This article is written by freelance writer Zak Goldberg. Prior to the Supreme Court ruling on Tuesday, the pound had hit its highest level since December, yet within minutes of the ruling, the pound had tumbled as the markets reacted to the news the government would need to consult with Parliament before Brexit. A defeat in…
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The U.S. Securities and Exchange Commission today announced that the Citigroup Global Markets unit of global banking giant Citigroup Inc (NYSE:C) has agreed to pay $18.3 million to settle charges that it overbilled investment advisory clients and misplaced client contracts. The SEC’s order finds that at least 60,000 advisory clients were overcharged approximately $18 million…
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The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against units of online brokerage firm E*TRADE Financial Corp (NASDAQ:ETFC) - E*TRADE Securities LLC (E*TRADE Securities), an Introducing Broker, and E*TRADE Clearing LLC (E*TRADE Clearing), a Futures Commission Merchant - for non-compliance with applicable record-keeping rules and failure to diligently…
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Bats Global Markets, Inc. (Bats:BATS) welcomed QuantX Funds as a new issuer to the Bats ETF Marketplace with the launch of a suite of risk management focused funds: QuantX Risk Managed Growth ETF (Bats: QXGG) seeks to replicate investment results that generally correspond, before fees and expenses, to the performance of the QuantX Risk Managed…
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The Autorité des Marchés Financiers (AMF) has published a detailed analysis of the activity of market participants engaged in high-frequency trading (HFT) on CAC 40 stocks, with focus on their presence in the order book, how they provide and consume liquidity and how their behaviour changes during periods of intense stress. Over the last few…
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Financial technology provider Broadridge Financial Solutions, Inc. (NYSE:BR) has just announced that the usage of passive investment products, ETFs and index funds, hits all-time highs in 2016, driven by third-party distribution channel sales from broker-dealers (B/D), registered investment advisors (RIAs) and banks. These channels represent almost $10.5 trillion in long-term funds and ETFs tracked by…
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LeapRate has learned that Copenhagen based multi asset broker Saxo Bank issued pink slips yesterday to 50 employees, or about 3% of its global workforce of more than 1,500. About 30 of the layoffs occurred at the company's home office in Denmark. The remainder will be at the company's branch offices including the London office at…
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Moscow Exchange (MOEX) just announced its indices annual review for 2016. In 2016, the MICEX Index was up 26.76% to 2,232.72 (from 1,761.36 on 30 December 2015), while the dollar-denominated RTS Index rose 52.22% to 1,152.33 (from 757.04). The dollar depreciated 16.87% against the rouble. Volatility decreased, with the Russian Volatility Index falling 26.94% to…
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INTL FCStone Inc. (NASDAQ: INTL) announced its Broker-Dealer Division of its wholly owned subsidiary, INTL FCStone Financial Inc., 2016 trading statistics. INTL FCStone Financial disclosed that in 2016 it added 62% of all new American Depositary Receipts (ADRs) to the OTC Market. INTL FCStone Financial is a full-service market maker that provides institutional clients with…
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The People’s Bank of China (PBOC) has completed a successful trial run of a digital bank acceptance exchange, moving it closer to becoming the first central bank in the world to research and test its own digital currency, according to media agency Caixin. Citing sources from the PBOC, Caixin claims the central bank on December15…
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