Forex Magnates spotlights this week's top news from around the world, starting with the massive Ruble liquidity squeeze all the way to the brand new trading innovations from Silicon Valley and beyond.
The stories that made the most impact in the global forex industry this past week, judging by their popularity with our readers, involved a legal challenge against the acquisition of Boston Technologies by one of its co-founders, the launch of a commision-free stock trading app and a $10 million dollar prize FX trading contest.
Brokers Halting Ruble Trading as Liquidity Evaporates
Since the beginning of this past week, more and more retail FX brokers have been notifying their clients that trading conditions on ruble pairs are tightening considerably. The brokers were forced to take these Risk Management measures, limiting maximum margin or widening spreads, due to the extreme volatility suffered by the Russian ruble.
By Thursday, China was brought into the story as the head of the Chinese foreign exchange regulator said he is closely monitoring the slide in the ruble. Chinese officials must be closely following the state of the Russian currency and economy, as Russia is not only one of China’s biggest energy producers, but it might also fall back on its ¥150 billion ($24.1 billion) currency swap agreement with China.
Kevin Millien Challenges Boston Technologies Acquisition in Court
On Monday, we reported exclusively that Boston Technologies co-founder and minority shareholder Kevin Millien filed a preliminary injunction against former BT CEO George Popescu, BT, Currency Mountain Holdings, Forexware and Emil Assentato.
After successfully obtaining an injunction order from the Belize court and announcing his intention to sell his minority stake to the CFH Group, Mr. Millien decided to proceed defending his interests back in the US. If you haven't already done so, make sure to read the full-length story complete with the court documents obtained by Forex Magnates.
Silicon Valley Takes on Wall Street
In great news for American penny-saving stock traders, the much-hyped startup Robinhood has finally released an iPhone app after being announced over a year ago. Robinhood is Silicon Valley’s latest attempt to disrupt the American stock brokers business model, about which they said: "Many still rely on paper-based accounting and the few that have mobile applications, are built off of archaic interfaces.”
Aimed at young traders, Robinhood offers zero commissions for US securities with a freemium model, and it does not require any minimum deposit to open an account. The startup raised $16 million from brand name VC investors including Google Ventures and acclaimed rapper Snoop Dogg.
Let's Talk Retail Forex
As we look forward to 2015, one common thread that often comes up during discussions between brokers, technology providers and traders as a next step for retail FX technology is not just what new offerings will become available, but also establishing a common language to communicate what is presently available to brokers.
In a recent contribution to the Forex Magnates Experts Site, Andrew Ralich, CEO of oneZero and Forex Magnates’ “Technology Expert,” provided a framework which attempts to tackle not only the question of what’s coming next, but also what exists now in clearly defined terms. In his opinion, “Many of the conversations that happen between tech providers and brokers lose steam when there is confusion around what is actually being discussed."
TopTradr App to Power the $10 Million FX Trading Contest
We conducted a review of the app including the founder's view of the offering. We learned that the contest's winners can trade on behalf of the firm and earn a performance fee of 25% on any profits that they generate, similar to professional hedge fund managers.
Both articles led to lively discussion between those critical of the TopTradr business model and those supportive of it. You can still join the debate and share your take on it now.
The stories that made the most impact in the global forex industry this past week, judging by their popularity with our readers, involved a legal challenge against the acquisition of Boston Technologies by one of its co-founders, the launch of a commision-free stock trading app and a $10 million dollar prize FX trading contest.
Brokers Halting Ruble Trading as Liquidity Evaporates
Since the beginning of this past week, more and more retail FX brokers have been notifying their clients that trading conditions on ruble pairs are tightening considerably. The brokers were forced to take these Risk Management measures, limiting maximum margin or widening spreads, due to the extreme volatility suffered by the Russian ruble.
By Thursday, China was brought into the story as the head of the Chinese foreign exchange regulator said he is closely monitoring the slide in the ruble. Chinese officials must be closely following the state of the Russian currency and economy, as Russia is not only one of China’s biggest energy producers, but it might also fall back on its ¥150 billion ($24.1 billion) currency swap agreement with China.
Kevin Millien Challenges Boston Technologies Acquisition in Court
On Monday, we reported exclusively that Boston Technologies co-founder and minority shareholder Kevin Millien filed a preliminary injunction against former BT CEO George Popescu, BT, Currency Mountain Holdings, Forexware and Emil Assentato.
After successfully obtaining an injunction order from the Belize court and announcing his intention to sell his minority stake to the CFH Group, Mr. Millien decided to proceed defending his interests back in the US. If you haven't already done so, make sure to read the full-length story complete with the court documents obtained by Forex Magnates.
Silicon Valley Takes on Wall Street
In great news for American penny-saving stock traders, the much-hyped startup Robinhood has finally released an iPhone app after being announced over a year ago. Robinhood is Silicon Valley’s latest attempt to disrupt the American stock brokers business model, about which they said: "Many still rely on paper-based accounting and the few that have mobile applications, are built off of archaic interfaces.”
Aimed at young traders, Robinhood offers zero commissions for US securities with a freemium model, and it does not require any minimum deposit to open an account. The startup raised $16 million from brand name VC investors including Google Ventures and acclaimed rapper Snoop Dogg.
Let's Talk Retail Forex
As we look forward to 2015, one common thread that often comes up during discussions between brokers, technology providers and traders as a next step for retail FX technology is not just what new offerings will become available, but also establishing a common language to communicate what is presently available to brokers.
In a recent contribution to the Forex Magnates Experts Site, Andrew Ralich, CEO of oneZero and Forex Magnates’ “Technology Expert,” provided a framework which attempts to tackle not only the question of what’s coming next, but also what exists now in clearly defined terms. In his opinion, “Many of the conversations that happen between tech providers and brokers lose steam when there is confusion around what is actually being discussed."
TopTradr App to Power the $10 Million FX Trading Contest
We conducted a review of the app including the founder's view of the offering. We learned that the contest's winners can trade on behalf of the firm and earn a performance fee of 25% on any profits that they generate, similar to professional hedge fund managers.
Both articles led to lively discussion between those critical of the TopTradr business model and those supportive of it. You can still join the debate and share your take on it now.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!