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Discover how the Dow Jones Industrial Average broke the 42,000 barrierin response to the Federal Reserve's aggressive interest rate cut.The Dow Jones Industrial Average achieved a historic milestone, closingabove42,000 for the first time. This landmark event was catalyzed by the FederalReserve's recent half-point interest rate cut, which has not only bolsteredmarket confidence, but has also reinvigorated the economic landscape, making ita pivotal moment for investors and policymakers alike.For a full breakdown of the lead up to this historic event, read the articleI wrong prior to the interest rate cut being announced and the Americanpaycheck vs. inflation.The Catalyst: Federal Reserve's Rate CutOn a significant day marked by decisive action, the Federal Reservereduced its benchmark interest rates by 50 basis points, the first such cutsince the start of the COVID-19 pandemic. This move, which brought rates downfrom their 23-year peak, aimed to alleviate borrowing costs and in turn supportingbusinesses and consumers alike. The interest rate cut has been perceived as aproactive measure to sustain economic expansion amid global uncertainties andshifting monetary policies.Immediate Market ResponseThe response from the financial markets was immediate andoverwhelmingly positive. The Dow surged, closing 522 points higher, a gain of1.3%, which solidified its first-ever finish above the 42,000 threshold. Thebroader market indices, including the S&P 500 and Nasdaq Composite, alsorecorded significant gains, propelled by a notable performance in tech stocks.Companies like Nvidia, Tesla, Meta Platforms, and Apple saw impressiveincreases, with their shares climbing substantially in the wake of the Fed'sannouncement.In the high-stakes race to advance #AI, #OpenAI's value might soon exceed $100 billion. This is according to reports suggesting a new funding surge led by Thrive Capital, Microsoft, and potentially Apple. Read more from #DowJonesNewswires: https://t.co/7APyQVIa8C#TechnologyNews… pic.twitter.com/C5zkg2sdVW— Dow Jones (@DowJones) September 18, 2024To learn more about why tech stocks have been surging recent, see myarticle on the ongoing surge in artificial intelligence (AI) investments.Economic Indicators: Unemployment and InflationSupporting the bullish market trend are key economic indicators. Thelabor market has shown resilience, with unemployment rates holding lower thanexpected. Recent data revealed joblessclaims at 219,000 for the week of September 14, a figure that highlightsthe ongoing strength in the job sector. Inflation, a critical factor inrate-setting decisions, has also shown signs of moderation. The Consumer PriceIndex indicated a rise of just 2.5% over the past year, aligning with theFederal Reserve’s inflation targets and contributing to the favorable economicenvironment.Market UpdateDow Jones hits record high, but CPI report fuels inflation fears!What do you think? Will the market see more ups and downs?Share your thoughts and let's discuss the market #DJI#DowJones #MarketUpdate #Inflation #Economy#Dow #StockMarket #stockindex #trading pic.twitter.com/sToUd0jlf9— Zayedx (@zayedkhan1802) September 11, 2024Global Effects and Future OutlookThe ripple effects of the Fed's interest rate cut were felt worldwide,with mixed reactions in global markets as investors assessed the potentialimplications of similar rate decisions by other central banks. Financialanalysts from institutions like Goldman Sachs and Bank of America anticipateadditional rate cuts in the near future, projecting a series of reductions thatcould further shape economic dynamics and market trajectories.Forward-Looking PerspectivesAs the market adjusts to this new fiscal environment, investors are surelyset to maintain a cautiously optimistic outlook. The Federal Reserve's pivotfrom focusing solely on inflation to fostering job creation represents asignificant shift in its dual mandate. This adjustment is likely to influencefuture policy decisions, with the potential to impact both domestic and globaleconomic…
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Building wealth might seem daunting, but micro-investing has made it more accessible by allowing individuals to invest small amounts consistently, gradually creating a substantial financial cushion. Micro-investing involves putting aside small sums, sometimes just a few cents or dollars, into diversified portfolios or other assets, turning everyday spending into long-term savings. Just like a ‘black ops 6 boost’ gives gamers an edge, micro-investing offers a real boost to anyone’s financial game plan. With platforms like Acorns, Robinhood, and Stash, micro-investing is now within reach for everyone, from students to professionals, helping them steadily build wealth without the stress of large initial investments.Understanding Micro-Investing and Its AppealMicro-investing is based on the concept of making investing simple and accessible by allowing individuals to invest small sums regularly. The idea is to lower the barrier to entry, traditionally set high by minimum deposit requirements and hefty transaction fees. With micro-investing, you can start with as little as $5, making it possible for nearly anyone to begin their investing journey.A significant appeal of micro-investing is that it integrates investing into daily routines. For example, many micro-investing platforms use the round-up method, where they round up the spare change from everyday purchases and invest it automatically. According to a survey conducted by Stash, more than 75% of its users found micro-investing to be a stress-free way to start investing. This hands-off approach allows people to build wealth over time without feeling the financial strain.The Power of Compound InterestOne of the most critical aspects of micro-investing is the power of compound interest. When you invest even a small amount consistently, your investments begin to generate returns, which are then reinvested to produce more earnings over time. This cycle of reinvesting the returns accelerates the growth of your wealth. Albert Einstein famously referred to compound interest as the "eighth wonder of the world."Even small, consistent investments can grow significantly over time. For example, if you invest $5 a day with an average annual return of 7%, you could accumulate over $76,000 in 20 years. A study by Fidelity found that individuals who began investing small amounts early in their careers accumulated substantially more wealth than those who started investing large sums later in life. Micro-investing harnesses this principle, showing that the key to building wealth is not necessarily how much you invest, but how consistently and early you start.Micro-Investing Platforms: Making Investing AccessibleSeveral micro-investing platforms have emerged in recent years, making investing accessible to everyone. Platforms like Acorns, Robinhood, and Stash are popular choices for those new to investing. These platforms often allow users to invest in diversified portfolios made up of stocks, bonds, and other assets, with the flexibility to choose portfolios based on their risk tolerance and financial goals.Acorns, for instance, uses the round-up method, investing the spare change from users’ everyday purchases. A study conducted by Acorns revealed that the average user invests about $30-$50 per month through round-ups alone. Robinhood, on the other hand, offers commission-free trades, making it easier for users to buy fractional shares of high-priced stocks with as little as $1. Stash provides educational resources along with its investment options, helping users make informed decisions as they grow their portfolios.How to Get Started with Micro-InvestingStarting with micro-investing is simple and requires minimal effort. First, choose a micro-investing platform that aligns with your financial goals and preferences. Platforms like Acorns are ideal for those looking for an automated approach, while Robinhood is more suited for those who want to be more hands-on with their investments.Once you've selected a platform, set up your account and link…
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ATFX Connect, the institutional division of ATFX Group, has been recognised for its exceptional service and innovative technology platform, earning the prestigious "Institutional Forex Broker of the Year 2024" award from Corporate Vision. This accolade reflects ATFX Connect’s client-first approach, advanced liquidity solutions, and leadership in the institutional brokerage industry. This accolade acknowledges ATFX Connect’s contributions in the field of institutional brokerage services and affirms its continuous efforts in driving industry progress and innovation. Corporate Vision magazine, an internationally renowned business and financial information platform, presents its annual Corporate Excellence Awards to honor companies and individuals who demonstrate excellent leadership, innovation, and performance in their respective fields. This year, ATFX Connect, earned unanimous praise from the judging panel for its professional service team, efficient trade execution system, and comprehensive solutions tailored for institutional clients.The magazine also featured an extensive report on ATFX Connect, highlighting its customer-centric approach. The core focus is providing clients with fast and straightforward access to financial markets, along with all the necessary tools, which has always been a hallmark of the brand. ATFX Connect continues to customise liquidity solutions based on client needs while maintaining competitive pricing. Clients benefit from competitive spreads across 65 different currency pairs and access to over 20 liquidity providers, including Tier 1 banks and non-bank liquidity. Looking ahead, ATFX Connect plans to offer services specifically tailored for professional traders. With the establishment of its Australian office, the brand’s influence continues to grow. ATFX has laid out an ambitious development blueprint, to enhance its brand influence and leverage its unique advantages to expand into broader international markets. 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.About ATFX ConnectATFX Connect is a trading name of AT Global Markets (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. ATFX Connect’s bespoke liquidity offerings are available to institutions, hedge funds, broker-to-broker, family offices, asset managers, and High-Net-Worth Individuals.ATFX Connect supports institutional clients by providing them with direct market access to liquidity from T1 banks and non-bank providers in Spot FX, Precious Metals, and CFDs. In addition, the flexible infrastructure enables ATFX to manage aggregation and pricing and allows integration with any third-party platform.AT Global Markets (UK) Limited is part of the ATFX Group. For further information on ATFX Connect, please visit theATFX Connect Website: https://www.atfxconnect.comThis article was written by FM Contributors at www.financemagnates.com.
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The Polkadot community celebrates the release of its latest major product, “Agile Coretime”, as part of the ongoing Polkadot 2.0 upgrade. This new feature represents a significant advancement in how computational resources are allocated and managed within the Polkadot ecosystem, delivering unprecedented efficiency, scalability, and accessibility for projects of all sizes.Agile Coretime is not just a technical upgrade; it is the most important product launch this year for Polkadot as it evolves, through seamless on-chain governance, into a network ready to onboard the Web3 masses. It also serves as a primary catalyst for the rebirth of the entire ecosystem. By making it easier for projects to build and scale on Polkadot, this feature is designed to attract a new wave of innovative applications and use cases.As the second crucial component on the path to Polkadot 2.0, which previously saw Asynchronous Backing go live and will later allow for Elastic Scaling, Agile Coretime redefines how blockchain resources are allocated by offering a dynamic, on-demand blockspace model. This new approach replaces the previous auction system, in which single cores were leased for two years at a time.The new approach makes it easier and more cost-effective for projects to access the resources they need, when they need them.Eskimor, lead developer at Parity Technologies, Polkadot’s leading technical contributor, said: “Agile Coretime is a huge milestone in making the high quality blockspace Polkadot offers more accessible. With this and other features we have in the pipeline, I expect more experimentation and awesome projects to be launched on Polkadot, showcasing its amazing capabilities. Let's wake our sleeping giant!”One of the key advantages of Agile Coretime is its ability to align resource availability with actual network demand. By dynamically allocating computational resources, Polkadot ensures that no resources are wasted during low activity periods, while also preventing congestion during peak times. This adaptability is crucial for projects with varying needs, enabling them to scale and operate more efficiently without the burden of high upfront costs."Devs have historically faced a binary choice: deploy a smart contract and compete with other protocols for limited blockspace, or deploy a blockchain and pay for a large amount of dedicated blockspace," says Derek Yoo, CEO of Moonsong Labs, "Agile Coretime addresses this challenge by offering a flexible approach. For projects starting out, you can harness the power and customizability of a blockchain while paying only for the blockspace you need. For mature projects with product-market fit, Agile Coretime allows scaling to meet high levels of demand without the need for sharding."For new developers and smaller projects, Agile Coretime lowers the barrier of entry by providing access to Polkadot’s robust infrastructure without the need for significant DOT collateral. This democratizes access, fostering greater innovation and participation within the ecosystem.Projects can purchase coretime either on-demand or in bulk, providing flexibility or predictability depending on their specific needs. On-demand purchases are ideal for projects with fluctuating demands, while bulk purchases offer stable and reliable resource allocation for teams requiring a steady flow of blockspace.About PolkadotPolkadot (http://polkadot.com/) is the powerful, secure core of Web3, providing a shared foundation that unites some of the world’s most transformative apps and blockchains. Polkadot offers advanced modular architecture that allows devs to easily design and build their own specialized blockchain projects, pooled security that ensures the same high standard for secure block production across all connected chains and apps connected to it, and robust governance that ensures a transparent system where everyone has say in shaping the blockchain ecosystem for growth and sustainability. With Polkadot, you're not just a participant, you're a co-creator with the…
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The British entity that operates ThinkMarkets, a forex and contracts for differences (CFDs) broker, ended 2023 with an annual turnover of over £2.4 million, a 14.2 percent decline from the previous year’s £2.8 million. The profits of the unit also dropped substantially, as the net figure sank by 71 percent to £82,925.Significant Decline in ProfitsAccording to the latest Companies House filing by TF Global Markets (UK) Limited, which is regulated by the UK’s Financial Conduct Authority, the company reported that its pre-tax profits halved to £151,668 from 2022’s £300,025.“The company performed strongly across all key measures in 2023 despite lower business volumes due to industry conditions, general economic uncertainty, and global financial markets, supported by a continued focus on attracting and retaining high-value customers,” the filing added.Headquartered in Australia, ThinkMarkets has a strong international presence. Apart from its FCA authorisation, the broker expanded its Asia Pacific presence last year by gaining a New Zealand licence, which followed its 2022 entry into Japan through the acquisition of a local FX firm.The UK unit also established a locally regulated UAE branch and commenced its operations in the second quarter of 2024. “It is anticipated that this new segment of the company will increase both revenue and profitability, along with raising brand awareness by being present in the Middle East region under the DFSA licence,” the filing noted.Client Metrics ImprovedThe latest filing further revealed that client acquisition under the UK unit increased by 246 percent during 2023, compared to a 42 percent decrease in 2022. According to the company, the rise in client acquisition was due to “continued investment in the group’s multifaceted marketing approach.”Additionally, total client deposits grew by 68 percent last year compared to a decline of 22 percent in 2022.“The company continues to invest in strategic markets to attract high-net-worth clients in tier-one markets, offering a broad range of products on its intuitive proprietary trading platforms,” the filing added.Meanwhile, ThinkMarkets' efforts to go public were stalled by the cancellation of its deal with a blank-check company last year. The broker also failed to list its shares in Australia in 2020 through an initial public offering.This article was written by Arnab Shome at www.financemagnates.com.
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The US Securities and Exchange Commission (SEC) has requested an additional four months to produce documents in the legal tussle with Coinbase. Ina recent filing with the US District Court for the Southern District of NewYork, the regulator argued that it requires more time to review an extensivecollection of 133,582 documents. The extension, if granted by Judge Katherine Failla,could push the document production deadline to February 2025,potentially delaying any courtroom proceedings until next year, Cointelegraphreported. More Time to Review Thousands of DocumentsInitially scheduled to produce documents by October18, the SEC has argued that reviewing the extensive collection of documentsrequires more time. This request, filed on September 18, aims to extend thedeadline for fact discovery to February 18, 2025, with expert discoverypotentially concluding by April 22, 2025.The ongoing legal battles involving the SEC and majorcrypto exchanges like Coinbase, Binance, and Kraken are part of a broaderregulatory scrutiny of digital assets. Recent rulings against Ripple Labs and Terraform Labshighlight the regulator's aggressive stance on unregistered securities. Early this year, a federal judge in Manhattan allowed the SEC to continue with its lawsuit against Coinbase despite dismissing one ofthe regulator's claims. Judge Failla partly granted Coinbase's motion todismiss the SEC's lawsuit, which accused the company of violating securitiesregulations.Coinbase Faces Regulatory UncertaintyDespite this partial win, the ruling aligned with thesecurities regulator's approach to regulating cryptocurrency. The SEC charged the crypto exchange in June last year, alleging that theexchange facilitated the trading of several crypto tokens that should have beenregistered as securities.The watchdog also accused Coinbase of operating as a national securities exchange, broker, and clearing agency without the required registrations. In its defense, Coinbase accused the SEC of denyingthe exchange's petition to make proper rules for the industry. Subsequently,Coinbase filed lawsuits against the SEC and the Federal Deposit InsuranceCorporation.The renowned crypto exchange accused the regulatorsof failing to provide requested information under the FOIA, impactingtransparency in regulatory dealings. Coinbase also accused the federal agencies of attempting to marginalize the cryptocurrency industry within thebanking sector.This article was written by Jared Kirui at www.financemagnates.com.
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A new generation of trading apps has emerged in Europe, transforming the world of retail investing. These groundbreaking platforms are making financial markets more accessible to the average person while also incorporating an exciting range of improvements on traditional brokerage. Platforms like the rising star 50K.Trade Are transforming the investment landscape by offering user-friendly software, seamless access to global markets, and commission-free trading. Even beginners embarking on their investment journey are guaranteed a smooth and intuitive experience from their very first trades.Let's explore some of the key trends and innovations driving this fintech revolution.Zero-Commission TradingOne of the most important innovations has been the introduction of zero-commission trading. Following the trend set by Robinhood in the US, platforms like 50K.Trade and Trading 212 are providing commission-free stock trading in Europe. The model eliminates brokerage commissions, which can substantially eat into your potential profits. Fractional SharesFractional shares are a game-changer in opening up the markets to investors with limited funds. Platforms like 50K and Revolut allow users to buy tiny portions of expensive companies like Meta Platforms or Netflix, with prices over $500 per share. This feature democratizes investing and enables retail investors to more effectively diversify their portfolios. Thanks to fractional shares, investors can buy a piece of their favorite companies for as little as $1.Social TradingPlatforms like eToro have brought social trading into the mainstream allowing users to follow and automatically copy the trades of successful investors. One of the main benefits of social trading is the opportunity for beginners to learn directly from experienced traders. By following successful traders and observing their strategies in real time, users can gain insights into market trends, risk management, and trading methods. Competitive Interest RatesMany European trading apps not only offer commission-free trading and diverse investment options but also provide attractive interest rates on idle cash balances. A standout example is 50K, which offers up to 4.2% interest on an uninvested EUR balance outperforming most traditional savings accounts.AI-Driven Insights Platforms like UK-based Nutmeg utilize AI-powered tools to provide personalized investment recommendations. AI helps Nutmeg enhance portfolio management by automating tasks such as rebalancing and diversifying investments. This automation ensures that portfolios stay aligned with an investor's goals and risk tolerance, making it a more efficient and hands-off approach to wealth accumulation.Open Banking Open banking allows secure data sharing between banks and financial service providers and removes the need for intermediaries. This connectivity removes the friction from investment account funding and withdrawals, with transfers taking place nearly instantly. Apps like Revolut and N26 have integrated open banking into their services, providing clients with a smooth link between banking and investing accounts.Cryptocurrency IntegrationMany European trading apps now offer cryptocurrency investing alongside traditional assets like stocks and bonds. Platforms such as Revolut and BitPanda have incorporated a range of cryptocurrencies, enabling investors to diversify their portfolios with digital assets. Apps like 50K offer leveraged trading in CFDs on cryptocurrencies. When trading CFDs you can take long and short positions, allowing you to potentially profit in both rising and falling markets.Gamification Gamification within apps aims to make managing your finances and investing more engaging and fun. Leading European platforms like Revolut have successfully incorporated gamified elements like progress bars, goal setting, leaderboards, and raffles. By making the experience more enjoyable, gamification helps maintain user engagement while at the same time encouraging positive financial behaviors.Enhanced Security…
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Since the first days of Artificial Intelligence’s rapid expansion into various industries, the financial sector has been one of the leading adopters of these technologies. In this field, AI-driven algorithms are seeing an ever-widening variety of applications, including risk management, predictive analytics, and customer service automation. For example, according to recent research, algorithmic trading in the U.S. stock market constitutes 60–75% of total trading volume. That shows that AI-based tools have already established themselves as a crucial element of modern trading and investing platforms. In this article, the experts at Octa, a globally recognised financial broker, summarise the current market landscape for AI-based trading tools. Building on that, they present the results of a traders' survey showcasing the importance of generating lessons learned from one's trading sessions and look at OctaVision, a new AI-based alternative to traditional analysis methods. As governments and businesses exponentially increase their spending on AI research and adoption, AI-based solutions rise in popularity worldwide. However, the optimal practices and approaches to using AI-based technologies are yet to be decided, as AI adoption shows varying scale and efficiency in different sectors. Applications of AI in tradingIn trading, a field where AI-based technologies are becoming increasingly popular, prediction and analysis go hand in hand. For many retail traders, assessing their previous orders is one of the main prerequisites for improving their decision-making skills. According to Kar Yong Ang, a financial market analyst for an international broker Octa, AI has already gained a solid foothold in trading: deep learning frameworks generate market signals, dedicated bots allow traders to automate order execution, and AI-based solutions support them in developing and backtesting their trading strategies. ‘Even though various AI- and ML-based tools are already used for trading on financial markets, the broader adoption of these technologies in trading is yet to come as many traders prefer to fall back on less advanced approaches, missing out on this opportunity’, Kar Yong Ang said.Assessing one's trades: a way to improve your trading resultsOcta has conducted research to gauge traders' attitudes towards reviewing their trades. Out of 821 respondents, 85% marked this self-assessment as necessary, while 70% already practise it regularly. One out of three survey participants said they analysed their past trades using third-party services instead of within the trading platform. More than half don't use any dedicated analytical tools at all, making do with manual research. Only a few traders are lucky enough to have a trusted mentor who can break down their sessions and provide constructive, impartial feedback, allowing them to improve by not repeating the same mistakes. To address this pressing issue, Octa recently launched a new feature built into its proprietary trading platform, OctaTrader. From now on, OctaTrader clients can analyse their order history with OctaVision. This embedded AI-based toolkit offers personalised recommendations and allows traders to level up their decision-making skills with each session. OctaVision: an AI-based recommendation engine as a mentorCreated as a balanced combination of human expertise and AI's data-processing prowess, OctaVision allows you to analyse an individual closed order or a whole trading session in bulk. While OctaVision uses a built-in AI engine to create data-driven unbiased recommendations, it is also anchored in extensive market knowledge of Octa's expert traders who oversaw the development and content creation process, double-checking each outcome against their hands-on experience.1As a detailed and personalised source of trading feedback, OctaVision is indispensable as an objective, impersonal mentor who helps you hone your trading skills step by step. OctaVision uses plain language to point out strengths and weaknesses in your decisions…
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MetaQuotes has launched a new service that provides detailedNasdaq data to assist traders in refining their strategies. The service focuseson tick data, which captures every price change, rather than traditional minuteor hourly bars.Real-Time Nasdaq Data SubscriptionThis subscription offers users access to real-time Nasdaqdata with several benefits. Subscribers receive high-quality information onevery price change, which can lead to more accurate strategy testing and fewererrors. The service also includes up to 20 years of tick history. This extensive data helps traders evaluate how assets behavein different market conditions and prepare for potential volatility.Furthermore, real-time data allows traders to respond quickly to marketchanges, an essential feature for active trading.MetaQuotes' MetaTrader5 has introduced over 40 new payment methods, according to an update on itswebsite. These options, which include digital wallets and local bankingsystems, are designed to accommodate regional preferences, as reported by Finance Magnates. The new methodsare offered alongside traditional payment channels such as bank cards and wiretransfers.Professional and Non-Professional OptionsMetaQuotes offers four subscription plans to accommodatevarious user needs. These plans provide options for real-time data with orwithout historical access, available for 12 months, 36 months, or 20 years.Plans are divided into professional and non-professional tiers. Non-professional plans target individual users who utilizethe data for personal, non-commercial purposes. In contrast, Nasdaq Pro plansare for individuals or organizations using the data commercially, includingtrading for employers or offering related services. Registered investmentadvisers are also categorized as professionals.Prospective users can test this feature for free by openinga demo account on the MetaQuotes-Demo server. To set up a demo account, usersmust select MetaQuotes Ltd from a company list and provide account details. After setting up, users can add symbols in the Market Watchwindow, access charts, and test trading strategies. Without a subscription,users will encounter a 15-minute data delay and limited access to tick history.Subscribing to real-time data allows a direct connection to demo accounts inMetaTrader 5.This article was written by Tareq Sikder at www.financemagnates.com.
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Online trading broker Axi has expanded its partnershipportfolio by announcing John Stones as its latest Brand Ambassador. Thisfollows earlier sponsorship announcements made in 2023.John Stones is a prominent defender for the England nationalteam and has played for Manchester City since 2016. He has made over 200appearances for the club, securing 13 trophies, including the Treble in the2022/23 season.Axi Expands UK PresenceStones is recognized as one of the top defenders infootball. He has successfully transitioned from a centre-back position to amidfield role. Axi views this partnership as anopportunity to increase its presence in the UK market, which it considers tohave significant potential.Stones commented on the partnership, saying: “I’m delightedto be joining Axi as their Official Global Brand Ambassador. Axi has had a longand successful partnership with Man City, helping us celebrate all of ourachievements on the pitch. Axi are focused on giving their customers the edgeand I strive for that competitive edge every time I play, so this partnershipis a perfect match for me.”We are very excited to announce the continuation of our collaboration with John Stones!Together, we’re committed to sharpening our edge and continuing our journey of excellence. Promoted by AxiTrader Ltd. Not available to AU, NZ, EU & UK residents. pic.twitter.com/7ORd6qJdYl— Axi (@axi_official) September 19, 2024Strengthening Sports SponsorshipsEarlier in 2023, the broker renewed its multi-year partnership with ManchesterCity, which has dominated the Premier League for three consecutive seasons.Additionally, Axi extended its support for Manchester City Women. Recently, Axialso announced partnerships with LaLiga club Girona FC and Brazilian clubEsporte Clube Bahia.“We’ve got to know John Stones through our partnership withMan City, and we couldn’t be more excited about what’s to come. Welcoming sucha prominent figure as our Brand Ambassador presents an incredible opportunityfor us to take our brand to even greater heights.” Hannah Hill, Axi’s Head ofBrand and Sponsorship, commented.“Empowering our clients to uncover their own edge is anobsession for us, and through this exciting new collaboration, we’ll get toexpand our presence in the UK market, where we see great potential,” addedHill.This article was written by Tareq Sikder at www.financemagnates.com.
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AlthoughAugust was one of the worst months for Bitcoin (BTC) price this year, retailinvestor activity on leading centralized exchanges rebounded significantly.Reaching nearly $910 billion, August volumes hit their highest levels since May2024. However, it's worth noting that this is still over 50% less than therecord-breaking March, when volume reached $2.1 trillion.Top Crypto ExchangesContinue Upward TrendAccordingto the latest analysis by Finance Magnates Intelligence, the total spotvolume for the 10 largest centralized exchanges in August was $908 billion,representing a 5% increase compared to the $845 billion reported a monthearlier."Derivativestrading volume on centralized exchanges also rose to the highest level sinceMay, rising 4.70% to $3.68 trillion. The negative price action throughout the monthresulted in cascading liquidations, with the aggregate open interest onderivatives exchanges falling by 15.7% to $45.8 billion in August," CCData commented in its newest report.While thisis significantly less than in March when Bitcoin's price tested all-time highs,investor activity remains robust despite less attractive prices.Only Huobi (-14%) and Upbit (-5%) experienced declines in trading volume month-over-month, whilethe remaining platforms saw increases. Kraken recorded the strongest rebound(19%) among them.Podium Remains Unchanged,but OKX Gains GroundAmong theranking leaders, Binance consistently holds the top spot. The exchange, with avolume of $449 billion, accounted for 49% of the total turnover of the top 10crypto exchanges. Bybit ranks second with 17% (volume $154 billion), and Huobiremains in third place (7%), similar to last month.The onlydifference is that OKX and Coinbase once again swapped positions. In August,OKX reclaimed fourth place after a 7% increase in volume to $67 billion.Coinbase dropped to fifth as its 4% jump ($66.7 billion) was too modest.ByBit Up 560% Compared to2023However, whenlooking at the results year-over-year, the difference is colossal. The averagevolume increased by 155% annually, with Bybit leading. In August2023, the platform's volume was $23 billion, growing by over 560% to thecurrent $154 billion.OKX gainednearly 200%, Coinbase volumes grew by 150%, and Binance, Huobi, KuCoin, andBitstamp also recorded triple-digit increases."In August,the combined trading volume of spots and derivatives on centralized exchangesrose amidst a surge in volatility that saw major digitalassets, including Bitcoin and Ethereum, fall to new lows in the early weeks ofthe month," CCData added.What mightSeptember bring? Historically, it's one of the worst months of the year forBitcoin prices. However, the BTC price seems to hold steady at around the psychological level of $60,000.This article was written by Damian Chmiel at www.financemagnates.com.
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We are pleased to announce that cTrader has been honored with two significant accolades at the iFX EXPO Asia 2024, presented by UF AWARDS:🏆 Best Trading Platform APAC 2024🏆 Best API for Algo Trading APAC 2024These awards highlight cTrader’s ongoing commitment to providing brokers, proprietary trading firms, and traders with innovative, reliable, and high-performance trading solutions. Receiving this recognition underscores our focus on excellence and our dedication to supporting the growth and success of our clients and partners in the APAC region.cTrader continues to stand out as a comprehensive and versatile trading platform, offering advanced trading and charting tools, user-centric design, customizable UI, and cross-platform accessibility. The platform provides brokers and proprietary trading firms with an all-inclusive robust infrastructure for uninterrupted and scalable operations. The cloud-based infrastructure ensures sub-millisecond order processing and 100% uptime, hosted in world-class Equinix data centers, with cross-connects to major liquidity providers. The complete suite of cTrader’s APIs supports seamless integration with any third-party services. A recent example of streamlined API integrations is cTrader's technical partnership with TradingView, which further extends the reach and capabilities of cTrader brokers.The cTrader Algo API, which has received wide recognition and multiple awards, is renowned as the ultimate plug-and-play solution for creating and executing automated trading strategies. With a variety of algorithm types and cloud-powered functionalities, it fully meets the needs of the algo-trading community and helps trading businesses grow both their volumes and traders' lifecyle.About SpotwareSpotware is a global technology provider, successfully delivering cutting-edge fintech solutions and infrastructure for over 14 years. The company has cultivated a sophisticated network of 250+ brokers and proprietary trading firms, including notable names like IC Markets, Pepperstone, FTMO, and Funding Pips. With a user base exceeding 4 million traders, cTrader, Spotware’s flagship platform, stands out for its unparalleled innovativeness, user-friendly and customizable UI, and advanced extensibility, setting new standards across the industry.This article was written by FM Contributors at www.financemagnates.com.
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NAGA Group, which recently merged with CAPEX.com, now allows retail traders to access its platform directly from Telegram’s App Center with the launch of the “NAGA Everything Trading” app.Integrating Trading Directly on TelegramAnnounced today (Thursday), NAGA users can now onboard, complete know-your-customer (KYC) procedures, deposit funds, and trade financial instruments without leaving the Telegram app. According to NAGA, this feature will also assist in its global expansion.“Bringing the first-ever integrated trading app to Telegram is not just a breakthrough for NAGA, it’s a transformational moment for our industry,” said Octavian Patrascu, CEO of The NAGA Group AG.Telegram is indeed a popular app among traders. With over 950 million users globally, it hosts numerous groups of traders as well as signal providers.NAGA pointed out that direct access to its platform from Telegram is “a gateway to a massive, previously untapped audience.” Furthermore, it will allow traders on Telegram to access both web and mobile versions of the NAGA app.“With access to nearly one billion users, we now have an unprecedented opportunity to democratise financial markets on a scale that was once unimaginable,” Patrascu added. “This is a crucial step in our mission to make trading accessible to everyone while accelerating our business growth.”The trading platform has further plans to introduce more features to the new Telegram-based initiative, including the addition of Social Trading with AutoCopy in upcoming monthly updates.However, Telegram also remains one of the hot bed for financial scams. A joint survey by Finance Magnates and FXStreet found that 60.09% of traders who fell victim to scams on Telegram lost funds, making it the platform with the highest “success rate” for scammers.Brokers and Social Media: A Perfect Partnership?However, the integration of brokerages with social media platforms is not new. Earlier, eToro partnered with X (formerly Twitter); however, the scope of that partnership was limited to marketing efforts and did not enable access to trading activities.Meanwhile, NAGA recently completed its merger with CAPEX.com, operated by Key Way Group, a deal that was announced in December 2023. The merger was strategic as the two brokers will benefit from their expertise and market reach, expecting to generate $250 million in revenue over the next three years while saving about $10 million annually.The two platforms already have around 1.5 million registered users across more than 100 countries, and the roadmap of the merged entity aims to add over 5 million registered users by 2025/26.This article was written by Arnab Shome at www.financemagnates.com.
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Largest Gathering with 20000+ Visitors and 200+ Exhibitors marking it as one of the largest Expo in the world with just 2 Weeks remaining the excitement is building to date. Forex Expo Dubai 2024 will bring together Top Industry Leaders, renowned guest speakers, and a myriad of experiences designed to engage and inspire attendees.Forex Expo Dubai 2024 is backed by some of the most influential names in the trading industry. These sponsors are not only industry leaders but pioneers who are driving innovation and setting new standards in online trading. Attendees can look forward to exploring the latest in trading technology, platforms, and services from these esteemed companies.Testimonials from Sponsors:Ammar Bader, Head of Sales at ADSS “Forex Expo Dubai is always a highlight in our calendar. It offers the perfect opportunity to meet with other industry leaders, and most importantly, build connections with our trader audience in person”Pavel Spirin, Chief Executive Officer at Scope Markets “Forex Expo Dubai 2024 is the highlight of our events roadmap this year. We're excited to join fellow industry leaders and showcase our new brand and latest products. The expo is a perfect venue for us to grow our professional network and provide expertise to the wider industry community. We look forward to the wealth of opportunities and the dynamic atmosphere and this event delivers."Commercial Manager Moe Padhani at Infinox “Forex Expo Dubai 2024 is one of our flagship events in the calendar. We have been long-time supporters of the event; it brings together some of the industry-leading professionals as well as our clients and partners from around the world. The speaker's panels come at just the right time, as the year starts to draw to a close and we can reflect on the year that has passed and the opportunities in the next. Not to mention, Dubai is the perfect playground!”Team Kanak Capital Markets “We at Kanak Capital Markets are delighted to participate as an Elite partner at the Forex Expo 2024. This event aligns perfectly with our mission to empower all our retail investors and the associated partners with the right resources to make an informed decision and a seamless experience. We anticipate this opportunity to connect, collaborate, and explore new avenues in the financial markets.”This year’s expo features an extraordinary roster of guest speakers, each offering unique insights and expertise from across the financial spectrum. Attendees will have the opportunity to learn from the best through keynote speeches, and panel discussions.Among the distinguished speakers are:· Javier Hertfelder, Co-Chief Executive Officer, FXStreet · Damian Hitchen, Chief Executive Officer MENA, Saxo Bank· Rauan Khassan, Vice President, International Growth, TradingView · Naeem Aslam, CIO | Columnist, Zaye Capital Markets | Nasdaq· Gerald Perez, Chief Executive Officer, Interactive Brokers (U.K.) Limited · Viktoria S, Chief Executive Officer, PSP Angels Ltd· Evdokia Pitsillidou, Partner | Risk & Compliance Director, Salvus funds.2 Days Packed with Unforgettable ExperiencesThis year’s expo will be a hub of activity, offering something for everyone—from seasoned professionals to those new to the trading world. The event is designed to foster connections, inspire innovation, and provide valuable insights into the future of online trading.What’s New at Forex Expo Dubai?· Celebrating Women in Forex· B2B Zone and Lounge· Bigger Exhibition Floor· Exciting Games and Activities· Giveaway of an F1 Formula TicketUsers can register Here: https://ift.tt/YHAm25kAbout Forex Expo Dubai 2024Forex Expo Dubai 2024 is the premier event for the global trading community, offering a platform for industry leaders, investors, and professionals to connect, learn, and explore the latest trends in online trading. With a focus on innovation, education, and networking, Forex Expo Dubai is where the future of trading comes to life.This article was written by FM Contributors at www.financemagnates.com.
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TheAustralian Securities and Investments Commission (ASIC) announced today(Thursday) it is conducting a global search for a service provider to identifyand remove investment scam and phishing websites, as part of its ongoingefforts to combat online financial fraud. ASICLaunches Global Search for Investment Scam Website Takedown ServiceTheregulator has issued a request for tender (RFT) for a contract that could lastup to five years, with the current agreement set to expire in June 2025. Thenew service will identify, take down, and provide intelligence on fraudulentwebsites targeting Australian investors. Since July2023, ASIChas coordinated the removal of over 7,300 phishing and investment scam websites.This initiative is part of the Australian Government's broader "FightingScams" campaign and supports the work of the National Anti-Scam Centre(NASC). "Combatingand disrupting investment scams is a key priority for ASIC," ASICcommented in a press release. “The service will also provide website takedownintelligence that can be used to warn the public about new investment scamtrends and scams impersonating organisations regulated by ASIC.” The scopeof the service will include targeting websites falsely claiming ASICauthorization, fake investment trading platforms, crypto-asset related scams,and phishing attempts impersonating ASIC-regulated organizations. The providerwill also be expected to furnish intelligence on emerging scam trends to helpwarn the public. This movecomes as financial regulators worldwide grapple with the growing threat ofonline investment fraud. In 2023, Australiansreported losses of $1.3 billion to investment scams, highlighting theurgent need for robust protective measures. How muchcan ASIC pay for the service? The offer does not specify exact amounts, butthere are mentions of additional requirements if the offer exceeds A$4 million.For comparison, at the end of last year, Cyprus's CySEC was seeking experts forregulatory oversight of local investment firms, offering €240,000.New Powersand Comments on “Margin Discounts”ASIC alsoannounced today that it has gained expanded regulatory powers as part ofreforms to the country's financial market infrastructure (FMI) laws, aimed atstrengthening stability and efficiency in Australia’s financial system.ASIC welcomes the new Australian financial market infrastructure laws, which introduce new powers essential to ensuring a stable and efficient Australian financial system https://t.co/dfUFyWUl2Z pic.twitter.com/TeAG1ISsNa— ASIC Media (@asicmedia) September 19, 2024Althoughthe new FMI laws primarily target broader market structures, they could have anindirect impact on FX/CFD brokers operating in Australia. The enhancedregulatory authority given to ASIC and the RBA might result in closer scrutinyof the financial services sector, including over-the-counter derivativesmarkets where FX and CFD products are traded. In addition, ASICraised concerns that some CFD derivative issuers might be offering “margindiscounts” to retail clients holding opposing long and short positions, whichcould violate ASIC regulations.This article was written by Damian Chmiel at www.financemagnates.com.
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Blockchain storage layer Xandeum has announced that it will reveal its blueprint for scaling Solana storage at Breakpoint 2024 on September 20, 2024. At the flagship Solana conference in Singapore, Xandeum will also share details of its new storage-enabled liquid staking program and officially announce the launch of the XAND token.Designed to overcome the limitations of Solana’s current storage model, Xandeum’s technology will allow dapps to scale by accessing virtually unlimited storage. Solana can be looked at as a “world computer”, and Solana accounts are its “RAM”. At Breakpoint 2024, Xandeum will share its vision for adding the “hard drive” via their scalable storage layer, the missing piece to a full-fledged world computer. This innovation enables a Cambrian Explosion of storage-enabled dapps.The smart contract native storage layer introduces “Xandeum buckets,” an exabytes+ scalable file system integrated directly into Solana RPC nodes. Storage will be offloaded to a decentralized network of hundreds of thousands of storage provider nodes (pNodes), supervised by Xandeum-enabled Solana validators. pNodes, validators, and liquid stakers will earn additional rewards in SOL, thanks to highly dynamic fee markets designed to optimize storage efficiency and profitability.“A low-cost, decentralized storage solution will drastically expand the application landscape.” says Tommy Johnson, early Solana builder, co-founder, and lead engineer at Armada. “It can unlock a new revenue stream for SOL validators and stakers. The Xandeum solution will have an enormous impact on the growth of the Solana ecosystem.”More details of Xandeum’s Solana scaling solution will be shared at Breakpoint 2024. In addition, Xandeum will use the event to announce its storage-enabled liquid staking platform. Scheduled to go live on October 29, the platform will capture future Xandeum storage fees for xandSOL stakers. Early adopters who stake with Xandeum will be eligible for boosted rewards of up to 10x with more details at https://xandeum.networkAs an event sponsor, the Xandeum team will have its own booth at Solana Breakpoint 2024 in Singapore, with community members able to learn more about key initiatives including the liquid staking pool, XAND token, and forthcoming airdrops. The first airdrop snapshot will take place on October 8, with the XAND token launch scheduled for October 29.Xandeum’s development of new storage primitives to enhance Solana’s programming model will solve the issues with the current storage system, known as “accounts,” which has proven insufficient to hold even a few gigabytes per dapp. These limitations threaten to stifle the growth of web3 applications on Solana.Xandeum lead developer Xandeum Labs has raised $2.8M to build out its scaling solution and has seen significant interest from Solana’s builder community, with over 4B transactions completed on its community-run devnet. Xandeum will support a new wave of scalable web3 dapps while maintaining Solana’s security and decentralization. About Xandeum LabsXandeum Labs is a web3 startup dedicated to building the scalable storage layer for Solana. As a major contributor to the world’s first storage-enabled liquid staking platform, operated by the XAND DAO, Xandeum has already raised $2.8 million from its community and is on track to launch its pNode network in early 2025.Learn more: https://xandeum.comThis article was written by FM Contributors at www.financemagnates.com.
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ICE Futures U.S. announced the settlement of charges againstStoneX Financial Inc. yesterday (Thursday). The charges were related to potentialviolations of Exchange Rule, which prohibits trade practices such as wash salesand prearranged trades.The statement indicated that no customer harm occurred dueto the incident. As part of the settlement, StoneX will pay a monetary penaltyof $20,000. The firm did not admit or deny the allegations in the settlementagreement.Charges Arise from Cocoa FuturesThe charges originated from an incident on April 27, 2023.An employee of StoneX allegedly placed opposing buy and sell orders in theCocoa Futures spread market. The Exchange’s Business Conduct Committee foundthat the execution of these orders could result in a wash trade. This suggestedthat the employee was aware or should have been aware of the implications ofthese transactions.Finance Magnates reached out to StoneX for a comment. At thetime of publication, no response has been received.Rugby and Payments UniteStoneX Financial Ltd, based in London and a subsidiary ofStoneX Group Inc., has renewed its partnershipwith the UK rugby club Saracens, introducing several new features for the2024/25 season. The StoneX logo will now adorn the front of both the men's andwomen's team jerseys, replacing City Index.Since becoming a partner in 2020, StoneX has supportedSaracens' success, contributing to league titles for both teams. Thepartnership also emphasizes community engagement, with StoneX backing theSaracens Foundation and providing work experience opportunities for students atSaracens High School.In addition, StoneXhas teamed up with NatWest Group PLC to enhance the bank's internationalpayments capabilities, as reported by FinanceMagnates. This collaboration allows StoneX Payments to offer third-partydelivery and international FX payment services to NatWest.It enables corporate clients to transfer funds to morecountries and access an additional 10 currencies, thereby expanding the bank'slocal payment reach and facilitating cross-border transactions.This article was written by Tareq Sikder at www.financemagnates.com.
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Crypto.com has secured full approval from the Central Bankof Bahrain to provide payment service provider (PSP) services. This approvalwas granted to its subsidiary, FORIS GFS BH B.S.C. CLOSED, registered inBahrain. This marks another regulatory achievement for Crypto.com in theregion.The PSP licence enables Crypto.com to expand its services,offering e-money and fiat-based payment solutions. The company plans tointroduce its prepaid cards in the region as part of this expansion.Bahrain Advances Crypto RegulationBahrain is recognized as a centre for digital assetregulation within the Gulf Cooperation Council. It was among the first inthe region to issue crypto-asset licences. The Bahrain Economic DevelopmentBoard plays an active role in supporting investment, working closely withcompanies to offer strategic advisory services as part of its efforts toattract investments.Crypto.com continues to grow its ecosystem globally, withover 100 million users. This announcement adds to its regulatory approvals,following its recent Virtual Asset Service Provider Licence from Dubai’sVirtual Assets Regulatory Authority. In April 2024, the company also launchedthe Crypto.com Exchange for institutional investors.Crypto.com holds licences in the markets includingSingapore, France, Australia, Ireland, Malta, the United Kingdom, the UnitedStates, Canada, and South Korea.This article was written by Tareq Sikder at www.financemagnates.com.
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“Brokers' operational systems must go beyond traditional risk management,” CFI Financial’s Global Head of Education and Research, George Khoury, told Finance Magnates amid the recent pager and walkie-talkie blasts in Lebanon that have created a new wave of tensions in the Middle East. He highlighted that “escalating geopolitical tensions contribute to uncertainty in financial markets, particularly in the forex and commodities markets.”The Middle East is one of the fastest-growing regions for retail trading activities. The potential interest among Middle Eastern traders has led brokers to establish a presence in the region, mostly in Dubai. However, many brokers also maintain extensive operations in tense countries.CFI is one of the few brokers which is even regulated locally in Lebanon. It also sponsored a sports team in the country. Apart from Lebanon, the broker has presence in Jordan and UAE too in the region. “It Is Crucial to Incorporate Advanced Technologies”“Their infrastructure must be adapted to rapid and unexpected changes in the market,” Khoury continued, mentioning the operations of brokers. “It is crucial to incorporate advanced technologies such as machine learning, artificial intelligence, and data analysis. These tools allow brokers to develop mechanisms that anticipate market shifts. By utilizing these technologies, brokers can offer innovative solutions to clients, enhancing relationships and reducing risks.”Already a tense region, the latest tensions in the Middle East started in October last year. Now, the consecutive blasts from Hezbollah-carried pagers and walkie-talkies have escalated the situation further. Such a scenario directly impacts brokers with extensive exposure in the region.Warplanes fly low over Beirut as Hezbollah chief speaks and Israel carries out bombing raids in southern Lebanonhttps://t.co/HaOkRWd3AV— BBC Breaking News (@BBCBreaking) September 19, 2024Uncertainty could bring both direct and indirect impacts on brokers' operations.“Directly, the uncertainty can cause a decline in trading volumes, as traders may hesitate to make significant moves amid fears of escalation,” said Cliff Ambrose, FRC, Founder and Wealth Manager at Apex Wealth. “Indirectly, brokers may face increased costs for compliance and security, and some may even reconsider their operational presence in the area.”“Essential to Reduce the Risk”In such a scenario, risk management becomes key for brokers.“Risk management measures, such as monitoring leverage levels during periods of high volatility, are essential to reduce risk for brokers and clients,” said Mazen Salhab, Chief Market Strategist at BDSwiss MENA. High volatility can also make “it more challenging to execute orders at the desired prices, leading to increased spreads.”Liquidity may also be an issue in stressed markets, as Salhab highlighted that “securing access to a diversified pool of liquidity providers helps ensure consistent access to the market, even when liquidity is limited.”Sudden high volatility in markets directly impacts traders, influencing their trading strategies, as they often need to rebalance their positions.“The rapidly changing conditions also require frequent interventions by market participants,” Khoury added. “As a result, the volatility and increasing activity come as an opportunity for brokers to capitalize on more frequent trading and traders’ need for information and tools. It is essential for brokers to highlight these changes to market participants, as volatility might lead to higher risks if not managed properly.”Khoury and Salhab both emphasized that investors tend to prefer safe-haven assets “during periods of high volatility and uncertainty.”Taiwan says it did not make Hezbollah pager parts https://t.co/JmYsEWELe4— BBC News Technology (@BBCTech) September 20, 2024The Hezbollah pager blast may also impact markets outside the Middle East, especially the semiconductor industry in Taiwan. Those blasted devices were reportedly supplied by a Taiwanese company, but was routed to…
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Robinhood will sponsor the American professionalbasketball team Memphis Grizzlies as the official jersey patch partner. Thispartnership, set to begin in the 2024-25 NBA season, will place the fintech giant’s logo on the Grizzlies’ uniforms. According to the club, this multi-year deal features Robinhood across the Grizzlies'ecosystem, from baseline court ads to social media andduring broadcasts.Investing and Jersey PartnerCommenting about the sponsorship deal, Ted Roberts,Grizzlies’ Vice President of Partnership Marketing, said: “Today, we're excitedto announce that Robinhood Markets, a progressive leader in financial services,will be the official investing and jersey entitlement partner of the MemphisGrizzlies. Never settling and challenging the status quo are characteristics ofour organization and fans, and in Robinhood, we have found a perfect match.” This partnership extends beyond financial services andbasketball. The Grizzlies and Robinhood are reportedly working together to giveback to the community. In the kickoff event, employees from both organizationscollaborated on the "Grizz Take Action Day of Service," partneringwith Meals of Hope to package 60,000 meals for the Memphis community.a new jersey patch partner for the future.@robinhoodapp pic.twitter.com/6z0vw9pDQd— Memphis Grizzlies (@memgrizz) September 19, 2024"Robinhood is proud to be home to a newgeneration of investors. We see the Grizzlies Grit and Grind spirit in ourcustomers, and it's something we embody as a company to deliver some of the mostinnovative products in the industry. As Robinhood grows our NBA footprint, thispartnership is a natural fit and will bring us into the world’s most famousarenas - at home and on the road,” Michael Goodbody,Robinhood’s VP of Marketing and Communications, added.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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Silvergate Capital has filed for bankruptcy to closeits operations, marking the final chapter for the parent company of SilvergateBank, Reuters reported. The La Jolla-based institution shut down operationsearlier in 2023 following a crippling run on deposits caused by the chaos inthe digital asset market. Bankruptcy and LiquidationSilvergate is set to use its remaining $163 million tosettle with creditors. Silvergate Bank's deposits rose from $1.8 billion in2019 to $14.3 billion by 2021, with over half of these deposits coming fromdigital asset exchange customers. However, this rapid expansion came with its risks. Thecollapse of major crypto players like FTX in 2022 caused massive withdrawalsfrom the bank, over $8 billion, forcing it to sell long-term securitiesat a loss to meet customer demands.Silvergate Capital had no choice but to file forbankruptcy in Wilmington, Delaware, aiming to complete its liquidation. Theremaining cash, approximately $163 million, will reportedly be distributedamong bondholders and preferred equity holders through common stockholders. According to the bankruptcy filings, bondholders owed$18 million are expected to be repaid in full. Silvergate maintains that itdidn't fail in the traditional sense, pointing out that all customer depositswere returned, leaving no burden on the Federal Deposit Insurance Corporation.Market Volatility and Regulatory ScrutinyThe downfall of Silvergate wasn't solely due to marketvolatility. The bank also faced intense scrutiny from regulators following the2022 crypto collapse. In 2023, Silvergate agreed to pay $63 million to settleinvestigations by the Federal Reserve, California's bank regulator, and theU.S. Securities and Exchange Commission (SEC). The probes found that the bank had deficiencies in itsmonitoring of anti-money laundering compliance and that it, along with itsexecutives, had made misleading statements. These legal battles compoundedSilvergate's financial troubles, making it harder for the bank to recover.In July, Finance Magnates reported that SilvergateCapital and its top former executives agreed to pay a total of $63 million aspenalties to settle charges brought by federal and California regulatorsalleging internal management and disclosure failures. The allegation alsoincluded dealing with the now-collapsed crypto exchange FTX. California’s Department of Financial Protection &Innovation imposed a civil penalty of $20 million against the company, whilethe Federal Reserve Board fined the firm $43 million. Besides that, the SECimposed a $50 million fine, which was reportedly offset by other penalties.This article was written by Jared Kirui at www.financemagnates.com.
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When thinking about life insurance, you should understand its basic structure. Essentially, you make regular payments, called premiums, to an insurance provider in exchange for a payout, known as the death benefit, that your beneficiaries receive upon your death. The type of policy and the coverage amount you select will depend on your needs and budget. While it might seem like an extra cost, life insurance offers peace of mind and financial protection for your loved ones. But what types of life insurance exist, and which one suits you best?The Mechanics of Life InsuranceA life insurance policy represents a contract between you and an insurance company. In return for your premium payments, the company promises to provide a death benefit to your chosen beneficiaries if you pass away while the policy is active. This death benefit can cover a range of expenses, such as funeral costs, outstanding debts, or your children’s education.Some policies include additional benefits beyond the basic death benefit. For instance, certain policies build a cash value over time, which you may use to reduce premiums or enhance coverage. To fully benefit from your policy, you must be familiar with its specific features and terms.Different Types of Life InsuranceThere are several types of life insurance to consider. Term life insurance offers coverage for a specific period, while whole life insurance provides lifelong coverage and builds cash value. Universal life insurance allows for flexible premiums and death benefits, and variable life insurance gives you the option to invest your policy's cash value for potential growth.When choosing a policy, it’s essential to explore options from the best life insurance companies. These insurers not only offer a variety of policy types but also provide reliable financial backing and customer support, ensuring that your beneficiaries will receive their death benefit without hassle.Term Life InsuranceTerm life insurance offers a simple, affordable option. You pay for coverage over a defined period—usually 10, 20, or 30 years—and your coverage ends once that term expires. This type of policy typically comes at a lower cost compared to permanent life insurance, making it appealing for families on a budget. However, term life insurance does not accumulate any cash value. If temporary coverage fits your financial plan, this could be the right choice for you, offering protection for your loved ones during a specific period without overwhelming costs.Whole Life InsuranceWhole life insurance combines lifelong protection with the potential to build financial value. Unlike term life insurance, it covers you for your entire life, and part of your premium payments contributes to a tax-deferred savings account known as the cash value. Over time, you can borrow against or withdraw from this cash value, giving you flexibility during emergencies or significant financial needs. However, whole life insurance tends to be more expensive than term policies due to its permanent nature and the cash value feature.Universal Life InsuranceUniversal life insurance offers flexibility in both premium payments and death benefits. You can adjust the amount you pay or the size of the death benefit to better suit your financial situation as it changes over time. The policy also includes a cash value component that grows tax-deferred. Unlike whole life insurance, universal life allows you to modify the policy to meet evolving needs, but it requires careful planning and regular monitoring to ensure it remains effective.Variable Life InsuranceVariable life insurance is a permanent option that combines life insurance with investment opportunities. A portion of your premium goes into subaccounts that resemble mutual funds, giving you a chance to grow your cash value through investments. However, these investments carry risks, and poor performance can reduce the cash value. While variable life insurance offers the potential for higher returns, it’s important to assess your comfort with investment…
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Nearlya week after announcing his departure from Blackwell Global, Uchenna Oranu haslanded a new job as the Executive Director at Fxview. Based in Limassol,Cyprus, Oranu’s new role entails developing and implementing brokerage strategiesand leading a team of brokerage professionals.Key Industry MilestonesMost recently, Oranu was the Executive Director at Blackwell Global Investments, a London-based company. According to his LinkedIn profile, he focused on implementing strategies for compliance with the FCA rules. He joined the company in 2018 as Risk and Liquidity Manager before rising to Director and later serving as Executive Director.“After 6 years at Blackwell Global, it’s time for me to moveon to the next step in my career. I’ve had the privilege of working alongsidetalented and supportive colleagues, and I’m grateful for the opportunities I’vehad to grow and contribute during my time here”, Oranu posted on LinkedIn. “As I look to the future, I’m excited to join a remarkablecompany that is deeply rooted in a people-centric culture. It speaks volumesthat it took such a special organization to convince me to make this move.”Oranu is an experienced industry expert with years ofexperience working for notable brands, including Spotware Systems,Price Markets UK, TradeTech Apha, and Price Markets UK. He also worked as an FXTrader at Sucden Financial Limited for nearly ten years.Fxview Strengthens Leadership TeamIn another notable appointment, Fxveiw strengthened itsleadership team by appointing Feras Mahmoud as the Head of Risk Management last year. Mahmoudassumed the new role based on the forex and CFD brokerage firm’s Cyprusheadquarters.Fxview was founded in 2018 and is owned by the FinvasiaGroup. Within the European Union, the brokerage firm operates under a CyprusInvestment Firm license. It is also registered and regulated in countries likeSouth Africa, Mauritius, and India.Fxview offers forex and CFD instruments of various assetclasses, including indices, stocks, and crypto assets. The company also offerscopy trading services using Zulutrade, another subsidiary of Finvasia. Finvasia owns AAAFx, another FX/CFDs brand, and the multi-asset tradingplatform provider ActTrader.This article was written by Jared Kirui at www.financemagnates.com.
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dLocal, a cross-border payment platform focused on emergingmarkets, announced a new partnership with MoneyGram, a global financialtechnology company. The partnership aims to support MoneyGram in expanding itsservices across the Asia-Pacific (APAC) and Europe, the Middle East, and Africa(EMEA) regions. Future expansion is planned for Latin America (LATAM). Thecollaboration will enhance MoneyGram's digital payment capabilities in theseregions.Cross-Border Costs Remain HighThe partnership comes at a time when cross-border paymentcosts remain high. Data from the World Bank shows the global average cost forthese transactions was 6.35% in the first quarter of 2024. Bank services, inparticular, had the highest average cost at 12.66%.“Our partnership with dLocal is another big step forward inour mission to reach consumers around the world with our leading cross-borderpayment services,” said Anna Greenwald, Chief Operating Officer at MoneyGram. “With dLocal’s expertise in emerging markets and robustdigital payout solutions, we’re positioned to elevate the remittanceexperience, delivering faster, more seamless transactions, for millions ofpeople across key markets worldwide.” Partnership Lowers Payment FeesAccording to MoneyGram, it has positioned itself as alow-cost option for cross-border payments. Company data shows that it offers anaverage fee of 2.9%, which is below the United Nations' target of reducingremittance fees to under 3% by 2030. The partnership with dLocal will help MoneyGram streamlineits operations by combining its global network with dLocal’s payout technology.This includes local payment options like digital wallets and bank accounts,which are expected to further lower costs for consumers.“We're thrilled to join forces with MoneyGram, a truepioneer in the international money transfer space,” said Carlos Menendez, ChiefOperating Officer at dLocal. “Together, we’re pushing the boundaries of innovation,combining cutting-edge technology with deep local expertise to transformfinancial access in high-growth markets. This partnership is all about creatingfaster, smarter, and more inclusive payment experiences for millions of peopleacross the globe.”This article was written by Tareq Sikder at www.financemagnates.com.
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Financial fraud and scams on social media have been rampant globally, and now the Securities and Exchange Commission (SEC) has taken its first action against such illegal activities. The regulator has announced it charged five entities and three individuals in connection with two relationship investment scams involving fake crypto asset trading platforms, NanoBit and CoinW6, respectively.SEC Busts Pig Butchering ScamsAccording to the US regulator, the two companies solicited investors, gained their trust by lying, and then stole their money. Such scams are rampant and often referred to as ‘pig butchering’.“Relationship investment scams, including those involving crypto-asset investments, pose a risk of catastrophic harm to retail investors, and the threat is increasing rapidly as these scams become more popular with fraudsters,” said Gurbir Grewal, Director of the SEC’s Division of Enforcement.In its complaint against NanoBit, the regulator revealed that from about October 2023 until June 2024, the defendants impersonated financial industry professionals in WhatsApp groups to build investors’ trust. Then, they solicited their investment through NanoBit, which they falsely promoted as an affiliate to a regulated platform.Furthermore, the alleged perpetrators even promoted a “fake” initial coin offering, promising substantial returns. However, the regulator alleged that the NanoBit platform was fake and accepted $2 million from investors, which was transferred to bank accounts in Hong Kong. The allegations also include the misappropriation of hundreds of thousands of dollars’ worth of investors’ crypto assets.Today we charged multiple entities and individuals in connection with two relationship investment scams involving fake crypto asset trading platforms NanoBit and CoinW6, respectively. https://t.co/TSNv0X8aN8 pic.twitter.com/cSPhTQt3Aj— U.S. Securities and Exchange Commission (@SECGov) September 17, 2024Gaining Trust before Scamming CoinW6, according to the SEC, operated between July 2022 and December 2023. Its participants disguised themselves as “young, wealthy professionals” and approached prospective investors on LinkedIn and Instagram. They also pursued romantic relationships over WhatsApp. The scheme participants first gained the trust of the potential alleged victims and then pitched them “up to a three percent return per day” from crypto staking, mining, and yield farming.The scammers, as per the regulator’s allegations, demanded additional payments from the investors at the time of withdrawals, claiming the assets were frozen as part of a law enforcement enquiry or even blackmailed them using compromising romantic chats.“In these two cases, we allege that fraudsters created fake crypto ecosystems that displayed false information to investors,” Grewal added.This article was written by Arnab Shome at www.financemagnates.com.
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The UK Government and the Financial Conduct Authority (FCA)are working to reform capital markets. They aim to help retail investors makeinformed investment choices. A key aspect of this effort is replacing theEU-inherited consumer cost disclosure regulation. The goal is to create a newframework tailored to UK markets.Treasury Proposes New CCI FrameworkThe Treasury has proposed replacing the current PackagedRetail and Insurance-based Investment Products (PRIIPs) Regulation with a newsystem called Consumer Composite Investments (CCIs). Legislation will beintroduced to grant the FCA the necessary powers to implement this change. Thenew CCI regime is designed to address industry concerns about currentdisclosure requirements, especially regarding costs.The new disclosure framework is expected to be in place bythe first half of 2025, pending Parliamentary approval and FCA consultations.The FCA plans to consult on the proposed rules for CCIs this autumn. Thisprocess will allow stakeholders to provide input to ensure the frameworkfunctions effectively.Government Seeks Investment Trust FeedbackThe CCI framework aims to help investors understand thecosts and value of their investments. The Government and FCA are also seekingfeedback from the investment trust sector on the existing cost disclosurerequirements, which may affect these investment vehicles.Investment trusts are significant in the UK, making up over30% of the FTSE 250 and holding assets worth more than £260 billion. Factorssuch as investment performance and market sentiment can influence theirvaluations.In response to industry feedback, the Government willlegislate to exempt listed investment trusts from the current PRIIPs Regulationand amend other relevant laws. This measure will be temporary, as investmenttrusts will later fall under the new UK retail disclosure framework.In light of these changes, the FCA will apply newforbearance measures. From September 19, it will not take action againstinvestment trusts that do not comply with PRIIPs regulations until the newlegislation is enacted. This is a temporary solution while long-term reformsare developed.This article was written by Tareq Sikder at www.financemagnates.com.
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In thefirst half of this year, Victor Gherbovet, who previously collaborated with theFX/CFD broker Admirals for over a decade, decided to launch his ownsoftware-as-a-service (SaaS) technology company, FirstByt. Now, as FinanceMagnates exclusively learned, the company is introducing a white-labelsolution for firms looking to launch their own decentralized cryptocurrencyexchange (DEX) within a few days.FirstByt Launches DEXWhite Label Solution on Solana, Eyes Multi-Chain ExpansionFirstBytunveiled itsfirst products in April this year, though the company had been indevelopment for the past few years. Now, as Finance Magnates haslearned, the company is introducing one of the first DEX white label solutionson the market, dubbed DexTrader.PRO starting with the Solana blockchain.Theplatform, which can be deployed in just 24 to 48 hours, offers a suite ofcustomizable features including SWAP functionality, limit orders, anddollar-cost averaging (DCA) tools. As Gherbovet stated exclusively for FinanceMagnates, this fast setup time represents an important shift in an industrywhere DEX deployments typically require more extensive timeframes."Whilewe're starting with Solana due to its high-speed and low-cost transactions,we're actively planning to expand to other prominent blockchains like Ethereum,Binance Smart Chain, and Polygon," the FirstByt’s CEO and Co-Founder added.However, themove towards multi-chain compatibility is part of FirstByt's strategy to bridgethe gap between decentralized finance (DeFi) and traditional finance (TradeFi)."We'reaiming to introduce decentralized money management features alongsidetraditional financial instruments like Forex, commodities, and Indices,creating a comprehensive solution for both crypto-native traders and thosetransitioning from traditional markets."🚀 The future of finance is decentralized! 🚀We are on the cusp of a new era of innovation. The future is decentralized, and it’s being built today! If you haven't already, now is the time to start investing in products and services that drive blockchain adoption.At FirstByt,… pic.twitter.com/dODyrMrIFc— FirstByt (@first_byt) September 14, 2024FirstByt'swhite-label solution offers customization options for businesses. These includeuser interface personalization, feature selection, and the ability to setcustom commission and fee structures. "Our goal is to provide businesseswith the flexibility to tailor the platform to their specific needs whileleveraging our robust technology," Gherbovet added.Security alsoremains a priority for FirstByt. The platform incorporates multiple layers ofprotection, including smart contract audits, decentralized custody, andencryption measures to safeguard users and their assets.The launchof FirstByt's DEX solution comes at a time of growing competition betweendecentralized and centralized exchanges. As the crypto industry placesincreasing emphasis on security and transparency, DEXs are emerging as viablealternatives to traditional centralized platforms.Gherbovet is not the only former Admirals executive who decided to go independent this year. Previously, Bartosz Bielec, a market veteran with 20 years of experience, launched a new CFD business named Prime Quotes. Bielec had previously served as a long-time director and Board Member at Admirals and was also the Chief Commercial Officer at Alpari.This article was written by Damian Chmiel at www.financemagnates.com.
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UniCredit has acquired a 4.5% stake in Commerzbank from theGerman government. The purchase was made after discussions between the Italianbank and the German authorities. UniCredit’s CEO, Andrea Orcel, stated in aninterview with the Italian newspaper Il Messaggero that the German governmentviews UniCredit as a reliable and suitable investor.UniCredit Becomes Largest ShareholderOrcel mentioned that he had travelled frequently betweenGermany and his family’s holiday location this summer as part of thenegotiations. He emphasized that the transaction reflects trust in UniCredit'sstability and intentions. The bank had already acquired a similar stake inCommerzbank from the market, making it the largest private shareholder in theGerman bank.Despite UniCredit’s increasing involvement, Orcel ruled outthe possibility of a hostile takeover or unsolicited bid for additional shares.He described such actions as aggressive, saying they are not part ofUniCredit’s current strategy. Instead, the bank will seek regulatory approvalto potentially increase its stake to 29.9%, the maximum threshold beforelaunching a full takeover.It must be said now that the German government made a serious mistake when it sold its shares in Commerzbank to UniCredit, in terms of craftsmanship of course, but above all in terms of the result, the now possible takeover of Commerzbank by UniCredit@Bundeskanzler #Commerzbank pic.twitter.com/BaeApcnvW6— EU Citizen 🇪🇺 🇩🇪 🎼 🎸 (@HeineGiessen) September 16, 2024Sale Sparks Controversy in GermanyThe outcome of the sale has caused some controversy inGermany. Reports suggest that the government did not anticipate UniCredit’sinterest, though the bank ultimately emerged as the highest bidder in thegovernment’s auction for the stake.In a separate interview with the German newspaperFrankfurter Allgemeine Zeitung (FAZ), Orcel confirmed that UniCredit is notunder pressure to raise its stake in Commerzbank. He also noted that the bankmay consider selling its current holdings in the future if conditions change.This article was written by Tareq Sikder at www.financemagnates.com.
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The Securities and Exchange Commission (SEC) has taken action against another decentralised finance lending platform, as the regulator charged Rari Capital and its co-founders, alleging that they operated an unregistered broker, offered unregistered securities, and misled investors.Announced yesterday (Wednesday), the complaint also named the platform’s three co-founders: Jai Bhavnani, Jack Lipstone, and David Lucid. The company and the individuals have already settled the charges with the regulator.Another Crypto Lending Platform BustedRari offered investment products, Earn pools and Fuse pools, which, according to the SEC, functioned as crypto investment funds as they allowed investors to deposit cryptocurrencies in lending pools and receive returns. The regulator alleged that the platform violated federal securities law with both of its offerings and also by selling the Rari Governance Token.Although the platform offered automatic rebalancing of crypto assets into the highest yield-generating opportunities available, in reality, the rebalancing often required manual input and sometimes failed to initiate. The regulator further found that the DeFi platform and its co-founders touted high returns to investors but did not reveal the various fees, which significantly impacted the returns.Additionally, the regulator alleged that Rari’s Fuse platform was an unregistered broker.“We will not be deterred by someone labelling a product as ‘decentralised’ and ‘autonomous,’ but instead will look beyond the labels to the economic realities, as we did here, and hold the individuals behind crypto products and platforms accountable when they harm investors and violate the federal securities laws,” said Monique Winkler, Director of the SEC’s San Francisco Regional Office.Charged and SettledAlthough the platform and its co-founders settled, none of them admitted or denied any allegations. They also consented to “permanent injunctions, conduct-based injunctions, civil penalties, [and] disgorgement with prejudgment interest.” However, the amount has not been revealed yet.The co-founders also agreed not to hold any officer or director roles in any company for the next five years.Earlier, the SEC took action against multiple crypto lending platforms and their executives. Most recently, the regulator alleged that Abra had failed to register its retail crypto lending programme.This article was written by Arnab Shome at www.financemagnates.com.
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The UK unit of Hantec Markets ended 2023 with an annual turnover of over £6.8 million, an increase of almost 24 percent from the previous year. However, the company turned an operating loss of £47,437 compared to a profit of £36,058 in 2022.Expenditure to an InvestmentAccording to the filing with Companies House, the forex and contracts for differences brokerage operator detailed that the operating loss was caused by additional IT expenditure incurred towards the end of the year due to the introduction of a new technology strategy.Due to the IT expenditure, the annual administrative expenses of the company jumped to almost £6.9 million from the previous year’s £5.5 million.“We anticipate that this investment in the development of new technologies will contribute significantly to the future profitability of the business,” the filing stated, adding that “the directors expect that the company's financial results next year will return to profitability.”A Year with a LossConsidering interest expenses, Hantec Markets’ pre-tax profits from its UK business sank to £51,542 from 2022’s profit of £51,084. After taxes, it netted a loss of £55,418 from a profit of £24,824.The loss also reduced the company’s assets, which marginally slipped to £5.39 million from £5.45 million in the previous year.“The company's business developed generally in line with the board's expectations, and the results for the period and the financial position at the period end were considered satisfactory, given the increasing competition and regulation within the sector,” the filing added.The UK unit of Hantec Markets is a subsidiary of its Hong Kong-based parent. It is also regulated in Australia and offshore jurisdictions like Mauritius and Vanuatu. Recently, Hantec introduced a $500,000 client fund insurance underwritten by Lloyd's of London.Meanwhile, Hantec is also expanding and has become one of the first brokers to enter the growing prop trading market.This article was written by Arnab Shome at www.financemagnates.com.
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