Author: Desmond Brooks

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…

CFI Group has announced its expansion into Azerbaijan through the acquisition of AzFinance İnveŞtisiya Şirkəti, a brokerage firm regulated by the Central Bank of Azerbaijan. This acquisition will allow AzFinance to integrate its services into CFI’s trading platform and be rebranded under the CFI Group name by the end of the year. The move is expected to create new opportunities for both local and regional traders. Expansion into Azerbaijan CFI Group, with over 25 years of experience in the industry, is venturing into the Azerbaijani market for the first time. This strategic move aims to capitalize on Azerbaijan’s strategic location…

The financial landscape in 2024 has been anything but predictable, with a series of global events leading to significant market shifts. From ongoing conflicts and economic uncertainties to pivotal elections in both Europe and the United States, the year has been marked by volatility and change. In response to these developments, the upcoming Finance Magnates Pacific Summit (FMPS) will explore these key trends and unveil potential challenges that may arise in the latter half of the year. Key Event Details Scheduled for August 27-29 in Sydney, Australia, FMPS will convene a diverse array of participants from the B2B and B2C…

The Financial Conduct Authority (FCA) has levied a fine of £276,100 on Forex TB Limited (FXTB), a Cyprus-based contract for differences (CFD) firm, after uncovering multiple breaches of conduct. The FCA’s investigation revealed that FXTB engaged in unauthorized investment advice and unfair treatment of its clients, leading to serious regulatory repercussions. Encouragement of Risky Borrowing and Misleading Practices The FCA’s findings indicated that FXTB exerted pressure on customers to engage in CFD trading, often encouraging them to borrow money from friends and family to invest. Additionally, the firm was found to have offered investment advice without the required authorization, violating…

Trading Technologies (TT) has announced the successful acquisition of the START platform from Abel Noser Holdings, marking a significant step in enhancing its service offerings. The acquisition of this broker-neutral trade optimization platform underscores TT’s commitment to providing clients with advanced tools for trade execution and transaction cost analysis. A Strategic Acquisition Process The acquisition journey began on August 31, 2023, when TT secured Abel Noser Solutions, a leading provider of transaction cost analysis services catering to investment managers, brokers, asset owners, and consultants. The recent completion of the START platform acquisition represents the second and critical phase in TT’s…

After a decade of success with a leading CFD broker, Desimir Paskalev has embarked on a new journey in the prop trading industry with his venture, FundedBull. Having spent over 10 years at a prominent CFD company, Desimir Paskalev, a well-known figure in the trading world, has taken the leap to start his own prop trading firm. Speaking candidly about his decision, Paskalev highlighted that entering the prop trading sector is more accessible and cost-effective compared to launching a traditional brokerage. Paskalev’s New Venture: From XM to FundedBull As a former Partner Relations Manager at XM, where he built his…