News Nuggets | 3 July: USD LIBOR Ceases; MetaTrader Web Terminals Change Addresses

GTC Taps Axi’s Elian Daoud as Chief Operating Officer

Global Trade Capital (GTC), a Dubai-based online trading provider, has appointed Elian Daoud as its Chief Operating Officer. Daoud joins the financial services company after six and a half years at its rival brokerage, Axi where he last served as the Head of Robotic Process Automation.

The senior executive announced his appointment through LinkedIn today (Monday). He brings about 10 years of experience in accounting, sales and development roles, to the job. Apart from Axi, Daoud has worked at Royal Financials, Alfa Financials and Brooge Forex Brokers.

Meanwhile, GTC, which is regulated by Vanuatu Financial Services Commission, recently onboarded Jameel Ahmad as the Chief Analyst and Advisor to the CEO.

ATFX Connect Pledges Commitment to FX Global Code

ATFX Connect, a brokerage brand that provides liquidity in spot forex and precious metals trading to institutional investors, has signed up for the Global FX Code of Conduct. The London-based broker announced today (Monday) that it has pledged its commitment to the code.

The code is a set of principles for good practice in the wholesale forex market. It was developed in July 2021 through joint efforts between central banks and industry actors from over 20 jurisdictions around the world.

Speaking on the development, Wei Qiang Zhang, the Managing Director of ATFX Connect, noted that the “important step” signifies the brokerage’s expansion within the institutional electronic forex industry.

HYCM Hires Axiory’s Dominic Poynter as Chief Marketing Officer

HYCM, the London-based forex and contracts for difference (CFD) broker that recently rebranded from Henyep UK, has appointed Dominic Poynter as its Chief Marketing Officer. Poynter was previously the Marketing Director at a multi-asset broker Axiory for two years.

The senior executive announced his appointment at HYCM on Monday through a LinkedIn post. His profile on the professional networking platform shows he started the Cyprus-based role last month.

Poynter joined the retail forex and CFD industry in 2010 as a Website Manager at FxPro Financial Services. Since then, he has served in senior marketing roles at easyMarkets, ATFX and Axiory.

Deutsche Börse’s Cash Market Trading Volumes Plunge 16% in June

Deutsche Börse’s cash markets generated a turnover of €106.02 billion in June. The figures represent a decline of 16% from €126 billion recorded in the same period last year. The numbers, however, did not change much from €106.54 billion,which was reported in the previous month.

The German capital markets’ equities generated the most in the cash market of the group at €90.39 billion. The trading in the Exchange Traded Funds (ETFs), Exchange Traded Commodities (ETCs), and the Exchange Traded Notes (ETNs) generated €14.06 billion.

Additionally, the turnover for bonds, certificates, and funds was €0.66 billion, €0.87 billion, and €0.04 billion, respectively.

Binance Taps Min Lint to Head Latin America

The cryptocurrency exchange, Binance has appointed Min Lin to head its operations in the Latin American region. Lin will be in charge of leading teams with a focus on optimizing the products and services of the exchange.

He joined Binance in 2021 as the Head of Business Development and previously worked as an Executive Director, Global Markets Division, at Goldman Sachs. His appointment comes at a time Binance is expanding its educational partnerships and community outreach in Latin America.

US Dollar LIBOR Panel Ceases

The US dollar London Interbank Offered Rate (LIBOR) panel has officially been discontinued, marking a significant shift in the global financial sector. According to the UK’s FCA, as of 30 June 2023, the overnight and 12-month US dollar LIBOR settings have ceased permanently, and the 1, 3, and 6-month US dollar LIBOR settings are now published in a synthetic form. The LIBOR panel's final cessation signifies the end of an era in banking, with synthetic LIBOR rates no longer representative of the underlying markets.

The synthetic US dollar LIBOR settings, now regulated under the Benchmarks Regulation, will be calculated based on the relevant CME Term SOFR Reference Rate along with the respective ISDA fixed spread adjustment until September 2024.

From July 2023, all new use of synthetic US dollar LIBOR has been prohibited. Major clearinghouses have since converted cleared derivative contracts as they were previously referencing the US dollar LIBOR to risk-free rates.

MetaTrader Web Terminals Move to New Address

The web terminals for both MetaTrader 4 and MetaTrader 5 have relocated from the former https://trade.mql5.com/trade to the new address, https://metatraderweb.app/trade. MetaQuotes has informed us that support for the MetaTrader 5 Web version will discontinue from 1 August 2023, while the MetaTrader 4 Web will persist.

Users of the old MetaTrader 5 Web terminal are advised to request the new version of MetaTrader 5 WebTerminal from their brokers. The newer version offers enhanced functionality and efficiency and is compatible across various platforms, such as on Linux, Mac, iOS, and Android OS.

Unlike the older version, the new MetaTrader 5 WebTerminal enables a direct connection to the specific broker, simplifying the login process.

FCA and CNMV Warnings about Unauthorized Firms

The UK’s FCA has issued new warnings against unauthorized companies, including DEUS, Diluxmoon, Igenius FX, VELOXTRADES, and Ultranovas. The FCA noted that these companies are not authorized or registered to provide financial services and cautioned the public about their activities.

Similarly, Spain's National Securities Market Commission (CNMV) has warned about several entities, including EQUIPO JUANFE, SMART+, SBC SMARTFUND LIMITED, and TRADECENTRIX. According to the CNMV, these entities are not registered in its registry and, thus are not authorized to provide investment services or other activities under its purview.

The FCA and CNMV's warnings highlight the growing need for investor awareness and vigilance in the financial sector.

ASIC Permanently Bans David Sutton

The Australian Securities and Investments Commission (ASIC) has permanently banned a Sydney-based director, David Henty Sutton from providing any financial services. This decision results from ASIC's concerns arising from Sutton's activities when offering investment on unlisted shares via his company, McFaddens Securities Pty Ltd, now known as APC Securities Pty Ltd.

Along with banning Sutton, ASIC has cancelled the Australian financial services license of McFaddens Securities. The company was found to have misled investors in Australia and overseas about investments. This decision underlines ASIC's commitment to ensuring a fair and transparent financial market.

XS.com Appoints New Business Development Manager

The retail trading company XS.com announced yesterday (Sunday) that it has onboarded Joanna Atwi as a new Business Development Manager for the MENA region.

“I'm excited to announce that I joined the XS.com family as Business Development Manager, MENA,” Atwi commented in a LinkedIn post.

In the past, Atwi worked for ICM.com, where she spent more than five years. Firstly, as a Business Development Associate and for the last five months as a Business Development Manager. Previously, she worked for Trust Capital S.A.L as a Sales Executive.

Barclays Appoints New Head of TMT

Barclays has announced the appointment of Akihiko Yamada as the Managing Director and Head of Technology, Media and Telecom (TMT) Investment Banking for Japan. Mr Yamada, with over 17 years of experience in TMT client coverage, has a profound understanding of complex M&A transactions and capital markets.

Previously, Yamada worked for Bank of America and Goldman Sachs. Presently, he brings a wealth of knowledge and industry relationships to Barclays. As the TMT sector continues to expand in Japan, Yamada's appointment further solidifies Barclays' focus on growing its investment banking business across the Asia-Pacific region.

UBS Plans to Forego Credit Suisse Backstop

UBS Group AG is aiming to avoid using a $10 billion backstop for Credit Suisse amid a backlash, according to a report by the Financial Times. The bank is hoping to announce that it will not call on the government backstop when it publishes its second-quarter results on 31 August 2023.

UBS has negotiated a deal with the Swiss government, securing a guarantee that covers potential losses of up to nine billion Swiss francs ($10 billion). This might result from the sale of its competitor's assets. However, this guarantee does not include the five billion francs that UBS is obligated to cover on its own.