Blueberry, the Forex and CFD broker formerly known as Blueberry Markets, has rolled out a new transaction reporting system in Australia. The system integrates TRAction's reporting solution with the popular MetaTrader 4 (MT4) platform, aiming to simplify the broker's regulatory compliance processes.Blueberry Streamlines Regulatory Reporting with New TRAction and MT4 IntegrationThis launch comes on the heels of Blueberry Australia Pty Ltd, the company's local entity, receiving approval from the Australian Securities and Investments Commission (ASIC) to operate as a retail CFDs brokerage.The new integration is designed to streamline ASIC transaction reporting for Blueberry, addressing the growing complexity of compliance requirements in the financial sector."This partnership showcases our commitment to delivering seamless and compliant solutions, alleviating the burden of trade reporting on teams and allowing for increased capacity to focus on services,” Quinn Perrott, co-CEO at TRAction, commented. The system allows TRAction to pull data directly from MT4, ensuring accurate and timely reporting submissions. This capability is particularly valuable given recent regulatory changes, including updates to EU EMIR Refit and upcoming modifications to similar rules in the UK, Australia, and Singapore."As a globally regulated broker, precise and efficient data reporting is the cornerstone of our commitment to trust and transparency with our clients and regulators," Dean Hyde, Founder and Managing Director of Blueberry, said. “This integration with TRAction and MT4 not only simplifies our complex reporting requirements but also keeps us at the forefront of evolving regulatory demands, allowing us to consistently deliver an unparalleled trading experience,” Hyde added.The launch of the new reporting system coincides with Blueberry's recent rebranding efforts. The company dropped "Markets" from its name and refreshed its visual identity with a new logo and platform design.Blueberry Launched Prop Trading PlatformBlueberry Markets, like several other brokers, previously grey-labelled MetaTrader licenses to prop trading firms. However, earlier this year, multiple props reported that Blueberry had asked them to halt new client onboarding on MT platforms. This move came in response to regulatory scrutiny surrounding MetaQuotes' popular trading tools in the United States.Seizing the opportunity, Blueberry decided to follow the trend of many regulated FX/CFD brokers by launching its own proprietary trading platform called Blueberry Funded. This initiative took place during the summer months of 2024.The prop trading space has seen an influx of brokers offering similar services. ThinkMarkets, IC Markets, Traders Trust, and Trade.com are among the latest entrants to launch prop trading services, capitalizing on the growing popularity of such offerings in the retail trading sector. They join early adopters like OANDA, Hantec Markets, and Axi, who were among the first established brokers to enter this market. This article was written by Damian Chmiel at www.financemagnates.com.

Devexperts has announced an upgrade to its DXtrade multi-asset trading platform through a new integration with risk management company Tapaas. With the newest partnership, platform provider wants to offer FX/CFD brokers more robust tools to evaluate and mitigate potential market threats.Devexperts Enhances DXtrade Platform with Tapaas Risk Management IntegrationThe integration will allow DXtrade-powered brokers to access real-time analytics and alerts from Tapaas, enabling continuous monitoring and swift detection of potential threats to their operations. "Our risk management settings are comprehensive and allow for trading to take place in a safe and controlled environment,” Jon Light, Head of OCD Platform at Devexperts, said. “The integration with Tapaas will complement and further enhance these tools, allowing brokers to effectively monitor risks and take action where necessary."This is not DXtrade's first collaboration aimed at enhancing risk management capabilities for brokers. In early September, Centroid Risk, a platform from fintech company Centroid Solutions, joined the group of firms working with the Devexperts platform.The new features will complement DXtrade's existing risk management functionality, which includes configurable limits on instruments, groups, and accounts, as well as stop-loss and take-profit settings. The platform also offers an embedded trading journal and performance dashboard."The integration between Tapaas and Devexperts for DXtrade responds to an imminent need for existing and prospective clients on both ends,” Tom Vasak, CEO of Tapaas, added. “We're very happy to bring the unparalleled capabilities of Tapaas risk management to a broader audience."This enhancement to DXtrade comes at a time when risk management is increasingly crucial in the volatile FX/CFD trading landscape. It should offer brokers a more comprehensive view of their risk exposure across various trading systems, potentially improving their ability to protect against operational risks.This month, DXtrade also partnered with Finalto to boost liquidity services for brokers. From now on, trading companies can access liquidity across more than 3,000 instruments.Meanwhile, DXtrade has upgraded its platform to better support proprietary trading. The latest update aims to assist brokers and proprietary firms in launching challenges and contests. This new configuration provides tools for organizing competitions using DXtrade XT as a simulated trading environment. This article was written by Damian Chmiel at www.financemagnates.com.

Robinhood Markets (NASDAQ: HOOD) has announced a significant expansion of its trading offerings, introducing index options, futures trading, and a new desktop platform called Robinhood Legend. At its first-ever HOOD Summit in Miami yesterday (Wednesday), the popular zero-commision trading platform confirmed a push to cater to more sophisticated retail investors.Robinhood Targets Active Traders with Index Options, Futures LaunchIn partnership with Cboe Global Markets, Robinhood will soon offer index options trading on its platform, including popular products such as S&P 500 Index (SPX) options, Cboe Volatility Index (VIX) options, and Russell 2000 Index (RUT) options. This addition responds to growing demand from retail investors for more advanced trading tools and risk management strategies."As our customers have grown, they have asked us for access to more advanced assets including index options, which allow them to diversify their portfolio and better manage risk,” Steve Quirk, Chief Brokerage Officer at Robinhood, stated.According to the company's latest financial report for Q2 2024, options trading was one of the key revenue drivers, increasing by 43% year-over-year to $812 million. The company’s total net revenues for the reported period amounted to $682 million.Alongside index options, Robinhood is launching futures trading directly in its mobile app, allowing traders to trade contracts on assets like the S&P 500, oil, and Bitcoin.Perhaps the most significant announcement is the introduction of Robinhood Legend, a browser-based desktop trading platform designed for active traders. The platform offers advanced charting capabilities, real-time data, and customizable layouts, aiming to compete with established offerings in the active trading space."With Robinhood Legend, futures, and index options, we're helping customers harness the full power of the markets so they can take control of their financial future," Vlad Tenev, Chairman and CEO of Robinhood, added. The expansion comes as the options trading market continues to see significant growth. In 2023, US options volumes exceeded 11 billion contracts, marking the fourth consecutive year of record activity. This trend has continued into 2024, with average daily volumes reaching 47 million contracts in the third quarter, an 8% increase from the previous year.Education and PromosTo support the rollout of these new offerings, Robinhood is also enhancing its educational resources. The company plans to provide articles on futures trading through its Robinhood Learn platform and will release a series of educational YouTube videos in the coming months.As part of the HOOD Summit launch, Robinhood is offering bonuses for customers who transfer assets to the platform by October 27, including a 1% bonus on brokerage account transfers and a 3% bonus on IRA transfers for Gold subscribers.The new features will be rolled out gradually over the coming months, with Robinhood Legend already available to some users and futures and index options set to launch on the mobile app in the near future.A few weeks ago, the company also introduced cryptocurrency transfers for users in the European Union. "Support for deposits and withdrawals gives customers more control over their crypto," Robinhood commented. This article was written by Damian Chmiel at www.financemagnates.com.

Neon EVM, a leading Ethereum Virtual Machine (EVM) on Solana, formally adopts Solana Network Extension as a product category, perfectly capturing the essence of this new category. Network Extensions fill a critical gap in the Solana ecosystem. By offering a formal category for projects that natively extend Solana’s functionalities, Neon EVM provides clarity to developers, investors, and users alike. Traditionally, the positioning resulted from the inherent nature of Neon EVM and various other projects (MagicBlock, MetaPlex, etc.) since these are not typical Layer 1 or Layer 2 blockchains. Unlike traditional rollups, L2s, or sidechains, Neon EVM is a program deployed directly on Solana’s blockchain and relies upon its settlement, consensus, and data availability. Today, this makes Neon EVM part of an emerging product category known as Network Extensions—a native, composable expansion of Solana’s core capabilities, stirring up debate.The controversy sparking the Network Extensions categorySolana’s Network Extensions sparked controversy in September 2024, with co-founder Anatoly Yakovenko calling Ethereum’s L2 solutions “parasitic.” Yakovenko argued that L2s drain liquidity and fragment the ecosystem, a view echoed by Solana advocates who said L2s create a disjointed user experience. In contrast, Yakovenko claimed Solana’s Network Extensions are “natively composable” and enhance the core chain without pulling liquidity. Supporters emphasized that they are not disguised L2s but maintain a direct connection to Solana’s base layer, enabling seamless composability without Ethereum’s issues.Network Extensions differ fundamentally from L2s.Unlocking Seamless Ethereum Compatibility on Solana: Neon EVM as a Native Network ExtensionSolana sees its Network Extensions as specialised modules that broaden the L1 blockchain’s core functionalities. These extensions natively integrate with the Solana base layer, allowing new capabilities to be added while preserving the core performance and composability of the underlying L1 chain.Neon EVM epitomises this concept by enabling Ethereum compatibility for dApps while maintaining an execution environment with Solana. Neon isn’t a typical L2—it runs as an EVM (Ethereum Virtual Machine) on Solana’s blockchain, providing compatibility with Ethereum-based applications while remaining fully integrated with Solana's L1. Unlike Optimistic or ZK Rollups, Neon doesn’t process transactions off-chain, but via Neon Proxy. Instead, it allows developers to deploy Ethereum dApps on Solana, leveraging Solana's core capabilities— and no Rust coding is needed. Neon EVM seamlessly integrates with Solana at the protocol level and maps Ethereum transactions directly into Solana instructions, leveraging Solana's advanced Sealevel transactional infrastructure. As a result, dApps running on Neon EVM benefit from Solana's high-throughput environment and unparalleled scalability, enabling parallel processing and efficient execution.This technology positions Neon EVM as a key player in enhancing the accessibility and composability of blockchain applications to the Solana ecosystem. The Solana Foundation team has reiterated Neon EVM’s role as a Network Extension on social media platform X, as seen in the post below, while Anatoly Yakovenko, co-founder of Solana, has clearly stated that Neon EVM is definitely not an L2.Davide Menegaldo, CCO of Neon EVM and highlights the importance of network extensions, stating, “Network Extensions offer a powerful way to enhance and augment the capabilities of blockchain networks like Solana without the downsides typically associated with traditional scalability solutions.” Menegaldo further takes a deep dive and explains the key to determining Network Extensions:- Unified Liquidity: By operating within the same liquidity pool, Network Extensions prevent the liquidity fragmentation that often occurs with Layer 2s or sidechains, ensuring a more unified and efficient ecosystem.-Enhanced User Experience: The user gets to use native wallets and tools with ease, abstracting away all complexities associated with multi-chain and fragmented environments. - Remains native to the host chain, extending core functionality: Network Extensions are deeply integrated into the base layer and do not compete with or directly overlap it. They expand Solana's capabilities by adding new features, new execution environments, storage or consensus capabilities, NFT functionalities without replacing the core functionalities of the underlying Solana environment.Projects like MagicBlock with Ephemeral rollups, and MarginFi, are creating tools, services, and infrastructure that don’t always fit into well-defined single categories of L1 and L2 terminologies.To fully comply with the definition of Network Extensions, Neon EVM will abstract away the complexities of the EVM layer, ensuring a seamless experience for users. EVM developers can fast-track their deployment on Solana without needing to chart the complexities of Rust. Solana users can interact with these dApps through their preferred wallets, such as Phantom, Backpack, or Solflare, paying gas fees in Solana-native currency. This composable and intuitive user experience ensures that while the technology behind these applications is Ethereum-compatible, the end-user will benefit from a unified user experience - without even noticing the underlying Ethereum-like codebase powering the dApps.Neon EVM drives innovation in Solana, expanding beyond traditional blockchain modelsNetwork Extensions in the Solana ecosystem are setting a new precedent for how blockchain infrastructure can evolve beyond the traditional L1 and L2 models. As Solana continues its growth trajectory with Firedancer and many upcoming updates, Neon EVM is poised to play a pivotal role in accelerating innovation, bringing unparalleled growth opportunities to developers and users alike. The future of blockchain is extensible, and Neon EVM is poised to lead the charge beyond the standard pathways.About Neon EVMNeon EVM (https://neonevm.org/) is the first of its kind—a Network Extension on Solana—designed to seamlessly integrate Ethereum Virtual Machine (EVM) compatibility into Solana’s high-performance ecosystem. By operating natively within Solana’s base layer, Neon EVM provides Ethereum developers with a fast, high-throughput pathway to deploy their EVM dApps on Solana, without the need Rust coding, separate blockchain layers, or fragmented liquidity. It enhances the composability of dApps while preserving Solana's core advantages. Neon EVM expands Solana’s capabilities, offering a unified experience where Ethereum-based projects can thrive with the speed and scalability Solana is known for. This article was written by FM Contributors at www.financemagnates.com.

Financial Conduct Authority (FCA) issued a notice flagging a company purporting to be APM Capital Markets Limited, an affiliated company to the entity that bought BUX Financial Services. According to the regulator, the clone firm uses the website www.buxtrmarkets.com to mimic the legitimate www.buxmarkets.com. Clone firms are illegal entities that impersonate authorized financial companies in order to deceive potential investors. Fraudsters create fake websites, emails, and phone numbers, mimicking the details of genuine firms that are regulated by the FCA in the UK. Why You Should Be ConcernedClone firms aim to trick people into thinking they are dealing with a legitimate business, leading to financial losses for unsuspecting victims. The scammers behind these clone firms often use similar names, logos, or contact information, making it difficult for investors to differentiate between the real and fake companies. In this case, the fraudsters are pretending to be APM Capital Markets Limited, a legitimate financial firm. The regulator warned that falling for a clone firm means that one will not be protected by the UK's Financial Services Compensation Scheme (FSCS), which safeguards clients if a financial firm goes out of business. Additionally, since clone firms are unregulated, users will not also have access to the Financial Ombudsman Service if they have a complaint. You risk losing your entire investment, with little chance of recovering your funds if the scam is uncovered, the financial watchdog said. Identifying Clone FirmClone firms often create websites with similar URLs to real companies, like www.buxtrmarkets.com, which mimics the legitimate www.buxmarkets.com. Scammers may provide fake phone numbers, emails, and postal addresses that seem similar to the real firm's details. The regulator has also urged the public to use the FCA's Financial Services Register to confirm the firm's contact details, especially if they are dealing with them for the first time. The FCA advised clients that investors should always check whether a financial firm is authorized before engaging with them.BUX Financial Services was sold to Asseta Holding, the parent company of UAE-based investment firm APM Capital, in July. The acquisition came after ABN AMRO finalized the acquisition of BUX’s Netherlands operations, which is operating as a neo-broker. The UK unit of BUX provides CFDs and financial spread betting services. This article was written by Jared Kirui at www.financemagnates.com.

South Africa's financial regulator withdrew the license for the online trading platform Banxso due to concerns about the firm's operational practices and potential risks posed to clients. The FSCA mentioned today (Wednesday) that Banxso's license was withdrawn due to findings suggesting that the company could be engaging in practices posing risks to clients. The authority's concerns include the firm's alleged association with misleading deepfake advertisements and aggressive sales tactics employed by its agents. Regulatory ActionsThese tactics reportedly pressure clients into making hasty decisions without the necessary risk and need analysis. The FSCA noted that such actions breach regulatory guidelines and raise ethical questions about client treatment. The provisional nature of the withdrawal indicates that the FSCA is still assessing the situation, allowing the FX/CFD brokerage firm an opportunity to respond and possibly overturn the decision once the investigation concludes.“The FSCA has taken this step because it is concerned that there may be a risk of harm to clients and/or the general public if Banxso continues its operations as a financial services provider,” the regulator mentioned.“The provisional withdrawal is based on preliminary investigation findings regarding the activities of Banxso and its possible association with the Immediate Matrix deepfake advertisements. Once the investigation is finalized, the FSCA will consider the investigation and any submissions by Banxso.”In response to the ongoing investigation, the FSCA escalated its actions by notifying the Financial Intelligence Centre (FIC). On October 2, 2024, the FIC intervened by placing a hold on seven of Banxso's bank accounts, citing concerns over potential financial misconduct. Banxso Fights Back Banxso challenged this step in the Western Cape High Court, seeking to lift the restrictions. However, on October 8, the court ruled against the firm, maintaining the hold on the accounts.In a further development, the Asset Forfeiture Unit of the National Prosecuting Authority became involved. On October 14, 2024, the NPA secured a preservation order for the funds in Banxso's accounts, emphasizing the seriousness of the situation and the potential for legal repercussions.Banxso still holds other licenses in various jurisdictions. Early this year, the brokerage company obtained an Investment Dealer license from Mauritius's Financial Services Commission. The license enables Banxso to offer a range of financial products and services to its international clientele in compliance with Mauritius' regulatory guidelines. This article was written by Jared Kirui at www.financemagnates.com.

Interactive Brokers opened its new office in Dubai International Financial Center (DIFC). The company expects this move to enable it to open access to global markets for traders and investors in the UAE and across the Gulf Cooperation Council region. Interactive Brokers Expands to DubaiInteractive Brokers' decision to establish a presence in the Middle East reportedly comes amid a surging demand for financial services in the region. The DIFC office will serve a broad range of clients, including active traders, high-net-worth individuals, hedge funds, and family offices.Investors using Interactive Brokers reportedly have access to more than 150 global markets across regions and asset classes. Whether trading in stocks, options, futures, bonds, or currencies, clients can do so from a single unified platform, the company mentioned. Dubai International Financial Center has grown into a global financial hub for technology and innovation in the industry. Interactive Brokers mentioned that the hub is ideal for serving its local clients. The brokerage firm holds a Category 4 license from the Dubai Financial Services Authority.Early this month, Interactive Brokers partnered with Acuity Trading to integrate the research arm of the latter into its platform. This collaboration seeks to boost the research and decision-making tools available to investors using Interactive Brokers' services.Recent PartnershipsInteractive Brokers also partnered with Saudi Arabia'sCapital Market Authority-licensed firm SNB Capital to enable international investors to trade directly on the Saudi Exchange. The agreement allows Interactive Brokers clients to diversify their portfolios by investing in Saudi equities, global stocks, ETFs, and other securities from a single platform.In an announcement, Interactive Brokers mentioned that its users can now buy and sell Saudi stocks, real estate investment trusts (REITs), and exchange-traded funds (ETFs) under the partnership. Saudi Arabia's stock market, often considered the gateway to the Gulf Cooperation Council (GCC), reportedly features over 415 listed securities across 22 sectors.Meanwhile, Interactive Brokers Group released strong trading metrics in September, including a substantial boost in client engagement and financial performance. The company posted a substantial increase in Daily Average Revenue Trades and client equity.DARTs were 2.634 million, a notable 46% increase compared to the previous year, The figure, however, dropped 3% from August. Client equity jumped to $541.5 billion, representing a 46% year-over-year growth and a 5% boost since August. This article was written by Jared Kirui at www.financemagnates.com.

“In recent years, the price of gold has been on the rise, and we have maintained the same spread levels since 2019,” Exness’ CTO Igor Desyatov told Finance Magnates in a recent interview. “On our Standard account, the spread was 20 cents more than 95% of the time, even though the price of gold had doubled during that period,” he explained. “This naturally increased trading volumes in gold, making the transaction costs relatively tight.”Exness reduced its spreads on gold and oil, two of the most popular commodities in trading today. The company is betting that more traders will be drawn to its platform with these reduced costs as gold continues to rise in price and oil remains a key asset despite macroeconomic fluctuations. Gold and OilThe company reduced the spreads for gold from 20 cents to 16 cents on its Standard accounts and from 20 cents to 11 cents on its Pro accounts. Oil spreads also saw a significant decrease, down to just 2 cents on Standard accounts. Desyatov discussed these changes, revealing how they reflect the company's strategy to adapt to market demands.“The gold market is highly developed, and brokers have been competing to offer the best conditions for trading gold in recent years. Over the past five years, the share of gold trading has grown significantly across the industry. For many market participants, gold has become the number one trading instrument,” he said.“Oil is also quite popular, though its demand fluctuates depending on the macroeconomic environment,” he continued. “Our strategy is to provide the best conditions for top trading instruments, and oil is a prime example.”Over the past five years, the interest in gold trading has surged. Desyatov attributes this to its status as a safe-haven asset, especially in times of economic uncertainty. On the other hand, Oil, while influenced by macroeconomic conditions, continues to attract consistent trading interest. Additionally, market volatility has played a crucial role in Exness’s decision to adjust spreads. Desyatov explained that changing interest rates and economic conditions, particularly in the aftermath of the pandemic, have led to a shift in global asset allocation. “Macroeconomic factors have a substantial impact, particularly with the changing interest rates during and after the pandemic,” Desyatov explained. “These shifts have influenced global asset allocation in trading. Gold is often seen as a hedge against inflation, and volatility in the equities market is closely tied to interest rates. As a result, we do observe a correlation.” Gold, often seen as a hedge against inflation, has gained even more traction in the current environment. The correlation between equities market volatility and the popularity of gold is evident as traders seek stability in unpredictable times.The reduction in spreads is not just a cost-saving measure for traders but could lead to increased trading volumes. As transaction costs go down, Desyatov predicts that traders will be more inclined to engage in more frequent trades, ultimately boosting activity on the platform.“We know that when transaction costs decrease, trading volumes tend to increase, and this is exactly what we have observed,” he said. “Reducing transaction costs is a broader trend, and we believe that the industry should continue to focus on this as technology allows for greater efficiency.”Long-Term EffectWhile cutting spreads may seem like a revenue sacrifice for brokers in the short term, the long-term benefits are clear. Desyatov emphasized that not adapting to lower transaction costs could be detrimental to any brokerage firm. “Periods of high volatility present both challenges and opportunities. The challenges are primarily technological, such as ensuring stable performance even when liquidity is low. It is particularly difficult to maintain very stable and low spreads during these times,” he noted.Desyatov also commented on the aspect of long-term revenue generation in light of the increasingly competitive prices, particularly in the gold market. “Revenue generation depends on the broker’s strategy, but given the industry trend, not reducing transaction costs could be detrimental in the long run.”Traders are seeking out the most favorable conditions, and Exness’ efforts to reduce transaction costs aims to position it as a strong contender in this race.“We know that when transaction costs decrease, trading volumes tend to increase, and this is exactly what we have observed. Reducing transaction costs is a broader trend, and we believe that the industry should continue to focus on this as technology allows for greater efficiency.”Finance Magnates recently reported that Gold prices have skyrocketed to unprecedented levels, reaching a new all-time high of $2,685. Despite a slight decline, these prices remain near record levels. According to the report, this jump is due to a combination of favorable economic factors, including China's stimulus measures, Middle East geopolitical tensions, and recent monetary policy decisions by major central banks. This article was written by Jared Kirui at www.financemagnates.com.

The European Securities and Markets Authority (ESMA) has responded to the European Commission's proposal to amend the Markets in Crypto-Assets Regulation (MiCA) Regulatory Technical Standards (RTS). In its response, ESMA acknowledges the legal limitations outlined by the Commission. It also emphasizes the importance of the policy goals stated in the proposal.Proposed Amendments to MiCA RegulationESMA's Opinion recognizes proposed amendments to two RTS. These amendments detail the information required for notification by financial entities wishing to offer crypto-asset services. They also specify what is needed for applications from entities seeking authorization as crypto-asset service providers (CASPs). ESMA states that these RTS aim to improve the assessment process for CASPs and financial entities looking to provide crypto-asset services in the European Union. To support these goals, ESMA recommends that the Commission consider changes to the MiCA regulation (Level 1). Key suggestions include requiring applicant CASPs and notifying entities to submit results from an external cybersecurity audit. ESMA also proposes checks on the good repute of management members, specifically regarding any penalties beyond certain laws.Commission to Review RTSOn March 25, 2024, ESMA released its first final report on the draft RTS and sent it to the Commission for adoption. ESMA has now shared its opinion with the Commission, the European Parliament, and the European Council. The Commission has the authority to adopt or reject the proposed RTS, while the European Parliament and the Council can raise objections within three months.Meanwhile, the European Union is working to reduce the securities settlement cycle from two days (T+2) to one day (T+1), aligning with international trends. ESMA has noted challenges such as the need for harmonization and modernization of systems, as reported by Finance Magnates. This upgrade will require substantial investments, and market participants are seeking amendments to the Central Securities Depositories Regulation for a smooth transition. ESMA is collaborating with the European Central Bank and other authorities to establish a governance structure that ensures an inclusive and coordinated approach for the T+1 transition across the EU. This article was written by Tareq Sikder at www.financemagnates.com.

German investors trading derivatives can finally breathe a sigh of relief as lawmakers plan to repeal a punitive tax rule on CFDs. The country’s ruling coalition is set to repeal the regulation, which restricted traders from offsetting losses against profits up to a certain limit. The €20,000 loss offset limit impacted the tax liabilities of CFD brokers. Germany’s Traffic light coalition has now agreed to abolish this rule, retroactively applying the change to 2020, several local media outlets reported.Fairer Tax Treatment This decision could mean substantial refunds for those affected, finally allowing traders to fully offset their losses against gains from past years. The controversial €20,000 loss offset limit was introduced as part of Germany’s annual tax laws. Under this rule, investors could only deduct losses from futures transactions, including CFDs, against profits up to the capped amount. Many traders, particularly those dealing with volatile markets like CFDs, were affected by this rule. This repeal is expected to particularly benefit CFD traders, as CFDs are considered forward transactions under German tax law. Efforts to repeal this law have been in motion since June 2022, when the Federal Fiscal Court deemed the loss limit unconstitutional.The court ruled that the €20,000 cap violated principles of equal treatment, as it unfairly limited traders' ability to offset their losses. Last year, the ruling coalition, led by the Free Democratic Party, formally committed to reversing the rule.Commenting about the latest development, Jens Chrzanowski, the Director of XTB Germany, said: “The new taxation law applies to CFDs and eliminates the difference between CFDs and other leveraged instruments. As a result, all of them are now treated equally when it comes to taxation. The impact on CFD brokers was significant although it came with some delay. Looking at the data from Germany's CFD association, the drop in the CFD trading volumes reached over 60% in Q1 2023 compared to Q1 2022.”What This Means for CFD TradersCFD traders will now benefit from offsetting losses without a restrictive cap. They can apply losses from 2020, 2021, and 2022 against any profits they made during those years. Additionally, this repeal will affect future transactions. Germany’s decision to align its tax policy more closely with the realities of derivatives trading could make the country more attractive for investors in these instruments.According to a report by Finance Magnates, the tax regulation was pushed almost secretly through the Bundestag during the 2020 Christmas holidays. The proposal was reportedly first introduced and then passed more than a year ago. It limited investors' ability to subtract losses above the capped threshold from capital gains or any other positive income. Losses not offset can be carried over to subsequent years, but the limitation on the amount still applies. This article was written by Jared Kirui at www.financemagnates.com.

Italy plans to raise the capital gains tax on Bitcoin from 26% to 42%. This decision is part of the government’s efforts to finance costly election promises while reducing the fiscal deficit.Deputy Finance Minister Maurizio Leo announced the change during a conference call today (Wednesday). He indicated that the move is in response to the increasing popularity of Bitcoin, referring to it as a “spreading phenomenon.” This statement was reported by Bloomberg.Regulatory Changes Affect BitcoinOther countries have previously attempted to tax cryptocurrency trading, but these efforts have often failed to significantly boost government revenues. For example, India introduced stringent digital asset taxes two years ago. This led to a decline in trading volumes, as many local investors shifted to offshore platforms to avoid the taxes.Italy's announcement comes at a time when the European Union is preparing to implement new regulations for cryptocurrencies. Known as MiCA, this regulatory framework is expected to be fully in effect by the end of this year.⚡️JUST IN: ?? Italy is reportedly considering raising its capital gains tax on #Bitcoin and other cryptos from the current 26% to as high as 42%.@paoloardoino, any chance you can stop this? ? pic.twitter.com/v7cvpWiDyY— Satoshi Club (@esatoshiclub) October 16, 2024Despite the tax increase, Bitcoin's value has risen. As of 12 pm in London on Wednesday, Bitcoin was trading 1.8% higher. The cryptocurrency has experienced a 17% increase in value over the past month.Concerns Over Global Crypto StructuresThe European Securities and Markets Authority (ESMA) has issued an Opinion regarding the authorization of global crypto firms under the MiCA Regulation. The Opinion addresses risks associated with these firms seeking EU authorization while maintaining significant operations outside the EU's regulatory scope, as reported by Finance Magnates. ESMA expresses concerns about complex structures, such as EU-authorized brokers routing orders to non-EU venues, which may impact consumer protection. It advises National Competent Authorities to evaluate these structures carefully and emphasizes a case-by-case assessment of execution, conflicts of interest, and custody obligations. This article was written by Tareq Sikder at www.financemagnates.com.

CoinDesk, a media and data company in the cryptocurrency sector, has acquired CCData, a UK FCA-regulated administrator. CCData is known for providing digital asset data and index solutions. This includes CryptoCompare, a popular retail site with over 300,000 active users.The acquisition aims to enhance CoinDesk's information services and data products. It also presents cross-selling opportunities for CCData and CryptoCompare, which serve a broad range of institutional and retail clients.CoinDesk Media Reaches 45.5 MillionCoinDesk Media provides news, analysis, and real-time insights related to digital assets and blockchain technology. The company's events attract professionals from the industry. During the first half of 2024, CoinDesk Media's products and services reached an estimated audience of 45.5 million people.Since its inception in 2014, CoinDesk Indices has played a notable role in the digital asset market. According to the company, it has facilitated investment with tens of billions of dollars in benchmarked assets. Its flagship products include the CoinDesk Bitcoin Price Index (XBX) and the CoinDesk 20 Index, both of which have established industry standards for measuring and trading digital assets. The recently launched CoinDesk 20 perpetual futures contract has garnered significant institutional interest, resulting in a trading volume exceeding $8 billion."Over the past ten years, CCData has become one of the most respected and reliable data platforms for digital assets, earning the trust of numerous users seeking to understand and leverage their potential," said Sara Stratoberdha, CoinDesk CEO. ?Breaking: CoinDesk has acquired CCData and its retail branch, CryptoCompare, which serves more than 300,000 active users.Source: @CoinDesk #CoinPedia #CryptoNews #Blockchain pic.twitter.com/kmgXIvSZ1I— Coinpedia (@CoinpediaNews) October 16, 2024Integrating with CCData PlatformCCData offers institutional-grade data solutions, a digital asset index suite, and research aimed at government and institutional clients, as well as retail investors. The integration of CCData's data platform and CryptoCompare into CoinDesk is expected to enhance its data offerings, increase subscription revenues, and complement existing solutions from CoinDesk Indices and CoinDesk Media. This article was written by Tareq Sikder at www.financemagnates.com.

South Africa’s Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of over 1 million rand (about US$57,000) on Kabelo Emanuel Mogale for providing forex trading signals without a financial services provider licence and also debarred him for ten years.It is the first such administrative action in the country against a trading signal provider.Signal Providers Need a Financial Services LicenceIn an announcement today (Wednesday), the South African regulator clarified that “the practice of providing or publishing signals with reference to online trading in financial products falls within the definition of financial services in the FAIS Act, and as such, persons providing such signals require a financial services provider licence.”It further highlighted that providing such trading signals without a licence is a criminal offence in the country.The action against Mogale resulted from an investigation following complaints received by the FSCA that he might have been “providing unauthorised financial services through Forex Private Jet Injectors (Private Jet).” The regulator found that Mogale provided forex signals via Telegram to his clients and also recommended their “trades in forex currency pairs.”“The Penalty Was Inevitable”The nature of the action is unusual as none of the mature global markets require forex signal providers to be licensed.However, Jimmy Moyaha, Founder and MD of Lebowa Capital, thinks that “the penalty was inevitable.”“Signals are advisory in nature,” he added, “as they provide clear price levels and risk management parameters for those taking the signals. Advisory services have always been regulated services.”Interestingly, the Australian financial market watchdog banned one financial influencer, or ‘finfluencer,’ from offering share purchase recommendations on private online forums, mandating him to obtain a licence. However, the Aussie agency did not define “signal providers” and if all such finfluencers would need a licence.Signals providers in other jurisdictions also faced actions for unlawful actions, but not particularly for unlicensed activities of providing signals.The South African regulator, on the other hand, also elaborated that providing trading signals has receded to the practice of recommending trades and prices in financial products to clients. Signal providers usually make money through subscription fees or a percentage of profits and even “benefit through commissions paid by brokers” when clients suffer losses.“It is not unusual for signal providers to provide fictitious signals and display doubtful evidence of wealth to lure clients into participating,” the regulator highlighted, asking traders not to engage with any unlicensed signal providers.“The FSCA has communicated, on numerous occasions in the past, that signal providers need to be appropriately licensed and regulated to offer those services,” Moyaha added. “This first fine demonstrates the potential consequences of not having the correct regulation in place as a service provider.” This article was written by Arnab Shome at www.financemagnates.com.

The Funded Trader, a prop trading firm, has announced that its sister company, The Futures Traders, will introduce Volumetrica Trading as a new trading platform. According to the firm, this collaboration aims to enhance the trading experience for users.Volumetrica Trading is known for its professional trading and analytical platforms, which focus on order flow analysis. These platforms were developed by a small group of individual traders. Community Feedback for New PlatformThe Funded Trader claims that their in-house technology will complement Volumetrica's offerings, potentially positioning them as a competitive option in the trading industry.The company has stated that development of the new platform is underway. They plan to involve their community in the process by polling users for feedback. The post reads: “Development is in full swing & we’re excited to involve you! Soon, we’ll poll the community to help build the entire program—your feedback will shape it all.”? Big news! We’re thrilled to announce our sister company @tft_futures will offer @VolumetricaT as a trading platform for our launch! ⚔️ With our in-house tech & this fast-growing platform, we’re set to deliver an experience that rivals the BEST in the industry. ??…— The Funded Trader (@thefundedtrader) October 16, 2024Details regarding the launch timeline have not been disclosed. However, the company suggests that the upcoming platform could influence the trading landscape.DXtrade and Match-Trader LaunchLast month, The Funded Trader announced that its platforms, DXtrade and Match-Trader, are now accessible to traders globally, including those in the United States, as reported by Finance Magnates. Both platforms provide various features, such as modern user interfaces, multiple trading tools, and integration with TradingView charts. The company states that these updates aim to improve the trading experience.Previously, The Funded Trader informed users on X about its migration to the cTrader platform, impacting approximately 4,700 traders. The announcement included instructions for the migration process, requiring traders to close open trades by a specified deadline. This article was written by Tareq Sikder at www.financemagnates.com.

The Securities and Futures Commission (SFC) expressed support for the initiatives highlighted in the Chief Executive's Policy Address aimed at strengthening Hong Kong's position as a leading international financial centre (IFC). SFC Chairman Tim Lui endorsed the proposed measures, which are designed to make the city a more attractive hub for fundraising, investment, and wealth management.Kelvin Wong Tin-yau will take over as SFC Chairman on October 20, 2024, replacing Lui, who has served in the role for six years, as reported by Finance Magnates.Expanding Hong Kong’s Global PresenceThe initiatives focus on enhancing Hong Kong's role as a gateway to Mainland China, improving market access, and developing the city's offshore renminbi (RMB) business through enhanced RMB fixed income market infrastructure and the creation of more RMB-denominated investment products.Key strategies also include attracting major enterprises to list in Hong Kong, expanding the city's international presence, particularly in the Middle East and Southeast Asia, and improving market efficiency through optimised listing procedures and reduced transaction costs. The SFC will also support efforts to build a Fintech innovation ecosystem and strengthen the regulation of virtual asset trading.“We fully support the measures outlined by the Chief Executive to enhance the city’s appeal as a preferred hub for fund-raising, investment as well as asset and wealth management,” said Lui, the SFC’s Chairman. “The expansion of the offshore RMB bond markets in Hong Kong, coupled with the development of a commodity trading ecosystem and a gold market, would further enhance the status of Hong Kong as an international fixed income, currencies and commodities hub.”Collaboration Supports Wealth ManagementFurther collaboration with sovereign funds in Belt and Road regions, the launch of exchange-traded funds tracking Hong Kong indices in the Middle East, expanded tax concessions for funds and family offices, and the adoption of ISSB Standards will help solidify Hong Kong’s role as a global asset and wealth management hub.The SFC will work closely with the Hong Kong government and other key stakeholders to ensure these initiatives are implemented. This article was written by Tareq Sikder at www.financemagnates.com.

Recent financial market volatility didn't do much to boost retail trader deposits in the US, which declined for the second consecutive month. According to the latest August data, the result was the worst since the beginning of the year, dropping 5% from 2024 highs.FX Deposits in US Shrink by Another $15 MillionAccording to the latest data from the Commodity Futures Trading Commission (CFTC) for August 2024, the total value of FX deposits in the US amounted to $530.1 million, falling 2.8% from $545.5 million reported a month earlier. In nominal terms, the decline was over $15 million, the strongest in 2024.After reaching local highs in June, the value of FX deposits in the US has been shrinking for two consecutive months and is currently at its lowest since January 2024, when it was just under $530 million.The data doesn't align with the Cboe report from the same month, which showed forex market activity remaining high, with volumes rising to $1.1 trillion.Only Charles Schwab and Interactive Brokers Reported GrowthLooking at the distribution of volume declines among individual trading companies, only Charles Schwab and Interactive Brokers reported positive changes. Charles Schwab saw a 2.2% increase, while Interactive Brokers experienced a significant 12.5% growth, equivalent to $3.7 million.On the other hand, IG US recorded the strongest depreciation at nearly 15%, dropping by $9 million to $33.7 million. OANDA also noted a substantial nominal loss of almost $8.3 million. However, in percentage terms, it was significantly smaller than IG US, at 4.5%.Financial Reporting Requirements for US Forex BrokersThe CFTC plays a crucial role in ensuring the financial health and transparency of Forex brokers operating in the United States. Retail Foreign Exchange Dealers (RFEDs) and Futures Commission Merchants (FCMs) must submit detailed monthly financial statements to the regulatory body.These reports are required to include essential financial metrics such as:Adjusted net capitalClient assetsRetail forex obligationsRetail forex obligations represent the total assets held by FCMs or RFEDs on behalf of their clients, accounting for any realized profits or losses. This requirement applies to all 62 registered RFEDs and FCMs in the United States, including well-known entities like Charles Schwab, Gain Capital, IG, Interactive Brokers, OANDA, and Trading.com. These firms must publicly disclose their financial commitments, promoting industry-wide transparency.Recent observations suggest that FCMs are heavily investing in cutting-edge front-end technologies. This strategic move aims to improve operational efficiency and strengthen their competitive position in the dynamic derivatives market. This article was written by Damian Chmiel at www.financemagnates.com.

The biggest publicly listed Wall Street Bitcoin (BTC) miner, MARA Holdings (NASDAQ: MARA), has announced the acquisition of a $200 million line of credit. The credit facility is secured by a portion of the company's crypto holdings, highlighting the growing trend of cryptocurrency-backed financing in the corporate world.MARA Leverages Bitcoin Stack in $200 Million Credit DealThe statement presented yesterday (Tuesday) by MARA doesn't delve too deeply into details, only informing that the cryptocurrency miner used a portion of its substantial Bitcoin stack to secure a $200 million line of credit.What will the funds be used for? Here too, no detailed information was provided beyond a general statement that "MARA may use the funds to capitalize on strategic opportunities and for other general corporate purposes."It's worth noting that MARA, known as Marathon Digital Holdings until August, is the largest BTC producer listed on Wall Street, with a current market capitalization of nearly $5 billion. It significantly outpaces Core Scientific, which is in second place with a value of $3.3 billion.The move comes a few months after MARA decided to purchase Bitcoin for $249 million. In August, it successfully completed a $300 million offering of convertible senior notes, most of which was allocated to buying BTC. MARA is currently the second-largest public holder of Bitcoin, right behind MicroStrategy. According to Bitbo data, it holds 0.12% of the total BTC supply, or nearly 26,000 tokens, with an estimated value of almost $1.8 billion.MARA Stock: Potential for a 50% Rebound According to MacquarieDespite the recent rebound in Bitcoin's price, which is returning to around $68,000 this week and has grown by 60% in 2024, MARA shares haven't given holders as much joy. Year-to-date, they're down 28% and tested nearly year-long lows in September.However, the latest report from financial group Macquarie suggests that this situation may soon change. The firm initiated coverage of the company's shares with an "Outperform" rating and claims that its move towards artificial intelligence (AI) and high-performance computing (HPC) could lead to a 50% increase in valuation. Macquarie's current price target for MARA shares is $22, the highest since July.Wall Street Bitcoin Miners Move to AI and HPCMARA is at the forefront of a trend among Bitcoin miners, which involves seeking new sources of income from their massive data centers (so-called mines) in the face of growing competition and difficulties in the mining sector, while industry margins are declining.While MARA has not made any official announcements regarding a shift towards AI, recent changes in leadership suggest a potential move in this direction. The company has bolstered its Board of Directors with new appointments, including individuals with significant experience in artificial intelligence and data center operations. Industry analysts are taking note of the potential for Bitcoin mining companies to pivot towards AI and high-performance computing. Matthew Sigel, head of digital assets research at VanEck, projects that this strategic shift could generate substantial value for mining firms in the coming years. Sigel points out the synergy between AI companies' energy needs and Bitcoin miners' access to power resources, stating, "AI companies need energy, and Bitcoin miners have it. As the market values the growing AI/HPC data center market, access to power—especially in the near term—is commanding a premium.”MARA Stock: Frequently Asked Questions (FAQ)What is MARA?MARA, formerly known as Marathon Digital Holdings, is the largest publicly-listed Bitcoin mining company on Wall Street. It operates as a digital asset technology company that mines cryptocurrencies with a focus on the blockchain ecosystem3.Why is MARA in the news?MARA recently announced access to a $200 million line of credit backed by its Bitcoin holdings. This move highlights the growing trend of cryptocurrency-backed financing in the corporate world.What is MARA's current stock price?As of the latest data, MARA's stock price is $15.21 per share. However, stock prices can fluctuate rapidly, so it's best to check real-time market data for the most current price.What do analysts predict for MARA stock?Macquarie financial group has initiated coverage of MARA with an "Outperform" rating and suggests the stock could grow by 50%. Their current price target for MARA shares is $22, the highest since July.How much Bitcoin does MARA hold?MARA is currently the second-largest public holder of Bitcoin, right behind MicroStrategy. It holds approximately 26,000 tokens, or 0.12% of the total BTC supply, valued at nearly $1.8 billion.What is MARA's market capitalization?As of the latest data, MARA's market capitalization is approximately $4.44 billion. This article was written by Damian Chmiel at www.financemagnates.com.

Donald Trump is doubling down on economic policies he claims will be a game-changer for the American economy, but critics aren’t convinced. As he navigates the turbulent waters of his latest campaign, the 2024 election may hinge on whether voters buy into his vision of economic revival or side with his critics—among them, Vice President Kamala Harris.Trump’s economic playbook isn’t shy about its aims. Lower taxes, sweeping tariffs, and reduced federal spending are at its core. But while these sound familiar to anyone who lived through Trump’s first term, experts are questioning whether this version of “America First” will pull the U.S. out of its current inflationary spiral—or throw it deeper into economic turmoil.Tariffs, Inflation, and a Potential MeltdownOne of the most controversial aspects of Trump’s latest economic plan involves the return of tariffs, particularly a proposal for a 10% tariff on all imports. In his recent speech at the Economic Club of Chicago, Trump painted tariffs as a win for the American worker, ensuring that jobs stay in the U.S. However, tariffs could spell bad news for the average consumer already battling sky-high inflation.Trump's economic plans would worsen inflation, most mainstream economists say https://t.co/Oq5nmKiaHD— The Associated Press (@AP) October 15, 2024According to expert analysis, tariffs would likely lead to higher prices on goods ranging from electronics to groceries. Critics argue that such measures could actually worsen inflation, which is already a sore spot for many voters heading into the election. While Trump touts these tariffs as a fix for the nation’s economic woes, economists warn of a “boomerang effect” that could hurt the middle class the most.Inflation: Already High, and About to Get Higher?Inflation is already top of mind for Americans, and Trump’s policies could crank up the heat even further. Critics like Kamala Harris and economists from across the spectrum have raised red flags about how Trump’s economic vision could exacerbate inflation rather than tame it.INFLATION IS A DISASTER! https://t.co/hkmTSuQK0K pic.twitter.com/3enYt6w1SL— Donald J. Trump (@realDonaldTrump) September 26, 2024The fear is that Trump’s tax-cutting agenda is poised to benefit the wealthiest Americans while leaving middle and lower-income earners to grapple with rising costs of living. Trump has brushed off these criticisms, arguing that his policies won’t burden the federal debt. But experts are skeptical. A combination of tax cuts and reduced government revenue would almost certainly balloon the federal debt, putting more pressure on future generations. Meanwhile, Harris, who has consistently positioned herself as a counterbalance to Trump’s populist rhetoric, argues that the former president’s economic policies are out of touch with the needs of everyday Americans.Economists expect higher inflation, higher national deficits, and higher interest rates under the policies proposed by former President Donald Trump pic.twitter.com/oabjU2TkOG— House Judiciary Dems (@HouseJudiciary) October 15, 2024Election Showdown: Trump vs. Harris on the EconomyAs the 2024 election looms, the economy is shaping up to be the defining issue of the campaign trail. Trump is betting big on his longstanding promise to “make America wealthy again,” but his critics say his policies could make everyday life more expensive. With inflation already a hot-button issue, Trump’s economic approach has drawn sharp criticism not only from his political opponents but also from economists who say his plan could derail economic recovery.Kamala Harris, in contrast, has consistently focused on policies aimed at reducing inflation and promoting economic equality. She has slammed Trump’s proposals as “irresponsible” and “dangerous,” suggesting that his plans would push the U.S. further into an inflationary crisis. Harris’s own economic platform emphasizes investment in infrastructure, green energy, and reducing wealth inequality—policies she argues are more aligned with the realities of today’s economy. Although, she still hasn't convinced the crypto crowd.Can Trump's Policies Secure Him Another Term?At the heart of Trump’s economic proposals is a gamble—one that could either propel him to a second term or spell the end of his political career. His base remains loyal, drawn to his promises of lower taxes and protectionist trade policies, but the broader electorate may be harder to convince.Voters are grappling with inflation, stagnant wages, and an uncertain economic future. If Trump can convince them that his economic policies will bring prosperity and end this period of volitility, he might just pull off another victory. But if Kamala Harris and the Democrats can successfully paint his economic plans as reckless, Trump could find himself out in the cold.For more news around the fringes of finance, visit our Trending section. This article was written by Louis Parks at www.financemagnates.com.

TradingView, the financial platform and social network for traders and investors, announced today (Wednesday) the integration of IG, a publicly listed provider of online trading services and CFDs, into its broker ecosystem.IG Joins TradingView's Broker Integration PlatformThe addition of IG to TradingView's roster of integrated brokers offers users direct access to IG's trading services through the platform interface. This integration allows TradingView's community of traders and investors to leverage IG's offerings without leaving the platform.Founded in 1974, IG is one of the few brokers that is publicly traded. The company serves over 340,000 clients worldwide from 17 offices across five continents. The broker offers spreads starting from 0.6 points on key FX pairs, 0.8 points on major indices, and 0.1 points on commodities. Additionally, IG emphasizes safety by holding client funds in segregated accounts.“Now that IG has joined the TradingView trading ecosystem, its services have become even more accessible for our millions-strong community of traders and investors,” TradingView commented. “To start navigating markets with IG, head to the trading panel, find the broker’s icon, and log in with your IG account details.”This month, TradingView also partnered with another popular FX/CFD broker, Markets.com, which is part of the Finalto Group. Additionally, Tradu, a multi-asset trading provider, and the cryptocurrency exchange HTX have joined the ranks of TradingView's partners.TradingView Enhances Futures Data for SGX and ICE Futures SingaporeIn a separate announcement, TradingView revealed significant improvements to its futures data offerings, specifically for contracts from the Singapore Exchange (SGX) and Intercontinental Exchange (ICE Futures Singapore). One key update allows users to choose between the settlement price and the last price as the closing value on charts. The settlement price, calculated at the end of the trading day by averaging final bid/ask prices and other values, offers traders a more stable reference point for assessing gains or losses. Users can easily switch between these options using the SET button at the bottom of the chart or by adjusting settings in the chart menu.Another notable feature is the ability to back-adjust contracts in continuous futures. This function helps smooth out price differences that occur when switching between futures contracts, eliminating roll gaps. When a chart shifts to a new contract, the system calculates a coefficient based on the price difference between the old and new contracts, ensuring better alignment of previous contracts and providing a more consistent historical view.Lastly, TradingView has introduced the ability to view open interest values for Singapore futures. Open interest, representing the total number of active contracts that haven't been settled, is a crucial metric for gauging market activity. Users can access this data through the "Indicators, Metrics & Strategies" menu by searching for the Open Interest indicator.These updates are part of TradingView's ongoing efforts to improve its platform, which now provides access to over 2 million financial instruments worldwide through hundreds of data feeds. This article was written by Damian Chmiel at www.financemagnates.com.

Saxo Bank's UK branch has reported impressive growth in 2023, increasing its assets under management (AUM) to £2 billion and achieving a higher net profit of £11.2 million compared to the previous year.Saxo Capital Markets UK Ltd Boosts Revenue and Profits in 2023Despite identifying several challenges in its latest report filed with Companies House, including "ongoing geopolitical volatility, the cost of living squeeze in the UK, and continued challenges in the UK equity markets," the final results paint a largely positive picture.The firm's AUM grew by 15% to £2 billion, up from £1.6 billion reported the previous year. The total number of clients increased by 4,000 to 127,000, while profit before tax rose by 13% to nearly £15 million.Delving into the report's details, we see that the company's trading revenue remained relatively stable at £27.9 million, compared to £27.6 million the year before. The absence of additional costs incurred in 2022 resulted in a final profit for the year after tax of £11.2 million, a 7% increase from the £10.5 million reported in the previous year."We are driving client retention, activating our new and existing clients with timely, relevant, and engaging content, and improving our service levels to meet our high expectations," Saxo UK commented in its latest report.As for the entire Saxo Group, in 2023 it reported a net profit of DKK 260 million, a decline from the previous year’s DKK 711 million. The latest adjusted net profit stood at DKK 653 million, reflecting an 8.1%.Earlier this year, the company experienced a significant leadership change as CEO Charles White-Thomson announced his resignation. White-Thomson, who played a vital role in guiding the financial technology giant, also stepped down from the Board of Directors of Saxo Capital Markets UK Ltd. This article was written by Damian Chmiel at www.financemagnates.com.