News Nuggets | 6 September: Zodia Expands into Abu Dhabi; Belgium FSA Issues New Warnings

TeleTrade Partners with Acuity for Trading Insights

The trading service provider, TeleTrade Europe has teamed up with Signal Centre by Acuity to enhance clients' trading experience. This collaboration involves the introduction of a new platform that uses AI technology to analyze real-time news data, unveiling hidden market patterns and correlations.

According to the company's announcement, TeleTrade clients can access this platform via web format or by installing the solution to MT4 or MT5. Acuity, the parent company of PIA First, combines AI and human expertise to provide trading signals.

BaFin Imposes Fines for Violating Market Regulations

The Federal Financial Supervisory Authority (BaFin) imposed a 20,000 euro administrative fine on an individual for allegedly breaching the Market Abuse Regulation (MAR) and the German Securities Trading Act. According to the regulator, the unidentified individual failed to submit notifications for his or her account transactions and voting rights.

Under the MAR, individuals with managerial responsibilities at an issuer and their close associates must promptly notify the issuer and BaFin of their account transactions in securities and other financial instruments related to that issuer.

Saxo Bank Completes Sale of Fintech Joint Venture to Geely Group

Saxo Bank has successfully concluded the sale of Saxo Geely Tech Holdings (Saco FIntech) to Geely Financials Denmark, with all the necessary agreements reportedly formalized. In exchange for this transaction, Saxo Bank received its shares equivalent to approximately 2% of its outstanding shares.

Following the completion of this sale, Saxo Bank's ownership structure now stands as follows: Geely Financials Denmark with 49.88%, Fournais Holdings with 28.09%, Sampo/Mandatum with 19.83%, and minority shareholders with 2.20%.

Liquidnet Joins Plato Partnership to Advance Equity Market Structure

Plato Partnership has welcomed Liquidnet as its Strategic Partner, making a significant step to enhance the equity market structure through creative solutions. Comprising asset managers and broker-dealers, Plato Partnership is a non-profit organization that drives efficiency and innovation in the equity marketplace.

Mike Ballaro, the CEO of Plato Partnership, remarked: "Plato is committed to innovation, and the admission of Liquidnet as a Strategic Partner is a major innovation for our partnership. As the first electronic liquidity specialist (ELS) to join, Chris and the Liquidnet team hold a unique perspective on the marketplace and significant untapped potential."

Zodia Markets Expands into Abu Dhabi

Zodia Markets, a digital asset platform backed by Standard Chartered, has received In-Principle Approval (IPA) from Abu Dhabi Global Market (ADGM) to operate as an OTC broker-dealer in virtual assets.

The approval allows Zodia Markets to commence regulated activities in the UAE, which is emerging as a significant hub for digital assets. The move aims to provide institutional investors in the Middle East and Africa with reliable access to digital assets, further solidifying Zodia Markets' global presence.

ADGM Authority's CEO, Salem Mohammed Al Darei, welcomed Zodia Markets to their ecosystem, emphasizing the progressive regulatory environment in Abu Dhabi. Andrew Price and Usman Ahmad, executives at Zodia Markets, expressed their enthusiasm for the UAE market's opportunities, particularly its forward-looking regulatory framework for virtual assets.

Belgium FSMA Issues New Warnings

The Financial Services and Markets Authority (FSMA) in Belgium has warned against several new trading platforms, advising the public not to respond to any offers made by these entities. The list includes platforms like Amos Limited, Binetrix, and Bitmarket Trader, among others. The complete list can be found here.

#Warning ⚠️ | Attention à ces nouvelles plateformes de trading frauduleuses RT SVP

La FSMA a reçu des plaintes de #consommateurs au sujet de nouvelles plateformes frauduleuses de #trading #enligne actives sur le marché belge.

➡️ https://t.co/ehpG8lgp8G#fraude #escrocs pic.twitter.com/lh43SC3Vf6

— FSMA (@FSMA_info) September 6, 2023

The warning aims to protect investors from potential scams and fraudulent activities. The FSMA strongly advises the public to exercise caution and conduct thorough research before engaging with any financial service providers.

Strise Secures $10.8 Million in Series A Funding

Strise, a Norwegian anti-money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term (AML) intelligence software company, has raised $10.8 million in a Series A funding round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term led by Atomico. The company, launched in 2019, has already gained significant traction in the Nordic finance sector, with 70% of the region's top banks using their services. The new funding will be used for international expansion, starting with the UK, and to enhance its AML product offerings.

Strise's technology leverages AI to automate AML processes, offering real-time customer monitoring and comprehensive KYC and KYB checks. The company plans to expand its customer base across various industries, including financial, insurance, and legal sectors, aiming to be a leading disruptor in combating financial crime.

Finalto Asia Announces New Head of Sales

Finalto Asia Pte Ltd welcomed Ivan Wong as its new Head of Sales for the Asia-Pacific region last month. Wong brings extensive experience and expertise in the financial industry and is expected to drive sales growth and foster a culture of innovation and client-centricity at Finalto.

"Ivan brings a wealth of experience and expertise in the financial industry, particularly in the Asia-Pacific region. With his strategic vision and a proven track record of driving sales growth, he is well-poised to lead our sales efforts in Asia and help us further our commitment to providing top-tier financial solutions to our clients," Finalto commented in a LinkedIn post.

FINMA's CEO Urban Angehrn Resigns

Urban Angehrn, the CEO of the Swiss Financial Market Supervisory Authority (FINMA), has announced his resignation effective at the end of September 2023. The Deputy CEO, Birgit Rutishauser will serve as the interim CEO from 1 October. Angehrn has cited health reasons as the cause for his departure due to high-stress levels.

During his tenure, Angehrn successfully navigated FINMA through various challenges, including the Ukraine war and the Credit Suisse crisis. He expressed gratitude to his team and the Board of Directors for their support and said his decision to step down was guided by reason.

Court Appoints Administrators for Vantage New Generation Securities

The Securities and Futures Commission (SFC) has obtained a court order to appoint Vantage New Generation Securities Limited (VNGSL) administrators. The administrators, Chan Pui Sze and Mak Hau Yin are tasked with managing the property and affairs of VNGSL and facilitating the return of client properties.

The appointment comes after the SFC issued a restriction notice against VNGSL to preserve client assets. The move aims to protect the public interest and ensure an orderly and expeditious return of client properties.