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.
LMAX Limited and its subsidiary, LMAX Broker Limited, have released their financial results for 2023, showing a mixed performance. Despite a rise in trading volumes and revenue, the companies struggled with profitability due to mounting administrative expenses. Combined, the two UK-based subsidiaries of the LMAX Group generated nearly £52 million in revenue, but net losses exceeded £750,000. Trading Volumes Rise but Costs Weigh Down Profits LMAX Limited reported that trading volumes reached $4.5 trillion in 2023, marking a 5% year-over-year increase. Average Daily Volumes (ADV) climbed to $17.4 billion, reflecting a compound annual growth rate (CAGR) of over 10% in…
FXSpotStream, a provider of multibank FX aggregation services, has announced that Australia’s ANZ bank has joined its platform as a liquidity provider. ANZ is the first Australian bank to become part of the platform, joining a network of 17 global liquidity providers, including industry giants like Bank of America, JP Morgan, and Barclays. This strategic addition is aimed at bolstering FXSpotStream’s presence in the Asia-Pacific region and enhancing its offerings for clients seeking liquidity in Australian, New Zealand, and other Asian currencies. Expanding Liquidity Offerings in Asia-Pacific The inclusion of ANZ as a liquidity provider is part of FXSpotStream’s strategy…
Tickmill UK Ltd, a subsidiary of the Tickmill Group regulated by the Financial Conduct Authority (FCA), has released its financial results for the fiscal year ending on December 31, 2023. The company’s revenue climbed to £6.6 million, reflecting a solid improvement from the previous year’s performance. However, the net profit dropped significantly to £77,500 compared to £643,300 in 2022, pointing to a challenging year for profitability. Increased Costs Impact Profitability According to the latest filing with Companies House, administrative expenses surged by 68% year-over-year, reaching £9.5 million. Despite this, Tickmill UK reported a slight operating profit of £107,200 and a…
The Financial Conduct Authority (FCA) has called on firms to demonstrate their commitment to the Consumer Duty regulations by adopting a more data-centric approach to ensure compliance and better consumer outcomes. Despite being in effect for a year, the Duty is still facing challenges, especially in areas like customer service and product administration. Background on Consumer Duty The FCA’s Consumer Duty officially took effect with an implementation deadline of July 31, 2023, for all new and existing financial products and services. A staggered approach was used, with different obligations being rolled out at various stages. The final phase concluded in…
Visa has announced its acquisition of Featurespace, a technology firm specializing in artificial intelligence (AI)-driven fraud prevention solutions. The move is aimed at bolstering Visa’s ability to detect and mitigate financial crime, as the payments giant looks to reinforce its security measures amid rising cyber threats in the digital asset and payments space. Integrating AI for Advanced Fraud Detection Featurespace’s proprietary algorithmic systems analyze transaction patterns in real-time to identify suspicious activity, offering an advanced layer of fraud detection for financial institutions and merchants. With this acquisition, Visa plans to integrate Featurespace’s solutions into its global network, enhancing its ability…
PayPal has expanded its cryptocurrency services to U.S. business account holders, allowing them to buy, hold, and sell digital assets directly through their accounts. However, businesses located in New York will not have access to these new features at launch. This move is part of PayPal’s response to the growing demand for cryptocurrency solutions in business operations. Onchain Transfers for Business Accounts One of the key aspects of the new service is the ability for U.S. business account holders to transfer cryptocurrency on-chain to third-party wallets. This feature enables merchants to send and receive crypto through external blockchain addresses, streamlining…
In a new collaboration, MyFundedFutures has partnered with dxFeed to integrate its real-time US Futures data into their platform, aimed at providing traders with immediate access to live market information. MyFundedFutures, a futures prop trading firm, operates a simulated trading platform where participants can engage in trading challenges that mirror real market conditions. With the integration of dxFeed’s data services, traders will now have the ability to access up-to-the-minute market data, a key factor in refining trading strategies and navigating the futures market more effectively. Boosting Simulated Trading with Real-Time Data Through this collaboration, MyFundedFutures enhances its platform by offering…
Dynamic Works and Brokeree Solutions have launched a new integrated CRM feature designed for prop trading firms, aiming to enhance client onboarding and streamline account management. The new module, part of the Syntellicore platform, enables clients to browse and select prop trading plans, make deposits, and access their trading accounts all within a unified system. Simplifying the Prop Trading Experience The newly launched module allows clients to explore various prop trading plans directly within their client area. Once a plan is selected, clients can complete the required deposit, with Syntellicore automatically processing the payment and creating the associated trading account.…
FD Technologies has announced an agreement to sell its First Derivative business to EPAM Systems, Inc. for £230 million ($290 million), in a deal expected to close by the fourth quarter of 2024, pending shareholder approval. The Northern Irish technology firm is restructuring to streamline its operations and focus resources on its KX division, which specializes in real-time data analytics and AI solutions. Strategic Shift Towards KX Analytics The decision to divest its First Derivative unit is the result of a strategic review that began in March. Seamus Keating, Group CEO at FD Technologies, emphasized that the move is beneficial…
ATFX has launched the MetaTrader 5 platform, aiming to elevate its trading solutions with faster trade execution, advanced analytical tools, and robust data security. The company’s adoption of MetaTrader 5 is intended to improve operational efficiency and support traders in making more informed decisions in the dynamic financial markets. Aiming for Trading Precision The new platform integrates intelligent trading systems, sophisticated charts, and a variety of order types to help traders execute strategies with greater precision. Jeffrey Siu, ATFX’s Chief Operating Officer, highlighted that the move aligns with the company’s mission to equip traders with cutting-edge technology to stay competitive…