Category: Financial Services

CFTC
October 02, 2024 BY Sam Boughedda

CFTC Orders Taiwanese Firm Taishin Securities to Pay $200,000 for Wash Sales

The CFTC revealed that Taishin executed 50 wash trades between October and December 2022, totaling 175 contracts worth approximately $17 million. The trades were designed to minimise market competition by offsetting purchases and sales of the same futures contract at the same price, effectively negating the risk and price competition inherent in open market transactions.…

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October 02, 2024 BY Sam Boughedda

ASIC Cancels Prospero Markets AFS License

Prospero's AFS license was suspended in December 2023 after the company failed to submit its 2023 audited financial accounts. Following an application by ASIC, the Federal Court ordered Prospero to be wound up and liquidators appointed in April 2024. Under the Corporations Act, ASIC said it has the power to suspend or cancel an AFS…

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Euronext
October 02, 2024 BY Sam Boughedda

Euronext Expands Services with Acupay Acquisition

Founded in 2005, Acupay offers a suite of technology services that help cross-border investors avoid double taxation. Its proprietary solution connects brokers, banks, and securities issuers, enabling custodian banks to prepare tax certificates electronically and allowing investors to effectively manage the impact of foreign withholding tax. Euronext said the acquisition will further expand its services…

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October 01, 2024 BY Sam Boughedda

CME Group Set to Launch Yen- and U.S. Dollar-Denominated Micro Nikkei Futures

These new micro-sized contracts, valued at 50 yen and $0.50, respectively, "will allow traders to capture Japanese benchmark trading opportunities with greater precision and will add to CME Group's existing suite of standard and E-mini Nikkei contracts," said CME Group. They will complement CME Group's existing suite of standard and E-mini Nikkei contracts. "The addition…

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September 30, 2024 BY Sam Boughedda

CME Group to Launch Spodumene Futures Contract

This expansion of its battery metals suite aims to provide the market with enhanced hedging capabilities and better price risk management tools. "The spodumene futures contract launch with the CME Group marks a significant step forward for the lithium market," commented Raju Daswani, Chief Executive Officer at Fastmarkets. "With this contract, the industry gains a tool…

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FCA
September 27, 2024 BY Sam Boughedda

FCA Proposes New Rules to Protect Customers of Payments Firms

The FCA explained that while the use of payment firms has grown in recent years, it "continues to see poor safeguarding practices from firms," putting customers at risk of losing their money. While funds held by these firms are not directly protected by the Financial Services Compensation Scheme (FSCS), firms are required to have safeguards…

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Visa
September 27, 2024 BY Sam Boughedda

Visa to Acquire AI Payments Protection Firm Featurespace

The acquisition is aimed at strengthening Visa's portfolio of fraud detection and its ability to combat fraud and financial crime. Featurespace, founded at Cambridge University, utilises advanced algorithms to analyse transaction data and detect even sophisticated fraud attempts. "Since its inception out of Cambridge University's engineering department, Featurespace has developed innovative algorithmic-based solutions to analyze…

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Stripe obtains $600M funding at $95B valuation
September 27, 2024 BY Sam Boughedda

Stripe Expansion Aims to Accelerate Canadian Business Growth

The company said in its press release that the expansion reflects the city's growth as a tech hub and reinforces Stripe's commitment to the Canadian market. The company has seen significant growth in Canada over the past few years, with payment volume from Canadian businesses increasing by more than 50% between 2021 and 2023. Stripe…

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SEC
September 26, 2024 BY Sam Boughedda

Merrill Lynch and Harvest Volatility Management Hit with $9.3m Penalty By SEC for Ignoring Client Instructions

According to the SEC's complaint, Harvest, as the primary investment adviser and portfolio manager for the Collateral Yield Enhancement Strategy (CYES), allowed numerous client accounts to exceed their designated investment limits. It led to higher fees, increased market exposure, and ultimately, investment losses for clients. Merrill Lynch, which introduced clients to Harvest and received a…

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