News Nuggets | 17 October: Komainu Adds Gate.io; New Features on Fortex's XForce

BJ McAndrews Joins Academy Securities as Managing Director, Head of Securitized Product Sales

Academy Securities, a certified Disabled Veteran Business Enterprise and Minority Business Enterprise, welcomed BJ McAndrews as Managing Director and Head of Securitized Product Sales.

With 18 years of experience at Wells Fargo Securities, McAndrews brings extensive knowledge in structured product sales and trading. He is planning to strengthen Academy Securities' growing securitized product platform, leveraging his expertise and deep client relationships.

Academy Securities is a prominent disabled veteran-owned investment bank known for its commitment to mission-driven initiatives and dedication to providing meaningful careers to veterans.

RoboForex's Journey with MetaTrader 5 Sponsored VPS

Robo Forex Ltd announced that it has been providing its clients with MetaTrader 5 Sponsored VPS for over three years. Sponsored VPS is a cost-effective option for the broker, as it is offered to actively trading clients who meet predefined conditions, such as depositing a minimum of USD 500 into their verified accounts, the company explained.

Sami Otman, RoboForex’s CBO, said: "We've been providing sponsored hosting to our clients since July 2020. Looking back after three years, we can say that it was a strategically correct decision. Our primary goal was to attract new clients, and the success we've achieved, in part, is attributable to the launch of the Sponsored VPS. Consequently, RoboForex will continue to offer sponsored hosting as part of its ongoing service to traders."

Goldman Sachs' Q3 Profit Declines Due to Fintech Sale and Real Estate Bets

In the third quarter, Goldman Sachs reported a decline in profit, primarily attributed to a loss on its GreenSky fintech business and investments in real estate. The Wall Street giant reported a net profit of $2.06 billion, or $5.47 per share, for the three months ending on Sept. 30. This is a decrease from $3.07 billion, or $8.25 per share, seen in the previous year.

Goldman's venture into consumer banking has proved costly, resulting in a loss of $3 billion over a three-year period. The bank incurred losses of $506 million on GreenSky, in addition to the $1.4 billion linked to the business in the second quarter.

FCA Warns against Admiral Markets Clone Firm

The Financial Conduct Authority (FCA) has issued a warning about a clone firm impersonating Admiral Markets, a legitimate FCA-authorized firm. The clone, known as AdmiralsFX, has been contacting people and offering financial services without authorization. The FCA has urged the public to avoid dealing with this clone firm, as it does not offer the protections provided by the Financial Ombudsman Service or the Financial Services Compensation Scheme.

The clone firm has been using multiple email addresses and websites to scam people, mixing these details with the genuine information of Admiral Markets to appear credible.

Bank of America's Q3 2023 Financial Results

Bank of America (BofA) has released its financial results for the third quarter of 2023, showing an increase of 10% in net income to $7.8 billion. Revenue improved 3% to $25.2 billion, driven by higher interest rates and loan growth.

The bank also experienced a rise in noninterest income and a provision for credit losses of $1.2 billion. Bank of America's CEO, Brian Moynihan, stated that the company generated strong earnings despite a slowing economy and was able to continue investments in people and technology.

Marqeta Partners with Scalapay for BNPL Services in Europe

Marqeta, a global modern card issuing platform, has partnered with Scalapay, Southern Europe's leading Buy Now, Pay Later (BNPL) provider. The partnership aims to create a more seamless payment experience for both merchants and consumers.

According to Marqeta's survey in the fall of 2022, 35% of respondents now use BNPL services more than credit cards. The partnership will leverage Marqeta's Just-in-Time Funding feature to create and fund virtual cards for approved Scalapay consumers instantly.

Stax Payments Acquires APPS to Expand Payment Processing Capabilities

Stax Payments, a leading payment technology provider, has acquired Atlantic-Pacific Processing Systems (APPS) to create an end-to-end payment processing platform. The acquisition will expand Stax's technology stack, offering flexible and customizable options for payment processing.

The new platform, to be called Stax Processing, will serve as the foundational layer for fintech offerings and is expected to debut in Q4 2023. Members of the APPS leadership team will join Stax, with the CEO of APPS, Abe Maghaguian becoming the Chief Payments Officer at Stax.

Komainu Connect Adds Gate.io

Komainu, a regulated digital asset custody provider, has added Gate.io, a major digital asset exchange, to its Komainu Connect collateral management platform.

Launched in April, Komainu Connect enhances security by allowing clients to store assets safely while trading on Gate.io, eliminating the need to transfer assets for a safer and more independent investment experience for Gate.io's institutional clients.

"We are delighted to add another leading exchange to our growing collateral management ecosystem," said Darren Jordan, the Head of Sales at Komainu. "With the addition of Gate.io and a healthy pipeline of participants, we will continue to provide a vibrant and evolving offering for our clients."

Fortex Introduces New Features on XForce

Fortex has updated its XFORCE trading platform with an array of new features, which, according to the technology provider, will empower traders.

The newly added features are the display of the asking price line and instrumental details, improved language UI, intuitive search for instruments on market watch, quick chart access, extended history search, and broker's contact email.

"Our primary goal is to provide our clients with the best trading experience possible," said Aris Christoforou, a spokesperson for Fortex. "These new features and updates in XFORCE are a testament to our dedication to innovation, ensuring that our platform remains at the forefront of the industry."

Broadridge Financial Solutions Brings NYFIX Fill Matching

Broadridge Financial Solutions (NYSE: BR) unveils NYFIX Fill Matching, a real-time FIX-based reconciliation platform designed for asset managers with high-volume and high-touch orders, unique in its ability to match fills between brokers and asset managers in real-time.

"As the T+1 time compression makes end-of-day processing challenging, Broadridge's new Fill Matching Solution will rapidly identify trade discrepancies, enabling clients to address and fix these issues before the close of the trading day," said George Rosenberger, the Head of NYFIX, Broadridge Trading and Connectivity Solutions.

"By reducing this key friction point, Broadridge is continuing to streamline and modernize the front-to-middle office environment for our buy-side clients."

ZE PowerGroup Integrates Fenics Market Data's Solutions

Fenics Market Data, a division within BGC Group, announced today (Tuesday) its partnership with ZE PowerGroup. With this, ZE's clients, through its data management solution, ZEMA, will have access to the full suite of energy and commodities pricing data from Fenics.

"Delivering our unique datasets through a best-in-class data management tool such as ZEMA allows businesses to reduce manual intervention through enhanced data accuracy and consistency," Rich Winter, the Global Head at Fenics Market Data. "This leads to faster trade execution and risk assessment while improving risk mitigation and reporting capabilities, benefiting all counterparties involved in the trade cycle."

Goldman Sachs Fined by CME

CME Group has taken disciplinary action against Goldman Sachs, imposing a monetary penalty of $150,000. Although not detailed, the action came in response to a violation of written records of all performance bond calls.

Goldman Sachs agreed to the settlement by paying the fine but neither agreed nor denied the violations. "In accepting this settlement offer, the Committee agreed to waive the fine if no similar violation is found during the next risk-based examination," CME stated in a notice.