Author: News Desk
Norman Reed, the Interim CEO of Binance.US, has launched a scathing critique of the Securities and Exchange Commission (SEC) for its approach to regulating digital assets. In an op-ed for Fortune, Reed, a former SEC employee, expressed his deep concerns about the agency’s deviation from its founding principles of transparency, fairness, and stable regulation within the dynamic digital asset landscape. Reed begins by emphasizing the critical importance of regulatory frameworks in maintaining a healthy financial ecosystem and safeguarding the interests of investors. He highlights how the SEC’s current approach falls short of these principles, particularly in its handling of digital…
The United States Securities and Exchange Commission (SEC) has extended its review period for Fidelity’s Ether exchange-traded funds (ETFs) by 45 days. This decision comes as the SEC seeks additional time to thoroughly assess the proposed rule change and address associated concerns. Consequently, the new deadline for a decision has been scheduled for March 5, 2024. In response to this development, James Seyffart, an ETF analyst at Bloomberg, expressed minimal surprise regarding the delay. He took to Twitter on January 18 to suggest that the most critical dates to monitor might be later in May. This notion stems from the…
One Global Market (OGM), a United Kingdom-registered contracts for differences (CFDs) broker operator, wrapped up its fiscal year on September 30, 2023, with an impressive turnover of £791,791. This figure marked a staggering 213 percent increase from the previous year, showcasing OGM’s remarkable financial performance. OGM’s success can be attributed to its dedicated Forex cloud solutions, featuring stable and rapid cross-border connections, capable of handling high-demand scenarios with ease. However, this substantial boost in revenue also led to an increase in sales costs, which rose to £123,677 from £38,290. Despite this surge, OGM achieved a gross profit of £668,114, marking…
Financial services companies have been eagerly seeking partnerships with sports clubs, and the latest development in this trend is Ebury’s sponsorship deal with Rangers Football Club, a prominent Scottish football team. This partnership is set to extend until the conclusion of the 2025-26 playing season. The announcement, made on a Friday, establishes Ebury as the Official FX Transfer partner for Rangers Football Club. Although the full extent of the partnership remains undisclosed, both parties anticipate a mutually beneficial collaboration, as stated in the official press release. Ebury’s primary focus will be on offering comprehensive financial solutions to support Rangers’ global…
Thailand’s Securities and Exchange Commission (SEC) recently made a significant announcement that is set to reshape the landscape of digital asset investments in the country. As of January 16, the regulatory authority has lifted investment restrictions on retail investors interested in real estate-based digital tokens, marking a pivotal moment in Thailand’s journey towards embracing the digital asset revolution. The move comes as a culmination of a thorough and inclusive process, including a public consultation period, highlighting the Thai SEC’s commitment to staying ahead in the ever-evolving world of digital assets. By revising the criteria for investing in digital tokens, the…
FIS (NYSE: FIS), a prominent player in the financial industry, has recently unveiled an ambitious plan to expand its sell-side solutions to cater to the unique needs of buy-side clients. Acknowledging the myriad challenges faced by buy-side firms in today’s financial landscape, including the quest for new revenue streams, risk mitigation, operational efficiency enhancement, and increased customer value delivery, FIS is on a mission to empower these entities through its sell-side offerings. One significant stride in this endeavor revolves around the Cleared Derivatives (CD) platform, traditionally embraced by clearing members. Interestingly, the CD platform is gaining traction among buy-side participants…
According to the latest report from Finance Magnates Intelligence, clients of Saxo Bank emerged as the most profitable participants in the FX/CFD market towards the close of 2023. Their profitability level reached an impressive 38%, marking a notable increase of two percentage points over the past two months. Moreover, this figure stood significantly higher, 11.5% above the average profitability of the top twenty brokers in terms of retail volumes. This remarkable achievement by Saxo Bank is attributed to their dedication to providing cutting-edge Forex cloud solutions. These solutions boast stable and rapid cross-border connections, capable of handling high-demand scenarios efficiently.…
Kuwait-based FX/CFDs online trading company, NCM Investment, has achieved a significant milestone by obtaining a Category 1 license from the UAE Securities and Commodities Authority (SCA). This license paves the way for NCM Investment to commence regulated operations within the UAE, marking a strategic move in its expansion across the Middle East. The company already boasts regulated brokerage services in countries such as Kuwait, Jordan, Turkey, and Malaysia. In 2022, Eshraq Investments’ Goldilocks Fund acquired a controlling 51% stake in NCM Investment, aligning its investment strategy with high-growth financial services and technology companies. The UAE license will play a pivotal…
Vittaverse has officially joined the Financial Commission as a recognized member, marking a significant development in the foreign exchange industry’s growing interest in independent external dispute resolution (EDR) services. This announcement underscores Vittaverse’s unwavering commitment to providing a secure and transparent trading environment for its clients. Effective as of January 18, 2024, Vittaverse’s membership application has been approved, granting the company and its clientele access to a variety of services offered by the Financial Commission. Notably, this includes protection of up to €20,000 per submitted complaint, backed by the Financial Commission’s Compensation Fund. The Financial Commission, serving as an impartial…
MetaTrader 5 (MT5) has unveiled build 4150, presenting traders and investors with a host of exciting enhancements. This latest version boasts improved reporting functionality and the integration of cutting-edge machine learning methods into MQL5, promising a more efficient and insightful trading experience. One of the standout features of this update is the introduction of dedicated Forex cloud solutions, complete with stable and rapid cross-border connections to handle high-demand scenarios. Traders can now export their trading reports directly from the platform to HTML and PDF files. Sharing their achievements with colleagues and investors has never been easier, thanks to the new…