News Nuggets | 6 July: New LiteFinance Office; TAIFEX on TradingView

ICE Reports Surging Trading Volumes in June

The financial technology and data services provider, Intercontinental Exchange (ICE), has released the trading volumes and revenue statistics for June. In the report, the average daily volumes (ADV) in energy increased 26% compared to the same period last year.

Similarly, the ADV for metals rose 32%, while that for the NYSE Equity Options grew 13% from that of the same period in 2022.

Commenting on the report, Ben Jackson, the President of the ICE, said: "ICE had a strong second quarter and first half as customers utilize our multi-currency platform of global benchmarks across commodities, energy, and interest rates to manage their risk exposure."

Finequities Partners with ViewTrade For AI Trading

The social trading platform Finequities has tapped the technology of ViewTrade for its Artificial Intelligence-enabled social trading platform.

Finequities was launched in 2003 and uses AI technology to enable traders to copy the strategies of their experienced counterparts.

On the Finequities' platform, traders can trade all the equities instruments listed in the US and the Exchange-Traded Funds (ETFs). On the other hand, ViewTrade offers financial technology to support brokerage companies.

Forex Fraudsters to Pay $10 Million

A federal court has ruled against four feeder fund operators and their respective companies in Florida and New Jersey for running commodity pool frauds. The operators, Surujpal Sahdeo, Daniel Cologero, Randy Rosseau, and Hemraj Singh, and their associated entities were ordered to pay over $10 million in combined restitution and penalties.

This follows a complaint in September 2020 alleging that they failed to register with the Commodity Futures Trading Commission (CFTC). What is more, they violated regulations relating to commodity pool operations. Thus, the court has imposed permanent trading and registration bans on them.

ESMA Launches Supervisory Action

The European Securities and Markets Authority (ESMA) is starting a joint oversight effort with National Competent Authorities (NCAs). They aim to check if asset managers follow sustainability disclosure rules and manage sustainability risks. They aim to ensure these managers comply with the Sustainable Finance Disclosure Regulation (SFDR) and other related laws.

ESMA and NCAs are seeking to identify the risks of greenwashing in the investment management sector and determine any further supervisory and regulatory intervention necessary. The program promotes transparency and consistency in supervising risks from incorrect and misleading disclosure.

New VP for N26's European Operations

Andrea Isola, previously the General Manager for Italy & South East Europe at N26, has been named the new Vice President of European Markets and Business Operations at N26. In his new role, Isola will supervise the bank's European markets, Business Operations, Strategic Project Management, and Sourcing functions. He aims for sustainable growth in N26's core European markets.

Isola will report to Maximilian Tayenthal, the Co-Founder and Chief Operating Officer at N26, while also temporarily holding the position of General Manager for Italy and South-East Europe. He plans to streamline organizational processes to enhance alignment and strengthen operational capabilities.

Money Concepts Adopts Broadridge Tech

Money Concepts Capital Corp. has improved its data management technology by implementing Wealth Data Aggregation and Financial Reporting from Broadridge Financial Solutions, Inc. This technology offers advisors a comprehensive view of each client's holdings and activity.

The company's CEO, Denis Walsh, stressed that the technology aids in optimizing advisor productivity and gaining unique insights for client growth. The transition from legacy technology was smooth and efficient, with historical transactions migrated without delays or issues.

Gate.io Partners with Sumsub

Gate.io, a Virtual asset service provider, is collaborating with Sumsub, a full-cycle verification platform. The alliance aims to bolster the user onboarding process and ensure AML compliance with crypto regulatory requirements worldwide. Sumsub will provide Gate.io with solutions for know-your-customer (KYC), anti-money laundering (AML), and transaction monitoring.

With the increasing demand for cryptos, the necessity for strong KYC, AML, and anti-fraud measures has been escalating. The partnership between Gate.io and Sumsub seeks to address these needs. Also, it delivers a secure and efficient onboarding experience for cryptocurrency users across the globe.

LiteFinance Opens Office in Uzbekistan

LiteFinance, a prominent FX/CFDs broker, has expanded its physical footprint further with the latest opening of a representative office in Tashkent, Uzbekistan. Though the office premises were ceremonially opened on 10 June, the broker publicly announced it today (Thursday).

"Our clients in Uzbekistan can visit our regional office and receive professional assistance from LiteFinance managers. Our team will answer all your questions, help you register on the platform, and tell you about the company's unique features and services," the announcement added.

Litefinance has more than a dozen regional and representative offices. It has a physical presence in Singapore, Ghana, Indonesia, Kenya, Kyrgyzstan, Mongolia, Morocco, Myanmar, Thailand, Vietnam, and a few other countries.

TradingView Adds Taiwan Futures Exchange

TradingView has expanded its data feed offerings with the latest addition of futures data from the Taiwan Futures Exchange (TAIFEX). TradingView users can now access TAIFEX data easily.

Established in 1997, TAIFEX operates as a fully-fledged platform with its own trading, clearing, and market oversight functions.

"For decades, TAIFEX has been hard at work, upgrading its facilities and seeking stable growth, and today, it lists about 300 products. Among them are equity index futures, single stock futures, ETF futures, commodity futures, and currency futures," the announcement added.

AEGIS SEF Appoints New President

AEGIS SEF announced the appointment of Chris Payne as the new President, replacing Justin McCrann. It came as an internal promotion as Payne previously was the Chief Product Officer for AEGIS Hedging Solutions, the parent of AEGIS SEF.

"Recent volume records indicate material adoption of the platform," Payne said in a statement. "We are eager to help our Participants sustain that growth by leveraging modernized electronic trading in a way that benefits everyone in these markets. Participant feedback remains strong, and the record growth is supported by significant new Dealer interest in AEGIS SEF from a mix of counterparties, including registered swap dealers, integrated marketers, proprietary trading firms, and hedge funds."

Meanwhile, the company listed an array of new products, including Interest Rates, Aluminum, Diesel, Gasoline, Crude Oil Roll swaps, Swing swaps, and a range of Canadian Energy swaps.

PayPay and LINE BITMAX Partner

LINE's virtual Asset and blockchain unit, LINE Xenesis, and PayPay partnered to launch the PayPay Linkage Service, allowing the purchase and cash out of virtual assets on the trading platform LINE BITMAXX using PayPay Money.

"Using this service, users will be able to link their 'PayPay' and 'LINE BITMAX' accounts and newly purchase virtual Assets using PayPay Money ('PayPay Quick Purchase') and cash out their 'LINE BITMAX' balance deposits to PayPay Money (top-up). Users can proceed to link their account from 'PayPay Quick Purchase' or 'Cash Out to PayPay'," the announcement stated.

"If users already have PayPay Money balance, they do not need to deposit money separately; instead, they can purchase virtual Assets from just 1 yen on 'LINE BITMAX' itself, twenty-four hours a day, 365 days a year."

FCA Urges Asset Managers to Review Liquidity Management

The Financial Conduct Authority (FCA) today (Thursday) issued a notice ordering asset managers to review and manage liquidity effectively. It came after the regulator reviewed the liquidity management in asset managers and found a need for increased focus on liquidity risks.

Furthermore, the UK's financial watchdog highlighted that poor liquidity management could result in serious risks for investors and broader market stability.

"We have seen examples in the market where liquidity risk has crystallized and the impact this can have on investors," said Camille Blackburn, the Director of Wholesale Buy-Side at the FCA. "This review should serve as a warning to all asset managers that they need to get this right. We expect boards to discuss our findings and assure themselves that their firms are not amongst the minority with serious gaps in managing liquidity risk."