Author: Stephen Nellis

Retail investors on the eToro platform are now empowered not only to receive dividends but also to vote in shareholder meetings globally, no matter the companies they have stakes in. This update follows the successful deployment of proxy voting for U.S. stocks last year, which saw eToro users submit over 145,000 votes. eToro’s partnership with Broadridge Financial Solutions Inc. has facilitated this expansion, enabling even those with fractional shares to participate in Annual General Meetings (AGMs) of companies worldwide. This allows retail investors to weigh in on critical issues such as mergers, executive compensation, and environmental, social, and governance (ESG)…

Jan Strømme, the former Global Head of Distribution at XTX Markets, has embarked on a new journey with Coral Reef Technologies as the Business Development Manager. Strømme’s career move was shared on LinkedIn, where he expressed enthusiasm about his new role. He stated, “I am happy to announce that I’m working with Coral Reef Technologies LTD and the Final (Financial Algorithms) group of companies, as a Business Developer for Spot FX, and building out our reach in FX trading in general, with trading and liquidity (making and taking) relationships globally, on any and all FX venues!” He further emphasized his…

KuCoin, a cryptocurrency exchange, has seen a dramatic reduction in its market share, halving in response to legal action taken by the United States Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC). This decline came after the two bodies filed charges against KuCoin, causing a wave of panic among its users. Many opted to withdraw their funds, leading to a noticeable decrease in trading volume and market share. In the aftermath of these legal challenges, KuCoin reported a significant drop in the amount of cryptocurrency held in its reserves. The exchange’s Bitcoin holdings diminished by 25% to…

Sam Bankman-Fried, the co-founder of the now-defunct cryptocurrency exchange FTX, was handed a 25-year prison term by Judge Lewis Kaplan today, Thursday. Found guilty on charges of wire fraud and conspiracy, his actions led to FTX’s collapse and inflicted billions in losses on investors. The conclusion of this high-profile legal battle saw prosecutors initially seeking a 40 to 50-year sentence for Bankman-Fried, but despite this, his defense is planning to appeal both the conviction and sentence. In a significant move, Judge Kaplan also mandated the forfeiture of $11.02 billion from Bankman-Fried, recommending his incarceration in a facility with lower or…

The European Securities and Markets Authority (ESMA) is making strides in the crypto-asset sector regulation by unveiling its initial report and initiating a third round of consultations as part of the Markets in Crypto-Assets Regulation (MiCA) efforts. The report details proposed guidelines for the authorization of crypto-asset service providers (CASPs), outlining the application process, notification requirements for financial institutions aiming to offer crypto services, criteria for reviewing significant stake acquisitions in CASPs, and handling of consumer complaints. This initiative is aimed at leveling the playing field among CASPs and ensuring investor protection throughout the EU. The ESMA’s Securities and Markets…

Trade.com, a trading entity under Trade Capital Holding, has recently expanded its operations into the Italian market. This move comes with the brand securing a regulatory license locally, according to exclusive information obtained by Finance Magnates. Accompanying this market entry, Trade.com introduced a novel product, the “TRADE Challenges,” aiming to innovate within the trading sector. The operations in Italy are conducted through Trade Capital Italia SIM, an entity established locally that has received approval from Consob to function as an investment services company. This development enables Trade.com to cater to both retail and professional clients in Italy, initially allowing them…

Lucid Motors, identified by its stock symbol LCID.O, announced on Monday that it secured a $1 billion investment from a Saudi Public Investment Fund (PIF) affiliate, resulting in an approximate 8% surge in the company’s stock value. This financial influx from the PIF highlights Lucid’s significant edge in the electric vehicle (EV) industry, especially amidst the financial challenges faced by EV startups. The backing from the Saudi government, which holds a 60% stake in Lucid, forms part of a broader strategy to diversify Saudi Arabia’s economic reliance away from oil by investing billions into the EV maker. The investment will…

Plus500, the renowned forex and contracts for difference (CFDs) trading services provider, has significantly expanded its operational footprint in Israel. The company has notably doubled its office space by leasing an additional 5,800 square meters in the Gev-Yam project located in Haifa, a move highlighted by the local media outlet Walla. This expansion is a strategic response to Plus500’s anticipated growth over the next few years. Aden Dahan, Plus500’s Vice President of Recruitment and Human Resources, emphasized the strategic foresight behind this expansion, stating, “The company’s new offices will respond to the expected growth of the company in the coming…

Moneta Markets, a prominent FX and CFD broker, recently announced Fadi Reyad as its new Chief Market Strategist for the Middle East and North Africa (MENA) region. Reyad’s impressive background includes roles with leading Forex brokers and in the UAE’s banking industry, making him a notable figure in finance. He is recognized for his extensive knowledge and expertise, underscored by regular appearances on CNBC, Sky News, and Bloomberg. Reyad, who is bilingual in Arabic and English, aims to use his communication skills to connect more effectively with the diverse clientele in the MENA area. David Bily, the Founder and CEO…

On Friday, a significant advancement occurred for former U.S. President Donald Trump’s financial prospects, as investors in a blank-check acquisition company, Digital World Acquisition Corp (DWAC), endorsed a merger with Trump Media & Technology Group (TMTG). This approval positions Trump to potentially gain from a valuation of approximately $5.7 billion. The merger notably boosts the valuation of Trump’s stake in the company, which oversees the social media app Truth Social, to an estimated $3.3 billion. This development comes at a critical time for Trump, who is navigating financial challenges stemming from various legal entanglements, including a notable $454 million judgment…