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.
The Cyprus Securities and Exchange Commission (CySEC) has extended the suspension of Cyprus Investment Firm FTX (EU) Ltd’s authorization, barring it from offering investment services until late May 2025. This extension allows the firm time to comply with the Investment Services and Activities and Regulated Markets Law of 2017. Suspension Details and Limitations for FTX (EU) Under the suspension, FTX (EU) is prohibited from providing investment services, entering new business transactions, or accepting new clients. It is also barred from promoting itself as an investment service provider. However, the firm is permitted to complete ongoing transactions and return funds to…
Proprietary trading firm FunderPro has integrated the cTrader platform into its services, expanding trading options for its users. cTrader, a forex and CFD trading platform, provides brokers and prop trading firms access to a wide range of financial instruments through a comprehensive liquidity network. Enhanced Solutions for Proprietary Trading Firms Spotware, the developer of cTrader, offers various integration solutions, including Open API and plugins, enabling seamless connectivity for brokers and proprietary trading firms. Spotware’s fintech solutions support a network of brokers and prop firms globally, further strengthening FunderPro’s trading infrastructure. FunderPro’s move follows similar steps by other proprietary trading companies…
Italy’s financial regulator, Consob, has partnered with Google to block fraudulent investment ads, aiming to strengthen investor protection by filtering out risky ads from social media and web platforms before they can reach audiences. The collaboration, announced at a conference in Rome organized by Consob Commissioner Gabriella Alemanno, is designed to enhance online security for investors by intercepting deceptive financial promotions. A Broader Tech Alliance on the Horizon This partnership with Google is seen as an initial step in a larger initiative. Consob Commissioner Federico Cornelli expressed optimism, calling the collaboration “a first step in the right direction.” Cornelli emphasized…
Capital One could soon face enforcement action from the Consumer Financial Protection Bureau (CFPB) over allegations of inadequate disclosure on a high-yield savings account, according to SEC filings. This situation arose after customers voiced complaints that Capital One’s rollout of a new high-interest “360 Performance Savings” account was unclear, resulting in some customers potentially earning less than they would have with the new account. Customer Complaints Spark Legal Dispute In a lawsuit filed last year, some Capital One customers argued that they were not properly informed about the difference between their existing “360 Savings” accounts and the new, higher yield…
The Financial Commission has announced the removal of DeltaFX from its membership roster, citing persistent non-compliance with its regulatory standards. DeltaFX’s expulsion means its clients are no longer eligible for compensation through the Financial Commission’s Compensation Fund, which is available solely to clients of approved members and is contingent upon rulings by the organization’s Dispute Resolution Committee. As an external dispute resolution body within the financial services industry, the Financial Commission enforces standards that member firms must meet to retain their membership. The organization confirmed that DeltaFX was removed after repeated rule violations and failure to meet required compliance measures.…
Interactive Brokers Group, Inc. (Nasdaq: IBKR) has released its October report, showcasing significant growth across several metrics for its electronic brokerage services. The firm reported a 46% increase in Daily Average Revenue Trades (DARTs), totaling 2.82 million for the month. This reflects a 7% rise compared to the previous month and highlights the growing activity on the platform. Client equity also surged to $540 billion, marking a 47% year over year increase. Additionally, client accounts rose by 28%, reaching 3.2 million, while client credit balances saw a slight increase of 2%, reaching $117.6 billion. Interactive Brokers provides automated trade execution…
Dukascopy Bank has introduced a new line of money market investment products to mark its 20th anniversary, offering attractive annualized interest rates for USD, GBP, and EUR holdings. Known as Interest USD, Interest GBP, and Interest EUR, these products provide rates of 5.70% for USD, 5.45% for GBP, and 4.03% for EUR, based on the performance of underlying funds. Designed for clients with moderate risk tolerance seeking stable, short-term returns, these investments are available to MCA account holders. Dukascopy aims to offer safer portfolio growth options, catering to investors interested in predictable income on their EUR, USD, and GBP assets.…
The NAGA Group AG reported revenue of €31.7 million for the first half of 2024, boosted by its merger with Key Way Group, the parent company of CAPEX.com. This merger nearly doubled NAGA’s user base, deposits, and trading volume, contributing to its strong performance. Alongside the merger, NAGA implemented cost-reduction measures, reducing direct costs by 30% and personnel costs by 18%, which led to an 85% increase in EBITDA, reaching €2.8 million. Revenue Growth and Strategic Adjustments NAGA’s H1 2024 revenue reflects a strategic pivot aimed at enhancing profitability and efficiency, with the firm actively cutting unprofitable units. This strategy…
XTB, a leading Polish fintech firm, reported a strong third quarter, with a consolidated net profit exceeding PLN 200 million. The company’s preliminary financial results highlighted growth in client acquisition, revenue, and profitability during this period. XTB attracted over 108,000 new clients in Q3, marking a 60% increase compared to the same quarter last year. Consolidated net profit reached PLN 203.8 million, nearly doubling year-over-year. Revenue and Profit Growth XTB’s Q3 2024 revenue surged to PLN 470.2 million, a 67.3% increase from the previous year. This growth was largely attributed to increased market volatility in July and August, which drove…
The Cyprus Securities and Exchange Commission (CySEC) has suspended the voting rights of Aliaksandr Klimenka, the indirect sole shareholder of FXOpen EU Ltd, citing concerns about his influence on the company’s management. The regulator believes that Klimenka’s level of control could hinder the firm’s ability to operate in a sound and responsible manner. Six-Month Grace Period for Governance Overhaul CySEC has given FXOpen EU Ltd a six-month grace period to restructure its governance and address the issues stemming from Klimenka’s influence. This suspension is expected to come into full effect after the grace period, during which the company is tasked…