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SEC Requires Broker-Dealers to Enhance Anti-Money Laundering Programs

The United States Securities and Exchange Commission has issued an advisory to broker-dealers, urging them to bolster their anti-money laundering (AML) policies and processes. This call comes amid the SEC identifying gaps in broker-dealers’ AML compliance programs, with some firms inadequately resourcing their AML initiatives.

SEC

Broker-dealers are required to maintain an approved, written AML program that includes policies, procedures, and internal controls in compliance with the Bank Secrecy Act (BSA) and other regulations. Some firms, however, were found to be deficient in testing their AML controls timely and adapting to recent changes.

In efforts to protect consumers, the regulator has introduced new rules, including the daily calculation of cash owed to customers for broker-dealers with net cash of at least USD $250 million. This is intended to safeguard consumer interests in the event of broker-dealer failure.

These actions align with recent SEC warnings emphasizing the need for broker-dealers to safeguard customer records and information at branch offices.

The regulator remains committed to ensuring broker-dealers implement effective AML programs to protect consumer interests and comply with regulatory norms.

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eToro Earns Virtual Asset Registration from Bank of Spain

Leading investing platform eToro has marked a significant milestone, as it was granted registration by the Bank of Spain as a service provider of exchange of virtual currency for fiat currency and electronic wallet custody services. The pivotal decision was made on June 29, 2023, according to an announcement made by the company earlier this week.

etoro

eToro Digital Assets Ltd. is now officially registered in the Virtual Asset Service Provider Register maintained by the Bank of Spain under code number D848, reinforcing its position as a significant player in the cryptocurrency market.

Tali Salomon, eToro’s Regional Manager for Iberia and LatAm, expressed her satisfaction with this major development. “This registration is a testament to our commitment to operating a growing business that prioritizes consumer protection while also nurturing innovation and ensuring access for individual investors,” said Salomon.

The registration will allow eToro to extend its reach within Spain further, offering Spanish users access to a broad range of asset classes, investment tools, and educational resources. eToro has always been at the forefront of promoting financial literacy and investor empowerment, and this move is another step in that direction.

Salomon added, “We will continue to empower our Spanish users by providing them with access to a diverse range of asset classes, investment tools, and educational resources to enable them to grow their knowledge and wealth.”

With this registration, eToro joins an exclusive club of digital asset service providers that have successfully navigated the regulatory landscape in Spain. This move comes at a time when the adoption of cryptocurrencies is on the rise, both globally and within Spain. The registration is expected to bolster trust in eToro’s services in the region and promote further growth and development within the crypto space.

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Jeffrey Triganza Appointed as Head of Market Analysis for Vantage Australia

Vantage, a renowned forex and contracts for differences (CFDs) broker, has bolstered its leadership team by appointing Jeffrey Triganza as the Head of Market Analysis for Australia. The appointment is part of broker’s drive to improve its client engagement strategies and enhance trader experiences.

Vantage Appointed Jeffrey Triganza as Head of Market Analysis

In his new role, Triganza will leverage his extensive experience in various asset classes to devise strategic initiatives aimed at enhancing client engagement, forging lasting partnerships, and driving business growth. His expertise, particularly in currency trading, gold, renewable energy, and oil, is expected to provide Vantage’s clients with unique insights and tailored strategies. (Read our review article about Vantage Broker)

Jack Kelly, the Head of Sales at Vantage Australia, expressed confidence in Triganza’s leadership. “With Jeffrey’s leadership, we are confident that Vantage Markets will continue to exceed client expectations and deliver innovative solutions,” Kelly said.

Triganza, who has over 15 years of experience as a trader and market analyst, brings a wealth of knowledge from his previous roles in several reputable financial services companies. These include GoldMate Group, where he served as the Head of Margin Foreign Exchange, and Northpoint Financial and Royal Financial Trading, where he was the Managing Director and Director respectively. His most recent positions include CEO and General Manager of IpsomPrime.

Commenting on his new role, Triganza said, “The Vantage team truly bends over backwards to provide a great client experience, and with my background in building trading strategies and risk mitigation, I believe I can bring a lot of value to traders using the Vantage platform.”

The broker has seen steady growth over the years, adding a regulatory license in South Africa earlier this year to its existing approvals in Australia, Vanuatu, and the Cayman Islands. Triganza’s appointment aligns with the broker’s global strategy to bolster its leadership team with experienced professionals who can guide the company through its next growth phase.

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eToro Introduces Changes to Overnight Fee Structure for CFD Trading

Online broker eToro has recently unveiled updates to its contract for difference (CFD) overnight fee structure, aiming to enhance the trading experience for its clients. These changes will be implemented in two phases, with Phase One already in effect since Monday, July 3rd.

eToro Introduces Changes to Overnight Fee Structure

Under Phase One, the broker has eliminated overnight fees for short positions on the majority of available stocks, encompassing approximately 98% of the platform’s stock offerings. This adjustment is expected to have a profound impact on eToro’s clients, particularly those who frequently hold short positions, as it is anticipated to result in significant cost savings.

The removal of overnight fees on short positions applies specifically to stocks with a yearly borrow cost of less than 10%. The borrowing cost refers to the fee associated with facilitating a short position in a particular stock. Previously, clients were required to pay an overnight fee ranging from 6% to 8% for short stock positions. However, with the implementation of the new fee structure, clients will enjoy a 0% cost on overnight fees for the majority of their short positions.

eToro believes that these changes will enhance the overall trading experience for its clients, making it more cost-effective and accessible for those engaging in short-selling strategies. By removing overnight fees for short positions on the vast majority of stocks, the broker aims to empower its clients with greater flexibility and opportunities to optimize their trading strategies.

Phase Two of the fee structure updates are yet to be announced, with eToro expected to unveil further modifications in the near future. The broker is likely to continue its efforts to refine its fee structure and provide its clients with a competitive trading environment.

eToro is an established online broker known for its user-friendly platform and wide range of financial instruments. With these recent fee structure updates, the broker demonstrates its commitment to continuously improving its services and catering to the evolving needs of its clients.

As eToro clients adjust to the changes brought about by Phase One, anticipation builds regarding the upcoming Phase Two announcement. Market participants and traders are eagerly awaiting further details as the broker strives to solidify its position as a leading online broker in the competitive financial landscape.

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MetaQuotes to Change MetaTrader Web Terminal Addresses

MetaQuotes, a leading trading software provider, has announced the moving of old MetaTrader Web terminals from https://trade.mql5.com/trade to https://metatraderweb.app/trade.

MetaQuotes logo

Users can access the new web terminal through the WebTerminal section of the existing MetaQuotes website. However, it’s important to note that support for the MetaTrader 5 Web version will permanently end on August 1, 2023. On the other hand, MetaTrader 4 Web will continue to operate without interruption.

For users currently utilizing the old MetaTrader 5 Web terminal, MetaQuotes strongly advises requesting the new version of MetaTrader 5 WebTerminal from their respective brokers. The new web terminal offers improved functionality and efficiency, compatible with various platforms including Linux, Mac, iOS, and Android OS. Moreover, it can be accessed through any modern browser.

MetaQuotes emphasizes that all new technologies and services will only be available on the new web terminal. Therefore, users are encouraged to transition to the new version to take advantage of the latest features.

One notable change in the MetaTrader 5 Web Terminal is that it will allow connection exclusively to the specific broker based on domain linkage. This means that users will no longer need to search for their broker in the available list. Instead, they can simply enter their trading account login and password to access their trading platform.

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Tim Rudland Joins MultiBank Group After Leaving Liquidity.net

After nearly two decades of active involvement in the FX/CFD space, Rudland is quitting his position at a liquidity provider and is returning to the retail brokerage industry.

Tim Rudland Joins MultiBank Group

A veteran of the FX and CFD industry, Tim Rudland, has recently left Liquidity.net after nearly 2 years. He has now taken on the role of Chief Risk Officer (CRO) at MultiBank Group. With a remarkable track record spanning over two decades, Tim Rudland has fostered successful collaborations with numerous esteemed financial institutions.

According to the information posted on Tim Rudland’s Linkedin, he has been working for MultiBank Group since May 2023:

“I’m happy to share that I’m starting a new position as Chief Risk Officer at MultiBank Group,” Rudland wrote in a social media post.

Tim Rudland joined the ranks of MultiBank Group from Liquidity.net, a UK-based multi-asset liquidity provider (Read our article about UK-based Forex Brokers). His association with Liquidity.net began in November 2021, initially as a Liquidity Manager, and later advancing to the position of Head of Institutional Trading.

Tim Rudland has an extensive career history in the FX/CFD industry, having held notable positions at various companies. For a duration of three years, he served as the Vice President of Institutional Sales at FXCM Pro. Following that, he spent four years at GKFX, initially as the Assistant Head of Trading and later as the UK Head of Trading. Notably, he made significant contributions to the British branch of Alpari, where he worked as a Senior Trader and Assistant Head of Trading from May 2009 to January 2015.

Tim Rudland’s journey in the FX/CFD industry began nearly two decades ago at CMC Markets, where he worked as a dealer for a period exceeding two years, gaining valuable experience in the field.

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Admirals Appoints Daniel Skowronski as Chief Revenue Officer

Admirals, an Estonia-based Forex and CFD Trading Provider, has announced the appointment of Daniel Skowronski, who previously led the sales department for the digital asset division of SquarredFinancial for the past year and a half.

Admirals Appoints Daniel Skowronski

Daniel Skowronski is an industry veteran with over 25 years of experience in the Finance and AI industries. Prior to his appointment in Admirals, Skowronksi held the position of Executive director at SquarredFinancial and was responsible for sales development within the company.

He also served as CEO of EMEA Managing Director of the Americas at OANDA, as well as CEO of Alpari’s UK branch. Skowronski was also the co-founder of DX. Exchange, a regulated cryptocurrency exchange firm.

Alexander Tsikhilov, the co-founder and the Chairman of the Supervisory Board of Admirals, has expressed its enthusiams about Skowronski’s appointment: “Daniel’s leadership abilities and proven track record of driving revenue growth, deems him an invaluable asset to our organisation. We have full confidence in Daniel’s ability to make a significant impact, further solidifying our position as a global industry leader. We are currently collaborating with him to drive innovation, expand our business, and deliver exceptional value to our clients.”

Established in 2001, Admirals is a multi-asset brokerage firm providing trading services across the world. The company provides access to multiple platforms including iindustry-leading MT4, MT5 by MetaQuotes Software. Admirals trading offering opportunities include instruments such as Forex, stocks, indices, commodities, and cryptocurrencies. (Read our detailed review of Admirals)

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ThinkMarkets Launches Copy Trading App Ahead of Listing

A UK-based retail Forex and CFDs Trading broker has recently announced the launch of its proprietary Copy Trading App.

ThinkMarkets

ThinkMarkets’ new platform – ThinkCopy – allows users to filter traders based on specific criteria, allocate funds to their preferred traders, and utilize management tools like profit and stop-loss orders. (Read our detailed review of ThinkMarkets Broker)

ThinkMarkets’ launch of the copy trading platform comes with its preparations to go public in July 2023. The company plans to achieve this through a reverse merger deal with FG Acquisition Corporation, a blank check company listed in Canada.

Commenting on the announcement, Faizan Anees, CEO and Founder of ThinkMarkets, said, “Copy trading is very popular for clients just starting out on their trading journey. ThinkCopy provides the ability for clients to follow and copy experienced traders via our dedicated mobile app. Clients will have the ability to see the performance of top traders, allocate funds, and set auto-copy trades.”

CEO Faizan Anees highlights the convenience of copy trading, enabling clients to replicate experienced traders’ strategies through the dedicated mobile app.

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BEUC Blasts Social Media Giants for ‘Fishy’ Crypto Ads

The European Consumer Organization (BEUC) has submitted a complaint to the European Commission and consumer authorities, targeting Instagram, YouTube, TikTok, and Twitter for their role in facilitating the “misleading” promotion of cryptocurrencies.

Crypto

BEUC’s report titled ‘Hype or harm? The great social media crypto con’ accuses these social media platforms of engaging in unfair commercial practices by promoting cryptocurrencies through advertisements and influencers. The organization argues that such practices expose investors to potential losses.

The complaint comes in the wake of legal actions taken against prominent cryptocurrency exchanges Coinbase and Binance by US financial regulators, as well as the collapse of FTX in November of the previous year. The losses incurred by investors due to the failure of the Bahamas-based derivatives exchange have prompted regulators to reconsider methods for safeguarding investors.

  • Monique Goyens, Director General of BEUC, expressed concerns about consumers being lured into “get rich quick” schemes through ads and influencers on social media. She cautioned that these promises are often too good to be true, leaving consumers at significant risk of financial losses without adequate means of recourse.
  • BEUC is urging the Consumer Protection Cooperation Network, a network of authorities responsible for enforcing EU consumer protection laws, to enforce stricter regulations on the advertisement of digital assets by social media platforms. Additionally, the consumer group is calling for measures to prevent influencers from misleading the public regarding digital assets on social media. It also seeks an evaluation by the European Commission to assess the effectiveness of consumer protection in the realm of social media.
  • Furthermore, BEUC emphasizes the necessity of collaboration between European consumer groups and the European Supervisory Authorities to ensure that their policies effectively safeguard consumers against deceptive promotions of digital assets.

BEUC asserts that the recently enacted European Union’s Markets in Crypto-Assets (MiCA) regulation and the Digital Services Act (DSA), which addresses illegal social media content, do not adequately protect consumers. MiCA, passed in April, is regarded as a crucial piece of legislation in the realm of digital assets.

While acknowledging that crypto regulations are forthcoming with the new Market in Crypto Assets Regulation, BEUC’s Goyens notes that this legislation does not extend to social media companies that profit from advertising cryptocurrencies, thereby leaving consumers vulnerable. As a result, BEUC has turned to consumer protection authorities to ensure that Instagram, YouTube, TikTok, and Twitter fulfill their obligations to shield consumers from crypto scams and false promises.

BEUC’s complaint has been supported by consumer groups from Denmark, France, Italy, Greece, Lithuania, Portugal, Slovakia, and Spain.

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Darren Dale Joins Trading 212 as Group Chief Compliance Officer

Multi-licensed retail broker, Trading 212, has made a significant addition to its executive team with the appointment of Darren Dale as the Group Chief Compliance Officer. This move comes as the firm seeks to expand its regulatory approval to Germany, adding to its existing licenses in the United Kingdom, Bulgaria, and Cyprus.

Darren Dale Joins Trading 212 as New Group Chief Compliance Officer

Dale is a veteran in the compliance sector, bringing approximately 17 years of industry experience to his new role at Trading 212. Prior to this appointment, he served as the Head of Compliance & MLRO at ADSS’s London office for four years.

His extensive work history in the financial services sector includes notable roles such as the Deputy Head of Compliance for the UK and EU at FXCM for five months, and several years at Cornhill Capital as the Head of Group Compliance. Dale also held the position of Head of Compliance at London-based City Credit Capital for seven months, according to his LinkedIn profile.

  • The onboarding of Dale is part of Trading 212’s management restructuring that has taken place over the past 18 months. In May 2021, the broker appointed Mukid Chowdhury as the Chief Executive Officer, followed by the hiring of George Mantilas as the Chief Operating Officer and Philip Parsons as the Chief Financial Officer.
  • Trading 212 has seen a dramatic increase in performance, driven in part by the pandemic’s impact on the retail trading market. In 2020, the group reported revenue of £124.1 million, marking a 318 percent year-over-year increase. Furthermore, the firm’s UK business saw a 74 percent boost in revenue in 2021, surpassing £94 million.

Operating as both a CFDs and a stockbroking platform, Trading 212 has steadily been shifting its focus towards stockbroking. It received a £13.75 million cash injection last year to accelerate its growth.

Following Brexit, Trading 212 transferred European clients to its Cyprus-based entity. Additionally, it pioneered zero-commission services in the UK in mid-2017, setting a trend that has now been widely adopted across the trading industry.