign of the company’s logo, aimed at symbolizing EC Markets' progressive mindset and dedication to providing cutting-edge trading solutions. The revamped logo signifies the company's evolution and its focus on meeting the demands of the contemporary trading environment.A New Chapter for EC Markets: Global Expansion and RebrandingIn line with its growth strategy, EC Markets is proud to announce the opening of new offices in Limassol and Dubai. These strategic locations have been chosen to enhance the company's global presence and provide tailored support to its expanding international clientele. This expansion complements the firm's London headquarters and reinforces EC Markets' position as a global leader in CFD trading."Celebrating 12 years of our license in the investment industry is a significant milestone for us," stated Matthew Smith, CEO of EC Markets. "Our success is attributed to the dedication of our team and the trust of our clients. The rebranding and international expansion reflect our ongoing commitment to quality and innovation."EC Markets offers traders superior trading platforms and extensive market expertise. The firm operates under multiple regulatory licenses, including the Financial Conduct Authority (FCA) FRN: 571881, Australian Securities and Investments Commission (ASIC) FRN: 414198, Financial Markets Authority (FMA) FRN: 197465, Financial Services Authority Seychelles (FSA) FRN: SD009, and Financial Services Commission Mauritius (FSC) FRN: GB2100130As EC Markets embarks on this exciting new chapter, the firm remains dedicated to delivering top-tier trading platforms, exceptional customer support, and comprehensive educational resources. The objectives of the expansion and rebranding efforts are to enhance the overall customer experience and position EC Markets for sustained success in the global financial trading industry.For more information about EC Markets and its services, visit www.ecmarkets.comThis article was written by FM Contributors at www.financemagnates.com.
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Standard Chartered has announced an investment in UnitedFintech Group Limited, a London-based company focused on digital transformationfor financial markets. Fintech Platform Transforms MarketsUnited Fintech acquires and partners with fintech firms tooffer a comprehensive technology platform for capital markets. This platformaims to facilitate innovation and collaboration among technology providers tobenefit banks, hedge funds, and asset managers.Christian Frahm, CEO and Founder of United Fintech,said:”The investment underscores Standard Chartered’s commitment to acceleratedigital transformation and highlights their forward-thinking approach tocollaborative innovation.”“As an Asia-focused multinational bank with an expansivefootprint in Asia, Africa, Middle East, Europe and Americas, we are thrilled tohave them complete our circle of global investors, joining Citi and BNPParibas, who initially invested in February 2024, as well as Danske Bank, whofollowed in May.”Gaining Board SeatThis investment aligns with Standard Chartered’s goals toenhance digital transformation solutions in capital markets, wholesale banking,wealth management, and the broader financial services industry.Under the terms of the investment, Standard Chartered willhave Board observer rights. Additionally, upon meeting certain conditions, thebank will be offered a rotational Board seat. This role will allow StandardChartered to contribute its expertise and influence the strategic direction ofthe platform.Geoff Kot, Global Head, CIB Business Platforms &Partnerships at Standard Chartered, said: “We have been impressed by the growthin United Fintech’s portfolio of innovative, engineering-led technologycompanies and share their vision for how technology can transform and disruptmarket structure and infrastructure. We look forward to partnering with them aswe continue on our journey of digital transformation.”This article was written by Tareq Sikder at www.financemagnates.com.
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Equinix,Inc. (Nasdaq: EQIX) reported robust second-quarter results on Wednesday,marking another consecutive quarter of revenue growth as demand for digitalinfrastructure and AI-related services continues to surge.Equinix Rides AI Wave toRecord-Breaking QuarterThe globaldata center operator saw revenues climb 7% year-over-year (YoY) to $2.16billion, slightly exceeding analyst expectations. Net income jumped 45% to $301million, while adjusted EBITDA surpassed $1 billion for the first time,reaching $1.036 billion.Equinixplays a significant role in the FX/CFDs trading industry, primarily through itsprovision of critical infrastructure and connectivity services. "Ourstrong performance reinforces our belief that we are uniquely positioned tosupport our customers and partners in their business transformation agendas,” EquinixCEO Adaire Fox-Martin stated, highlighting the company's record gross bookingsfor the quarter. Fox-Martin's appointment as president was announced in March when the current CEO, Charles Meyers, transitioned to the role of Executive Chairman.Thecompany's interconnection business also showed strong growth, with revenues up8% YoY and the addition of 3,900 new interconnections in Q2. Equinix now hostsover 472,000 interconnections on its global platform.Lookingahead, Equinix raised its full-year 2024 guidance. The company now expectsrevenues between $8.692 billion and $8.772 billion, representing 6-7% growthover 2023. Adjusted EBITDA is projected to range from $4.066 billion to $4.126billion, with an AFFO per share forecast of $34.67 to $35.30.A few months back, Equinix announced the appointment of Merrie Williamson as the Chief Customer and Revenue Officer (CCRO). Williamson, who brings extensive experience from her tenure at major tech firms such as Microsoft and Intel, is well-versed in revenue enhancement strategies. Her leadership role at these companies, spanning more than twenty years, equipped her with a deep understanding of the tech industry, which she now brings to her new position at Equinix.The AI PushThe companyis aggressively expanding its global footprint to meet growing AI demand, with54 major projects currently underway across 36 markets in 24 countries. Thisincludes 15 xScale projects aimed at hyperscale customers, which are seeingincreased interest due to AI and cloud initiatives.“As a keyenabler of AI and cloud innovations on a global scale, we are excited about theopportunities that lie ahead.”Equinixrecently announced plans to enter the Philippines market through a $180 millionacquisition of three data centers, furthering its push into the fast-growingSoutheast Asian region. The deal is expected to close in Q4 2024.Thecompany's xScale portfolio, which caters to hyperscale infrastructure needs, isexperiencing substantial demand growth. Equinix leased an additional 17megawatts of capacity in Silicon Valley and Paris since its last earnings call,bringing total xScale leasing to 365 megawatts globally.In a moveto capture larger AI and hyperscale workloads in the US, Equinix acquired a200-acre land parcel in Atlanta for its first multi-hundred-megawatt xScalecampus in the area.This article was written by Damian Chmiel at www.financemagnates.com.
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BitGo, a provider of digital asset infrastructure solutions,has secured the Major Payment Institution Licence from the Monetary Authorityof Singapore (MAS). This licence followsan in-principle approval granted several months ago. Singapore's clear andstructured regulatory environment supports BitGo's aim to provide regulated andsecure digital asset services in the region.Expanding Regulated Custody SolutionsWith this licence, BitGo can now offer regulated digitalpayment token services in Singapore. Clients will be able to buy and selldigital assets using BitGo's insured cold storage custody solution, which ishoused in a Class III vault. The service includes access to deep liquidity anda platform for trading and custody.Mike Belshe, CEO of BitGo said: "Singapore is a leadingfinancial centre in Asia. With this licence, we can meet the rising demands ofclients with a diverse set of needs from fully regulated custody and trade toself-custody wallets. BitGo is the only company in the region offering the fullset of services."BitGo is pleased to announce that we have obtained the Major Payment Institution Licence from the Monetary Authority of Singapore.We are committed to meeting the rising demands of client needs in Asia through regulated digital payment token services. This includes our… pic.twitter.com/4DAgKvLVVD— BitGo (@BitGo) August 8, 2024Enhancing Regional OperationsBitGo, with over a decade of experience, provides custodyand financial solutions globally. This licence strengthens BitGo's presence inAsia and supports the growth and development of digital asset services in theregion.Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia commented:"This licence marks a new era for BitGo's international operations,enabling us to deliver unparalleled digital asset solutions to our clients inAsia and beyond. We look forward to working with MAS closely in the journeyahead."This article was written by Tareq Sikder at www.financemagnates.com.
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Michael McCarthy has announced on LinkedIn that he hasjoined Moomoo AU as its Chief Commercial Officer. McCarthy will lead thecompany's strategic planning, market growth, and customer engagement effortsacross Australia.New CCO at MoomooMoomoo uses artificial intelligence to offer an investingplatform for both beginners and experienced traders. It provides real-time dataand a range of analytic tools to assist with sharemarket navigation.“Moomoo’s innovative platform and dedication to customersuccess resonate with my own commitment to advancing financial literacy andmarket understanding,” McCarthy said.“I look forward to working with the talented team at Moomooto drive growth and deliver exceptional value to our clients in Australia.”Meanwhile, Moomoohas launched its online brokerage service in Japan as of September 19,2023, offering access to 7,000 US stocks and ETFs, as reported by Finance Magnates. The platformprovides advanced tools like Capital Flow Overview and Institutional Trackerand features 24-hour trading for 301 US stocks and ETFs. This move aligns with Japan's shift from traditional todigital trading, where electronic FX trading makes up 60% of the market,compared to 76% in other regions. Moomoo debuted in Japan in October 2022.Experience across FirmsPreviously, McCarthy worked as a part-time Trader/Directorat Number13Black from August 2022 to June 2024 in Sydney, New South Wales.Before that, he served as Chief Strategy Officer at Tiger Brokers Australiafrom September 2021 to August 2022, also in Sydney.McCarthy's earlier role was as Chief Market Strategist atCMC Markets APAC, where he worked from February 2011 to May 2021. In thisposition, he focused on markets and trading strategy as well as mediacommentary. Additionally, McCarthy has experience as a Guest Lecturer ontrading and markets at Macquarie University.Biyi Cheng, Head of Moomoo Australia, said McCarthy’s skillin spotting market opportunities will help advance Moomoo’s goal of providinginnovative trading solutions to Australian investors.“McCarthy’s dedication to investor education alignsperfectly with Moomoo’s commitment to empowering traders through knowledge,”Cheng said. “His strategic insights and leadership have consistentlydelivered exceptional results, making him the ideal choice to helm Moomoo’slocal operations.”This article was written by Tareq Sikder at www.financemagnates.com.
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On Wednesday (yesterday), District Judge Analisa Torres ofthe Southern District of New York ordered Ripple to pay $125 million in civilpenalties and imposed an injunction against future violations of securitieslaws. This decision follows a finding that Ripple’s 1,278 institutional saletransactions breached securities regulations.Judge Reduces SEC PenaltyThe fine of $125.035 million is significantly lower than the$1 billion in disgorgement and prejudgment interest and the $900 million incivil penalties sought by the SEC. This decision follows Judge Torres' July 2023 ruling, whichdetermined that Ripple's direct sales of XRP to institutional clients violatedfederal securities laws. However, she found that Ripple’s programmatic sales ofXRP to retail clients through exchanges did not constitute a violation.IT'S OVER! The SEC v Ripple case has been quite a journey - thanks for sharing it with me.$125 Million penalty and a GENERIC injunction Order.This is a BIG win for Ripple, no doubt about it. Have a Wonderful Day! https://t.co/hCZZYsMl7E pic.twitter.com/7uuuwsx0Dw— Jeremy Hogan (@attorneyjeremy1) August 7, 2024SEC Likely to AppealThe SEC had attempted to appeal the ruling concerning retailsales while the case was ongoing but was unsuccessful. On Wednesday, JudgeTorres also issued an injunction prohibiting Ripple from future violations ofsecurities laws. The judge noted that while Ripple has not been found to haveviolated laws since the SEC filed the lawsuit, there is a concern that Ripplemight "cross the line" with its "on demand liquidity"offerings.The injunction mandates that Ripple must file a registrationstatement if it intends to sell any securities. The SEC is expected to appealthe July 2023 ruling now that the judge has imposed penalties, after previouslybeing denied an interlocutory appeal. Following the judgment, XRP’s priceincreased by 3 cents, or approximately 2%.This article was written by Tareq Sikder at www.financemagnates.com.
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