Forex Weekly Look Back: FXCM adds social and copy trading via ZuluTrade, ASIC bans binary options and restricts CFDs trading

Looking back at the most intriguing and popular industry news from the past week between 29th March and 2nd April on LeapRate.

FCA-regulated prime of prime broker, Equiti Capital, part of the Equiti Group, has deployed FX aggregator Lucera LumeFX’s technology. Lucera’s services will provide Equiti Capital with access to new markets without having to own or operate any infrastructure, clearing the way for Equiti Capital to focus on its core expertise. LumeFX can be released in New York (NY4), London (LD4), Tokyo (TY3), France (FR3) and Singapore (SG1) offices to provide aggregation technology and connectivity.

Eurex revealed it is expanding its equity index segment with 12 new factor futures as the demand for factor-based instruments increases. The new products will be released on 26 April. Factor investment has recently gained popularity among index segments. The process involves targeting specific drivers of return which differ from traditional beta.

Financial software development company Devexperts has delivered a new web trading platform and a mobile trading application for Turkish investment and asset-management company Osmanlı Yatırım. Osmanlı’s goal is to provide its clients with the tools they need to trade in any asset class including options, classical OTC offerings for FX and CFD trading, and equities. The company has added Devexperts’ platform to its range of trading software it offers to its Turkish investors.

Retail FX and CFD broker FXCM Group, LLC, has just announced expanding its FX and CFD trading offering with the addition of social and copy trading capabilities for its customers. Social and copy trading have developed as a popular approach to investing in the retail trading market. With this addition to FXCM’s offering, its customers can copy a high-performing Trader’s signals and strategies, eliminating the need to speculate themselves and follow more experienced market participants.

OANDA Global Corporation, an online multi-asset trading services, currency data and analytics provider, has announced completing the acquisition of Polish broker Dom Maklerski TMS Brokers SA. The Polish Financial Supervision Authority has already approved the deal. TMS provides its clients with access to global financial markets, with opportunities to invest in thousands of products, such as currencies, indices, commodities, equities, cryptocurrencies and exchange-traded funds from the world’s major exchanges. TMS clients can also benefit from access to experienced advisors, education and trading tools.

Several years ago, ATFX Connect teamed up with oneZero to enhance its CFDs and FX liquidity pricing, using oneZero’s EcoSystem. Since then, ATFX Connect reached a broader client base, seeing a steady increase in trading volumes over the past year. The oneZero hub has helped ATFX Connect to integrate with third-party platforms smoothly. Supporting institutional clients, the oneZero Hub works to provide access to precious metals, CFDs and spot FX.

Front-office solutions Broadway Technology announced today the appointment of Michael Chin as CEO and to the board of directors. The new appointment is part of Broadway’s expansion and strategy to capitalize on the growing market opportunities. The company’s expansion will also see co-founder and board of directors’ member Tyler Moeller will also become Chief Innovation Officer.

Head Corporate & Institutional Clients International at UBS Andy Kollegger has been nominated to the Board of Directors of SIX. Kollegger ‘s predecessor Sabine Keller-Busse has decided to step down as a member of the board after nine years. The change is set to take place at the end of April. The announcement also noted that Andy Kollegger was nominated as her successor and as UBS’s representative on the Board. The BoD is set to propose him for election at the Annual General Meeting of the company, set for the end of April.

Fintech firm Broadridge Financial Solutions, Inc. today announced the acquisition of Itiviti, a provider of trading and connectivity technology to the capital markets industry, from Nordic Capital. Broadridge and Itiviti have signed a definitive agreement for all-cash transaction. The deal is valued at €2.143 billion (approximately $2.5 billion). The acquisition is expected to close in the fourth quarter of the fiscal year 2021.

Macrobond Financial, provider of economic and financial data and analytics, today announced the appointment of Ian Hissey Regional Managing Director for Asia Pacific. Hissey will be based in Hong Kong and will build on the company’s success in a region. Macrobond has seen significant demand for data and analytics and continues the expansion of its business into Japan and South Korea. Hissey brings vast knowledge from his previous experience in managing teams focused on portfolio analytics and quantitative analysis in Australia and across APAC.

The Australian Securities and Investments Commission (ASIC) has announced that its intervention order placing conditions on the distribution of CFDs to retail clients comes into effect today. The order limits the leverage brokers offer to a range from 30:1 to 2:1. The order also reduces the CFD leverage which is available for retail clients. It targets sales practices that increase retail clients’ losses when trading CFDs such as incentives offered by brokers to become a client or trade.

Forex Weekly Look Back

The Financial Conduct Authority (FCA) released a new policy statement on its website announcing that all UK crypto firms must now submit financial crime reports on a yearly basis, regardless of annual revenue. Within the new financial crimes reporting sphere are cryptoasset business, following plans released eight months ago alluding to the policy change. The new policy statement suggests that REP-CRIM reporting is essential when it comes to tackling money laundering crimes, therefore firms must be compliant in order to aid regulators’ efforts.

The Australian Securities and Investments Commission (ASIC) has just announced its product intervention order banning the issue and distribution of binary options to Australian retail clients. The ban takes effect on 3rd May 2021. The Australian watchdog said it found that binary options cause significant financial damage to retail clients in the official announcement. Reviews in 2017 and 2019 conducted by the regulator show that 80% of retail clients lost money trading binary options.

Derivatives marketplace CME Group is set to expand its crypto derivatives suite in the near future by introducing a brand new Micro Bitcoin futures contract. The planned launch date for this new feature is currently said to be 3 May, pending review from regulators. Set to be one-tenth of one regular bitcoin, this smaller-in-size Micro Bitcoin contract will aim to supply market participants with another tool with which to execute bitcoin exchange tactics or hedge the price risk of bitcoin in a more cost-effective and efficient way.

RegTech firm Muinmos has just announced its partnership with RHT Compliance Solutions in order to take advantage of the increasing interest in its Regulatory Onboarding Engine in Singapore. RHT Compliance Solutions in Singapore provides services to Financial Institutions and Capital Market Intermediaries in Singapore and the region. Through the partnership, RHT will offer Muinmos’ Regulatory Onboarding Engine to their growing client base made up of banks, investment banks, brokers and fund managers.

Payments giant Visa has become the first major payments network to settle Ethereum transactions in USD Coin, a stablecoin backed by the US dollar. To make this possible, Visa is partnering with crypto platform Visa’s process requires partners to settle in fiat currency, which adds fees and complexity for businesses working in digital currencies. The move allows the credit card issuer to enable its partners like to exchange USD Coin (USDC) through its payments network.

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