Each Sunday we uncover the most interesting and informative articles from around the financial industry, just in case you missed them. Enjoy a recap of Finance Magnates’ best, and gear up for the next week.
Here are the most important stories from last week.
Barclays’ CEO Faces Probe
Barclays’ top brass is in the regulatory crosshairs. Chief Executive Officer Jes Staley has been put under investigation by the UK’s Financial Conduct Authority (FCA) and the Department of Financial Services in NY for the attempted unmasking of a whistleblower.
The allegations center on Mr. Staley responding to an anonymous complaint regarding a senior executive at Barclays – an investigation is ongoing, however the group’s board has already slapped Staley with a sizable pay cut.
XM Repudiates “Unreliable News Sources”
Following reports that the Chinese police raided its Shanghai offices, XM, the CySEC-regulated broker, has issued a special message to its traders warning them about an alleged attempt to discredit the company with misinformation.
You can read the message from here.
GAIN Capital’s Retail, Institutional Metrics Surge
On Monday, GAIN Capital Holdings reported its monthly volumes for March 2017, having seen its metrics rise across the board on a monthly basis in terms of its retail and institutional business.
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March 2017 featured an uptick in trading activity, helped by volatility induced by the US Federal Reserve – a rate hike helped kindle markets, which had been lacking any definitive drivers relative to the month prior.
On the same day, we exclusively reported that Institutional foreign exchange and CFDs liquidity provider Divisa Capital is continuing to onboard new talent. After last month saw the hire of Hormoz Faryar from ADS Securities as new Head of Sales, Divisa Capital has attracted another high profile executive.
CySEC Urges Firms to Address MiFID II and MiFIR
The Cyprus Securities and Exchange Commission (CySEC) issued a new announcement to highlight the implementation of upcoming MiFID II and MiFIR regulatory frameworks. All companies that are regulated in the country should take appropriate action to adjust their offerings in line with a vast new set of requirements that are coming into force EU-wide on the 3rd of January 2018.
FXCM Group Reports a Rebound in Trading Volumes
On Wednesday, we reported on FXCM Group’s trading volumes metrics for the month of March. The company, which includes its UK and Australian subsidiaries, posted a healthy rebound last month.
Retail client trading volumes totaled $225 billion in March, a figure that is higher by 12 percent when compared to February and lower by 28 percent when compared to the same month last year. Average daily volumes (ADV) amounted to $9.8 billion, which is lower by 3 percent when compared to February 2017 and by 28 percent when compared to March 2016.
CySEC to Reform Investor Compensation Fund Rules
The Cyprus Securities and Exchange Commission (CySEC) is once again on the wires with another new announcement. The regulator is proposing a new legislative framework that governs the Cyprus Investment Firm (CIF) Investor Compensation Fund (ICF) in the country.
A ‘universal change’ in the operation of the fund is being proposed with an amendment to the annual contribution which companies are making to the fund. ICF members are being notified about a period of consultation.
CySEC Reiterates French Legislation
The Cyprus Securities and Exchange Commission (CySEC) issued on Thursday an announcement to Cyprus Investment Firms (CIFs), warning against the provision of a litany of products including contracts for difference (CFDs), binary options, and foreign exchange (FX) within France, according to a CySEC circular.
Omar Arnaout Goes in Depth to Explain XTB’s Plans
Last week we featured an interview with Polish brokerage XTB’s CEO Omar Arnaout. Mr Arnaout responded to some important questions for the forex and CFDs brokerage industry and shared some specifics about the challenges his firm is facing. He said that if XTB was a broker with only one branch, e.g. in Turkey, then after the recent increase in capital requirements for retail traders it would be near bankruptcy at this point. In this industry you cannot afford to depend on only one regulator, even if this involves higher costs.