It’s Sunday, which means it’s time to take a look back at the busy week we’ve had in the cryptocurrency and foreign exchange (Forex ) industries, which includes acquisitions, regulatory updates, and more, in our latest edition of the best of the week segment.
What are the effects of Brexit on crypto?
This week, we’ve started off our best of the week segment in the crypto space. Namely, what does the looming threat of Brexit pose to the industry - a calamity or opportunity?
Finance Magnates’ Editor Rachel McIntosh posed this exact question. How could Brexit — with or without a deal — impact the cryptocurrency industry? You’ll have to read the analysis here to find out.
Nomura’s China entity secures securities license
Nomura Holdings, Inc. secured a securities business license in China for its majority-owned securities joint venture in China — Nomura Orient International Securities, as Finance Magnates reported.
The securities business license was granted by the China Securities Regulatory Commission (CSRC). The license will allow the entity to operate brokerage, investment consulting, proprietary trading, and asset management businesses.
Bakkt heads to Singapore
Bakkt has made its way to Singapore, with the Intercontinental Exchange (ICE) announcing this week the upcoming listing of Bakkt’s cash-settled Bitcoin futures contracts on ICE Futures Singapore.
The contracts will be settled in US dollars and cleared by ICE Clear Singapore. Both ICE Futures Singapore and ICE Clear Singapore are regulated by the Monetary Authority of Singapore (MAS).
Canada IIROC to mimic ESMA
Another regulator outside of Europe appears to be following in the footsteps of the European Securities and Markets Authority (ESMA). Namely, Canada’s mega regulator, the Investment Industry Regulatory Organization (IIROC), proposed a regulatory framework that provides clarity for derivatives activities, including Forex and CFDs products.
As Finance Magnates highlighted, the proposed updates seek to mimic the requirements currently applied in Europe by ESMA.
Interview with Tagomi Co-Founder
This week Marc Bhargava, co-founder and President of New York-based electronic agency prime brokerage Tagomi, spoke to Finance Magnates on the company’s history and future plans, and his predictions for the crypto space.
Want to find out what he said? You can listen to and read our interview here.
Charles Schwab in talks to buy TD Ameritrade
This week a big announcement hit the brokerage industry - Charles Schwab is reportedly in talks to buy TD Ameritrade, another online brokerage based in the United States, according to sources familiar with the matter.
An acquisition would have a large impact on the industry, as it would create a giant in the brokerage industry with $5 trillion in combined assets. Not only this, but Charles Schwab and TD Ameritrade are the two biggest publicly traded discount brokers in the United States. Find out more about the potential deal here.
MAS gives hope for crypto derivatives
The next story in our best of the week segment concerns the Monetary Authority of Singapore. This week, as Finance Magnates reported, the regulator is working to allow derivatives trading of cryptocurrency tokens like Bitcoin (BTC) and Ether (ETH) on approved exchanges in the country, according to a consultation paper that the agency published on Wednesday.
According to the report, the intention behind the introduction of these derivative products is “for institutional investors to gain and hedge their exposure to the payment tokens.”
Ex-JPMorgan traded guilty of FX price fixing
Akshay Aiyer, who joined JPMorgan in 2006 and worked there until 2015, first as a forex analyst and later as a trader, was found guilty of conspiring to fix prices and rig bids in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies by a jury.
The conviction of Akshay Aiyer follows a three week trial in the United States District Court for the Southern District of New York. The conviction of Aiyer is part of a larger investigation by the Antitrust Division looking into collusion in the FX spot market. As part of this, five companies and six individuals have been charged.
SEC to review Bitwise Bitcoin ETF application
This past week, US regulator the Securities and Exchange Commission (SEC) delivered a surprise for the crypto market, with the authority announcing that it is reviewing its decision to reject the application for a Bitcoin exchange-traded fund (ETF) that was submitted by Bitwise Asset Management and NYSE Arca earlier this year.
It's not clear what caused the SEC to put the application into review after it was initially rejected in October. However, the company said that it welcomes the opportunity to submit comments and continue the dialogue with the SEC.
Robinhood trading app to debut in the UK
Robinhood’s commission-free trading app is making its debut in the UK after the company achieved a $7.6 billion valuation with the completion of a $323 million fundraising round in July.
While Robinhood didn’t share an exact date for its UK launch, the platform is all ready to go from a regulatory point of view — it was originally approved to operate as a broker in the United Kingdom in early August.
