News Nuggets | 30 August: SEC Charges Citigroup; FMA and FCA Warn against Clone Websites

Wednesday, 30/08/2023 | 09:33 GMT by Finance Magnates Staff
  • Also, Bybit launches revamped 'Launchpad 3.0'; Nasdaq Announces CFO Transition.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Finance Magnates News Nuggets

FxPro Adds VinFast to Stock Offerings

The retail forex and CFD broker, FxPro is expanding its stock offerings to include the electric vehicle (EV) manufacturer, VinFast. Despite not yet achieving profitability, the EV maker’s shares closed at over USD $37 during the New York launch, propelling its market valuation to USD $85 billion.

As the EV market faces fierce competition between established companies, VinFast's rapid growth is shifting market dynamics. Its primary competitor is Tesla.

Credit Suisse Slashes Global Markets Business

In a significant shift, Credit Suisse has announced its intention to cut business in new markets starting September 22, according to a client's letter obtained by Reuters. The letter highlighted that in the future, the emphasis will be on new client activity via UBS' legal entities.

By reducing its involvement in new markets, the bank reportedly aims to enhance its focus on core areas while collaborating closely with UBS for streamlined client engagement. UBS completed the acquisition of Credit Suisse in June.

Glass Lewis Recommends Hut 8 Shareholders Approve Merger with USBTC

Glass Lewis, an independent proxy advisory firm, has advised shareholders of Hut 8 Mining Corp to vote in favor of the proposed merger with US Data Mining Group (USBTC). This recommendation aligns with the earlier endorsement from Institutional Shareholder Services, Inc.

Jaime Leverton, the CEO of Hut 8, remarked: "As we continue to make progress toward closing the transaction with USBTC, we are pleased that Glass Lewis has recommended Hut 8 shareholders vote in favor of all resolutions to establish New Hut."

SEC Charged Citigroup for Recordkeeping Failures

The U.S. Securities and Exchange Commission (SEC) has charged Citigroup Global Markets Inc. (CGMI) for willful violation of federal recordkeeping requirements. The SEC found that CGMI used an unverified method to calculate and record indirect expenses related to its underwriting business from 2009 to 2019. The SEC emphasized the importance of accurate recordkeeping for well-regulated markets and vowed to continue enforcing federal securities laws.

"Underwriters serve a critical role as gatekeepers in securities offerings. They perform essential functions, including investor protection and also helping companies access capital to grow and innovate," Sanjay Wadhwa, the Deputy Director of the SEC's Division of Enforcement, commented.

Bybit Launched Revamped Launchpad 3.0

Ben Zhou
Ben Zhou

Bybit has unveiled its revamped Launchpad 3.0, a token launch platform that offers early access to new and pre-listed tokens from promising projects. The platform aims to connect project developers with potential investors and streamline the token launch process. Bybit Launchpad 3.0 is open to users who have completed Identity Verification Level 1 and have deposited Mantle (MNT) or Tether (USDT) into their Bybit Wallet.

"Bybit Launchpad 3.0 is bringing innovative blockchain projects to the forefront," Ben Zhou, the Co-Founder and CEO of Bybit, said. "We are providing direct access to pre-listing rounds and facilitating the acquisition of new tokens. These tokens then seamlessly transition to trading on Bybit's trading platform."

Warning Issued against Gold Wise Imposter Website

New Zealand's Financial Markets Authority (FMA) has warned against GoldWiseLimited.net, an imposter website offering forex and cryptocurrency investments. The website falsely claims to be registered in New Zealand and has no association with the now-inactive company, Gold Wise Limited. Investors are advised to exercise caution when dealing with this website.

IPC and Celoxica Collaborate for Low-Latency Market Connectivity

IPC and Celoxica have announced a collaboration to provide ultra-low latency market connectivity and pre-trade risk management solutions to a Tier 1 Investment Bank in Taiwan. The partnership aims to offer a fully managed, hosted colocation solution that supports trading multiple asset classes with assured ultra-low latency performance.

"We are pleased to have the opportunity to collaborate with Celoxica on a fully managed, ultra-low latency market connectivity and pre-trade risk management trading solution that supports our customer's speed to market with respect to exchange, broker and client connectivity," John Owens, the Director of Global Exchange Relationship Management at IPC Systems, commented.

Nasdaq Announced CFO Transition

Sarah Youngwood
Sarah Youngwood

Nasdaq has announced the appointment of Sarah Youngwood as its new Executive Vice President and Chief Financial Officer, effective 1 December 2023. Youngwood, who has previously held key roles at UBS Group and JPMorgan Chase, will succeed Ann Dennison. The transition is part of Nasdaq's ongoing transformation and aims to bring in expertise in technology transformation and global financial institutions.

"I would like to thank Ann for her eight years of service to Nasdaq and the significant contributions she has made to the company, including transforming our global Finance function and playing a key role in the announced acquisition of Adenza, an important and transformative acquisition for the company," Adena Friedman, the Chair and Chief Executive Officer of Nasdaq, stated.

ASIC and RBA Issue Joint Letter to ASX

The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have issued a joint letter outlining regulatory expectations for ASX Clear and ASX Settlement. The letter focuses on the newly established ASX Cash Equities Clearing and Settlement Advisory Group and aims to ensure that ASX complies with regulatory expectations and obligations under the Corporations Act.

"The Advisory Group's role in assisting ASX Clear and ASX Settlement on the CHESS replacement program is vital to this process. Genuine collaboration between ASX, the Advisory Group and industry will be necessary to achieve the best outcome for the market, for listed companies and investors," Joe Longo, the Chairman of ASIC, said.

FCA Issues Warnings against Clone Firms

FCA

The UK's Financial Conduct Authority (FCA) has issued warnings against two unauthorized firms targeting UK residents. The first firm, PTAH DAO (fnvtwe.com), is posing as a clone of an FCA-authorized firm. The second, Investor First Trade (investorfirst.trade), is also operating without FCA authorization and is a clone of a previously authorised FCA firm.

Both companies have been misleading people in the UK by claiming to be authorised, and the FCA advises the public to exercise caution when dealing with these entities.

PhonePe Enters Online Stock Broking

The Indian payments firm, PhonePe has launched a stock broking platform called Share.Market. The platform aims to capitalize on PhonePe's approximate 400 million user base and will compete with existing online stock broking platforms in India.

Share.Market will charge an onboarding fee of 199 rupees and offer free trades up to 400 rupees.

FxPro Adds VinFast to Stock Offerings

The retail forex and CFD broker, FxPro is expanding its stock offerings to include the electric vehicle (EV) manufacturer, VinFast. Despite not yet achieving profitability, the EV maker’s shares closed at over USD $37 during the New York launch, propelling its market valuation to USD $85 billion.

As the EV market faces fierce competition between established companies, VinFast's rapid growth is shifting market dynamics. Its primary competitor is Tesla.

Credit Suisse Slashes Global Markets Business

In a significant shift, Credit Suisse has announced its intention to cut business in new markets starting September 22, according to a client's letter obtained by Reuters. The letter highlighted that in the future, the emphasis will be on new client activity via UBS' legal entities.

By reducing its involvement in new markets, the bank reportedly aims to enhance its focus on core areas while collaborating closely with UBS for streamlined client engagement. UBS completed the acquisition of Credit Suisse in June.

Glass Lewis Recommends Hut 8 Shareholders Approve Merger with USBTC

Glass Lewis, an independent proxy advisory firm, has advised shareholders of Hut 8 Mining Corp to vote in favor of the proposed merger with US Data Mining Group (USBTC). This recommendation aligns with the earlier endorsement from Institutional Shareholder Services, Inc.

Jaime Leverton, the CEO of Hut 8, remarked: "As we continue to make progress toward closing the transaction with USBTC, we are pleased that Glass Lewis has recommended Hut 8 shareholders vote in favor of all resolutions to establish New Hut."

SEC Charged Citigroup for Recordkeeping Failures

The U.S. Securities and Exchange Commission (SEC) has charged Citigroup Global Markets Inc. (CGMI) for willful violation of federal recordkeeping requirements. The SEC found that CGMI used an unverified method to calculate and record indirect expenses related to its underwriting business from 2009 to 2019. The SEC emphasized the importance of accurate recordkeeping for well-regulated markets and vowed to continue enforcing federal securities laws.

"Underwriters serve a critical role as gatekeepers in securities offerings. They perform essential functions, including investor protection and also helping companies access capital to grow and innovate," Sanjay Wadhwa, the Deputy Director of the SEC's Division of Enforcement, commented.

Bybit Launched Revamped Launchpad 3.0

Ben Zhou
Ben Zhou

Bybit has unveiled its revamped Launchpad 3.0, a token launch platform that offers early access to new and pre-listed tokens from promising projects. The platform aims to connect project developers with potential investors and streamline the token launch process. Bybit Launchpad 3.0 is open to users who have completed Identity Verification Level 1 and have deposited Mantle (MNT) or Tether (USDT) into their Bybit Wallet.

"Bybit Launchpad 3.0 is bringing innovative blockchain projects to the forefront," Ben Zhou, the Co-Founder and CEO of Bybit, said. "We are providing direct access to pre-listing rounds and facilitating the acquisition of new tokens. These tokens then seamlessly transition to trading on Bybit's trading platform."

Warning Issued against Gold Wise Imposter Website

New Zealand's Financial Markets Authority (FMA) has warned against GoldWiseLimited.net, an imposter website offering forex and cryptocurrency investments. The website falsely claims to be registered in New Zealand and has no association with the now-inactive company, Gold Wise Limited. Investors are advised to exercise caution when dealing with this website.

IPC and Celoxica Collaborate for Low-Latency Market Connectivity

IPC and Celoxica have announced a collaboration to provide ultra-low latency market connectivity and pre-trade risk management solutions to a Tier 1 Investment Bank in Taiwan. The partnership aims to offer a fully managed, hosted colocation solution that supports trading multiple asset classes with assured ultra-low latency performance.

"We are pleased to have the opportunity to collaborate with Celoxica on a fully managed, ultra-low latency market connectivity and pre-trade risk management trading solution that supports our customer's speed to market with respect to exchange, broker and client connectivity," John Owens, the Director of Global Exchange Relationship Management at IPC Systems, commented.

Nasdaq Announced CFO Transition

Sarah Youngwood
Sarah Youngwood

Nasdaq has announced the appointment of Sarah Youngwood as its new Executive Vice President and Chief Financial Officer, effective 1 December 2023. Youngwood, who has previously held key roles at UBS Group and JPMorgan Chase, will succeed Ann Dennison. The transition is part of Nasdaq's ongoing transformation and aims to bring in expertise in technology transformation and global financial institutions.

"I would like to thank Ann for her eight years of service to Nasdaq and the significant contributions she has made to the company, including transforming our global Finance function and playing a key role in the announced acquisition of Adenza, an important and transformative acquisition for the company," Adena Friedman, the Chair and Chief Executive Officer of Nasdaq, stated.

ASIC and RBA Issue Joint Letter to ASX

The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have issued a joint letter outlining regulatory expectations for ASX Clear and ASX Settlement. The letter focuses on the newly established ASX Cash Equities Clearing and Settlement Advisory Group and aims to ensure that ASX complies with regulatory expectations and obligations under the Corporations Act.

"The Advisory Group's role in assisting ASX Clear and ASX Settlement on the CHESS replacement program is vital to this process. Genuine collaboration between ASX, the Advisory Group and industry will be necessary to achieve the best outcome for the market, for listed companies and investors," Joe Longo, the Chairman of ASIC, said.

FCA Issues Warnings against Clone Firms

FCA

The UK's Financial Conduct Authority (FCA) has issued warnings against two unauthorized firms targeting UK residents. The first firm, PTAH DAO (fnvtwe.com), is posing as a clone of an FCA-authorized firm. The second, Investor First Trade (investorfirst.trade), is also operating without FCA authorization and is a clone of a previously authorised FCA firm.

Both companies have been misleading people in the UK by claiming to be authorised, and the FCA advises the public to exercise caution when dealing with these entities.

PhonePe Enters Online Stock Broking

The Indian payments firm, PhonePe has launched a stock broking platform called Share.Market. The platform aims to capitalize on PhonePe's approximate 400 million user base and will compete with existing online stock broking platforms in India.

Share.Market will charge an onboarding fee of 199 rupees and offer free trades up to 400 rupees.

About the Author: Finance Magnates Staff
Finance Magnates Staff
  • 4253 Articles
  • 122 Followers
About the Author: Finance Magnates Staff
  • 4253 Articles
  • 122 Followers

More from the Author

Retail FX

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}