NYSE Owner’s Bitcoin Futures, Credit Suisse Manipulation: Best of the Week

Catch up on last week's top stories.

Clawback at OKEx

Hong Kong-based cryptocurrency exchange OKEx processed a futures contract based on BTC/USD worth $460 million. This became a problem because the price of Bitcoin dropped to $7,570, meaning that OKEx stands to lose 950 BTC, or approximately $7.2 million.

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However, the exchange will not foot the bill because it does not provide credit – its users bet against each other. So in this case they have been left with the bill. OKEx has an insurance fun, but it only contains 10 BTC.

Exclusive interview with CEO of Divisa Capital

Brian Myers has run brokerage Divisa Capital for three months. He talked to Finance Magnates about the company’s dealings in Asia, how Jordan and Kenya look like promising new markets, ESMA regulations, and why he was attracted to the company in the first place.

New York Stock Exchange and Bitcoin futures

Intercontinental Exchange of Georgia, the parent company of the New York Stock Exchange, is opening a new cryptocurrency futures trading platform. It will be called ‘Bakkt’ and will open in November.

The contracts traded on the Bakkt platform will differ from previous Bitcoin futures contracts because they will be ‘physically’ settled rather than ‘cash’ settled, meaning that actual bitcoins will change hands as opposed to their worth in fiat money. Bakkt will be powered with Microsoft technology.

Credit Suisse charged

A five-year investigation of Credit Suisse is drawing to close, and has concluded that the bank manipulated foreign exchange rates for its own profit. The resulting fine could be up to 10 percent of its yearly income.

Last month, Swiss authorities requested credit data from eight banks, and Credit Suisse was the only one to refuse. The wider charges are being brought by the European Union, and indications are that the bank intends to contest them in court.

Deutsche Bank is moving to a Deutsche land

Deutsche Bank, one of the largest financial institutions in the world, has set up offices in Frankfurt in case it needs to leave London. This is because the UK is going to be leaving the European Union soon and may no longer be a suitable base from which to interact with the European market.

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London Clearing House estimates that the city stands to lose around 100,000 jobs. Last year, Deutsche Bank got 29 other banks to sign up for an incentive scheme which rewards moving to Frankfurt.

Analysis: clearing up the confusion between Ripple and XRP

The native cryptocurrency of Ripple Labs is XRP, of that there is no doubt. However many object to using the words interchangeably, increasingly including Ripple itself.

This is because some think that by holding XRP they are holding shares of Ripple, which is not the case. Some of Ripple’s products don’t even use XRP. However, they do have the same logo.

In this analysis Finance Magnates examines and explains the difference between the two.

Book review: “Secret Conversations With Trading Tycoons”

This is a book of containing complete interviews with 12 individual traders written by Mario Singh, CEO of a brokerage called Fullerton Markets.

The interviewees are relatively diverse, but share a common experience of foreign exchange trading – it isn’t a get-rich-quick scheme.

Analysis: the positive effects of EU regulation

Companies of the European foreign exchange industry have not, by and large, been happy with the European Securities and Markets Authority and its new restrictions on their business practices. They argue that the rules are harmful to their profits, and many firms have indeed decided to leave the EU as a result.

However, the new rules have also brought positive results – in this article, we look at five silver linings that you may have missed.

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