News Nuggets | 24 July: Revolut Debuts Joint Accounts in the UK; Tradefeedr Hires New Exec

US and UK Regulators Fine UBS $388M

The Swiss lender, UBS, has been ordered to pay USD $388 million to the US and UK regulators over the dealings of Credit Suisse with the private investments company Archegos Capital Management.

According to a statement shared with Reuters today (Monday), the Federal Reserve has fined the lender USD $268 million for alleged misconduct in the dealings. The regulators said that Credit Suisse, which has since been acquired by UBS, failed to address risk management concerns in Archegos.

Swissquote Renews Sports Sponsorship Deal with Hockey Club ZSC Lions

The Swiss online brokerage company, Swissquote, has extended its sponsorship deal with the Zurich-based national league hockey club ZSC Lions for three years. The contract was signed in 2021, allowing the brokerage firm to strengthen its presence in Zurich.

Jan De Schepper, the CSO of Swissquote, said: "We are pleased to continue working with the ZSC Lions, one of the most popular and ambitious ice hockey clubs in Switzerland. Together with the Lions, we can achieve our goals, namely increasing our brand awareness and anchoring our important location in Zurich."

Barclays Names Ricardo Fernandez, New Head of Investment Banking for Mexico

Barclays has appointed Ricardo Fernandez as the Head of Investment Banking for Mexico. Fernandez will report to the Chairman and CEO of Barclays for Mexico and Latin America, Raul Martinez-Ostos, according to a statement issued by the company today (Monday).

Commenting about the new appointment, Martinez-Ostos said: "Under Ricardo's leadership of our Advisory, DCM, and Risk Solutions Group (RSG), these closely integrated teams continue to grow and thrive, and our clients will benefit from the unique and powerful locally focused construct."

Revolut Rolls Out Joint Accounts in the UK

Revolut, a widely used global financial super app, has unveiled its Joint Accounts product in the UK, following its success with over 100,000 joint users throughout the EEA. The Joint Accounts feature allows customers to set up an additional account within the app, co-owned by two people, which could include partners, family members, or friends. It aims to bring added flexibility in money management, allowing users to pool resources and effectively manage shared budgets.

The newly launched Joint Accounts are designed to foster financial flexibility and inclusivity, catering to the needs of various customer relationships. Through a user-friendly account setup process, consisting of three simple steps, Revolut is striving to challenge the stigma surrounding joint account creation. Joint Accounts along with Revolut <18 can serve as the hub of family finance but are also intended for all duos, such as partners, siblings, roommates, or friends.

Tradefeedr Onboards Head of Client Engagement

Tradefeedr, a top independent FX Data Analytics Platform, has announced the appointment of Georgia Frett as the Head of Client Engagement. In her new position, Frett will be tasked with expanding the community of Liquidity Providers (LPs), buy-side clients, and trading platforms. Frett's appointment comes after her successful tenure at The Finance Hive, where she held the position of General Manager, FX, and worked extensively to develop a network addressing industry issues and driving changes in the FX market.

Georgia Frett's arrival at Tradefeedr is a significant step forward for the company, according to Balraj Bassi, the Co-Founder and CEO of Tradefeedr. Bassi noted that having established the technology and accrued a core group of sell-side clients, major buy-side firms, and trading platforms, Frett's task will be to foster the user community, a feat she accomplished at The Hive.

Frett herself has remarked that her conversations with trusted FX market contacts have revealed a highly positive perception of Tradefeedr as a reliable, independent data layer provider.

Plus500 Secures EGM's Approval for Share Buyback Program

Plus500, a global multi‐asset fintech group providing proprietary technology‐based trading platforms, has announced the positive outcome of the resolution proposed at the recently held Extraordinary General Meeting (EGM). The proposed resolution was passed by the necessary majority, allowing for the continuation of the existing share buyback program launched on 14 February 2023. In addition, it gives Plus500 the ability to make future purchases of ordinary shares before the company's 2024 AGM, subject to the Board's discretion.

The resolution's detailed voting outcomes indicate that approximately 80.66% of the votes cast were in favor of the share buyback proposal. The approved resolution will be made available for public inspection through the National Storage Mechanism shortly. The voting results' availability and the specifics of the resolution can be found on the company's website. The result of the EGM is a key step in Plus500's plans for capital management.

CNMV Issues Warnings on Several Entities

The National Securities Market Commission (CNMV) has issued a series of warnings against multiple entities. The CNMV has raised concerns about these entities as they are not registered with the relevant registry of the Commission, rendering them unauthorized to provide investment services or other activities subject to CNMV's supervision. This warning list is a measure by the CNMV to ensure investor safety and transparency in financial transactions.

Among the entities listed are EUFXBANK, AWFX BANK, AW FX BANK CORPORATION, NORDIK MARKETS, EUROCRYPTOFX, MINT CAPITAL FX, JUKEBOX CAPITAL INC, and others. The CNMV warns investors to exercise caution while dealing with such entities and encourages them to check the registration status of any institution before investing.

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Amy Yip Joins TP ICAP

TP ICAP, a leading provider of market infrastructure, has announced the appointment of Amy Yip as an Independent Non-executive Director and APAC Workforce Engagement Director, effective from 1 September 2023. Yip brings experience from an extensive career in asset management, banking, insurance, and regulation to the table, having held positions with some of the biggest global players in China and Southeast Asia.

Prior to her appointment at TP ICAP, Yip served on the Supervisory Boards of Deutsche Börse AG, Temenos Group AG, Fidelity Funds, and was an Executive Director of Reserves Management at the Hong Kong Monetary Authority. She also continues to serve as an advisor to Vita Green, Hong Kong, and is a founding partner of RAYS Capital Partners Limited, a Hong Kong-based investment management company specializing in Asian capital markets.

Karin Yorfido Named President of Broadridge Canada

In response to the continued growth of the Canadian market, Broadridge Financial Solutions, Inc. has announced the appointment of Karin Yorfido as President of Broadridge Canada. Yorfido succeeds Michael Dignam, who will assume the role of Vice Chairman of Broadridge Canada in an advisory capacity. She brings with her over 25 years of experience in financial services and software solutions, including her tenure as the Executive Vice President of Business Development & Client Solutions at RPM Technologies.

As the new leader, Yorfido will be responsible for Broadridge's Investor Communication Solutions (ICS) Canada and Global Technology and Operations (GTO) Canada businesses. She will report directly to Chris Perry, the President of Broadridge

bunq Obtains €100m in Growth Capital

Amsterdam-based neobank, bunq, has successfully secured an additional €44.5 million in growth capital, raising the total capital inflow to nearly €100 million for this year. The fresh injection of funds is set to enable bunq to accelerate its international expansion further and maintain its rapid growth trajectory. The funding round was joined by current investors Ali Niknam, Pollen Street Capital and Raymond Kasiman, who committed to an investment valuation of €1.65 billion, notwithstanding the market downturn this year.

This fundraising round comes on the heels of a record-breaking year for bunq. Recently, the challenger bank achieved a user base of 9 million across Europe and doubled its user deposits in merely four months, surpassing €4.5 billion. In 2021, bunq raised €193 million, marking the largest series-A ever raised by a European fintech firm and valuing the company at €1.65 billion.

EasyMarkets Offers 1:2000 Leverage

A Forex trading platform, easyMarkets has announced the availability of 1:2000 leverage on its MT5 platform. The updated leverage will allow easyMarkets clients to hold larger positions with lower margins, access more expensive investment options, execute higher volumes with a lower budget, and potentially amplify their winning trades.

Clients currently trading with easyMarkets on MT4 can readily upscale their leverage to 1:2000 simply by downloading the MT5 platform on their preferred device and registering. Those who had synced their easyMarkets account to MT5 before the increase in leverage will find that the higher leverage of 1:2000 will automatically apply to their account after contacting their account manager.