News Nuggets | 26 April: FMA Flags Fraud Broker; New FX Pairs on Admirals

Trade History in Fortex 6 WebTrader

Fortex, an FX and CFDs broker, has upgraded its web trader platform Fortex 6, adding a trade history feature. It allows users to monitor all their transactions, encompassing each trade's date, time, volume, and cost. By offering insights into their trading performance, this feature assists traders in making more informed decisions.

In addition to the trade history capability, Fortexhas incorporated other enhancements into its Fortex 6 WebTrader, such as refined charting tools and new order types. These additions aim to increase traders' command over their trading activities and facilitate well-informed decision-making.

Kaiko to Support IPC Connexus Crypto Ecosystem

IPC, a provider of multi-cloud connectivity solutions, has joined forces with Kaiko, a digital currency market intelligence supplier. This collaboration aims to deliver top-tier data services to the Connexus Crypto network offered by IPC.

Launched just a year ago, Connexus Crypto is IPC's offering for digital asset trading. It accommodates a variety of trading techniques and empowers market players to purchase and offload cryptocurrencies across various markets concurrently. It offers minimal latency connectivity while granting access to liquidity from multiple global crypto exchanges.

Trader Banned for 10 Years

Hong Kong's SFC has imposed a 10-year ban on Peter Law Chi Kin, a previously licensed Convoy Asset Management Limited (CAML) representative, effective until April 2033. The ban is due to his involvement in a stock manipulation scheme. Additionally, the SFC has levied a fine of $535,500 on Law Chi Kin, reflecting the profit he gained through the illegal activities.

Between June and July 2016, Law Chi Kin was convinced by his associate Wong Kwun Shing to participate in a scheme. He persuaded 10 of his clients to purchase shares of a company listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited from the individuals orchestrating the scheme.

Stripe Launches Revenue Reporting

Stripe, a pioneering financial infrastructure platform for businesses, unveiled its expanded revenue and finance automation suite today, designed to empower businesses with control over their entire cash flow lifecycle.

Launching Revenue Reporting and upgrades to Stripe Tax and Stripe Billing will allow the company to bring its user-centric approach from payment processing to back-office operations.

"Stripe’s revenue and finance automation suite is designed to be a smooth, one-stop shop for forward-thinking finance teams,” Vivek Sharma, the Head of Revenue and Finance Automation at Stripe, commented.

New Zealand's FMA Flags Fraudulent Platform

On Wednesday, New Zealand's financial market regulator, the FMA, warned against DCMAtrading.com, which offers trading in foreign exchange, cryptocurrency, and CFDs.

The FMA highlighted DCMAtrading.com is not holding any license in New Zealand for offering such services.

As seen on the website, the platform claims to be associated with a New Zealand company, Deutsche Capital Markets Australia Limited (DCMAL), a subsidiary of Deutsche Bank Australia and New Zealand (DBANZ), which is false.

Admirals Adds 32 New Currency Pairs

Admirals, an FX and CFDs broker, sweetened its offerings with the addition of 32 new currency pairs. These will be available to Trade.MT5 and Zero.MT5 account holders.

The new additions include pairs of the Danish krone, Singapore dollar, and South African rand with other major currencies. With these additions, the platform now offers 80 currency pairs.

CFTC Fines Mizuho Capital Markets

The Commodity Futures Trading Commission has slapped the swap dealer, Mizuho Capital Markets with $6.5 million for trade practice violations. According to the regulator, the company failed to make adequate disclosures to customers for certain foreign exchange forward transactions.

Now, Mizuho must pay $1,847,182.90 in restitution and another $5 million in penalties. Additionally, the regulator issued a cease and desist order against the company.

OneID Oboards New CEO

The identity service provider, OneID, has appointed Paula Sussex as the new CEO, who will lead the company through the next expansion period. She replaces Martin Wilson, who will now continue as a Non-Executive Director.

Before OneID, Sussex headed the Student Loans Company as the CEO for over four years. She comes with a business background in consulting and technology services.

"There is growing recognition that identity technology can help solve huge commercial and social issues such as fraud, compliance and cost of securing data in a business," said Sussex. "OneID tackles all of these issues and I’m delighted to be joining at such an exciting time."

Marex Solutions Taps MDX Technology

Marex Solutions, the unit of Marex specializing in customized OTC derivatives and structured Products, has expanded its relationship with MDX Technology by selecting the MDXT low-code workflow platform to automate post-trade processes for their US-based grains business.

Marex Solutions is already using the services of MDXT Connect for the distribution of real-time data from internal trading systems.

"This project represents a customer-led pivot in how we develop and adopt modern, highly flexible technology-driven service capabilities," said Eugene Faller, the Head of Enterprise Solutions at Marex Solutions. "Low-code means that we can test embryonic ideas and implement continuous feedback and improvement cycles as a collaborative approach with our customers."

First Republic Bank Mulls Asset Sale

First Republic Bank, a San Fransisco-based lender, is evaluating the possibilities of divesting assets between $50 million and $100 million to rescue its operations from the ongoing troubles.

The bank aims to reduce the mismatch between its assets and liabilities by selling some long-dated mortgages and securities. First Republic Bank had a total asset of $233 billion at the end of March, which included $173 billion of loans and $35 billion of investment securities.

The shares of the bank plunged dramatically since the latest US banking crisis. It had a market cap of over $22 billion at the start of March but is now left with only $1.5 billion.

Read the full report here.