FMA NZ Warns against CapitalvestPRO

Financial Markets Authority (FMA) of New Zealand has issued a warning about CapitalvestPRO, which has the hallmarks of a scam. CapitalvestPRO falsely claims to be located and registered in New Zealand, but does not appear in company records or the Financial Service Providers Register. It offers financial services without proper authorization from New Zealand or overseas regulators. The FMA has warned investors to be wary, as CapitalvestPRO does not appear to be a legitimate company and lacks regulatory oversight.

The FMA discovered the potential scam when investigating CapitalvestPRO's website and stated the address in New Zealand, which does not exist. The company also uses multiple email addresses and a phone number to imply it operates in the country falsely. The FMA has warned the public to avoid interacting with CapitalvestPRO and notified investors to be vigilant against such financial scams.

Italy's securities regulator CONSOB has ordered 5 new websites to be blocked for offering financial services illegally without proper authorization. This brings the total number of blocked scam websites to 970 since CONSOB was granted the authority to black them out in 2019.

The Trading Pit Appoints New Dealing Head

The proprietary trading company, The Trading Pit, has announced that Hakam Thajli joined its ranks as the new Head of Dealing.

“I’m happy to share that I’m starting a new position as Head of Dealing at The Trading Pit,” Thajli commented on his LinkedIn profile.

In the past, he worked for Orbex, Vinson Financial, and Falcon Brokers, starting his career in finance over 20 years ago.

Interactive Brokers’ Platform Latest Build 10.26

Interactive Brokers has released new features in Build 10.26 of its Trader Workstation platform. Advisors can now choose static or dynamic allocations for models, take advantage of tax loss harvesting across multiple securities and accounts, easily roll futures contracts, and allocate trades by percentage of position for account groups.

The update provides more flexibility for advisors to manage client investments. The new tax loss harvesting tool identifies losing positions across accounts to lower taxes. The futures roll feature streamlines rolling contracts through a combination order. Overall, the latest build aims to improve advisors' efficiency through enhanced allocation controls and trading tools.

CONSOB Blacks Out 5 Abusive Websites

The latest abusive websites claim to offer cryptocurrency, trading, and investment services. CONSOB states the blackouts are ongoing due to technical procedures, but prevent further potential fraud against Italian investors. CONSOB reminds investors to carefully check licenses, prospectuses, and registration of any company offering financial services.

The regulator maintains a "Watch for Scams!" section on its website to warn about fraudulent schemes. CONSOB continues monitoring activities to protect investors by using its powers to block websites that pose threats. The blackouts underscore the need for heightened diligence when evaluating investment opportunities online.

Astra Financial and WeLab Launch Bank Saqu

Astra Financial and WeLab have launched a new digital banking service in Indonesia called Bank Saqu. Bank Saqu is designed to meet the needs of individuals and SMEs with a solopreneur spirit. It provides tools to help customers easily manage their finances, such as creating customized pockets for side-hustle income and expenses. The launch aligns with Astra and WeLab's goals to drive innovation in financial technology and increase financial inclusion in Indonesia.

Bank Saqu has emerged at an opportune time, as a recent study predicted that 1 in 3 Indonesians will be solopreneurs by 2030. Astra Financial and WeLab aim for Bank Saqu to contribute to the growth of the Indonesian banking industry through its digital capabilities and collaboration between the two companies.

ASIC and RBA Acknowledge ASX’s CHESS Solution Design Announcement

ASIC, the Australian financial watchdog, and the Rerserve Bank of Australia (RBA) have acknowledged ASX's announcement of a new solution design to replace the CHESS securities settlement system. The product-based solution and vendor were recommended by an advisory group established to provide input on strategic clearing and settlement issues.

While acknowledging the announcement as a foundational step, ASIC noted ASX still requires significant work to deliver the replacement on a realistic timeline. ASIC and the RBA expect ASX to focus on engaging with the market on the detailed design and address findings from past audits to avoid repeating previous issues. The group will provide ongoing advice throughout the process

New Commissioners Commence at ASIC

ASIC's Chairman, Joe Longo, welcomed new Commissioners Simone Constant and Alan Kirkland as they began 5-year terms. The Treasurer had announced their appointments alongside Kate O'Rourke to serve alongside Longo, Deputy Chair Sarah Court, and Deputy Chair Karen Chester. Longo said the Commissioners' experience will support ASIC in delivering on strategic priorities and maintaining consumer protection focus amid cost of living pressures.

Constant will initially focus on markets and superannuation; Kirkland on insurance, credit, financial advice and investments; and O'Rourke on banking, payments, audit, insolvency, and registers.

LSEG Appoints Michel-Alain Proch as Chief Financial Officer

The London Stock Exchange Group (LSEG) has appointed Michel-Alain Proch as its new Chief Financial Officer (CFO). Proch will join LSEG on 26 February 2024 and officially succeed Anna Manz on the Board on 1 March 2024. He brings varied experience from CFO roles at global companies including Publicis Groupe, Ingenico, and Atos.

LSEG's CEO, David Schwimmer, welcomed Proch, stating his expertise across financial infrastructure and data solutions firms will be valuable as LSEG executes its strategic growth.

UAE-Based Fuze Receives Broker Dealer Licence from Dubai’s VARA

Fuze, a digital assets company based in Abu Dhabi, has been granted a virtual assets service provider licence by Dubai's Virtual Assets Regulatory Authority (VARA). The VARA licence enables Fuze to offer regulated broker-dealer services for virtual assets like cryptocurrencies and stablecoins.

In September, Fuze raised $14 million and works with banks and enterprises to embed digital asset capabilities. Its CEO, Mohammed Ali Yusuf said the VARA licence allows Fuze to provide regulated infrastructure so businesses can confidently adopt its services as Dubai grows as a digital assets hub. The regulatory approval positions Fuze to expand its broker-dealer offerings in the UAE's expanding virtual asset industry.