News Nuggets | 29 May: Scope Markets' New Hire; More Features on CQG

Binance Names Richard Teng as Head of Regional Markets

Cryptocurrency exchange Binance has appointed Richard Teng, its former Regional Head of Asia, Europe, and MENA, to serve as the Head of Regional Markets, overseeing operations outside the US. The appointment was revealed through Teng’s Linkedin profile.

Teng, who is set to begin his role on Monday, according to a report by Reuters, joined the crypto exchange as the Chief Executive Officer of Singapore in August 2021. He is an experienced financial expert, having held several roles in companies, such as Singapore Exchange Limited, the Monetary Authority of Singapore, and the Abu Dhabi Global Market.

Teng’s appointment comes when Binance, ranked the top crypto exchange by trading volume, is battling regulatory pressure on a global scale. Most recently, the exchange was forced to end its operations in Canada citing stringent policies related to digital assets.

Deutsche Bank Bolsters Investment Efforts in Vietnam

Deutsche Bank has unveiled its plans to amplify investments in Vietnam. Today, the financial institution disclosed its decision to inject an additional $100 million into its Ho Chi Minh City branch, elevating the total capital allocation to over $200 million.

Expressing faith in Vietnam's rapidly advancing market and its long-term potential for expansion, Alexander von zur Muehlen, the CEO of Deutsche Bank Asia Pacific and esteemed Member of the Management Board, commented, "This capital investment in Vietnam serves as a testament to our belief in the remarkable progress and enduring prosperity this market holds."

Dukascopy Implements Revised Trading Conditions

Effective from 5 June 2023 at 19:00 GMT, the India 50 Index (IND.IDX/USD) will no longer be listed by Dukascopy, prompting changes in trading conditions. As of 29 May 2023, clients will no longer have the option to initiate new positions or increase their existing exposure in this particular instrument.

For Dukascopy clients currently holding positions linked to the India 50 Index, the bank provides the freedom to decide their course of action until Friday 5 June. Any positions held beyond the specified closure time on that day will be automatically liquidated at the prevailing market price.

These revised measures take immediate effect and pertain to both Dukascopy Bank and Dukascopy Europe, affecting the valued clients of both entities.

Scope Markets Names New Global Sales Director

Rostro-owned Scope Markets has strengthened its team with David Andres Restrepo as the Global Sales Director. He is based in London.

Restrepo joined Scope Markets from Eurotrader, where he was the Head of Global Sales for the last three years. Before that, he had a short five months stint at ActivTrades as the Head Of Business Development LATAM.

He entered the trading industry with his role at the now-shuttered OvalX (then ETX Capital). He joined the broker as the Financial Sales Executive in May 2014 and parted as the Head Of Business Development Manager IB/Affiliates at the end of 2019.

CME Group Fines Macquarie Futures

Derivatives exchange giant CME Group has slapped Macquarie Futures USA LLC, which provides execution and clearing coverage, with a fine of $20,000 for violating NYMEX rules.

"On May 24, 2023, a Panel of the NYMEX Business Conduct Committee ('Panel') found that on November 28, 2022, Macquarie carried a long contract position for its customer in December 2022 Henry Hub Natural Gas futures through expiration and failed to assess its customer's ability to take delivery and to ensure that the open positions in the physically delivered contract were liquidated in an orderly manner prior to the expiration of trading," the official announcement stated.

"Additionally, the Panel found that when Macquarie transferred the positions to another participant capable of taking delivery, it failed to include the proper indicator such that the transactions cleared as transfers."

Though Macquarie had already settled the charges, it neither accepted nor denied the allegations.

CQG Brings New Features

CQG, a provider of high-performance technology solutions for traders, has brought new updates to its CQG One and CQG Desktop platforms. The new features include the ability to override limits vs. stops setting on order tickets, the ability to duplicate bracket orders, the addition of HMS info to fill reports, and adjustable hedge account balance details.

In addition, the CQG One platform's DOMTrader received order placement via mouse down vs. mouse up.

"We hope that these updates help improve your trading workflow. We continually strive to improve your CQG One and CQG Desktop experience," the announcement added.

Osaka Exchange Adds New Derivatives

Japan's Osaka Exchange has expanded its offerings with the addition of six new derivatives products: Nikkei 225 micro Futures, Nikkei 225 mini Options, 3-Month TONA Futures, S&P/JPX 500 ESG Score Tilted Index Futures, FTSE JPX Net Zero Japan 500 Index Futures, and Nikkei 225 Climate Change 1.5℃ Target Index Futures.

"In recent years, a trend toward smaller investments in the cash equity market has increased demand for more precise risk management tools. Therefore, we have decided to introduce these two products, whose contract units are one-tenth of the existing "Nikkei 225 mini" and "Nikkei 225 Options," to reduce the notional amount," said Ryusuke Yokoyama, the President and CEO of Osaka Exchange.

"As a result, we will be able to offer a wider product lineup, from small-lot to large-lot. We expect that this will enable futures and options to be used by investors for various purposes, which will further revitalize the market."

Sharakah Invests in Fintech Beehive

Oman's Sharakah, a government-backed joint stock company, announced its investment into Beehive, a Dubai-headquartered peer-to-peer lending platform. With the strategic investment, the two companies will help the growth of the SME economy.

"This partnership with Beehive marks an important milestone for Sharakah in our mission to drive SME development in Oman and support the diversification of our economy," said Ali bin Ahmed Muqaibal, the CEO of Sharakah.

"Through our collaboration with a reputed innovative fintech platform, we aim to contribute to the growth of the SME sector and provide fast, accessible finance to empower businesses. Together, we will create a favorable ecosystem that empowers small businesses and contributes to Oman's overall prosperity."

Beehive allows businesses to borrow from OMR 20,000 on repayment terms between 6 and 36 months. Since its incorporation in 2014, the fintech has facilitated over AED1.5 billion to GCC-based SMEs. On top of that, Beehive's CEO revealed that the company facilitated over OMR 2 million in SME funding in the last six months of its operations in Oman.