267
All you want to know about retail and institutional FX. Reach me @AlexanderKoshkin to discuss advertising options.
In an ongoing legal battle between Coinbase and theSecurities and Exchange Commission (SEC), the crypto exchange is intensifyingefforts to access critical internal communications that could shed light on howthe regulator views Ethereum (ETH) and other digital tokens. Coinbase's Quest for SEC DocumentsCoinbase asked a federal judge to rule on whether itcan obtain SEC documents related to the agency's discussions oncryptocurrencies, Coindesk reported. These documents, which were initially denied by theSEC, could reportedly reveal the regulator's stance on whether Ethereum andsimilar tokens should be considered securities, potentially impacting thefuture of the digital asset industry in the US.History Associates, acting as an intermediary forCoinbase, filed a notice with the US District Court for the District ofColumbia, signaling its intention to seek partial summary judgment. The firmclaims that the SEC's original reasons for withholding the documents may nolonger apply, given the agency's changing narrative.Coinbase had previously requested the documents under the Freedom of Information Act (FOIA), focusing on SEC communications regarding ETH 2.0, the next stage in Ethereum's blockchainevolution. When the request was denied, citing an ongoinginvestigation, Coinbase's legal team decided to sue, accusing the SEC ofblocking efforts to uncover these discussions.The Regulator's StanceThe SEC has remained largely silent on the matter,refusing to comment beyond its public filings. However, Coinbase's efforts toextract transparency from the agency form part of a much larger legal strategy.In addition to this case, the company is engaged inmultiple disputes with the SEC, including a lawsuit over accusations ofoperating an illegal securities exchange. Coinbase is also pushing for thecreation of crypto-specific regulations through another legal petition.Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/ST9X3QV
Hurricane Milton, a tropical cyclone that swept across Florida last week, has left insurers facing amassive storm bill. Risk modeling firm Karen Clark & Co. estimatesthat the storm could result in $36 billion in claims, BNN Bloomberg reported.While the damage wasn't as severe as early predictionssuggested, Milton has reportedly impacted the insurance sector, coming justweeks after Hurricane Helene brought similar devastation. The damages werecaused by high winds, storm surges, and inland flooding,Impact on the Insurance IndustryHurricane Milton was reportedly one of the most severeAtlantic hurricanes, with winds reaching 120 mph. It swept through centralFlorida, leaving a trail of destruction and millions without power. According to Moody's, the combined insured losses fromboth Milton and Helene could be as high as $55 billion, the Financial Timesreported. Private insurers and reinsurers will reportedly bear most of thelosses caused by Hurricane Milton.Early estimates put the damage from Hurricane Milton in the tens of billions of dollars. It’s the latest example of how climate change is making large parts of the planet too expensive to protect https://t.co/Rd1VD2a3MH— Bloomberg Markets (@markets) October 14, 2024The recent storms have raised concerns about thebroader economic impacts on the insurance industry. With property catastrophereinsurance prices likely to increase during the critical January renewals, thecost of maintaining insurance coverage in high-risk areas like Florida couldskyrocket. According to weather forecasters cited by BBC, the storms could continue in the eastern parts of the state.Hurricane Milton's ClaimsKaren Clark & Co.'s estimate for HurricaneMilton's claims remains lower than Hurricane Ian, which led to $62 billion inpayments in 2022, or Hurricane Katrina, whose damage adjusted for inflationtotaled $102 billion in 2005.However, Hurricane Milton's $36 billion in payouts ispart of a larger trend as climate change continues to drive more severe storms.According to a group of scientists, Milton's intensity worsened because ofhuman-caused climate change.Besides the impact of Hurricane Milton, the US financial market is facing uncertainty ahead of the upcoming presidential elections. According to a report by Finance Magnates, history shows that US elections have never led to anything extraordinary in terms of financial markets’ performance.The report showed that some research highlights acorrelation between the party in power and economic performance. Data from thepost-World War II reportedly highlight that the US economy has grown fasterunder Democratic presidents than Republican presidents.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/35toKuz
Ripple launched a stablecoin in partnership with topcrypto exchanges and financial institutions to support cross-border payments. Dubbed RLUSD, the new digital asset promises reliability and a bridge between traditional finance and the decentralizeddigital economy. According to Ripple, RLUSD will be available to usersworldwide through partnerships with exchanges such as Uphold, Bitstamp,and Bitso. The company aims to enhance liquidity and accelerate the adoption ofthe new asset.Use CasesThe introduction of RLUSD comes at a time when businesses and financial institutions are seeking reliable tools for cross-border transactions and asset tokenization, the company mentioned. Ripple's payment network currently covers more than 90 markets. According to the firm, the broad coverage enables RLUSD tofacilitate real-time, 24/7 payments by reducing costs and transaction times. Thenew stablecoin will reportedly work alongside Ripple's native token, XRP, toenhance cross-border transactions.Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3— Ripple (@Ripple) October 15, 2024Among its use cases, RLUSD will facilitate transactions across international borders to enable businesses to move capital effectively. The token also provides a bridge between fiat currencies and crypto assets, allowing businesses and individuals to convert between the two.Besides that, the stablecoin supports trading andcollateralizing real-world assets such as commodities and securities to improveliquidity and transparency in digital asset markets.Firms Backing RLUSDSome of the partners backing Ripple include B2C2 andKeyrock. These firms will reportedly boost the stablecoin's liquidity toenhance adoption and usability across institutional markets. RLUSD also aims to contribute to decentralized finance. It is based on both the XRP Ledger and Ethereum blockchains and supports a wide range of financial applications, including decentralizedexchanges and trading platforms that rely on stable assets for liquidity andcollateral.Early this month, Ripple obtained the approval to launch itspayment infrastructure across the UAE. Dubai Financial Services Authorityawarded the company the in-principle approval. According to the company, this regulatory win will enhanceits presence in the region as a platform for blockchain-enabled paymentservices in the crypto space. It will also enable Ripple to provide enterprise-gradedigital asset infrastructure to clients in the UAE.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/03P94pq
“I think we'll pass 200 or 205 headcounts by the end of the year,” Michael Ayres, Group CEOof Rostro Group, told Finance Magnates following the hiring spree of ScopePrime, the liquidity provider under the broad Rostro umbrella. He added: “The hires were really around certainregions... We won’t keep running at this rate however as otherwise. I'llprobably end up with more people than I would like to oversee.”Someof Scope Prime's prominent hires include Andrew Taylor, Head of APAC, andMirian Rostian, Head of Southeast Asia. It also onboarded Gaby Kanj, anindustry veteran with over thirty years of experience, to focus on operationsin the MENA markets. Fraser Nelson also joined Scope Markets earlier this yearas the Global Head of Business Development.WhileScope Markets is the retail-centric brand under Rostro, Scope Prime is theinstitutional liquidity unit. The B2B brand now has about 15 dedicatedemployees, while the total number of Rostro employees globally is 195.“It Was More of a Surprise”One ofScope Prime's most interesting hires is Lochlan White, who is now its ChiefCommercial Officer. He assumed the role after leaving 26 Degrees, a firm run byGavin White as the Group CEO, where he spent 11 years and was most recentlyEMEA CCO, stationed at the Cyprus office.“To be honest, it was more ofa surprise,” Ayres said, that White was encouraged to have the conversationwith us thendiscover there was a good fit to be had.“I’m just happy that we managed to attract someone from a larger competitor,who I think is a great addition. He's got great product and operationalknowledge as well as commercial experience. That’s what is the biggest boostfor us.”Interestingly, Ayres’ company alreadyworks with 26 Degrees from a “commercial perspective,” which he highlighted“will continue.” Ayres added: “We’ve got a great relationship with them from apure trading and clearing standpoint, but it won't go any further than that.”FinanceMagnates recently reported exclusively that 26 Degrees is surrendering itsCySEC licence, which it obtained last year. However, it will keep the Limassoloffice operational, which will serve as a branch supporting internationalactivities.“Focused on Emerging Markets”Withall the hires, Ayres is slowly expanding Scope Prime’s global reach. He alsopointed out that all the hirings are strategic and “stemming from geographicalexposure.”“Rostro is specificallyfocused on emerging markets with institutional-grade products,” Ayres revealed.“It's less saturated, but equally weknow it’s not always easy for asset managers in – for example - parts of Africato access competitive pricing, trade equities, and futures… We wanted to takewhat we know, the products, our knowledge, and expertise to those markets.”“Whatwe're building from a technology standpoint is a proprietary back office andreporting suite for our clients,” Ayres continued. “For B2B, we've seen it turnon its head in the fact that clients can access our API or platform, themarket, trade, execute, and clear. But getting data, reporting, andconsolidated information was something we felt, in the past, we didn’t maybeget.”“Wewould like Scope Prime to be a venue of choice for multi-asset access, with anelement of customisation and a willingness to make things more bespoke for ourclients.”Highlighting Rostro’s plans, or lack ofthem, around prop trading, he said: “It's one that we haven't actively movedtowards, and I'm just kind of observing more.”“Wehave other priorities I wanted us to finish rather than try to do too manythings at the same time,” Ayres continued, adding: “But the big motivator withthis prop trading-funded trader product is clarity around regulation… I wantedto understand a bit more about who's going to supervise, who’s going to governthis, who's going to step in and provide some sort of framework that we canwork with.”“For me, regulation will give it the stamp of longevity and the fact thatpeople are looking at it properly.”This article was written by Yam Yehoshua at www.financemagnates.com.
via News – Finance Magnates…
Devexperts, a global software developer for the capitalmarkets, has announced Ben Hurley as its new Chief Executive Officer. Hurleytakes over from previous CEO Michael Babushkin, the transition aims to ensurecontinuity.CEO Transition at DevexpertsHurley has been with Devexperts since 2022. He previouslyserved as the Country Manager in Ireland. In this role, he played a key part inreshaping the company’s operations and leading its restructuring project. With over two decades of experience in innovation, businessprocess optimization, and product development, Hurley brings experience to hisnew position. His familiarity with Devexperts’ capabilities and its customerbase positions him well to guide the company’s future.A core aspect of Hurley’s vision is to improve Devexperts’ability to facilitate entry into capital markets for firms. He stated: “We arecommitted to enabling widespread access to financial markets by expanding ourtechnology offerings to brokers and financial institutions.” Currently,Devexperts offers fractional stock trading, allowing for broader investorparticipation. The company also supports mobile platforms and artificialintelligence to enhance user experience. Hurley indicated a focus on emergingmarkets in Latin America and Asia while maintaining attention on establishedmarkets such as the United States and the United Kingdom.Enhancing Trading PlatformsDevexperts aims to drive innovation in its market dataservices and trading platforms. These platforms range from Software as aService (SaaS) solutions for smaller brokerages to comprehensive infrastructurefor large financial institutions. The company’s solutions are customizable,support multi-asset trading, and include tailored services to meet diverseindustry needs.Commenting on his new responsibility, Hurley stated: “Ourfounder and former CEO, Babushkin, provided a solid foundation forDevexperts’ technology and practices, upon which we continue to build theinnovative capabilities our clients have come to expect from us.” “Looking forward, we will continue to do this whilst alsocontinuing to push the limits of innovation. With Michael’s ongoinginvolvement, we are well-positioned to advance our mission and meet theevolving needs of our users.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/MKxvyg1
Match-Trade Technologies has appointed Andrey Kalashnikov asthe Head of Match2Pay, a crypto payment processing solution. Kalashnikov hasover 12 years of experience in the financial services industry. He spent eight years as the CEO of a Cyprus Investment Firm(CIF), where he developed skills in risk management, payments, and leadershipwithin regulated entities.New Focus on Crypto PaymentsIn his new position, Kalashnikov will manage the growth anddevelopment of Match2Pay. This includes traditional crypto payment processingand the creation of services aimed at Forex brokers and Prop trading firms. Over the past year, he led a crypto-licensed entity, gainingvaluable insights into the regulatory environment. His experience includesknowledge of the Markets in Crypto-Assets (MiCA) regulation and the TravelRule, both of which are anticipated to impact the financial and crypto sectorssignificantly.Commenting on the new cooperation, Michał Karczewski, CEO ofMatch-Trade Technologies, said: “We are thrilled to welcome Andrey to ourteam. His extensive industry experience in both regulated financial servicesand the crypto sector perfectly aligns with our vision for the future ofMatch2Pay.” Expanding Match2Pay’s Global ServicesKalashnikov also plans to enhance partnerships with keyfinancial institutions. This is part of an effort to keep Match2Pay alignedwith the evolving payments landscape. His leadership is expected to helpnavigate the regulatory challenges posed by MiCA while expanding Match2Pay’sservices to address the needs of brokers and traders globally.“I decided to head Match2Pay because I see tremendouspotential in this solution, especially given the upcoming regulatory changes.Match2Pay’s strong IT team is one of our key competitive advantages, allowingus to deliver cutting-edge solutions,” said Andrey Kalashnikov.“With the entire industry preparing for the impact of MiCA,we are also focusing on adding more licenses and fiat networks to better serveour clients. With a long-term development strategy already in place, I’mconfident we will elevate Match2Pay to the next level,” This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/yKgf4xw
In the second quarter of 2024, the number of ManagementCompanies and Undertakings of Collective Investments (UCIs) in Cyprus remainedat 328. At the same time, assets under management (AUM) increased to €9.4billion, according to the quarterly statistics bulletin released by the CyprusSecurities and Exchange Commission (CySEC).CySEC Management Companies DecreaseCySEC oversees 328 Management Companies and UCIs, a decreasefrom 334 in the same quarter of the previous year, indicating a decline of 1.8percent. The current total includes 236 Externally Managed UCIs, 33 InternallyManaged UCIs, and 69 External Fund Managers. The overall count features 44 Alternative Investment FundManagers (AIFMs), 50 Sub-threshold AIFMs, 3 UCITS Management Companies, and 5dual-license entities that function as both AIFMs and UCITS ManagementCompanies.Total assets under management reached €9.4 billion in thesecond quarter of 2024, reflecting an increase of 2.88 percent from theprevious quarter. However, there was a decrease of 12.8 percent compared to thesame period in 2023. The net asset value of the UCIs managed by these companieswas €8.9 billion.Diverse Investment Allocations OverviewIn terms of asset allocation, 59 percent of the AUM wasmanaged by AIFMs. The distribution includes 18 percent managed by AIFMs andUCITS Management Companies, 11 percent by Sub-threshold AIFMs, and another 11percent by UCITS Management Companies. Regulated UCIs managed by foreign fundmanagers accounted for just 1 percent of the total.The breakdown of UCITS’ assets under management shows thatthe majority, 89.3 percent, was invested in transferable securities. Smallerportions were allocated to UCITS and other UCIs, as well as bank deposits. ForAIFs, AIFLNPs, and RAIFs, significant investments were made in private equity,hedge funds, and real estate, while funds of funds comprised a smaller share ofthe total AUM.Among the 225 operational UCIs during this period, 198 weredomiciled in Cyprus, holding 74.1 percent of the total AUM. This group includes13 UCITS, 49 AIFs, 45 AIFLNPs, and 91 RAIFs. Of these, 162 invest partially orentirely in Cyprus, totaling €2.5 billion, which represents 26.6 percent of thetotal AUM. Private equity investments accounted for a significant share ofinvestments in Cyprus, while real estate also represented a noteworthy portion.Energy, Fintech Investments RiseIn terms of unitholder categorization, retail investors madeup a substantial majority of UCITS. For AIFs, AIFNLPs, and RAIFs, a majoritywere well-informed investors, followed by professional investors, with retailinvestors constituting a smaller percentage.Specific sector investments during the second quarter of2024 included significant amounts in energy, fintech, shipping, and sustainableinvestments. In the energy sector, investments reached €543 million, while €233million went to fintech. Shipping attracted €743 million, and sustainableinvestments accounted for €78 million.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/jzNCh51
Septemberis historically one of the worst months for Bitcoin (BTC) and thecryptocurrency market. This year, however, the oldest digital asset bucked thetrend, rising by over 7% and defending the psychological level of $60,000. Thelack of a clear direction for another consecutive month caused investoractivity to decline significantly, and with it, the volumes of the top 10largest crypto exchanges. On average, they shrank by 20%.Spot Volume of LeadingCrypto Exchanges at Lowest Since November 2023Accordingto the latest analysis by Finance Magnates Intelligence, the total spotvolume for the 10 largest centralized exchanges in September was $715 billion,falling by one-fifth from the level of over $909 billion reporteda month ago.This is notonly significantly less than in August but also less than in any month thisyear. The last time the volume for the analyzed platforms fell this low was inNovember 2023, when it amounted to $671 billion. At that time, however, theprice of Bitcoin was almost twice as low and hovered around $35,000.“The dropin monthly trading volume aligns with the final month of the seasonalityperiod, which is typically marked by lower trading activity,” CCData commentedin its newest report.Binance Still Dominates,Upbit Jumps into Top FiveOnly Upbitmanaged to break the negative month-to-month trend, with its volume growing by5% to $46.5 billion. This allowed it to surpass Coinbase in the group of thefive largest exchanges, which in turn recorded a stronger decline of 31% to$46.4 billion. The difference between these two turned out to be marginal.As for thepodium, the composition remained unchanged. Binance still dominates with almosta 50% market share. ByBit accounts for nearly 1/5 of the market, and Huobi isin third place.Better Results Compared toSeptember 2023Although theresults from September 2024 are not optimistic compared to August and thelast 10 months, they look much better compared to the same period a yearearlier.During thistime, volume grew on average by 68% from the level of $401 billion reported 12months earlier. Again, Upbit shows the strongest year-over-year jump, with itsturnover growing by 250%, from $35 billion to over $123 billion.What awaitsus in October? Given that Bitcoin has managed to return above $64,000 and withthe upcoming US presidential elections, the cryptocurrency's volatility may begreater. “Historically,Q4 has recorded the highest quarterly volumes in six of the last 10 years,” CCDataadded.As aresult, we can also expect more investor activity and, consequently, exchangevolumes. However, only time will tell.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/cweU864
Cryptocurrency exchanges play a vital role in the blockchain industry, acting as gatekeepers to the world of digital assets. While there are other ways to acquire crypto, such as peer-to-peer protocols and trading with friends, the vast majority of newcomers will begin their journey on a crypto exchange, where they can sign up quickly and start exchanging their fiat for Bitcoin, Ethereum, and other tokens. Despite their importance for the crypto industry, the fact is that exchanges as they are today are far from adequate. The reliance on these centralized custodians is contrary to the ethos of crypto in general, which is all about letting people take control of their finances, without intermediaries. There’s a good reason why Satoshi Nakamoto, the creator of Bitcoin, emphasized this “decentralization” of money, for the fact is that crypto’s gatekeepers have consistently proven themselves to be unreliable. Such was the case way back in 2013 when the crypto world was first becoming public knowledge. It was back then that the once pre-eminent crypto exchange, Mt.Gox, had its main wallets hacked and drained of user’s funds. It tried to cover up the hack and continue operating, but word of the incident eventually got out, prompting mass withdrawals from users. Unable to keep coughing up, Mt.Gox halted user withdrawals and within a few weeks, it closed down its platform. Some users reportedly lost thousands of dollars worth of crypto, and to this day they haven’t recovered those losses. History was to repeat itself in 2022, at a time when many hoped that crypto was finally about to go mainstream. The crypto bull run of 2021 saw digital assets like Bitcoin reach incredible all-time highs, and though the markets were in decline the following year, there was still a lot of optimism for the future. That was until the crypto lending crisis hit, causing multiple DeFi lending protocols, such as BlockFi, Celsius Finance, and Genesis to collapse. The Terra Luna project also collapsed at that time, resulting in the infamous de-peg of the once-popular UST stablecoin asset, but even those disasters didn’t prepare us for the spectacular fall of FTX.FTX was the second-largest crypto exchange by trading volume with billions of dollars of user assets under management, but the total lack of regulation in the crypto industry allowed its owner and founder Sam Bankman-Fried to misappropriate those funds. He transferred billions to FTX’s sister company Alameda Research which were then used on risky, highly speculative investments, and ultimately made some spectacular losses. When word got out of what Alameda was doing, users rushed to withdraw their funds. FTX paid out more than $6 billion to panicked users but ultimately ran out of cash, forcing it to suspend withdrawals, still owing its customers billions. Striving for TransparencyThe collapse of FTX rocked the crypto industry, pushing it deep into one of the harshest declines it has ever endured. However, the incident prompted surviving crypto exchanges, such as Binance and Coinbase, to strive for more transparency to reassure users their funds are safe.In November 2022, Binance announced it was publishing a “proof-of-reserves” audit that publicly reveals the underlying assets it holds, to prove it can meet its obligations if every customer decides to withdraw their funds. Following that move, many other exchanges, including Coinbase, Crypto.com, Kraken, Bybit, OKX, and Gate.io, did the same. However, not even the proof-of-reserves is enough to truly reassure investors. FTX itself had performed numerous third-party audits of its finances using reputable firms, yet none uncovered the extensive fraud it was engaged. The failure of these audits underscores the challenge of identifying such misappropriation even with established compliance measures. As such, the fact most exchanges publish proof-of-reserves doesn’t mean an FTX-like incident won’t happen again. Fortunately, the crypto world is evolving and there is a lot of optimism that the crypto exchange…
Читать полностью…
Polishcurrency exchange platform Cinkciarz.pl has announced plans to sue two moremajor banks operating in the country. This time, the fintech is seeking atleast 1.5 billion zlotys ($375 million) from Citibank and PKO BP.Cinkciarz.pl and ConotoxiaPlan to Sue a Total of 10 Polish BanksAccordingto thelatest statement from Cinkciarz.pl sp. z o.o. and Conotoxia sp. z o.o.published today (Tuesday), the online currency exchange and payment institutionintend to take legal action against PKO BP, demanding at least 1 billion zlotys($250 million)."Thegrounds for the lawsuit are the bank's collusion and refusal to provide thecompanies with financing in the form of investment and working capitalloans," the companies wrote in the statement.Last week,a similar note was issued regarding Citibank, seeking damages of 500 millionzlotys ($125 million).It allstarted when the Polish regulator, KNF, announced at the beginning of thismonth that it was revokingConotoxia sp. z o.o.'s license to provide payment services, which will cutoff the exchange office from further operations.Thisincreases the number of banks that Cinkciarz.pl and Conotoxia want to sue to atotal of 10, with potential damages amounting to 6.5 billion zlotys ($1.65billion).The growing list since the beginning of this month includes mBank, BPS(twice), BOŚ Bank, Credit Agricole, ING Bank Śląski, Bank Millennium, and GetinBank.Accordingto Cinkciarz.pl, these banks have allegedly engaged in anti-competitivepractices and violated the principle of equal treatment of companies by banks."PKOBP S.A., like many other banks, has imposed a total ban on cooperation withentities from the Conotoxia group, which is detrimental not only to thecompanies' interests but also to the welfare of customers," they commentedon the matter.Conotoxia Alleges PolishKNF "Violates the Law"The news ofConotoxia's license revocation has put the payment company into a veritableberserker mode. An all-out war with almost all major Polish banks is not all,as Finance Magnates reported yesterday (Monday) that the Polish fintechalso has complaints against the regulator.In itsstatement, the company openly admits thatKNF "violates the law," and that the introduced regulations,instead of helping, "destroy" companies. The actions taken by theregulator may allegedly disrupt services for 100,000 users and cause billionsin damages.Conotoxiawants to fight against the "current banking lobby," which it believesprotects its own interests, placing them above the welfare of users and thecompetitive chances of fintech companies."TheKNF violated the provision of Article 105(1)(6) of the Payment Services Act.Given a choice of six supervisory measures against a Company with no previousadministrative penalties, it decided to wind it up straight away, a phenomenonin supervision that should help entities solve their problems, not destroythem," the company commented in another of the series of statements madein recent days.Conotoxia Sp. z o.o. isNot the Same Company as Conotoxia LtdIt's worthemphasizing that Conotoxia Sp. z o.o., the Polish payment company whose licensewas revoked by KNF, is a different entity from Conotoxia Ltd, a CySEC-regulatedretail FX/CFD broker. Although the activities of both are completelyindependent, it's easy to confuse them.FinanceMagnates learnedthat due to the similarity in names, the Cypriot regulator has also reportedlytaken interest in the situation. Grzegorz Jaworski, CEO of Conotoxia Ltd, abroker licensed by CySEC, addressed the matter in a letter sent last week to"clients, contractors, business partners, and media," emphasizingthat the recent actions by the KNF did not involve the company he represents."Ourcompany Conotoxia Ltd is a separate entity that holds a license to conductbrokerage activities in Poland, among other places," Jaworski stated."Our company does not and has never provided any payment services toclients and has nothing to do with the Polish Financial Supervision Authority'sdecision regarding Conotoxia sp. z o.o."He addedthat the KNF's decision…
Читать полностью…
In a moveto combat the escalating threat of cyberattacks, Broadridge Financial Solutions(NYSE: BR) has launched a suite of operationnal resilience services tailored forinternational post-trade processing. Announcedtoday (Tuesday), these solutions are designed to help financial firms navigatethe looming compliance deadline of the European Union's Digital OperationalResilience Act (DORA), set to take effect in January 2025Broadridge IntroducesEnhanced Operational Resilience Solutions Amid Rising Cyber ThreatsThe newofferings are available to existing users of Broadridge’s InternationalPost-Trade processing solution and can also be integrated into other firms'internal systems. DannyGreen, Head of International Post-Trade Solutions at Broadridge, emphasized theurgency of compliance, stating, "The DORA compliance deadline is justthree months away, and the clock is ticking." He warned that failure tocomply could lead to heightened risks of cyber incidents and potentialreputational damage.“It isvital that firms are advancing their plans for the timely completion of bothinhouse and third-party system reviews, and that they have a robust strategy tomeet their prescribed recovery time objectives (RTOs) for their operating model,”Green added.Broadridge'soperational resilience solutions include several key features:ProfessionalServices: Thecompany offers specialized expertise to evaluate and enhance firms' riskmanagement frameworks. This includes identifying vulnerabilities and validatingrisk controls.High-AvailabilityRecovery:Broadridge provides backup environments that meet regulatory requirements fordistance from primary sites, significantly reducing recovery times from hoursto minutes in case of cyber incidents.EnhancedCyber-Recovery Capabilities: The solution incorporates secure, immutable storage systems thatcreate unalterable backups of critical data. In the event of a cyber-attack,these copies can be quickly restored, facilitating efficient system recovery.Thecompany’s solutions aim not only to mitigate risks but also to support firms inmaintaining business continuity amid evolving regulatory landscapes.Broadridge ExpandsOfferings to Enhance Financial OperationsLast week,Americas Executions (AmerX) adopted Broadridge's Securities Finance andCollateral Management (SFCM) platform to support its newly launched securitieslending business. This platform is designed to streamline operations byproviding comprehensive tools for collateral management, trade lifecyclemanagement, and risk assessment.InSeptember, Broadridge made headlines by securing a Tier-1 Canadian bank as thefirst adopter of its Distributed Ledger Repo (DLR) platform for managingHigh-Quality Liquid Assets (HQLA). This milestone not only underscores thegrowing acceptance of Distributed Ledger Technology (DLT) in financialoperations but also promises to simplify workflows and generate significantcost savings for the bank. The DLR platform has already achieved an impressivemonthly volume of $1 trillion, marking a significant step in the evolution oftreasury securities management.Additionally,Broadridge's collaboration with YCharts in August further exemplifies itscommitment to innovation. By integrating YCharts’ cloud-based investmentresearch capabilities with Broadridge’s Wealth Aggregation platform, thepartnership aims to enhance advisor practices through improved investmentdecision-making and client interactionsThis article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/1FSIkWC
United Arab Emirates (UAE) granted AED StablecoinLLC in-principle approval to launch AE Coin, the country's regulatedstablecoin, GulfToday reported. The stablecoin issuer aims to improve payments and transactions in the region. It also seeks to offer a stable currencybased on blockchain technology and pegged to the Dirham for security and abetter experience for businesses and individuals.AE CoinAE Coin aims to provide users with the benefits of afiat-backed currency and the flexibility of blockchain technology. It isreportedly regulated by the Central Bank of the UAE, and every AE Coin issuedwill be pegged to the Dirham.The introduction of AE Coin aligns with the UAE’sDigital Government Strategy 2025. The UAE government has long been an advocatefor incorporating technology to drive innovation in the economy, and AE Coinserves as the next leap in this journey. AE Coin isn’t just about transforming the paymentsector; it’s about offering practical solutions for both businesses andconsumers, the company explained. Companies in the UAE can leverage AE Coin to manage cash flow moreefficiently through instant payments between AE Coin wallets. The platform allows individuals toinvest, save, and make everyday payments without the typical delays and feesassociated with traditional banking.AE Coin can also be integrated withdecentralized finance platforms. Users can participate in decentralizedlending, borrowing, and interest-earning activities without needingintermediaries. This feature opens up new financial opportunities for UAEresidents and businesses alike.Integrating DeFiBeyond DeFi, AE Coin is looking to integrate withe-commerce platforms, mobile wallets, and merchant partnerships to makeeveryday transactions simpler. As the currency continues to grow in usage, itsreach will extend beyond the digital world, offering a more accessible way tohandle real-world payments.AE Coin’s roadmap includes forging strategicpartnerships with financial institutions and payment gateways, which will helpensure widespread adoption across the UAE. Plans are also underway for listing on major exchanges, allowing easier access to the stablecoin. The focus on technological advancements includes creating mobile wallet capabilities, expanding AE Coin’s usability on the go, and partnering with merchants for broader use in dailytransactions.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/4DpCgtK
Demo Account Prop Trading Platforms Do Not Need Authorisation: Czech RegulatorStarting our weekly news roundup, demo account prop trading services without real-market executions and subsequent settlements cannot be categorized as investment services under existing regulations, the Czech National Bank (CNB) recently clarified in a Q&A published on its website.The 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.Prop Trading and CFD BrokersRegTech firm Muinmos and technology provider Brokeree Solutions announced a partnership focused on proprietary trading compliance and risk management for regulated brokers. This move came amid ongoing discussions about the legitimacy and regulation of prop trading in the financial industry.The collaboration integrates Brokeree's Prop Pulse technology for account management and risk mitigation with Muinmos' client onboarding platform. This combination is intended to offer FX brokers tools for regulatory compliance and risk control in prop trading operations.Centroid Integrates Scope Prime’s Liquidity Pools Through API ConnectionScope Prime, Rostro Financial Group's institutional liquidity brand, announced its integration with Centroid Solutions’ platform via Centroid Bridge. This integration allows Centroid’s clients to access a wide range of deep liquidity pools offered by Scope Prime.The move aims to update liquidity management, enhance operational efficiency, and improve connectivity across the platform. “We understand the importance of always having best-in-class market connectivity in place across all assets,” commented Daniel Lawrance, Chief Executive Officer at Scope Prime.DXtrade Partners with FinaltoDXtrade, Devexperts' flagship trading platform, collaborated with Finalto. This partnership aims to enhance liquidity provider services for brokers using the DXtrade platform. Finalto, known for its liquidity aggregation and risk management solutions, will integrate its services with DXtrade's trading ecosystem. This move is expected to give brokers access to Finalto's liquidity pools, which are designed to connect market demand with supply across over 3,000 instruments in multiple asset classes. Finalto recently introduced the Finalto Broker Handbook, a guide designed to help brokers build and sustain thriving retail brokerage businesses.LMAX Group Enters FX Swaps with FX HedgePool AcquisitionLMAX Group, which offers institutional execution venues for FX and digital assets trading, acquired FX HedgePool, an institutional swaps matching service, thus further expanding its offerings in the sector. However, the financial details of the acquisition remain unknown.The latest acquisition comes 12 months after LMAX bought the FX business of Cürex, a New York-based company specializing in institutional foreign exchange execution services and data analytics. FX HedgePool has expertise in the FX swaps and forwards market. Its network of buy- and sell-side relationships complements LMAX's existing institutional client base in its FX business.Ebury Starts Offering Payments Services to FX and CFDs BrokersEbury, a Santander-owned payments company, expanded its scope of clientele and has been onboarding forex and contracts for difference (CFD) brokers, Finance Magnates learned from an industry source in Cyprus.The payments giant officially started to onboard FX and CFDs brokers in December 2023. It currently has more than 20 brokers on its platform, with over a dozen being active. Interestingly, Ebury only recently began pitching its services to FX and CFDs brokers and did not actively target the ones already onboarded.Saxo Expands Offerings for “Buy-and-Hold Investors”The UK unit of Denmark-headquartered Saxo Bank launched SaxoInvestor, an investment platform targeted at “buy…
Читать полностью…
Coinbase will remove certain stablecoins from its platformin the European Economic Area (EEA) by the end of the year. The company madethe announcement today (Friday), citing upcoming regulatory changes in theregion.Stablecoins are digital assets designed to maintain a stablevalue by being tied to a fiat currency or other asset. These tokens have becomepopular in recent years due to their relative price stability compared to othercryptocurrencies.MiCA Enforces New RequirementsThe European Union's Markets in Crypto-Assets (MiCA)regulation, introduced in 2023, is scheduled to take full effect in December.The regulation imposes strict requirements on stablecoin issuers, includingtransparency, liquidity, and consumer protection standards.Coinbase has said it will provide its affected EEA customerswith the option to switch to stablecoins issued by authorized firms. Theseoptions will include Circle's USDC and EURC, which are tied to the US dollarand euro, respectively.The use of stablecoins has increased significantly, withmajor financial firms such as PayPal integrating them into their offerings. 🚨BREAKING NEWS:Coinbase is set to remove non-compliant stablecoins from its platform in the EU this December!On the other hand, Ripple's stablecoin, 'RLUSD', is fully compliant with MiCA regulations and is expected to launch this year!Get ready, because 'RLUSD' is poised… pic.twitter.com/OLcSUflRow— Brett (@Brett_Crypto_X) October 4, 2024Circle Complies with MiCABack in July, Circleannounced its registration as an electronic money institution in France, asreported by Finance Magnates. This approval allows the company to issuestablecoins under the European Union's MiCA regulatory framework. Circle, known for its USDC stablecoin, received the licensefrom France's banking regulator, the Autorité de Contrôle Prudentiel et deRésolution. This registration enables Circle to issue USDC and EURC within theEU, in compliance with MiCA'srequirements. Additionally, the company has launched Circle Mint in France,allowing businesses to mint and redeem Circle stablecoins.This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/RKObt3F
When panicstrikes the markets, investors close their risky positions and return,chastened, to the instrument that hasn't failed them for decades: gold. Recentweakening of the US dollar, China's efforts to boost its economy, andgeopolitical tensions have propelled gold to unprecedented historical highs.The quarter closed as the best since 2016.Gold News: Precious MetalTests $2,685 amid Risk AversionGold priceshave skyrocketed to uncharted territory, touching a new all-time high of $2,685last week. Although the price has slightly retreated to $2,658 per ounce, itremains near record levels.This surgeresults from a perfect storm of economic factors, including China's stimulusmeasures, Middle East geopolitical tensions, and recent monetary policydecisions by major central banks."Thegold market received an ideal mix for growth," the Metals Radar analyticalteam, specialists in gold and silver markets, commented to Finance Magnates."On one hand, we have the weakest dollar in 14 months. On the other, riskaversion is increasing due to geopolitical tensions in the Middle East."China'sPolitburo commitment to stabilizing the real estate market, coupled with thePeople's Bank of China's decision to lower the 7-day reverse repo rates by 20basis points, has significantly boosted gold's upward trajectory. This move,reducing rates from 1.70% to 1.50%, signals China's determination to bolsterits economy, historically positive for commodity prices, including gold.The FederalReserve's recent 50 basis point rate cut has further fueled bullish sentimentin the gold market. Expectations of an aggressiveFed easing cycle have kept investors optimistic about gold's prospects.EscalatingMiddle East tensions, particularly missile strikes between Israel andHezbollah, have underscored gold's role as a safe-haven asset. Thesegeopolitical uncertainties have prompted investors to seek refuge in gold,contributing to its price surge.Gold Records Best Streakin over 8 YearsThesefactors have led gold to close its best three-month period since Q1 2016. Inthe past quarter, the precious metal's price rose by over 13%, extending itsstreak of uninterrupted gains to the fourth quarter. Such a streak lastoccurred at the beginning of the pandemic."Forecastsof gold reaching $3,000 or even $5,000 are becoming more common," MetalsRadar adds. "Analysts are less surprised by this. Such dynamic growth isigniting investors' imaginations."GoldmanSachs believes in $3,000 gold, presenting their latest projections earlier thismonth based on a scenario of a weakening US dollar. Meanwhile, Robert Kiyosaki,author of bestselling finance and investing books, sets the bar even higher. Hebelieves gold will reach $5,000 in the coming years.Gold news, FAQWhy do people invest in gold?Investorsturn to gold as a safeguard during economic uncertainty. It serves as a hedgeagainst inflation and currency fluctuations, particularly when traditionalassets like stocks and bonds falter. Gold's enduring value and historicalsignificance make it an attractive option for diversifying investmentportfolios and preserving wealth during turbulent times.What does the price of golddepend on?Gold pricesare influenced by a complex interplay of factors. These include global economicconditions, geopolitical tensions, monetary policies of major central banks,currency exchange rates (especially the US dollar), inflation expectations, andsupply and demand dynamics in the gold market. Additionally, investor sentimentand speculative activities can cause short-term price fluctuations.What will gold be worth in2030?Analystsare discussing potential prices of $3,000 (Goldman Sachs) to $5,000 (RobertKiyosaki) per ounce in the coming years. However, it's important to note thatlong-term price predictions are highly speculative and subject to numerousunpredictable factors.What factors are drivinggold prices to surpass $2,685?Several keyfactors are propelling gold to record highs:WeakeningUS dollarIncreasedglobal economic uncertaintyGeopoliticaltensions, particularly in the Middle…
Читать полностью…
The European Union is accelerating efforts to reducethe securities settlement cycle from two days (T+2) to one day (T+1), which is in linewith international trends. ESMA has highlighted several hurdles, including theneed for harmonization, standardization, and modernization of systems acrossthe EU. According to the regulator, the upgrade will requiresignificant investments, and market participants are advocating for amendmentsto the Central Securities Depositories Regulation to ensure a smoothtransition.Transition to T+1As global financial markets increasingly adopt theshorter cycle, the EU is taking steps to catch up. One of the central challenges facing the EU is ensuring that all stakeholders across sectors and regions are on the same page.With the highly interconnected nature of Europeancapital markets, a coordinated approach is essential. To achieve this, ESMA isworking with the European Central Bank (ECB) and the Directorate-General forFinancial Stability to lay the groundwork for a seamless transitionto T+1.Given the experience of other regions, closecollaboration between regulators and market participants is crucial.Authorities are setting up a governance structure to oversee the technicalpreparations, ensuring that the process remains inclusive and represents allsectors and regions in the EU.1/3 Next steps to support a transition to T+1?▪️ the impacts in terms of risk reduction, margin savings and 📉 of costs linked to the misalignment with major jurisdictions globally, bring along benefits for the Savings and Investments Unionhttps://t.co/Set1y9jfdP pic.twitter.com/QZB025yopR— ESMA - EU Securities Markets Regulator 🇪🇺 (@ESMAComms) October 15, 2024T+2 has been the standard for settling securitiestransactions for over a decade, meaning trades are settled two business daysafter execution. However, countries like the US, Canada, and Mexico havealready adopted a T+1 standard, speeding up settlements to the next businessday. This has prompted the EU to assess its readiness forsuch a shift, aiming to remain competitive in the global financial landscape. The ESMAhas been tasked with studying the potential impact of T+1 on EU markets.Preliminary findings suggest the move will reduce risk, lower costs, and alignthe EU with other major financial hubs. Coordination Across EuropeAdopting T+1 would bring multiple benefits. It wouldlower the risk associated with unsettled transactions, potentially savingmargin costs and reducing exposure to market volatility. However, implementing this change will requiresignificantly modernizing the EU’s post-trade infrastructure.Additionally, harmonizing the EU with other regionsfollowing the T+1 model could streamline cross-border transactions, reducingmisalignment costs. Improving efficiency could also help strengthen the EU’sSavings and Investment Union, boosting economic resilience.The EU is under pressure to avoid falling behind otherglobal financial centers, particularly as more regions embrace T+1. Failure toact quickly could prolong the misalignment with major jurisdictions,potentially amplifying negative impacts on the European market.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/NHVn7dw
While gold and silver often move in tandem, their relationship can sometimes be complicated. Despite sharing similar characteristics and applications, differences in underlying demand and supply dynamics can lead to occasional divergences. Octa broker discovers the nuances behind the gold-silver correlation and explores potential trading opportunities with the gold-silver ratio.Over the past 40 years, gold and silver have exhibited a strong positive correlation.● Both commodities are precious metals and are often regarded as substitutes.● Both commodities have similar demand structures, but there are also significant differences in demand composition.● There were times when the correlation between gold and silver was negative, but this does not happen very often.● The supply of silver is five times greater than that of gold.● The gold-silver ratio is the oldest continuously tracked exchange rate in history.● Traders monitor the gold-silver ratio to find anomalies in the precious metals' valuation.● Asian countries are among the largest importers of gold globally.The positive correlation between gold and silver may appear to be regarded as a totally natural phenomenon. Both commodities share related applications, possess very similar characteristics, and are even often found and extracted in the same geological locations. Therefore, it is perfectly intuitive to consider them close substitutes and expect their prices to correlate closely. However, if we delve deeper into the subject, we find important nuances and complexities in the price movements of gold and silver.Correlation coefficient between gold and silverIn statistics, a correlation coefficient measures the strength and direction of the relationship between the two variables. When it equals 1, the correlation is perfectly positive—as the price of one commodity increases, the price of another also increases (and vice versa). In the case of gold and silver, the correlation is strongly positive and is almost perfect, meaning that the prices of both commodities tend to increase and fall in tandem. Octa broker has studied the daily closing prices of gold and silver from July 1982 to October 2024 and found that the correlation coefficient between the two commodities is around 0.92.Why the correlation is positiveA very close statistical relationship between gold and silver is mirrored by their similar application in the physical world. Both commodities are precious metals and are often bought and sold for similar reasons. Indeed, according to the World Gold Council and Silver Institute, jewellery accounts for 49% of gold demand and 27% of silver demand. In addition, both commodities are often regarded as ‘safe-haven assets’ or ‘stores of value’. People would often buy gold and silver to protect their capital from inflation. Thus, private investment accounts for another 30% of the gold demand and 15% of silver.Furthermore, both metals have industrial applications—but unlike gold, silver is used primarily for manufacturing and industrial purposes. Industrial usage accounts for 58% of silver demand and just 11% of gold. Another important difference is that central banks continue to regard gold as pure money and remain active buyers of the bullion to this day. Octa broker calculated that global central banks have bought over 1,000 tons of gold in the past four years. According to the World Gold Council, central bank purchases accounted for almost 20% of total gold demand in Q2 2024.‘Although both metals share a very similar demand structure, which basically consists of just three sources—jewellery, investment, and industry—the relative share of these sources is rather different. Silver is a sort of quasi-industrial precious metal, while gold still has an important monetary function’, says Kar Yong Ang, a financial market analyst at Octa broker.These subtle but important differences explain why, at times, the correlation between gold and silver prices had broken down. The global economic recession in 2020, induced by the coronavirus…
Читать полностью…
Paxos, a blockchain and tokenization infrastructureprovider, has launched a new stablecoin payments platform. This platform powersStripe’s Pay with Crypto product, enabling merchants to accept stablecoinpayments more easily. Paxos' infrastructure provides a full solution foronboarding, payins, conversions, and payouts, aimed at accelerating theprocesses for payments providers.Stablecoin Payments Lower CostsStablecoin payments offer businesses a global payment methodthat reduces costs and simplifies money transfers. They provide an alternativeto traditional card and wallet payments, often with lower fees and fasterprocessing times. As cross-border digital payments grow, stablecoins arebecoming a key player in the payment landscape.“Stablecoins are the future of payments and money movement, commentedRonak Daya, Head of Product at Paxos.“Adoption and utility will continue to grow as enterprisesrecognize how stablecoins provide instant, safe and low-cost settlementglobally; all meaningful improvements relative to legacy payment rails. Our newstablecoin payments offering gives enterprises the infrastructure to onboardclients, power pay-ins and payouts and move money globally.”Breaking news out of Paxos 📣Paxos is launching a stablecoin payments platform.And Stripe is the first customer! Businesses can now accept USDC, PYUSD, & USDP for faster, cheaper payments across Ethereum, Solana, & Polygon.Stablecoin adoption 🚀 pic.twitter.com/g7O8lUqw6N— TylerD 🧙♂️ (@Tyler_Did_It) October 15, 2024Facilitating Merchant TransactionsThe Paxos platform allows instant conversion between USD andstablecoins like PYUSD, USDP, and USDC. Merchants can choose to convertstablecoin payments to fiat currency or keep them as stablecoin balances. Paxos also supports refunds by converting fiat into theoriginal stablecoin and sending it directly to the payer’s wallet. This systemsupports PYUSD and USDP transfers via the Solana and Ethereum networks, andUSDC on Ethereum, Solana, and Polygon.John Egan, Head of Crypto at Stripe, added: “We’re alwayslooking for ways to make it easier and cheaper for businesses to acceptpayments from their customers worldwide. Partnering with Paxos, we’re excitedto enable stablecoin payments for our users with our Pay with Crypto product.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/rJ9UplF
SGX FX announced today (Tuesday) on LinkedIn the appointmentof Hugh Whelan as the new Head of Liquidity Management and Data Strategy. Whelan brings experience from his previous role at EBS,where he played a key role in launching and developing EBS Direct into anotable foreign exchange (FX) trading platform.Expertise in FX IndustryWhelan's career at EBS began in November 2013, where heserved as Head of EBS Direct FX Trading Platforms until June 2024. In thisposition, he led the establishment of EBS Direct, a bilateral FX trading venueoffering spot, forwards, swaps, and metals under ICAP Plc. Whelan successfullymanaged its transition to NEX Group and its integration into the CME Group in2018.During his tenure at EBS, Whelan oversaw a global teamfocused on commercial success, client acquisition, business growth, and productinnovation across three trading venues: EBS Direct, EBS Select, and EBSInstitutional. He worked to build strategic partnerships with liquidityproviders, technology service providers, software firms, and other tradingvenues.SGX FX states on their post: “In this new role, Whelan willlead the strategic growth of our Liquidity Provider client segment and dataproducts, focusing on building strong relationships with banks, brokers, andfinancial institutions. He will also drive innovation to enhance our platformand better serve the LP community.”Diverse Experience in Financial LeadershipWhelan's leadership contributed to EBS Direct beingrecognized as a preferred platform for low-latency, relationship-based FXtrading. Under his guidance, the platform improved global liquidity managementand advanced post-trade cost analysis, enhancing execution experiences for adiverse clientele, including banks, hedge funds, asset managers, and buy-sidefirms.In addition to his role at EBS, Whelan served as Chairman ofTwickenham Lawn Tennis Club for 6 years. He was also a Chairman Advisory Boardmember for TeachTennis-International for about 4 years, and a Non-ExecutiveDirector at Brickendon Consulting for over a year. Whelan co-foundedFXSpotStream LLC, serving as a Non-Executive Director for 3 years. This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/QOAjX0t
The Finance Magnates London Summit (FMLS) returns this November for its 13th year, looming as one of the anticipated events of the calendar this Fall. This includes the annual Opening Networking Blitz party, a unique kick-off that sets the tone and pace for the rest of the summit.Every London Summit is known for bringing together leading professionals and experts from across various sectors of the financial services industry. This year’s event will welcome specialists and attendees from the online trading, crypto, fintech, and payments verticals. Held on November 18-20 at Old Billingsgate, attendees can take advantage of opportunities for knowledge sharing, deal-making, and of course premium networking – starting with the Opening Networking Blitz.Have you reserved your seat to FMLS:24? Time is running out to register for this noteworthy event so do not delay. Registering online ensures that prospective attendees can skip the queues on-site and spend more time networking and mingling at the Blitz and on the summit floor.Everything You Need to Know About This Year's Opening Networking BlitzParticipants can join hundreds of finance professionals for an engaging night of networking, snacks & drinks, and fresh ideas. There is no better forum for meeting new contacts, exchanging insights, and exploring new business opportunities with the people who drive the industry.Perhaps most importantly, this opening event is essential to breaking the ice and beginning conversations that extends into the full two days of the summit. The Blitz also allows attendees to form personal and professional bonds in a less formal environment, priming them for the sessions, panels, and discussions that follow. These things make this networking event the perfect prelude for the rest of London Summit 2024. What can attendees expect from this year’s Blitz? For one thing, this event will be returning to The Folly, an exclusive venue designed to create the right ambiance for conversation and connection. This location is known for its unique décor and convenient location, allowing attendees to seamlessly blend business and social interaction.The atmosphere at this year’s Networking Opening Blitz will be both informal and engaging. There is no better time for attendees to introduce themselves to others without the formalities of a structured conference session. Whether at the bar or over small bites, these informal chats often pave the way for more serious discussions later on.Finally, participants can take advantage of food and beverages, a key attribute of the event. This is helpful in breaking down barriers and lightening the mood. This relaxed environment fosters a natural way of starting conversations and meeting new people.The Networking Opening Blitz is one event you cannot afford to miss next month. Make sure you are registered as to not miss out on the networking, two days of exhibition at London Summit, and all the revelry attendees have come to expect. See you at The Folly next month! This article was written by Jeff Patterson at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/kSKRWTV
BitgetWallet, a non-custodial Web3 platform offered by the Bitget crypto exchange,has experienced explosive growth in recent months, doubling its user base to 40million since March and emerging as a contender to major cryptocurrency players.Bitget Wallet Surges to 40Million Users, 100% Up in Six MonthsThe walletprovider reported nearly 6 million app downloads in September alone, making itthe second most downloaded crypto app globally behind only Binance. This surgein adoption has positioned Bitget Wallet as the fastest-growing decentralizedwallet of 2024, signaling a shift in how users are accessing the cryptoecosystem."Surpassing40 million users is a testament to our vision of making crypto accessible toeveryone, everywhere,” Alvin Kan, COO of Bitget Wallet, commented on themilestone. “The fact that we're closing in on top exchanges signals thatdecentralized wallets are catching up with centralized platforms."The companyattributes its rapid expansion to several factors, including an intuitive userinterface and comprehensive features that make decentralized finance moreaccessible to newcomers. It also seems significant that Bitgetadded Apple Pay and Google Pay as payment options in August.Kan alsomentioned the growing on-chain trading and the popularity of meme coins amongusers. To support interest in these assets, Bitget Wallet introduced MemeX,simplifying the search for tokens with high potential. “Overall,2024 has been a year of dynamic growth and innovation for Bitget Wallet, aburgeoning interest in the TON ecosystem with a clear shift of its userpreference towards on-chain trading, particularly in the meme coin space,” Kancommented for Finance Magnates.He alsohighlighted the importance of launching the Bitget Wallet ecosystem token, BWB,which was released in March. Since then, the app's user base has doubled,reaching 40 million users.Telegram IntegrationA keydriver has been Bitget Wallet's integration with the TON ecosystem andTelegram, which allows users to access wallet services directly within thepopular messaging app. “BitgetWallet has been at the forefront of integrating with the TON ecosystem,beginning with support for TON mainnet and TON-based tokens,” Kan shared. “BitgetWallet was the first wallet to fully support the TON mainnet and launched theindustry's first TON mainnet MPC wallet solution with comprehensive tradingsupport.”ThisWeb2 integration strategy appears to be paying off, with the wallet seeinga 4,886% growth in TON onchain addresses in Q3 alone. The platform has alsogained significant traction in emerging markets, particularly in Africa, whereuser growth surged by 413% in the third quarter.Web3 Trends and ChallengesBitgetWallet's rise reflects a broader industry trend, with decentralized walletsincreasingly competing with centralized exchanges in terms of user base andfunctionality. The platform now supports over 100 blockchains, 20,000+decentralized applications (DApps), and millions of tokens, positioning it as acomprehensive Web3 hub.Despite theimpressive growth, challenges remain for the Web3 landscape, particularly inuser retention. Kan acknowledged this, stating, "The future of Web3depends on how effectively we bridge the gap between Web2 and Web3. Byintegrating with platforms like Telegram, we're simplifying crypto adoption formainstream users."Bitget alsorecently appointed anew Legal Chief, Hon Ng, who joined from Binance. In a recent interviewwith Finance Magnates hecommented that “Strong compliance doesn't have to stifle innovation - infact, it can enable it.” This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/1W7PGRA
Affiliatesof Matthew Leech's prop firm MyFundedFutures (MFF) who haven't generated asufficient number of "individual purchases" will be removed from theprogram at the end of this month. This information was communicated to usersvia email and confirmed by moderators on the company's official Discord server.MyFundedFutures"Unable to Monitor Smaller Affiliates"MyFundedFuturesis part of the popular prop trading company MyFundedFX. However, unlike themain brand, it focuses exclusively on the regulated futures market. Asexplained by MFF's founder and CEO, current compliance efforts necessitatechanges to existing policies."Affiliatesare a big focus of the broader regulatory and compliance environment,"Leech commented in an email sent to affiliates. "Ultimately,MyFundedFutures is responsible for how affiliates are advertising and promotingour company and our business model to consumers. Affiliates promoting ourproduct offerings in an incorrect way is our responsibility."The messagefurther states that the prop firm is unable to "monitor smaller affiliates"with whom they don't have a direct relationship and can't control howMyFundedFutures services are promoted online.After @Topstep now @MyFundedFutures is stopping their Affiliate Program.👇 pic.twitter.com/EOOMNqtvdb— TheTrustedProp (@TheTrustedProp) October 15, 2024As aresult, a significant change has been introduced to the existing regulations.All affiliates who haven't generated "at least 50 individual purchases toMyFundedFutures since the launch of the program will be phased out of theaffiliate program." Access to accounts will be lost after October 31.After this date, the prop firm will issue a final payout.Emails withthis content were reportedly sent to all users who didn't exceed the minimumthreshold of 50 purchases. This information was confirmed by one of MFF'sDiscord moderators, stating, "If you have less than 50, your affiliatewill be disabled as of October 30th."Finance Magnates last wrote about MyFundedFutures three weeks ago when the company integrated dxFeed US futures for instant market data.21 Countries Blacklistedby MyFundedFuturesLast week,MFF also announced other compliance-related changes stemming from the need towork directly with US-registered FCMs, or Futures Commission Merchants."Wehave identified a list of countries that will never be approved to trade liveaccording to guidelines and restrictions industry-wide for compliance andregulatory reasons by the FCMs," Leech commented on Discord.Consequently,the prop trading firm can no longer provide services to a list of 21 countries.Residents of these countries can no longer purchase new evaluations orchallenges. However, this doesn't apply to individuals who already had activeaccounts with MyFundedFutures.The list,in alphabetical order, includes Burkina Faso, Cameroon, China, Gibraltar,Haiti, Hong Kong, Jordan, Kenya, Macedonia, Mali, Mozambique, Myanmar, Namibia,Nigeria, Philippines, Qatar, Romania, Senegal, South Africa, Tanzania, andUnited Arab Emirates.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/tYsS3z0
HTX, a digital asset trading platform, has partnered withTradingView, a financial analysis and trading platform. The collaborationintegrates HTX into TradingView’s Broker feature, allowing users to tradecryptocurrencies directly through TradingView.Platform Integration Aims to Improve EfficiencyAccording to the release, HTX users can now access theiraccounts and trade without needing to switch between platforms. The new featureenables users to trade, monitor market trends, and place orders in real-timefrom a single interface. This integration aims to improve the efficiency andconvenience of cryptocurrency trading.HTX, established in 2013, has crypto licenses across Europe,the Americas, Asia, and the Middle East. The platform serves 47 million usersand offers over 700 spot and derivatives trading pairs. It provides discountson trading fees, with rates as low as 0.01%. HTX is positioning itself as acompetitive player in the global crypto market.Recently, TradingViewhas added Markets.com, a broker that provides access to multiple globalmarkets through contracts for difference, as reported by Finance Magnates. These marketsinclude shares, indices, forex, commodities, bonds, and cryptocurrencies.TradingView users can now utilize the same charting tools along with thefeatures offered by Markets.com.Expanding Options Through TradingViewThe partnership with TradingView allows HTX to broaden itsreach and offer more trading options. TradingView, known for its marketanalysis tools and user base, adds value to the partnership with its extensivedata and trading community. This integration supports HTX's goal of enhancingits services for cryptocurrency investors.“We are excited to announce this long-term strategic partnership withTradingView,” HTX stated.“With TradingView's Broker feature, HTX users will benefitfrom a more streamlined and convenient trading experience, while TradingViewusers will gain access to HTX's premium services and resources.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/z9HmPRG
“Most of our prop trading traffic comes from organic channels followed by direct channels,” Darren Moffett, Global Chief Marketing Officer at OANDA, told Finance Magnates in an interview, adding: “This means that the majority of users either find us via search engines or already know our website.”OANDA became one of the first established forex and contracts for differences (CFDs) brokers to launch prop trading services earlier this year. Although the services were initially offered under the brand OANDA Labs Trader, it was eventually rebranded to OANDA Prop Trader.“While paid media campaigns are still effective, the biggest potential lies in building a meaningful connection with clients and adding value at every interaction,” Moffett said about the marketing strategies of the platform. “This means planning for the longer term and investing more in content and affiliate relationships, fostering an online community, and creating a compelling social media presence.”Moffett further highlighted that “prop traders' appetite to pursue further opportunities by buying more challenges or keeping their funded accounts for longer needs to be stimulated. This is why our marketing aims to strike a balance between short-term tactical campaigns and long-term initiatives.”Did you hear?OANDA Prop Trader accepts cryptocurrency as a payment method! You can purchase your challenges with Bitcoin, Ethereum, and other leading cryptocurrencies.Start trading smarter today!#PropTrading #Crypto pic.twitter.com/T60rgfent0— OANDA Prop Trader (@OANDAPropTrader) August 23, 2024“Trust Becomes Critical for Prop Trading”When it comes to marketing for prop trading and CFDs, things are different. According to Moffett, “understanding the needs of each specific client base is crucial.”He pointed out that the target client base for CFDs is experienced retail traders who want global market access with leveraged products. Prop trading, on the other hand, caters to a “different audience” with the “potential to attract a much broader market given the lower barriers to entry.”Moffett highlighted that prop trading’s “expansion will depend on the maturation of the space, primarily through increased product awareness and understanding.”“Marketing for CFDs centres on highlighting market opportunities, with a focus on simplicity, accessibility, and the flexibility of trading with smaller investments,” he continued. “Trust becomes a critical factor for prop trading, particularly as the space is often unregulated.”“Both strategies focus on capturing and retaining active traders by addressing the unique needs of their respective audiences. CFD brokers emphasise compliance and education, ensuring that traders have a solid understanding of the risks and opportunities associated with leveraged products. In contrast, prop trading firms prioritise building trust and fostering community engagement. They leverage influencer-driven strategies that showcase trader success stories and provide valuable educational content, with influencers who possess genuine trading experience helping to enhance credibility and engagement within the trading community.”Building trust is one of the biggest challenges for prop trading platforms. As this particular industry remains unregulated, anyone can start offering prop trading services simply by registering a company, arranging a tech stack, and onboarding a payment services provider. However, the industry became crowded in a short time and was plagued by customer complaints and shady practices by many firms.Several prop trading companies have shuttered their services recently, citing various reasons. “The prop trading industry has experienced several upheavals in 2024, including the withdrawal of MetaTrader access by some providers and the closures of several firms,” OANDA’s CMO added. “We are going through a period of consolidation, and this has exacerbated the latent low-trust issue in the industry.”“Prop trading often attracts scepticism from traders concerned about transparency, reliability, and…
Читать полностью…
TheLondon-based cross-border payments company Wise (LSE: WISE), reported continuedgrowth in its customer base and transaction volumes for the second quarter offiscal year 2025, while also reducing fees for its users.Wise Reports StrongCustomer Growth, Reduced Fees in Q2 FY25The numberof active customers using Wise's services grew by 23% year-over-year (YoY) to8.9 million in Q2, driven primarily by existing customers recommending theplatform. This user growth contributed to a 20% increase in cross-bordertransaction volume, which reached £35.2 billion for the quarter. The headline numbers also increased compared to the previous quarter.Wisecontinued its strategy of reducing fees to drive growth, with its cross-bordertake rate decreasing to 59 basis points, down 8 basis points from the sameperiod last year. The company attributed 6 basis points of this reduction tolower prices and 2 basis points to changes in its business mix."Weremain focused on our mission of building the best way to move and manage theworld's money,” Kristo Käärmann, Co-founder and CEO of Wise, commented on theresults. “This will take time to fully achieve, but we are pleased with theprogress made during the quarter, especially the additional regulatoryapprovals we have received in key markets."Despite thefee reductions, underlying income grew by 17% YoY to £337.0 million in Q2. Forthe first half of FY25, Wise reported 19% growth in underlying income andmaintained its full-year guidance of 15-20% growth.New Licenses The companyhighlighted several regulatory achievements, including expanded capabilitiesfor outward transfers from India, an Australian Financial Services License forInvestments, and a Payments Institutions license in Brazil.“Firstly,in India, we secured approvals to further unlock outward transfers, removing aprevious USD 5,000 cap,” added Käärmann. “Secondly, in Australia, we have beengranted an Australian Financial Services License for Investments. And finally,in Brazil, we were delighted to be given a Payments Institutions license.”Wise'sunderlying gross profit margin remained elevated at approximately 76% for thefirst half of FY25, reflecting the scaling of costs relative to volumes whilecontinuing to invest in growth initiatives.The companydoes not anticipate making further material investments in reduced pricing inthe second half of FY25, expecting its previous investments to move it closerto achieving its medium-term target underlying profit before tax margin rangeof 13-16% in the second half.As Wisecontinues to expand its global footprint and reduce fees, it aims to transitionfrom "moving billions to moving trillions of cross-border volume" inthe long term, according to Käärmann.Wise's Expansion andPartnershipsTheLondon-based fintech company has been making strides in expanding its globalreach and enhancing its service offerings through strategic partnerships andmarket entries.In a recentdevelopment, Wise Platform has joined forces with AbbeyCross, a platformfocused on improving connectivity and accessibility in global FX payments.In anothersignificant partnership, Wise Platform has teamed up with Qonto, a leadingEuropean business finance solution provider. This collaboration is set to bringfast, transparent, and cost-effective international payment services to overhalf a million SMEs and freelancers across Europe, further solidifying Wise'sposition in the European financial landscape.This article was written by Damian Chmiel at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/l5J2qWg
Deriv, a renowned name in the financial industry, marks its 25th anniversary today, celebrating a quarter-century of growth and achievement. The company has achieved significant milestones this year, including a new co-leadership structure, the opening of offices in the UK and Senegal, and recognition through prestigious awards.Deriv has become a global leader in online trading, serving over 2.5 million clients worldwide and facilitating over $650 billion in monthly trading volume; a success driven by Deriv's dedication to innovation, advanced trading platforms, diverse range of assets, and comprehensive educational resources.“Today is a big day for Deriv. When I step back and look at how much we have grown and achieved since we started out 25 years ago, there is a lot of pride in our successes”, said Jean-Yves Sireau. “This is exactly what keeps us focused on everything Deriv wants to achieve in the next 25 years."Technology, especially AI and automation tools, will continue to be a driving force in Deriv's ongoing evolution. We are dedicated to leveraging these advancements to make our systems more secure, protect customer data, and ensure we remain compliant with all relevant regulations. By embracing these innovations, we are reinforcing our commitment to providing clients with a seamless and secure trading experience, while also ensuring Deriv remains competitive in the industry.25 Years of Deriv: Key Milestones in 2024Dual leadership: Deriv transitioned to a co-leadership model, promoting Rakshit Choudhary to co-CEO alongside founder Jean-Yves Sireau. A move leveraging the diverse experiences of both leaders, enhancing decision-making as the company accelerates its growth strategy.Accreditations for its Investment in People: Deriv's commitment to its employees has been recognised with prestigious accolades, including the 'Investors in People Platinum' accreditation and 'Great Place to Work' certifications across seven offices. Deriv was also named one of 'Cyprus's Best Workplaces™ 2024' and earned a spot on the 'Best Workplaces™ in Financial Services and Insurance 2024' list in the UK.A Year of Award Wins: Deriv's achievements were recognised on a global stage this year, with the company receiving accolades such as 'Affiliate Programme of the Year' at the Forex Expo Dubai 2024, 'Best Customer Support' at the Global Forex Awards, and both 'Most Trusted Broker' and 'Best Trading Experience (LATAM)' at the Ultimate Fintech Global Awards 2024.Global Office Expansion: Deriv opened a second office in the UK - London, and Rwanda."Being recognised for our commitment to trust and service in our 25th year is especially meaningful," said Rakshit Choudhary, co-CEO at Deriv. With our eyes firmly set on global expansion, our people and our values will continue to steer us on our mission to make trading accessible to anyone, anywhere.”Deriv Takes Action for a Sustainable FutureDeriv has set out a long-term vision for social responsibility to support projects that contribute to global sustainability and community well-being.2024 CSR Initiatives:Aided TECHO a youth-led nonprofit in Asunción, Paraguay, focused on housing solutions for communitiesCollaborated with DuHope, a Rwandan NGO helping women in need of supportSupported Puttinu Cares, a children's cancer support group in MaltaBacked the Kahuna Patagonia expedition, which combined adventurous endeavours with scientific, environmental research.“Beyond 2024, Deriv will expand its social responsibility initiatives across the regions where it operates. We are committed to creating a better future, making a positive impact by serving local and global communities through action-based, scalable and sustainable initiatives," added Sireau.Deriv's Vision for the Next 25 YearsBuilding on its strong foundation, Deriv is poised for continued growth and innovation in theyears to come. With a future-proof leadership model, a client-centric approach, and acommitment to pushing boundaries, Deriv is well-positioned to lead the next era of onlinetrading.This…
Читать полностью…
This week, the number of executive appointments, promotions, and exits across various financial sectors significantly increased. Scope Prime onboarded industry veteran Gaby Kanj tofocus on operations; newly launched Tauro Markets enlisted Carla Nemr as theCommercial Chief; Sam Chaney joined M4Markets a month after his departure fromNAGA.Marex Prime Services brought an ex-IG Prime executivefor Dubai Push; 26 Degrees’ EMEA Commercial Chief departed two weeks after theRegional CEO’s exit; SEC Enforcement Chief Gurbir Grewal exited the commissionafter three years, and Trive appointed a new Head of Sales.Meanwhile, Direct Trading Technologies named theFormer ATC Brokers as the Head of Business Development; Charles Schwab’s CEO isstepping down after 30 years at the firm; and LSEG now has a new Head of FXProduct and Liquidity. Also, GO Markets appointed a new Head of Sales, asCoinShares, a digital asset manager in Europe, announced significant changes toits executive team.Executive Moves of the WeekScope Prime Onboards Veteran with Over 30 Years’ ExperienceScope Prime, the institutional liquidity unit under the Rostro Group, onboarded Gaby Kanj, an industry veteran with over thirty years of experience. In 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. The appointment came only a day after Scope Prime hired Lochlan White, the former EMEA Chief Commercial Officer of 26 Degrees, in a similar role but with a global scope.“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, the CEO of Scope Prime.Display more about Scope Prime's appointment of Gaby Kanj.Newly Launched Tauro Markets Onboards Carla Nemr as Commercial ChiefCarla Nemr, who left Tickmill earlier this year, joined the newly launched forex and contracts for differences (CFDs) broker Tauro Markets as its Chief Commercial Officer, Finance Magnates learned exclusively.Her primary responsibility in the brokerage firm will be developing and executing global commercial strategies. She will also 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, the broker's financial backer.Highlight more about Tauro Markets' onboarding of Carla Nemr as Commercial Chief.Sam Chaney Joins M4Markets a Month after His Departure from NAGASam Chaney, who left the NAGA Group last month, joined forex and contracts for differences (CFDs) broker M4Markets as the new Commercial Director. The broker highlighted that the appointment comes as it moves “into its next stage of expansion.”M4Markets 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.Learn more about Sam Chaney's Transition to M4Markets from NAGA.Marex Prime Services Taps Ex-IG Prime Exec for Dubai PushMarex Prime Services, a division of financial services platform Marex, expanded its services into Dubai, marking another step in the company's Middle East growth strategy. Moreover, the firm has appointed Mazen Najjar, a veteran with over 12 years of experience in financial services and prime brokerage sales across the MENA region, to spearhead its institutional sales efforts.Najjar joined Marex after a six-year tenure at IG Prime, where he drove growth through product launches and developing partnerships with B2B clients. In his new role, Najjar will be tasked with developing and implementing Marex Prime Services' regional sales strategy.Delve deeper into Marex Prime Services' expansion and the appointment of Mazen Najjar.26 Degrees’ EMEA Commercial Chief Departs 2 Weeks after Regional CEO’s ExitLochlan White, who…
Читать полностью…
IG Australia partnered with Western Chances, acharitable organization supporting Melbourne's youth. The organization enhances the access to education of talented youth in Melbourne's west. According to the company's LinkedIn post, thiscollaboration highlights the company's commitment to fostering education andcreating opportunities for young people in communities facing inequities.Empowering the Youth Western Chances reportedly provides scholarships topromising students and aims to unlock the potential of young people who mightotherwise face obstacles to reaching their goals. The partnership will focus on funding educationalopportunities, providing resources, and ensuring these young individuals havethe support needed to pursue their aspirations.It is centered on a shared belief among the two firmsabout the value of education and the future of the youth. IG Australia isaligning with Western Chances to build a more inclusive and socially mobilecommunity in Australia, especially in regions where inequities have previously held backprogress."At IG Australia, we believe in thetransformative power of education and opportunity," IG Australia wrote."This partnership highlights our shared dedication to empowering peoplethrough education and supporting a socially mobile and inclusivecommunity.""It is through this partnership that we aim tosupport Western Chances in providing scholarships and programs that helptalented and motivated students overcome barriers to success."A Call for Community InvolvementIG Australia's partnership with Western Chances willdirectly contribute to scholarship programs designed to help young peopleovercome challenges in pursuing education. These scholarships focus onfinancial support and providing the tools and mentorship needed to achievelong-term success in their educational and professional journeys.Through this partnership, IG Australia has encouragedthe broader community to rally behind this cause. By supporting WesternChances, the organization hopes to create a ripple effect that will foster social mobilityand inclusiveness, ultimately leading to stronger, more connected communities.Meanwhile, IG Group Holdings recently announced the commencement of its second tranche of £150 million share buyback program. The firmdirected UBS AG London Branch to execute this phase, which will involverepurchasing up to £75 million worth of shares. The second tranche, set to begin immediately, isexpected to conclude by January 31, 2025, and follows the completion of thefirst £75 million tranche. This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/Y9DLehl
Tradeweb Markets posted a strong performance inSeptember, reaching record total trading volumes of $56.1 trillion and anaverage daily volume (ADV) of $2.63 trillion. Throughout the third quarter, theelectronic marketplace operator has posted impressive numbers due to a surge in trading activityacross multiple asset classes. Strong ADV PerformanceThe average daily volume was $2.63 trillion inSeptember, representing a 68.3% year-over-year (YoY) growth. This was part ofan overall Q3 performance in which the ADV reached $2.21 trillion, up 55.3%YoY. The rates segment, a significant part of Tradeweb'sportfolio, experienced substantial growth. ADV in US government bonds rose by59.8% YoY to $232.2 billion, driven by strong institutional and retailactivity.Similarly, European government bonds showed healthygrowth, with ADV increasing by 16.7% YoY, fueled by heightened UK Giltactivity. Mortgage trading volumes also reached new highs, with ADV rising32.3% YoY to $240.2 billion. This was boosted by the volatility around theFederal Reserve's September meeting.The swaps and swaptions segment demonstrated thehighest growth in the rates category. The ADV for swaps/swaptions withdurations of at least one year surged by 73.1% YoY to $576.3 billion. The overall rate derivatives ADV reached $1.02trillion, a 79.1% increase. Market volatility, particularly surrounding centralbank moves, contributed to these numbers as traders sought to hedge risks.Tradeweb's credit trading volumes showed remarkableperformance as well. Fully electronic US credit ADV grew by 77% YoY to $8.6billion, while European credit ADV was up 27.9% YoY to $2.7 billion. Record trading activity in European portfolio tradingand wider adoption of the request-for-quote model drove this growth. Municipalbonds also saw growth, with ADV increasing by 7.7% YoY to $385 million,outpacing the broader market trends.Credit Derivatives VolumesCredit derivatives volumes gained traction, with a49.9% YoY increase to $54.9 billion in September. The rise in hedge fundactivity and credit volatility helped boost volumes in swap executionfacilities and multilateral trading facilities.The equities segment also experienced a growth boost.US ETF ADV rose by 2.7% YoY to $7.6 billion, while European ETF ADV increasedby 39.8% YoY to $3.1 billion. A diversified range of clients used an expandedset of trading functionalities, supporting this growth.Repo volumes saw a marked increase due to acombination of quantitative tightening, increased collateral supply, andcurrent market conditions, which led participants to shift from the Fed'sreverse repo facility to money markets.This article was written by Jared Kirui at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/KN3WtOF
Crypto startup Lejilex and the United States Securities andExchange Commission (SEC) are engaged in a legal battle over the classificationof cryptocurrencies. Both parties have submitted competing briefs for summaryjudgment in a Texas federal court. Lejilex, which is part of the Crypto Freedom Alliance ofTexas, filed its brief on October 3. The company argues that it intends tofacilitate crypto transactions and not to sell securities. In its filing,Lejilex accuses the SEC of overstepping its regulatory authority. SEC Defends Stance on SecuritiesIn its brief, Lejilex contends that the SEC seeks to broadlyclassify asset sales as security transactions. The company claims that the SEChas maintained an approach that allows for a "transformativeexpansion" of its regulatory power without any limitations.Conversely, the SEC argues that the lawsuit attempts toconvince the court that cryptocurrencies should never be considered securities.The SEC has also raised the issue of standing, asserting that Lejilex has notfaced any agency enforcement actions against it.Earlier this year, in February, Lejilex requested the courtto determine that listing pre-existing tokens would not violate securitieslaws. Co-Founder Mike Wawszczak expressed frustration, stating: “We wish wewere launching our business instead of filing a lawsuit, but here we are,” inan interview with Reuters.Crypto startup Lejilex has asked a Texas federal court for a preemptive ruling against SEC enforcement actions, claiming it facilitates crypto transactions, not securities, and accusing the agency of regulatory overreach.— The Crypto News 🗞️ (@TCNCRYPTO) October 4, 2024Coinbase's Legal Battle ContinuesOn October 4, Coinbase Chief Legal Officer Paul Grewalcommented on the briefs in a post on X. He criticized the SEC's stance, arguingthat the classification of a digital asset transaction should not depend on theasset's nature. Grewal highlighted inconsistencies in the SEC's arguments,referencing a previous case where the SEC took a contradictory position.Coinbase is currently involved in a lawsuit with the SEC, which claims theexchange sold unregistered securities, a charge Coinbase denies.Grewal emphasized the importance of consistency ingovernment actions, stating: “This is our government acting in the name of allof us. Telling one judge one thing while telling another the opposite shouldnot be tolerated. We deserve better.”This article was written by Tareq Sikder at www.financemagnates.com.
via News – Finance Magnates | Financial and business news https://ift.tt/wg9aoY2