Category: Financial Services

September 15, 2022 BY Steffy Bogdanova

SEC charges Loop Capital Markets in first case against broker-dealer municipal advisor violation

Furthermore, SEC discovered that Loop Capital did not maintain a system reasonably designed to supervise its municipal securities activities. The regulator noted that its procedures were inadequate, using insufficient methods to identify potential violations of the municipal advisor registration rules. LeeAnn Ghazil Gaunt, Chief of the Enforcement Division’s Public Finance Abuse Unit, said: The municipal…

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BNY Mellon Investment Adviser charged with omissions in ESG by SEC
September 13, 2022 BY Steffy Bogdanova

SEC announces charges against Oppenheimer & Co., BNY Mellon, TD Securities, and Jefferies

Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said: I applaud the excellent work of the Division’s Public Finance Abuse Unit in bringing these first-ever actions in the $4 trillion municipal bond space. We encourage underwriters to examine their practices and to self-report any failures to us before we identify them ourselves. LeeAnn…

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SGX
September 12, 2022 BY Steffy Bogdanova

SGX reports a 31% YoY jump in FX futures traded volume in August

SGX reported derivatives traded volume saw a marginal rise of 4% in August to 20.4 million contracts. Derivatives' daily average volume (DDAV) reached 921,170 contracts, registering a 2% increase compared to the same period last year. Securities growth Securities market turnover jumped to S$24.3 billion in August, a 35% rise compared to the previous month.…

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CFTC fraud
September 09, 2022 BY Steffy Bogdanova

CFTC orders ForexnPower operator to pay over $800K for commodity pool fraud

The CFTC alleges that Kang and ForexnPower conducted fraudulent solicitation through misrepresentations in Korean language newspapers. More than $1.5 million from customers were convinced trade off-exchange forex and over $800,000 of customer funds were misappropriated. Kang solicited pool participants and retail forex customers at a ForexnPower seminar, claiming that the company’s trading signals program would…

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Visa
August 25, 2022 BY Steffy Bogdanova

As demand for Visa Tokens Services surges, the tokes surpass physical cards in circulation

According to the official announcement, E-commerce volume has increased by over 50% since the beginning of the pandemic. With that growth come customer requirements for safety. The Visa Token Service replaces the 16-digit Visa account numbers with a digital token only Visa can unlock, helping to protect the underlying account information. Forestell added: This milestone…

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ASIC ban
August 19, 2022 BY Steffy Bogdanova

Former DanFX Trade director arrested following ASIC investigation

ASIC noted that in some cases, the money Ali received from investors had come from investors’ self-managed superannuation accounts. In 2018, in the midst of ongoing civil proceedings against him and an ongoing investigation, Ali left Australia. He was arrested in Poland in November 2021 after a warrant for his arrest was issued. Poland granted…

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SGX
August 19, 2022 BY Steffy Bogdanova

SGX Group sees FX revenue jump of 47% in FY22

Loh Boon Chye, Chief Executive Officer of SGX Group, said: Our record-high revenue was driven by higher derivatives volumes across equities, currencies and commodities, as our global customers increasingly used our multi-asset platform to navigate market uncertainties. Forex Performance The Singapore Exchange further revealed that with the recent acquisition of MaxxTrader, together with BidFX, OTC…

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August 18, 2022 BY Steffy Bogdanova

ASX net profit reaches $508.5 million in FY22

Total dividend (interim and final) reached 236.4 cents per share in FY22 and 90% payout ratio was maintained. Helen Lofthouse, ASX Managing Director and CEO, said: ASX continues to benefit from its diversified business model. We saw decade-high levels of listings activity, particularly in the first half, with 217 new listings in the period –…

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