News Nuggets | 5 July: New COO at Marex; LCH RepoClear's Service Merger

Moneycorp Names Velizar Tarashev as Group CEO

Moneycorp has tapped Velizar Tarashev, its Chief Financial Officer, to take over leadership of the cross-border payments business from Mark Horgan who is stepping down as Chief Executive Officer after 12 years in the role. The London-based company announced Tarashev’s appointment as the Group's CEO today (Wednesday) in a statement.

Moneycorp in the statement noted that Horgan will remain with the company as the Deputy Chairman of its Board. He is expected to take on the role in early 2024. On the other hand, the firm tasked Tarashev, who joined in 2021 Moneycorp after over a decade at Barclays, with leading the company into its next phase of growth.

“Velizar is an established leader with an impressive track record of delivery,” Alan Bowkett, the Chairman of Moneycorp, said in the statement. “Since joining the Group, Velizar has been instrumental in the development and implementation of Moneycorp's strategy, business model and culture, making him the perfect candidate to take the Group forward.”

Nasdaq Unveils Its Board of Directors for US Exchanges

Nasdaq has published the name of the individuals elected to the Board of Directors for the US-based exchanges operated by the company.

Those elected are Kathlyn Beckles, the Chief Legal Officer, Verisk Analytics, Inc., Tal Cohen, the President of Markets Platforms, Nasdaq, Inc., and Michael Curran, a retired Chairman, and the CEO of Boston Stock Exchange.

The others are Anne Darling from Goldman Sachs, David Frear, the former CFO of SiriusXM, Thomas Kloet from TMX, Anita Lynch the former Chief Data Officer of New Relic, David Rosato from Berkshire Bank, Andrew Schultz from Susquehanna, and Elizabeth Wideman from Comcast Corp.

UK Regulator Consults on Code of Conduct for ESG Data Providers

The Financial Conduct Authority (FCA) has convened an industry consultative meeting for a new code of conduct for the environment, social, and governance data and rating providers. The code consultation will take place for three months until October 5, the regulator announced today (Wednesday).

Specifically, the HM Treasury is consulting on whether the FCA regulatory mandate should be extended to include the ESG segment.

The FCA appointed the International Capital Market Association and the International Regulatory Strategy Group in 2022 to convene an industry group that will develop the voluntary code.

Financial Commission Approves DLS Markets as Newest Member

The Financial Commission (FinCom) has accepted multi-asset broker DLS Markets as its latest approved member. The independent external dispute resolution (EDR) organization in a statement noted that DLS Markets’ membership takes effect from today (Wednesday),

DLS Markets’ membership in the organization provides the firm and its customers with access to third-party dispute mediation services. The membership also provides deposit protection for up to €20,000 per complaint submitted to FinCom.

Meanwhile, FinCom in recent months approved the membership applications of several brokerages, including Vida Markets, ThreeTrader and Baxia Markets. On the other hand, it expelled a few brokerages, such as BalansFX, IdealFX and GANN Markets.

LiteFinance Marks 18th Anniversary

LiteFinance commemorates 18 years of brokerage services, which is marked by ambitious goals and a consistent focus on customer needs. This year, the company introduced a quote forecasting tool and upgraded its ‘LiteFinance Investment’ mobile app, enhancing its speed and functionality.

The company continues to expand its portfolio of trading assets, including natural gas, new cryptocurrencies, and CFDs on shares of large global corporations.

Seledtsov Expands Role at Exness

Artem Seledtsov, the Chief Business Development Officer at Exness, has announced the expansion of his role to include the position of Chief Sales Officer. With the dual roles, Seledtsov is set to drive business growth, build strategic partnerships, and seize new opportunities, reinforcing Exness' position in the market. “I’m excited to share that my existing position at Exness as the Chief Business Development Officer has been extended with an additional role – the Chief Sales Officer,” Seledstov commented.

Former CFO at LSE Heads LME Clearing

The London Metal Exchange's (LME) clearing house has appointed David Warren, the former CFO of the London Stock Exchange, as its Chairman, effective 20 July 2023.

The appointment was made as LME wrestles with a lawsuit and a drop in nickel trading volumes. It follows an incident in March 2022 that saw nickel prices double within hours, resulting in a billion-dollar trade cancellation.

Court Fines Ngai Ping Kuen for Unlicensed Activity

The Eastern Magistrates’ Court of Hong Kong convicted and fined Ben Ngai Ping Kuen for engaging in unlicensed security dealing activities.

The court found that between 2016 and 2017, Ngai convinced retail investors to invest in the ‘US-listed’ shares issued by First Asia Holdings Limited (FAH), promising a substantial return on their investments.

The Securities and Futures Commission (SFC) continues to urge investors to ensure their brokers are properly licensed.

Eurex Reports June 2023 Figures

Eurex, Europe’s leading derivatives exchange, revealed a decrease of 14% in total trading volume for June 2023 compared to the previous year. All sectors saw declines, including interest rate derivatives, index derivatives, and equity derivatives.

Conversely, notional outstanding volumes in OTC Clearing experienced an upsurge of 23% year-on-year, driven by surges in interest rate swaps and overnight index swaps. Additionally, Eurex Repo recorded substantial increases in daily GC Pooling and Repo market volumes.

Marex Names New Group Chief Operating Officer

Marex has announced the appointment of Graham Francis as the Group's Chief Operating Officer. He will oversee the company's day-to-day operations and report to Marex's CEO, Ian Lowitt.

Graham joined Marex from TP ICAP, where he was most recently the COO for the Global Broking business. Overall, he spent 15 years at TP ICAP. He also worked at Dresdner Bank, Lehman Brothers, and Linklaters.

Commenting on the appointment, Marex's CEO said: "His appointment reflects Marex's significant growth trajectory and is a testament to our ambitions for the future. Graham brings deep experience within the sector, and I look forward to working with him to further improve and deliver on our growth strategy."

LCH RepoClear SA Merges Two Services

LCH RepoClear SA has merged its RepoClear Euro debt service with its general collateral €GCPlus service. The merger will provide easy and quick access to alternative channels to access GC liquidity.

"The merger of our two services means that financial institutions will benefit from even greater netting opportunities, reduced margin requirements, and harmonized reporting and operational processes," explained Emmanuel Rolland, the COO of Collateral and Liquidity Management at RepoClear. "The benefits of access to cleared liquidity and robust risk management have never been more apparent given recent market events, and we look forward to working with financial institutions as they look to RepoClear for that support."

AllianceBernstein Gains DFSA License

AllianceBernstein, an investment firm with $700 million in assets under management (AUM), has received a Category 4 Licence from the Dubai Financial Services Authority (DFSA). As a part of its Middle East expansion, the company additionally appointed Jean-Paul Hobeika, the Managing Director of Middle East Institutions.

"As we expand our global footprint, we remain steadfast in our commitment to delivering exceptional value to our clients. We are confident that with the opening of its new office in DIFC, AB is poised to become a leading player in the region's financial industry," said Hobeika.

BKN301 Opens Cairo Office

BKN301, a payment and Banking-as-a-Service provider in the MENA region, has expanded its presence in Egypt by opening a new office in Cairo. The move was strategic and in line with Egypt's Vision 2030

"Our presence in the country will be a significant step forward in improving and transforming the way payments are used, particularly with our innovative solutions fuelling embedded fintech experiences with advanced payment capabilities," said Stiven Muccioli, the Founder and CEO of BKN301, said.

"We look forward to supporting the growth and development of the region's fintech sector by providing our world-class payment services and further expanding our presence across other countries in the MENA region."

Belgian Fintech Curvo Banks €500,000

Curvo, a fintech based in Belgium, has secured €500,000 in a seed funding round. The proceeds will be utilized for European expansion and enhancing its products for customers.

Launched in October 2021, Curvo offers retail investment opportunities through exchange-traded funds (ETFs) and other investment products.

"Our vision is to transform the way people engage with their finances and think about their future, and we're delighted that our new business angels are joining us on our journey," said Thomas Ketchell, the Co-Founder of Curvo. "Thanks to this seed round investment, we'll be able to reach even more people in Belgium and beyond, providing the tools they need to achieve their own financial well-being."