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 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…
MultiBank Group has announced a notable increase in its 2023 financial performance, with net income reaching $226.8 million, up from $180 million in 2022. The company reported a revenue of $306.6 million, reflecting a 10% increase compared to the previous year. MultiBank Group Sees 26% Profit Surge in 2023, Revenue Tops $300 Million MultiBank Group has unveiled its financial results for 2023, showcasing impressive growth with a total revenue of $306.6 million. This marks a 10% year-over-year increase, underlining the company’s solid performance. The group’s net income experienced a significant boost, rising by 26% from $180 million in 2022 to…
The upcoming fraud reimbursement plan mandates banks and fintech companies to compensate victims of authorized push payment fraud, with refunds reaching up to £415,000. However, there are growing concerns that this plan may negatively impact investment in the fintech industry. UK Treasury and FCA Raise Concerns Over New Fraud Reimbursement Plan The UK Treasury and the Financial Conduct Authority (FCA) have voiced significant concerns regarding a new fraud reimbursement scheme set to be implemented soon, according to a report from CityA.M. Under the Payment Systems Regulator (PSR)’s new regulations, which are slated to come into effect on October 7th, banks…
In a significant move, Corpay, Inc. has secured a partnership with Manchester City, the reigning Premier League champions. This collaboration designates Corpay’s Cross-Border division as Manchester City’s Official Foreign Exchange (FX) Partner. Corpay Aligns with Manchester City This new alliance extends to Manchester City Women, with Corpay Cross-Border also recognized as an Official Partner of the team. “We are thrilled to become the Official FX Partner for both Manchester City and their women’s team,” commented Brad Loder, Chief Marketing Officer at Corpay Cross-Border Solutions. “This partnership underscores our dedication to expanding the Corpay brand and enhancing our global corporate payments…
A full-scale rollout is anticipated by the year’s end, following the current testing and integration phase. Zip has been broadening its strategic alliances, including recent partnerships with Mastercard and Google Pay. Global digital payment leader Stripe has entered into a partnership with Zip, an Australian buy now, pay later (BNPL) provider. This collaboration aims to offer online retailers more flexible payment solutions, enabling customers to split purchases into four payments over six weeks using Stripe’s platform. Strengthening Presence Through Strategic Alliances This new partnership builds on Zip’s recent series of high-profile collaborations, including those with Mastercard and Google Pay. George…
Aiming to facilitate cross-border transactions, the new program connects leading digital wallet platforms, including Airtel, bKash, MPESA, Nequi, and Sama Money. Strengthening Global Digital Wallet Connectivity TerraPay has launched a pioneering initiative to enhance global digital wallet connectivity through its newly established “Wallet Interoperability Council.” This collaborative effort brings together five major digital wallet providers to simplify international money transfers and expand the reach of cross-border transactions. Unifying Global Wallets Led by TerraPay, the Wallet Interoperability Council includes prominent digital wallet operators such as Airtel, bKash, MPESA, Nequi, and Sama Money, covering regions like Bangladesh, Colombia, Kenya, Senegal, Tanzania, and…