News Nuggets | 7 June: UK Bank Taps Integral; StoneX's Prime Brokerage

Eurex Expands Derivatives Portfolio

Eurex has revealed its strategic decision to build a European Union-based liquidity pool specifically for Euro short-term interest rate (STIR) derivatives, reinforcing its interest rate derivatives suite. The addition of STIR derivatives to their Partnership Program underscores Eurex's commitment to enhancing cross-product efficiencies and furthering the European systemic stability and strategic autonomy agenda.

In the context of EU financial stability, the European Securities and Markets Authority (ESMA) has recognized the importance of euro STIR derivatives clearing. As such, this expansion aligns with the European Commission's measures proposed in December 2022 aimed at reducing over-dependence on certain third-country central counterparty clearing houses (CCPs).

Fiserv Shifts Listing from NASDAQ to NYSE

Global payments and financial services technology solutions provider, Fiserv Inc. (NYSE: FI), has successfully transitioned its stock exchange listing to the New York Stock Exchange (NYSE). Commencing today (Wednesday), Fiserv will trade under the new ticker symbol 'FI'. Fiserv representatives will inaugurate the NYSE trading day to commemorate the move by ringing the Opening Bell.

The company's decision to migrate to the NYSE and introduce a new ticker symbol signifies its strong leadership stance in the fintech industry. Fiserv's CEO, Frank Bisignano, affirmed that their client-centric approach to innovation, talent, and investment has powered the company's growth.

IG & ECB's Joint Cricket Initiative

In collaboration with the England and Wales Cricket Board (ECB), leading trading and investing provider IG announced the launch of Net Gains. This new initiative aims to improve local cricket facilities by funding the construction of cricket nets for community use in the five cities hosting the Ashes Tests (test cricket series) this summer.

Under the Net Gains initiative, IG and ECB will invest in public net facilities across various locations in the country. Cricket fans attending the matches will be invited to contribute to the IG Net Gains fund by participating in an augmented reality cricket simulator, where their gameplay performance will translate into donations to the fund.

SFC Slaps Restrictions on GGSL

The Securities and Futures Commission (SFC) has taken regulatory action against Global Group Securities Limited (GGSL), issuing a restriction notice to safeguard client assets. Until further notice, GGSL is prohibited from conducting any business that constitutes regulated activities for which it is licensed.

The SFC asserts that issuing the restriction notice is critical for the protection of the investing public and in the public interest. The regulatory body's investigation into GGSL's operations continues. Nonetheless, the announcement did not disclose the nature of the ongoing investigation.

FCA Flags Finansys FX/Finansysfx.io LTD as 'Potential Scam'

The UK's Financial Conduct Authority (FCA) has warned users against Finansys FX, known as Finansysfx.io LTD, claiming the company could be offering financial services or products without authorization.

According to the regulator, the unauthorized company is located at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshal Islands, MH96960. The FCA identified the firm with the phone number +35795625766, email address support@finansysfx.com, and websites, www.finansysfx.com, or www.finansys.io.

The regulator added that investors who fall victim to Finansys wouldn't have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).

Citi Launches Automated Settlement Solution in HK

Citi Securities Services announced the launch of a fully automated solution in Hong Kong to improve its custodial capability in post-trade instruction and settlement processing.

The proprietary solution directly connects to Hong Kong’s central clearing and settlement system (CCASS). It came to meet the demand from Citi’s clients for quicker settlement.

“The latest solution is a continuation of our efforts to provide a complete suite of services that are as close to real-time as possible,” said Aditya Sharma, APAC's Head of Custody at Citi Securities Services. “Our latest tool opens up a myriad of benefits for our end clients in post-trade activities in Hong Kong.”

C. Hoare & Co. Taps Integral’s SaaS FX Tech

C. Hoare & Co., the UK’s oldest privately owned bank, has selected Integral’s cloud-based SaaS FX technology, enabling its customers to access market liquidity and competitive FX rates across both their business and personal accounts.

“Integral’s sophisticated SaaS technology provides us with the capabilities to service our customers with the reassurance of Integral’s expertise and high-quality technology,” said Phil Tither, the Treasury Relationship Manager at C. Hoare & Co.

Integral’s CEO, Harpal Sandhu, said: “We are delighted to work with one of the oldest financial institutions in the world, bringing our unrivalled experience and market-leading technology. C. Hoare & Co. and their customers will benefit from our cloud-based SaaS offering, delivering fully automated and highly configurable FX workflow.”

StoneX Expands Prime Brokerage Offering

StoneX Financial Ltd. launched a multi-asset CASS compliant custody solution to enhance its institutional prime offerings. The new solution under the StoneX Institutional Prime brand is coupled with financing capabilities, including repo financing and securities lending.

“The build out of StoneX Institutional Prime is a natural complement to our existing US offering, enabling us to deliver a robust multi-asset set of solutions to support mid-tier hedge funds globally,” said James McAuslan, Stonex’s Global Head of Prime Services and Head of Securities for EMEA.

Along with the product expansion, StoneX strengthened its team behind the prime services with two new appointments. This consists of Gary Clifford-Newman in Cross Asset Sales and James Barten as the Head of EMEA Security Financing.

OKX Enhances Trading Features

Crypto exchange OKX has enhanced futures and perpetual trading with the new place orders by cost feature, allowing users to control costs every time they trade. The new order type is available in hedge mode and can be used with limit, market, and advanced limit orders.

“By providing a new way to place orders, OKX aims to make futures and perpetual trading more accessible and user-friendly,” the crypto exchange stated. “The new Orders by Cost feature is especially useful for traders who pay close attention to margin input every time they place an order and then decide on leverage or risk.”

Swift Explores Blockchain Interoperability

Swift is collaborating with over a dozen institutions to explore blockchain interoperability challenges. It has partnered with Chainlink to integrate with multiple public blockchains.

The partner institutions are ANZ Bank, BNP Paribas, BNY Mellon, Citi, Lloyds Bank, Clearstream, Euroclear, DTCC, and SIX Digital Exchange.

“There’s unlikely to be a single prevailing blockchain network,” said Tom Zschach, the Chief Innovation Officer at Swift. “In such a highly fragmented ecosystem, it would simply not be feasible for financial institutions to connect to each and every platform individually. That’s why the community is working with Swift to develop an interoperability model that would enable access to different platforms globally.”

El Salvador’s Bitcoin Miner Launches with $250M Investment

Volcano Energy has received $250 million of the pledged $1 billion and launched its Bitcoin mining operation in El Salvador. The mining facility has a capacity of 241 megawatts (MW), divided between 169MW of photovoltaic power and 72MW of wind power.

The computing energy of the mining facility is estimated to exceed 1.3 exahashes per second, which will put it among the top 20 Bitcoin mining facilities globally.