Author: Desmond Brooks

South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), has revoked the license of the online trading platform Banxso following concerns about the firm’s business practices and potential risks to clients. The FSCA announced on Wednesday that the decision was based on findings that Banxso could be involved in activities that pose significant risks to its customers. The regulator cited concerns about Banxso’s alleged use of misleading deepfake advertisements and the aggressive sales tactics employed by its agents. Regulatory Concerns According to the FSCA, Banxso’s sales methods reportedly pressured clients into making rushed financial decisions without conducting proper risk…

The UK’s Financial Conduct Authority (FCA) has issued a warning about a fraudulent company posing as APM Capital Markets Limited. Investors are urged to verify the legitimacy of any financial firm by using the FCA’s Financial Services Register. The clone firm is operating through the website www.buxtrmarkets.com, which closely mimics the legitimate site www.buxmarkets.com. Clone firms like these impersonate authorized financial companies to deceive investors, using fake websites, emails, and contact details that resemble those of genuine FCA regulated firms. Why This Matters Clone firms are designed to mislead investors into believing they are working with a legitimate financial institution,…

The Cyprus Securities and Exchange Commission (CySEC) currently oversees 328 Management Companies and Undertakings of Collective Investments (UCIs), while total assets under management (AUM) increased slightly in the second quarter of 2024, despite a yearly decline. Slight Decline in Company Numbers, Growth in Assets According to CySEC’s Q2 2024 statistics, the number of entities under its supervision dropped from 334 the previous year to 328, marking a 1.8% decrease. This figure includes 236 Externally Managed UCIs, 33 Internally Managed UCIs, and 69 External Fund Managers. The total AUM for these entities rose by 2.88% compared to the previous quarter, reaching…

The shift to a one-day settlement period (T+1) brings significant challenges, including the need for system updates, standardization, and alignment across the European Union’s financial markets. T+1 to Enhance Efficiency and Reduce Costs The European Securities and Markets Authority (ESMA) is gearing up to accelerate the securities settlement process from two days (T+2) to one day (T+1), aligning with global market trends. This move aims to reduce risk, lower costs, and enhance the efficiency of cross-border transactions, but it presents hurdles such as the modernization of post trade systems. ESMA has emphasized that substantial investments will be required to achieve…

UK-based stockbroking platform Freetrade reported a trading volume of £3.4 billion for the 15 months ending in December 2023, marking a slight drop compared to £3.6 billion in the previous 12 months. The latest financial filing from the company covers a longer period as Freetrade shifts its fiscal year from October-September to January-December. Positive Results Amid Challenges Despite the drop in trading volume, Freetrade experienced a solid year in other areas. The company saw an increase in net funding of £240.2 million over the 15 months, although this was lower than the £598.4 million raised in the previous year. Additionally,…

Amid a global stock market resurgence, EBC Financial Group (EBC) is taking steps to boost liquidity across five key stock indices: the U.S. Dow Jones, Nasdaq, S&P 500, China’s A50, and Hong Kong’s Hang Seng Index. This move aims to provide investors with more efficient trading options around the clock, offering reduced trading costs and increased market access. As global capital seeks new growth opportunities, EBC’s liquidity enhancement comes at a crucial time, positioning investors to capitalize on the ongoing shifts in financial markets. With fresh capital inflows and a rise in initial public offerings (IPOs) driving stock markets worldwide,…

Stripe has entered into a strategic partnership with FreedomPay to enhance enterprise-level payment solutions, offering businesses more flexibility in their point-of-sale (POS) systems. While Stripe’s Terminal is widely used by small and medium businesses for custom POS setups, larger enterprises typically rely on their established systems. This new collaboration aims to bridge that gap by integrating Stripe’s payment services with FreedomPay’s extensive network of over 1,000 supported POS systems and card readers. Bringing Unified Commerce to Large Enterprises FreedomPay specializes in providing integrated commerce solutions that bring together various POS systems, payment providers, and loyalty programs. By partnering with Stripe,…

Ebury, a prominent payments company owned by Santander, is broadening its reach by offering tailored payment solutions to forex (FX) and contracts for differences (CFD) brokers. This move marks a significant step in the company’s strategic growth, as it actively targets a new client segment to diversify its service offerings. Expanding into the Brokerage Sector Ebury began onboarding FX and CFD brokers in December 2023 and has since attracted more than 20 brokerage clients, with over a dozen currently using its services actively. The platform offers a range of financial tools designed specifically for brokers, including international bank accounts (IBANs)…

Americas Executions (AmerX), a full-service broker-dealer and member of the New York Stock Exchange (NYSE), has taken a significant step in expanding its operations by implementing Broadridge Financial Solutions’ Securities Finance and Collateral Management (SFCM) platform. This move aims to support the launch and growth of AmerX’s securities lending division. AmerX Leverages Broadridge’s SFCM Platform for Securities Lending Broadridge’s SFCM platform offers a range of advanced tools designed to streamline securities lending processes, manage collateral efficiently, and enhance risk management. By adopting this technology, AmerX hopes to improve transparency, ensure compliance with regulations, and offer a broader array of products…

GCEX, a regulated digital prime brokerage, has introduced a new and enhanced market data feed solution that provides real-time data for a broad range of products, including Equity Index CFDs, Energy CFDs, Commodity CFDs, Crypto CFDs, Spot FX, and Bullion. This new service allows brokers, funds, and professional traders to access and redistribute real-time market data without limitations, offering increased flexibility for users across the financial ecosystem. New Market Data Feed Launched GCEX’s new data feed comes as an addition to its comprehensive brokerage services. One key advantage of this service is that users are not required to open a…