Author: Luis Acosta

Marex reported strong financial results for the full year 2023 and the first quarter of 2024. Revenue increased by 75% to $1.245 billion, while pretax profit surged by 44% to $141 million. For the three months ending in March 2024, the group saw a 12% revenue growth and a remarkable 141% month-on-month increase in pretax profit. This impressive performance is attributed to product and geographical expansion. Ian Lowitt, the Group Chief Executive Officer, commented: “2023 was another exceptional year where we transformed the scale and scope of the firm and maintained our record of delivering sequential growth over each of…

Tickmill has introduced interest rates for unused funds, according to ForexLive. The online brokerage firm aims to help traders optimize their capital and diversify their investment portfolios by offering interest rates of 3.5%, 3.25%, and 2.5% on USD, GBP, and EUR wallets, respectively. This interest rate offering is reportedly designed to meet the needs of contemporary investors, featuring daily interest accrual and monthly payments as an alternative to conventional fund management avenues. The London-based trading platform has praised the new offering as an opportunity for clients to grow their wealth. Derek Wilks, Tickmill’s Group Chief Financial Officer, stated: “We are…

If you have any interest in cryptocurrency trading, you likely know that the SEC (Securities and Exchange Commission) is close to approving an Ethereum ETF. Cryptocurrency investors may soon have the chance to buy into new exchange-listed products, pending the regulator’s final confirmation. The long-standing opposition from the US financial regulator and its Chair, Gary Gensler, to the second-largest cryptocurrency by market cap having a dedicated ETF on US exchanges has largely been overcome, not without political pressure. This development coincides with the passing of a key cryptocurrency-related bill by the U.S. House of Representatives, called FIT 21, on Wednesday.…

Robinhood Markets, Inc. has announced its agreement to acquire Bitstamp Ltd, a global cryptocurrency exchange established in 2011. Bitstamp operates in Luxembourg, the UK, Slovenia, Singapore, and the US. The acquisition aims to accelerate Robinhood Crypto’s global expansion. With over 50 active licenses and registrations worldwide, Bitstamp attracts customers from the EU, UK, US, and Asia, enhancing Robinhood’s platform reach. This acquisition marks Robinhood’s entry into the institutional crypto business, leveraging Bitstamp’s reputation for reliable trade execution, deep order books, and leading API connectivity. Bitstamp’s institutional offerings, including the white label solution Bitstamp-as-a-service, institutional lending, and staking, will provide Robinhood…

The ongoing saga surrounding the collapse of FTX has taken a contentious turn as a group of creditors, led by Sunil Kavuri, a prominent voice among them, has formally objected to the cryptocurrency exchange’s proposed bankruptcy reorganization plan. This development unfolded yesterday in a U.S. bankruptcy court, where the creditors voiced their dissatisfaction with the plan, which aims to settle their claims in full and potentially even exceed 100%. The core of the objection is the claim that the reorganization strategy does not align with the creditors’ best interests. The group’s issues with the plan are multifaceted, pointing out that…

Ouinex, a digital assets trading platform, has successfully raised $5 million through a series of private funding rounds. The latest Private 2 token sales round brought in $1 million, increasing the total funds raised to $5.2 million. The platform now boasts a user base of over 50,000 members. The recent fundraising round was exclusive to the Ouinex community, attracting substantial interest from investors, which signifies strong confidence in the platform’s potential. Ouinex engages its community in the fundraising process by involving active traders, ensuring that users are integral to the platform’s development. This community-centric approach is a key aspect of…

CME Group announced on Tuesday that it achieved a record daily volume of foreign exchange (FX) futures on its derivatives platform, reaching 3.26 million contracts with a notional value of $314 billion on June 12. Additionally, CME’s anonymous and all-to-all spot-futures spread trading tool, FX Link, hit a single-day volume record of 113,662 contracts, amounting to a notional value of $10.5 billion on the same day. “Achieving two all-time volume records on June 12 is a significant milestone for CME Group FX products and is testament to the continued growth that we have seen in client segments, currency pairs, and…

Visa and Mastercard face a fresh legal battle in the UK after a London tribunal allowed lawsuits from merchants alleging overcharges on interchange fees, Reuters reported. The Competition Appeal Tribunal’s decision permits collective lawsuits against Visa and MasterCard to proceed. This ruling is significant as it enables a wide range of merchants to unite in seeking damages. The lawsuits challenge the multilateral interchange fees that the two payment giants impose when consumers use their cards for purchases. This is not the first time Visa and Mastercard have faced legal issues over these fees. Both companies have previously been involved in…

The Securities and Futures Commission (SFC) of Hong Kong has intensified its enforcement actions over the past year to tackle insider trading, market manipulation, corporate fraud, and other financial crimes, as highlighted in the agency’s latest annual report. This publication coincided with the celebration of the regulator’s 35th anniversary as the “guardian of Hong Kong’s capital markets.” During the 2023-2024 fiscal year, Hong Kong’s financial regulator pursued a record number of criminal charges and civil proceedings against individuals and corporations involved in serious misconduct in the city’s financial markets. The SFC initiated 183 investigations and filed 50 criminal charges against…

B2BrokerB2Broker has recently opened a new office in Dubai, UAE, marking its third location in a global hub renowned for finance, digitalisation, and innovation. This new office is situated in the Emirates Financial Towers, providing exceptional access to investors and potential customers, thereby creating significant opportunities for growth and collaboration. Arthur Azizov, the co-founder and CEO of B2Broker, led the inauguration with a detailed tour of the new office. He highlighted the technologically advanced surfaces and top-notch design features that distinguish the space. “Our new office space is designed to offer a unique and distinguished experience,” said Azizov. The new…