Fortex Integrates Platforms with StoneX for Enhanced Liquidity

Fortex integrated its XForce Trading Platform and XAggregator Liquidity Management Platform with StoneX, offering clients new trading opportunities. The integration introduces advanced tools and access to StoneX's institutional-grade trading services and liquidity.

Fortex said this provides enhanced liquidity, institutional-grade trading via StoneX's expertise, and trusted liquidity, given StoneX's reputation. Fortex remains dedicated to delivering innovative trading solutions and the industry's best tools.

XS.com Appoints New Vietnam Country Manager

XS.com, a global fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term and financial services provider, has appointed Hanna Chung as the Country Manager for Vietnam. Chung has over a decade of experience in financial services and a proven track record of managing and expanding financial markets in Vietnam.

Her appointment comes as XS.com continues its global expansion, establishing a presence in Vietnam's dynamic market.

"I look forward to collaborating with clients, partners, and the XS.com team to introduce innovative financial solutions to the Vietnamese market," Chung commented.

Wedbush Securities Fined $350,000 for Supervisory Failures

FINRA fined Wedbush Securities $350,000 for supervisory failures regarding monitoring customer fund transfers from June 2020 to February 2021. The firm failed to investigate red flags around fraudulent wire requests reasonably.

Wedbush's procedures did not specify steps to evaluate request legitimacy. This resulted in approving hacker wire requests without confirmation. The company later updated procedures to require verifying wires over certain amounts.

These supervisory failures violated FINRA Rules 3110 and 2010. Wedbush was censured and agreed to certify the completion of supervisory system enhancements.

HSBC Goes Live on Broadridge's Distributed Ledger Repo Platform

Global fintech leader Broadridge announced that HSBC successfully went live on its newly launched distributed ledger repo platform. The platform uses distributed ledger technology and smart contracts to deliver major benefits like reduced settlement costs, streamlined processes, and decreased operational risks.

HSBC is the second client to go live since the sponsored repo solution launch in early October. John Farrell, Americas Head of Markets Operations at HSBC, said the platform will empower HSBC to enhance efficiencies, mitigate transaction failure risks, and significantly lower settlement costs.

Digital Asset Custodian Liminal Gets ADGM Approval

Liminal, a digital asset custody and wallet infrastructure provider, received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a virtual asset custodian. This reflects Liminal's commitment to meeting the growing demands of digital assets while upholding high regulatory standards.

Receiving the Financial Services Permission from FSRA will allow Liminal to extend its custodial services as a trusted provider within ADGM and the broader Middle East and North Africa region. Liminal acknowledged FSRA's regulatory framework for fostering innovation while ensuring consumer protection.

FCA Appoints Members to Competition Decisions Committees

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PSR) have recently enhanced their Competition Decisions Committees (CDCs) with the appointment of Ulrike Hotopp and Claire Whyley. These committees are tasked with making key competition law decisions. Members are selected based on their extensive expertise in competition and track record in evidence-based decision-making.

Hotopp brings over 25 years of experience as an economist, having worked in both government and private sectors. Whyley, on the other hand, is a seasoned professional in consumer research and policy, with a diverse background covering financial services, energy, retail, and more. Their appointments will enable the CDCs to maintain high standards.

SEC Charges Trader Matthew Melton with $1.5 Million Fraud

The SEC charged algorithmic trader Matthew Melton with defrauding investors out of over $1.5 million. Melton allegedly made false claims about the profitability of his Price Physics trading algorithm and misappropriated investor funds.

The SEC alleges that from 2018-2020, Melton raised over $3.4 million by claiming his algorithm generated 12% monthly returns, but his trading was consistently unprofitable. He allegedly misused investor funds for Ponzi-like payments and personal expenses instead of trading. The SEC charged the algorithmic trader with violations of federal securities laws and seeks disgorgement, penalties, and an officer-and-director bar. The US Attorney's Office announced parallel criminal charges.

Paxos Receives MAS Approval for Stablecoin Entity in Singapore

Paxos secured an in-principle approval from the Monetary Authority of Singapore (MAS) for its new entity, Paxos Digital Singapore, to offer digital payment token services. This entity will issue a new US dollar stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term that MAS acknowledged as compliant with its proposed stablecoin framework.

This is Paxos' first expansion into Asia of a US dollar stablecoin platform. Paxos can partner with clients to issue the stablecoin in Singapore upon full approval. The firm upholds regulatory compliance and oversight standards, so this approval represents significant progress toward mainstream stablecoin adoption.

ASIC and AFSA Sign the Updated Memorandum of Understanding

The Australian Securities and Investments Commission (ASIC) and Australian Financial Security Authority (AFSA) signed a refreshed Memorandum of Understanding (MoU) to continue cooperation.

The updated MoU sets a framework for exchanging information and working together on strategic priorities. It aligns with reforms stating that ASIC and AFSA should cooperate regarding registered liquidators who are also registered trustees. The MoU demonstrates their commitment to a whole-of-government approach to promoting confidence in the financial system.

Updated Data for B3 Futures

TradingView has enhanced the futures data available from B3, a leading global exchange. Users now have the flexibility to toggle between settlement and last prices on charts to see the closing value. Previously, only the last trade prices were shown.

The update also introduces back-adjusted continuous contracts and open interest data. These features aid in analyzing historical performance and trading volume. TradingView aims to provide maximum value from integrated market data. The improved B3 futures feed offers helpful new capabilities to users.