Tools for Brokers Enhances Toolbox
Tools for Brokers has enhanced its TFB Toolbox by releasing new functionalities, including live logs and notifications, to simplify monitoring and control. It brings an experimental table view for rules and enables messages on the stopout occurrence through a plugin. Further, the TFB Toolbox supports the Dynamic Leverage Changer for CFDs index.
“The new features were developed directly in response to client feedback,” Tools for Brokers stated.
Scope Markets Expands
Middle East Operations
Scope
Markets, a globally licensed securities broker, has announced the introduction
of accounts denominated in UAE Dirhams (AED). This move comes ahead of the
company’s planned expansion into equity Contracts for Difference (CFDs) based
on stocks from the Gulf Cooperation Council (GCC) states. CEO Pavel Spirin
stated that the new offerings aim to meet the growing demand for diverse
financial products in the rapidly expanding Middle Eastern economies.
The
upcoming expansion in Q4 2023 will include a variety of equity CFDs from key
stock markets in the Middle East, such as the Abu Dhabi Securities Exchange,
Dubai Financial Markets, and others.
SFC-HKMA Survey Reveals
Shift to Money Market Funds in 2022
The
Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority
(HKMA) have released the results of their 2022 joint survey on the sale of
non-exchange traded investment products. The survey found that money market
funds were the top-selling collective investment schemes (CIS), making up 61%
of total transactions, a significant increase from 33% in the previous year.
This shift is attributed to investors seeking stable income and liquidity in a
rising interest rate environment.
Despite a
24% decline in the total transaction amount to $3,799 billion, about 35% of
firms reported an increase in their transaction volumes. This resilience is
credited to firms offering personalized investment products tailored to
individual investor needs, allowing them to navigate or even thrive during
market challenges.
DOJ Intensifies Probe into
Credit Suisse and UBS
The US
Department of Justice (DOJ) has escalated its investigation into Credit Suisse
Group and UBS Group AG for alleged compliance failures that enabled Russian
clients to evade sanctions. Bloomberg reported the news and indicated a growing
scrutiny of these financial institutions in relation to sanctions evasion.
The initial
phase of issuing subpoenas to various banks earlier in the year has evolved
into a comprehensive probe centered on Credit Suisse, according to anonymous
sources familiar with the ongoing investigation. The DOJ is also examining the
possibility of compliance lapses at UBS, said one of the sources quoted by
Bloomberg.
SEC Extends
Deadlines for Ark 21Shares and Global X Bitcoin ETFs
The US Securities
and Exchange Commission (SEC) has postponed its decision on the applications
for spot bitcoin exchange-traded funds (ETFs) from Ark 21Shares and Global X.
The delay comes as the federal government faces a potential shutdown due to a
budget deadlock in Congress.
The SEC has
a total of 240 days to make a final decision on any application, but it can
extend deadlines at various points during the review process. Ark Investment
Management and 21Shares, who have been pursuing ETF approval since 2021, now
have a new deadline of January 10 for the SEC’s decision.
CFI Incorporates the TipRanks Plug-in on MetaTrader
CFI Financial Group has launched a MetaTrader plug-in to enable its clients access to the datasets of TipRanks. With this, CFI became the first broker to provide an MT plugin to display TipRanks’ datasets.
“By integrating TipRanks into our MetaTrader platform, we equip our traders with state-of-the-art research tools previously accessible only to the industry’s top players,” said Hisham Mansour, the Co-Founder and Managing Director of CFI Financial Group.
Uri Gruenbaum, the CEO of TipRanks, added: “TipRanks is proud to be integrated into CFI’s platform through the new MetaTrader plug-in… Together, CFI and TipRanks are giving CFI’s customers the best and latest technology as we level the playing field for all investors.”
Warning by New Zealand’s FMA
New Zealand’s Financial Markets Authority (FMA) today (Wednesday) warned against Brownprime, a platform offering investment into cryptocurrency mining. The warning came after “a New Zealand resident who has invested through Brownprime is having difficulties in withdrawing funds.”
According to the regulator, Brownprime offers unrealistic high returns and requires upfront fees to process withdrawals. The regulator highlighted that the platform is not registered in New Zealand, and its “website displays a certificate of incorporation of an entity with a different business nature.”
“We recommend exercising caution when dealing with Brownprime,” the FMA stated.
Winklevoss Twins’ Gemini to Increase Investment in India
Gemini, the cryptocurrency exchange backed by the Winklevoss twins, plans to invest INR 200 crore ($24 million) over the next two years in its technology hub in India.
The announcement came with the opening of its office at Gurugram, which is subject to the National Capital Region.
“Gemini’s Gurgaon office will provide powerful contributions to support our growth over the coming years. It will be home to professionals across our engineering, design, and operations teams that are responsible for developing products and services for customers around the world in 70+ countries,” the exchange noted.
Aussie Company Auditor Suspended
Rocco (Roy) Luciano Spagnolo, a registered company auditor in Australia, has been suspended from practice for 12 months by the Companies Auditors Disciplinary Board (CADB). The auditor did not comply with the audit standards for two audits.
The actions by CADB came after an investigation by the Australian Securities & Investments Commission (ASIC).
“Mr Spagnolo, a director of Corporate Audit & Advisory Services Pty Ltd, was responsible for auditing the 30 June 2019 and 30 June 2020 financial reports of Alliance Insurance Broking Services Pty Ltd, now known as Alliance Management Group Pty Ltd. Alliance Insurance Broking Services held an Australian financial services (AFS) license during the time of the audits,” ASIC stated in the announcement.
Spagnolo, the individual, has been ordered to pay AU$20,000 for the violations and has been banned from auditing listed or AFS-licensed entities for three years. He further will require that his first three audits following the suspension be reviewed by another registered company auditor.
This article was written by Finance Magnates Staff at www.financemagnates.com.
