Author: Desmond Brooks
Desmond Brooks
Desmond Brooks is a skilled financial strategist with a keen eye for market analysis and trading opportunities. With a solid foundation in finance and a passion for economic trends, Desmond provides clear, actionable insights that help traders navigate the complexities of the market. He has contributed to several financial platforms, where his expertise in strategic planning and risk management has made him a trusted voice in the trading community.
Tickmill has set a new benchmark in the Middle East and North Africa (MENA) region, achieving a record-breaking trading volume of over $135 billion in the first half of 2024. This marks a 54% increase compared to the same period last year, as the number of active traders also surged by 20%. Significant Growth in MENA Operations Tickmill’s performance in the MENA region during the first six months of 2024 has been nothing short of exceptional. According to data shared with Finance Magnates, the trading volume surged by nearly $50 billion compared to the first half of 2023. The company…
FXSpotStream Europe Ltd, the European branch of the multibank FX aggregation services provider for spot foreign exchange trading, has reported impressive financial growth for 2023. The company achieved a 40% increase in revenue and saw its net profit soar by over 60%. Strong Financial Performance According to a recent report filed with the UK’s Companies House, FXSpotStream Europe’s revenue reached $3.5 million in 2023, up from $2.5 million the previous year. This marks another consecutive year of financial growth for the company, highlighting its strong market position. Despite an increase in administrative expenses—from $2.5 million to $3.3 million—FXSpotStream Europe managed…
Swissquote has deepened its involvement in the sports arena by becoming the main sponsor for two prominent Swiss ice hockey teams: Zurich’s ZSC Lions and Genève-Servette Hockey Club. The Swiss-based online broker has extended its sponsorship agreements with these teams for another three years, solidifying its presence in the sport. Increased Visibility and Brand Exposure As part of the extended agreement, the Swissquote logo will prominently feature on the jerseys of both teams, as well as in stadium advertisements and hospitality areas during all Swiss National League games. The National League is Switzerland’s premier ice hockey competition, offering significant visibility…
Interactive Brokers has introduced trading access to Bursa Malaysia, one of the largest stock exchanges in Southeast Asia. This expansion allows clients to trade equities and ETFs denominated in Malaysian Ringgit while benefiting from streamlined foreign exchange conversion. Broadening Global Market Opportunities Interactive Brokers continues to extend its global investment offerings by incorporating Bursa Malaysia into its trading platform. With a market capitalization nearing USD 380 billion, Bursa Malaysia hosts over 970 companies across various sectors, including financial services, manufacturing, and oil and gas. David Friedland, Head of APAC at Interactive Brokers, emphasized the benefits of this expansion: “Our clients…
Broadridge Financial Solutions has announced a strategic partnership with YCharts, a leading cloud-based platform for investment research and client communication. This collaboration integrates YCharts with Broadridge’s Wealth Aggregation platform, aiming to elevate the efficiency and effectiveness of financial advisors by reducing manual data entry and enhancing portfolio management capabilities. Seamless Portfolio Management through Integration With this integration, financial advisors can now benefit from a streamlined data flow between YCharts and Broadridge’s Wealth Aggregation platform. The unified system simplifies the process of importing client account data, significantly cutting down on time-consuming tasks and allowing advisors to focus more on client engagement.…
The bank has agreed to enhance compliance by hiring an independent consultant as part of the settlement with the CFTC. BNY Mellon Faces $5 Million Fine for Swap Reporting Missteps The Commodity Futures Trading Commission (CFTC) has imposed a $5 million civil penalty on Bank of New York Mellon (BNY) for failing to accurately report millions of swap transactions and for inadequate oversight of its swap dealer operations. Violations Spanning Five Years The CFTC’s enforcement action, announced on Monday, targets reporting violations that occurred between 2018 and 2023. During this time, BNY Mellon reportedly failed to correctly report at least…
Established in 2006, AvaTrade now boasts a global presence with 20 offices and over 400,000 active traders. The firm has received authorization from the Financial Superintendence of Colombia, enabling its official entry into the Colombian market. AvaTrade Expands into Colombia AvaTrade, a globally regulated broker, has secured approval from Colombia’s Financial Superintendence (SFC), allowing it to begin operations within the country. This regulatory nod marks a significant milestone for AvaTrade as it continues its strategic expansion into the Latin American region. Enhancing Global Footprint Daire Ferguson, CEO of AvaTrade Group, has highlighted the importance of the Colombian market in their…
The Securities and Exchange Commission (SEC) has awarded over $24 million to two whistleblowers whose tips and cooperation were crucial in a major enforcement action. This case highlights the essential role whistleblowers play in exposing misconduct that might otherwise go undetected. Timely Reporting Leads to Investigation The first whistleblower, who initially alerted the SEC to the misconduct, was granted $4 million. Their timely information led to the opening of the investigation. The second whistleblower, who provided detailed insights and continued cooperation, received a larger share of $20 million. Their contributions were vital, particularly in a case involving complex actions in…
Cyprus-based Match-Prime has introduced a new offering tailored for FX brokers, featuring enhanced net open position limits and increased leverage. “The demand for CFDs on cryptocurrencies is surging,” stated Andreas Kapsos, CEO of Match-Prime, in an interview with Finance Magnates. Match-Prime Enhances Cryptocurrency CFD Liquidity for Forex Brokers Match-Prime has expanded its cryptocurrency liquidity services, specifically targeting CFD brokers. This new offering includes higher leverage ratios and increased net open position (NOP) thresholds for leading digital currencies. The new service allows brokers to offer up to 1:50 leverage on Bitcoin (BTC) and Ethereum (ETH), with a 50 million NOP, and…
Pavel Durov, the founder and CEO of Telegram, was reportedly detained by French authorities at Le Bourget airport near Paris. The incident is believed to be connected to the operations of his encrypted messaging app, Telegram. Telegram CEO Pavel Durov Detained by French Authorities Pavel Durov, the billionaire CEO and founder of the popular encrypted messaging app Telegram, was reportedly detained by French authorities on Saturday evening at Le Bourget airport, just outside of Paris. Local media outlet TF1 TV reported that the 39-year-old was held shortly after his private jet landed, having traveled to France from Azerbaijan. Unclear Circumstances…