News Nuggets | 16 November: Fortex Integrates with StoneX; XS.com Appoints Country Manager

Thursday, 16/11/2023 | 11:17 GMT by Damian Chmiel
  • Wedbush Securities was fined $350,000; the SEC charged traders following a fraud valued at $1.5 million.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Finance Magnates News Nuggets

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.

Fortex

XS.com Appoints New Vietnam Country Manager

Hanna Chung
Hanna Chung

XS.com, a global fintech 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

Reuters

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

FCA

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 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

ASIC

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.

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.

Fortex

XS.com Appoints New Vietnam Country Manager

Hanna Chung
Hanna Chung

XS.com, a global fintech 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

Reuters

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

FCA

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 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

ASIC

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.

About the Author: Damian Chmiel
Damian Chmiel
  • 2044 Articles
  • 55 Followers
About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 2044 Articles
  • 55 Followers

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