Revolut Raises Fees

Revolut has announced an increase in its monthly fees for Plus, Premium, and Metal customers in the UK, bringing additional benefits for subscribers. The Plus plan will rise to £3.99 from £2.99, the Premium to £7.99 from £6.99, and the Metal plan will see a £2 increase to £14.99 per month.

Subscribers can maintain their monthly fee by switching to annual billing before a specified date. The updated plans will offer access to lifestyle app subscriptions, potentially saving customers up to £1,730 annually, along with existing benefits such as global travel insurance and higher limits for fee-free ATM withdrawals.

"We’re launching a unique offering, which will bring together a carefully selected bundle of lifestyle subscription services included with your Revolut Plan,” Tara Massoudi, the General Manager of Premium Products at Revolut, commented.

Lloyds Banking Group Alerts on Crypto Scams

Lloyds Banking Group has indicated a worrying rise of 23% in reported cryptocurrency investment scams this year compared to the previous period, with victims losing an average of £10,741 each.

The majority of these scams originate on social media platforms like Instagram and Facebook, employing tactics such as false advertisements and fake celebrity endorsements. The demographic most affected falls within the 25 to 34 age bracket.

Lloyds Bank noted that victims often use Revolut to make scam payments , which are then quickly transferred elsewhere. Liz Ziegler from Lloyds Bank called for increased responsibility from social media companies to protect their users and to assist in refunding defrauded customers.

CME Group Announces the New Head of Growth

CME Group announced that after nearly ten years of being part of the London team, Phil Hermon has been appointed as the Head of Growth and Execution for CME FX. He previously held the position of the Global Lead for FX Futures and the EMA Business Lead for OTC Products.

“I’m happy to share that I’m starting a new position as Head of Growth and Execution at CME Group,” Hermon commented on his LinkedIn profile.

He started his career in financial markets in 2022 as an analyst at Goldman Sachs, then spent five years serving as a Captain in the British Army. In 2008, he returned to finance as the EU Head of Client Solutions for OTC Clearing at Morgan Stanley. Before joining CME, he spent a year at RBS Markets in the Clearing and Prime Brokerage Sales department.

Torstone Technology Aligns with DTCC

Torstone Technology, a post-trade securities and derivatives processing provider, has achieved certification with DTCC’s Central Trade Manager, enhancing its Middle Office product. This integration is particularly significant as the industry has been preparing for a shorter T+1 settlement cycle in 2024.

The collaboration with DTCC will offer clients automated central matching capabilities and golden source Standing Settlement Instructions enrichment, promising a more efficient and accurate post-trade process.

“We are delighted to work with DTCC to offer the CTM trade matching service through our platform to our clients in Asia, the Americas and Europe,” Brian Collings, the CEO of Torstone Technology, commented. “With major post-trade structural changes on the horizon, including T+1 for North American markets in 2024, Torstone Technology provides a real-time, event-driven platform to support our clients’ requirements to meet the demands for efficiency and accuracy.”

Mizuho Financial Group Optimistic on Profit Growth

Mizuho Financial Group has upgraded its annual profit forecast to 640 billion yen, anticipating the highest earnings in eight years, driven by successful investment banking, trading performance, and a favorable exchange rate for the yen.

The Japanese banking giant has made strides in the U.S. investment banking sector, including the acquisition of Greenhill & Co. and participating in high-profile IPOs. This reflects Mizuho’s strategic expansion into global markets and its capacity to capitalize on international business opportunities.

Moscow Exchange Flourishes in Q3 2023

The Moscow Exchange has posted strong performance for Q3 2023, with an increase of 60.9% in fee and commission income and a rise of 29.3% in adjusted net profit. The exchange has introduced new strategies and updated its dividend policy, welcomed new listings, and expanded its range of trading instruments.

Notable achievements include the successful IPOs of Astra and Henderson, significant growth in the bond market, and the expansion of soft commodity instruments. The Moscow Exchange's efforts to refine its auction mechanisms and other measures to stabilize pricing have contributed to its successful quarter.

SBI Digital Asset Holdings and Authlete Strengthen Partnership

SBI Digital Asset Holdings (SBI DAH) and Authlete have signed a Memorandum of Understanding to enhance their collaboration in digital identity solutions. This partnership is set to explore the potential of digital identities and decentralized identifiers, building on Authlete’s expertise in API security and SBI DigiTrust’s Identity as a Service platform.

The collaboration is expected to lead to innovative product development and commercialization, reflecting the companies' commitment to advancing digital identity security in the financial sector.

“Authlete’s FAPI compliant SaaS component has enabled us to build a highly secure identity management platform for financial institutions to trade digital assets domestically and internationally with greater flexibility and operational efficiency,” said Fernando Luis Vazquez Cao, the CEO of SBI DAH.