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After days of gridlock and uncertainty, the US port strike is over. Thelongshoremen strike, which threw the shipping industry into turmoil thisTuesday, finally reached a conclusion that saves the economy from potentialdisaster, with negotiations coming to a close yesterday. The strike, initiated by the International Longshoremen’s Association(ILA), froze operations at major US ports for days, threatening to disrupt analready fragile supply chain. The strike With a deal in place, however, we can all take adeep breath. But how did we get here, and what’s the actual fallout from allthis?US dock workers and port operators reached a deal to end a crippling three-day strike. The stoppage has shut down shipping on the East Coast and Gulf Coast. More here: https://t.co/Ad7E159EvC pic.twitter.com/b1NfRUENfW— Reuters Business (@ReutersBiz) October 4, 2024The Port Strike: A Messy Start and Even Messier ImpactsThe port workers strike kicked off in classic labor-versus-managementstyle. Long-simmering tensions between the ILA and port operators finallyboiled over when contract negotiations hit a wall. With dockworkers demandingbetter pay and working conditions, the shippers weren’t exactly quick toaccommodate those demands.This standoff led to a massive queue of ships waiting to unload theircargo, sparking fears of a nationwide supply chain bottleneck ala COVID. As thelongshoremen strike dragged on, businesses from all sectors were on edge. Thepotential cost? Billions of dollars in lost trade, delayed shipments, anddisrupted manufacturing schedules.Do not panic. Toilet paper, water, and baby formula are all manufactured in the US - and there will not be a shortage because of the port strike:https://t.co/oYINDfe3h6— Vanessa Yurkevich (@VanessaCNN) October 3, 2024Turns out, Americans were always going to be OK.The situation grew dire as the strike stretched into its third day,with a growing queue of ships off the coast of major US ports, includingSavannah and Houston. If left unresolved, these delays could have causedfar-reaching ripple effects on retailers, manufacturers, and consumers andmarkets around the world. Fortunately, that doomsday scenario was averted.The Strike Is Over: Reaching an AgreementThe deal that ended the port strike is a textbook example ofcompromise. Both sides made concessions to break the deadlock. The ILA and portoperators managed to reach an agreement that addressed key concerns for thedockworkers. Improved wages, better benefits, and a commitment to addressingworking conditions were the primary victories for the union. Meanwhile, port workerssecured more predictable and efficient labor terms.The strike is over, and the economy gets to breathe a sigh of relief.But make no mistake: the resolution wasn’t cheap. However, both sides knew thecosts of a prolonged strike would be catastrophic, so striking a deal (punintended) was the only option.Economic Impact: Dodging the BulletWhile the dockworkers strike undoubtedly caused disruption, the globaleconomic impact could have been far worse. The agreement helps prevent whatcould have turned into a shipping and trade nightmare.CNN reports that the strike caused significant backlogs at US ports,with hundredsof ships anchored offshore, unable to unload. Retailers, manufacturers, andcountless other industries felt the pinch as vital goods were delayed. Giventhe importance of ports in facilitating global trade, the consequences of aprolonged strike could have been staggering, with estimates suggesting billionsin economic losses.By reaching an agreement when they did, both the ILA and the shippershave helped avoid a significant hit to the supply chain. Goods will soon startflowing again, and businesses can begin to recover from the temporarydisruptions. Still, this is a wake-up call for an economy that’s alreadygrappling with inflation and geopolitical uncertainty. Any further disruptionsto the flow of goods could have pushed things over the edge.BREAKING🚨: THE STRIKE IS OVERILA Local 333 just announced they are going back to…
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Scope Prime, the institutional liquidity unit under the Rostro Group, has continued to strengthen its team and has announced the addition of Gaby Kanj, an industry veteran with over thirty years of experience.The Focus Is on MENAIn the new role, Kanj will focus on Scope Prime’s operations in the Middle East and North African markets. He will be responsible for strengthening the company’s existing client relationship team in the region.“Gaby brings with him a wealth of industry, product, and regional experience that will provide significant value to the MENA team at Scope Prime,” said Daniel Lawrance, CEO of Scope Prime.“We are working with a growing number of financial institutions in the area and are receiving ever more complex requests for assistance as more entities gain a fuller understanding of what we do. Gaby’s extensive first-hand experience will be invaluable both for us and the companies we work with.”Many Key Hires by Scope PrimeThe appointment came only a day after Scope Prime announced the hiring of Lochlan White, the former EMEA Chief Commercial Officer of 26 Degrees, in a similar role but with a global scope. After 11 years, White parted from 26 Degrees, a company run by Gavin White as the Group CEO.Other key appointments at Scope Prime include Andrew Taylor as Head of APAC and Mirian Rostian as Head of Southeast Asia.The official press release shared with Finance Magnates highlighted that during his long career in the industry, Kanj held senior roles in brokerages operating in the Middle East and Cyprus. He also consulted and advised several other financial institutions and trading platforms.Kanj also acknowledged that Scope Prime “is going through a rapid phase of expansion,” adding that “both the global footprint and the development of a highly sophisticated tradable universe of assets reflect the company’s desire to innovate, and I’m confident that my market experience will support these goals.”Apart from the hiring, Scope Prime is also expanding its reach through partnerships. Recently, Centroid integrated liquidity pools of Scope Prime through API connections.This article was written by Arnab Shome at www.financemagnates.com.
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The Belgian regulator has warned the public about seven companiesengaging in "recovery room fraud," a form of fraudulent activitywhere scammers target vulnerable individuals by promising to help recover lostfunds, but instead, they take advantage once more."Recovery Room Scam"According to the Financial Services and MarketsAuthority (FSMA), these companies target people who have already been victimsof investment fraud by offering them assistance in recovering their losses. The regulator identified several companies suspectedof operating recovery room scams, including Akin (www.akin.com.co), Bitcity (https://bitcity.cc/ and https://bitcity.ac/), Concord Services (https://ift.tt/biZ2qJx),Ledgible (https://ledgible.io/), Recovery AI (https://ift.tt/Kc9ehrg), Trade Control (www.tradecontrol.org), and World Blockchain Organization (https://uwnbo.info/; euwbo.com). In a "recovery room scam," scammers demand upfront fees for so-called administrative or legal costs and, in some cases, trickvictims into granting remote access to their computers, further endangeringtheir finances.“Victims of investment fraud are often targeted twiceby the same fraudsters: first the latter perpetrate investment fraud, andthereafter, recovery room fraud,” the FSMA mentioned. “The persons behind theinvestment fraud may also sell their victims’ contact information on to otherfraudsters. Anyone who has ever been a victim of investment fraud needs to beaware that fraudsters may target their victims again or sell their personaldata on to others.”The FSMA noted that victims are often approached viaunsolicited phone calls or emails. Fraudsters sometimes pose as law firms, accountants, or even official financial authorities and use the names oflegitimate companies or institutions.Digital WalletsThe scam follows a familiar pattern: fraudstersrequest payment for administrative tasks or tax fees, which are purelyfictitious. In other instances, they pose as good Samaritans offering freeservices, only to install spyware via remote desktop applications like Anydesk,granting them access to the victim's bank accounts.Fraudsters may also convince victims to create walletson cryptocurrency platforms, which they then exploit to steal funds. Regardlessof the method, the outcome is the same—victims lose even more money, often withno way to recover it. Worryingly, victims of investment fraud are oftentargeted twice. First, fraudsters carry out the initial scam; then, they returnwith the pretense of offering recovery services. The FSMA warns thatinformation about victims of previous scams can be sold to other fraudsters,making these individuals even more vulnerable.This article was written by Jared Kirui at www.financemagnates.com.
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The MetaTrader 5 platform is scheduled for an update, knownas build 4585, on Friday, October 4, 2024. This update follows the previous major release, build 4570.The earlier version included improvements to the web terminal and introducednew machine learning functions in MQL5.New Features in MetaTraderThe latest release, build 4585, focuses on addressingspecific issues to enhance user experience. One significant change in thisupdate is the resolution of crashes that could occur under certain conditionswhen stopping the profiling of MQL5 programs.Additionally, the MetaEditor has been improved to fix memoryleaks that occurred during MQL5 program compilation and while using intelligentcode management functions. These enhancements aim to ensure a smootherexperience for users when working with their programs.The previous update, build 4380, for the MetaTrader 5 ClientTerminal, resolves issues affecting the Live Update system and introduces a newhotkey, Alt+X, for quick access to Expert Advisors. It also addresses errors related to the Bitmap object in theMetaTester and restricts testing agents from connecting to the MQL5 CloudNetwork in virtual environments lacking AVX support, enhancing security.Additionally, issues with the one-click trading panel in the Web Terminal havebeen fixed, improving user clarity and experience.MetaTrader 5 Build 4585 ReleasedThe upcoming update addresses crashes in the MetaTesterthat happened under certain conditions when re-running single-pass tests. Theseimprovements are intended to increase the overall stability and reliability ofthe MetaTrader 5 platform. Users can expect a more dependable experience withthis latest version.Back in May, MetaQuotesreleased the MetaTrader 5 platform beta build 4330, as Finance Magnates reported. Itincludes new analytical tools for traders and resources for developers. Developers can access support for the latest ChatGPT model,GPT-4o, to assist with code completion and provide helpful tips. Key featuresof the MetaTrader 5 web platform include an expanded set of analytical objects,enabling traders to measure time and prices, draw shapes like rectangles andcircles, and add labels to charts.This article was written by Tareq Sikder at www.financemagnates.com.
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ATFX launched the MetaTrader 5 platform to improveoperational efficiency and provide better solutions for navigating the globalfinancial markets. According to the company, the new feature promisesfaster trade execution enhanced analytical tools, and data security. Byadopting MetaTrader 5, ATFX also aims to enable its clients to access tools fortrading precision and decision-making.Commenting about the new integration, Jeffrey Siu,ATFX's Chief Operating Officer, said: "Our mission is to equip traderswith innovative technology that gives them a competitive edge in the rapidlyevolving financial sector. MetaTrader 5, with its intelligent trading systems,advanced charts, technical analysis, various order types, and execution modes,has become a primary tool for achieving that goal."Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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TheFinancial Commission (FinCom) has announced that Neex is its newest approvedmember. Neex is an online brokerage offering a variety of financialinstruments, including Forex, Indices, and Commodities. It has joined theself-regulatory forum, which highlights growing demand for independent externaldispute resolution (EDR) services in the FX industry.Neex’sstatus as an approved broker member became effective on October 3, 2024,following the approval of its membership application. This allows Neex and itscustomers access to various services and membership benefits. These includeprotection for up to €20,000 per complaint, backed by the FinCom’s CompensationFund.FinComBypasses Traditional ArbitrationTheFinCom offers brokerages and their clients an impartial mediation platform forresolving disputes when the parties cannot reach an agreement. “TheFinancial Commission provides brokerages and their customers with an unbiased3rd party mediation platform that helps resolve complaints in instances whenparties are unable to directly come to an agreement over disputes,” the pressrelease of FinCom stated.Accordingto the organization, it provides a faster and more straightforward resolutionprocess compared to traditional regulatory methods like arbitration or courtproceedings.As anew member, Neex joins a range of brokerages and independent service providers using the FinCom's services. This membership demonstrates Neex’s focuson its clients while adhering to the Commission's standards.FinCom Expands DRC, AddressesImpersonation ScamMeanwhile, the FinComhas announced the appointment of Aytugan Khafizov, Founder and CEO ofFastMT, to its Dispute Resolution Committee. Khafizov's appointment brings thetotal number of industry experts on the DRC to 37 since its establishment in2013. The committee consists of a diverse group of professionals dedicated toan impartial process for handling complaints from members' clients.Earlier, The FinComupdated its investigation into a scam involving individuals impersonatingits representatives, which was reported by Finance Magnates. This schemetargets traders by falsely offering funds recovery and legal services for afee. On December 15, 2023, the Commission issued a warning about theseimposters.The investigation revealed that theseindividuals prey on traders facing issues with unauthorized brokers, issuingfake letters of guarantee and soliciting fees. They used contact detailsresembling those of legitimate services like Blockchain.com and Coinwallet. TheFinancial Commission clarified that it does not offer funds recovery or chargefees for its services.This article was written by Tareq Sikder at www.financemagnates.com.
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OANDA Europe, the UK-based subsidiary of the OANDA brokeragegroup, has released its financial results for the fiscal year ending 2023. Thecompany reported a turnover of £16.32 million, a slight decline from £16.85million in the previous fiscal year.“Despite lower market volatility in 2023, the Companyachieved similar financial performance to 2022 due to improvements in clientacquisition and retention,” the Companies House filing of the firm stated.Financial Performance OverviewNet profit for the fiscal year was £127,831. This representsa significant decrease compared to the prior year's net profit of £558,492. Theprofit before tax also fell from £704,581 in the previous year to £227,336.Administrative expenses for OANDA Europe totaled £16,585,444in fiscal year 2023. This figure reflects the company's continuous operationalcosts and represents a key component of its overall financial performance.In light of these results, the company has expressedconfidence in its future operations: “The directors have confidence that theCompany has adequate resources to continue operations for the foreseeablefuture and for a period of twelve months from the date when the financialstatements are authorized for issue.” “Accordingly, the Company continues to adopt the goingconcern basis in preparing the annual report and financial statements,” thefiling added.OANDA Expands into UK Cryptocurrency MarketEarlier, US-basedforex broker OANDA launched OANDA Crypto, a new cryptocurrency tradingplatform in the United Kingdom, as reported by Finance Magnates. The platform isregistered with the Financial Conduct Authority (FCA) and will provide variouscryptocurrency trading options for British investors. This launch follows OANDA's acquisition of a majority stakein FCA-registered crypto firm Coinpass last year, allowing the company to enterthe expanding UK crypto market, which has seen increased interest. OANDA Cryptowill enable trading in over 63 cryptocurrency pairs, including major digitalassets like Bitcoin, Ether, and Ripple. The company plans to add more tokensand features throughout the year to meet the changing needs of crypto traders.This article was written by Tareq Sikder at www.financemagnates.com.
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IXOPrime, INFINOX's institutional product offering, has seen significant growth in 2024, with KPI performance metrics that reflect the wider INFINOX brand success throughout the year. The IXOPrime product has been particularly attractive for Brokers and Institutional Clients since its launch in 2021. It is no surprise to see growth in 2024, with a 157% increase in Deposits and a 57% in volume traded.Jay Mawji, CEO of INFINOX, said, “we are particularly proud of our IXOPrime product. Our competitive nature at INFINOX manifests in us providing a premium product on every front: pricing, operations, technology, 24/7 support and fostering strong relationships - this is the INFINOX standard”A Relationship-Focused ApproachThe relationship-focused mantra continues to yield positive returns for IXOPrime, where the focus in relationships takes priority over numbers, “At IXO Prime, we’ve built our success on strong, personal relationships with our partners, this value add allows us to do our best work for our clients and ensure we add a value that goes beyond a set of metrics” said Lee Holmes, who recently returned to INFINOX, “"We're not here to chase a single metric." We focus on the larger picture, assisting our partners in increasing revenue in ways they may not be aware of."The strong relationships IXOPrime has with its clients, creates the environment for optimisation that yields competitive pricing and execution plus increasing the $pm revenue from order flow; which is the ultimate goal for all brokers and Institutional Clients. Technology That Delivers ResultsThe introduction of enhanced trading technology has allowed IXOPrime to go even further by providing pricing and execution models that underpin the benefit of executing with them. Clients can benefit from a whole-of-market approach, accessing the most efficient combination of pricing and market depth to maximise revenue from order flow. Furthermore, trading data and order maximisation mean that clients can be directed to suitable venues, ultimately providing a strong product offering to their clients. 2025: The Year of GrowthWith 2024 being a strong growth year for IXO Prime, much development has taken place in the background, yielding a strong offering into 2025. “We have had constructive feedback from our clients and are clear on where we can do better; paired with our vision and some incredible work by the teams, there is a strong confidence that we can produce the results in 2025 that match our ambition,” said Moe Padhani, Head of Sales & Commercial at INFINOX.With all eyes on IXOPrime, as they prepare for the Dubai Forex Expo in early October, it’s evident that INFINOX and the IXOPrime product continue it’s position as the leading Institutional Offering.About INFINOXINFINOX is a market-leading global, multi-regulated online brokerage that allows clients to trade a multi-asset class of CFDs. Founded in 2009, it forms strong relationships with partners and provides world-class service to its clients around the world. Its business is built on its core values of Integrity, Ambition, Excellence, and Inspiration.This article was written by FM Contributors at www.financemagnates.com.
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Sam Chaney, who left the NAGA Group last month, has joined forex and contracts for differences (CFDs) broker M4Markets as the new Commercial Director. The broker highlighted that the appointment came as it moved “into its next stage of expansion.”Growth Prospects of M4MarketsM4Markets expects to leverage Chaney’s expertise around the global financial scene and clients’ needs, which makes him “especially qualified” to direct company activities. His focus will be on strengthening the broker’s global presence and opening up new prospects in developing areas.“This is a unique opportunity to help rebuild and expand on a strong company foundation,” Chaney said in a statement highlighting his new role, adding that “I look forward to working with the team to deliver exceptional results and drive the company to new heights.”The offerings of M4Markets include trading services with CFDs on forex, commodities, indices, shares, and cryptocurrencies. It has also strengthened its regulatory standing, gaining licences from regulators in the United Arab Emirates, Cyprus, Seychelles, and South Africa.Finance Magnates last year reported that the operator of M4Markets acquired the operations of Tixee, another CFDs broker then operating in the EU and globally. Although neither broker revealed the terms of the acquisition, according to the Seychelles-registered website of Tixee, it had over 155,000 registered clients from over 115 countries.An Experienced ExecutiveChaney is an experienced executive who brings more than ten years of experience in the CFDs and financial services sector to his new role at M4Markets.He served as Chief Commercial Officer of NAGA for more than a year and was based in its London office, according to his LinkedIn profile. Before that, he was the Head of Sales Development at Infinox for five years. His other industry experience includes being the Head of Sales for Institutional FX and CFDs at Hantec Markets and the Sales Manager of FX and CFDs at OANDA Europe.“We’re confident that Sam’s leadership will play a key role in shaping the future of our business,” said Oscar Asly, CEO of M4Markets. “His extensive experience in scaling companies and expanding market share will be instrumental in driving our long-term goals.”This article was written by Arnab Shome at www.financemagnates.com.
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The PolishFinancial Supervision Authority (KNF) has unanimously revoked Conotoxia sp. z o.o. 's payment services license, citing the company's failure toensure prudent and stable management of its payment services activities.Polish Fintech ConotoxiaStripped of Payment LicenseIn astatement releasedyesterday (Wednesday), the KNF said its decision was primarily based onConotoxia's non-compliance with statutory obligations related to protectingfunds received from payment service users for the execution of paymenttransactions."As aresult of the administrative investigation and based on supervisory findings,the KNF concluded that the company does not ensure prudent and stablemanagement of the payment services business. Therefore, there is a rationalefor revoking the company’s authorization to provide payment services as adomestic payment institution," KNF commented in a statement originallypublished in Polish.The Polish regulatorhas ordered Conotoxia to immediately cease opening new payment accounts andstop accepting deposits or transfers to existing accounts. Existing accountholders will be allowed to withdraw funds or transfer them to other providersuntil all obligations are settled.It'simportant to emphasize that Conotoxia, which operates the popular local fintechbrand Cinkciarz.pl, conducts business through several different companies.Conotoxia sp. z o.o. is responsible for operating as a payment institution.Additionally, Cinkciarz.pl sp. z o.o. functions as a currency exchange serviceprovider and is a SWIFT member. Meanwhile, Conotoxia Ltd, licensed by CySEC,provides services in the FX/CFD market.Therefore,while the KNF has revoked the domestic payment institution license according toits latest decision, the license for providing CFD transactions issued inCyprus remainsvalid.Conotoxia,which operated through agents Cinkciarz.pl sp. z o.o. and Cinkciarz.plMarketing sp. z o. o., has been given until December 31, 2024, to terminate alllegal relationships arising from its payment services contracts and satisfy anyrelated claims.The KNF hasstated it will closely monitor Conotoxia's wind-down process to ensure allclient funds are properly returned or transferred.Finance Magnates wrote about Conotoxia over a year ago when the company celebrated a victory in a decade-long legal battle with another local digital currency exchange, Currency One SA. This rival had used Conotoxia's name as a search engine keyword to advertise its services. The court mandated Currency One to compensate Conotoxia with a payment of 2 million PLN (approximately 440,000 EUR) among other stipulations. Currency One has stated its intention to challenge the decision of the court.This article was written by Damian Chmiel at www.financemagnates.com.
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Scope Prime, the institutional liquidity brand of RostroFinancial Group, has announced its integration with Centroid Solutions’platform via Centroid Bridge. This integration allows Centroid’s clients to access a broadrange of deep liquidity pools offered by Scope Prime. The move aims to updateliquidity management, enhance operational efficiency, and improve connectivityacross the platform.Centroid and Scope Prime Integration“We understand the importance of always having best-in-classmarket connectivity in place across all assets,” commented Daniel Lawrance,Chief Executive Officer at Scope Prime.This integration allows us to increase our reach byextending pricing into Centroid’s vast network of customers as ensuring theyhave seamless access to the deepest liquidity pools is a vital component fortheir success.”Centroid Bridge is a recognized liquidity management andorder execution engine. It provides institutional-grade connectivity solutions,including smart order routing and execution, liquidity management, and reportingtools for multi-asset platforms. According to the firm, the integration withScope Prime is seen as a step forward in advancing liquidity services forbrokers and traders globally.“This partnership highlights the strength of Centroid’stechnology in delivering the scalability and connectivity that today’s brokersneed to stay competitive.""We look forward to supporting Scope Prime as theycontinue to provide their clients with high quality liquidity services,” added CristianVlasceanu, CEO of Centroid Solutions.Expanding Partnership with DXtrade for CFD TradingSolutionsMeanwhile, Centroid has expanded its collaboration withDXtrade to support the DXtrade CFD white-label trading platform on CentroidRisk, its risk management system, as reported by Finance Magnates. Developed by Devexperts, DXtrade is a customizable tradingplatform that provides options for partial and full customization. It featuresa web trader, mobile apps for Android and iOS, and various tools for brokermanagement and client services.This article was written by Tareq Sikder at www.financemagnates.com.
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DXtrade, Devexperts' flagship trading platform, has announced a new partnership with Finalto. This collaboration will enhance liquidityprovider services for brokers using the DXtrade platform.DXtrade Platform Gains Access to Finalto's Multi-Asset Liquidity PoolFinalto,known for its liquidity aggregation and risk management solutions, willintegrate its services with DXtrade's trading ecosystem. This move is expectedto give brokers access to Finalto's liquidity pools, which are designed to connectmarket demand with supply across over 3,000 instruments in multiple assetclasses.“Finaltoand Devexperts have had a longstanding relationship over many years,” said PaulGroves, UK B2B CEO at Finalto. “Even though over time Finalto's technologyrequirements may have changed, keeping close bonds and working with Devexpertswill always be part of our future plans.”A few weeks ago, Finalto introduced the Finalto Broker Handbook, a guide designed to help brokers build and sustain thriving retail brokerage businesses. The company also recently appointed Simon Ormrod as Chief Financial Officer, who now leads the global Finance team.The newest integration aims to provide traders with additional tools for assessing marketconditions, including predictive and scenario analysis capabilities. Thesefeatures are designed to offer real-time insights, potentially leading to lowertransaction costs and improved trading efficiency.“Ensuringour brokers are able to offer their traders the best in liquidity serviceprovision is important to us,” Jon Light, Head of OTC Platform at Devexperts, added.“Liquidity services can have a significant impact on user experience andoverall trader performance.At the beginning of September, Devexperts added a high-speed copy trading feature to its white-label trading platform as part of a collaboration with Traders Connect. The platform enables multi-platform transaction copying without the need for software installation.DXtrade Expands into PropTradingDevexpertshas enhanced its DXtrade XT white-label trading platform to include futurestrading functionality, targeting proprietary trading firms. This expansionallows firms to offer US futures trading to global clients, complementingexisting forex and CFD trading support.The movecomes in response to growing demand for futures trading technology in the proptrading sector. Many firms previously focused on CFD products are now expandinginto derivative market instruments, particularly CME futures in the US.Devexperts has already onboarded 40 such firms over the past year.InSeptember, DXtrade XT introduced further enhancements to support prop trading.The latest update helps brokers and prop firms launch challenges and contests,offering tools to organize competitions using DXtrade XT as a paper moneytrading environment.This article was written by Damian Chmiel at www.financemagnates.com.
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The publicly listed online brokerage Interactive Brokers (NASDAQ: IBKR) hasannounced a new collaboration with Acuity Trading to integrate the AcuityResearch Terminal into its platform. This move aims to enhance the research anddecision-making tools available to investors using Interactive Brokers'services.Interactive BrokersIntegrates Acuity Trading's Research TerminalThe AcuityResearch Terminal is now fully accessible through the Interactive Brokers'Discovery Tool within the Trader Workstation (TWS) Mosaic interface. Thisintegration provides investors a centralized research platform offeringalternative data sets and unique analysis tools across multiple asset classes."Weare thrilled to work with Interactive Brokers, a platform synonymous withadvanced trading technology and that has a global investor base,” Andrew Lane,CEO of Acuity Trading, commented. “By integrating the Acuity Research Terminalinto their ecosystem, we are empowering investors with the tools they need touncover opportunities and make data-driven investment decisions."Thenewly integrated Research Terminal offers several key features:Multi-AssetClass Coverage:Users can analyze up to five asset classes simultaneously, including Equities,Currencies, Commodities, Indices, and Cryptocurrencies.ComprehensiveCalendar Events:The platform provides detailed corporate and economic calendars, allowinginvestors to track high-impact events across various sectors and regions.AssetIQ: This tool offers an overview ofavailable instruments, highlighting opportunities based on Acuity's proprietarydata scores derived from factors such as momentum, volatility, and newssentiment.NewsIQ: Powered by Dow Jones data, thisfeature delivers critical insights and helps investors identify potentiallyprofitable assets by tracking their popularity and sentiment across newssources.Acuity first presented its artificial intelligence (AI) driven Research Terminal in 2019. Since then, it has formed numerous partnerships helping industry companies offer clients more personalized and accurate data. For example, last month, Acuity welcomed Amega as a partner, and it integrated the AnalysisIQ tool. Previously, the Forex CRM provider Techysquad also partnered with Acuity Trading to improve data integration.What's New at InteractiveBrokers?InteractiveBrokers has recently made several significant announcements and improvements toits offerings. For example, Graeme Farrell has joined IBKR's board ofdirectors. Farrell, who currently serves as the Group Chief Risk Officer,brings valuable experience from his previous role as Global Head of OperationalRisk & Resiliency at AQR Capital Management.IBKR hasalso expanded its global bond offering through the IBKR Bond Marketplace. Keyenhancements include:Extendedtrading hours of up to 22 hours a day for global corporate bonds, EuropeanGovernment Bonds (EGBs), and UK GiltsAdditionof Swiss Franc-denominated (CHF) bonds, including Swiss government bonds andglobal corporate bondsInSeptember, Interactive Brokers reported new trading metrics. Daily AverageRevenue Trades (DARTs) reached 2.634 million, a 46% increase year-over-year. Clientequity grew to $541.5 billion, up 46% from the previous year and 5% from AugustThis article was written by Damian Chmiel at www.financemagnates.com.
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The efficacy of cross-border payments across borders has become an essential aspect of businesses. Unfortunately, these payments are also a notable pain point for operations as they expand into international markets. As such, Finance Magnates has partnered with Visa to launch a quick survey to glean the latest insights and feedback from all participating professionals.Each industry has grappled with cross-border payments in their own way, with the financial services space having its own unique experience. Businesses routinely have to grapple transaction costs, compliance issues, security protocols, and other potential processing delays.Why Your Participation in the Survey Matters In the face of these challenges, this survey is looking to garner actionable feedback to help contribute to solutions and strategies moving forward. This includes forming industry techniques as well as best practices in the financial services space as we head into 2025.Whether you are a financial professional, fintech leaders, and business executives are encouraged to fill out the survey. Participate today by accessing the following link.Any industry has room for optimization and payments operations are no exception. Survey responses can be helpful in improving operational efficiency while reducing friction in cross-border payments. Ultimately, all individuals are invited to participate in the survey to lend their voice in steering the future of global financial innovations and standards.Noteworthy Trends that Are Looking to Be AddressedThe survey touches on several elements of the cross-border payments sphere. Respondents can address some prominent trends and topics, each of which have the goal of identifying the most efficient or salient strategies. The participation from a diverse audience will also be instrumental in lending a broad-based perspective.Both Finance Magnates and Visa thank all participants for their attention, time, and effort in helping shape the future of cross-border payments!This article was written by Finance Magnates Staff at www.financemagnates.com.
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Gurbir Grewal, the Director of the Securities and ExchangeCommission’s (SEC) Division of Enforcement, is leaving the agency. His departure marks the end of a three-year tenure marked by significant enforcementactions. DeputyDirector Sanjay Wadhwa will take over as Acting Director, with Chief CounselSam Waldon stepping into the role of Acting Deputy Director.Leadership Transition at SECAccording to the regulator’s statement, SEC Chair Gary Gensler praised both Grewal and Wadhwa,highlighting their commitment to investor protection and market integrity. Healso expressed confidence in Sam Waldon, who will assume the role of ActingDeputy Director.“We have been incredibly fortunate that such anaccomplished public servant, Gurbir Grewal, came to the SEC to lead theDivision of Enforcement for the last three years,” Gensler said. “Every day, hehas thought about how to best protect investors and help ensure marketparticipants comply with our time-tested securities laws. He has led a Divisionthat has acted without fear or favor, following the facts and the law whereverthey may lead. I greatly enjoyed working with him and wish him well.”Today we announced that Gurbir S. Grewal, Director of the Division of Enforcement, will depart the agency, effective Oct. 11, 2024. https://t.co/4wXy6ka0qM pic.twitter.com/mnVf378bPi— U.S. Securities and Exchange Commission (@SECGov) October 2, 2024Under Grewal’s leadership, the Division of Enforcementreportedly pursued more than 2,400 enforcement actions, resulting in over $20billion in disgorgement, civil penalties, and prejudgment interest. TheDivision also secured over $1 billion in whistleblower awards and achieved morethan 340 industry bars against individuals.Grewal's TenureGrewal's tenure focused on proactive enforcement,recalibrating penalties to deter misconduct, and holding key players accountablefor securities law violations. He emphasized cooperation and self-policing askey measures to ensure market integrity.Grewal’s departure comes as the SEC focuses on regulating evolving sectors, such as cryptocurrency andfinancial technology. Grewal's legacy, marked by a strong stance on investorprotection, has reportedly set a standard for his successors.This article was written by Jared Kirui at www.financemagnates.com.
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Exness, one of the world’s largest brokers, announces its participation as an Elite Sponsor at the upcoming Forex Expo Dubai 2024 scheduled for 7 and 8 of October at World Trade Centre, Dubai. This sponsorship further solidifies Exness’ commitment to the MENA region.Forex Expo Dubai is a premier event in the financial industry, attracting more than 18,000 visitors from the trading community and the industry. As an Elite Sponsor, Exness will have a prominent presence at the Expo, showcasing its innovative trading solutions tailored for the MENA trader. In addition to its booth presence, Exness’ industry expert, Negin Negahdari, Senior Business Development Manager, is taking the stage to deliver an interesting keynote on "The Physiology of Trading," delving into the often-overlooked psychological aspects that can make or break a trader's success.Mohammad Amer, Exness Regional Commercial Director, expressed, "We are thrilled to be an Elite Sponsor of Forex Expo Dubai 2024. The MENA region is a key market for Exness and this event provides us the platform to showcase our innovative offerings and reaffirm our commitment to the region. We are excited to share our vision and contribute to the discussions about the future of the financial markets.”Exness uses a combination of technology and ethics to raise the industry benchmark and create favorable conditions for traders. It offers clients a frictionless trading experience through its superior proprietary platform and unique market protections and allows traders to experience how the markets should be.This article was written by FM Contributors at www.financemagnates.com.
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Carla Nemr, who left Tickmill earlier this year, has joined newly launched forex and contracts for differences (CFDs) broker Tauro Markets as its Chief Commercial Officer, Finance Magnates learned exclusively.Building a Strong Leadership TeamHer primary responsibility in the brokerage is to develop and execute global commercial strategies. She will further work closely with the management board and shareholders to ensure the broker’s long-term vision aligns with the broader goals of the Synervest Group, a financial backer of the broker.However, her immediate focus will be to create a roadmap for the newly launched broker’s commercial strategy and streamline both internal and external processes to optimise operations.“My role is to make sure we have a clear plan that helps us grow steadily, focusing on practical steps that will lead to lasting success,” Nemr told Finance Magnates. “I’ll be working to align our technology, operations, and market strategy to help Tauro Markets stand out worldwide.”A New Broker by a Known FaceTauro Markets has been launched recently by Alexander Oelfke, the former CEO of BDSwiss, who is also heading it as the Chief Executive. The other two co-founders of the platform are David Dubrulle and Konstantin Oelfke.The brokerage is headquartered in Dubai and already has a team of more than 100 staff across various locations and roles.Nemr, who has already assumed her new role, is based at the Dubai headquarters of the broker, but due to the global nature of her responsibilities, she will be travelling to various key markets throughout the year.In an exclusive interview with Finance Magnates, Oelfke revealed that Tauro Markets is “in the process of establishing teams in the LATAM and APAC regions.” Furthermore, the broker is now regulated in Mauritius, Kuwait, and St. Vincent & the Grenadines and is in the process of applying for more licences.Nemr left Tickmill after spending about eight years with the company. She joined the broker as the Head of Global Business Development and separated as the Chief Business Development Officer. She has over two decades of sales experience across industries and has also worked with other retail brokerage brands, including Amana Capital, FXTM, and Alpari.This article was written by Arnab Shome at www.financemagnates.com.
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Revolut wants Meta to compensate users who fall victimto scams on its social media platforms, CNBC reported. The fintech giant’sdemands followed Meta’s recent launch of a data-sharing partnership with UKbanks, a move Revolut believes is insufficient to effectively address globalfraud issues.Revolut Demands More Than Data SharingMeta recently announced a partnership with UK banks NatWest and Metro Bank to reduce fraud by sharing data that may help prevent customers from falling prey to scams.However, Revolut finds this approach inadequate. Thefintech firm believes that, while collaboration is vital, the social mediagiant and others like it need to take a more proactive role in supporting fraudvictims. New UK payment industry regulations will reportedly comeinto effect this month, requiring banks and payment providers to compensatevictims of authorized push payment fraud. Initially, the Payments System Regulator suggested ahigher compensation limit, but the amount was scaled back following concernsraised by banks and payment firms. Revolut reportedly supports these measures but insists that theburden should not fall solely on financial institutions. Social mediaplatforms, where many scams originate, need to share the responsibility. Revolut's demands echo a broader sentiment amongfinancial institutions that tech companies must bear greater responsibility forfraud occurring through their platforms.While Meta’s recent partnership with UK banks is astep in the right direction, Revolut said that more substantial measures arerequired, ones that ensure accountability and protect consumers moreeffectively against the growing threat of online fraud.Social Media Last month, the Cyprus Securities and ExchangeCommission (CySEC) noticed the risks of social media scams. The regulatorlaunched a new social media campaign to warn investors to avoid the pitfalls inonline investment activities. The initiative was launched in response to the heightenednumber of online scams.CySEC flagged several fraudulent websites claimingaffiliation with the commission. In the campaign,which intends to protect investors from falling victim to social media scams, CySEC urged investors to protect their personal information. Similar warnings were issued by Germany’s financial regulator, BaFin, citing a growing trend where younger investors are turning to socialmedia. In May, BaFin conducted a survey involving 1,000 consumerswho had invested in the past two years. The study showed that more than half ofthe respondents from Millennials and Gen Z consider social media a goodalternative to traditional financial advice.This article was written by Jared Kirui at www.financemagnates.com.
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eToro released its financial results for the year 2023, highlighting amixed performance during this period. Net income dropped by a double-digitfollowing a decline in trading commission, which forms a larger part of thecompany’s revenues.“2023 saw a gradual thawing of financial markets following almost a yearof bear territory, allowing many retail investors to reverse losses from 2022and get their portfolios back on track,” eToro highlighted in the financialreport filed with Companies House Services.“However, whilst last year was a big improvement on its predecessor,aside from the gargantuan AI-fuelled performance of bug US tech stocks,particularly the so-called “Magnificent 7”, it was a case of slow and steadyfor markets grappling with higher interest rates and other economic headwinds.”Economic HeadwindseToro’s net income dropped 14% year over year to $125,736,161, followinga 19% decline in trading commissions to $106,021,023. Although the tradingcosts nearly doubled in the period, the company managed to reduce administrative expenses by 10%.Overall, the total comprehensive income decreased by 28% to $2,471,265. eToro generated total commissions of nearly $630 million in 2023 and morethan $100 million in EBITDA. The group also expanded its offerings, including launching ISA products in the UK, proxy voting,and extended-hours trading products. Additionally, the company reportedlyenabled UK clients to trade assets from the GBP eToro Money account.Total Assets Notable, eToro increased its total assets by 41% year over year, from$42,439,176 to $67,346,461, and ended the year with more than 35 millionregistered users globally and 3 million funded accounts (which increased by5%)."Towards the end of the year, we also saw bitcoin start to rally ahead ofJanuary’s approval of a spot Bitcoin ETF," the company noted. "This momentum hascontinued into 2024 as a multi-asset investing platform; eToro has been wellpositioned for the crypto comeback, providing users with straightforward accessto crypto alongside a wide range of other asset classes."Last month, eToro acquired the Australian investing appSpaceship for $55 million. This move aims to boost the Israel-basedcompany’s position in the savings sector and focus on more passive, long-terminvestments. Spaceship has more than 200,000 clients and manages more than $1billion worth of assets.This article was written by Jared Kirui at www.financemagnates.com.
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Kraken has announced the launch of its new globalderivatives venue in Bermuda. This initiative aims to provide clients with alicensed trading platform in a recognized jurisdiction.Bermuda Authority Approves Kraken VenueKraken's new venue allows clients to trade derivativesaround the clock, aligning with the 24/7 nature of the cryptocurrency market. Accordingto the press release, the exchange operates under the regulatory oversight ofthe Bermuda Monetary Authority, which is recognized for its strong framework incryptocurrency regulation.With this launch, Kraken expands its offerings to includeover 200 different derivative contracts. The timing is important, as manyclients seek to use derivatives to better manage their digital asset exposures.“Derivatives now account for the majority of total cryptotrading volumes. Clients use derivatives for capital-efficient hedging,cross-margined exposure, as well as yield and arbitrage opportunities, amongothers,” said Shannon Kurtas, Head of Trading at Kraken. “Providing our clients with the ability to trade derivativessecurely and efficiently means they can take advantage of these diverseopportunities more easily as we anticipate continued growth in derivativevolumes and open interest.”Flexible Futures Trading AvailableInitially, Kraken will offer perpetual and fixed maturityfutures. These will be available against various collateral options, includingfiat currencies and more than thirty cryptocurrencies. This variety aims togive clients greater flexibility in managing their positions and associatedrisks.Access to the derivatives venue is provided to clients ineligible jurisdictions. They can connect through Kraken's applicationprogramming interfaces (APIs) and its web and mobile platforms. Bermuda’s Premier, E. David Burt, remarked: “Since 2017, weset out on a mission to provide regulatory clarity for digital asset businesseswhich uphold our jurisdiction’s standards in compliance and risk management. Weare happy to see global businesses like Kraken recognizing Bermuda as a premierjurisdiction for digital finance.”This article was written by Tareq Sikder at www.financemagnates.com.
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eToro released its financial results for the year2023, highlighting a mixed performance during this period. Net income dropped by a double-digit following a decline in trading commission, which forms a larger part of the company’s revenues.“2023 saw a gradual thawing of financial marketsfollowing almost a year of bear territory, allowing many retail investors toreverse losses from 2022 and get their portfolios back on track,” eToro highlightedin the financial report filed with Companies House Services.Economic Headwinds“However, whilst last year was a big improvement onits predecessor, aside from the gargantuan AI-fuelled performance of bug UStech stocks, particularly the so-called “Magnificent 7”, it was a case of slowand steady for markets grappling with higher interest rates and other economicheadwinds.”eToro’s net income dropped 14% year over year to $125,736,161,following a 19% decline in trading commissions to $106,021,023. Although the tradingcosts nearly doubled in the period, the company managed to reduce by 10%. Overall,the total comprehensive income decreased by 28% to $2,471,265. eToro generated total commissions of nearly $630million in 2023 and more than $100 million in EBITDA. The group also expanded its offerings, including launching ISA products in the UK, proxy voting, and extended-hours trading products. Additionally, the company reportedly enabledUK clients to trade assets from the GBP eToro Money account.Total AssetsNotable, eToro increased its total assets by 41% year over year, from $42,439,176 to $67,346,461, and ended the year with more than 35 million registered users globally and 3 million funded accounts (which increased by 5%).“Towards the end of the year, we also saw bitcoinstart to rally ahead of January’s approval of a spot Bitcoin ETF, the companynoted. “This momentum has continued into 2024 as a multi-asset investing platform; eToro has been well positioned for the crypto comeback, providing users with straightforward access to crypto alongside a wide range of other asset classes.Last month, eToro acquired the Australian investing app Spaceship for $55 million. This move aims to boost the Israel-based company’s position in the savings sector and focus on more passive, long-term investments. Spaceship has more than 200,000 clients and manages more than $1 billion worth of assets.This article was written by Jared Kirui at www.financemagnates.com.
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The Financial Conduct Authority (FCA) has imposed a fine of£28,959,426 on Starling Bank Limited. The fine is for failings related tofinancial crime, specifically concerning the bank’s financial sanctionsscreening process. The FCA also found that Starling repeatedly breached arequirement prohibiting it from opening accounts for high-risk customers.Starling's High-Risk Account OpeningsStarling Bank experienced rapid growth in its customer base,increasing from around 43,000 customers in 2017 to 3.6 million in 2023.However, the measures the bank implemented to fight financial crime did notkeep pace with this expansion.In 2021, the FCA reviewed the financial crime controls ofvarious challenger banks and identified significant concerns regardingStarling's anti-money laundering and sanctions framework. As a result of these findings, the FCA mandated thatStarling restrict the opening of new accounts for high-risk customers untilimprovements were made. Despite this requirement, Starling opened over 54,000accounts for 49,000 high-risk customers between September 2021 and November2023.BREAKING: Starling Bank, which has major operations in Cardiff, has been fined by The Financial Conduct Authority (FCA) for financial crime failings related to its financial sanctions screening. https://t.co/JO3XrgHld0 pic.twitter.com/bUTP8RSNCW— Insider (@insiderwales) October 2, 2024FCA Investigation Takes 14 MonthsIn January 2023, Starling discovered that its automatedscreening system had only screened customers against a small portion of thecomplete list of individuals subject to financial sanctions since 2017. Aninternal review revealed systemic issues within its financial sanctionsframework. Following this review, Starling reported multiple potential breachesof financial sanctions to the appropriate authorities.“Starling’s financial sanction screening controls wereshockingly lax. It left the financial system wide open to criminals and thosesubject to sanctions," commented Therese Chambers, Joint Executive Director of Enforcementand Market Oversight."It compounded this by failing to properly comply with FCArequirements it had agreed to, which were put in place to lower the risk ofStarling facilitating financial crime.”The investigation into Starling's practices took 14 months,significantly shorter than the average of 42 months for cases concluded in2023/24. In response to these findings, Starling Bank has implementedprograms to address the breaches and improve its overall financial crimecontrol framework. This article was written by Tareq Sikder at www.financemagnates.com.
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TauroMarkets, a next-generation retail brokerage firm financially backed bySynervest Group, is launching with the financial backing of the newly formedSynervest Group as announced in a press release earlier today. The broker's product offerings extend beyond traditional CFDs, aimingto deliver a wider range of innovative financial instruments to both retail andinstitutional investors worldwide.Following the launch, Finance Magnates had the opportunity tosit down with Alexander Oelfke, CEO and Co-founder of Tauro Markets, for anexclusive interview discussing the company’s next steps and global expansionplans.“While we have been developing the platform and refining our offeringsover the past five years, this is the point at which we are fully presentingour expanded services and advanced trading technologies to the market,”Oelfke said. “It’s a significantmilestone that signals our readiness to serve clients globally with ournext-generation trading platform.”Apart from AlexanderOelfke, the other two co-founders of the platform are David Dubrulle andKonstantin Oelfke.B2B Is theFutureThe CEO furtherhighlighted that most features of the platform will be released in the nextcouple of months. The broker’s focus also extendsbeyond retail customers, with plans to also serve B2B clients in the future.“We are also looking into making our platform B2B-ready in the futurebecause we strongly believe that the majority of broker platforms will not meetthe requirements of future customers,” Oelfke added.“By launching now, we aim to create a community of clients and traderswho are vital to implementing our future offerings efficiently and in atargeted manner.”Backedby the Synervest Group, co-founded by Alexander Oelfke, Konstantin Oelfke, andDavid Dubrulle, the partnership brings deep expertise across trading, payments,and fintech. While this involvement will help reach secure and efficient onlinepayment orchestration and financial technology, Tauro Markets will maintainfull operational independence.AWell-Regulated BrokerThe brokerage isstrategically headquartered in Dubai, which, according to Oelfke, is “an essential hub of the global tradingcommunity at the moment, and most importantly, it’s a keylocation where new technologies around trading, investments, and cryptoare developed and fostered.”Despite being in theearly stages, the brokerage already has more than 100staff across various locations and roles, including technology,compliance, customer support, and business development.Regardingregulations, Tauro Markets currently holds trading licenses from theauthorities in Mauritius, Kuwait, and St. Vincent & the Grenadines.Additionally, the company is in the process of applying for further licenses.“Our key target markets are global, and we aretaking an opportunistic approach to drive the future growth of Tauro Markets.”Oelfke said. “That said, we already haveone of the strongest business development teams in the MENA region, and we arein the process of establishing teams in the LATAM and APAC regions.”BeyondCFDsAs a new entrant intothe financial services industry, Tauro Markets is differentiating itself byproviding modern tools to traders. It is introducing improved tradingalgorithms, faster execution speeds, and access to a broader range of digitalassets, including cryptocurrencies. The broker is also pushing with its productofferings by including forex, CFDs, commodities, indices, and a wider range ofdigital assets.“I strongly believe that a proper CFDoffering can serve the retail trader extremely well if structured correctly,”Oelfke told Finance Magnates. “However, especially when it comes tolong-term investments, we feel that additional products are needed to satisfythe full spectrum of customer needs.”He further revealed thatthe newly launched platform is already working on a crypto offering that willenable customers to hold cryptocurrencies and other tokens physically. Theplatform will also incorporate basic stocks, options, and exchange-traded funds(ETFs) into its offerings.“To make…
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NAGA has introduced a new website that combines trading,investing, cryptocurrencies, and payments into a single platform called the'Everything Money' hub. By consolidating its main services, NAGA allows users tomanage their finances more easily in one place. The redesigned site aims toprovide a balance between extensive information and a user-friendly experience.It is designed to cater to both experienced traders and newcomers.Social Trading Connects NAGA UsersA feature of NAGA's platform is its Social Tradingcapabilities. This aspect has led to the nickname “the Facebook of investing.”Users can follow Lead Traders, interact with them, and automatically copy theirtrades in real time. This adopts a more connected experience. Collaborativetools are integrated throughout the platform, enabling users to share insights,discuss strategies, and learn from each other.NAGA also offers a modern approach to education. Users canaccess video snippets in addition to traditional resources like e-books andwebinars. This allows traders to learn at their own pace and improve theirskills effectively.NAGA Launches New 'Everything Money' Website Experience, Unifying Trading, Investing, Crypto, and PaymentsRead more: https://t.co/HnDmx7ZCZ1#NAGA #EverythingMoney #Trading #Crypto #PaymentSolutions #FintechInnovation #FinancialServices #finance #fintech #FinancialIT pic.twitter.com/W8RBzxtivN— Financial IT (@financialit_net) October 3, 2024Recently, the company launched its "EverythingTrading" app within Telegram, enabling users to trade directly through themessaging platform. This feature aims to make trading more accessible ineveryday conversations. NAGA has also partnered with football club BorussiaDortmund, enhancing its presence in the fintech industry.Completing Merger with CAPEXMeanwhile, NAGAGroup has completed its merger with Key Way Group, the parent company ofCAPEX.com, after receiving necessary regulatory approvals within six weeks.This merger aims to enhance NAGA's global presence and drive cost efficiency. With approximately 1.5 million users in over 100 countries, NAGA Groupplans to integrate CAPEX.com’s user base into its ecosystem, offering a rangeof features through the NAGA SuperApp. The group expects annual cost savings ofup to EUR 9 million by streamlining operations and leveraging technology, asreported by Finance Magnates.This article was written by Tareq Sikder at www.financemagnates.com.
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Marex PrimeServices, a division of financial services platform Marex, announced today (Thursday)its expansion into Dubai, marking another step in the company's Middle Eastgrowth strategy.Marex Ramps Up Middle EastOperations, Names Najjar to Lead Dubai TeamMoreover, thefirm has appointed Mazen Najjar, a veteran with over 12 years of experience infinancial services and prime brokerage sales across the MENA region, tospearhead its institutional sales efforts. Najjar joins Marex after a six-yeartenure at IG Prime, where he was driving growth through product launches anddeveloping partnerships with B2B clients.In his newrole, Najjar will be tasked with developing and implementing Marex PrimeServices' regional sales strategy, with a focus on providing localized supportand tailored prime brokerage solutions to a diverse client base includingbanks, hedge funds, investment managers, and family offices."Thisstrategic move strengthens our current operations and better positions us tomeet the evolving needs of our clients in the region,” Shahab Hashemi, CEO(MENA) at Marex, commented. “Incorporating prime services to our offeringallows us to deliver more tailored and localized solutions to hedge funds,family offices and other institutional clients."Theestablishment of a dedicated presence in Dubai complements Marex's existingoperations in the Middle East region and is expected to strengthen the firm'sposition in the competitive prime brokerage market.Justyesterday (Wednesday), Marex Group announced its agreement to acquire AarnaCapital Limited for Middle East clearing business. Based in Abu Dhabi, AarnaCapital provides clearing, execution and risk management solutions. "Thisis an exciting time for our prime services team, and I'm looking forward tobuilding on Marex's achievements and delivering tailored prime brokeragesolutions to our clients,” Najjar himself expressed enthusiasm about his newrole.Exec MovesMarex hasrecently made several other key executive changes. In June, the companyannounced Liz Barrett as the new Group Head of HR, starting June 24, 2023.Barrett, who brings over twenty years of experience in financial services, hasa robust background in global business operations, organizational change, andculture initiatives. She succeeds Karen Neffar, who has left the company toexplore new opportunities.Additionally,in March, Marex enhanced its Group Board by appointing John Pietrowicz.Previously serving as the Chief Financial Officer at CME Group, Pietrowicz'sextensive background in financial markets and regulatory frameworks addssignificant value to Marex. The company noted that his deep expertise incorporate finance, accounting, and mergers and acquisitions will help Marexeffectively manage the intricate aspects of market dynamics and compliancedemands.This article was written by Damian Chmiel at www.financemagnates.com.
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The Securities and Exchange Commission (SEC) yesterday (Wednesday) formally moved to appeal a federal judge's decision in the regulator’s case against Ripple, which resulted in a $125 million fine.SEC Files “Notice of Appeal”The regulator filed a "notice of appeal" to the Second Circuit Court of Appeals, indicating its intention to challenge the final judgement by Judge Analisa Torres, who closed the four-year-old case against the crypto company last August.A “notice of appeal” is a formal filing in a superior court by a party involved in a lawsuit, notifying the court and the opposing side of its decision to appeal.Although the judge imposed a penalty on the blockchain company, it was significantly lower than the nearly $2 billion the SEC had sought in the form of recovery and fines.“We believe that the district court’s decision in the Ripple matter conflicts with decades of Supreme Court precedent and securities laws, and we look forward to making our case to the Second Circuit,” an SEC spokesperson said.Stuart Alderoty, Ripple’s Chief Legal Officer, called the SEC’s appeal “disappointing, but not surprising.” He further noted that the SEC’s Enforcement Director, Gurbir Grewal, resigned hours before the "notice of appeal" was filed.Ripple's CEO, Brad Garlinghouse, also questioned the SEC's "rational" and highlighted that the lawsuit "hasn’t protected investors."If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.Somehow, they still haven't gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b— Brad Garlinghouse (@bgarlinghouse) October 2, 2024A Long-Running Crypto LawsuitThe American regulator first took action against the blockchain company in December 2020, alleging the illegal sale of XRP tokens to both retail and institutional investors, raising more than $1.3 billion. According to the SEC, XRP constitutes unregistered securities.The initial lawsuit named Ripple’s CEO, Garlinghouse, and Co-Founder, Chris Larsen; however, the charges against them were dropped last October. Last July, the New York federal court ruled that the sale of XRP on exchanges and through algorithms did not violate any American securities law, although sales to institutions did.The $125 million penalty was related to securities law violations concerning the sale of XRP to institutions.This article was written by Arnab Shome at www.financemagnates.com.
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Lochlan White, who was the Chief Commercial Officer of EMEA at the Cyprus office of 26 Degrees, has left the company to join Scope Prime in a similar role. The departure came only a couple of weeks after the resignation of Riana Chaili, the company’s EMEA CEO.The exit of two top executives within such a short period, and the company’s delay in officially naming any replacements, raises questions about 26 Degrees' Cyprus operations. Notably, the company obtained a license from the Cyprus regulator last year.Departure after a Long TenureWhite was associated with 26 Degrees, which is run by Gavin White as the Group CEO, for the past 11 years. He joined in late 2023 as the Director of Marketing at the Sydney office of 26 Degrees (then Invast Global). He moved out of marketing, first becoming the Director of Prime Services in late 2019, and later the Head of Prime Services for the APAC region.In July 2021, he transitioned to the EMEA side of 26 Degrees’ business, relocating to the Cyprus office, where he took on the role of Chief Commercial Officer, a position he held for over two years.New Role at Scope PrimeWhite has now joined Scope Prime, which is part of the Rostro Group, as Chief Commercial Officer. According to an official press release shared with Finance Magnates, he will be based in Cyprus.In his new role, White will work with Scope Prime’s teams around the world and help them engage with counterparties looking to access the company’s liquidity.While executives are leaving 26 Degrees, Scope Prime has been expanding its team. Earlier this year, the company appointed Andrew Taylor as Head of APAC and Mirian Rostian as Head of South East Asia, with plans for further appointments in the coming months.“In recent months, we have made a series of senior hires globally as we look to grow our institutional liquidity offering,” said v, CEO of Scope Prime. “Adding Lochlan as CCO will be instrumental in ensuring the team can operate within a robust framework, allowing even more institutional counterparties to connect with our liquidity pools seamlessly.”This article was written by Arnab Shome at www.financemagnates.com.
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MarathonDigital Holdings, the largest publicly listed Bitcoin (BTC) miner on WallStreet (NASDAQ: MARA),has caught the attention of financial group Macquarie, which initiated coverageof the company's shares with an "Outperform" rating. Due to the company's moves towards the artificial intelligence (AI) industry, the stock is expected to grow by nearly 50% in the coming weeks and months.MARA Stock Poised to RiseTowards $22, Boosted by AI BoomOnSeptember 24, 2024, Macquarie initiated coverage of Marathon Digital Holdingswith an "Outperform" recommendation. This positive outlook for MARA'sstock has garnered attention in the financial markets.A $22 pricetarget would be MARA's highest since late July and would represent asignificant rebound from current lows. The company can't consider the currentyear successful: while Bitcoin continues to gain 50%, its stock has fallen by35%.However,this is expected to change due to the company's moves towards AI, a trendfollowed by an increasing number of firms in the mining sector. They focus on high-performance computing (HPC), as confirmed by a recent analysisfrom investment management firm VanEck.VanEck'shead of digital assets research, Matthew Sigel, estimates that this strategicpivot could unlock $38 billion in value for mining companies by 2027."AIcompanies need energy, and bitcoin miners have it," commented Sigel."As the market values the growing AI/HPC data center market, access topower—especially in the near term—is commanding a premium."AlthoughMARA hasn't officially announced plans to shift its focus to AI, recentpersonnel moves seem to confirm this direction. In early September, the companyappointed George and Barbara Humpton to its Board of Directors and named DougMellinger as Lead Independent Director. George, for example, possesses"deep expertise in artificial intelligence, data centers, and high-growthtechnology environments."“Janet'sextensive experience in artificial intelligence and data center operations,coupled with Barbara's leadership in technology and infrastructure, will beinvaluable as we continue to innovate and grow,” commented Fred Thiel, the MARACEO.Macquarie'sbullish stance on Marathon Digital is also based on several additional factors:MarketPosition: MarathonDigital was recognized for its commanding deployed capacity among institutionalBitcoin miners.ComprehensiveOfferings: Thecompany's broad range of services in the digital infrastructure space,including MARAPOOL, MARAFW, Auradine, 2PIC, and various sustainabilityinitiatives, were highlighted as key strengths.IntegratedPlatform: Macquarieviews Marathon Digital as a scaled, integrated platform for investors lookingto engage with the bitcoin sector.Mara Stock News: MarathonDigital Reports 5% Increase in Bitcoin Production for SeptemberAccordingto the newest MARA’smining report, the company produced 705 bitcoins in September, markinga 5% increase from the previous month.The WallStreet Bitcoin miner’s energized hash rate grew to 36.9 EH/s, up 5% fromAugust's 35.2 EH/s. Marathon won 207 blocks during the month, a 6% risecompared to August."Ourglobally diversified operations demonstrated strength in September, withsignificant uptime and increased hash rate," said Fred Thiel, Marathon'sChairman and CEO. "We're proud to have surpassed a marathon worth ofbitcoin holdings, with nearly 27,000 BTC on our balance sheet."The betterresults come in a time, when Bitcoin mining difficulty hit a record high of92.67 trillion, slashingprofit margins among producers.However, Marathonremains on track to reach its target of 50 EH/s by the end of 2024. The companyis making progress on converting its Granbury data center from air-cooled toimmersion containers, with completion expected before year-end.As ofSeptember 30, Marathon held 26,842 unrestricted Bitcoins and did not sell anyduring the month. Key operational metrics for September include:Averagedaily BTC production: 23.5 (up from 21.7 in August)Share ofavailable miner rewards: 5.2% (up from 4.8% in August)Transactionfees as percentage…
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Demo account prop trading services without real-market executions and subsequent settlements cannot be categorised as investment services under existing regulations, the Czech National Bank (CNB) recently clarified in a Q&A published in its website.Demo Account Prop Trading Is Beyond Regulatory ScopeThe clarification came months after the Czech regulator exclusively told Finance Magnates that some prop trading business models “may be subject to the MiFID regulatory framework.” With the recent clarification, it can be assumed that the CNB is differentiating between the two prop trading models: demo accounts and real accounts.Interestingly, a majority of prop firms, including many major ones, offer demo account trading services. FTMO, a Czech-domiciled prop trading firm that generated $213 million in revenue in 2023, also offers demo account trading.The CNB further explained that even if a certain activity formally meets the characteristics of one of the investment services but does not relate to any investment instruments, it cannot be categorised as an investment service under existing laws.“The essence of simulated trading on a demo account with virtual funds is, simply put, the opportunity to try trading in a test environment, which allows you to work with real market data, but without entering and executing real trading instructions,” the CNB noted (translated from Czech). “It, therefore, follows from the very nature of this activity that it cannot meet the characteristics of the provision of investment services.”“It is, therefore, not an activity subject to a CNB permit.”The regulator also clarified that virtual funds used for simulated trading on a demo account do not meet the characteristics of electronic money, as they do not represent any claim against the entity that issued them.Regulators Looking into Prop TradingMeanwhile, several other regulators are evaluating their regulatory scope regarding prop trading platforms. Finance Magnates earlier exclusively reported that the European Securities and Markets Authority had conducted an initial review of such prop trading firms and had also discussed potential regulations for the industry. The Australian regulator also clarified that it is “monitoring the emergence of prop trading firms.”However, regulators in Italy and Belgium have taken a harsher stance, issuing warnings against all prop trading activities, with one even calling them “video games.”This article was written by Arnab Shome at www.financemagnates.com.
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UK-based Alkimi, the world's first decentralised ad exchange, is excited to announce the appointment of Robert Bradley as Non-Executive Director. Robert brings over 20 years of experience in the media industry, working for the biggest media brands, and leading digital innovation, commercial strategy, and ad tech operations, driving significant revenue growth across global markets.As an advisor at Alkimi, Robert will leverage his extensive background in digital ecosystems, ad technology, and international commercial strategy to help scale Alkimi's platform, bringing innovative solutions to the forefront of the advertising industry."Robert's unparalleled expertise in the media sector, particularly in digital strategy and revenue growth, aligns perfectly with Alkimi's vision of disrupting traditional advertising. At our core, we truly believe in addressing transparency at an industry level, reducing fees whilst gaining efficiency and working our way towards net zero emissions. Robert is the perfect fit to help move mountains with us and we are thrilled to have him on board as we continue to scale and innovate." said Ben Putley, CEO & Co-Founder of Alkimi.Bradley's career has spanned key leadership roles at News Corp, IDG, CNN International Commercial (CNNIC). His current role as the Senior VP at CNNIC / Warner Bros. Discovery, Inc. where he spearheads commercial digital transformation and revenue growth across key digital assets. Alongside managing strategic partnerships across APAC, LATAM, and EMEA regions, he also has experience in managing multi-platform brand partnerships and ad sales, positioning him uniquely to guide Alkimi in its next phase of growth.Having followed the highly motivated nimble team for several years, Bradley has been impressed by the meteoric rise, taking note of Alkimi's transparency and low fees."Alkimi is at the cutting edge of the advertising industry, and I'm excited to be part of a team that's revolutionizing how brands connect with audiences in a way that’s transparent, efficient and in a way media owners can benefit. I look forward to contributing to the company's strategic direction and helping it achieve its ambitious goals," said Robert Bradley, Non-Executive Director at Alkimi. Bradley's breadth of experience in AdTech and programmatic advertising gives him unique insights, built from years of practical, hands-on senior roles within the ecosystem. Alkimi is not only a natural fit for Bradley, but the company will also benefit from his wealth of knowledge and leadership as it continues to expand its offerings, solidifying its position as a trailblazer in decentralised ad technology. Bradley will be making his first live panel appearance with Alkimi at Zebu Live in October.About AlkimiAlkimi (https://www.alkimi.org/) is a decentralised replacement to the inefficient legacy programmatic ad exchanges with the mission to restore the value exchange between advertisers, publishers and users. Alkimi is a custom layer 2 scaling solution on the Ethereum network, specifically for advertising — which allows us to provide the fastest, infinitely scalable solution with 0% fraud, low transaction fees and complete end-to-end transparency.About Robert Bradley Rob joins Alkimi, as a NED, to share his vast background of leading processes related to the digital ecosystem for Web2 companies, such as CNN and Warner Bros Discovery. He is eager to sustain innovation and monetisation of new products, leading ad tech, commercial strategy, TV and digital operations.He has two decades of professional experience, including 6+ years as Senior Vice President at Warner Bros Discovery where he oversees Warner One’s commercial Strategy and Revenue. Prior to his current role Rob led commercial partnerships for CNNIC across the UK, US, and Nordics alongside overseeing international digital monetisation, ad operations and innovation. Rob’s illustrious career also includes stints at News Corp, OPW and IDG where he was the Head of Programmatic.This article was written by FM Contributors…
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