XS.com Appoints New Senior Customer Support Manager
XS.com, a global FinTech and financial services provider, has announced the appointment of Pavlina Zinonos as their new Senior Customer Support Manager. Zinonos brings over 15 years of industry experience to the role and is known for her consistent performance.
"I'm thrilled to be a part of the XS Group, an organization that shares my values of transparency and excellence in customer support," Zinonos commented. "I see a strong alignment between my personal values and XS.com's mission to provide exceptional service and support to our clients. I look forward to working closely with the team and contributing to the company's commitment to delivering outstanding customer experiences."
She will lead a team of professionals in delivering top-notch customer support. Her appointment aligns with XS.com's mission to provide exceptional service and support to its clients.
Scope Markets Expands Asset Offerings
Scope Markets, a global securities broker, has expanded its range of tradable assets in response to customer demands. The company has added over 100 new CFDs, including American Depositary Receipts and ETFs from Japan and Hong Kong.
“As a business, we’re always eager to respond to evolving customer needs, which underlines our ‘can-do’ approach as a business,” Pavel Spirin, the CEO of Scope Markets, commented.
“Partners will frequently ask us to help them find a solution to access exotic markets or asset classes, which drives these product additions, that we, in turn, are happy to make available to our global customer base.”
FCA Takes Action on Buy-Now-Pay-Later Contracts
The Financial Conduct Authority (FCA) has made changes to contract terms for buy-now-pay-later (BNPL) firms, following research that shows a significant increase in the use of BNPL products.
The FCA's Financial Lives research revealed that 27% of UK adults have used BNPL services at least once in the past six months, and frequent users are more likely to be in financial difficulty.
Moomoo Singapore Adopts Nasdaq Trade Surveillance Solutions
Moomoo Singapore, a digital brokerage and wealth management platform, is partnering with Nasdaq to enhance its market surveillance capabilities. The move aims to promote fair trading practices and maintain a secure trading environment.
Nasdaq's surveillance technology will enable Moomoo Singapore to better protect its investors and meet regulatory obligations.
SFC Consults on Uncertificated Securities Market
The Securities and Futures Commission (SFC) has launched another consultation on implementing an uncertificated securities market in Hong Kong. The consultation invites views on proposed amendments to various codes and guidelines, and follows an earlier consultation in March 2023. The SFC aims to gather feedback by 15 December.
Court of Final Appeal Dismisses Appeal in Market Manipulation Case
The Court of Final Appeal has dismissed an appeal by a group of defendants suspected of market manipulation. The SFC brought the case and involved alleged false trading that generated around $124.9 million in illicit profits. The court's decision affirms the SFC's jurisdiction over persons engaging in market manipulation, regardless of their location.
FCA Joins Project Guardian for Digital Innovation
The FCA is partnering with global regulators as part of Project Guardian. This initiative aims to explore the benefits, challenges, and commercial use cases of asset and fund tokenization. The FCA sees significant potential in the use of distributed ledger technology to drive innovation in the UK's asset management sector.
ASIC Highlights Concerns in Reportable Situations Regime
The Australian Securities and Investments Commission (ASIC) has released its second publication on the reportable situations regime. The report shows little improvement in key areas of concern and indicates that some licensees may not be complying with the regime. ASIC plans to take stronger regulatory action to improve compliance.
“The reportable situations regime has now been in place for over two years, and licensees have had ample time to take the necessary steps to ensure full compliance with the requirements,” said ASIC Chairman Joseph Longo.
NFA Fines Oscar Gruss & Son Inc.
The National Futures Association (NFA) has ordered Oscar Gruss & Son Inc., a New York-based introducing broker, to pay a fine of $140,000 for failing to comply with communication recordkeeping obligations and other violations. The decision is based on a complaint issued by NFA's Business Conduct Committee.
Travelex Celebrates 20 Years in Japan
Foreign exchange brand Travelex is celebrating its 20th anniversary in Japan. The company has expanded its network to over 70 retail stores across the country and has introduced several digital products to the Japanese market. Travelex aims to open its 100th store in the coming years.
MFA Urges FCA and PRA to Eliminate Redundant Regulations
The Managed Funds Association (MFA) has encouraged the UK FCA and the UK Prudential Regulatory Authority (PRA) to eliminate redundant securitisation regulations. The MFA argued that removing these regulations will optimize risk management and increase capital investment in the UK.
Backpack Exchange Receives VASP License in Dubai
Backpack, the company behind the web3 wallet and Mad Lads NFT collection, has announced the launch of a regulated cryptocurrency exchange in Dubai. The exchange has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority.
The license allows Backpack Exchange to operate in Dubai and sets a standard for transparency in the digital asset space. The exchange aims to provide a seamless transition for users from fiat to on-chain applications, incorporating advanced technologies like zero-knowledge proof of reserves and Multi-Party Computation for custody.
