Author: Desmond Brooks

X Open Hub, a recognized leader in providing liquidity solutions, has announced its participation as an exhibitor at FMPS:24, one of the most prominent online trading, fintech, and crypto events in the Asia-Pacific (APAC) region. The event will take place at the International Convention Centre (ICC) in Sydney, Australia, from August 27-29, 2024. This inaugural event is expected to gather thousands of C-level executives, financial institutions, fintech companies, and key industry figures to explore the latest developments, challenges, and opportunities in the financial markets. As an exhibitor, X Open Hub aims to further solidify its reputation as a leading service…

The proprietary trading firm, Funds For Traders, has announced that it will be closing its doors, citing the withdrawal of support for the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms by Eightcap as the primary reason. The firm informed its users that the decision to cease operations was unavoidable due to the loss of these crucial trading platforms. MT4 and MT5 Platform Withdrawal In a statement shared on social media platform X, Funds For Traders expressed their regret: “As of today, we will be ceasing all operations at Funds For Traders. This decision follows the recent notification from Eightcap…

In June 2024, retail Forex deposits in the United States saw a robust increase, marking the highest levels recorded in over a year. Following two months of declines, deposits rebounded strongly, driven by continued volatility in the currency markets that has kept traders actively engaged. Forex Deposits in the US Hit $558 Million According to the latest data from the Commodity Futures Trading Commission (CFTC), the total value of Forex deposits in the US reached $557.5 million in June 2024, representing a 1.8% increase compared to May. This nominal growth of nearly $10 million is the highest figure seen in…

Public, a New York-based investing platform, has unveiled a new bond account, aimed at allowing investors to diversify their portfolios with corporate bonds offering yields of up to 7.3%. This launch comes as investors increasingly seek stable returns in anticipation of potential Federal Reserve rate cuts in late 2024 or early 2025. Expanding Opportunities in Bond Investing Public’s bond account provides a straightforward way for investors to access a curated selection of ten corporate bonds issued by prominent companies across various industries. These bonds offer yields ranging from 6% to 9%, enabling investors to diversify without the need to individually…

The strengthening U.S. dollar has posed significant challenges for fund managers, impacting returns and driving up operational costs for 83% of them, according to a new report. The MillTechFX North American Fund Manager CFO FX Report 2024 highlights how fund managers are adapting to these challenges by extending hedge tenors and increasing automation in response to ongoing foreign exchange (FX) market volatility and upcoming U.S. elections. Expansion of Hedging Practices The report, which surveyed 250 senior finance executives, reveals that 65% of fund managers are planning to extend the duration of their hedging strategies, providing longer-term protection against FX market…

Piper Sandler, a prominent investment banking firm, has agreed to pay $16 million in civil penalties to settle investigations by U.S. regulators concerning its record-keeping practices. This settlement, announced on Tuesday, is part of a broader regulatory crackdown on Wall Street’s communication compliance. Details of the Settlement The Minneapolis-based firm will pay $14 million to the Securities and Exchange Commission (SEC) and $2 million to the Commodity Futures Trading Commission (CFTC). These fines are the result of probes into unapproved business communications conducted via messaging platforms. “The Company has reached agreements in principle with the staff of the SEC and…

CFI Financial Group has announced the extension of trading hours, now offering pre-market trading from 8:00 AM to 9:30 AM ET and post-market trading from 4:00 PM to 4:59 PM ET. This new feature allows traders to react promptly to market-moving news and earnings reports outside regular trading hours. Advantages of Extended Trading Hours The extended hours provide several benefits, including the ability to trade US-listed shares before and after the standard market session. This gives traders the opportunity to capitalize on unique market conditions and news events that occur outside the usual trading times. The new trading schedule on…

IG has announced that it will no longer offer PayPal as a payment option for its UK users, following discussions with the Financial Conduct Authority (FCA). The company recommends Apple Pay as an alternative for seamless transactions. Transition to Apple Pay UK users will need to find new ways to fund and withdraw from their accounts, as IG suggests switching to Apple Pay. This payment method ensures instant transactions with high authorization rates, providing a smooth user experience. An IG administrator stated, “This decision follows discussions with the FCA and has led us to adjust our payment methods. Rest assured,…

easyMarkets, a global leader in financial trading, has received a license from South Africa’s Financial Sector Conduct Authority (FSCA), marking a significant milestone in its expansion. The company views this approval as a testament to its dedication to the South African market. Enhancing Regulatory Credentials The FSCA license is a notable addition to easyMarkets’ existing international regulatory credentials. The company is already licensed by CySEC in Cyprus, ASIC in Australia, FSA in the Seychelles, and the FSC in the British Virgin Islands. Koula Lamprou, CFO of easyMarkets, stated, “Securing the FSCA license reflects our strict adherence to financial, operational, and…

The Finance Magnates social media benchmark highlights the increasing prominence of brokers on platforms like Facebook and X (formerly Twitter), as they leverage these channels to enhance their market presence and connect with clients. A strong social media presence not only drives engagement but also builds brand loyalty, contributing to overall business growth. Through social media, brokers can reach a wider audience, display their expertise, and offer real-time updates essential in today’s fast-paced financial landscape. Leading the Social Media Landscape The Finance Magnates social media presence benchmark was established to assess brokers’ growing influence on social media. This benchmark counts…