NinjaTrader Ordered to Pay Over $980,000 for Supervision Failures LeapRate

September 24, 2024 BY Sam Boughedda

NinjaTrader Ordered to Pay Over $980,000 for Supervision Failures

The CFTC found that NinjaTrader, which operates out of Deer Park, Illinois, failed to implement sufficient policies and procedures to manage accounts in emergency situations, particularly in response to a statutory restraining order issued in a previous fraud case. It is also alleged to have not exercised sufficient oversight over its employees' handling of accounts.…

September 23, 2024 BY Sam Boughedda

PayAfrique.com's Small Payment Institution Registration Cancelled by FCA

The FCA took the action due to PayAfrique.com's failure to comply with regulatory obligations. Specifically, the regulator said the company failed to submit annual reports (Returns) for the past two years (2022 and 2023) despite its repeated requests. "The Authority has concluded, on the basis of the facts and matters described above, that by failing…

September 23, 2024 BY Sam Boughedda

Italian Regulator Blocks Access to 4 Sites that "Offer Financial Services Illegally"

The websites allegedly offered financial services without proper authorisation, posing a risk to Italian investors. CONSOB's action leverages authority granted by the "Growth Decree" (Law no. 58 of 2019), which empowers them to restrict access to websites offering unauthorised financial services within Italy. The targeted websites include FCapital24 (fcapital24.org), Multibank Group (multibankfx.com), Stocket (www.stocket.me), and…

September 20, 2024 BY Sam Boughedda

StoneX Agrees to Pay $20,000 Settlement to ICE Futures

The settlement comes after an investigation into a potential wash trade in the Cocoa Futures market. According to a disciplinary notice released by ICE Futures, a StoneX employee may have placed opposing buy and sell orders for the same principal on April 27, 2023. The firm explained that the orders, which were executed in the…

September 19, 2024 BY Sam Boughedda

ASIC Gains New Powers Under Australian Financial Market Infrastructure Reforms

In a press release, the regulator explained that the FMIs, which include entities such as financial market operators, benchmark administrators, clearing and settlement facilities, and derivative trade repositories, play a vital role in facilitating trading in Australia's capital markets. The new laws, part of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill…

September 02, 2024 BY Sam Boughedda

Nasdaq Futures, Inc. Fined $22 Million for 'Core Principle Violations, Failing to Fully Disclose Incentives'

The CFTC said it found that Nasdaq Futures, Inc. operated a "Designated Market Maker" (DMM) program that included a volume-based component that was not disclosed to the CFTC or the public. They explain that the component provided additional payments to select DMM program participants based on the total volume of contracts they traded. The CFTC…

June 13, 2024 BY Elizabeth Anderson

SEC Charges Joonko CEO And Founder With Fraud

Joonko, a New York City artificial intelligence (AI) startup, operated an AI-driven job board to promote diverse and inclusive employee hires. Based on a June 2023 New York Post report, Raz resigned after an internal company investigation found that she had “engaged in egregious, unethical and fraudulent conduct, which caused harm to the company and…

May 28, 2024 BY Elizabeth Anderson

DanFX Trade Director Jailed For Fraud

On 3 May 2024, Ali pled guilty to five charges of fraud amounting to $771,303 AUD, after which the Brisbane District Court imposed the sentence on 27 May 2024. He allegedly misappropriated the trading and investment funds of clients. According to ASIC, DanFX Trade ran an unlicensed foreign exchange. The financial watchdog found that between…

May 24, 2024 BY Elizabeth Anderson

HSBC To Pay Hefty FCA Fine Over Treatment Of Customers

According to the UK’s financial watchdog, the bank did not “properly consider” the circumstances of people when they missed debt repayments between June 2017 and October 2018. This implies that HSBC did not correctly perform “affordability assessments” when devising plans to reduce or clear arrears. Don’t miss out the latest news, subscribe to LeapRate’s newsletter…

May 22, 2024 BY Robert Bell

Microsoft Launches New AI Features

The details were revealed during Microsoft’s Build conference, which was held in Seattle on Tuesday. Among the highlights of the presentation was the new version of OpenAI’s GPT-4o model created by its Azure AI Studio. This new model promises to accept inputs through video and audio as well as text. Don’t miss out the latest…

Category: Regulation