Also, the FCA released new warnings against unlicensed companies; LCH appointed a new CEO.
Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
UBS Announces Significant Job Reductions
The Swiss banking giant, UBS has unveiled plans to streamline
its workforce in the wake of its integration with Credit Suisse. UBS' CEO, Sergio Ermotti, announced that the
integration process will lead to the elimination of approximately 1,000 jobs
from Credit Suisse.
According to a report by CNN,
this move accounts for around 8% of the combined staff of the two banks in
Switzerland. The merger resulted in UBS reporting a net profit of USD $29 billion
in the second quarter, largely attributed to the accounting technicality linked
to the acquisition.
FCA's Wholesale Data
Market Study: Update
The Financial Conduct
Authority (FCA) is making significant progress in its wholesale data market study,
with plans to release the report by 1 March 2024. In the latest update, the
FCA has initially decided not to refer any of the three markets under scrutiny
to the Competition and Markets Authority (CMA).
While assessing these
markets, the FCA is reportedly closely examining concerns
related to the dominance of established firms, which could dampen competition.
Additionally, the updated report highlighted certain commercial practices that
might lead to greater complexity and reduced transparency in pricing and
contract terms.
Nomura Releases
Sustainable Corporate Value Report 2023
Nomura Holdings has
released the Nomura Report 2023, a comprehensive integration of its annual
report and citizenship report. This tradition, dating back to 2012, serves as a
platform to furnish clients, shareholders, employees, and shareholders with a
holistic view of Nomura's operations encompassing financial and
non-financial aspects.
Finance Magnates
The report underscores
the management's perspective and highlights instances of Nomura's strategies,
illustrating its commitment to augmenting corporate value in a sustainable manner
by contributing to economic and societal progress.
Bitget and CCData
Targets Institutional Data Services in New Partnership
The crypto derivatives
and copy trading platform, Bitget has entered into a strategic partnership with
CCData, an institutional-grade digital asset data provider. According to
Bitget, this collaboration reflects its commitment to delivering data solutions
for institutional investors.
Gracy Chen, the Managing
Director of Bitget, said: "Our partnership with CCData heralds a
new era of institutional-grade data exposure for our users. This venture
amplifies our platform's capabilities and endows our users with a competitive
edge within the dynamic digital asset landscape."
CQG Has Announced Retirement
of CQG Trader Platform
CQG, a trading
technology solutions provider, has announced that it will retire its CQG Trader
platform later this year. Starting from 1 July, the platform will no longer
accept new users, directing them to use the CQG Desktop instead. The company will
provide further information on the transition for current users.
The move
indicates a strategic shift for CQG, encouraging customers to transition to the CQG
Desktop. While specifics about the retirement process are yet to be disclosed,
it is clear that CQG is aiming to streamline its offerings and focus on more
modern solutions for its customer base.
X Expands Data
Collection Policy
X, formerly
known as Twitter, is updating its privacy policy to include biometric data
collection based on user consent. This move is a part of X's broader strategy
to enhance safety, security, and identification on the platform. However, the
specifics of what constitutes biometric data were not disclosed.
The policy
change comes amid ongoing criticism of social media companies for their data
collection practices. Elon Musk, who purchased Twitter last year, has been
vocal about his goal to authenticate accounts and promote services that apply a
blue checkmark, thereby indicating that the user is more likely to be human and
has paid a subscription fee.
FCA Issues New Warnings against
Unauthorized Firms
The
Financial Conduct Authority (FCA) has released a series of warnings against
companies that are not authorized or registered by the regulatory body. These
warnings were published on 31 August 2023, and target six different companies:
CAPTECINVLTD.COM, FUNDEDSIGNALTRADES, ALPHALUXSE, PINNACLE ASSETS, FX MONSTERS,
and Trade Rescue. The FCA advises the public to be cautious and to find out
more about the risks associated with unauthorized firms.
Liquidnet Becomes Plato
Partnership's First Strategic Partner
Plato
Partnership, a not-for-profit organization that brings efficiencies to
the equity marketplace, has welcomed Liquidnet as its first Strategic Partner.
Liquidnet, known for its technology-driven execution services, will contribute
to Plato's key initiatives that aim to innovate the capital markets.
These
initiatives include the Plato Strategic Initiatives Group, Plato's Market
Innovator (MI3) program, and the Turquoise Plato Expert Group. Each of these initiatives has specific aims, such as improving market structure and identifying
solutions for better trade execution.
Chris
Jackson, the Global Head of Equity Strategy at Liquidnet, expressed enthusiasm
for Plato's work and confirmed Liquidnet's commitment to leveraging technology
for more efficient financial markets.
Corentine Poilvet-Clédière
Takes the Helm at LCH SA
Corentine Poilvet-Clédière
LCH Group
has announced the appointment of Corentine Poilvet-Clédière as its
European-based clearing house's CEO of LCH SA, effective from 1 October 2023. She
will succeed Christophe Hémon, who has led the company since 2004.
Poilvet-Clédière brings over 15 years of experience in the financial markets,
having previously worked in strategic roles, including Head of RepoClear and
Collateral Management at LCH SA.
She will
report to Daniel Maguire, the CEO of LCH Group and Group Head of Post Trade at LSEG.
Corentine's experience in the financial markets, including her central role in
regulatory strategy at the London Stock Exchange Group (LSEG), makes her a
strong fit for the role.
Sumsub Introduces Free
Compliance Solution
Sumsub, a
global verification platform, is offering a six-month free trial of its Travel
Rule compliance solution for cryptocurrency organizations. This solution is right on time as the UK will enforce a new Crypto Travel Rule legislation to combat money
laundering and terrorism financing. The Financial Action Task Force (FATF)
Recommendation 16 will now extend to virtual assets and Virtual Asset Service
Providers (VASPs), requiring them to exchange and verify identifying
information for all transfers.
US
organizations operating in the UK must now adhere to this expanded legislation.
The new rule mandates compliance for all transactions, regardless of the
amount, although special requirements are in place for transactions exceeding
€1,000.
Goldman Sachs Faces
Scrutiny over Fintech Partnerships
US banking
regulators have raised concerns about Goldman Sachs' risk and compliance
oversight in its partnerships with fintech companies. A division of the bank's
transaction business has halted onboarding riskier fintech clients following a
warning by the Federal Reserve (Fed). The issues cited include insufficient due
diligence and monitoring processes for high-risk non-bank clients.
This
setback adds to the challenges Goldman Sachs is facing in its attempt to expand
into new business areas under the CEO, David Solomon. The Federal Reserve's
criticism highlights the need for stricter compliance measures, especially as
Goldman aims to provide banking infrastructure to fintech startups like Stripe
and Wise.
UBS Announces Significant Job Reductions
The Swiss banking giant, UBS has unveiled plans to streamline
its workforce in the wake of its integration with Credit Suisse. UBS' CEO, Sergio Ermotti, announced that the
integration process will lead to the elimination of approximately 1,000 jobs
from Credit Suisse.
According to a report by CNN,
this move accounts for around 8% of the combined staff of the two banks in
Switzerland. The merger resulted in UBS reporting a net profit of USD $29 billion
in the second quarter, largely attributed to the accounting technicality linked
to the acquisition.
FCA's Wholesale Data
Market Study: Update
The Financial Conduct
Authority (FCA) is making significant progress in its wholesale data market study,
with plans to release the report by 1 March 2024. In the latest update, the
FCA has initially decided not to refer any of the three markets under scrutiny
to the Competition and Markets Authority (CMA).
While assessing these
markets, the FCA is reportedly closely examining concerns
related to the dominance of established firms, which could dampen competition.
Additionally, the updated report highlighted certain commercial practices that
might lead to greater complexity and reduced transparency in pricing and
contract terms.
Nomura Releases
Sustainable Corporate Value Report 2023
Nomura Holdings has
released the Nomura Report 2023, a comprehensive integration of its annual
report and citizenship report. This tradition, dating back to 2012, serves as a
platform to furnish clients, shareholders, employees, and shareholders with a
holistic view of Nomura's operations encompassing financial and
non-financial aspects.
Finance Magnates
The report underscores
the management's perspective and highlights instances of Nomura's strategies,
illustrating its commitment to augmenting corporate value in a sustainable manner
by contributing to economic and societal progress.
Bitget and CCData
Targets Institutional Data Services in New Partnership
The crypto derivatives
and copy trading platform, Bitget has entered into a strategic partnership with
CCData, an institutional-grade digital asset data provider. According to
Bitget, this collaboration reflects its commitment to delivering data solutions
for institutional investors.
Gracy Chen, the Managing
Director of Bitget, said: "Our partnership with CCData heralds a
new era of institutional-grade data exposure for our users. This venture
amplifies our platform's capabilities and endows our users with a competitive
edge within the dynamic digital asset landscape."
CQG Has Announced Retirement
of CQG Trader Platform
CQG, a trading
technology solutions provider, has announced that it will retire its CQG Trader
platform later this year. Starting from 1 July, the platform will no longer
accept new users, directing them to use the CQG Desktop instead. The company will
provide further information on the transition for current users.
The move
indicates a strategic shift for CQG, encouraging customers to transition to the CQG
Desktop. While specifics about the retirement process are yet to be disclosed,
it is clear that CQG is aiming to streamline its offerings and focus on more
modern solutions for its customer base.
X Expands Data
Collection Policy
X, formerly
known as Twitter, is updating its privacy policy to include biometric data
collection based on user consent. This move is a part of X's broader strategy
to enhance safety, security, and identification on the platform. However, the
specifics of what constitutes biometric data were not disclosed.
The policy
change comes amid ongoing criticism of social media companies for their data
collection practices. Elon Musk, who purchased Twitter last year, has been
vocal about his goal to authenticate accounts and promote services that apply a
blue checkmark, thereby indicating that the user is more likely to be human and
has paid a subscription fee.
FCA Issues New Warnings against
Unauthorized Firms
The
Financial Conduct Authority (FCA) has released a series of warnings against
companies that are not authorized or registered by the regulatory body. These
warnings were published on 31 August 2023, and target six different companies:
CAPTECINVLTD.COM, FUNDEDSIGNALTRADES, ALPHALUXSE, PINNACLE ASSETS, FX MONSTERS,
and Trade Rescue. The FCA advises the public to be cautious and to find out
more about the risks associated with unauthorized firms.
Liquidnet Becomes Plato
Partnership's First Strategic Partner
Plato
Partnership, a not-for-profit organization that brings efficiencies to
the equity marketplace, has welcomed Liquidnet as its first Strategic Partner.
Liquidnet, known for its technology-driven execution services, will contribute
to Plato's key initiatives that aim to innovate the capital markets.
These
initiatives include the Plato Strategic Initiatives Group, Plato's Market
Innovator (MI3) program, and the Turquoise Plato Expert Group. Each of these initiatives has specific aims, such as improving market structure and identifying
solutions for better trade execution.
Chris
Jackson, the Global Head of Equity Strategy at Liquidnet, expressed enthusiasm
for Plato's work and confirmed Liquidnet's commitment to leveraging technology
for more efficient financial markets.
Corentine Poilvet-Clédière
Takes the Helm at LCH SA
Corentine Poilvet-Clédière
LCH Group
has announced the appointment of Corentine Poilvet-Clédière as its
European-based clearing house's CEO of LCH SA, effective from 1 October 2023. She
will succeed Christophe Hémon, who has led the company since 2004.
Poilvet-Clédière brings over 15 years of experience in the financial markets,
having previously worked in strategic roles, including Head of RepoClear and
Collateral Management at LCH SA.
She will
report to Daniel Maguire, the CEO of LCH Group and Group Head of Post Trade at LSEG.
Corentine's experience in the financial markets, including her central role in
regulatory strategy at the London Stock Exchange Group (LSEG), makes her a
strong fit for the role.
Sumsub Introduces Free
Compliance Solution
Sumsub, a
global verification platform, is offering a six-month free trial of its Travel
Rule compliance solution for cryptocurrency organizations. This solution is right on time as the UK will enforce a new Crypto Travel Rule legislation to combat money
laundering and terrorism financing. The Financial Action Task Force (FATF)
Recommendation 16 will now extend to virtual assets and Virtual Asset Service
Providers (VASPs), requiring them to exchange and verify identifying
information for all transfers.
US
organizations operating in the UK must now adhere to this expanded legislation.
The new rule mandates compliance for all transactions, regardless of the
amount, although special requirements are in place for transactions exceeding
€1,000.
Goldman Sachs Faces
Scrutiny over Fintech Partnerships
US banking
regulators have raised concerns about Goldman Sachs' risk and compliance
oversight in its partnerships with fintech companies. A division of the bank's
transaction business has halted onboarding riskier fintech clients following a
warning by the Federal Reserve (Fed). The issues cited include insufficient due
diligence and monitoring processes for high-risk non-bank clients.
This
setback adds to the challenges Goldman Sachs is facing in its attempt to expand
into new business areas under the CEO, David Solomon. The Federal Reserve's
criticism highlights the need for stricter compliance measures, especially as
Goldman aims to provide banking infrastructure to fintech startups like Stripe
and Wise.
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
