Author: DailyFXWire Editorial Team

The UK Treasury and the Financial Conduct Authority (FCA) have voiced concerns regarding an impending fraud refund scheme that could pose significant challenges to the financial sector, according to a report by CityA.M. Set to be implemented by the Payment Systems Regulator (PSR) on October 7th, the new regulations will require banks and fintech companies to fully reimburse victims of authorized push payment (APP) fraud, with compensation capped at £415,000. The cost of reimbursement is to be shared between the sending and receiving firms. Potential Industry Impact While the scheme is designed to protect consumers, particularly in light of the…

In a significant development, global multi-asset broker VT Markets has announced a new collaboration with the renowned Newcastle United football club. The partnership was commemorated with the unveiling of a special jersey featuring the number ’77’, a number that holds particular importance for VT Markets, symbolizing prosperity and growth. Celebrating the Partnership The ceremony, which took place at Japan’s Saitama Stadium on July 31, highlighted the mutual respect between the two entities. As a gesture of appreciation, Newcastle United presented VT Markets with the symbolic ’77’ jersey, while VT Markets reciprocated with an appreciation trophy. Peter Silverstone, Newcastle United’s Chief…

Trading 212 has acquired FXFlat Bank GmbH, marking its entry into the German market through a fully licensed local entity. This strategic move is set to bring Trading 212’s zero-commission investing platform to German investors, further disrupting traditional brokerage services across Europe. Strategic Expansion into Germany The acquisition of FXFlat Bank GmbH by Trading 212 represents a significant step in the company’s European growth strategy. Known for its innovative zero-commission trading model, Trading 212 has gained a strong foothold in the UK and European markets. This latest acquisition allows the company to establish a direct presence in Germany, operating under…

Capital.com has unveiled a new initiative inviting ethical hackers and security researchers worldwide to identify and report software vulnerabilities on their platforms. This global call to action offers cash rewards based on the severity of discovered issues, reflecting Capital.com’s commitment to maintaining the highest standards of security. A Global Invitation for Enhanced Security In a move to bolster its platform’s defenses, Capital.com has launched a public bug bounty program, hosted on the crowdsourced security platform Intigriti. This initiative underscores the company’s dedication to safeguarding user data and ensuring the integrity of its trading environment. By inviting security experts from around…

YaMarkets has been officially recognized as the latest member of the Financial Commission, providing the company and its clients with access to a range of valuable services, including financial protection of up to €20,000 per complaint. This membership marks a significant step for YaMarkets in simplifying and accelerating the dispute resolution process, offering a more efficient alternative to complex regulatory procedures. Enhanced Client Services with Financial Commission Membership Effective from August 14th, 2024, YaMarkets’ inclusion as an approved broker member of the Financial Commission underscores the company’s commitment to enhancing client services. With this new membership, YaMarkets’ clients can now…

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…

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,…

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…

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…

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…