The Amsterdam-based neo-broker, BUX is offering unprecedented interest compensation of 2.75% on un-invested cash balances. This
significant increase, effective from October 1, 2023, follows the hiking of interest rates by the European
Central Bank, the company said.
BUX's move distinguishes it as the Dutch broker with
the highest interest compensation in Europe. According to the company's
statement, all of its clients, regardless of their location, can benefit from this
interest rate on cash balances up to €25,000. Besides that, the company is offering protection of up to €100,000 on cash accounts under the Deposit Guarantee
Scheme (DGS).
FCA Warns against Bregco FX Clone
The Financial Conduct Authority (FCA) has issued a
warning regarding Bregco FX, which is a clone of an FCA-authorized firm that
was previously authorized in the European Economic Area.
The regulator stated that fraudsters have been using
the name and details of the authorized firm to deceive people into believing that
Bregco FX Clone is a legitimate financial firm. It is a fraudulent scheme
commonly referred to as a ",clone firm."
OpenAI Expands with New Dublin Office
OpenAI announced the opening of its third office in
Dublin, Ireland, today (Thursday). While currently modest in size, with nine
job openings spanning various teams, the artificial intelligence (AI) provider
has plans for further growth in the near future.
Notably, OpenAI's decision to choose Dublin aligns
with its strategy to tap into a talent pool well-versed in the culture of tech
giants like Meta and Google. The firm said that Ireland's regulatory
environment and business development opportunities make it an attractive
choice.
Alphabet Initiates Layoffs in Global Recruitment
Team
Alphabet, the parent company of Google, has
announced layoffs within its global recruiting team as part of its ongoing
reduction in hiring efforts. The majority of the recruitment team will be
retained to fill critical roles, and Alphabet is actively assisting the
affected workers in finding new positions within the company or elsewhere.
In January, Alphabet had already reduced its
workforce 6%, eliminating approximately 12,000 jobs. The decision to lay off
employees happened amid a broader increase in layoffs in the United States.
Capitalxtend Launches MetaTrader 5, Boosts Leverage
to 1:5000
Capitalxtend, a regulated brokerage firm, has
unveiled MetaTrader 5 (MT5) on its trading platform
offerings. This strategic move is aimed at enabling clients to enhance their
trading activities across various markets while maximizing their potential
earnings.
"MetaQuotes consistently delivers new
MetaTrader 5 features," said Soheila Rashidi. "This fact became
decisive when switching to the new platform. We are pleased to introduce a
cutting-edge product with a large number of useful tools which fully meet
traders' needs."
ClearBank Publishes H1
2023 Results
ClearBank
Ltd., a provider of embedded banking services, has released its H1 2023
results, revealing year-over-year (YoY) growth of 144% in revenue, from £20.2
million in H1 2022 to £49.3 million this year. The bank also recorded a profit
of £6 million and a significant increase of 80% YoY in customer deposits, totaling £5.4 billion across nearly one million accounts.
Additionally,
ClearBank reported a profit before tax of £5.9 million in H1 2023 and has been
profitable since November 2022. The fintech firm is on track for annual
profitability and is planning international expansion, including pursuing a
European banking license.
European Banks Unveil
Anti-Fraud Tool
EBA
Clearing, a pan-European payment infrastructure, has recruited nine banks from
six countries to test its new Fraud Pattern and Anomaly Detection (FPAD)
functionality. FPAD aims to equip payment service providers with real-time
fraud prevention and detection tools, like IBAN and name checks.
The tool
will integrate insights on patterns and anomalies from a centralized
infrastructure level, enhancing the individual risk assessments of
account-to-account and instant payment systems. Data model training took place
over the summer to identify fraud patterns and qualify anomalies.
N26 Announces Its New General
Manager
Claudio Bedino
An online bank, N26 has appointed Claudio Bedino as the General Manager for Italy and Southeast
Europe. Bedino, who is replacing Andrea Isola, will focus on expanding the bank's
presence and product offerings in these critical markets.
Bedino brings
extensive experience from the fintech sector, including co-founding Oval Money
and founding Starteed, two prominent startups in Italy focused on financial
awareness and crowdfunding, respectively.
“I am very
happy to be joining N26, a company I have always admired for its ability to
mark a change in the digital banking sector,” Bedino commented.
Nasdaq Highlights
Technology Debt in Financial Markets
According
to a global survey by Nasdaq, 78% of Financial Market Infrastructure (FMI)
investment budgets are being used to maintain and upgrade legacy technology.
With more than a third of firms planning significant overhauls in the next five
years, the need for technology updates is colliding with a wave of regulation.
The report
indicates that these commitments to legacy technology and regulatory changes
leave little room for growth-oriented investments. Compared to market
participants, FMIs lag behind in adopting Robotic Process Automation (RPA) and
AI initiatives.
ASIC Seeks Feedback on
Insolvent Trading Guidelines
The
Australian Securities and Investments Commission (ASIC) has released a
consultation paper seeking comments on updates to its guidance on insolvent
trading. The proposed updates include information on when a holding company may
be liable for debts incurred by a subsidiary that continued to trade while
insolvent.
The paper
also aims to clarify the operation of safe harbor provisions and what factors
ASIC will consider in providing safe harbor protection to directors. Feedback on the consultation paper is welcomed until 26 October 2023.
Paysend and
Visa Collaborate for Real-Time Global Money Transfers
Paysend, a
UK-based fintech firm, has extended its collaboration with Visa to enable
customers worldwide to perform real-time money transfers to eligible Visa cards
across 170 countries. This builds upon their initial partnership established in
February 2022, which allowed Paysend's US and UK users to send money to
eligible Visa cards domestically and internationally.
By tying together Visa
Direct, Paysend has enhanced the speed and convenience of global money transfers,
aiming to address the banking needs of underserved regions by utilizing card
networks. Joint marketing initiatives will further promote seamless payments, with
a focus on key corridors such as the USA-Latin America route, reflecting
significant investment in Paysend's card technology.
"Our mission at
Paysend is simple – to deliver the world's simplest money transfer service. By
teaming up with Visa, we are well positioned to provide a safe, economical, and
hassle-free money transfer experience for millions of individuals currently
facing challenges in accessing traditional banking services," Abdul Abdulkerimov, the Chairman
and Co-Founder of Paysend, commented.
Societe Generale Expands Products on Spectrum Markets
Spectrum Markets, the IG-owned pan-European exchange for securitized derivatives, announced that Societe Generale is expanding the geographical availability of some of its products to Italy. These products include daily constant leverage products and vanilla warrant products.
Spectrum Markets CEO, Nicky Maan
“We’re very pleased to see Societe Generale expanding the scope of its relationship with Spectrum so soon after listing its first products with us,” Nicky Maan, the CEO at Spectrum Markets, said.
“The firm is well known for its pioneering approach within the industry, and we look forward to continuing to work together on delivering our shared goal of providing European retail investors an innovative, accessible, safe, and transparent financial market experience.”
BMLL Secures New Investments
BMLL, a provider of Level 3 data and analytics for the equities and futures markets, has secured fresh investments from Snowflake Ventures. The two also partnered to deliver granular data and analytics to market participants globally.
Last October, BMLL closed its Series B funding round, securing $26 million from Nasdaq Ventures, FactSet and IQ Capital.
Paul Humphrey, CEO of BMLL.
“We are very excited to have secured strategic investment from Snowflake Ventures,” Paul Humphrey, the CEO of BMLL, commented. “They are backing, and are aligned with, our mission to democratize access to high quality, large-scale historical data because BMLL’s data and analytics is one of the best use-cases for large-scale, financial market data in the cloud.”
Playtech Enhances ID Verification
Playtech, a London-listed technology provider to the online gambling industry, has scaled up the player onboarding process in its latest partnership with the digital ID verification company, IDVerse.
“This partnership enables Playtech operators to utilize a cutting-edge ID verification (IDV) solution that eliminates the need for manual authentication of ID documents worldwide,” Fiona Davies, the Head of Gaming at IDVerse, commented. “Our document ID coverage is the most robust on the market today due to the proprietary way in which our neural networks review identity documents.”
PT RHB Taps Horizon Platform
Horizon Software, a provider of electronic trading solutions and algorithmic technology, has partnered with Indonesia’s PT RHB Sekuritas. Through this partnership, Horizon’s Platform for Warrants Market Making is now connected to the Indonesia Stock Exchange, allowing investors to trade with RHB Sekuritas.
Kenneth Zhao, Head of Equity Derivatives at RHB Sekuritas
“As part of our efforts to scale the structured warrant business in Indonesia, Horizon’s Platform for Warrants Market Making provides our investors live warrant pricing that instantly reflects the underlying share price movement and automates the pricing and quotation of structured warrants listed by RHB Sekuritas,” Kenneth Zhao, the Head of Equity Derivatives at RHB Sekuritas, said.
“Our clients can now take advantage of the warrants movement even at a quick dip or a brief rebound and conveniently trade RHB Sekuritas-listed warrants in their daily market-making activities.”
CQG Adds New Features to Trading Platforms
CQG, a provider of trading platforms to brokers, has released a new version of its CQG One and CQG Desktop, adding some new features, along with a few bug fixes. It has appended bid/ask profile histograms to DOMTrader/HOT, as well as exchange and expiration date columns to the Fills widget.
Additionally, it has improved the confirmation when creating an alert. CGG further added PBO notification options with symbol color for expiration warnings, support for importing .xlsx files, and comments to the Hedge Account Balances Details widget.
The Amsterdam-based neo-broker, BUX is offering unprecedented interest compensation of 2.75% on un-invested cash balances. This
significant increase, effective from October 1, 2023, follows the hiking of interest rates by the European
Central Bank, the company said.
BUX's move distinguishes it as the Dutch broker with
the highest interest compensation in Europe. According to the company's
statement, all of its clients, regardless of their location, can benefit from this
interest rate on cash balances up to €25,000. Besides that, the company is offering protection of up to €100,000 on cash accounts under the Deposit Guarantee
Scheme (DGS).
FCA Warns against Bregco FX Clone
The Financial Conduct Authority (FCA) has issued a
warning regarding Bregco FX, which is a clone of an FCA-authorized firm that
was previously authorized in the European Economic Area.
The regulator stated that fraudsters have been using
the name and details of the authorized firm to deceive people into believing that
Bregco FX Clone is a legitimate financial firm. It is a fraudulent scheme
commonly referred to as a ",clone firm."
OpenAI Expands with New Dublin Office
OpenAI announced the opening of its third office in
Dublin, Ireland, today (Thursday). While currently modest in size, with nine
job openings spanning various teams, the artificial intelligence (AI) provider
has plans for further growth in the near future.
Notably, OpenAI's decision to choose Dublin aligns
with its strategy to tap into a talent pool well-versed in the culture of tech
giants like Meta and Google. The firm said that Ireland's regulatory
environment and business development opportunities make it an attractive
choice.
Alphabet Initiates Layoffs in Global Recruitment
Team
Alphabet, the parent company of Google, has
announced layoffs within its global recruiting team as part of its ongoing
reduction in hiring efforts. The majority of the recruitment team will be
retained to fill critical roles, and Alphabet is actively assisting the
affected workers in finding new positions within the company or elsewhere.
In January, Alphabet had already reduced its
workforce 6%, eliminating approximately 12,000 jobs. The decision to lay off
employees happened amid a broader increase in layoffs in the United States.
Capitalxtend Launches MetaTrader 5, Boosts Leverage
to 1:5000
Capitalxtend, a regulated brokerage firm, has
unveiled MetaTrader 5 (MT5) on its trading platform
offerings. This strategic move is aimed at enabling clients to enhance their
trading activities across various markets while maximizing their potential
earnings.
"MetaQuotes consistently delivers new
MetaTrader 5 features," said Soheila Rashidi. "This fact became
decisive when switching to the new platform. We are pleased to introduce a
cutting-edge product with a large number of useful tools which fully meet
traders' needs."
ClearBank Publishes H1
2023 Results
ClearBank
Ltd., a provider of embedded banking services, has released its H1 2023
results, revealing year-over-year (YoY) growth of 144% in revenue, from £20.2
million in H1 2022 to £49.3 million this year. The bank also recorded a profit
of £6 million and a significant increase of 80% YoY in customer deposits, totaling £5.4 billion across nearly one million accounts.
Additionally,
ClearBank reported a profit before tax of £5.9 million in H1 2023 and has been
profitable since November 2022. The fintech firm is on track for annual
profitability and is planning international expansion, including pursuing a
European banking license.
European Banks Unveil
Anti-Fraud Tool
EBA
Clearing, a pan-European payment infrastructure, has recruited nine banks from
six countries to test its new Fraud Pattern and Anomaly Detection (FPAD)
functionality. FPAD aims to equip payment service providers with real-time
fraud prevention and detection tools, like IBAN and name checks.
The tool
will integrate insights on patterns and anomalies from a centralized
infrastructure level, enhancing the individual risk assessments of
account-to-account and instant payment systems. Data model training took place
over the summer to identify fraud patterns and qualify anomalies.
N26 Announces Its New General
Manager
Claudio Bedino
An online bank, N26 has appointed Claudio Bedino as the General Manager for Italy and Southeast
Europe. Bedino, who is replacing Andrea Isola, will focus on expanding the bank's
presence and product offerings in these critical markets.
Bedino brings
extensive experience from the fintech sector, including co-founding Oval Money
and founding Starteed, two prominent startups in Italy focused on financial
awareness and crowdfunding, respectively.
“I am very
happy to be joining N26, a company I have always admired for its ability to
mark a change in the digital banking sector,” Bedino commented.
Nasdaq Highlights
Technology Debt in Financial Markets
According
to a global survey by Nasdaq, 78% of Financial Market Infrastructure (FMI)
investment budgets are being used to maintain and upgrade legacy technology.
With more than a third of firms planning significant overhauls in the next five
years, the need for technology updates is colliding with a wave of regulation.
The report
indicates that these commitments to legacy technology and regulatory changes
leave little room for growth-oriented investments. Compared to market
participants, FMIs lag behind in adopting Robotic Process Automation (RPA) and
AI initiatives.
ASIC Seeks Feedback on
Insolvent Trading Guidelines
The
Australian Securities and Investments Commission (ASIC) has released a
consultation paper seeking comments on updates to its guidance on insolvent
trading. The proposed updates include information on when a holding company may
be liable for debts incurred by a subsidiary that continued to trade while
insolvent.
The paper
also aims to clarify the operation of safe harbor provisions and what factors
ASIC will consider in providing safe harbor protection to directors. Feedback on the consultation paper is welcomed until 26 October 2023.
Paysend and
Visa Collaborate for Real-Time Global Money Transfers
Paysend, a
UK-based fintech firm, has extended its collaboration with Visa to enable
customers worldwide to perform real-time money transfers to eligible Visa cards
across 170 countries. This builds upon their initial partnership established in
February 2022, which allowed Paysend's US and UK users to send money to
eligible Visa cards domestically and internationally.
By tying together Visa
Direct, Paysend has enhanced the speed and convenience of global money transfers,
aiming to address the banking needs of underserved regions by utilizing card
networks. Joint marketing initiatives will further promote seamless payments, with
a focus on key corridors such as the USA-Latin America route, reflecting
significant investment in Paysend's card technology.
"Our mission at
Paysend is simple – to deliver the world's simplest money transfer service. By
teaming up with Visa, we are well positioned to provide a safe, economical, and
hassle-free money transfer experience for millions of individuals currently
facing challenges in accessing traditional banking services," Abdul Abdulkerimov, the Chairman
and Co-Founder of Paysend, commented.
Societe Generale Expands Products on Spectrum Markets
Spectrum Markets, the IG-owned pan-European exchange for securitized derivatives, announced that Societe Generale is expanding the geographical availability of some of its products to Italy. These products include daily constant leverage products and vanilla warrant products.
Spectrum Markets CEO, Nicky Maan
“We’re very pleased to see Societe Generale expanding the scope of its relationship with Spectrum so soon after listing its first products with us,” Nicky Maan, the CEO at Spectrum Markets, said.
“The firm is well known for its pioneering approach within the industry, and we look forward to continuing to work together on delivering our shared goal of providing European retail investors an innovative, accessible, safe, and transparent financial market experience.”
BMLL Secures New Investments
BMLL, a provider of Level 3 data and analytics for the equities and futures markets, has secured fresh investments from Snowflake Ventures. The two also partnered to deliver granular data and analytics to market participants globally.
Last October, BMLL closed its Series B funding round, securing $26 million from Nasdaq Ventures, FactSet and IQ Capital.
Paul Humphrey, CEO of BMLL.
“We are very excited to have secured strategic investment from Snowflake Ventures,” Paul Humphrey, the CEO of BMLL, commented. “They are backing, and are aligned with, our mission to democratize access to high quality, large-scale historical data because BMLL’s data and analytics is one of the best use-cases for large-scale, financial market data in the cloud.”
Playtech Enhances ID Verification
Playtech, a London-listed technology provider to the online gambling industry, has scaled up the player onboarding process in its latest partnership with the digital ID verification company, IDVerse.
“This partnership enables Playtech operators to utilize a cutting-edge ID verification (IDV) solution that eliminates the need for manual authentication of ID documents worldwide,” Fiona Davies, the Head of Gaming at IDVerse, commented. “Our document ID coverage is the most robust on the market today due to the proprietary way in which our neural networks review identity documents.”
PT RHB Taps Horizon Platform
Horizon Software, a provider of electronic trading solutions and algorithmic technology, has partnered with Indonesia’s PT RHB Sekuritas. Through this partnership, Horizon’s Platform for Warrants Market Making is now connected to the Indonesia Stock Exchange, allowing investors to trade with RHB Sekuritas.
Kenneth Zhao, Head of Equity Derivatives at RHB Sekuritas
“As part of our efforts to scale the structured warrant business in Indonesia, Horizon’s Platform for Warrants Market Making provides our investors live warrant pricing that instantly reflects the underlying share price movement and automates the pricing and quotation of structured warrants listed by RHB Sekuritas,” Kenneth Zhao, the Head of Equity Derivatives at RHB Sekuritas, said.
“Our clients can now take advantage of the warrants movement even at a quick dip or a brief rebound and conveniently trade RHB Sekuritas-listed warrants in their daily market-making activities.”
CQG Adds New Features to Trading Platforms
CQG, a provider of trading platforms to brokers, has released a new version of its CQG One and CQG Desktop, adding some new features, along with a few bug fixes. It has appended bid/ask profile histograms to DOMTrader/HOT, as well as exchange and expiration date columns to the Fills widget.
Additionally, it has improved the confirmation when creating an alert. CGG further added PBO notification options with symbol color for expiration warnings, support for importing .xlsx files, and comments to the Hedge Account Balances Details widget.
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:
🔗 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!
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!
