Author: News Desk

BidX Markets, headquartered in London, has undergone a rebranding initiative, effective from February 28, 2024, and is now known as Multi Asset Solutions Limited, as officially documented with the UK government. Specialising in liquidity solutions, Multi Asset Solutions caters to a diverse clientele within the financial markets, offering bespoke access to liquidity, connectivity, and distribution services tailored for brokers, asset managers, and funds. In the previous year, BidX Markets introduced an enticing offer, presenting an opportunity for clients to earn interest of up to 5.1% on uninvested cash balances, with the most lucrative rates available for USD and GBP. CEO…

The fintech company United Fintech Group Limited has secured strategic investments from banking giants BNP Paribas and Citigroup, marking a significant shift towards collaborative fintech innovation within the industry. This marks the first instance of major banks backing United Fintech, signifying a move towards increased cooperation between financial institutions and fintech providers. Both BNP Paribas and Citi will be granted rotating seats on United Fintech’s board of directors, enabling them to contribute to the strategic direction of the platform. Christian Frahm, CEO of United Fintech, hailed the investments as a testament to forward-thinking leadership and predicted that more financial institutions…

Warren Buffett, on Saturday, sought to reassure investors about the long-term prospects of his conglomerate Berkshire Hathaway (BRKa.N), while also mourning the recent loss of his long-serving deputy, Charlie Munger. In his widely-read annual letter to Berkshire shareholders, Buffett emphasised the resilience of his over $900 billion conglomerate, suggesting it could weather even unprecedented financial storms. “Berkshire is built to last,” Buffett affirmed. However, he tempered expectations regarding Berkshire’s stock performance, acknowledging that while the company should outperform the average American corporation, its substantial size precludes the possibility of extraordinary growth. “There remain only a handful of companies in this…

Cryptocurrency exchange Kraken has lodged a motion to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC). The legal action, instigated subsequent to Kraken’s vocal testimony before Congressional committees, has sparked a contentious discussion regarding the parameters of regulatory jurisdiction. Kraken’s testimony, delivered on May 10, 2023, highlighted its apprehensions regarding the absence of comprehensive regulation governing the digital asset sector. The exchange stressed the need for bespoke regulations to protect consumers and investors, while also advocating for constraints on the SEC’s authority in formulating regulations for crypto exchanges. The SEC’s decision to sue Kraken, perceived by…

The integration of DXTrade with the proprietary trading platform For Traders is nearing completion amidst unfolding developments in the proprietary trading arena. This move reflects a trend in the sector, where companies are forming new partnerships to navigate regulatory challenges. Formerly known as Billions Club, For Traders, helmed by CEO Jakub Roz, is headquartered in the United Arab Emirates. As per propfirmmatch.com, the company has collaborated with Purple Trading and offers account sizes ranging from $5,000 to $200,000. On February 14, Funding Pips, a prominent trader funding firm, suddenly halted its operations, sparking uncertainty across the proprietary trading sector. MetaQuotes’…

Spanish oil company Repsol (REP.MC) has announced plans to distribute up to 10 billion euros (£8.6 billion) to its shareholders in dividends and buybacks by 2027 as part of its shift towards renewable energy and biofuels. This move has propelled its shares upwards. Despite a significant drop in profits from the peak levels seen in 2022 following the surge in oil and gas prices due to Russia’s invasion of Ukraine, Repsol is following suit with other major oil companies in offering substantial returns to its shareholders. Repsol, with a market value of 16.7 billion euros as of Wednesday, has committed…

Axi Select, the in-house trading platform operated by brokerage firm Axi, has disclosed a 40 percent increase in active traders on the platform compared to the previous month. These figures come amidst heightened scrutiny on the broader proprietary trading sector following purported actions by MetaQuotes, the developer of two popular MetaTrader platforms. The company, headquartered in Australia, has also raised concerns about the prevalent use of demo trading models by proprietary firms. In contrast, Axi Select provides live trading facilities to its proprietary trading clientele. “Unfortunately, this could mark the inception of the demise for the demo account proprietary firm…

London-based digital bank Monzo is currently in advanced negotiations to secure up to £350 million in a fresh funding round, potentially placing the company’s valuation at approximately £4 billion. Sources familiar with the matter, as reported by the Financial Times, suggest that Monzo is close to reaching an agreement and could conclude the fundraising within the next fortnight. The upcoming round is anticipated to be spearheaded by CapitalG, Alphabet’s growth equity investment arm, with involvement from existing Monzo supporters such as China’s Tencent and US fintech specialist Ribbit Capital, among others. This injection of capital would further bolster Monzo’s financial…

Japan’s cabinet has approved a bill extending the investment scope for venture capital firms and investment funds to include crypto assets, pending parliamentary approval. This move is anticipated to invigorate investments in Web3 startups, fortifying Japan’s blockchain technology and decentralised finance sectors. As per the translated press release, the bill, named the Industrial Competitiveness Enhancement Act, broadens the horizons for venture capital. Having gained the nod from Japan’s cabinet, it now awaits scrutiny from the parliament. The Industrial Competitiveness Enhancement Act seeks to spur economic advancement by fostering the establishment of new enterprises and encouraging investments in industries propelling Japan’s…

TradingView has broadened its roster of integrated partners to encompass Herenya, a CFD and stockbroker situated in South Africa. Established in 2016, Herenya initially concentrated on serving professional and semi-professional traders. However, the company is now extending its services to retail traders in order to expand its operations. Through integration with TradingView, Herenya aims to provide its services to a wide community of traders seeking fresh opportunities. As per the press release, traders can directly access Herenya’s services from TradingView’s charts by navigating to the trading panel, locating Herenya’s icon, and logging in with their brokerage credentials. Herenya, which translates…