Author: Desmond Brooks

FlowBank’s liquidators have launched a new platform to assist clients in selling their securities as part of the bank’s liquidation process. Clients are encouraged to complete transactions before November 15, 2024, to avoid delays in accessing their funds. Asset Liquidation Process Geneva based FlowBank’s liquidators, Walder Wyss, have provided an online platform that allows clients to sell their securities directly. This streamlined approach is intended to expedite the liquidation process, offering a faster alternative to transferring securities, which can be both time consuming and costly. Clients can log in using their existing credentials to access the platform. “You can now…

WhiteBIT, a leading cryptocurrency exchange, has achieved the highest level of certification for payment data security by obtaining the Payment Card Industry Data Security Standard (PCI DSS) Level 1 certification. This accomplishment highlights the platform’s dedication to ensuring top notch security for its users’ financial information. The PCI DSS certification confirms that WhiteBIT follows the best practices for handling, storing, and processing payment card data, safeguarding users against cyber threats and online fraud. With this certification, customers can securely conduct transactions using payment methods like Apple Pay and Google Pay, confident that their data is protected. “Our customers’ security has…

Firstrade has strengthened its mobile trading app by integrating advanced AI powered tools from Trading Central, aiming to offer investors real time market insights and improved decision making capabilities. This collaboration seeks to provide traders with enhanced resources for understanding market dynamics and optimizing their investment strategies. New Trading Central Tools Now Available on Firstrade App The expanded partnership with Trading Central brings several new features to Firstrade’s mobile platform, including Technical Insight, TC Market Buzz, and thematic portfolios. These tools, already available to desktop users since February 2024, are now accessible to mobile app users as well. John Liu,…

The Financial Conduct Authority (FCA) has announced plans to introduce a Temporary Permissions Regime (TPR) for Buy Now, Pay Later (BNPL) companies, allowing them to continue operating while new regulations are finalized. The move comes as the regulator supports the government’s efforts to bring BNPL products under regulatory control. The FCA has advocated for BNPL oversight since 2021, following recommendations from the Woolard Review, which called for greater regulation in this sector. The TPR will allow firms to continue offering BNPL services while their applications for authorization are reviewed. In the meantime, these firms must comply with the FCA’s rules,…

Interactive Brokers has officially opened a new office in the Dubai International Financial Center (DIFC), aiming to tap into the region’s growing financial market. The company, which holds a Category 4 license from the Dubai Financial Services Authority, expects this expansion to provide traders and investors across the UAE and the broader Gulf Cooperation Council (GCC) region with greater access to global markets. Expansion into Dubai Interactive Brokers’ move into the Middle East comes amid a rising demand for financial services in the region. The new DIFC office will cater to a wide range of clients, including active traders, high…

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,…