News Nuggets | 23 October: Vantage Lowers Copy Trading Barrier; FCA Warns against MS Clone

Vantage Lowers Barrier to Entry for Copy Trading

Vantage Markets, a multi-asset broker, has reduced the minimum deposit requirement for its copy trading feature from $200 to $50. This move comes after a survey by the company revealed that over 60% of active traders are interested in copy trading. The survey also indicated that nearly 20% of respondents were unfamiliar with the concept but were keen to learn more.

"Our clients are looking for a means to expand their portfolio and maximise their returns with minimal cost, so our reduced minimum deposit provides a lower barrier for them to explore copy trading and adopt it as part of their trading strategy," said Lian Jie, the Assistant App Marketing Director at Vantage.

To further support traders, Vantage plans to release a series of educational tutorials and user guides in the coming months. These resources aim to help novice and experienced traders make the most of the platform's features.

FCA Issues Warning about Morgan Stanley Clone Firm

The Financial Conduct Authority (FCA) has warned about a clone firm impersonating Morgan Stanley. The clone firm, operating under the name Morgan Stanley/msaccounts.uk, is not authorized by the FCA and has been contacting people, pretending to be the authorized firm.

The FCA advises the public to be cautious and to consult their Warning List for other unauthorized and clone firms. The genuine Morgan Stanley has no connection with the clone firm and is fully authorized by the FCA.

Ebury Opens Global Training Center in Malaga

Ebury, a London-based global financial technology firm, has opened a new global training center and operations base in Malaga, Spain. The facility, which underwent a €1.2 million renovation, will serve as a hub for Ebury's global operations and offer technical training opportunities.

The new office is expected to attract over 500 people from Ebury's 38 global offices for training and development programs by 2024. Ebury specializes in international payments, trade finance, and FX risk management, among other services.

“We’re delighted to unveil this brilliant facility in the heart of Malaga,” Juan Lobato, the Co-Founder and Co-CEO at Ebury, commented. “Ebury has a deep-rooted connection to Spain and we are delighted to be investing further into this geography through an office which will provide invaluable opportunities both for employees based out of Malaga and those visiting to take advantage of our new training capabilities.”

Odeon Capital Faces FINRA Sanctions

Odeon Capital Group LLC has agreed to a settlement with the Financial Industry Regulatory Authority (FINRA) over alleged rule violations related to trade reporting. The firm has consented to a censure and a $100,000 fine for failing to report approximately 640 trades to the Trade Reporting and Compliance Engine (TRACE) and for incorrectly reporting around 130 internal transfers.

The firm also violated MSRB Rule G-14 by failing to timely report approximately 225 trades to the Municipal Securities Rulemaking Board’s (MSRB) Real-time Transaction Reporting System (RTRS).

TSE Partners with Broadridge for Direct Connection

Tokyo Stock Exchange (TSE) and Broadridge Financial Solutions have announced a direct connection between TSE's CONNEQTOR platform and Broadridge's Xilix Execution Management System (EMS). The partnership aims to provide asset management companies with more advanced and efficient trading processes.

According to Hiroki Kawai, Senior Executive Officer at TSE, the direct connection will enable institutional investors to trade ETFs with greater convenience. “We will continue our efforts to further develop an even more highly convenient market environment that enables smoother execution and better pricing for investors.”

BBVA Consolidates Tech Firms into One Company

Spanish bank BBVA is consolidating its three technology firms, BBVA Next Technologies, BBVA IT España, and Datio, into a single new company called BBVA Technology. The new entity will focus on software development transformation and aims to offer more career development opportunities for current employees while attracting new talent.

BBVA Technology will house 3,000 employees and have offices in Madrid, Barcelona, and Bilbao.

GTN Launches Global Fractional Trading Engine

GTN, a global fintech company, has launched a fractional trading engine that allows retail investors to invest in high-value stocks and fixed income globally. The new capability aims to democratize investing by making it more accessible and affordable. Manjula Jayasinghe, Group CEO of GTN, stated that the new feature aligns with the company's mission of making trading and investing accessible to a broader spectrum of people.

"For years, GTN has been at the forefront of introducing innovative solutions in the financial industry,” said Manjula Jayasinghe, the Group CEO of GTN. “We were one of the first firms outside the US to offer fractional trading on US stocks when it first became available. Now, expanding fractional trading capability across global stocks and ETFs in the 80+ markets we provide access to is aligned with our clients' needs for greater access to investment opportunities.”