News Nuggets | 6 December: Capital.com Hires New CSO; Robinhood Adds 135 Symbols

by Damian Chmiel
  • FCA warns against Christmas fraud; GSTechnologies purchases Semnet.
  • Read today's FX/CFDs, crypto and fintech sectors' dynamic news.
Finance Magnates News Nuggets
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Capital.com Welcomes New Chief Strategy Officer

Capital.com has announced the appointment of John Austin as Chief Strategy Officer. Austin, an industry veteran with over two decades of experience in derivatives trading and brokerage, will steer the company's strategic direction, fostering innovation and growth from his London base.

James Austin
James Austin

“I look forward to supporting Capital.com’s ambitions to diversify and grow its clientbase, expand into new markets and cement its market-leading position,” Austin commented.

His notable background includes senior roles at IG Group, strategic development at Nadex and Spectrum, and a recent stint as the Chief Strategy Officer at LMAX Group. His portfolio covers a period in investment banking with Barclays Capital and advisory involvement with fintech startup Coinrule.

Austin, an alumnus of Cambridge University and London Business School, will play a pivotal role in Capital.com's continued growth, as highlighted by the platform's significant trading volume increase in November 2023.

Robinhood Expands 24/7 Trading with over 200 Symbols

Robinhood has expanded its 24-Hour Market, now offering over 200 stocks and ETFs for round-the-clock trading. Initiated in May as the sole US retail brokerage providing 24/5 trading, the platform's recent addition of 135 new stocks and ETFs marks a significant growth in its offerings.

This expansion, also available in the UK, caters to the dynamic nature of market-moving news, allowing customers to respond in real-time. The Robinhood 24-Hour Market reflects the company's commitment to adapting to customer needs and enhancing portfolio management flexibility.

BitMEX and PowerTrade Form Strategic Partnership

BitMEX, a leading crypto derivatives exchange, has forged a strategic partnership with PowerTrade, an innovative crypto options platform. This collaboration is set to enrich BitMEX's product portfolio and bolster its standing as a pioneer in the crypto trading realm.

Stephan Lutz, the CEO of BitMEX, emphasizes the partnership's alignment with their goal to offer lucrative opportunities on a secure platform.

CAPEX.com Introduces ETFs in UAE and KSA Markets

CAPEX.com, a global online trading platform , has expanded its investment portfolio in the Middle East with the introduction of ETFs tailored for the United Arab Emirates and Saudi Arabia. This strategic initiative underscores the platform's commitment to providing region-specific investment opportunities.

The newly launched ETFs, including the iShares MSCI UAE and Saudi Arabia ETFs, offer investors an efficient way to access a broad range of local stocks, ensuring a diversified investment approach.

FCA Issues Warning against Christmas Loan Fee Fraud

FCA

The Financial Conduct Authority (FCA) is alerting the public of the heightened risk of loan fee fraud during Christmas. With research showing significant financial pressure on UK households, especially parents, the FCA noted that many may be vulnerable to fraudsters offering loans for Christmas expenses.

Almost half of UK adults feel compelled to spend beyond their means, and over a quarter of parents with young children are considering borrowing money for Christmas. The FCA's campaign includes a three-step checklist to help consumers avoid falling victim to loan fee fraud, which typically results in significant financial loss.

BMLL Completes China Equity Data Offering

BMLL, a provider of historical Level 3 data and analytics, announced the completion of its China data offering, integrating data from Shanghai, Shenzhen, and Hong Kong exchanges. This marks a significant step in BMLL's APAC equities and ETF data coverage expansion.

With the inclusion of data from exchanges like CBOE Japan, Japannext, Singapore Exchange, and others in the APAC region, BMLL is positioned to significantly aid both buy-side and sell-side firms in improving trading decisions.

AAT Upholds ASIC's Ban on Financial Adviser

The Administrative Appeals Tribunal (AAT) has upheld the Australian Securities and Investments Commission's (ASIC) decision to ban Victorian financial adviser Pamela Anderson from providing financial services for two years.

The ban follows ASIC's findings that Anderson failed to act in her clients' best interests, prioritized her own interests, provided non-compliant advice, and advised clients to invest in a high-risk fund operated by an entity related to her former licensee. The AAT's decision underscores the advisor's independent obligations and the significant impact of her misconduct toward clients.

Instinet Fined for Compliance Failures in Crossing System

ASIC

Instinet Australia Pty Ltd has paid a penalty of $670,500 for failing to comply with market integrity rules. The infringement notice issued by the Markets Disciplinary Panel (MDP) highlighted Instinet's shortcomings in providing meaningful price improvement for off-market client transactions, disclosing necessary information about its crossing system, and accurately reporting regulatory data.

The violations primarily concerned the incorrect referencing of the National Best Bid and Offer in its BLX crossing system, affecting numerous trades. The MDP criticized Instinet's negligent approach to compliance, emphasizing the need for ongoing system reviews and updates to protect client interests.

GSTechnologies Acquires Majority Stake in Semnet Pte Ltd

GSTechnologies Ltd, a fintech company, announced the acquisition of a stake of 66.67% in Semnet Pte Ltd, a Singapore-based cybersecurity firm, for a total of US$1.8 million. This acquisition is pivotal for GST as it strengthens its GS Money and B2B Neobanking operations.

Semnet's cybersecurity expertise is deemed crucial for GST's growing global Neobank ecosystem and will support client onboarding and operational activities, including the provision of white-label software solutions. Semnet will continue catering to its existing client base, adding a profitable revenue stream for GST.

SFC Warns of Suspected Virtual Asset-Related Frauds

The Securities and Futures Commission (SFC) has issued a warning about suspected virtual asset-related frauds involving HongKongDAO and BitCuped. The SFC suspects HongKongDAO of disseminating misleading information about its services and falsely claiming regulatory compliance. Similarly, BitCuped has been flagged for falsely associating itself with prominent individuals.

The SFC's actions, including blocking website access and issuing cease and desist letters, reflect its commitment to protecting investors from potential fraud in the virtual asset space.

Capital.com Welcomes New Chief Strategy Officer

Capital.com has announced the appointment of John Austin as Chief Strategy Officer. Austin, an industry veteran with over two decades of experience in derivatives trading and brokerage, will steer the company's strategic direction, fostering innovation and growth from his London base.

James Austin
James Austin

“I look forward to supporting Capital.com’s ambitions to diversify and grow its clientbase, expand into new markets and cement its market-leading position,” Austin commented.

His notable background includes senior roles at IG Group, strategic development at Nadex and Spectrum, and a recent stint as the Chief Strategy Officer at LMAX Group. His portfolio covers a period in investment banking with Barclays Capital and advisory involvement with fintech startup Coinrule.

Austin, an alumnus of Cambridge University and London Business School, will play a pivotal role in Capital.com's continued growth, as highlighted by the platform's significant trading volume increase in November 2023.

Robinhood Expands 24/7 Trading with over 200 Symbols

Robinhood has expanded its 24-Hour Market, now offering over 200 stocks and ETFs for round-the-clock trading. Initiated in May as the sole US retail brokerage providing 24/5 trading, the platform's recent addition of 135 new stocks and ETFs marks a significant growth in its offerings.

This expansion, also available in the UK, caters to the dynamic nature of market-moving news, allowing customers to respond in real-time. The Robinhood 24-Hour Market reflects the company's commitment to adapting to customer needs and enhancing portfolio management flexibility.

BitMEX and PowerTrade Form Strategic Partnership

BitMEX, a leading crypto derivatives exchange, has forged a strategic partnership with PowerTrade, an innovative crypto options platform. This collaboration is set to enrich BitMEX's product portfolio and bolster its standing as a pioneer in the crypto trading realm.

Stephan Lutz, the CEO of BitMEX, emphasizes the partnership's alignment with their goal to offer lucrative opportunities on a secure platform.

CAPEX.com Introduces ETFs in UAE and KSA Markets

CAPEX.com, a global online trading platform , has expanded its investment portfolio in the Middle East with the introduction of ETFs tailored for the United Arab Emirates and Saudi Arabia. This strategic initiative underscores the platform's commitment to providing region-specific investment opportunities.

The newly launched ETFs, including the iShares MSCI UAE and Saudi Arabia ETFs, offer investors an efficient way to access a broad range of local stocks, ensuring a diversified investment approach.

FCA Issues Warning against Christmas Loan Fee Fraud

FCA

The Financial Conduct Authority (FCA) is alerting the public of the heightened risk of loan fee fraud during Christmas. With research showing significant financial pressure on UK households, especially parents, the FCA noted that many may be vulnerable to fraudsters offering loans for Christmas expenses.

Almost half of UK adults feel compelled to spend beyond their means, and over a quarter of parents with young children are considering borrowing money for Christmas. The FCA's campaign includes a three-step checklist to help consumers avoid falling victim to loan fee fraud, which typically results in significant financial loss.

BMLL Completes China Equity Data Offering

BMLL, a provider of historical Level 3 data and analytics, announced the completion of its China data offering, integrating data from Shanghai, Shenzhen, and Hong Kong exchanges. This marks a significant step in BMLL's APAC equities and ETF data coverage expansion.

With the inclusion of data from exchanges like CBOE Japan, Japannext, Singapore Exchange, and others in the APAC region, BMLL is positioned to significantly aid both buy-side and sell-side firms in improving trading decisions.

AAT Upholds ASIC's Ban on Financial Adviser

The Administrative Appeals Tribunal (AAT) has upheld the Australian Securities and Investments Commission's (ASIC) decision to ban Victorian financial adviser Pamela Anderson from providing financial services for two years.

The ban follows ASIC's findings that Anderson failed to act in her clients' best interests, prioritized her own interests, provided non-compliant advice, and advised clients to invest in a high-risk fund operated by an entity related to her former licensee. The AAT's decision underscores the advisor's independent obligations and the significant impact of her misconduct toward clients.

Instinet Fined for Compliance Failures in Crossing System

ASIC

Instinet Australia Pty Ltd has paid a penalty of $670,500 for failing to comply with market integrity rules. The infringement notice issued by the Markets Disciplinary Panel (MDP) highlighted Instinet's shortcomings in providing meaningful price improvement for off-market client transactions, disclosing necessary information about its crossing system, and accurately reporting regulatory data.

The violations primarily concerned the incorrect referencing of the National Best Bid and Offer in its BLX crossing system, affecting numerous trades. The MDP criticized Instinet's negligent approach to compliance, emphasizing the need for ongoing system reviews and updates to protect client interests.

GSTechnologies Acquires Majority Stake in Semnet Pte Ltd

GSTechnologies Ltd, a fintech company, announced the acquisition of a stake of 66.67% in Semnet Pte Ltd, a Singapore-based cybersecurity firm, for a total of US$1.8 million. This acquisition is pivotal for GST as it strengthens its GS Money and B2B Neobanking operations.

Semnet's cybersecurity expertise is deemed crucial for GST's growing global Neobank ecosystem and will support client onboarding and operational activities, including the provision of white-label software solutions. Semnet will continue catering to its existing client base, adding a profitable revenue stream for GST.

SFC Warns of Suspected Virtual Asset-Related Frauds

The Securities and Futures Commission (SFC) has issued a warning about suspected virtual asset-related frauds involving HongKongDAO and BitCuped. The SFC suspects HongKongDAO of disseminating misleading information about its services and falsely claiming regulatory compliance. Similarly, BitCuped has been flagged for falsely associating itself with prominent individuals.

The SFC's actions, including blocking website access and issuing cease and desist letters, reflect its commitment to protecting investors from potential fraud in the virtual asset space.

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