1. The UK's FCA issues a warning regarding 21 unauthorized companies posing a risk
The Financial Conduct Authority (FCA) of the United Kingdom has issued a warning against 21 new companies conducting business within its jurisdiction without authorization, or impersonating authorized platforms. According to the regulatory authority, the list of companies includes SPRINTGLOBALFX / SPRINT GLOBAL FXX, ALPHALUXSE, Trade Rescue, FUNDEDSIGNALTRADES, and 17 other unauthorized entities.
2. Mohamed Elsergany, the global CMO and CEO for the MENA region at OnePro, resigns
OnePro, a fintech company catering to traders by providing access to various asset classes, has seen the end of Mohamed Elsergany's tenure.
Elsergany, who joined OnePro in October 2022, brings years of marketing and business development experience in the forex service industry. Before his time at OnePro, he served as the Regional Director and the Head of the MENA Service Center at PUPrime. Prior, he was the Regional Director at CJC Market Global for approximately one and a half years. From February 2009 to September 2020, Elsergany held significant positions at several financial service companies, including Tickmill, FX Solutions, Swissquote, and FOREX.com.
3. SIX Group announces key data for August 2023 for the SIX Swiss Exchange and BME Exchange
SIX Group, a financial company managing the infrastructure of the Swiss financial center, has published key data for August 2023 on the SIX Swiss Exchange and BME Exchange, covering trading and listing activities in Switzerland and Spain.
The two exchanges reported a total turnover of 993.9 billion Swiss francs, marking a 5.6% decrease from the previous month and a 33.3% decrease year-over-year. The number of transactions reached 5,185,025, decreasing by 4.1% from the previous month and 18.1% year-over-year.
4. Germany's Exchange reports a decrease in cash market trading volumes for the third consecutive month in August 2023
The German exchange has announced cash market trading data for August 2023, with monthly trading volumes reaching 925 billion euros, a 6.8% decrease from the previous year and a 4.0% increase from the previous month of 889.3 billion euros. The majority of the trading volume was captured by the Xetra market, showcasing strong performance in DAX stocks and ETF trading.
5. Matthew Wright resigns as the CEO of ZenFinex to join Exinity as the Chief Operating Officer (COO)
Exinity, a retail forex brokerage company that owns the brands Alpari and FXTM, appointed Katina Messinis as the Global Vice President of Sales in July, and now Matthew Wright has joined Exinity as the Chief Operating Officer (COO). Before this, he served as the CEO of the global brokerage firm ZenFinex for nearly two years.
Matthew has also held the position of CEO at the global online brokerage firm Capital Index, a specialist in contracts for difference (CFDs), financial spread betting, and spread trading. Moreover, he was previously the CEO of Destek Markets UK Ltd and the Chief Operating Officer (COO) at Gain Capital Forex.com UK Ltd.
6. Several indicators show a month-over-month decline! Japanese Exchange Group releases trading data for August 2023
The Japanese Exchange Group (JPX) has released its trading data for August 2023, showing a decline in multiple indicators across its cash equity and derivatives markets, including a decrease in stock trading volumes and ETF market volumes, while derivatives trading volume increased but total trading volume decreased. The volume and proportion of night session trading also saw an increase.
7. The UK's FSCS warns to be cautious of scams targeting London Capital & Finance customers
London Capital & Finance (LCF) entered administration on January 30, 2019, and FSCS declared bankruptcy on January 9, 2020. FSCS ended the government-managed LCF compensation scheme on October 31, 2022. The UK's FSCS warns London Capital & Finance customers to be wary of scam letters appearing to be from FSCS.
8. Double jeopardy! Goldman Sachs to pay $5.5 million in settlement with CFTC
The Commodity Futures Trading Commission (CFTC) has issued a charge and settlement order against Goldman Sachs for not complying with a prior cease and desist order, improperly recording and preserving specific audio files, and violating record-keeping regulations. Under this settlement, Goldman Sachs will pay a civil penalty of $5.5 million and commit to ceasing further violations of the Commodity Exchange Act and CFTC regulations regarding record-keeping requirements.
9. ASIC issues a temporary stop order on Storehouse Residential Trust
Due to defects in target market determination, the Australian Securities and Investments Commission (ASIC) has issued a temporary stop order on K2 Asset Management Ltd's Storehouse Residential Trust. This temporary order prohibits K2 from issuing equity rights to retail customers advised to invest in the fund, providing product disclosure statements (PDS), or giving financial product advice. ASIC issued the temporary order to protect consumers and individual investors from purchasing products that may not suit their financial goals, situation, or needs.
10. In August, Singapore's Monetary Authority issues warnings to three forex brokers
Singapore investors are advised to stay informed on updates to the Monetary Authority of Singapore's (MAS) "Investor Alert List" to avoid collaborating with traders not supervised by regulatory bodies.
Specific information on the three brokers is as follows:
Name: DCFX Asia LLC
Website: www.dcfx.com
Name: Orangestad Advisory Pte Ltd
Website: www.orangestadgroup.com
Note: This entity is related to Rafflesbridge Advisory Pte Ltd
Name: Rafflesbridge Advisory Pte Ltd
Email: enquiry@rafflesbridge.com
Website: www.rafflesbridge.com
Note: This entity is related to Orangestad Advisory Pte Ltd
12. Germany's BaFin warns against 9 unauthorized traders
According to the latest news from the German regulatory authority, BaFin wishes to clarify that the following brokers are not authorized under the KWG to conduct banking business or provide financial services. The nine unauthorized traders are Limbo Finance, GFA Capital, Global Rockies, Rise Invest, First Invest Capital, VitalInvest, DBG Markets, and swissalgo.org.
