Looking back at the most intriguing and popular industry news from the past week between 14th and 18th June on LeapRate.
Refinitiv FXall announced its plans to expand FX traders’ access to FX OTC cleared workflows when it comes to trading by bridging its connectivity to LCH. The new solution will provide FXall users with a far more streamlined and swifter method of clearing NDF trades via LCH’s already established ForexClear service. Dependent on approval from regulators, the new solution is due to go live during Q4 of 2021.
JPMorgan Chase agreed to buy UK online investment management platform Nutmeg as it enters the Britain’s retail banking market. The US banking giant announced its plans on Thursday to buy the robo-adviser for an undisclosed sum. Nutmeg has grown quickly since its launch in 2012 and now manages £3.5 billion in assets for about 140,000 customers. It offers a range of investment accounts, such as ISAs, pensions and general investment accounts.
Fintech firm Acuity Trading launched a brand new R&D centre based in Barcelona, Spain. The recent press release revealed that CEO Andrew Lane completed the constitution for what will be known as Acuity Analytics, earlier this month. This new Barcelona-based research and development hub is said to be part of Acuity’s strategic expansion plans into Europe.
FXSpotStream, the provider of a multibank FX aggregation service for spot FX trading, revealed that Ross Smith has joined the company as a Legal Consultant. The official announcement noted that the new hire comes as the company prepares for the launch to support Algo and Allocation functionality over their API. Ross Smith has more than two decades of experience as a legal expert, handling legal matters for a number of firms.
Fintech firm Broadridge Financial Solutions, Inc. strengthened its leadership team with the addition of Fintech and financial services veteran Ray Tierney as President of Itiviti. Tierney brings extensive experience on both the sell-side and buy-side. In his new role, he will be responsible for the management and growth of Broadridge’s front-office OEMS and Connectivity solutions with its recently finalised acquisition of Itiviti.
Financial services group Global Kapital Group (GKG) revealed that it has obtained a broker-dealer from the Financial Industry Regulatory Authority (FINRA), granting the Group the rights to serve clients in the United States. The official announcement reported that the company’s SEC-registered entity GK TRADE New York LLC is authorized to onboard clients and in the US and is allowed to offer trading services with securities and mutual funds.
Switzerland-based online trading platform, Swissquote, reported that, due to a surge in trading activities, the company is expecting a record performance for the first half of 2021. The official announcement reported that the company estimates that their net revenues for H1 2021 will reach CHF 260 million. The company registered CHF 160.7 million in net revenues of during the first half of 2020.
OTC market for the buy-side TrueFX announced that Straits Financial Services Pte Ltd, a Singapore-based Capital Markets Services License company, has joined TrueFX as a clearing member to enhance their clients’ access to forex liquidity. Straits Financial will provide FX brokers and buy-side firms with direct access to liquidity on TrueFX. Users will benefit from access to all market makers on the venue, who in turn can provide them with customized pricing.
Forex and CFD broker ATFX launched 54 Hong Kong shares CFDs which cover the large and popular companies listed in the region. Traders will have access to shares of the largest companies in the stock market, based on the market capitalisation in Asia. The announcement revealed that ATFX clients located in the regions of Asia, Africa and Latin America will immediately be able to use the share CFDs.
Finvasia Group announced its acquisition of Fxview, a Cyprus-based CFD broker and financial services provider with clients in more than 25 countries around the globe. Finvasia, which oversees a number of different brands within the FinTech industry, stated in its announcement that it has acquired a full 100% stake in the firm, but is yet to reveal how much it bought the company for.
Global multi-asset execution, clearing and liquidity provider Sucden Financial revealed a new mobile trading app for its futures and options trading system, STAR. STAR Mobile provides users with real-time trading, position monitoring, order management and execution. It allows for quick reactions to market movements while on the move with its complementary range of alerts and notifications. The mobile app works with the desktop platform and can be used with Android and iOS mobile devices.
Edgewater Markets has revealed the appointment of Michael Cleary as their new Director of Sales out of their New York City headquarters. In the newly created position, Cleary will lead the New York business of the company, focusing on LatAm sales, working closely with Robert Sanchez and Jose-Antonio Buenaño. Edgewater Markets provides forex services to 350 global institutional clients and complete software solutions for banks, asset managers, brokers and other financial institutions.
Broadridge Financial Solutions revealed the successful launch of its distributed ledger repo (DLR) platform. According to the announcement, the blockchain-enabled platform has provided early participants with reduced risk, operational costs and enhanced liquidity, while also accelerating their digitization journey.
Marco Mottadelli, Head of Global Brokerage at the Fineco sat down with LeapRate to talk about the history behind the Italian bank’s business model, its innovative approach and its significance for the European scene. He explained that Fineco has a fintech business model with almost 20 years of history which creates a combination of innovation and solidity of the balance sheet.