The Bank of New York Mellon Corporation has agreed to acquire Archer, a provider of managed account solutions to the asset and wealth management industry. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions. US retail managed accounts to be worth $8 trillion in assets Through its fully integrated, cloud-based platform, Archer helps asset and wealth managers expand distribution, streamline operations, launch new investment products, and deliver personalized outcomes to a broader market. By acquiring Archer and integrating its middle- and back-office solutions, BNY will enhance its enterprise platform to support retail-managed accounts. Retail managed accounts is a market that is projected to grow at a double-digit compound annual growth rate to over $8 trillion in assets over the next three years in the United States, according to a recent report by Cerulli. Archer will provide BNY Investments and BNY Pershing’s Wove wealth platform for advisors with expanded distribution of model portfolios and access to Archer’s multi-custodial network. “Asset and wealth managers have a strong desire to create multi-asset solutions” Emily Portney, Global Head of Asset Servicing at BNY, said: “Managed accounts are one of the fastest-growing investment vehicles in the asset management industry, enabling investment advisors and asset managers to offer customized portfolios to retail investors at scale. By combining Archer’s market-leading capabilities with BNY’s broader footprint and expertise, BNY will offer fully integrated, end-to-end retail managed account solutions across our entire platform.” Bryan Dori, President and CEO of Archer, commented: “Today’s asset and wealth managers have a strong desire to create multi-asset solutions across a variety of products, along with direct indexing and tax optimized portfolios, to meet the needs of their distribution partners and investors. As a new addition to the BNY platform, Archer’s expertise, capabilities and scale will be leveraged across all of BNY to help even more clients drive long-term growth for their businesses.” BNY Mellon rebranded to BNY in June It was in June that BNY Mellon announced that after 240 years in operation and being America’s oldest bank, the financial institution decided to rebrand to BNY, with changes to the logo including a modern font, a refined arrow, and a distinctive teal color. The goal is to improve familiarity with who they are and what they do. Under the updated company umbrella brand, several sub-brands will change: From BNY Mellon Investment Management to BNY Investments From BNY Mellon Wealth Management to BNY Wealth, and From BNY Mellon Pershing to BNY Pershing. The company’s legal parent name will remain The Bank of New York Mellon Corporation, overseeing nearly $50 trillion in assets on behalf of clients in more than 100 markets. A few months ago, BNY launched Universal FX, a comprehensive foreign exchange (FX) platform designed to streamline the trading experience for a broad range of clients. The platform comes as a timely response to the industry’s shift toward T+1 settlement and aims to provide unparalleled price transparency across the entire FX market. Universal FX caters to various market segments, including investment managers, corporates, hedge funds, and wealth managers. The platform addresses the often fragmented and inconsistent FX execution experience that many investment managers face when managing portfolios across multiple providers. Universal FX enables clients to manage their entire portfolio from a single platform, regardless of where they custody, prime broker, or settle trades. It offers both Developed Market and Emerging Market currency execution, enhancing the global FX trading experience. BNY Mellon also unveiled a White Labeling service for its LiquidityDirect platform to enable financial institutions to integrate LiquidityDirect’s technology into their own suites of offerings, thus creating a seamless user experience for their clients through a single sign-on. LiquidityDirect is a robust platform that handles nearly $15 trillion in annual transaction flow for over 6,000 of the world’s largest institutional investors.

U.S. prosecutors rejected claims by former FTX executive Ryan Salame that they breached a plea agreement, stating they made no promises regarding potential indictments against his partner, Michelle Bond. Salame, who was previously co-CEO of FTX Digital Markets, pleaded guilty in September to charges of conspiring to make unlawful political contributions and conspiracy to operate an unlicensed money-transmitting business. Last month, Salame accused the government of misconduct, claiming that his guilty plea was based on an alleged promise by prosecutors to drop an investigation into Bond. Bond was later charged with financing her 2022 congressional campaign in New York using “illicitly obtained funds.” Salame’s lawyers claim that the U.S. government used plea negotiations to “threaten” Bond, the mother of his child, and promised to cease their investigation into her if Salame accepted a plea deal. However, the government has since resumed its investigation into Bond and is pursuing an indictment, which Salame’s legal team argues is a breach of the agreement. Prosecutors say they had clarified with Salame’s lawyers that any plea agreement with him would not halt ongoing investigations into Bond. In a court filing on Thursday, they stated that Salame’s claims of government breach are “wrong on the facts and the law.” The filing further revealed allegations that Salame used personally identifiable information from individuals “identified as Thai prostitutes” to open accounts at FTX and supervised bribe payments to immigration authorities. Prosecutors claim that Salame failed to raise these claims before his sentencing, stating, “Salame did not raise his current claims prior to sentencing, nor did he raise them at sentencing, including prior to learning what his sentence would be.” Salame pleaded guilty in September to charges of conspiring to make unlawful political contributions and operating an unlicensed money-transmitting business. He was previously the co-CEO of FTX’s Bahamian subsidiary and worked closely with former FTX CEO Sam Bankman-Fried. Salame was sentenced to seven and a half years in prison. He was scheduled for sentencing on August 29 but requested a delay until October 13 to undergo urgent surgery following a dog attack. According to a letter submitted to Judge Lewis Kaplan, Salame was “mauled by a German Shepherd” on June 29. Salame managed wire deposits and fiat currency conversions for FTX customers, participated in political contributions using Alameda funds, and led charitable initiatives in The Bahamas. His attorneys argue that his involvement was primarily operational rather than central to the fraud perpetrated by Sam Bankman-Fried.

The Alberta Securities Commission (ASC), in collaboration with the Edmonton Police Foundation (EPF) and the Edmonton Police Service (EPS), has launched a new initiative aimed at tackling the growing threat of online crypto investment fraud. The ScamShield: Investor Protection Challenge seeks creative solutions from experts across academia, technology, and innovation sectors to enhance investor protection and curb rising investment scams. This initiative, part of the EPF’s Community Solutions Accelerator (CSA), comes with a prize pool of up to $130,000 for the most effective ideas. The challenge complements ongoing efforts by the ASC and law enforcement to combat investment fraud, which has become a significant issue in Canada, particularly tied to cryptocurrency schemes. “Anyone can fall victim to a scam, and the impact can be devastating” In 2023, the Canadian Anti-Fraud Centre reported over $309 million in investment fraud losses, with more than 60% linked to crypto scams. Edmonton alone saw over 80 victims suffer a combined loss of $7 million last year. Given the underreporting of such crimes, authorities believe the true figures are even higher. “Anyone can fall victim to a scam, and the impact can be devastating,” said Cynthia Campbell, Director of Enforcement at the ASC. “By partnering with the EPF and EPS, we aim to explore new ways to protect Alberta investors and safeguard our capital market.” Fraudsters are increasingly using sophisticated technology and psychological tactics, including social media deepfakes, romance scams, and emotional manipulation, to target victims. Many people who fall prey to these scams do not view themselves as traditional investors but are drawn in with promises of solving financial problems. “Crypto investment fraud has become a favored method for criminals, exploiting both the complexity of cryptocurrency transactions and the public’s limited knowledge of this high-risk asset,” said Deputy Chief Devin Laforce of the EPS. “As criminals refine their techniques, law enforcement is working to bring them to justice, but we need broader support to address this issue.” The challenge, which is open for submissions until November 4, 2024, invites experts from various disciplines to propose new ways to prevent fraud. More details on eligibility and submission requirements are available at HeroX. The ASC, responsible for administering Alberta’s securities laws, works alongside the Canadian Securities Administrators to foster a fair capital market across the country. Through its partnerships with EPS and EPF, the ScamShield challenge hopes to spearhead innovative solutions to protect Canadian investors and mitigate further losses.

Amidst Tron (TRX) and Ripple (XRP) facing notable losses, a prominent entrepreneur is stirring excitement in the crypto realm by placing substantial bets on DTX Exchange (DTX). With the DTX presale already amassing over $2 million and tokens valued at just $0.06, this burgeoning platform is drawing interest from astute investors. While TRX and XRP grapple with challenges, could DTX Exchange emerge as the next big opportunity in the crypto market? Tron (TRX) Bullish Momentum Faces Challenges Tron (TRX) has been exhibiting a robust bullish trend, partly fueled by the recent introduction of the meme coin generator SunPump. However, the price of TRON (TRX) has declined by more than 7% in the past seven days. The Relative Strength Index (RSI) of Tron (TRX) currently indicates a slightly weakened market, as a breach above the 70 level might suggest overbought conditions, potentially prompting a short-term pullback. Furthermore, the $0.12 level serves as a crucial support area for Tron (TRX). A breach beneath this level could signify a further decline. If TRON (TRX) manages to hold above this key support level, it could pave the way for a more significant rally. Ripple (XRP) Price Analysis: Bearish Signals Amidst Declining Market The price of Ripple (XRP) has fluctuated in the past week with a notable decline of about 2.25%. The price hike in Ripple has been split by multiple dips and recoveries, swinging between $0.55 and $0.57 though the price has mostly maintained itself around $0.55. The EMA (Exponential Moving Average) of Ripple (XRP) is bearish, suggesting that there is a bearish trend right now in the weekly timeframe. As indicated by the oscillators, moving averages and candlestick chart, Ripple (XRP) is currently negative at this moment. Beyond the general negative market outlook, Ripple (XRP) surprised everyone yesterday by saying they will shift focus to smart contracts and programmability. Although this was good news for XRP Ledger, some main developers in the community did not agree with the change of direction. Why This Renowned Entrepreneur is Betting on DTX Exchange A prominent entrepreneur is betting on DTX Exchange (DTX) due to its attractive qualities, especially when compared to TRX and Ripple, which are currently experiencing losses. Many experts attribute this rising interest to the unique features available to DTX token holders. Users can ‘stake’ some of their given DTX tokens to hold a governance function and vote on future development of the platform, which would increase user engagement and also its evolution in a direction comfortable  for the stakeholders. In order to further diversify user portfolios, DTX will also begin tokenizing assets like real world stocks and commodities, therefore enabling users to invest in products previously unattainable to them as a DTX Token holder. Thanks to the combination of governance participation and investment into tokenized assets, DTX holds a lot of potential in comparison with TRX and Ripple, which have been on the losing side recently. Key Takeaways: While Tron (TRX) and Ripple (XRP) face challenges, DTX Exchange is gaining substantial traction in its presale. Alongside its promising potential, the platform offers new investors various benefits, presenting an exciting opportunity. Learn more: Visit DTX Presale Buy Presale Join The DTX Community The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.  The information on this page does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained herein.

During the iFX EXPO International 2024 in Limassol, Cyprus, FinanceFeeds Editor-in-Chief Nikolai Isayev sat down with Roman Garanin, the Founder and CEO of Yourfintech. Founded in 2022 and headquartered in Limassol, Yourfintech provides a suite of services to support both new and established Brokerage and Prop Trading businesses. The company’s key offerings include a Trading Platform, CRM, Market Data, and Risk Management services tailored to the needs of both startups and existing brokers. Roman Garanin shared his insights on Yourfintech’s solutions, the challenges faced by the industry, and strategies to help brokers optimize revenue and liquidity. Optimizing Revenue: Up to 40% Increase Roman emphasized how Yourfintech helps brokers and prop firms enhance their revenue streams. “What we see in the market are brokers chasing clients with high rebates, high leverage, attractive bonuses, and low spreads. They eventually attract clients and deposits but fall short on the revenue side,” he explained. He highlighted that 9 out of 10 broker clients face inefficiencies in their financial models. By evaluating existing setups, Yourfintech has helped increase client revenue by up to 40%, without sacrificing product quality. “On average, we manage to boost revenue by 40% on the same trading flow,” Roman added. Yourfintech offers end-to-end optimization services for brokerage firms, covering everything from business models and trading flow analysis to IT infrastructure, improving both operational efficiency and profitability. Roman stressed that their approach goes beyond technology, stating, “We don’t just provide the technology; we offer our expertise in brokerage mathematics, helping brokers offer attractive products to clients while ensuring profitability.” Start a Brokerage in Days Roman also detailed the different technology packages available, designed to cater to various broker segments. “Unlike other technology providers, we don’t just give you the tools; we help you achieve the result you’re aiming for,” he said. Yourfintech offers turnkey solutions, enabling businesses to launch a brokerage within days. The service includes business plan creation, company registration, trading platform setup, bridge and payment gateway integration, and a CRM system. He further elaborated on their three distinct packages: Higher Fixed Fee, Lower Dollar per Million (DPM): Suitable for established brokers seeking predictable costs. Balanced Fee Structure: Ideal for mid-sized brokers looking for a flexible approach. Partnership Model: For promising startups, Yourfintech can provide the technology and expertise for free, in exchange for higher DPM fees, effectively investing in the early stages of the business. “We accommodate brokers of all sizes, including those entering the market with smaller budgets. Our goal is to help them avoid the mistakes others have made, ensuring a smooth entry into the industry,” Roman explained. Beware of “Too Good to Be True” Liquidity Providers Roman offered a candid perspective on Liquidity Providers (LPs), advising brokers to carefully scrutinize their offerings. “If you’re getting the lowest commissions, highest leverage, and best bonus terms, it’s often too good to be true,” he warned. He continued, “It’s crucial to understand that LPs are there to make money from you. If their offer seems too generous, expect changes to the terms at some point. Brokers need to be transparent about how and where revenue is generated.” Roman also noted a worrying trend: many LPs appear to grow faster than retail brokers, indicating they may not properly evaluate the financial risks involved. “Some LPs onboard clients with favorable terms, but brokers often end up facing unpleasant surprises down the road,” he cautioned. High Churn Rates in FX Brokerage Startups The conversation then turned to the high churn rates within the FX brokerage industry, largely driven by a lack of understanding around basic financial metrics. “Many brokers don’t even know their turnover or their expected revenue breakdown,” Roman said. He pointed out that this lack of awareness can lead to unsustainable business models. “Brokers focus on offering the best trading conditions—lowest spreads, swap-free accounts, high leverage, and huge rebates. They attract deposits, but at the end of the day, there’s no revenue,” Roman explained. “The most common mistake is ignoring how much they’re making per million traded or how their P&L is constructed—what percentage comes from spreads, swaps, or commissions and how much from that is actually given away. After several months, they realize their business isn’t viable,” Roman stated. This, according to Roman, is the primary reason for the high churn rate among FX broker startups and prop trading firms, where understanding financial mathematics is even more critical. Closing Insights Roman Garanin’s insights underscore both the challenges and untapped potential within the FX brokerage industry. With the right blend of technology and financial discipline, brokers can unlock significant opportunities for growth and profitability.

The Bank of Canada’s recent decision to lower its key interest rate by 25 basis points has sent ripples through the currency market. While the rate cut was widely anticipated, the market’s reaction was marked by heightened volatility. On the USD/CAD chart, the rate experienced a sharp decline immediately following the announcement. This downward movement, coupled with a broader bearish trend throughout August, suggests that the USD/CAD may continue to face downward pressure. A technical analysis of the chart reveals that the rate is currently trading within a downward red channel. The median line of this channel acted as resistance earlier this week, pushing the rate towards a support level near 1.3500. While this support could provide temporary relief, traders should remain cautious of a potential resurgence in bearish pressure. Factors to Consider: Economic Indicators: Keep an eye on economic indicators such as GDP growth, inflation, and employment data in both Canada and the United States. These factors can significantly influence the USD/CAD exchange rate. Geopolitical Events: Global events, including trade tensions, political instability, or natural disasters, can also impact the currency market. Central Bank Policies: The monetary policies of both the Bank of Canada and the Federal Reserve will continue to be key drivers of the USD/CAD exchange rate. Potential Scenarios: Continued Downward Pressure: If the bearish trend persists, the USD/CAD rate could continue to decline, potentially breaking below the 1.3500 support level. Short-Term Rebound: However, a short-term upward correction is also possible, especially if economic data improves or there is a shift in market sentiment. Range-Bound Trading: The USD/CAD may become range-bound, trading between the downward channel’s median line and the 1.3500 support level. Ultimately, the direction of the USD/CAD exchange rate will depend on a combination of economic factors, technical analysis, and market sentiment. Traders should stay informed about these factors and adjust their strategies accordingly. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

The Commodity Futures Trading Commission has issued an order filing and settling charges against Universal Navigation Inc. d/b/a Uniswap Labs. Uniswap Labs is the popular decentralized cryptocurrency exchange that uses a set of smart contracts to create liquidity pools for the execution of trades. It is an open source project and falls into the category of a DeFi product because it uses smart contracts to facilitate trades instead of a centralized exchange. “DeFi operators must be vigilant to ensure that transactions comply with the law” According to the CFTC order, Uniswap Labs illegally offered leveraged or margined retail commodity transactions in digital assets via a decentralized digital asset trading protocol. To settle the matter, Uniswap Labs agreed to pay a $175,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act (CEA). CFTC Director of Enforcement Ian McGinley said: “Today’s action demonstrates once again the Division of Enforcement will vigorously enforce the CEA as digital asset platforms and DeFi ecosystems evolve. DeFi operators must be vigilant to ensure that transactions comply with the law.” The financial watchdog recognized Uniswap Labs’ substantial cooperation with the Division of Enforcement’s investigation of this matter in the form of a reduced civil monetary penalty. What did Uniswap do? Uniswap Labs helped develop and deploy a blockchain-based digital asset protocol, allowing non-Eligible Contract Participants and institutional users in the U.S. and abroad to trade digital assets using the Ethereum blockchain. The protocol enables users to create and trade using liquidity pools, which are pairs of digital assets valued against each other. To facilitate access, Uniswap Labs created and maintained a web interface for users to trade in hundreds of liquidity pools on the protocol. Some of these pools included leveraged tokens, offering users leveraged exposure to assets like Ether and Bitcoin. The order finds that these leveraged tokens qualify as margined commodity transactions that didn’t result in actual delivery within 28 days. As such, they can only be offered to non-Eligible Contract Participants through a board of trade registered by the CFTC, which Uniswap Labs was not. CFTC Commissioners Mersinger and Pham dissent Commodity Futures Trading Commission (CFTC) Commissioners Summer K. Mersinger and Caroline D. Pham issued dissenting statements regarding the CFTC’s settlement with Uniswap Labs. Mersinger criticized the CFTC’s “regulation through enforcement” approach, stating that the Commodity Exchange Act (CEA) was written for traditional, centralized markets, not decentralized protocols like Uniswap. She argued that instead of providing clear guidance or rulemaking for DeFi, the Commission is relying on enforcement actions, which could drive innovation overseas and leave U.S. markets vulnerable to bad actors. Mersinger also expressed concern over the settlement’s penalty, calling it disproportionate and warning that it could discourage compliance efforts by DeFi platforms. She pointed out that Uniswap had attempted to block certain leveraged tokens, but the CFTC still penalized the platform for the period before those tokens were blocked. She questioned the agency’s priorities, emphasizing that no customer harm or fraud was alleged in the case. Pham’s dissent focused on the lack of clarity surrounding the “leveraged tokens” in question, stating that without specific details, the CFTC’s jurisdiction over the case was unclear. She argued that the CFTC’s enforcement action was legally unsupported and could set a dangerous precedent for both DeFi and traditional commodity markets, potentially stifling innovation and putting small businesses at risk. Both commissioners urged the CFTC to engage in rulemaking rather than relying on enforcement actions to address DeFi, highlighting the need for regulatory clarity to promote responsible innovation.  Uniswap also targeted by the SEC In May, Uniswap implored the Securities and Exchange Commission (SEC) in legal filings to reconsider its planned lawsuit, arguing that it was not justified. Uniswap stands as the leading decentralized exchange (DEX) when it comes to daily trading volumes, holding a 22.5% market share. This surge in regulatory scrutiny arrives shortly after a comparable subpoena was sent to Uniswap’s competitor, SushiSwap, indicating an ongoing trend of increased regulatory attention on decentralized trading platforms. In their response to the Wells notice, Uniswap Labs contended that their protocol does not qualify as an exchange under current definitions and is not subject to SEC regulation. The company stated that although it created the protocol, it is now a “passive” technology used for cryptocurrency trading. Uniswap Labs’ Chief Legal Officer, Martin Ammori, stated that the SEC would need to redefine the term “exchange” to claim jurisdiction over Uniswap. Ammori argued that Uniswap was not specifically designed for securities trading and that the majority of its trading volume involves non-securities like Ethereum, Bitcoin, and stablecoins, which account for 65% of the protocol’s volume. Ammori noted that the SEC is attempting to redefine several terms in its regulations to capture Uniswap, a move he said exceeds the agency’s authority granted by Congress. He also pointed to a recent federal court ruling dismissing the SEC’s claims that Coinbase Wallet was an unregistered securities broker, suggesting a similar outcome for Uniswap’s interface and wallet. Uniswap Labs’ lawyers argued that the SEC should not pursue litigation risks by stretching its authority to regulate the protocol. They warned that such actions would drive American crypto investors to use foreign trading platforms and discourage innovation in financial and commercial markets. The filing provided additional insights into the SEC’s potential enforcement action against Uniswap Labs. The SEC is targeting Uniswap’s native UNI token and liquidity provider (LP) tokens. LP tokens are integral to how automated market makers like Uniswap function. Users who deposit assets into the protocol’s trading pools receive LP tokens as a receipt for their contribution. These tokens can be exchanged for the value of the deposits, while the protocol uses the assets to facilitate trading. According to Uniswap Labs’ response to the Wells notice, the SEC alleges that LP tokens are investment contracts whose distribution violates securities law. Uniswap Labs disputes this, arguing that LP tokens are “bookkeeping devices” and do not fit into the SEC’s regulatory frameworks.

EURCAD currency pair be expected to rise further toward the next resistance level 1.5050. – EURCAD reversed from support area – Likely to rise to resistance level 1.5050 EURCAD currency pair recently reversed up sharply from the support area set between the pivotal support level 1.4915 (former monthly high from June acting as the support after it was broken in the middle of July, as can be seen from the daily EURCAD chart below), 50% Fibonacci correction of the upward impulse from June and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which started the active short-term impulse wave iii. Given the strength of the aforementioned support zone, clear daily uptrend and the continuation of the bearish Canadian dollar sentiment due to heavy crude oil losses lately, EURCAD currency pair be expected to rise further toward the next resistance level 1.5050  (former minor support from the middle of August). EURCAD Technical Analysis Report The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

FINRA has launched an online advertising campaign, Get Your Head in the Trade, designed to target new investors who are often unaware of the importance of setting goals, risk tolerance, and risk management. The campaign encourages new investors to understand investment risks and rewards as well as their own financial goals and risk tolerance before making an investment decision. “Millions of investors enter the market each year, about half of them are self-directed” Marcia Asquith, Executive Vice President, Board and External Relations at FINRA, said: “Millions of investors enter the market each year, about half of them are self-directed, and many are using social media as a primary source of information. FINRA is expanding our outreach to meet investors where they are and provide resources to help them make informed investment decisions.” One of the campaign’s posts is titles ‘Am I trading under the finfluence?’ and highlights the issues with the rising popularity of financial influencers in social media. According to data from the FINRA Investor Education Foundation’s National Financial Capability Study, investors who are new, younger or use social media for investing information are more likely than more experienced investors to engage in riskier behaviors, FINRA stated: Over half of new investors invest in crypto assets, nearly one-third trade options, and about one-in-five purchase securities on margin. Holding microcap or penny stocks in one’s investment portfolio was associated with using social media for investment information. About 26 percent of social media users traded more than 10 times a month compared with about 17 percent of non-social media users. ‘Get Your Head in the Trade’ will run for three months on various platforms, including Instagram, YouTube, Spotify and Yahoo! Finance. FINRA.org/tradesmart equips new investors with knowledge, skills, and tools. FINRA fined M1 Finance for outsourcing 1,700 ‘finfluencers’ FINRA recently imposed a fine of $850,000 on M1 Finance LLC for violations concerning its use of a social media influencer program. Marking FINRA’s first disciplinary action specifically related to a firm’s oversight of social media influencers, the fine was levied due to influencers making posts on behalf of M1 Finance that were found to be unfair, unbalanced, or contained claims that were exaggerated, unwarranted, promissory, or misleading. The investigation revealed that from January 2020 to April 2023, M1 Finance compensated social media influencers to produce content endorsing the firm and encouraged the use of a specific hyperlink directing potential customers to its website for account opening and funding. Over 39,400 new accounts were attributed to the efforts of approximately 1,700 influencers. However, the firm failed to ensure that these promotional activities were fair, balanced, and compliant with FINRA rules, notably Rules 2210 (Communications with the Public) and 2010 (Standards of Commercial Honor and Principles of Trade). One highlighted infraction involved misleading representations about M1 Finance’s margin lending program, suggesting more lenient terms than were actually available. This, among other violations, pointed to a lack of adequate review and approval of influencer content, as well as a failure to maintain a suitable supervisory system for overseeing such communications, violating additional FINRA rules and regulations. In response to the enforcement action, M1 Finance has agreed to the findings and consented to implement a supervisory system and written procedures designed to ensure compliance with FINRA Rule 2210, without admitting or denying the charges. This case serves as a reminder of the regulatory expectations for firms using social media and influencer marketing strategies in the financial services industry.

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) today published a trading update for the six-month period ending June 30, 2024. The group’s revenue surged by 16% to over £64 million, compared to £55 million in the first half of 2023. Corporate revenue increased by 12% to £30 million, while institutional revenue grew by 15% to £33 million. Additionally, Cobase revenue saw an impressive 80% rise to £1 million. Average client balances rose by 16% to £2.07 billion. Net Treasury Income (NTI), including both client and own income, reached £42 million, up from £34 million in the same period last year. Total income increased by 19% to £107 million, compared to £90 million in H1 2023. Alpha Group maintained a strong cash and liquidity position, with adjusted net cash of £180 million. The company was included in the FTSE 250 in June, following a successful listing on the Premium Segment of the Main Market in May. Two share buyback programs totaling up to £40 million have been launched, with over £20 million completed to date. Additionally, Dame Jayne-Anne Gadhia was appointed to the Board as Chair Designate in May 2024. Historically, Alpha Group reported its performance through FX risk management and alternative banking. However, to better align with the current operating model, the group will now report through the corporate and institutional markets. The Corporate division operates from its UK headquarter and six additional international sales offices. Despite a challenging business environment, corporate revenues increased by 12% to £30 million. Client numbers grew by 9% to 941, and average revenue per client increased marginally to £63,000. Six of the seven offices grew revenues compared to H1 last year, with the Munich office performing particularly well. Despite a subdued business environment, institutional revenues grew by 15% to £33 million. FX Risk management client numbers increased by 19% to 271, and account numbers rose by 31% to 7,030. The division’s fund finance product, launched in May 2023, has also shown positive performance. Cobase, a treasury-focused technology platform acquired in December 2023, reported £1 million in revenue for H1 2024. Client numbers increased to 169, representing growth of 80% in revenue and 55% in client numbers compared to H1 2023. Meanwhile, interest rates are expected to decline over the medium to long term, which may present a headwind for net treasury income. However, falling interest rates are likely to boost the trading activity of corporate and institutional clients, providing more opportunities for account openings and larger balances. Between January 30 and June 27, 2024, Alpha completed its £20 million share buyback program, repurchasing 1,006,428 shares at an average price of £19.87. Following this, the board launched a second buyback program of £20 million, which commenced on June 28. Since then, the company has purchased an additional 30,000 shares at an average price of £24.20, taking the total value of shares purchased to £20.7 million since January 30, 2024.

The U.S. Commodity Futures Trading Commission (CFTC) has recovered $18 million in digital assets linked to a Ponzi scheme involving a purported “crypto hedge fund” run by Oregon resident Sam Ikkurty. Ikkurty is accused of defrauding investors by promising “net profits” from a crypto fund without revealing that its performance had actually dropped by 98.99% within months, according to a CFTC release. The agency discovered that Ikkurty invested in unstable digital assets, contrary to his claims, and that his supposed crypto expertise was baseless; his personal experience mainly involved losing Bitcoins in a hack. U.S. District Judge Mary Rowland of the Northern District of Illinois ordered Ikkurty and other entities involved to pay a total of $209 million, including nearly $84 million in customer restitution, around $37 million in disgorgement of unlawful gains, and about $110 million as a civil monetary penalty. Additionally, Ikkurty was fined over $14 million for contempt. “The defendants portrayed their programs as cutting-edge crypto and carbon investments when in reality they were plain, old-fashioned Ponzi schemes,” said CFTC Director of Enforcement Ian McGinley. “CFTC staff not only shut down the defendants’ fraudulent schemes and obtained a money judgment of over $200 million, but they also recovered more than $18 million in stolen digital assets that may otherwise have been lost forever.” In a notable part of the order, Judge Rowland classified cryptocurrencies OHM and Klima as commodities, extending the CFTC’s jurisdiction. “The order finds not only are Bitcoin and Ethereum commodities within the CFTC’s jurisdiction, but also ‘OHM and Klima, two non-Bitcoin virtual currencies … qualify as commodities, noting those virtual currencies fall into the same general class as Bitcoin, on which there is regulated futures trading,” the CFTC said in a statement. Both OHM and Klima are smaller cryptocurrencies compared to Bitcoin, Ether, or Dogecoin. The ongoing debate about which assets are securities (under the SEC’s jurisdiction) and which are commodities (under the CFTC’s jurisdiction) continues. While CFTC Chair Rostin Behnam has classified Ether as a commodity, SEC Chair Gary Gensler suggested most cryptocurrencies are securities and has been less clear on Ether’s classification. The case stems from charges brought by the CFTC in 2022 against Ikkurty and Ravishankar Avadhanam for fraud and failure to register with the agency. Avadhanam’s case was dismissed in 2023 as part of an agreement with the CFTC. According to the CFTC, Ikkurty and Avadhanam solicited $44 million from at least 170 investors through a website and YouTube videos, promising to hold and trade digital assets, derivatives, swaps, and futures contracts. Jafia LLC developed a crypto savings note that promised buyers an 18% annual interest. Instead, Ikkurty invested the funds into cryptocurrencies like OHM and Klima and used funds raised for investments to pay off early investors in a classic Ponzi scheme move.  

Ripple CEO Brad Garlinghouse said that the company is “very close” to launching its U.S. dollar-pegged stablecoin during a fireside chat at Korea Blockchain Week in Seoul. Garlinghouse said RLUSD is currently in a private beta phase and will go live within “weeks, not months.” Ripple already kicked off the first tests of its stablecoin, Ripple USD (RLUSD), on the XRP Ledger (XRPL) and Ethereum mainnets. The company plans to deploy this fiat-backed token on additional blockchain networks in the future. The decision to develop a stablecoin came after the depegging of USDC 18 months ago, Garlinghouse explained, noting that Ripple saw an opportunity for a credible player to enter the stablecoin market, which is currently dominated by USDT and USDC. Ripple CEO assured that RLUSD will be overcollateralized, with each unit backed 1:1 by USD reserves or short-term cash equivalents in a bank. To ensure transparency, the firm promised third-party audits and monthly reports on the reserves. Ripple also confirmed its ongoing commitment to both XRP and RLUSD, dismissing rumors that it might shift focus away from XRP. When asked about the possibility of an initial public offering (IPO) in the U.S., Garlinghouse dismissed the idea, citing the SEC’s “hostile” approach toward crypto. He criticized the SEC’s actions, including approving Coinbase’s public listing and later suing the exchange for activities it had previously authorized. Garlinghouse added that he’s confident in the future of crypto, regardless of the outcome of the upcoming U.S. presidential election. He predicted new leadership at the SEC and said current Chairman Gary Gensler has lost support from both political parties. Last month, Ripple was ordered to pay a $125 million fine in its legal battle with the SEC, significantly lower than the regulator’s original demand of $2 billion. Garlinghouse described the judgment as a victory, stating that Ripple was “on the right side of the law and history.” Garlinghouse also criticized the SEC’s recent enforcement action against NFT marketplace OpenSea, arguing that the agency’s stance that NFTs are securities is misguided and that Ripple’s experience shows how costly defending against the SEC can be. Despite these challenges, he remained optimistic about the future of crypto and mentioned the Financial Innovation and Technology for the 21st Century Act (FIT 21) as a positive legislative effort toward clarity in the U.S. crypto sector.

Tonkeeper has unveiled its Adventure Campaign, offering exclusive NFTs and a $1,000 STON prize pool. Engage in challenges, learn about new features, and explore the TON ecosystem. Tonkeeper, a leading non-custodial wallet for the TON ecosystem, is introducing a new community engagement campaign via the Community App. The Tonkeeper Adventure campaign aims to reward users with exclusive NFTs and a share of a $1,000 STON prize pool from Ston.FI for completing various tasks. The initiative is designed to help users gain practical skills and enhance their use of the Tonkeeper wallet. The Tonkeeper Adventure campaign is part of an effort to increase awareness and adoption of the TON ecosystem. Participants will complete a series of challenges to discover new features of the Tonkeeper app, including Battery—a feature that acts as an off-chain account to cover fees when users lack TON—and Swap. Starting on September 5, the campaign will unfold over three seasons, each lasting three weeks. Season one encourages users to explore and utilize the full potential of the Tonkeeper app through a series of gamified tasks organized into blocks. Completing each block will unlock the next, leading users through all three seasons. Those who complete season one will receive an exclusive Tonkeeper NFT and a share of the $1,000 STON prize pool provided by Ston.fi. In addition to Ston.fi, other platforms within the TON ecosystem are participating in the campaign, offering further opportunities for users to learn and earn rewards. By engaging in tasks on social media and within the Tonkeeper wallet, users will track their progress through the three campaign seasons. They will discover new ways to interact with TON applications, enhancing their experience with features for trading, gaming, sending, and receiving assets. Participants who earn all three NFTs will gain access to special perks and bonuses, adding extra motivation to join the Tonkeeper community and participate in the campaign. About Tonkeeper Tonkeeper, developed by the Ton Apps Group, is the top non-custodial wallet for the TON blockchain. It features innovations like Tonkeeper Battery, which manages token and NFT fees efficiently. Tonkeeper also boasts the largest developer platform on TON, with the TON API utilized by over 80% of projects within the ecosystem.

As the U.S. presidential elections approach, global financial markets brace for potential turbulence. Global broker Octa looks at the historical correlation between U.S. elections and stocks, gold, and the U.S. dollar. Financial markets are considered erratic and unpredictable during election times as investors weigh the possibility of major policy changes and economic upheaval.  However, history shows that the U.S. elections never led to anything extraordinary in terms of financial markets’ performance. Analysis of historical macroeconomic indicators fails to yield a conclusive correlation between presidential administrations and economic outcomes. The U.S. stocks tend to become more unstable in the run-up to elections. The U.S. dollar’s value is influenced by how domestic and international markets perceive presidential candidates’ economic policies. Due to its safe-haven status, gold typically experiences increased buying interest during electoral volatility. Economy The relationship between the party affiliations of the U.S. presidents and economic growth has been a topic of extensive research and debate. Historically, some studies have suggested a correlation between the party in power and economic performance. For instance, data from the post-World War II era often shows that the U.S. economy has grown faster under Democratic presidents than Republican presidents. However, this correlation does not necessarily imply causation. Kar Yong Ang, the Octa analyst, said: ‘Economic growth is a function of numerous variables, including global economic conditions, technological advancements, fiscal and monetary policies, and unforeseen events like natural disasters or pandemics. Therefore, attributing economic performance solely to the president’s party affiliation can be overly simplistic and potentially misleading.’ Indeed, the legislative branch also plays a crucial role in shaping economic policy. A president’s ability to implement their economic agenda often depends on the composition of Congress. For example, a president facing a divided government may struggle to pass significant economic reforms, regardless of party affiliation. Still, there is widespread belief that Democratic administrations tend to focus more on fiscal stimulus and social welfare programs, which can boost consumer spending and economic growth in the short term. On the other hand, Republican administrations often emphasise tax cuts and deregulation, which can stimulate business investment and long-term economic growth. The U.S. Key macro indicators under four presidents (2004–2024)  At the same time, both bad and good events happen, regardless of who is in the White House. ‘Quite frankly, sometimes it’s just pure luck that defines Presidents’ track record on the economy. For example, Obama entered the White House when the U.S. economy was just about to start recovering following the great financial crisis of 2007–2008, whereas Trump may be said to be less fortunate as he faced the unprecedented Covid crisis during the final year of his presidency’, says Kar Yong Ang, Octa’s analyst. Overall, judging by historical macro indicators, there is no definite conclusion to make about which President is better for the economy.  U.S. Stocks The U.S. stocks tend to experience increased volatility in the months leading up to an election. This is largely due to the uncertainty surrounding potential policy changes that could affect international trade, economic growth, and geopolitical stability. Therefore, market participants often engage in ‘wait-and-see’ behaviour, holding off on major investment decisions until the election outcome is clear. Historically, the stock market tends to perform better in the year following an election, particularly if the incumbent party wins, as this suggests policy continuity. While elections can certainly stir immediate reactions, historical data reveals that their long-term impact on financial markets tends to be limited. Market performance over the medium to long term is more often influenced by broader economic parameters like inflation trends rather than who wins the election.  Dow Jones Industrial Average (DJIA) performance under four presidents (2004–2024)  Historically, sectors like healthcare, energy, technology, and finance react differently to election results due to their sensitivity to legislative changes. The 2016 U.S. election serves as a notable example of markets reacting strongly to the election results, anticipating tax cuts and regulatory reforms that boosted market sentiment.  U.S. Dollar  Both domestic and international perceptions of the candidates’ economic policies influence the U.S. dollar’s performance during the election years. A candidate perceived as fiscally conservative might strengthen the dollar due to expectations of reduced government spending and lower inflation. Conversely, a candidate favouring expansive fiscal policies could lead to a weaker dollar due to concerns over increased debt. Trade policies are another crucial factor. A candidate with a protectionist stance might introduce tariffs or renegotiate trade deals, which can affect the dollar’s value. Protectionist policies can lead to a stronger dollar in the short term due to reduced imports, but they might also result in retaliatory measures from trade partners, which could weaken the dollar in the long run. Geopolitical stability and foreign relations are additional aspects that can affect the dollar during the election periods. A candidate perceived as more stable and predictable in foreign policy might boost the investors’ confidence, leading to a stronger dollar. On the other hand, a candidate whose policies are seen as potentially destabilizing could lead to a weaker dollar as investors seek alternative assets. The U.S Dollar Index (DXY) performance under four presidents (2004–2024)  Over the past 20 years, the U.S. Dollar Index (DXY) has performed better under Democratic Presidents and had negative returns under Republican leadership. However, as with the U.S. stock indices, it’s crucial not to oversimplify this trend. The U.S. dollar is a global reserve currency influenced by a myriad of factors beyond just presidential policies. Gold Gold, considered a safe-haven asset, typically sees increased demand during election periods marked by uncertainty. Historical data indicates that on a micro level, gold prices tend to rise in the months leading up to an election and may continue to do so if the election results are contested or lead to significant policy shifts. However, Kar Yong Ang, an Octa analyst, notes: ‘If we look at the bigger picture, we see that gold price just generally tends to increase in the long-term and the ideological stance of an incumbent U.S. President has very little or no impact on its performance’. Indeed, the value of gold almost doubled during President Obama’s first term in office but experienced a 30% decline during his second term.     The U.S Dollar Index (DXY) performance under four residents (2004–2024)  According to a study by the World Gold Council (WGC), gold typically performs slightly better in the six months leading up to a Republican president’s election and stays flat afterwards. On the other hand, it tends to underperform before a Democratic president’s election and performs just below its long-term average in the six months post-election period. However, WGC admits that these results are statistically insignificant and that gold is responding not to the party affiliation of an elected President but, more likely, to the expected effect of specific policies. Boilerplate Octa is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilised by clients from 180 countries with more than 42 million trading accounts. Octa’s free educational webinars, articles, and analytical tools help clients reach their investment goals. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities. Octa has won more than 70 awards since its foundation, including the ‘Best Educational Broker 2023’ award from World Business Outlook and the ‘Best Global Broker Asia 2022’ award from International Business Magazine.  The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Magic Square has partnered with Exodus to integrate the Passkeys Wallet into its ecosystem, offering users a streamlined and secure way to manage their crypto assets directly within the Magic Store and Magic Launchpad. Magic Square, a forward-thinking Web3 app store platform backed by Binance Labs, is pleased to announce its new partnership with Exodus Movement, Inc. (OTCQX: EXOD). This collaboration brings Exodus’s Passkeys Wallet to Magic Square’s ‘Magic Store’ and ‘Magic Launchpad’, allowing users to set up and fund a crypto wallet easily within the app. This integration enhances user experience with improved convenience and robust security features. The Passkeys Wallet eliminates the need for browser extensions and supports secure logins through FaceID and TouchID. Users can also complete KYC processes and buy crypto using a card within the Magic Store, all while enjoying a smooth multi-chain experience. Supported networks include Bitcoin, Polygon, Solana, Ethereum, Arbitrum One, Avalanche C-Chain, Base, BNB Chain, Mantle, and Optimism, with additional networks to be added soon. “We are thrilled to integrate Exodus’ Passkeys Wallet into the Magic Store, Magic Launchpad, and across our entire ecosystem,” said Michael Landsberger, COO at Magic Square. “This integration represents a significant step forward in simplifying the crypto experience, enabling our users to manage their assets securely and conveniently within a familiar interface. It also enhances the onboarding process for Web2 users as they transition to Web3, paving the way for the mass adoption of crypto across all our products.” The Passkeys Wallet emphasizes user convenience and security through Multi-Party Computation (MPC) technology. MPC enhances security by requiring authentication via passkey for any wallet action. This integration helps platforms like Magic Square decrease drop-off rates and expand their user base, creating new opportunities for revenue growth. “Integrating Passkeys Wallet with Magic Square’s ‘Magic Store’ elevates the user experience by providing a seamless and secure way to manage and spend crypto assets,” said JP Richardson, CEO of Exodus. “This collaboration with Magic Square is a testament to our commitment to enhancing the Web3 ecosystem by making it more accessible and secure for all users.” Magic Square and Exodus are committed to fostering innovation and improving the multi-chain experience for users in the crypto space. About Magic Square Magic Square is the pioneering Web3 App Store, supported by Binance Labs, created to tackle user acquisition hurdles, boost user engagement, and deliver a rewarding experience through its community-focused platform. The newly launched Magic Launchpad makes Magic Square a comprehensive growth solution, covering everything from discovery to market release. The platform bridges the gap between high-quality users and innovative projects, promoting impactful interactions and growth. For additional details, visit www.magic.store. About Exodus Exodus is dedicated to transforming the traditional finance landscape. Established in 2015, Exodus offers a multi-asset software wallet designed with a focus on user-friendly functionality to simplify cryptocurrency and digital asset management. Compatible with desktop, mobile, and browser platforms, Exodus enables users to securely manage their digital assets with self-custodial features that ensure privacy and control through local encryption on their devices. Users can also access a range of third-party services for over 20,000 digital asset swaps and purchase options. For more details, visit www.exodus.com.

“We bring renown to financial companies and their leaders,” – states Valentina Drofa, the CEO and Co-Founder of Drofa Comms, a leading global PR agency for finance and fintech firms. In an exclusive interview, we sat down with Valentina to talk about how much financial companies need the reputation that comes with PR, how it helps achieve business goals, and whether working on communications can bring clients, partners and promote company growth. Active since 2011, and covering a wide array of services, including executive communications, investor relations, brand building and strategic PR consulting, Drofa Comms has supported hundreds of companies, both startups and fully established ones, on their journey towards global recognition. The agency was ranked among the top-5 UK-based PR agencies by PRovoke Media, a leading intelligence platform in the PR industry, and has also been acknowledged multiple times as one of the best consultancies for companies in the field of finance on the international stage. Valentina, here’s a question that you probably get asked a lot: why do financial companies need public relations at all? It is often said that money loves silence, but PR seems to be about doing the exact opposite and going loud. So how is this paradox resolved? These days, I rarely find myself hearing such a question from our clients. In fact, I feel that the question itself has lost its relevance by now. I have been involved in the financial industry for 17 years now. Early on, I observed that it had indeed been necessary to explain why PR is needed, what companies can achieve with it, and how it differed from marketing and advertising. However, over the last 3-4 years, these questions have almost completely disappeared. PR has become almost as integral to financial companies as sales or accounting departments. It is now a fundamental component of any company that has long-term plans and ambitions for operating in this market. It is possible that my experiences show a case of “survivorship bias,” as our agency only encounters firms that already understand what PR is and know of our experience and capabilities. As a result, these clients already come to us mentally prepared – we do not need to convince them of our usefulness, because they already recognize how our services can benefit them. As for the idea of ‘money loving silence,’ I would say that it greatly depends on what stage of development the company is going through. It is often the case that silence can be detrimental to a business rather than helpful. And this is precisely where Drofa Comms’ expertise comes into play. Part of our role is to assess how and to what extent PR can be of use in addressing the business needs of a company at any given stage of its development. PR in the financial industry is often treated in a very utilitarian manner. A brief press release for new products and a quick statement during crises. Then, the focus shifts back to what is considered the ‘real’ work. Is this level of effort truly sufficient for effective PR? It is important to understand that public relations is not optional; it is not a game that you can simply choose to play or not. It’s an essential component of your company’s existence and operations, going beyond just crisis management. PR is what allows a company to build and maintain its brand, and it lasts as long as your business does. The intensity of communication efforts may vary depending on your needs at any given moment, but forgoing PR altogether is simply not a viable idea. At Drofa Comms, we believe in a comprehensive approach. We don’t work, and will not work, in a format where someone hands us a press release and says, “Let’s do something with this.” To me, that’s not PR. True public relations is about engaging with the audience, managing the company’s brand and fostering relationships with its partners. Simply filling the Internet with a bunch of press releases and links is not the right way to approach communications. If a company wishes to stand out, it needs to talk about its strengths and unique advantages, find ways to connect with its target audience and integrate communications into a comprehensive strategy for brand development and promotion. This is something that our agency excels at. We can help businesses come up with a sensible course of action that leverages a variety of tools and ultimately serves as a way to enhance their operations. This is PR. As for crisis communications, they effectiveness can also be maximized if a solid foundation has already been prepared in advance. This means comprehensive, well-planned work from the very start. Let me share a recent example from our practice. A client came to us, and we began working together by developing a strategy, selecting company spokespersons, and launching regular PR activities. Then the client suddenly faced a crisis situation. Because we had done our homework, our team only needed two hours to prepare everything necessary to address the situation in the media and steer the narrative in the right direction. We already knew our client’s team, their product, the specifics of brand positioning, and so we didn’t lose precious time. Had things not been like that, it would have taken much longer to build up a crisis response, and the outcome could have been completely different. Instead, our client came out of the whole situation with enhanced loyalty from journalists, clients, and the community. Could the situation have been resolved as effectively if most of the work had not been done by us well before the crisis? It would have definitely taken much more time to address it, and the whole thing could have become far less manageable from a communications standpoint. And in the financial sector, as we’ve seen from various crises – both global and corporate – panic and ignorance never work in your favour. But if PR takes so much commitment, how prepared are the companies themselves to put in the work necessary to sustain it? Far from all of them, that much I can tell you. Being ready to go public with your company, to be open about your work and accomplishments, represents a certain stage of development that both the business and its owners must achieve first. Working with us, engaging with journalists, participating in events and activities – all of that takes a lot of time and energy. And committing to these efforts requires the owners to have the right mindset. If a company is prepared to take this step and commit to long-term PR, it demonstrates the seriousness of its intentions. It shows that the owners are confident about the prospects of their business and intend to remain in the market for many years to come. Yes, we will take on much of the work involved in communications, but this doesn’t mean that our clients can simply sign the contract and then forget about it. From our extensive experience, I can confidently say that the companies and managers who are actively engaged in the process and work with us in an open and accessible fashion get the best results. In these partnerships, we operate as parts of the same team. It’s not like buying a football club and expecting it to win championships on its own. For 80% of our clients, we build PR strategies with a long-term perspective in mind. We essentially become part of their team, gaining insight into their plans for the upcoming year. This vision allows us to craft strategies that maximize the effectiveness of their brand communications. As for the remaining 20%, they typically start working with us on a case-by-case basis, focusing on specific projects such as launching a new product or entering a new market. However, once they see the results we deliver, many of them come to appreciate the value of sustained PR efforts and end up signing long-term contracts with our agency, as well. What, then, can a business ultimately gain with such PR efforts? As an agency, what results can they expect from your work? I would love to say that working with us will bring in new clients, investors, partners, or employees. However, setting all of those as specific KPIs right from the start can be risky. If a client comes to us expecting such direct results right away, I have but one thing to say to them: to get these results, you need consistent PR efforts that never stop. The kind of growth we’re talking about here happens to clients that we have been working with for several years. It’s when their internal processes are integrated side by side with our PR efforts that we can truly get transformative results. We get to see in real time how our clients change and evolve along the way. When creating brand positioning and communication strategies, we don’t just base it on where the company stands today. We also consider where it will be in the future – 3, 5, or even 10 years from now. This long-term view determines what we do in the present, ensuring that our actions align with the company’s growth trajectory. Most importantly, we empower our client companies and their leaders to dream big and support them in their ambitions. “Let’s take it as a given that you are already leaders, and proceed with that mindset,” – this is what I tell our clients when we start working together because it helps instil confidence. And what do clients usually say to that? Usually, clients start wondering why they haven’t partnered with Drofa Comms sooner. Through our collaboration, they discover a new approach to PR that they hadn’t considered before. It opens up new possibilities and helps them quickly recognize the value we bring to the table. What is that approach? We are deeply specialized in the finance sector. The questions we ask of our clients are never superficial, reflecting our in-depth knowledge of the market. Sometimes, even during the initial onboarding stage, we can already point out new development vectors, products and possible partnerships for our clients. As a business, Drofa Comms has been around for 13 years, and I can already make the claim that we are a well-aged, classic agency in the best sense of these words. We prioritize meaningful work, putting in the effort to make each company and each spokesperson truly interesting for journalists, instead of just relying on paid publication. We fully immerse ourselves in what our clients are doing, but we are also flexible, capable of adjusting our methods in response to how deep the company is ready to let us in. We can integrate ourselves fully into their team, working together towards shared goals and becoming deeply entrenched in the company’s operations. Or we can remain at a distance and work on specific requests, if our client prefers it this way. Having worked with companies for many years and experienced their journeys at different stages – rebranding, crises, growth – we understand what PR needs a business faces at each and every stage of its development. We set fixed KPIs for our work and always advocate for delivering the best possible results. Our favourite question is ‘Why?’ Why does the client need this particular publication? Why are we offering him an interview or podcast in that specific media outlet? How will this reflect on the business? If we recognize that the situation has changed, and the client needs a new direction, we don’t offer a solution just for the sake of it. Instead, we propose strategies that will help the business continue to grow. I believe that our approach – selling the result, with the process already built in by default – is exactly what the financial sector needs.  

It is imperative for financial services firms to enhance their operational resilience in reaction to the European Union’s Digital Operational Resilience Act (DORA) and other global regulations, says a whitepaper commissioner by Broadridge. ‘Building Resilience Across Borders: A holistic approach to global operational resilience and navigating the regulatory maze‘ highlights the extensive regulatory expectations and the strategic preparations necessary for compliance. Industry needs to address ahead of the January 17, 2025 deadline Mike Sleightholme, President of Broadridge International, said: “Now more than ever, operational resiliency is a critical priority for financial firms around the world, driven by a fundamental need to strengthen trust and security in response to the growing risk of cyberattacks and disruptions. The broad and in-depth scope of DORA mandates a significant transformation in risk management frameworks, policies and governance structures relating to both in-house and third-party systems, posing urgent challenges that the industry needs to address ahead of the January 17, 2025 deadline.” Virginie O’Shea, Founder of Firebrand Research, who worked with Broadridge to develop the whitepaper, said: “Regulators are emphasizing and prioritizing operational resilience, yet there is a growing sense that many firms remain far from ready, exposing themselves not only to operational resiliency risk but also to regulatory compliance risk. Firms must act now to mobilize their DORA action plans, including a detailed assessment of their critical systems and services, and an impact analysis to ensure they can deliver a compliant operating model and meet recovery and reporting objectives aligned to DORA’s requirements.” US, Canada, UK, South Africa, Japan, Hong Kong, Singapore, and Australia also tightening rules The whitepaper concludes that besides the EU, regions such as the US, Canada, the UK, South Africa, Japan, Hong Kong, Singapore, and Australia are also tightening their operational resilience regulations. The global scope and impact of DORA mandates significant changes to operational risk management and resilience across nearly all areas of financial services, impacting firms operating in the EU irrespective of where their headquarters and third-party suppliers are located, the report found. “Clock is ticking, firms must begin their DORA compliance preparations now as the January 2025 enforcement date necessitates extensive system reviews and data reporting readiness,” said Broadridge, adding that firms must focus resources on mobilizing their action plan, potentially leveraging mutualized shared services. The report also warns that noncompliance with operational resilience mandates is likely to result in stringent enforcement actions. Adesso launched Compl.AI for DORA compliance In July, Adesso launched Compl.AI, a tool that leverages generative AI to help financial services firms review contracts in adherence with the European Union’s Digital Operational Resilience Act (DORA) directive. Compl.AI will support banks and insurance companies operating under the directive which requires financial companies based in the EU to improve their IT resilience. It will provide an automated review of service provider contracts for compliance requirements and allow repeated review of contracts in the event of changes in requirements. Compl.AI is a SaaS solution leveraging GenAI technology and the collective knowledge of Adesso’s DORA experts to conduct a fast, automated gap analysis of contracts and documents to review compliance with all DORA requirements. The tool clearly defines whether the requirements have been fully, partially, or not fulfilled, including source and page references. Adesso’s new product aims to reduce the burden on banks and insurance companies, which often have hundreds of contracts in place with different ICT service providers. Laborious manual checks by in-house specialists or expensive external reviewers are now a thing of the past. It is also possible to re-examine amended contracts or perform another check if regulatory requirements are updated. Beeks achieved SOC 2 accreditation ahead of EU’s DORA Beeks recently achieved SOC 2 compliance for its Proximity Cloud and Exchange Cloud products, marking a significant step in reinforcing trust and security in financial markets infrastructure. The SOC 2 accreditation is a voluntary compliance standard for service organizations developed by the American Institute of CPAs (AICPA), which specifies how organizations should manage customer data. The standard is based on the following Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy. The SEC accreditation refers to Beeks’ two distinct products, Proximity Cloud and Exchange Cloud, catering to the specific needs of the financial markets infrastructure: Proximity Cloud: Launched in August 2021, this product is a fully-managed, configurable compute, storage, and analytics platform designed with industry-leading low latency hardware. It allows capital markets and financial services customers to run compute, storage, and analytics on-premise. Proximity Cloud is integrated with Beeks Analytics, enabling clients to monitor their data in real time, control access, and optimize operations through a point-and-click management interface​​. Exchange Cloud: Tailored for global financial exchanges, Exchange Cloud is a fully-managed, configurable compute, storage, and analytics rack built with industry-leading low latency hardware. It allows exchanges to run these services on-premise, providing a multi-home capability that enables exchanges to offer an in co-location, branded solution. This product is designed to meet the specific needs of global financial exchanges, facilitating the running of compute, storage, and analytics with high efficiency and low latency​​. It was earlier this year that Beeks moved from in-house SOC management to BlueVoyant under the recommendation of Microsoft. The cloud computing and analytics provider is now leveraging BlueVoyant’s Managed Extended Detection and Response (MXDR) services to enhance operational resilience and security for Beeks Group. Beeks counts on BlueVoyant’s expertise in operating a 24×7, end-to-end SOC as part of its existing Microsoft technology infrastructure. The decision to partner with BlueVoyant was driven by Beeks’ need to streamline its cyber security operations, reduce operational overhead, and focus on identifying and remediating critical threats. BlueVoyant’s MXDR solutions, recognized by Microsoft as the Security MSSP of the Year in 2023, will significantly reduce the number of alerts for Beeks’ team to respond to, enhancing the overall efficiency of their cyber security efforts.

Web3 venture capital firm DWF Labs has been rewarded for another correct directional bet, this time on the future of AI. Last year, the fund led a $40M round into AI agent network Fetch.ai and this week was remunerated in the form of almost $12M in FET tokens. While the investor is believed to be in no hurry to sell the allocation, the size of the transaction captured the attention of onchain analysts. DWF Receives FET Bonanza Any time anyone receives millions of dollars of tokens in a single transaction, be they a known or unknown entity, it’s bound to attract attention. This despite the fact that dozens of such transactions are made every day across the muli-chain landscape. Wallet trackers such as Cielo, Looksonchain, and EtherDrops have made it their business to notice what whales and other HNWIs are up to and routinely alert their users to transactions of this nature.  Within minutes of a wallet receiving 10M FET tokens, therefore, crypto Twitter was feverishly discussing the news. The value of the transaction is not particularly surprising given that the recipient was DWF Labs, who are known for working with large numbers. Not only do they routinely fund web3 startups, having written checks for 700 such companies to date, but DWF is a major trading firm and market maker – and there’s a high chance those 10M FET end up getting utilized for one of these purposes. Behind the unassuming name, DWF Labs is a whirlwind of activity that serves more crypto verticals and regions than perhaps any other blockchain investor. Its 2023 investment in Fetch.ai is just one of the many shrewd investments it’s made that have vindicated its broad crypto thesis. What Doesn’t DWF Labs Do? It would probably be quicker to list the services DWF Labs doesn’t supply, such is the range of web3 verticals in which its name routinely appears. Founded in 2018, the firm made its name – and its money – from high frequency trading, something which it is still heavily involved with across most of the leading crypto exchanges. It’s also active onchain, participating in DeFi across protocols such as Curve and providing market making services for DEX pools. While the DWF Labs name is familiar to most crypto natives, the names of its founders is less widely known. Founding Partner Heng Yu Lee keeps a low profile on social media, but Partner Andrei Grachev is much more active, as is Partner Eugene Ng, who’s regularly evangelizing for web3 adoption across Asia, where DWF Labs has a particular presence. While its VC deals and onchain paydays tend to attract the most headlines, DWF Labs does a lot of work behind the scenes that, while less exciting, is every bit as important in moving the industry forwards. It’s a regular sponsor of hackathons, and offers grant programs to web3 startups in strategic regions including the Middle East and South East Asia. These are checks that DWF has no intention of seeing a return on: rather, it’s a broader investment in the tech itself and the builders of tomorrow. For every Fetch.ai investment that pays off handsomely, there are many more that take years to mature or that are written off for various reasons. But with over 20% of the crypto projects in the top 100 by market cap having been invested in by DWF Labs in some capacity, and around 35% of the top 1,000, you’d better get used to hearing its name mentioned alongside whale-sized transactions. Moving millions is its business and it’s gotten very good at it. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Reviewing the oil market on the XBR/USD chart as of August 26, when Brent crude was trading near $79 per barrel, we noted the following: → The price was developing within a descending channel (highlighted in red) and nearing its upper boundary, which could potentially act as resistance. → A crucial support level was identified (marked in yellow). → We anticipated that the bulls would need to demonstrate their resolve when encountering resistance around the $80 level. Since then, Brent crude oil has: → Turned downward after failing to sustain a position above $80, continuing its decline within the red channel. → Accelerated its drop, breaking through the critical support around the $75 level. Bearish sentiment has been driven by OPEC+ plans to boost oil production, indicating a shift away from output cuts intended to keep prices elevated. Is Further Decline in Brent Crude Oil Possible? From a technical standpoint, the XBR/USD chart today suggests that sellers are maintaining control, with the price now in the lower half of the red channel, and the RSI indicator moving into oversold territory. Following a roughly 10% drop in Brent crude oil prices since last Monday, the likelihood of a short-term upward correction seems reasonable. However, considering the above, a significant resistance area is likely around $74.50, where: → The median line of the red channel is situated. → The yellow line, which previously acted as support for several months, is expected to now serve as resistance after being breached. In a worst-case scenario, Brent crude oil might fall to the lower boundary of the channel, approaching the psychological level of $70. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Tron founder Justin Sun announced that the SunPump meme token community has opted to implement a 100% onchain buyback and burn process, moving away from the previous plan to burn liquidity pool (LP) tokens. Sun explained on X that the decision came after a community discussion highlighted confusion around the concept of burning LP tokens, which can be complex and lead to misunderstandings. “Many community members don’t fully understand what LP token burning means, which can lead to misunderstandings,” Sun wrote. Initially, the idea to burn LP tokens was inspired by other memecoins like Shiba Inu (SHIB), which used similar practices to increase “token liquidity depth” and make the burned liquidity more usable and regulator-friendly. However, due to the complexities involved, the community decided a 100% onchain buyback and burn would be a clearer approach. Sun said the new process, which began on September 3, is “easier to verify,” more “straightforward,” and removes the need for further explanations. All funds will be recorded onchain for immutable verification, similar to practices by other entities, such as Binance, which conducts buybacks and burns of its BNB token. SunPump surpassed its predecessor, the Solana-based Pump.fun, in daily revenue and activity. According to blockchain researcher Adam, SunPump saw 7,351 tokens launched and $585,000 in revenue within 24 hours, outperforming Pump.fun’s 6,701 tokens and $366,000 in revenue. Earlier in August, a federal judge denied a request from the U.S. Securities and Exchange Commission (SEC) in its ongoing securities fraud lawsuit against the Tron Foundation and its founder, Justin Sun. The case involves allegations that the Tron Foundation, along with the BitTorrent Foundation and Rainberry (formerly known as BitTorrent), violated securities laws. The SEC alleges that the Chinese entrepreneur and his companies conspired to distribute billions of cryptoassets and artificially inflate trade volumes in order to lure in investors. The federal agency also claims that Sun manipulated the price of BitTorrent’s BTT token. Tron’s defense argued that their main challenge focused on the third prong of the Howey test, which concerns the expectation of profits from the efforts of others. They claimed that the SEC’s request for an additional reply, or sur-reply, misrepresented their stance and was unwarranted.