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Cyprus'sfinancial regulator is giving crypto-asset service providers a narrow window tooperate under existing national regulations before new EU-wide rules takeeffect. The Cyprus Securities and Exchange Commission (CySEC) announced today(Thursday) it will stop accepting notifications from European Economic Area (EEA)firms for cross-border crypto services on October 30, 2024.CySEC Sets October 30Deadline for Crypto Firms Under National RulesThisdeadline comes just two months ahead of the Markets in Crypto-Assets (MiCA)implementation for crypto service providers, set for December 30. Firms thatsuccessfully notify CySEC by the October 30 cut-off will be permitted tocontinue their cross-border operations during a transitional period lastinguntil July 1, 2026, or until they receive a decision on their MiCAauthorization, whichever comes first.“Notificationsreceived after the above Cut-Off Date are unlikely to be assessed before MiCAcomes into application,” the regulator commented inthe official statement. In case the abovementioned market participantssubmit an application for authorization in accordance with MiCAR, they mustinform CySEC immediately whether they are authorized or not during thetransitional period, to proceed with the update of the EEA CASP Register.”Press Release – CySEC will not accept new applications for CASPshttps://t.co/ShIO6Lw8aiΔελτίο Τύπου – Δεν θα αποδέχεται νέες αιτήσεις για ΠΥΚΣ η ΕΚΚhttps://t.co/eAbtQuWvae— CySEC - Cyprus Securities and Exchange Commission (@CySEC_official) October 17, 2024CySEC hasalready ceased accepting new registration applications under national rules asof October 17, 2024, further emphasizing the regulator's preparation for theMiCA regime.This is another CySEC circular following the June consultation launched by the regulator to gather market views on the proposed fees and reporting requirements under the new EU crypto rules. 4oEU Crypto RegulationsThesedevelopments in Cyprus are part of a larger trend across the European Union asmember states prepare for the implementation of MiCA. The regulation aims tocreate a harmonized crypto regulatory framework across the EU, potentiallyreshaping the continent's digital asset landscape.MiCA, which officially entered into force on June 29, 2023, aims to create a comprehensive framework for crypto-assets not covered by existing financial services legislation. The regulation is set to be fully implemented in stages, with complete application expected by December 30, 2024.Crypto-assetservice providers registered in Cyprus are now faced with a clear timeline:Submitnotifications to CySEC by October 30, 2024, if they wish to operate undercurrent national rules during the transition period.Prepare forMiCAR compliance, which becomes applicable on December 30, 2024.ObtainMiCAR authorization by July 1, 2026, at the latest, to continue operations inthe EU.This week, the European Securities and Markets Authority (ESMA) addressed the European Commission's proposal to amend the Regulatory Technical Standards (RTS) under the MiCA. In its response, ESMA recognizes the legal constraints highlighted by the Commission and stresses the significance of the policy objectives outlined in the proposal. This article was written by Damian Chmiel at www.financemagnates.com.
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In a recentsurvey by The Funded Trader (TFT) prop firm, 76% of respondentspreferred faster access to at least a portion of theirfunds, which have been blocked for several months. Despite this significantmajority, TFT decided to stick to its original plan, stating that it would "deliver a better experience" to clients.The Funded Trader PropFirm Defies Survey, Maintains Original Account Sizes in RelaunchThe survey,which involved over 5,300 traders with accounts at The Funded Trader, revealedthat many have been waiting for their payouts since the beginning of the year.This delay was largely due to the alleged regulatory crackdown on MetaQuotes inthe USA, which caused considerable chaos in the prop trading industry.🏰 While 76% preferred smaller accounts for quicker access, we believe maintaining the original size will avoid complexity and deliver a better experience. We are committed to getting these accounts to you by the end of this year. (2/5)— The Funded Trader (@thefundedtrader) October 16, 2024"Weare committed to getting these accounts to you by the end of this year,"the company stated on X (formerly Twitter). Despitemaintaining the original account sizes, TFT is offering traders someflexibility. Clients can now choose between the Knight Pro Challenge and othernew challenge types, regardless of their original challenge parameters. Thesenew options come with additional features including anytime payouts, maximumallocations up to $2.5 million, and balance-based daily drawdown limits.Therelaunch will see accounts available across multiple platforms, including"Platform Five" (MetaTrader 5, whose name is often concealed by manyprop firms for regulatory reasons), Match Trader, and DXtrade. "Weknow you're eager to get started, and we're working day and night to make ithappen," the company added.Chance for Payouts ThisYear?The latestannouncement seems to increase the likelihood of at least partial payouts in2024. A month ago, an update suggested that clients with accounts below$100,000, which includes most small retail investors, were unlikely to seepayouts this year."Ifyou've been waiting since the March 28th pause, you have been contacted if yourwithdrawal is eligible for processing soon," TFT informed at the time.⚔️ Big News, TFT Traders! ⚔️If you’ve been waiting since the March 28th pause, you have been contacted if your withdrawal is eligible for processing soon! 🎉We’re also launching a new challenge, with a portion of the profits dedicated to clearing backlogged payouts. 🏰…— The Funded Trader (@thefundedtrader) September 10, 2024However,they emphasized that payouts for smaller accounts would only be processed afterdealing with the largest ones, which was scheduled to take place by the end of2024.While itmight seem that the most important factors in the prop trading world are thelowest prices and highest profit shares, TFT's example shows that secure andfast payouts are far more crucial. This is confirmed by a survey conducted byPipFar, another prop trading firm, where 75% of respondents indicated that fastpayouts and clear trading rules are the most important aspects they look for inprop firms' offerings.Meanwhile,The Funded Trader announced that its sister company, The Futures Traders, willintroduce Volumetrica Trading as a new trading platform.🚀 Big news! We’re thrilled to announce our sister company @tft_futures will offer @VolumetricaT as a trading platform for our launch! ⚔️ With our in-house tech & this fast-growing platform, we’re set to deliver an experience that rivals the BEST in the industry. 🔥🏰…— The Funded Trader (@thefundedtrader) October 16, 2024According to the firm,this collaboration aims to improve the trading experience for users.Volumetrica Trading is known for its professional trading and analyticalplatforms that focus on order flow analysis. This article was written by Damian Chmiel at www.financemagnates.com.
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Blueberry,the Forex and CFD broker formerly known as Blueberry Markets, has rolled out anew transaction reporting system in Australia. The system integrates TRAction'sreporting solution with the popular MetaTrader 4 (MT4) platform, aiming tosimplify the broker's regulatory compliance processes.Blueberry StreamlinesRegulatory Reporting with New TRAction and MT4 IntegrationThis launchcomes on the heels of Blueberry Australia Pty Ltd, the company's local entity,receiving approval from the Australian Securities and Investments Commission(ASIC) to operate as a retail CFDs brokerage.The newintegration is designed to streamline ASIC transaction reporting for Blueberry,addressing the growing complexity of compliance requirements in the financialsector."This partnershipshowcases our commitment to delivering seamless and compliant solutions,alleviating the burden of trade reporting on teams and allowing for increasedcapacity to focus on services,” Quinn Perrott, co-CEO at TRAction, commented. The systemallows TRAction to pull data directly from MT4, ensuring accurate and timelyreporting submissions. This capability is particularly valuable given recentregulatory changes, including updates to EU EMIR Refit and upcomingmodifications to similar rules in the UK, Australia, and Singapore."As a globallyregulated broker, precise and efficient data reporting is the cornerstone ofour commitment to trust and transparency with our clients and regulators,"Dean Hyde, Founder and Managing Director of Blueberry, said. “This integration withTRAction and MT4 not only simplifies our complex reporting requirements butalso keeps us at the forefront of evolving regulatory demands, allowing us toconsistently deliver an unparalleled trading experience,” Hyde added.The launchof the new reporting system coincides with Blueberry's recent rebrandingefforts. The company dropped "Markets" from its name and refreshed its visual identity with a new logo and platform designThis article was written by Damian Chmiel at www.financemagnates.com.
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RobinhoodMarkets (NASDAQ: HOOD) has announced a significant expansion of its tradingofferings, introducing index options, futures trading, and a new desktopplatform called Robinhood Legend. At its first-ever HOOD Summit in Miami yesterday(Wednesday), the popular zero-commision trading platform confirmed a push to caterto more sophisticated retail investors.Robinhood Targets ActiveTraders with Index Options, Futures LaunchInpartnership with Cboe Global Markets, Robinhood will soon offer index optionstrading on its platform, including popular products such as S&P 500 Index(SPX) options, Cboe Volatility Index (VIX) options, and Russell 2000 Index(RUT) options. This addition responds to growing demand from retail investorsfor more advanced trading tools and risk management strategies."Asour customers have grown, they have asked us for access to more advanced assetsincluding index options, which allow them to diversify their portfolio andbetter manage risk,” Steve Quirk, Chief Brokerage Officer at Robinhood, stated.According to the company'slatest financial report for Q2 2024, options trading was one of the key revenuedrivers, increasing by 43% year-over-year to $812 million. The company’s totalnet revenues for the reported period amounted to $682 million.Alongsideindex options, Robinhood is launching futures trading directly in its mobileapp, allowing traders to trade contracts on assets like the S&P 500, oil,and Bitcoin.Perhaps themost significant announcement is the introduction of Robinhood Legend, abrowser-based desktop trading platform designed for active traders. Theplatform offers advanced charting capabilities, real-time data, andcustomizable layouts, aiming to compete with established offerings in theactive trading space."WithRobinhood Legend, futures, and index options, we're helping customers harnessthe full power of the markets so they can take control of their financialfuture," Vlad Tenev, Chairman and CEO of Robinhood, added. Theexpansion comes as the options trading market continues to see significantgrowth. In 2023, US options volumes exceeded 11 billion contracts, marking thefourth consecutive year of record activity. This trend has continued into 2024,with average daily volumes reaching 47 million contracts in the third quarter,an 8% increase from the previous year.Education and PromosTo supportthe rollout of these new offerings, Robinhood is also enhancing its educationalresources. The company plans to provide articles on futures trading through itsRobinhood Learn platform and will release a series of educational YouTubevideos in the coming months.As part ofthe HOOD Summit launch, Robinhood is offering bonuses for customers whotransfer assets to the platform by October 27, including a 1% bonus onbrokerage account transfers and a 3% bonus on IRA transfers for Goldsubscribers.The newfeatures will be rolled out gradually over the coming months, with RobinhoodLegend already available to some users and futures and index options set tolaunch on the mobile app in the near future.A few weeks ago, the company also introduced cryptocurrency transfers forusers in the European Union. "Support for deposits and withdrawals givescustomers more control over their crypto," Robinhood commented.This article was written by Damian Chmiel at www.financemagnates.com.
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Financial Conduct Authority (FCA) issued a noticeflagging a company purporting to be APM Capital Markets Limited, an affiliatedcompany to the entity that bought BUX Financial Services. According to the regulator, the clone firm uses thewebsite www.buxtrmarkets.com to mimic the legitimate www.buxmarkets.com. Clonefirms are illegal entities that impersonate authorized financial companies inorder to deceive potential investors. Fraudsters create fake websites, emails, and phonenumbers, mimicking the details of genuine firms that are regulated by the FCA in the UK. Why You Should Be ConcernedClone firms aim to trick people into thinking they aredealing with a legitimate business, leading to financial losses forunsuspecting victims. The scammers behind these clone firms often use similarnames, logos, or contact information, making it difficult for investors todifferentiate between the real and fake companies. In this case, the fraudsters are pretending to be APMCapital Markets Limited, a legitimate financial firm. The regulator warned thatfalling for a clone firm means that one will not be protected by the UK'sFinancial Services Compensation Scheme (FSCS), which safeguards clients if afinancial firm goes out of business. Additionally, since clone firms are unregulated, userswill not also have access to the Financial Ombudsman Service if they have acomplaint. You risk losing your entire investment, with little chance ofrecovering your funds if the scam is uncovered.Identifying Clone FirmClone firms often create websites with similar URLs toreal companies, like www.buxtrmarkets.com, which mimics the legitimatehttps://ift.tt/l1Revmq may provide fake phone numbers, emails, and postaladdresses that seem similar to the real firm's details. The regulator has also urged the public to use theFCA's Financial Services Register to confirm the firm's contact details,especially if they are dealing with them for the first time. The FCA advised clients that investors should alwayscheck whether a financial firm is authorized before engaging with them.BUX Financial Services was sold to Asseta Holding, the parent company of UAE-based investment firm APM Capital, in July. The acquisition came after ABN AMRO finalized the acquisition of BUX’s Netherlands operations, which is operating as a neo-broker. The UK unit of BUX provides CFDs and financial spreadbetting services. This article was written by Jared Kirui at www.financemagnates.com.
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Interactive Brokers opened its new office in DubaiInternational Financial Center (DIFC). The company expects this move to enableit to open access to global markets for tradersand investors in the UAE and across the Gulf Cooperation Council region. Interactive Brokers Expands to DubaiInteractive Brokers' decision to establish a presencein the Middle East reportedly comes amid a surging demand for financialservices in the region. The DIFC office will serve a broad range of clients,including active traders, high-net-worth individuals, hedge funds, and familyoffices.Investors using Interactive Brokers reportedly haveaccess to more than 150 global markets across regions and asset classes.Whether trading in stocks, options, futures, bonds, or currencies, clients cando so from a single unified platform, the company mentioned. Dubai International Financial Center has grown into aglobal financial hub in technology and innovation in the industry. InteractiveBrokers mentioned that the hub is ideal to serve its local clients. The brokerage firm holds a Category 4 license from theDubai Financial Services Authority.Early this month, Interactive Brokers partnered withAcuity Trading to integrate the research arm of the latter into its platform.This collaboration seeks to boost the research and decision-making toolsavailable to investors using Interactive Brokers' services.Recent PartnershipsInteractive Brokers also partnered with Saudi Arabia'sCapital Market Authority licensed firm SNB Capital to enable internationalinvestors to trade directly on the Saudi Exchange. The agreement allows clients of Interactive Brokers todiversify their portfolios by investing in Saudi equities, global stocks, ETFs,and other securities from a single platform.In an announcement, Interactive Brokers mentioned thatits users can now buy and sell Saudi stocks, real estate investment trusts(REITs), and exchange-traded funds (ETFs) under the partnership. Saudi Arabia'sstock market, often considered the gateway to the Gulf Cooperation Council(GCC), reportedly features over 415 listed securities across 22 sectors.Meanwhile, Interactive Brokers Group released strongtrading metrics in September, including a substantial boost in clientengagement and financial performance. The company posted a substantial increasein Daily Average Revenue Trades and client equity.DARTs were 2.634 million, a notable 46% increasecompared to the previous year, The figure, however, dropped 3% from August.Client equity jumped to $541.5 billion, representing a 46% year-over-yeargrowth and a 5% boost since August.This article was written by Jared Kirui at www.financemagnates.com.
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The European Securities and Markets Authority (ESMA) hasresponded to the European Commission's proposal to amend the Markets inCrypto-Assets Regulation (MiCA) Regulatory Technical Standards (RTS). In its response, ESMA acknowledges the legal limitationsoutlined by the Commission. It also emphasizes the importance of the policygoals stated in the proposal.Proposed Amendments to MiCA RegulationESMA's Opinion recognizes proposed amendments to two RTS.These amendments detail the information required for notification by financialentities wishing to offer crypto-asset services. They also specify what is needed for applications fromentities seeking authorization as crypto-asset service providers (CASPs). ESMAstates that these RTS aim to improve the assessment process for CASPs andfinancial entities looking to provide crypto-asset services in the EuropeanUnion. To support these goals, ESMA recommends that the Commissionconsider changes to the MiCA regulation (Level 1). Key suggestions includerequiring applicant CASPs and notifying entities to submit results from anexternal cybersecurity audit. ESMA also proposes checks on the good repute of managementmembers, specifically regarding any penalties beyond certain laws.Commission to Review RTSOn March 25, 2024, ESMA released its first final report onthe draft RTS and sent it to the Commission for adoption. ESMA has now sharedits opinion with the Commission, the European Parliament, and the EuropeanCouncil. The Commission has the authority to adopt or reject theproposed RTS, while the European Parliament and the Council can raiseobjections within three months.Meanwhile, the EuropeanUnion is working to reduce the securities settlement cycle from two days(T+2) to one day (T+1), aligning with international trends. ESMA has notedchallenges such as the need for harmonization and modernization of systems, asreported by Finance Magnates. This upgrade will require substantial investments, andmarket participants are seeking amendments to the Central SecuritiesDepositories Regulation for a smooth transition. ESMA is collaborating with theEuropean Central Bank and other authorities to establish a governance structurethat ensures an inclusive and coordinated approach for the T+1 transitionacross the EU.This article was written by Tareq Sikder at www.financemagnates.com.
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German investors trading derivatives can finally breathe a sigh of relief as lawmakers plan to repeal a punitive tax rule on CFDs. The country’s ruling coalition is set to repeal the regulation, whichrestricted traders from offsetting losses against profits up to a certainlimit. The €20,000 loss offset limit impacted the taxliabilities of CFD brokers. Germany’s Traffic light coalition has now agreed toabolish this rule, retroactively applying the change to 2020, several localmedia outlets reported.Fairer Tax Treatment This decision could mean substantial refunds for thoseaffected, finally allowing traders to fully offset their losses against gainsfrom past years. The controversial €20,000 loss offset limit was introduced aspart of Germany’s annual tax laws. Under this rule, investors could only deduct lossesfrom futures transactions, including CFDs, against profits up to the cappedamount. Many traders, particularly those dealing with volatile markets likeCFDs, were affected by this rule. This repeal is expected to particularly benefit CFDtraders, as CFDs are considered forward transactionsunder German tax law. Efforts to repeal this law have been in motion sinceJune 2022, when the Federal Fiscal Court deemed the loss limitunconstitutional.The court ruled that the €20,000 cap violatedprinciples of equal treatment, as it unfairly limited traders' ability to offsettheir losses. Last year, the ruling coalition, led by the Free Democratic Party, formally committed to reversing the rule.What This Means for CFD TradersCFD traders will now benefit from offsetting losses without a restrictive cap. They can apply losses from 2020, 2021, and2022 against any profits they made during those years. Additionally, this repeal will affect futuretransactions. Germany’s decision to align its tax policy more closely with therealities of derivatives trading could make the country more attractive forinvestors in these instruments.According to a report by Finance Magnates, the tax regulation was pushed almost secretly through the Bundestag during the 2020Christmas holidays. The proposal was reportedly first introduced and thenpassed more than a year ago. It limited investors' ability to subtract losses above the capped threshold from capital gains or any other positive income. Losses not offset can be carried over to subsequent years, but the limitation onthe amount still applies.This article was written by Jared Kirui at www.financemagnates.com.
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CoinDesk, a media and data company in the cryptocurrencysector, has acquired CCData, a UK FCA-regulated administrator. CCData is knownfor providing digital asset data and index solutions. This includesCryptoCompare, a popular retail site with over 300,000 active users.The acquisition aims to enhance CoinDesk's informationservices and data products. It also presents cross-selling opportunities forCCData and CryptoCompare, which serve a broad range of institutional and retailclients.CoinDesk Media Reaches 45.5 MillionCoinDesk Media provides news, analysis, and real-timeinsights related to digital assets and blockchain technology. The company'sevents attract professionals from the industry. During the first half of 2024,CoinDesk Media's products and services reached an estimated audience of 45.5million people.Since its inception in 2014, CoinDesk Indices has played anotable role in the digital asset market. According to the company, it has facilitatedinvestment with tens of billions of dollars in benchmarked assets. Its flagship products include the CoinDesk Bitcoin PriceIndex (XBX) and the CoinDesk 20 Index, both of which have established industrystandards for measuring and trading digital assets. The recently launchedCoinDesk 20 perpetual futures contract has garnered significant institutionalinterest, resulting in a trading volume exceeding $8 billion.🚨Breaking: CoinDesk has acquired CCData and its retail branch, CryptoCompare, which serves more than 300,000 active users.Source: @CoinDesk #CoinPedia #CryptoNews #Blockchain pic.twitter.com/kmgXIvSZ1I— Coinpedia (@CoinpediaNews) October 16, 2024Integrating with CCData PlatformCCData offers institutional-grade data solutions, a digitalasset index suite, and research aimed at government and institutional clients,as well as retail investors. The integration of CCData's data platform and CryptoCompareinto CoinDesk is expected to enhance its data offerings, increase subscriptionrevenues, and complement existing solutions from CoinDesk Indices and CoinDeskMedia.This article was written by Tareq Sikder at www.financemagnates.com.
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The Funded Trader, a prop trading firm, has announced thatits sister company, The Futures Traders, will introduce Volumetrica Trading asa new trading platform. According to the firm, this collaboration aims toenhance the trading experience for users.Volumetrica Trading is known for its professional tradingand analytical platforms, which focus on order flow analysis. These platformswere developed by a small group of individual traders. Community Feedback for New PlatformThe Funded Trader claims that their in-house technology willcomplement Volumetrica's offerings, potentially positioning them as acompetitive option in the trading industry.The company has stated that development of the new platformis underway. They plan to involve their community in the process by pollingusers for feedback. The post reads: “Development is in full swing & we’reexcited to involve you! Soon, we’ll poll the community to help build the entireprogram—your feedback will shape it all.”🚀 Big news! We’re thrilled to announce our sister company @tft_futures will offer @VolumetricaT as a trading platform for our launch! ⚔️ With our in-house tech & this fast-growing platform, we’re set to deliver an experience that rivals the BEST in the industry. 🔥🏰…— The Funded Trader (@thefundedtrader) October 16, 2024Details regarding the launch timeline have not beendisclosed. However, the company suggests that the upcoming platform could influencethe trading landscape.DXtrade and Match-Trader LaunchLast month, TheFunded Trader announced that its platforms, DXtrade and Match-Trader, arenow accessible to traders globally, including those in the United States, asreported by Finance Magnates. Both platforms provide various features, such as modern userinterfaces, multiple trading tools, and integration with TradingView charts.The company states that these updates aim to improve the trading experience.Previously, The Funded Trader informed users on X about itsmigration to the cTrader platform, impacting approximately 4,700 traders. Theannouncement included instructions for the migration process, requiring tradersto close open trades by a specified deadline.This article was written by Tareq Sikder at www.financemagnates.com.
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Recentfinancial market volatility didn't do much to boost retail trader deposits inthe US, which declined for the second consecutive month. According to thelatest August data, the result was the worst since the beginning of the year,dropping 5% from 2024 highs.FX Deposits in US Shrinkby Another $15 MillionAccordingto the latest data from the Commodity Futures Trading Commission (CFTC) forAugust 2024, the total value of FX deposits in the US amounted to $530.1million, falling 2.8% from $545.5 million reported a month earlier. In nominalterms, the decline was over $15 million, the strongest in 2024.Afterreaching local highs in June, the value of FX deposits in the US has beenshrinking for two consecutive months and is currently at its lowest sinceJanuary 2024, when it was just under $530 million.The datadoesn't align with the Cboe report from the same month, which showed forexmarket activity remaining high, with volumes rising to $1.1 trillion.Only Charles Schwab andInteractive Brokers Reported GrowthLooking atthe distribution of volume declines among individual trading companies, onlyCharles Schwab and Interactive Brokers reported positive changes. CharlesSchwab saw a 2.2% increase, while Interactive Brokers experienced a significant12.5% growth, equivalent to $3.7 million.On theother hand, IG US recorded the strongest depreciation at nearly 15%, droppingby $9 million to $33.7 million. OANDA also noted a substantial nominal loss ofalmost $8.3 million. However, in percentage terms, it was significantly smallerthan IG US, at 4.5%.Financial ReportingRequirements for US Forex BrokersThe CFTCplays a crucial role in ensuring the financial health and transparency of Forexbrokers operating in the United States. Retail Foreign Exchange Dealers (RFEDs)and Futures Commission Merchants (FCMs) must submit detailed monthly financialstatements to the regulatory body.Thesereports are required to include essential financial metrics such as:Adjusted net capitalClient assetsRetail forex obligationsRetailforex obligations represent the total assets held by FCMs or RFEDs on behalf oftheir clients, accounting for any realized profits or losses. This requirementapplies to all 62 registered RFEDs and FCMs in the United States, includingwell-known entities like Charles Schwab, Gain Capital, IG, Interactive Brokers,OANDA, and Trading.com. These firms must publicly disclose their financialcommitments, promoting industry-wide transparency.Recentobservations suggest thatFCMs are heavily investing in cutting-edge front-end technologies. Thisstrategic move aims to improve operational efficiency and strengthen theircompetitive position in the dynamic derivatives market.This article was written by Damian Chmiel at www.financemagnates.com.
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The biggest publicly listed Wall Street Bitcoin (BTC) miner, MARA Holdings (NASDAQ: MARA), hasannounced the acquisition of a $200 million line of credit. The credit facilityis secured by a portion of the company's crypto holdings, highlighting thegrowing trend of cryptocurrency-backed financing in the corporate world.MARA Leverages BitcoinStack in $200 Million Credit DealThestatement presentedyesterday (Tuesday) by MARA doesn't delve too deeply into details, onlyinforming that the cryptocurrency miner used a portion of its substantialBitcoin stack to secure a $200 million line of credit.What willthe funds be used for? Here too, no detailed information was provided beyond ageneral statement that "MARA may use the funds to capitalize on strategicopportunities and for other general corporate purposes."It's worthnoting that MARA, known as Marathon Digital Holdings until August, is thelargest BTC producer listed on Wall Street, with a current marketcapitalization of nearly $5 billion. It significantly outpaces Core Scientific,which is in second place with a value of $3.3 billion.The movecomes a few months after MARA decided to purchase Bitcoin for $249 million. InAugust, it successfully completed a $300 million offering of convertible seniornotes, most of which was allocated to buying BTC. MARA iscurrently the second-largest public holder of Bitcoin, right behindMicroStrategy. According to Bitbo data, it holds 0.12% of the total BTC supply,or nearly 26,000 tokens, with an estimated value of almost $1.8 billion.MARA Stock: Potential fora 50% Rebound According to MacquarieDespite therecent rebound in Bitcoin's price, which is returning to around $68,000 thisweek and has grown by 60% in 2024, MARA shares haven't given holders as muchjoy. Year-to-date, they're down 28% and tested nearly year-long lows inSeptember.However,the latest report from financial group Macquarie suggests that this situationmay soon change. The firm initiated coverage of the company's shares with an"Outperform" rating and claims that its move towards artificialintelligence (AI) and high-performance computing (HPC) could lead to a 50%increase in valuation. Macquarie's current price target for MARA shares is $22,the highest since July.Wall Street Bitcoin MinersMove to AI and HPCMARA is atthe forefront of a trend among Bitcoin miners, which involves seeking newsources of income from their massive data centers (so-called mines) in the faceof growing competition and difficulties in the mining sector, while industrymargins are declining.While MARAhas not made any official announcements regarding a shift towards AI, recentchanges in leadership suggest a potential move in this direction. The companyhas bolstered its Board of Directors with new appointments, includingindividuals with significant experience in artificial intelligence and datacenter operations. Industryanalysts are taking note of the potential for Bitcoin mining companies to pivottowards AI and high-performance computing. Matthew Sigel, head of digitalassets research at VanEck, projects that this strategic shift could generatesubstantial value for mining firms in the coming years. Sigelpoints out the synergy between AI companies' energy needs and Bitcoin miners'access to power resources, stating, "AI companies need energy, and Bitcoinminers have it. As the market values the growing AI/HPC data center market,access to power—especially in the near term—is commanding a premium.”MARA Stock: FrequentlyAsked Questions (FAQ)What is MARA?MARA,formerly known as Marathon Digital Holdings, is the largest publicly-listedBitcoin mining company on Wall Street. It operates as a digital assettechnology company that mines cryptocurrencies with a focus on the blockchainecosystem3.Why is MARA in the news?MARArecently announced access to a $200 million line of credit backed by itsBitcoin holdings. This move highlights the growing trend ofcryptocurrency-backed financing in the corporate world.What is MARA's current stockprice?As of thelatest data, MARA's stock price is $15.21…
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TradingView,the financial platform and social network for traders and investors, announcedtoday (Wednesday) the integration of IG, a publicly listed provider of onlinetrading services and CFDs, into its broker ecosystem.IG Joins TradingView'sBroker Integration PlatformTheaddition of IG to TradingView's roster of integrated brokers offers usersdirect access to IG's trading services through the platform interface. Thisintegration allows TradingView's community of traders and investors to leverageIG's offerings without leaving the platform.Founded in1974, IG is one of the few brokers that is publicly traded. The company servesover 340,000 clients worldwide from 17 offices across five continents. Thebroker offers spreads starting from 0.6 points on key FX pairs, 0.8 points onmajor indices, and 0.1 points on commodities. Additionally, IG emphasizessafety by holding client funds in segregated accounts.“Now thatIG has joined the TradingView trading ecosystem, its services have become evenmore accessible for our millions-strong community of traders and investors,”TradingView commented. “To start navigating markets with IG, head to thetrading panel, find the broker’s icon, and log in with your IG account details.”This month, TradingView also partnered with another popular FX/CFD broker, Markets.com, which is part of the Finalto Group. Additionally, Tradu, a multi-asset trading provider, and the cryptocurrency exchange HTX have joined the ranks of TradingView's partners.TradingView EnhancesFutures Data for SGX and ICE Futures SingaporeIn aseparate announcement, TradingView revealed significant improvements to itsfutures data offerings, specifically for contracts from the Singapore Exchange(SGX) and Intercontinental Exchange (ICE Futures Singapore). One keyupdate allows users to choose between the settlement price and the last priceas the closing value on charts. The settlement price, calculated at the end ofthe trading day by averaging final bid/ask prices and other values, offerstraders a more stable reference point for assessing gains or losses. Users caneasily switch between these options using the SET button at the bottom of thechart or by adjusting settings in the chart menu.Anothernotable feature is the ability to back-adjust contracts in continuous futures.This function helps smooth out price differences that occur when switchingbetween futures contracts, eliminating roll gaps. When a chart shifts to a newcontract, the system calculates a coefficient based on the price differencebetween the old and new contracts, ensuring better alignment of previouscontracts and providing a more consistent historical view.Lastly,TradingView has introduced the ability to view open interest values forSingapore futures. Open interest, representing the total number of activecontracts that haven't been settled, is a crucial metric for gauging marketactivity. Users can access this data through the "Indicators, Metrics& Strategies" menu by searching for the Open Interest indicator.Theseupdates are part of TradingView's ongoing efforts to improve its platform,which now provides access to over 2 million financial instruments worldwidethrough hundreds of data feeds.This article was written by Damian Chmiel at www.financemagnates.com.
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Saxo Bank'sUK branch has reported impressive growth in 2023, increasing its assets undermanagement (AUM) to £2 billion and achieving a higher net profit of £11.2million compared to the previous year.Saxo Capital Markets UKLtd Boosts Revenue and Profits in 2023Despiteidentifying several challenges in its latest report filed with Companies House,including "ongoing geopolitical volatility, the cost of living squeeze inthe UK, and continued challenges in the UK equity markets," the finalresults paint a largely positive picture.The firm'sAUM grew by 15% to £2 billion, upfrom £1.6 billion reported the previous year. The total number of clientsincreased by 4,000 to 127,000, while profit before tax rose by 13% to nearly£15 million.Delvinginto the report's details, we see that the company's trading revenue remainedrelatively stable at £27.9 million, compared to £27.6 million the year before.The absence of additional costs incurred in 2022 resulted in a final profit forthe year after tax of £11.2 million, a 7% increase from the £10.5 millionreported in the previous year."Weare driving client retention, activating our new and existing clients withtimely, relevant, and engaging content, and improving our service levels tomeet our high expectations," Saxo UK commentedin its latest report.As for theentire Saxo Group, in 2023 it reported a net profit of DKK 260 million, adecline from the previous year’s DKK 711 million. The latest adjusted netprofit stood at DKK 653 million, reflecting an 8.1%.Earlierthis year, the company experienced a significantleadership change as CEO Charles White-Thomson announced his resignation.White-Thomson, who played a vital role in guiding the financial technologygiant, also stepped down from the Board of Directors of Saxo Capital Markets UKLtd.This article was written by Damian Chmiel at www.financemagnates.com.
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UK-regulated Tavira Financial Limited, known for being an agency broker and execution specialist, is closing down its equities contracts for differences (CFDs) business, the company confirmed in its latest Companies House filing. It has already completed the majority of its closure process during the 2023-2024 fiscal year and will finish the remainder in the ongoing fiscal year.CFDs Is No Longer AvailableAlthough the brokerage did not provide any specific reason for the closure of its CFDs business, which it was building out of Dubai, it highlighted: “We have seen a reduction in some product lines within traditional brokerage revenues.”Tavira hired Andrew Gibson, an industry veteran with three decades of experience, in early 2022 to develop its FX and CFDs products based out of Dubai. However, Gibson left the company last year to launch his own CFD brokerage.A Profitable YearMeanwhile, UK-registered Tavira generated over £31.7 million in revenue in fiscal 2024, which ended on March 31, an increase of almost 25 percent year-over-year. Most of its revenue was generated from its Dubai-based establishment, which brought in almost £19.9 million, followed by £8.8 million from the London location. Both revenue and profitability of its Dubai-based operations jumped by 17 percent.The company also has an office in Monaco, with only four full-time staff, which brought in £2.4 million in revenue. It also has an Australian branch that has been operating for the last two years and added a second Melbourne office last year. Australia only turned £714,000 in revenue, a jump of 95 percent, while its profitability increased by 125 percent."The continuation of interest rate rise in 2023, resulting in a stable yet higher rate throughout 2024, has again impacted asset management revenues," the filing stated. "The improved interest rates have lured investors to other more attractive opportunities."Tavira Financial, previously Tavira Securities, further highlighted that it strengthened its headcount by 27 percent last fiscal year. Its UK and Dubai offices had 23 and 20 employees, respectively, at the end of the last fiscal year.Furthermore, the company also turned a pre-tax profit of almost £1.14 million last fiscal year, recovering from a loss of £57,174. The net figure came in at a gain of £1.08 million, compared to a loss of £126,310 in the previous year.This article was written by Arnab Shome at www.financemagnates.com.
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Irish lawmakers are urgently preparing legislation covering digital assets and crypto firms ahead of the broader European Union’s anti-money laundering and terror financing laws, set to be enacted on 30 December 2024.According to a report by the Irish Examiner, Ireland’s Finance Minister, Jack Chambers, has already asked the cabinet to draft this urgent law, as the country needs to update its regulations before the European bloc's deadline.EU Moves Ahead with Crypto LawsThe 27-country European bloc’s Anti-Money Laundering and Countering the Financing of Terrorism Act covers crypto transactions. However, it differs from the Markets in Crypto-Assets Regulation (MiCA), which partially came into effect earlier this year, with its remaining provisions set to be enforced by the end of 2024.While MiCA focuses on making crypto transactions transparent, the new anti-money laundering and terror financing laws will enhance the powers of European financial intelligence units, enabling them to suspend transactions. According to a statement by the European Commission, AML laws “complement other regulations such as MiCA.”Specific to cryptocurrencies, the anti-money laundering and terror financing laws will impose stricter reporting requirements for exchanges, and limit cash payments to €10,000 (around $US10,850). They will also mandate the monitoring of large crypto transactions and introduce new reporting requirements for high-value transactions.European Unions New AML Laws Ban All Anonymous #Crypto Payments · The EU has implemented a new law restricting cash transactions to fight #money laundering. 🫣🫣 pic.twitter.com/PeWhZkP6XS— Vishal Techzone (@VishalSahu21) March 23, 2024Ireland Becomes a Favourite for Crypto FirmsIreland is becoming one of the top jurisdictions for crypto giants to establish their European bases. By July, the Central Bank of Ireland had approved 15 virtual asset service providers, including major firms such as Gemini, Ripple, Paysafe, MoonPay, Kraken, and Coinbase. However, stablecoin issuer Circle is planning to move its legal base from Ireland to the US.The influx of crypto companies has also raised concerns about the risks of money laundering through digital assets.“It is important that Ireland, as a small, open economy with a thriving financial services industry, actively participates in preventing its financial system from being used for money laundering and terrorist financing purposes,” the Irish Central Bank noted in a statement.This article was written by Arnab Shome at www.financemagnates.com.
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WhiteBIT cryptocurrency exchange has once again confirmed its commitment to top-tier security standards by successfully passing the Payment Card Industry Data Security Standard (PCI DSS) certification. The company achieved the highest Level 1 certification.This certification verifies that the WhiteBIT platform adheres to the best practices for storing, processing, and transmitting payment card data, ensuring the privacy and security of its users' financial information. Payment data on WhiteBIT is securely protected from cyber attacks and online fraud, allowing customers to safely perform bank card transactions (deposit/withdraw funds) using methods like Apple Pay and Google Pay."The security of our customers has always been a top priority at WhiteBIT. We set a high standard for cybersecurity and work tirelessly to safeguard our users' data against potential threats," said Volodymyr Nosov. "Today, over 5 million clients trust us, and we continually implement innovative solutions to ensure their safety and the transparency of our processes."Benefits of PCI DSS Certification for WhiteBIT Crypto Exchange:Enhanced Fraud Protection: The certification ensures that WhiteBIT implements advanced security measures, such as encryption, tokenization, access controls, and monitoring, to protect and process payment card data. This greatly reduces the risk of data breaches and cybercrime.Data Privacy: WhiteBIT handles card data in line with top industry standards, ensuring clients' sensitive information remains secure and confidential.Wider Range of Trusted Payment Options: PCI DSS certification enables the integration of multiple secure payment methods, including bank cards from various payment systems. Additionally, all payment providers partnered with WhiteBIT are also required to comply with PCI DSS standards.Global Recognition: Certification proves that WhiteBIT adheres to international security practices, which is a key consideration for global partners and investors.PCI DSS certification highlights WhiteBIT’s commitment to user safety, allowing customers to confidently use their bank cards on the platform without concerns over data breaches.To maintain PCI DSS certification, WhiteBIT undergoes an independent audit annually, assessing its compliance with 12 core security principles. This audit is conducted by an accredited third-party organization.In addition, WhiteBIT performs external penetration testing of its platform to identify and address any potential vulnerabilities.About PCI DSSPCI DSS (Payment Card Industry Data Security Standard) is a global security standard established by the payment card industry to protect cardholder data. It was developed by five major payment networks: Visa, Mastercard, American Express, Discover, and JCB. The standard encompasses over 300 criteria related to various aspects of information security, organized into 12 key principles. There are four levels of certification, determined by the annual volume of transactions processed.About WhiteBITWhiteBIT (https://whitebit.com) is one of the largest centralized cryptocurrency exchanges in Europe, founded in Ukraine in 2018. The platform offers more than 580 trading pairs, 270+ assets, and supports 10 national currencies. WhiteBIT partners with global payment system Visa, the e-sports platform FACEIT, and the telecom operator lifecell. It also supports FC Barcelona (Spain), Trabzonspor (Turkey), and the Ukrainian national football team. Additionally, WhiteBIT collaborates with the National University of Kyiv-Mohyla Academy and the Ministry of Foreign Affairs of Ukraine. The company’s mission is to promote the widespread adoption of blockchain technology in Ukraine and around the world.This article was written by FM Contributors at www.financemagnates.com.
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Devexpertshas announced an upgrade to its DXtrade multi-asset trading platform through anew integration with risk management company Tapaas. With the newestpartnership, platform provider wants to offer FX/CFD brokers more robust toolsto evaluate and mitigate potential market threats.Devexperts EnhancesDXtrade Platform with Tapaas Risk Management IntegrationTheintegration will allow DXtrade-powered brokers to access real-time analyticsand alerts from Tapaas, enabling continuous monitoring and swift detection ofpotential threats to their operations. "Ourrisk management settings are comprehensive and allow for trading to take placein a safe and controlled environment,” Jon Light, Head of OCD Platform atDevexperts, said. “The integration with Tapaas will complement and furtherenhance these tools, allowing brokers to effectively monitor risks and takeaction where necessary."This is not DXtrade's first collaboration aimed at enhancing risk management capabilities for brokers. In early September, Centroid Risk, a platform from fintech company Centroid Solutions, joined the group of firms working with the Devexperts platform.The newfeatures will complement DXtrade's existing risk management functionality,which includes configurable limits on instruments, groups, and accounts, aswell as stop-loss and take-profit settings. The platform also offers anembedded trading journal and performance dashboard."Theintegration between Tapaas and Devexperts for DXtrade responds to an imminentneed for existing and prospective clients on both ends,” Tom Vasak, CEO ofTapaas, added. “We're very happy to bring the unparalleled capabilities ofTapaas risk management to a broader audience."Thisenhancement to DXtrade comes at a time when risk management is increasinglycrucial in the volatile FX/CFD trading landscape. It should offer brokers amore comprehensive view of their risk exposure across various trading systems,potentially improving their ability to protect against operational risks.This month, DXtrade also partnered with Finalto to boost liquidity services for brokers. From now on, trading companies can access liquidity across more than 3,000 instruments.Meanwhile, DXtrade has upgraded its platform to better support proprietary trading. The latest update aims to assist brokers and proprietary firms in launching challenges and contests. This new configuration provides tools for organizing competitions using DXtrade XT as a simulated trading environment.This article was written by Damian Chmiel at www.financemagnates.com.
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Neon EVM, a leading Ethereum Virtual Machine (EVM) on Solana, formally adopts Solana Network Extension as a product category, perfectly capturing the essence of this new category. Network Extensions fill a critical gap in the Solana ecosystem. By offering a formal category for projects that natively extend Solana’s functionalities, Neon EVM provides clarity to developers, investors, and users alike. Traditionally, the positioning resulted from the inherent nature of Neon EVM and various other projects (MagicBlock, MetaPlex, etc.) since these are not typical Layer 1 or Layer 2 blockchains. Unlike traditional rollups, L2s, or sidechains, Neon EVM is a program deployed directly on Solana’s blockchain and relies upon its settlement, consensus, and data availability. Today, this makes Neon EVM part of an emerging product category known as Network Extensions—a native, composable expansion of Solana’s core capabilities, stirring up debate.The controversy sparking the Network Extensions categorySolana’s Network Extensions sparked controversy in September 2024, with co-founder Anatoly Yakovenko calling Ethereum’s L2 solutions “parasitic.” Yakovenko argued that L2s drain liquidity and fragment the ecosystem, a view echoed by Solana advocates who said L2s create a disjointed user experience. In contrast, Yakovenko claimed Solana’s Network Extensions are “natively composable” and enhance the core chain without pulling liquidity. Supporters emphasized that they are not disguised L2s but maintain a direct connection to Solana’s base layer, enabling seamless composability without Ethereum’s issues.Network Extensions differ fundamentally from L2s.Unlocking Seamless Ethereum Compatibility on Solana: Neon EVM as a Native Network ExtensionSolana sees its Network Extensions as specialised modules that broaden the L1 blockchain’s core functionalities. These extensions natively integrate with the Solana base layer, allowing new capabilities to be added while preserving the core performance and composability of the underlying L1 chain.Neon EVM epitomises this concept by enabling Ethereum compatibility for dApps while maintaining an execution environment with Solana. Neon isn’t a typical L2—it runs as an EVM (Ethereum Virtual Machine) on Solana’s blockchain, providing compatibility with Ethereum-based applications while remaining fully integrated with Solana's L1. Unlike Optimistic or ZK Rollups, Neon doesn’t process transactions off-chain, but via Neon Proxy. Instead, it allows developers to deploy Ethereum dApps on Solana, leveraging Solana's core capabilities— and no Rust coding is needed. Neon EVM seamlessly integrates with Solana at the protocol level and maps Ethereum transactions directly into Solana instructions, leveraging Solana's advanced Sealevel transactional infrastructure. As a result, dApps running on Neon EVM benefit from Solana's high-throughput environment and unparalleled scalability, enabling parallel processing and efficient execution.This technology positions Neon EVM as a key player in enhancing the accessibility and composability of blockchain applications to the Solana ecosystem. The Solana Foundation team has reiterated Neon EVM’s role as a Network Extension on social media platform X, as seen in the post below, while Anatoly Yakovenko, co-founder of Solana, has clearly stated that Neon EVM is definitely not an L2.Davide Menegaldo, CCO of Neon EVM and highlights the importance of network extensions, stating, “Network Extensions offer a powerful way to enhance and augment the capabilities of blockchain networks like Solana without the downsides typically associated with traditional scalability solutions.” Menegaldo further takes a deep dive and explains the key to determining Network Extensions:- Unified Liquidity: By operating within the same liquidity pool, Network Extensions prevent the liquidity fragmentation that often occurs with Layer 2s or sidechains, ensuring a more unified and efficient ecosystem.-Enhanced User Experience: The user gets to use native wallets and…
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South Africa's financial regulator withdrew thelicense for the online trading platform Banxso due to concerns about the firm's operational practices andpotential risks posed to clients. The FSCA mentioned today (Wednesday) that Banxso's license was withdrawn due to findings suggesting that the companycould be engaging in practices posing risks to clients. The authority's concerns include the firm's allegedassociation with misleading deepfake advertisements and aggressive salestactics employed by its agents. Regulatory ActionsThese tactics reportedly pressure clients into makinghasty decisions without the necessary risk and need analysis. The FSCA notedthat such actions breach regulatory guidelines and raise ethical questionsabout client treatment. The provisional nature of the withdrawal indicatesthat the FSCA is still assessing the situation, allowing the FX/CFD brokerage firm an opportunityto respond and possibly overturn the decision once the investigation concludes.“The FSCA has taken this step because it is concerned thatthere may be a risk of harm to clients and/or the general public if Banxsocontinues its operations as a financial services provider,” the regulator mentioned.“The provisional withdrawal is based on preliminaryinvestigation findings regarding the activities of Banxso and its possibleassociation with the Immediate Matrix deepfake advertisements. Once theinvestigation is finalized, the FSCA will consider the investigation and anysubmissions by Banxso.”In response to the ongoing investigation, the FSCAescalated its actions by notifying the Financial Intelligence Centre (FIC). OnOctober 2, 2024, the FIC intervened by placing a hold on seven of Banxso's bankaccounts, citing concerns over potential financial misconduct. Banxso Fights Back Banxso challenged this step in the Western Cape HighCourt, seeking to lift the restrictions. However, on October 8, the court ruled against the firm, maintaining the hold on the accounts.In a further development, the Asset Forfeiture Unit ofthe National Prosecuting Authority became involved. On October 14, 2024,the NPA secured a preservation order for the funds in Banxso's accounts,emphasizing the seriousness of the situation and the potential for legalrepercussions.Banxso still holds other licenses in various jurisdictions. Early this year, the brokerage company obtained an Investment Dealer license from Mauritius's Financial Services Commission. The license enables Banxso to offer a range of financial products and services to its international clientele in compliance with Mauritius' regulatory guidelines.This article was written by Jared Kirui at www.financemagnates.com.
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“In recent years, the price of gold has been on the rise,and we have maintained the same spread levels since 2019,” Exness’ CTO IgorDesyatov told Finance Magnates in a recent interview. “On our Standard account,the spread was 20 cents more than 95% of the time, even though the price ofgold had doubled during that period. This naturally increased trading volumesin gold, making the transaction costs relatively tight.”Exness reduced its spreads on gold and oil, two of the mostpopular commodities in trading today. The company is betting that more traderswill be drawn to its platform with these reduced costs as gold continues torise in price and oil remains a key asset despite macroeconomic fluctuations. Gold and OilThe company reduced the spreads for gold from 20 cents to 16 cents on its Standard accounts and from20 cents to 11 cents on its Pro accounts. Oil spreads also saw a significant decrease, down to just 2cents on Standard accounts. Desyatov discussed these changes, revealing howthey reflect the company's strategy to adapt to market demands.“The gold market is highly developed, and brokers have beencompeting to offer the best conditions for trading gold in recent years. Overthe past five years, the share of gold trading has grown significantly acrossthe industry. For many market participants, gold has become the number onetrading instrument,” he said.“Oil is also quite popular, though its demand fluctuatesdepending on the macroeconomic environment. Our strategy is to provide the bestconditions for top trading instruments, and oil is a prime example.”Over the past five years, the interest in gold trading hassurged. Desyatov attributes this to its status as a safe-haven asset,especially in times of economic uncertainty. On the other hand, Oil, while influenced by macroeconomicconditions, continues to attract consistent trading interest. Additionally, market volatility has played a crucial role in Exness’s decision to adjust spreads. Desyatov explained that changinginterest rates and economic conditions, particularly in the aftermath of thepandemic, have led to a shift in global asset allocation. “Macroeconomic factors have a substantial impact,particularly with the changing interest rates during and after the pandemic.These shifts have influenced global asset allocation in trading. Gold is oftenseen as a hedge against inflation, and volatility in the equities market isclosely tied to interest rates. As a result, we do observe a correlation,”Desyatov mentioned.Gold, often seen as a hedge against inflation, has gainedeven more traction in the current environment. The correlation between equitiesmarket volatility and the popularity of gold is evident as traders seekstability in unpredictable times.The reduction in spreads is not just a cost-saving measurefor traders but could lead to increased trading volumes. As transaction costsgo down, Desyatov predicts that traders will be more inclined to engage in morefrequent trades, ultimately boosting activity on the platform.“We know that when transaction costs decrease, tradingvolumes tend to increase, and this is exactly what we have observed. Reducingtransaction costs is a broader trend, and we believe that the industry shouldcontinue to focus on this as technology allows for greater efficiency.”Long-Term EffectWhile cutting spreads may seem like a revenue sacrifice forbrokers in the short term, the long-term benefits are clear. Desyatovemphasized that not adapting to lower transaction costs could be detrimental toany brokerage firm. “Periods of high volatility present both challenges andopportunities. The challenges are primarily technological, such as ensuringstable performance even when liquidity is low. It is particularly difficult tomaintain very stable and low spreads during these times,” he noted.Desyatov also commented on the aspect of long-term revenue generation in light of the increasinglycompetitive prices, particularly in the gold market. “Revenue generation depends onthe broker’s strategy, but given the industry trend…
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Cross-border payments have quietly developed into the financial lifeblood of international trade, investment, and economic growth. Whether it’s multinational corporations transferring funds across subsidiaries, or consumers purchasing goods from overseas, the ability to move money across borders efficiently and securely is absolutely vital. While cross-border payments have seen significant growth in recent years, they also face challenges that require innovative solutions. For its part, companies such as Visa have operated at the vanguard of this trend, helping act as agents of change in the industry.The Importance of Cross-Border PaymentsThe easiest way to underscore cross-border payments is to articulate the scope and worth of them. Last year, these payments were essential for facilitating global trade, which accounted for roughly $32 trillion. Companies routinely engage in importing and exporting need reliable payment systems to settle transactions, manage supply chains, and foster business relationships across different countries. However, without smooth, secure cross-border payment systems, global trade would be hampered by increased costs and inefficiencies.Furthermore, these payments have proven to be drivers of economic growth by enabling foreign direct investment (FDI), capital flows, and the development of international business relationships. Nowhere is this more evident than with emerging markets, which rely on foreign investments and remittances to strengthen their economies. For instance, remittances sent to low- and middle-income countries reached over $540 billion last year.On a micro level, remittances can provide a lifeline for families. For millions of migrant workers, cross-border payments are the paramount means of supporting their families back home. Remittances sent from countries like the United States, the UK, and Gulf nations to regions like Latin America, Sub-Saharan Africa, and South Asia play a critical role in reducing poverty and improving living conditions. In many developing countries, remittance flows outstrip foreign aid, making efficient cross-border payment systems essential for social and economic stability.Finally, the rise of e-commerce has dramatically increased the need for efficient cross-border payments. Consumers can now purchase goods and services from anywhere in the world, and businesses need payment systems that can handle international transactions seamlessly. Cross-border payments ultimately enable consumers to access a wider range of products while also allowing businesses to expand their customer base globally.Challenges in Cross-Border PaymentsCross-border payments remain crucial to the global economy, however, face several persistent challenges, many without easy solutions. Perhaps the most for common complaint of these payments are high costs. For example, remittance can be expensive with fees ranging from 5% to 10% of the transaction amount – even higher costs can be associated with smaller payments. These costs are especially burdensome for migrant workers sending money home, where every dollar matters.Timing is also a key pain point. Despite advancements in technology, cross-border payments can take several days to settle, especially when multiple banks and correspondent institutions are involved. This delay can disrupt business operations and create uncertainty for recipients waiting for funds.Any time money is transferred between jurisdictions regulatory protocols can be an issue, with cross-border payments being no exception. These transactions are subject to a complex web of regulations, including anti-money laundering (AML) laws, sanctions, and currency controls. These regulations vary by country and can create hurdles for businesses and individuals trying to move money across borders.Any individual who has ever engaged in money transfers between different currencies is aware of rate fluctuations and volatility. These add another layer of complexity to cross-border payments. Businesses engaged in international…
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Italy plans to raise the capital gains tax on Bitcoin from26% to 42%. This decision is part of the government’s efforts to finance costlyelection promises while reducing the fiscal deficit.Deputy Finance Minister Maurizio Leo announced the changeduring a conference call today (Wednesday). He indicated that the move is inresponse to the increasing popularity of Bitcoin, referring to it as a“spreading phenomenon.” This statement was reported by Bloomberg.Regulatory Changes Affect BitcoinOther countries have previously attempted to taxcryptocurrency trading, but these efforts have often failed to significantlyboost government revenues. For example, India introduced stringent digitalasset taxes two years ago. This led to a decline in trading volumes, as manylocal investors shifted to offshore platforms to avoid the taxes.Italy's announcement comes at a time when the European Unionis preparing to implement new regulations for cryptocurrencies. Known as MiCA,this regulatory framework is expected to be fully in effect by the end of thisyear.⚡️JUST IN: 🇮🇹 Italy is reportedly considering raising its capital gains tax on #Bitcoin and other cryptos from the current 26% to as high as 42%.@paoloardoino, any chance you can stop this? 🤨 pic.twitter.com/v7cvpWiDyY— Satoshi Club (@esatoshiclub) October 16, 2024Despite the tax increase, Bitcoin's value has risen. As of12 pm in London on Wednesday, Bitcoin was trading 1.8% higher. Thecryptocurrency has experienced a 17% increase in value over the past month.Concerns Over Global Crypto StructuresThe European Securities and Markets Authority (ESMA) hasissued an Opinion regarding the authorization of global crypto firms underthe MiCA Regulation. The Opinion addresses risks associated with these firmsseeking EU authorization while maintaining significant operations outside theEU's regulatory scope, as reported by FinanceMagnates. ESMA expresses concerns about complex structures, such asEU-authorized brokers routing orders to non-EU venues, which may impactconsumer protection. It advises National Competent Authorities toevaluate these structures carefully and emphasizes a case-by-case assessment ofexecution, conflicts of interest, and custody obligations.This article was written by Tareq Sikder at www.financemagnates.com.
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South Africa’s Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of over 1 million rand (about US$57,000) on Kabelo Emanuel Mogale for providing forex trading signals without a financial services provider licence and also debarred him for ten years.It is the first such administrative action in the country against a trading signal provider.Signal Providers Need a Financial Services LicenceIn an announcement today (Wednesday), the South African regulator clarified that “the practice of providing or publishing signals with reference to online trading in financial products falls within the definition of financial services in the FAIS Act, and as such, persons providing such signals require a financial services provider licence.”It further highlighted that providing such trading signals without a licence is a criminal offence in the country.The action against Mogale resulted from an investigation following complaints received by the FSCA that he might have been “providing unauthorised financial services through Forex Private Jet Injectors (Private Jet).” The regulator found that Mogale provided forex signals via Telegram to his clients and also recommended their “trades in forex currency pairs.”“The Penalty Was Inevitable”The nature of the action is unusual as none of the mature global markets require forex signal providers to be licensed.However, Jimmy Moyaha, Founder and MD of Lebowa Capital, thinks that “the penalty was inevitable.”“Signals are advisory in nature,” he added, “as they provide clear price levels and risk management parameters for those taking the signals. Advisory services have always been regulated services.”Interestingly, the Australian financial market watchdog banned one financial influencer, or ‘finfluencer,’ from offering share purchase recommendations on private online forums, mandating him to obtain a licence. However, the Aussie agency did not define “signal providers” and if all such finfluencers would need a licence.Signals providers in other jurisdictions also faced actions for unlawful actions, but not particularly for unlicensed activities of providing signals.The South African regulator, on the other hand, also elaborated that providing trading signals has receded to the practice of recommending trades and prices in financial products to clients. Signal providers usually make money through subscription fees or a percentage of profits and even “benefit through commissions paid by brokers” when clients suffer losses.“It is not unusual for signal providers to provide fictitious signals and display doubtful evidence of wealth to lure clients into participating,” the regulator highlighted, asking traders not to engage with any unlicensed signal providers.“The FSCA has communicated, on numerous occasions in the past, that signal providers need to be appropriately licensed and regulated to offer those services,” Moyaha added. “This first fine demonstrates the potential consequences of not having the correct regulation in place as a service provider.”This article was written by Arnab Shome at www.financemagnates.com.
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The Securities and Futures Commission (SFC) expressedsupport for the initiatives highlighted in the Chief Executive's Policy Addressaimed at strengthening Hong Kong's position as a leading internationalfinancial centre (IFC). SFC Chairman Tim Lui endorsed the proposed measures, whichare designed to make the city a more attractive hub for fundraising,investment, and wealth management.KelvinWong Tin-yau will take over as SFC Chairman on October 20, 2024, replacing Lui,who has served in the role for six years, as reported by Finance Magnates.Expanding Hong Kong’s Global PresenceThe initiatives focus on enhancing Hong Kong's role as agateway to Mainland China, improving market access, and developing the city'soffshore renminbi (RMB) business through enhanced RMB fixed income marketinfrastructure and the creation of more RMB-denominated investment products.Key strategies also include attracting major enterprises tolist in Hong Kong, expanding the city's international presence, particularly inthe Middle East and Southeast Asia, and improving market efficiency throughoptimised listing procedures and reduced transaction costs. The SFC will also support efforts to build a Fintechinnovation ecosystem and strengthen the regulation of virtual asset trading.“We fully support the measures outlined by the ChiefExecutive to enhance the city’s appeal as a preferred hub for fund-raising,investment as well as asset and wealth management,” said Lui, the SFC’sChairman. “The expansion of the offshore RMB bond markets in HongKong, coupled with the development of a commodity trading ecosystem and a goldmarket, would further enhance the status of Hong Kong as an international fixedincome, currencies and commodities hub.”Collaboration Supports Wealth ManagementFurther collaboration with sovereign funds in Belt and Roadregions, the launch of exchange-traded funds tracking Hong Kong indicesin the Middle East, expanded tax concessions for funds and family offices, andthe adoption of ISSB Standards will help solidify Hong Kong’s role as a globalasset and wealth management hub.The SFC will work closely with the Hong Kong government andother key stakeholders to ensure these initiatives are implemented.This article was written by Tareq Sikder at www.financemagnates.com.
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Finance Magnates is attending The Future Digital Wealth 2024: Technology and Data at the Helm, organised by LSEG and being held in Limassol, Cyprus, today (Wednesday). The one-day event is showcasing the data capabilities of LSEG, AI tools, and discussions on “The Future of Wealth.”The agenda of the event includes:Session 1 - Widget Workshop: Visualising Financial Data for Online Traders. Powered by LSEG data.Session 2 - Sentiment to Strategy: Crypto, FX, Stocks. AI Tools for Automated Video and Chat Integration.Session 3 - Panel Discussion: The Future of Wealth: The Changing Role of Financial Advice.Finance Magnates is the official media partner of the event. What's more, Andrea Badiola Mateos, Chief Commercial Officer of Finance Magnates Group, is also one of the speakers at the event.Other speakers include Anthony Luciani, Quantitative Researcher at MarketPsych; Christoforos Soutzis, Group Head of Operations at Capital.com; Prajesh Manglani, Director – Global Customer Solutions at LSEG; Johann Leikert, Sales Director at financial.com; Niko Pilic, Head of Proposition Sales, Product Strategy & Marketing at financial.com; and Ronan Leonard, Global Director, Digital Wealth Partner Strategy at LSEG.Visualising LSEG’s Data CapabilitiesPilic took the stage as the first speaker, showcasing LSEG's widgets, which allow online traders to visualise financial data more effectively.The hands-on session focused on how to add dynamic, ready-made online platform widgets designed for traders, and on visualising real-time financial data, including live price feeds, interactive charts, technical indicators, and key financial information.Reading the Digital PulseIn the next session, MarketPsych’s Luciani took the stage virtually to showcase “LSEG MarketPsych News and Social Media Analytics for Wealth & Brokerage Services.” His focus was on how to present unstructured data in a structured manner.The Changing Role of Financial AdviceIn the last session from the stage, four industry experts discuss the topic “The Future of Wealth: The Changing Role of Financial Advice.” Participants include Finance Magnates’ Mateos, Soutzis from Capital.com, LSEG’s Manglani, and Leikert from financial.com.This session explores the evaluation of the wealth management industry and its impact on advisors, investors, regulations, wealth firms, brokerages, and other key stakeholders.Stay tuned for live updates from the session!This article was written by Finance Magnates Staff at www.financemagnates.com.
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Donald Trump is doubling down on economic policies he claims will be agame-changer for the American economy, but critics aren’t convinced. As henavigates the turbulent waters of his latest campaign, the 2024 election mayhinge on whether voters buy into his vision of economic revival or side withhis critics—among them, Vice President Kamala Harris.Trump’s economic playbook isn’t shy about its aims. Lower taxes,sweeping tariffs, and reduced federal spending are at its core. But while thesesound familiar to anyone who lived through Trump’s first term, experts arequestioning whether this version of “America First” will pull the U.S. out ofits current inflationary spiral—or throw it deeper into economic turmoil.Tariffs, Inflation, and a Potential MeltdownOne of the most controversial aspects of Trump’s latest economic planinvolves the return of tariffs, particularly a proposal for a 10% tariff on allimports. In his recent speech at the Economic Club of Chicago, Trump paintedtariffs as a win for the American worker, ensuring that jobs stay in the U.S.However, tariffs could spell bad news for the average consumer already battlingsky-high inflation.Trump's economic plans would worsen inflation, most mainstream economists say https://t.co/Oq5nmKiaHD— The Associated Press (@AP) October 15, 2024According to expert analysis, tariffs wouldlikely lead to higher prices on goods ranging from electronics to groceries.Critics argue that such measures could actually worsen inflation, which isalready a sore spot for many voters heading into the election. While Trumptouts these tariffs as a fix for the nation’s economic woes, economists warn ofa “boomerang effect” that could hurt the middle class the most.Inflation: Already High, and About to Get Higher?Inflation is already top of mind for Americans, and Trump’s policiescould crank up the heat even further. Critics like Kamala Harris and economistsfrom across the spectrum have raised red flags about how Trump’s economicvision could exacerbate inflation rather than tame it.INFLATION IS A DISASTER! https://t.co/hkmTSuQK0K pic.twitter.com/3enYt6w1SL— Donald J. Trump (@realDonaldTrump) September 26, 2024The fear is that Trump’s tax-cutting agenda is poised to benefit thewealthiest Americans while leaving middle and lower-income earners to grapplewith rising costs of living. Trump has brushed off these criticisms, arguingthat his policies won’t burden the federal debt. But experts are skeptical. Acombination of tax cuts and reduced government revenue would almost certainlyballoon the federal debt, putting more pressure on future generations. Meanwhile,Harris, who has consistently positioned herself as a counterbalance to Trump’spopulist rhetoric, argues that the former president’s economic policies are outof touch with the needs of everyday Americans.Economists expect higher inflation, higher national deficits, and higher interest rates under the policies proposed by former President Donald Trump pic.twitter.com/oabjU2TkOG— House Judiciary Dems (@HouseJudiciary) October 15, 2024Election Showdown: Trump vs. Harris on the EconomyAs the 2024 election looms, the economy is shaping up to be thedefining issue of the campaign trail. Trump is betting big on his longstanding promiseto “make America wealthy again,” but his critics say his policies could makeeveryday life more expensive. With inflation already a hot-button issue,Trump’s economic approach has drawn sharp criticism not only from his politicalopponents but also from economists who say his plan could derail economicrecovery.Kamala Harris, in contrast, has consistently focused on policies aimedat reducing inflation and promoting economic equality. She has slammed Trump’sproposals as “irresponsible” and “dangerous,” suggesting that his plans wouldpush the U.S. further into an inflationary crisis. Harris’s own economicplatform emphasizes investment in infrastructure, green energy, and reducingwealth inequality—policies she argues are more aligned with the realities oftoday’s economy. Although, she…
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eToro, which recently decided to stop offering services to its clients in the Philippines, confirmed to Finance Magnates that the move was motivated by “risk management considerations.” The broker has already “closed inactive accounts and is in the process of closing other accounts.”“As a global business, eToro constantly reviews and occasionally updates the countries from which we onboard and service clients based on risk management considerations,” an eToro spokesperson told Finance Magnates. “We will no longer be providing services to users in the Philippines.”eToro Stops Offering Services in the PhilippineseToro has already been sending emails to its existing customers in the Philippines, informing them that it will no longer be offering services, including crypto wallets, copy trading, and ‘Smart Portfolios.’ The broker provided a deadline of 8 December 2024 for Filipino users to close their accounts and withdraw available funds.Furthermore, the multi-asset brokerage will stop crypto transfers into its Wallet platform on 1 December 2024 and will block Wallet access on 15 December 2024. It additionally highlighted that it will stop Philippines residents' access to all accounts from 15 February 2025.“If you reside outside the Philippines within two months, please update your address and submit a valid proof of address, no older than three months, so we can update your records accordingly,” read an email sent to Philippines-based customers of eToro.Goodbye, eToro! 😭---Will IBKR be banned as well in the Philippines? pic.twitter.com/0QTbgSQU73— CORRUPTED VODKA (@corruptedvodka) October 11, 2024Pushed Away by the Regulator?Although eToro cited “risk management considerations” without specifying the reasons for the closure of its services in the Philippines, it is noteworthy that the local financial watchdog issued a warning against the platform last March.The Filipino regulator highlighted that eToro is “not authorised to sell or offer securities to the public in the Philippines,” and any "salesmen, brokers, dealers, or agents" promoting the platform in the country risk a monetary penalty of 5 million pesos or imprisonment of up to 21 years, or both.Although Israel-headquartered eToro, which is progressing towards a public listing, operates with multiple regulatory licenses, it does not have any authorisation locally in the Philippines. However, the platform earlier highlighted that it has no local presence in the country and does not “actively promote or market” its services there.This article was written by Arnab Shome at www.financemagnates.com.
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StratosMarkets Limited, operating under the FXCM UK brand, reported a significant netloss for the fiscal year 2023, exceeding 350%. According to the FX/CFD brokers,it reflects a challenging period characterized by reduced market volatility andstrategic changes within the company’s structure.FXCM UK Reports a Net Lossof $2.5 Million for 2023The FXCM UK’sturnover dropped by 115.7% year-over-year, resulting in a $1.7 million loss.Profit on ordinary activities before taxation experienced an even sharperdecline, falling by 389.5% to a loss of $2.2 million. The final net lossamounted to over $2.5 million, compared to the $860,500 profit reported theprevious year (-350%).Retailtrading volumes, a key metric for the company's performance, decreased by 37.6%in 2023. “Volatilityis important for the Company, being highly correlated to trading activity inthe markets,” Stratos commented in the financial report. “For 2023 volatilitywas lower than in 2022. The VIX average, a measure of volatility, variedbetween 16.34 and 38.93 in 2022 and decreased in 2023 to 12.10 in December2023, the lowest the index has been since late 2019.”A year ago,the UK branch of FXCM operated under the name Forex Capital Markets Limited,but on September 10, 2023, itwas renamed Stratos Markets Limited. This occurred shortly after FXCM'sCyprus-based company, FXCM EU Ltd, underwent a name change to Stratos EuropeLtd, as part of a broader group strategy aimed at rebranding its Europeansubsidiaries. However, this does not mean that FXCM will change its tradingbrand to Stratos."Thename change to Stratos is part of a restructuring of the firm to give us moreflexibility. FXCM will continue to operate as a subsidiary of Stratos, similarto how Google operates under Alphabet Inc.," the FXCM's spokespersoncommented in an e-mail response to Finance Magnates a year ago.Despite thechallenging year, FXCM UK maintained a solid capital position. Client cash heldstood at $125.7 million, down 11.6% from the previous year, while capitalresources slightly decreased to $62.9 million from $64.4 million in 2022.Accordingto the newest financial report, Strators navigated through several externalchallenges, including the collapse of three US banks in March 2023. The companyreported that it successfully withdrew most of its funds from Signature Bankbefore its closure, with only a small amount remaining within FDIC insurancelimits.This article was written by Damian Chmiel at www.financemagnates.com.
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Interactive Brokers (Nasdaq: IBKR) ended the three months between July and September with net revenue of $1.36 billion, an increase of 19.2 percent year-over-year. Its pre-tax income also jumped to $987 million from the previous year’s corresponding quarter’s $840 million. However, it missed the earnings estimates, resulting in a decline in its stock in after-hours trading.Street Estimation Miss Costs HeavilyFor the third quarter, the online broker delivered earnings per share of $1.81, an improvement from the previous year’s $1.56. Considering the adjusted figures, the EPS improved to $1.75 from $1.55. Wall Street was expecting the broker to turn an EPS of $1.82 on revenue of $1.337 billion, according to FactSet.The street estimation miss resulted in the decline of IBKR share prices by almost 4 percent in after-hours trading. Interestingly, the stock gained more than 68 percent year-to-date and was trading at its peak.Income Jumped, But Were ExpensesAccording to the official figures published yesterday (Tuesday), the brokerage operator's commission revenue increased by 31 percent to $435 million due to higher customer trading volumes. The figures highlighted that the trading volumes of options, stocks, and futures jumped by 35 percent, 22 percent, and 13 percent, respectively.Furthermore, the company's net interest income also increased by 9 percent to $802 million, boosted by higher customer margin loans and customer credit balances. Customer credit on the brokerage platform jumped by 19 percent to $116.7 billion, while customer margin loans increased by 28 percent to $55.8 billion.It also generated $72 million from other fees and services, which was 38 percent higher than the previous year.On the other hand, the expenses around execution, clearing, and distribution fees increased 18 percent to $116 million. Additionally, general and administrative expenses increased 67 percent to $75 million, which faced a $12 million one-time charge for consolidating its European subsidiaries and a $9 million increase in legal and regulatory expenses.The online broker also managed to improve other business metrics, as customer accounts increased by 2.87 percent to 3.12 million, customer equity gained 46 percent to $541.5 billion, and total DARTs increased by 42 percent to 2.7 million.This article was written by Arnab Shome at www.financemagnates.com.
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