Forex Weekly Look Back: Admirals launches copy trading service, StoneX Markets rolls out self-service OTC platform

Looking back at the most intriguing and popular industry news from the past week between 17th and 21st May on LeapRate.

Multi-asset brokerage Admirals announced it has launched a new copy trading service for its clients. The new service comes as a response to the recent growing interest in social and copy trading. It will be available for users who have Trade.MT4 account that was opened in Admirals Cyprus Ltd after 9.01.2021.

The FCA regulated arm of Admirals, Admiral Markets UK Limited, reported strong growth in trading volumes in 2020. The company saw profit of £730,257 for the year, up 90% from £384,270 in 2019. The active user accounts in the UK division also went up by 80%.

Online multi-asset trading and investment specialist Saxo Bank has announced the appointment of Simon O’Malley as the new Chief Financial Officer and Board Member of its subsidiary, Saxo Markets UK. The appointment will take effect on 26 July 2021. O’Malley brings a wealth of experience with more than two decades in the financial services industry, having worked at several global banks.

The foreign exchange settlement provider CLS Group has appointed two new members to its Board of Directors at its annual general meeting on 17 May 2021. The two new appointments are of Gottfried Leibbrandt (Independent Director) and Shuta Okawara (MUFG Bank). Gottfried Leibbrandt has previously served as Chief Executive Officer of SWIFT between 2012 and 2019. Currently, Shuta Okawara works as Managing Director and Head of the Transactions Services Division of MUFG Bank. His career has been mainly focused on extensively around custody and clearing.

StoneX Group’s subsidiary, StoneX Markets LLC launched significant improvements to its self-service OTC Platforms for commodities trading. Together with its integration into the StoneX Group ecosystem, it provides a single, digitized offering which allows users to fully access, manage and execute futures and options trading offered through the affiliated FCM, StoneX Financial Inc., as well as access to OTC markets offered through StoneX Markets LLC as a counterparty.

BCS Global Markets, the investment services division of Russian independent broker, has appointed Evelina Evtimova to lead Legal and Compliance functions, providing support across business lines and geographies, including Russia, the UK, the US, and Cyprus. Evtimova will be responsible for streamlining controls, aligning policies and procedures across BCS Financial Group. She will also bring in new technology and leading legal and compliance projects and initiatives.

FX risk management and alternative banking solutions provider to corporates and institutions internationally Alpha FX Group plc appointed Vijay Thakrar to the Board as an independent non-executive Director with immediate effect. Thakrar is a Chartered Accountant and has vast strategic, commercial and governance experience with fast growth public companies.

TradingHub, which provides trade data analytics to those in financial services, has recently made an announcement stating that its trading analytics tools are to be made available via J.P. Morgan’s Securities Services. Amongst the trading solutions which will now be on offer to buy-side clients of J.P. Morgan is TradingHub’s latest Transaction Efficiency and Accuracy Monitor (TEAM). The new tool is set to be offered to institutional clients via its open data and analytics platform.

London Stock Exchange Group plc appointed David Harris to lead its Sustainable Finance product team, part of the Data & Analytics division. Harris joined FTSE in 2002 and since then has played a significant role in developing FTSE Russell’s sustainable finance index and data starting with FTSE4Good Index Series, before supporting the development of a wide variety of products including FTSE Russell’s Smart Sustainability, Green Revenues, Climate indexes and associated data analytics.

Pepperstone launched new UK, German and Australian shares enhancing the brokers’ range of top US equities. Pepperstone offers shares on some big names such as Tesla, Apple, Facebook and Amazon. The broker’s global shares are now exclusively available through the MetaTrader 5 platform. Traders using Pepperstone will receive access to comprehensive suite of analytical tools for price analysis and forecasting, as well as the ability to trade in the aftermarket and to utilize powerful charting and execution tools.

oneZero  hired Marc Reider as Director of Hub Product Management. At his new position, Reider will be responsible for building the advanced execution and risk management capabilities of oneZero’s Hub technology to meet the needs of institutional clients.

Institutional foreign exchange liquidity and prime-of-prime service provider Advanced Markets, announced Samer Mourched has joined the company as CEO of the newly established Bermuda arm of the company. Mourched will also lead the group’s Emerging Markets strategy and expand further the firm’s product and market reach within developing regions. The appointment follows the recent investment round announced by Forexify and Corbel Capital Partners joining shareholders Macquarie Group and GFI Group LLC.

Multi-asset trading platform for retail and professional traders Vantage FX made a few significant upgrades to its UK services, part of its strategic push into the UK. Following extensive market research in UK traders’ interests, Vantage FX has introduced several new features and services covering diverse products, easy access and a smooth user experience. The research shows that around 90% of participants trade on mobile. As a response, Vantage FX has launched a UK specific app. Furthermore, traders are looking for a one-stop-shop where they can trade a wide range of assets.

Pan-European trading venue Spectrum Markets  introduced a Stop Order functionality with customised features. Investors can benefit from two advantages which Spectrum’s stop orders functionality offers. Instead of the more commonly used Last Traded Price, the venue will use Market Maker Quotes in the order book as a trigger for Stop Orders. This way the orders may be triggered when trading volumes are low and in safe conditions in terms of fair price for the execution.

Victoria Newman was appointed the next Future Director of NZX, according to an official statement from the NZX Board. Newman will take up the role from 1st July 2021, taking over from Hayley Buckley, who departs from the company on 30th June. Newman boasts extensive experience in professional services, having worked in professional development and senior strategy positions for the likes of McKinsey & Co, alongside having served three years as Principal of Virgin Green Fund.

Liquidity provider, licensed by the CySEC, Match-Prime onboarded multi-licensed fintech company Skilling. Scandinavian fintech founded by a European VC firm, Skilling offers online trading on a wide range of world markets with more than 800 instruments. Skilling aims to make trading accessible in a transparent and secure way. After thorough testing of Match-Prime’s solution, Skilling has agreed to a long-term agreement with Match-Prime

Forex Weekly Look Back

Apifiny announced the appointment of ex-Goldman Sachs Vice President, Jason Jiang, as its latest Chief Technology Officer. The latest appointment at the crypto mining firm is the latest in a trend of veteran executives in the financial industry joining rapid-growth digital asset companies seeking a fast solution to the growing demand from retail and institutions users. Apifiny noted that Jiang had been strategically selected before the company went public.

Saxo Bank revealed that its digital investing branch, Saxo Markets, is set to launch a new crypto trading service that covers three cryptocurrencies: Ethereum, Bitcoin, and Litecoin. With Saxo’s new Crypto FX, traders will be able to trade crypto as well as other assets from one single margin account, losing the requirement of maintaining a crypto wallet.

New York-based fintech platform Vise announced that it has secured around $65 million in its latest round of funding. The investment management platform, known for providing services to advisors, revealed that alongside already existing investors such as Sequoia Capital, the funding round was largely dominated by Ribbit Capital.

The UK Financial Conduct Authority reported it has completed the transfer of 52,000 firms and 120,000 users from data collection platform Gabriel to RegData. The transition started in October last year. RegData is a data collection platform informed by user feedback. It is faster to navigate and easier to use. RegData builds on feedback from firms and other Gabriel users. Most importantly, the new platform has improvements across 3 areas which based on what users reported was important to them.

Swiss-based financial services provider, Dukascopy Bank announced receiving a Qualified Derivatives Dealer (QDD) status. The official announcement said that the company obtained the QDD status through a US Internal Revenue Service agreement. The newly obtained QDD status allows Dukascopy to make dividend-equivalent payments on US CFD instruments with the relevant amount of withholding tax deducted.

Financial services provider BDSwiss revealed it will sponsor the MercedesCup, an ATP tour series tennis tournament. The event is also known as Stuttgart Open and will take place between 7-13 June 2021, with BDSwiss as a gold sponsor and exclusive online trading partner. As part of the sponsorship agreement, the organiser E|motion Group will feature BDSwiss at the event for the next two years and bring online trading to the ATP tour.

Multi-asset broker Exness announced it will sponsor iFX EXPO and act as its official global partner. The B2B conference in fintech and financial services takes place on 19th and 20th May 2021 at Dubai’s Grand Hyatt Hotel. The event provides an opportunity for industry experts from around the world to connect, expand their networks and develop their businesses. Held in Dubai for the first time, iFX EXPO will allow exhibitors to display their expertise in technology and liquidity, digital assets and blockchain, brokerage, payment solutions, affiliate marketing and regulation and compliance.

Global technology company Stripe announced acquiring Bouncer, a company that builds card authentication technology to reduce fraud during online transactions. Stripe will integrate Bouncer’s team and technology to improve the capabilities of Radar, Stripe’s machine-learning-based fraud prevention tool. With Bouncer’s card scanning and risk technology, businesses can authenticate cards and reduce fraud. Stripe will integrate Bouncer in its fraud prevention tool Rader. Fully integrated into Stripe’s payments platform, Radar’s machine learning models are trained on purchases made at millions of companies around the globe.

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