Federal banking regulators have imposed a combined $136 million in fines on Citigroup Inc. and its subsidiary Citibank, N.A. for ongoing deficiencies in risk management, internal controls, and data governance.Regulators Slap Citigroup with $136 Million in Fines for Risk Management FailuresThe Federal Reserve Board levied a $60.6 million civil money penalty against Citigroup, while the Office of the Comptroller of the Currency (OCC) assessed a $75 million fine. These actions stem from the banking giant's failure to adequately address longstanding issues identified in enforcement orders issued by both regulators in October 2020, when the institution already paid $400 million"Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies," said Acting Comptroller of the Currency Michael J. Hsu. "While the bank's board and management have made meaningful progress overall, including taking necessary steps to simplify the bank, certain persistent weaknesses remain, in particular with regard to data."Regulators fine Citigroup $136 million in setback for CEO Jane Fraser https://t.co/N2896CnvA5 via @YahooFinance— Shanny Basar (@shannybasar) July 11, 2024The Federal Reserve's penalty follows a 2023 examination that found Citigroup had made insufficient progress in enhancing its data quality management program and implementing appropriate compensating controls to mitigate associated risks. These shortcomings constitute violations of the 2020 cease and desist order, which mandated significant improvements in Citigroup's risk management and internal control practices.The OCC's amended enforcement action requires Citi to prioritize remediation work, including through the allocation of sufficient resources. The regulator cited the bank's failure to meet remediation milestones and make sufficient and sustainable progress towards compliance with the 2020 order.Both regulators emphasized the need for Citigroup to accelerate its efforts to address these longstanding issues. The penalties underscore the ongoing challenges faced by one of the world's largest financial institutions in modernizing its risk management and data systems.Jane Fraser, the CEO of Citigroup, addressed the imposed penalties in a statement on Wednesday, saying, "We've always said that progress wouldn't be linear, and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our transformation. We're committed to spending what is necessary to address our consent orders.Citigroup has consented to the orders without admitting or denying any allegations. The penalties will be remitted to the US Department of the Treasury. The regulators warned that further material failures to remediate these violations could result in additional penalties or corrective actions under the Federal Deposit Insurance Act.Algo Trading ViolationsThese are not the only penalties that Citigroup has received in recent months. Several weeks ago, Germany's financial regulator, BaFin, imposed a €12.975 million ($13.82 million) fine on Citigroup Global Markets Europe AG for breaching obligations related to algorithmic trading under the country's securities trading laws. A month earlier, Citigroup Global Markets Limited (CGML) received a combined fine of £61.6 million from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This significant penalty was due to a trading system failure that resulted in the firm inadvertently selling $1.4 billion worth of equities across European exchanges. This article was written by Damian Chmiel at www.financemagnates.com.

Bank of Israel (BOI) has postponed the launch of the digital shekel until the European Central Bank (ECB) unveils its digital euro, Reuters reported. BOI will wait for major Western central banks to take the first step in adopting central bank digital currencies (CBDCs). Digital Shekel Debut BOI's Deputy Governor Andrew Abir told the media publication: "We are all waiting for the first western central bank to pull the trigger, which is almost certainly going to be the ECB. And then you may see a rush of countries going forward with it." As of March, 134 countries, encompassing 98% of the global economy, are exploring digital versions of their currencies. China leads with advanced pilot programs, while the US Federal Reserve lags behind. The Bank of Israel initiated its exploration into CBDCs in 2017, aiming to enhance its payments system.The BOI's interest in a digital shekel intensified in November 2020. Collaborating with central banks from Hong Kong, Sweden, Norway, and the Bank for International Settlements. BOI has been testing its digital currency in an initiative termed the "Digital Shekel Challenge," which invites fintech and traditional financial companies to showcase potential use cases.Despite these efforts, the BOI is uncertain about the eventual launch of a digital shekel. The current experiment serves as an "action plan" to be implemented when deemed necessary and appropriate.The ECB shares similar hesitations, with the potential introduction of a digital euro still uncertain. Europe's dependence on cross-border payment services from US giants like Visa and Mastercard adds to the complexity.Public Adoption UncertaintyAbir highlighted the challenge of public adoption, stating that the concern is whether the public will adopt a digital currency. The BOI is conducting a behavioral study to understand the public willingness to embrace a digital shekel.Abir pointed out the gap between theoretical studies and practical usage. He said that some studies are pushing people to use digital currency. However, he maintains that there should be a good set of use cases.As the BOI waits for the ECB's move, the global financial community remains keenly interested in how digital currencies will reshape economies and payment systems. The success of the digital euro could pave the way for Israel's digital shekel and potentially revolutionize global financial transactions. This article was written by Jared Kirui at www.financemagnates.com.

Flipster, a cryptocurrency derivatives trading platform, is celebrating its 1st anniversary by launching two competitions and giving away 150,000 USDT worth of prizes. Since its launch, the Flipster platform has been fueled by a 1,943% trading volume growth and 3,998% net asset growth. These figures accompany an equally impressive 190% sign-up growth, and a 565% growth in active traders, with users spanning across 177 countries, reflecting strong user retention and platform satisfaction.A fast-growing cryptocurrency trading platform, Flipster has a daily trading volume exceeding $480,000,000, according to CoinMarketCap data as of the date of this release.Source: CoinMarketCapPlatform Highlights· Wide variety of crypto: Traders can access over 250 perpetual futures listings with leverage of up to 100x, including tokens not readily found on other futures trading platforms and some with low visibility in spot markets, offering more diversification opportunities.· Zero Trading Fees: Our zero trading fees allows traders to maximize their profits by eliminating transaction costs, making Flipster attractive for retail users seeking the best prices compared to other exchanges.· High Liquidity: Flipster offers narrower bid-ask spreads and higher liquidity than larger trading platforms, facilitating seamless trading regardless of market conditions.The past year has been packed with top-tier partnerships to bring the Flipster trading experience to a whole new level, including TON (The Open Network), Over Protocol, and Scallop (SCALLOP).Flipster’s commitment to being the fastest trading platform to offer the world's first perpetual futures listings on the latest cryptocurrencies, with recent listings including ZRO, ZK, AEVO, BLAST, and ETHFI, appeals to serious traders looking to elevate their crypto game. The Flipster team aims to continually reimagine what exists in the crypto space to unlock unprecedented value for users. Through its Earn Campaign, users can trade while earning a 20% APR* (varies daily) on their USDT wallet balance simultaneously, with no lock-up period and automatic daily reward distribution. Other latest innovations include multi-position trading, launchpool, and position airdrops.User safety and asset security comes first on Flipster. The trading platform adheres to strict Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols. Industry standard security measures such as two-factor authentication is compulsory for all user accounts, and the Flipster team performs continuous monitoring of all transactions for suspicious activity. To protect users’ accounts, Flipster continuously updates and improves its security measures in response to emerging threats and technological advancements, and performs ongoing security assessments and compliance checks. As part of its commitment to transparency, Flipster conducts regular audits of its reserves and has published its Proof of Reserves (PoR) on its website. PoR is a form of verification that ensures all user assets held on Flipster's platform are fully backed on a 1:1 basis and are securely managed. The safeguarding of their assets is always a top priority for Flipster. By doing this, users can easily authenticate that their assets are fully accounted for, reinforcing the trust and confidence they have in Flipster, and giving them peace of mind.To celebrate this 1st anniversary milestone and appreciate the community’s support, Flipster is excited to announce two competitions, with prize pools of 75,000 USDT each. Users can take part in a trading volume competition or profit and loss (P&L) trading competition from 17 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC. Be among the first 12,000 users to register for each competition from 10 July 2024 at 00:00 UTC to 25 July 2024 at 00:00 UTC for participation eligibility. To claim rewards, users need to contribute a trade volume value of at least 10,000 USDT. The top 200 traders for each competition can get their share of rewards. Flipster plans to host in-person meet-ups, offline events, social media contests, and more trading competitions. Stay tuned for more information.About FlipsterFlipster (https://flipster.io/) is among the fastest-growing crypto derivatives trading platforms, offering lightning-fast perpetual futures listings on the latest cryptocurrencies. The easy-to-use platform provides users with an all-in-one trading experience with leverage of up to 100x on over 250 tokens with high liquidity and zero trading fees. For media enquiries or interview requests with the team, please reach out to pr@flipster.io.Contact This article was written by FM Contributors at www.financemagnates.com.

Cyprus has issued an alert to financial professionals, emphasizing their pivotal role in thwarting terror financing. This directive by the Institute of Certified Public Accountants of Cyprus (ICPAC) highlights heightened scrutiny on cryptocurrency transactions and non-profit organizations (NPOs), which are increasingly susceptible to exploitation by terrorist entities.Preventing Terror FinancingThe ICPAC's "terror financing alert" is calling on Cyprus' accounting and audit sectors. Acknowledging the evolving landscape of financial crime, the alert directs attention to five primary methods of fund transfer, prominently featuring cryptocurrencies. According to the institute, these digital assets, known for their pseudo-anonymous nature, present a growing challenge in tracking illicit financial flows. The directive emphasized the importance of transaction monitoring and conducting Know Your Client (KYC) procedures as essential defenses against terrorist financing activities.Under the alert, ICPAC highlighted specific risk areas where financial professionals must intensify their vigilance. It urged charitable organizations and NPOs, often targets for illicit funding, to scrutinize donations. The proximity of operations to conflict zones or jurisdictions under sanctions amplifies these risks, necessitating due diligence on ownership structures and funding sources.Monitoring financial activities associated with terrorism financing is reportedly complex, ranging from minute transactions to substantial sums. Historically reliant on intelligence and information, these efforts now place greater responsibility on financial professionals as frontline gatekeepers. Cryptocurrency and Emerging RisksOf particular concern are crypto assets, increasingly favored by terrorists for their anonymity and global accessibility. ICPAC's alert has stressed the importance of screening crypto wallets against sanctions lists and monitoring transactions for suspicious patterns, including the use of mixing services.ICPAC mentioned that the regulatory frameworks and technological tools employed to combat the misuse of crypto in funding terrorism must evolve as crypto evolves. Notably, the failure to report suspicions of terrorist financing constitutes a serious offense under Cyprus' Combating of Terrorism and Victim Protection Law of 2019. The directive serves as both a regulatory guideline and a stark reminder of the legal repercussions for non-compliance within the financial sector. ICPAC plans to further bolster its guidance on terrorist financing, ensuring members and firms remain adept in navigating these complex regulatory landscapes. This article was written by Jared Kirui at www.financemagnates.com.

Kraken has announced a partnership with Atlético de Madrid. This partnership makes Kraken the Official Crypto and Web3 Partner of the Spanish football club. Starting in the 2024 season, Kraken will also be the Official Sleeve Partner for all men’s and women’s football shirts of Atlético de Madrid.Atlético Madrid Welcomes KrakenThis partnership aims to combine sports and web3 technology. The goal is to create more opportunities for both Spanish football fans and Kraken's crypto clients. Kraken plans to use this partnership to drive global innovation and increase fan engagement.We are excited to announce our partnership with @Atleti!Together, we are advancing crypto adoption both on and off the pitch. Starting from the 2024/25 season, our logo will proudly appear on the sleeves of Atletico Madrid's playing kits. ❤️ ? pic.twitter.com/IJKiLhf5dl— Kraken Exchange (@krakenfx) July 10, 2024“Kraken and Atlético de Madrid believe crypto and football both have the potential to transform lives,” said Kraken Chief Marketing Officer Mayur Gupta.“We’re proud to partner with such a distinguished football club, which equally recognises that success requires a meticulous focus on its own processes. We’ve put in nearly 13 years to become one of the most trusted crypto platforms and we look forward to collaborating with Atlético de Madrid to educate more people about the true potential and value of crypto.”Kraken Expands into GermanyEarlier, Kraken unveiled a strategic partnership to expand its presence in the European market, particularly in Germany, a key region for crypto adoption. Starting around July 10, 2024, this collaboration will allow Kraken to offer German clients a wide range of innovative crypto products, as Finance Magnates reported. The partnership leverages the expertise and infrastructure of DLT Finance, a subsidiary of DLT Securities GmbH and DLT Custody GmbH, both licensed by BaFin, Germany's financial regulatory authority. DLT Finance specializes in digital asset prime brokerage and crypto custody services, ensuring secure and compliant transactions for German users. This article was written by Tareq Sikder at www.financemagnates.com.

Digital asset research firm 10x Research has warned that the price of Bitcoin (BTC) could fall to $50,000, predicting a significant correction as the price continues to crash. 10x Research believes the current decline may be the start of a further plunge.According to CoinMarketCap data, Bitcoin is trading at $57,767 after losing nearly 4% in the last 24 hours and more than 5.5% in 7 days. Also, MarketWatch data shows that the king coin has lost more than 18% in 1 month and over 15.6% in 3 months. Nonetheless, BTC has risen by 37.41% and over 90.5% in the last year. Despite price swings, many still see BTC as one of the best digital assets for investment. This position varies because while some consider Bitcoin the top-rated cryptocurrency, others, like Michael from 99Bitcoins, believe the best crypto to invest in may be a meme coin like Pepe Unchained (PEPU) or WienerAI (WAI). These new assets have a high potential for growth, and offer earning options via staking, with massive APY rewards. Explaining Bitcoin's Potential PlungeNevertheless, 10x Head of Research Markus Thielen warns of a potential fall. According to Thielen, one of the major factors against Bitcoin's rise is the asset's technical and psychological support level at $60,000. Explaining that this is an important point for spot BTC exchange-traded fund (ETF) buyers and Bitcoin miners, Thielen also points out that it marks the "bottom" of the asset's three-month trading range. Sounding a note of warning, the analyst wrote:"Price declines could accelerate as support gets broken and sellers scramble to find liquidity. Only ill-informed traders are willing to buy here. Breaking this support could cause a sharp decline to the low $50,000s." For about a month, 10x Research has repeatedly offered a bearish narrative for Bitcoin. In May, 10x Research faulted the popular stock-to-flow model for a few reasons, including its failure in at least one previous projection. Recently, the research firm warned that the "Trump Pump," from the Bitcoin market rally that followed Trump's increased chance of winning the election, is unsustainable because the election has not yet been decided. In addition, a previous research report includes several reasons Bitcoin could plunge. One of these is the likelihood of miners liquidating more BTC even as the price neared $60,000.Another factor that may further Bitcoin's plunge is a 10x Research market structure analysis, which concludes that inflows to the Bitcoin market have peaked. According to 10x, miners, stablecoin issuers, and ETFs are "no longer positively contributing to liquidity in the ecosystem." While there are also several bullish forecasts, Bitcoin is still well below itsMarch record.Interestingly, a 10x Research note to investors recommended maintaining positions with Bitcoin and avoiding Ethereum.Market Reaction to Bitcoin CrashThe crash in Bitcoin's price has triggered heavy liquidations in the last 24 hours. According to data from CoinGlass, total liquidations in the past 24 hours hit $369.83 million, across 131,389 traders. The total comprises $332.72 million and $33.58 million, in long and short trades, respectively. The largest single liquidation order occurred on Binance, an ETHUSDT order valued at $18.48 million. Rating by exchange, Binance had the largest amount of liquidations at $175.53 million, with OKX and Huobi in the second and third positions at $99.61 million and $46.44 million, respectively.Despite the continuous slump in Bitcoin's price, El Salvador still buys one Bitcoin daily. El Salvador first announced the plan in November 2022 under President Nayib Bukele's leadership, and has continued its accumulation. The country, the first to officially recognize Bitcoin as legal tender, also added mining to its Bitcoin endeavors and has produced more than 470 Bitcoins in three years. As of May, the treasury holds 5,750 Bitcoins. This article was written by FM Contributors at www.financemagnates.com.

Nearly two months after an Australian federal court ordered Prospero Markets' closure, the company's liquidators released a report estimating its assets at $4.5 million and $20 million in client trust funds, with an additional $400,000 held in Singapore.Prospero Markets, incorporated in 2010, evolved through acquisitions and rebranding to become a key player in OTC foreign exchange and derivatives trading by 2020. However, the company's fortunes took a sharp downturn following the prosecutions of its key managers of alleged involvement in a money laundering scheme. Frozen AssetsThe Australian Securities and Investments Commission commenced a formal investigation in November 2023, resulting in the freezing of the company's assets and the suspension of its Australian Financial Services Licence.Preliminary findings indicated that Prospero Markets had surplus net assets at the time of the liquidation appointment. However, the liquidators faced significant challenges due to limited cooperation from the company's management and incomplete records. Despite these hurdles, they secured access to essential data, including the MT4 trading platform, to verify client claims.Client trust claims, estimated between $19.1 million and $25 million, represent the majority of the company's liabilities. The liquidators are scrutinizing these claims, including larger-than-expected submissions from Australian clients and claims from Prospero Markets LLC, a related entity now also in liquidation. They believe that some of these claims may not be valid, potentially reducing the total liability to around $19.4 million.Distributing FundsThe liquidators have implemented a manual verification process and are seeking court directions on handling and distributing trust funds to expedite the process. Assuming limited opposition, the court process is expected to take 6-10 weeks, with distributions commencing shortly thereafter.Despite the liquidation, Prospero Markets appears to be solvent, with sufficient assets to cover all client and creditor claims. The company's substantial trading losses of $25 million over five years were funded by shareholder contributions. This financial backdrop, coupled with regulatory changes in 2021 that reduced leverage for retail clients, underscores the challenges faced by the company.The liquidators aim to complete the liquidation process within twelve months, pending court proceedings and further regulatory investigations. Their preliminary review suggests that any residual funds after settling creditor claims will be distributed to shareholders, subject to POCA orders requiring payments to the Official Trustee at AFSA. This article was written by Jared Kirui at www.financemagnates.com.

Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham bravely shared her statement following the Sanctions Motion filed by My Forex Funds (MFF). She expressed her deep disappointment with the blatant misrepresentations of facts that CFTC staff members made in court. Nevertheless, she was “not surprised”.Her comments last week highlighted the actions of the regulatory agency in a specific case against MFF and its CEO, Murtuza Kazmi. The timing of the criticisms was also interesting. The court is about to rule on whether to impose sanctions against the CFTC, as requested by the prop trading firm.Unethical Conduct by a Government AgencyEvery once in a while, defence attorneys representing clients in enforcement proceedings encounter unethical conduct from lawyers representing governmental agencies. This happens in the United States and other countries. It is always very disappointing and concerning. However, a defendant and their lawyers rarely decide to proceed with a sanctions motion.Again this is from one of the CFTC’s own commissioners, Caroline Pham. She believes the CFTC took a “ready, shoot, aim” approach to some of the charges filed against MFF and “is engaging in an unprecedented overreach” pic.twitter.com/7Bri9TfHZS— MD Financial Skills (@MDiamondFinance) July 3, 2024Enforcement proceedings are always a significant challenge. Further annoying the government by filing a sanctions motion is not a move that most defendants would be willing to make. This is even more true for the defence bar.The lawyers are typically “Repeat Players”. They have ongoing relationships with government lawyers and are usually unwilling to jeopardize such a relationship for any specific matter. This is why the motion filed by MFF is especially important. It reveals how MFF's counsel tried to get the CFTC enforcement staff to correct their misrepresentations of facts and unethical conduct, but encountered a clinical and condescending response. There was zero accountability. Unfortunately, this too will not come as a surprise to defence attorneys, who every once in a while run into similar situations.Government Lawyers Put Agency’s Integrity at StakeEnforcement agencies hold a great amount of power. As Uncle Ben told young Peter Parker: “With great power comes great responsibility.” That means the government lawyers cannot afford to slip. They cannot be allowed any wiggle room when it comes to their integrity, because this isn't just about their personal integrity. It's about maintaining the integrity of the governmental agency they serve and the sovereign nation it represents.For this reason, the motion is crucial, and therefore it triggered Commissioner Pham’s statement. She reiterated the importance of integrity and ethical conduct by government lawyers. She urged an agency response that strives to even partially meet the standards of internal investigations and audits that the CFTC demands of its supervised entities. Things shouldn’t have come to this.The CFTC enforcement division should have taken these allegations more seriously. It should proactively have taken responsibility for cleaning up intentional misrepresentations of facts. It hasn’t, and now it needs to answer to the court.Courts typically favour the government, but in this case, the court must hold the CFTC accountable for its wrongdoing. Especially in enforcement cases, the judicial system has to be perceived as fair. When the enforcement agency doesn’t play fairly in one case, it creates a huge dent in the public’s trust across the board. Commissioner Pham’s statement is an important step in the right direction, which the CFTC enforcement division must continue.Hi, friends! Another dull update in #myforexfunds vs the #cftc. Yesterday, the CFTC submitted a letter to Judge Linares further arguing that they shouldn't have to provide some of the docs MFF wants. The judge still has until July 15 to decide which docs the CFTC must produce pic.twitter.com/nvUssBoiVF— MD Financial Skills (@MDiamondFinance) June 19, 2024The Impact on MFF’s Ongoing CaseAnother interesting question is how this fiasco will impact the legal proceedings against MFF.From a formal legal point of view, CFTC staff made these alleged misrepresentations of facts in an attempt to obtain a restraining order against the defendants in the MFF case. This is a separate proceeding, with a very specific objective (freezing assets). Theoretically, it does not address the many questions of law and fact that will be addressed in the main proceedings.That being said, the CFTC has lost a very important element that plays a crucial role in every enforcement action – credibility. The new CFTC legal team will undoubtedly have to fight the case with a big shadow looming over them. It is difficult to gauge exactly how this new situation will impact the proceedings. However, people don’t like to be lied to and have a hard time forgetting after someone tries to deceive them. This article was written by Zvi Gabbay at www.financemagnates.com.

Banking rules and guidelines significantly influence the financial environment of the Asia-Pacific (APAC) region, affecting everything from market stability to public confidence. The regulatory frameworks established across APAC nations aim to maintain the integrity of financial institutions, safeguard consumers, and foster sustainable economic development. However, the varied economic conditions and regulatory approaches within the region create both opportunities and challenges for stakeholders.In APAC, the approach to banking regulation differs widely from one country to another, reflecting the distinct economic contexts and policy priorities of each country. For instance, Australia, Singapore, and Hong Kong have positioned themselves as prominent financial centers with robust regulatory frameworks that encourage transparency, stability, and innovation. Other approaches have been less successful, as several countries’ regulatory frameworks have struggled keep pace with the rapid growth of their financial sectors. In these markets, regulators face the dual challenge of promoting financial inclusion and ensuring stability. Developing a balanced regulatory environment that supports growth while protecting consumers is critical for these emerging economies.Why Stability Matters in APACOne of the key impacts of banking regulations in APAC is the enhancement of financial stability. Regulations such as capital adequacy requirements, stress testing, and liquidity standards are designed to ensure that banks maintain sufficient capital buffers to withstand economic shocks. These measures are crucial for preventing bank failures and maintaining public confidence in the financial system. For example, Australia’s regulatory body, the Australian Prudential Regulation Authority (APRA), has implemented stringent capital requirements to ensure the resilience of its banking sector.Consumer protection is another vital aspect of banking regulations in APAC. Ensuring the security of customer deposits, promoting fair lending practices, and safeguarding personal data are essential components of regulatory frameworks across the region. These measures help build trust between financial institutions and their customers, fostering a stable and inclusive financial environment.In addition to ensuring stability and protecting consumers, banking regulations in APAC also promote financial inclusion. By creating a regulatory environment that supports the development of new financial products and services, regulators can help expand access to banking services for underserved populationsBanking Regulations Takes Centre Stage at FMPSThis topic will take a central role at the upcoming Finance Magnates Pacific Summit 2024 (FMPS), the year’s largest professional event in APAC. This premium event looks to bridge the B2B and B2C space, taking place in Sydney, Australia on August 27-29. Prospective attendees can expect to meet, network, and engage with the industry’s leading talent and brokers, while connecting with regional and local providers.Banking regulations and regtech in APAC will be primary areas of focus, covered at length throughout the two-day event, part of a curated content track. This includes dedicated panels, workshops, keynotes, and more. With less than two months to go until the doors of this event swing open, the time to reserve your seat is now and can be done by accessing the following link. This article was written by Jeff Patterson at www.financemagnates.com.

Global electronic brokerage firm Interactive Brokers has collaborated with HSBC to enable HSBC's clients to access the global trading markets through a unified platform.Initially Targeting the UAEAccording to MarketsMedia, HSBC's customers in the UAE will be the first to benefit from this partnership. They will have access to equities, ETFs, and bonds in up to 25 markets and 77 exchanges worldwide. This is facilitated through WorldTrader, a digital investment platform powered by Interactive Brokers. The platform is accessible via mobile app or online, and plans to expand to more markets soon.Speaking about this new offering, Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, said: "We are pleased that HSBC has chosen Interactive Brokers, a premier provider of white branded solutions for introducing brokers and banks." "Our suite of services includes powerful technology and trading tools, competitive pricing, and access to global markets. Institutions worldwide continue to select our platform to streamline their businesses and meet the needs of their clients efficiently."Through this partnership, Interactive Brokers and HSBC will reportedly offer a unified trading platform to customers in more than 200 countries and territories. The two entities aim to enhance brokerage services through the new offering. The platform seeks to simplify account opening and trading to ensure high user satisfaction. Customers reportedly receive free, real-time market data, news, and expert analysis to make informed investment decisions.Interactive Brokers Enhances OfferingsMeanwhile, Interactive Brokers recently extended trading hours for Korean derivatives during the US and European trading hours. The brokerage firm mentioned that this initiative aims to cater to a growing demand for global investment opportunities in South Korea’s equities and derivatives. This extension allows traders to trade KOSPI 200 Options, Mini-KOSPI 200 Futures, KOSPI 200 Futures, and USD/KRW currency futures during US and European market hours. In June, Interactive Brokers reported substantial growth in its performance metrics, showcasing a double-digit increase in daily average revenue trades (DARTs) and client equity. DARTs for the period were 2.469 million, a 26% increase from the previous year and a 5% rise from the prior month.Client equity jumped 36% YoY to $497.2 billion, a 2% boost from the previous month. Additionally, client margin loan balances increased to $55.1 billion, a 32% increase from the previous year and a 4% rise from the prior month. This article was written by Jared Kirui at www.financemagnates.com.

The past six months could have been some of the most significant in Bitcoin's history. However, the continuing decline in prices from historical highs has led to reduced investor activity, resulting in a 20% decrease in average spot volumes among the largest digital asset exchanges. Compared to June 2023, the result for the last month was still more than double.Crypto Spot Volumes Down Monthly, Yet Growing AnnuallyJune saw the third consecutive month of declines in spot volumes for the top ten cryptocurrency exchanges, dropping to $812 billion from over $1 trillion reported in May. According to Finance Magnates Intelligence, the month-over-month depreciation averaged almost 20% in June 2023. Nearly all the exchanges analyzed reported decreases. OKX, for example, lost 26%, falling from third place and now out of the top rankings. Huobi took advantage of the situation, being the only one to overcome the adverse market trend and achieve a modest increase in volume by 6% to $72.1 billion.Yet, as in previous months, the monthly declines do not reflect the annual condition. Year-on-year volumes are still higher, growing by 120% compared to June 2023, when they stood at $422 billion.The ranking leaders grew by more than threefold annually, as seen with ByBit and even fivefold in the case of Huobi.„The CEX industry has experienced significant growth in 2024. Total aggregate spot volumes have reached $10.6 trillion in the first half of 2024, compared to $4.32 trillion in the second half of 2023, a 145% increase and demonstrating the resilience of this sub-sector compared to others within the broader industry,” commented CCData.Binance Continues to Lead the WayBinance and ByBit remain the two largest exchanges by spot volumes. Binance's market share modestly decreased by 2 percentage points to 54%, while ByBit's grew by the same amount to 14%. OKX, meanwhile, dropped out of the top three and was replaced by Huobi, which now accounts for 9% of the market share. Binance, ByBit, and Huobi currently account for over 75% of the total turnover among the top ten exchanges by spot volumes. Binance also recently reported that it surpassed the 200 million user mark.The cryptocurrency market is now entering a quarter that historically has been one of the worst for Bitcoin returns. The oldest cryptocurrency barely held above its February lows, bouncing back from the $53,000 level. Throughout the summer, significant selling pressure may persist on digital assets, driven by the monetary policies of major central banks and the liquidation of assets belonging to Mt. Gox. This article was written by Damian Chmiel at www.financemagnates.com.

For the past fourteen years, Bitcoin has had one job—money. Scarce, decentralized, and out of the central banks' control, Bitcoin's monetary properties made it an elite alternative to conventional currency. Bitcoin's role as a store of value and, to a lesser extent, a medium of exchange drove the asset from a cypherpunk curiosity to trillions of dollars. However, 2023 marked a pivotal shift in Bitcoin's journey. Enter Casey Rodarmor and the introduction of Ordinals, a breakthrough allowing Bitcoin holders to inscribe specific satoshis—each Bitcoin can be divided into 100 million satoshis, and now, each satoshi can reference unique data. Soon someone else built on Ordinals theory to inscribe token balances on individual sats, and a token economy on Bitcoin was born.Creating Tokens on BitcoinBuilding on this foundation, Rodarmor unveiled the Runes protocol this year. Runes offers a cheaper, leaner, and more efficient method for creating tokens directly on Bitcoin, without the need for off-chain data. Bitcoin has crossed over from being a "boring rock" to a multi-functional home for meme coins, stablecoins, utility tokens, and other asset types.? What is the #Runes protocol?It's a UTXO-based token system on Bitcoin, enhancing security and usability, and supports #LightningNetwork. Unlike BRC-20, Runes simplifies user experience without relying on off-chain data.Read our guide here?https://t.co/ttSqqLKSjw pic.twitter.com/Zoyi4ntQCs— FameEX GLOBAL (@FameEXGlobal) July 8, 2024Currently, the most visible application of Runes and BRC-20 tokens is speculative, with meme coins like DOG TO THE MOON, ORDI, and SATS capturing attention. While these meme coins may seem frivolous or fleeting, they represent the early stages of a broader evolution. One of the most exciting potential applications of Bitcoin tokens lies in the tokenization of real-world assets (RWA). This sector, encompassing hundreds of trillions of dollars in value, includes stocks, bonds, real estate, and private credit. The advantages of tokenizing these assets on a blockchain are manifold: 24/7 trading, unparalleled transparency, and seamless peer-to-peer transactions. Despite these benefits, only $10 billion worth of RWAs are currently tokenized, and this is primarily across chains like Ethereum, Polygon, and Stellar.Real-World AssetsThe journey for RWAs and Bitcoin tokens is still in its early stages. Tokenized RWAs face significant regulatory hurdles and uncertainty, while Bitcoin tokens remain technically complex and user-unfriendly. Yet, these challenges are not insurmountable. They are the growing pains of an ecosystem on the brink of maturity.Long-term, the question arises: where better to tokenize your assets than on the most robust, liquid, and time-tested blockchain in existence? Bitcoin, with its unparalleled security and resilience, stands head and shoulders above other blockchains.#HSBC to Expand Tokenized Asset Offerings — CEO Says He's 'Very Comfortable' With #Tokenization https://t.co/mjFwfPN7Fw— Bitcoin.com News (@BTCTN) April 16, 2024If you are tokenizing legacy assets—assets that are expected to endure for decades—you want to ensure the underlying blockchain will remain viable for just as long. Bitcoin, with its impeccable track record and ingrained trust, offers that assurance.Moreover, Bitcoin's network effect and liquidity make it the ideal candidate for housing the trillions of dollars worth of tokenized RWAs. The network effect is a powerful phenomenon; as more participants join and use Bitcoin, its utility and value grow exponentially. This dynamic creates a virtuous cycle, further solidifying Bitcoin's position as the premier blockchain for serious, long-term financial applications.A Blockchain for Financial ApplicationsThe implications of this shift are profound. Imagine a world where the stock market never closes, where real estate transactions are as simple as sending an email, and where bonds can be traded globally, 24/7, with complete transparency and security. This is not a distant dream but an imminent reality that Bitcoin is uniquely positioned to deliver.“The Bank for International Settlements (BIS) has teamed up with the central banks of France, Japan, South Korea, Mexico, Switzerland, the United Kingdom, and the United States Federal Reserve Banks to explore asset tokenization.”https://t.co/IfCuWBVWAt— Securitize (@Securitize) April 17, 2024As we navigate the noise and volatility of the present, it is crucial to keep our eyes on the horizon. The future of finance is being built today, brick by digital brick, on the Bitcoin blockchain. The path may be challenging and the journey complex, but the destination promises to redefine the financial landscape in ways we are only beginning to comprehend.In conclusion, while the market's ups and downs may capture headlines, they are mere footnotes in the larger narrative. The stock, real estate, and bond markets of the future will be on Bitcoin, ushering in an era of unprecedented efficiency, transparency, and accessibility. It is time to look beyond the noise and embrace the transformative potential that lies ahead. This article was written by Dudu (David) Azaraf at www.financemagnates.com.

The launch of ForecastEx, a prediction exchange specializing in economic and climate events, has been postponed until later in the summer due to administrative issues, according to Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers.ForecastEx Market Designations ApprovedForecastEx, a wholly-owned subsidiary of Interactive Brokers Group, has received the required designations from the Commodity Futures Trading Commission (CFTC) to operate as a contract market and derivative clearing organization. The exchange was originally planned to begin operations on Monday, July 8, 2024.Steve Sanders informed Traders Magazine that ForecastEx will allow Interactive Brokers' clients in eligible countries to trade forecast contracts on the probabilities of future US economic and global climate events. He explained that US economic events encompass Unemployment Claims, the Consumer Price Index, Retail Sales, Fed Funds, Housing Starts, and others, while global climate events include temperatures and atmospheric CO2 levels.“To trade, clients simply choose YES or NO on a forecast contract,” Sanders said. “We have been interested in this topic for a very long time, and it is a good way to understand the consensus view on controversial issues,” he added.ForecastEx Targets FCM EngagementThomas Peterffy, Founder and Chairman of Interactive Brokers, has been working on and experimenting with ForecastEx for nearly ten years. Sanders noted, “But we’ve had other priorities.” “We started earnestly working on it in November 2021,” Sanders stated.Interactive Brokers is the first Futures Commission Merchant (FCM) to join ForecastEx as an exchange member. Sanders mentioned, “Reinvigorating the FCM community is a big part of ForecastEx’s model and ForecastEx is actively reaching out to other FCMs to join in the effort.”Eligible individual and institutional investor clients of Interactive Brokers LLC, Interactive Brokers Hong Kong Limited, and Interactive Brokers Singapore Pte. Ltd. will be able to trade forecast contracts on IBKR ForecastTrader, a speciality trading platform.Sanders believes that retail investors are sophisticated enough to invest in these types of instruments. “Contracts listed on ForecastEx are simple and intuitive, and individual investors with knowledge of the economy could be interested in these contracts,” he said. This article was written by Tareq Sikder at www.financemagnates.com.

French financial watchdogs have added 50 new websites to their blacklist of unauthorized platforms offering forex and crypto-asset derivative investments this year, as part of ongoing efforts to protect investors from potential scams.France Expands Blacklist of Unauthorized Forex and Crypto PlatformsThe Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) identified 24 unauthorized forex sites and 26 crypto-asset derivative platforms since the beginning of 2024. These additions bring the total number of blacklisted sites to several hundred.Among the newly flagged forex platforms are aboveinvesting.pro, fortnomics.com, and westhillcapital.pro. The crypto-asset derivatives category now includes sites such as actions-coins.com, ixxen.com, and tradezila.com. In total, AMF and ACPR added over twenty new entites, the full list of which is available here.“With the aim of protecting savers, the Financial Markets Authority (AMF) and the Prudential Control and Resolution Authority (ACPR) regularly update their blacklists of sites identified as offering investments in the unregulated foreign exchange market (Forex) and in derivative products whose underlying asset is made up of crypto-assets, without being authorized to do so,” the AMF statement reads.In the past, the warning list of the French regulator has also included more well-known brands, including popular cryptocurrency exchanges. In May, AMF warned about Bybit, the second-largest exchange in spot market trading, and a month earlier about the Bitget platform.The regulators emphasized that their blacklists, while regularly updated, may not be exhaustive due to the rapid emergence of new unauthorized operators. Investors are advised to consult official registers of authorized financial service providers maintained by French authorities.The AMF and ACPR warned that unlisted entities might be operating illegally and failing to comply with investor protection standards, proper information disclosure, and complaint-handling procedures.Growing Number of Scams in FranceLast month's report indicates that the problem of cryptocurrency scams in France is escalating. The AMF's Ombudsman office released its annual report for 2023, noting an increase in crypto asset cases from the previous year. The number of disputes rose to 54, with 17 considered admissible, involving issues with stablecoins and practices where some market participants exploited "reverse solicitation" to bypass AMF registration. Previously, the regulator also issued a report on financial scams, revealing that 15% of the French population, including 35% of those under 35, fell victim to such scams last year. Marie-Anne Barbat-Layani, Chair of the AMF, highlighted in the report that 2023 was a foundational year, marking the regulator's 20th anniversary and setting strategic guidelines for the 2023-2027 period. This article was written by Damian Chmiel at www.financemagnates.com.

Forget catchy slogans and sleek logos; today's investors crave authenticity. They want to connect with forex brokers that stand for something bigger, share their values, and make a positive impact on the world. This is where purpose-driven marketing steps in, and it's not just a trend – it's a revolution in the finance industry.The Significance of Purpose-Driven Marketing in Forex BrokeragePurpose-driven marketing for forex brokers is about finding their "why." Why do they exist beyond simply generating profit? It's about aligning with causes that resonate with their target audience, building a connection that goes deeper than just providing trading services. It's about being a voice for good, a champion for sustainable finance. Consider forex brokers who prioritise transparency, ethical trading practices, or even environmental sustainability. These platforms wear their purpose proudly, and it has earned them loyal clients who value more than just returns on investment.But purpose without authenticity is hollow. Investors are savvy; they can detect performative activism a mile away. The true purpose is woven into the fabric of a forex brokerage. It guides every decision, from trading platforms and customer service to marketing campaigns and partnerships. When purpose is genuine, it fosters trust and builds a powerful emotional connection with clients.CPG brands must grasp how quickly/dramatically they can be dragged into cultural battles that impact the bottom line. Does that mean CPG brands should deemphasize purpose-driven marketing moves around identity?It depends…mostly predicated on what I call “The Rule of Nike.” pic.twitter.com/GyW0TnHZb6— Schall Me Maybe? ??? (@joshua_schall) August 21, 2023Why Sustainability Matters NowToday's investors are holding investment and trading platforms accountable. They are bombarded with choices and are willing to invest with firms that align with their values. A strong purpose gives a forex broker a competitive edge, attracting not just clients, but also passionate advocates who will promote the brand within their networks.Sustainability is the cornerstone of purpose-driven marketing in the finance sector. It's about minimising operations' environmental footprint and fostering social well-being. It's not just about optics; it's about integrating sustainable practices into every aspect of the business. This isn't just good for the planet—it's good for business. Investors are increasingly eco-conscious, and companies that prioritise sustainability are seen as responsible and forward-thinking.Building a Purpose-Driven Forex BrokerageSo, how do you build a purpose-driven brand? Here are some key steps:Unearthing Your "Why": Start by asking some soul-searching questions: What problems are you uniquely positioned to solve? What values are deeply ingrained in your company culture? What impact do you want to leave on the financial world? By answering these questions, you can uncover your brokerage's core purpose, the guiding light that will inform all your future decisions.Aligning with Your Audience: Identify the values and concerns that resonate with your target audience. What issues are they passionate about? How can your brokerage contribute to their well-being or the betterment of their community? Finding this common ground fosters a powerful connection that transcends mere transactions.Authentic Integration: Purpose can't be an afterthought. It needs to be woven into the very fabric of your brokerage. This means integrating your purpose into everything you do, from trading strategies and customer support to marketing campaigns and investor relations. Every touchpoint should reflect your core values and commitment to making a difference.A Shining Example: A Broker’s Commitment to SustainabilitySeveral forex brokers have stepped up as leaders in sustainable finance.EBC Financial Group exemplifies the power of purpose-driven marketing. Partnering with the University of Oxford and the United Nations Foundation, EBC leverages academic research and global initiatives to enhance their sustainability agenda. This genuine commitment resonates with eco-conscious traders, setting an industry standard. Further, sustainability is also important in the annual reports of publicly listed forex brokers."The Brighter Future framework is our ESG strategy," IG Group wrote in its last annual report. "Launched in FY21, it identifies the key risks posed by our business and the key benefits that we offer to our clients and our communities, and sets out our commitment to managing these in a responsible and sustainable manner." Plus500 also highlighted its committed to managing its environmental impact.Other brokers like INFINOX, CedarFX, and Exness are also running active campaigns for investors' preferences to prioritize sustainability.The benefits of purpose-driven marketing are undeniable. It fosters deeper client engagement, builds brand loyalty, enhances your corporate image, and most importantly, allows you to make a positive impact on the world. Imagine your brokerage being a force for good, leaving a legacy that extends far beyond the bottom line.But purpose-driven marketing isn't a magic bullet. It requires a deep commitment. It's about integrating your purpose into everything you do, from storytelling and community engagement to strategic decision-making. It's a journey, not a destination, but the rewards are worth it.At EBC, green isn’t just a colour—it's our promise. Together, we can nurture the seeds of change into forests of impact. Join us in investing in the future of Mother Earth.Learn more about our efforts in protecting our planet athttps://t.co/LmiqcTsIAQ#EBCFinancialGroup… pic.twitter.com/v346lIiFSw— EBC FINANCIAL GROUP (@EBCGROUP_Global) June 5, 2024The Future of Forex BrokerageThe future of forex brokerage belongs to those who embrace purpose. It's time to ditch the empty slogans and find your brokerage's soul. What kind of financial world do you want to create? What difference do you want to make? By answering these questions and taking action, you can build a brand that transforms lives, inspires change, and leaves a lasting legacy. In today's rapidly evolving marketplace, where investors are more discerning and socially conscious than ever before, purpose-driven marketing is not just a strategy – it's a necessity. It's about creating brokerages with soul, ones that stand for something meaningful and impactful.The power of purpose-driven marketing lies in its ability to forge authentic connections, inspire action, and drive positive change. It's about more than just facilitating trades; it's about making a difference in the financial world. As forex brokers continue to evolve and adapt to the changing needs and expectations of clients, those that embrace purpose will not only survive but thrive. So, let us heed the call to action and embark on this journey of purpose, together shaping a brighter, more sustainable future for all. This article was written by Yen Sim at www.financemagnates.com.

Can investing in financial markets align with traders' core beliefs? Broadridge Financial Solutions' latest integration suggests it can. The fintech has added a values-based investing tool to its Wealth Aggregation and Insights platform, enhancing advisors' ability to align client portfolios with personal values. The integration of YourStake's Values Questionnaire allows financial advisors to offer data-driven insights tailored to investors' values.Broadridge Enhances Wealth Platform with Values-Based Investing ToolThe new feature enables advisors to offer more personalized portfolio recommendations based on clients' specific preferences regarding companies, sectors, or business practices.“With this enhancement to our Wealth Aggregation and Insights platform, we further our mission of modernizing wealth management and harnessing next-gen technology to drive value for financial advisors and investors by enabling meaningful client interactions and effective decision-making,” Paul Camuto, VP and Product Head of Data Aggregation Wealth at Broadridge, commented.We're thrilled to announce that we're partnering with @Broadridge to deliver personalized and data-driven advice through our values questionnaire and data analytics.Learn more about how we're working together to deliver the future of personalized advice: https://t.co/CSTCeyv6J3— YourStake (@Your_Stake) July 9, 2024The integration is expected to help advisors differentiate their services and create new revenue opportunities by facilitating more meaningful client interactions. It leverages AI and data-driven insights to support effective decision-making based on both financial and behavioral factors.The move is part of Broadridge's broader suite of wealth management solutions, designed to personalize investor experiences. The company, with over $6 billion in annual revenues, serves as a communications hub for corporate governance and provides technology-driven solutions for various financial institutions."At YourStake, our mission is to make values-based investing personalized, explainable, and transparent," Gabe Rissman, Co-Founder and President of YourStake, added. "We're excited to partner with Broadridge's market-leading wealth solution to provide advisors with powerful tools that foster growth."Broadridge's Recent UpdatesBroadridge recently revealed several strategic moves to bolster its global operations and service offerings. First, the company has integrated Transaction Network Services (TNS) connectivity into its Futures and Options (F&O) Software-as-a-Service (SaaS) platform. This integration is designed to streamline market data management and minimize operational risks for clients in the derivatives market.Additionally, Broadridge announced the appointment of Roz Smith as the new Chief Operating Officer of Broadridge International. Smith, based in London, will work closely with Mike Sleightholme, President of Broadridge International, focusing on expanding the company's presence and enhancing customer service across the EMEA and Asia Pacific regions. In another development, Broadridge has acquired AdvisorTarget, a firm renowned for its data products that enhance digital marketing, sales, and engagement strategies for asset and wealth management companies targeting financial advisors. This article was written by Damian Chmiel at www.financemagnates.com.

Six months after launching its prop trading offering, OANDA has updated the conditions for trading challenges. OANDA Prop Trader aims to attract experienced investors, especially amid recent disruptions in the prop firm space.OANDA Updates Prop Trading ProgramThe revamped program offers more flexible assessment criteria and higher profit-sharing opportunities. Traders who successfully complete one of the challenges can now unlock an 80% profit share as signal providers, a substantial increase from previous rates.OANDA has also streamlined the qualification process by reducing profit targets for the challenge stage and eliminating the minimum trading day requirement. This change allows traders to potentially pass the challenge and become signal providers in as little as two to three days.Main improvements to the program include:Lowered profit targets of 8% in the first assessment phaseRemoval of minimum trading day requirementsIncreased profit sharing to 80% for qualified tradersLeverage of 100:1Refund of challenge fees on the first payout, in addition to profit share"We're constantly listening to our prop traders and reviewing our offering to provide the most competitive conditions possible," OANDA Prop Trader commented. "These changes will allow us to provide even more talented prop traders with an opportunity to thrive in the financial markets."The company also hinted at future developments, including the introduction of new challenges designed to accommodate various trading styles and risk appetites.The shift occurred as another European regulator, this time Italy's Consob, issued a warning against prop trading, calling it a "video game." Similar warnings have previously come from Belgium and Spain. Brokers Enter the Prop Trading IndustryOANDA's move into prop trading comes when many prop traders seek new, reliable partnerships due to recent industry disruptions. In February, MetaQuotes began terminating contracts for the use of its MetaTrader platform, which led many retail prop firms to suspend operations or halt registrations for new users. OANDA decided to enter the prop trading market half a year ago and is now one of the few FX/CFD brokers who have made a similar move. Other brokers including Hantec Markets, IC Markets, AXI, and as of July, Think Markets have also joined this trend.Finance Magnates recently compared the offerings of four firms that were among the first to enter the prop trading market, and a full review can be found here.Representatives from OANDA are convinced that prop trading could be the future of retail brokers, potentially surpassing the traditional FX and CFD industry. In April, Crystal Lok, OANDA’s Head of Emerging Markets, told Finance Magnates that this sector is "more accessible, has lower barriers to entry, such as upfront fixed fees, and involves limited downside risk."Unlike unregulated prop firms, prop trading with an FX/CFD broker primarily offers access to the MetaTrader platform, which has not been so obvious in recent months, and the assurance that you are trading with a regulated entity. This article was written by Damian Chmiel at www.financemagnates.com.

In the relentless world of tech giants, Apple has once again proven its dominance by becoming the first-ever company to hit a staggering $3.5 trillion market cap. Just when Amazon was basking in the glory of its $2 trillion milestone and NVIDIA in its $3.33 trillion cap, Apple decided to casually drop this bombshell, reminding everyone who's really running the show.How Apple Did It: The (Not So) Secret SauceApple's journey to this unprecedented market cap has been fueled by a combination of innovation, strategic investments, and an almost cult-like consumer loyalty. From the groundbreaking iPhone to the burgeoning services sector, Apple has mastered the art of diversification. Its ventures into wearables, like the Apple Watch, and services, such as Apple Music and Apple TV+, have not only broadened its revenue streams, but also cemented its ecosystem, making it nearly impossible for users to switch to competitors.Apple finished the day as the most valuable company in the world It's the first time a company's ever closed with a market cap over $3.5 trillion pic.twitter.com/RMovxSYGHb— Morning Brew ☕️ (@MorningBrew) July 9, 2024Apple had maintained a low profile in AI until the unveiling of Apple Intelligence. Now, the company is diving deep, collaborating with OpenAI to integrate ChatGPT into upcoming iPhone, iPad, and Mac operating systems. Recently, Apple secured a seat on OpenAI's board, joining its long-time rival, Microsoft, which also holds a board position at the AI startup.Meanwhile, Over at Amazon...Amazon's recent ascent to a $2 trillion market cap is nothing to scoff at. With significant investments in AI, cloud computing via AWS, and an expanding global presence, Amazon has solidified its position as a tech powerhouse. The company's stock has surged by 32% this year, driven by strong earnings and investor confidence in its diversified business model. CEO Andy Jassy's focus on cost-cutting and operational efficiency, alongside innovative endeavors like drone deliveries, has paid off handsomely.Apple's One-Upmanship: Timing is EverythingIt's almost as if Apple was waiting for Amazon to announce its big news just to steal the spotlight with an even more jaw-dropping figure. Amazon's $2 trillion milestone, achieved through impressive diversification and strategic foresight, heralded another tech firm joining the top table—until Apple casually reminded the world who the real king is. The timing couldn't be more perfect for Apple, highlighting its knack for not only innovation but also strategic marketing.The Power of Innovation and DiversificationApple's ability to continually innovate and diversify its product lineup has been a key driver of its market dominance. The company's foray into services has been particularly lucrative, transforming it from a hardware-centric business to a more balanced, high-margin enterprise. With over a billion active devices globally, Apple's ecosystem is a well-oiled machine that keeps consumers deeply entrenched in its brand.Amazon, on the other hand, has made significant strides in AI and cloud computing, sectors that are expected to grow exponentially in the coming years. AWS, in particular, has been a major revenue driver, contributing significantly to Amazon's profitability. The company's strategic investments in logistics, including drone deliveries and fulfillment network optimizations, have further bolstered its market position.CEOs Cashing In: A Common TrendNot to be outdone by stock market achievements, tech CEOs are making headlines for cashing in on their company's surges. NVIDIA CEO Jensen Huang recently made news by selling a substantial portion of his stock, capitalizing on NVIDIA’s booming market value driven by AI advancements. Other tech leaders, including Micron’s Sanjay Mehrotra and Qualcomm’s Cristiano Amon, have also seized similar opportunities to secure financial gains.NVIDIA has overtaken Apple and Microsoft.With a $3.33 trillion market cap, NVIDIA is now the world's most valuable company.5 must-watch videos of CEO Jensen Huang you cannot afford to miss: pic.twitter.com/44wR6p337G— Shruti Mishra (@heyshrutimishra) June 19, 2024Meanwhile, just a month ago...Strategic Timing and Market ConfidenceThe timing of these stock sales is impeccable. With stocks at historic highs, tech CEOs like Huang are ensuring they reap maximum benefits. Such strategic moves are often planned well in advance and reflect a balance between personal financial security and confidence in their company's future. Investors might view these sales with skepticism, but they often underscore the executives' savvy financial planning rather than a lack of confidence in their companies.The Race ContinuesIn the end, while Amazon's $2 trillion milestone is impressive, Apple's achievement of a $3.5 trillion market cap is a testament to its unmatched market power and strategic brilliance. As these tech titans continue to push the boundaries of innovation and growth, one thing is clear: the race is far from over, and the world is watching.For more finance-adjacent stories, visit our Trending section. This article was written by Louis Parks at www.financemagnates.com.

Global investment research budgets are showing signs of recovery for the first time since the implementation of MiFID II. This is according to findings by data analytics firm Substantive Research, which indicated that research budgets increased globally during the first half of 2024.Research Reveals Budget IncreaseThis positive trend marks a significant turnaround, reflecting growing confidence and demand in the investment research sector. This is reportedly the first notable rise since the introduction of MiFID II, a regulatory framework in the EU, which has significantly impacted research spending patterns.US research budgets rose by 15% as a proportion of assets under management, while European budgets experienced a more modest increase of 4%. These findings suggest a shift in the long-standing trend of budget cuts and price deflation within the investment research industry."Although a modest rise, this fundamentally changes the dynamics of the research market. We are back to a market of winners and losers instead of almost all research providers experiencing price deflation year after year," Mike Carrodus, the CEO of Substantive Research, commented about the findings.The Financial Conduct Authority (FCA) introduced a Consultation Paper in April titled "Payment Optionality for Investment Research." This paper has led to a debate over whether European asset managers should pass research costs back to end investors, a practice that ceased with the implementation of MiFID II. Substantive Research’s findings reveal that US research budgets have rebounded more quickly than their European counterparts, allowing US investment professionals to allocate more funds toward external research from brokers and independent providers.In monetary terms, the global increase in research budgets was recorded at 2.2%. Despite being a modest rise, this shift highlights a change in market dynamics. Some providers are increasing their pricing and seeing greater consumption of meetings and calls with sector analysts. Brokers Dominate Research BudgetsBrokers still dominate research budgets, accounting for 85% of annual spending, although this figure has decreased slightly from 2023. The concentration of research budgets among the top 10 brokers has also seen a slight rise, moving from 54.8% to 54.9%. This metric will be crucial to monitor as the FCA’s reforms aim to stimulate greater competition within the market.Substantive Research predicts that spending on analytics and research tooling will accelerate in the 2025 budgeting cycle, with these vendors gaining higher interest and climbing up the provider list. This article was written by Jared Kirui at www.financemagnates.com.

Zodia Markets, Standard Chartered's crypto subsidiary, is in talks to acquire Elwood Capital Management, a crypto company backed by hedge fund billionaire Alan Howard, Bloomberg reported, citing “people with knowledge of the matter.”Although the deal has not been officially confirmed yet, it is reportedly expected to be closed before the end of this month. However, the financials and other details of the deal remain unknown.An OTC Crypto Service ProviderElwood Capital offers over-the-counter crypto trading and settlement services. It operates with licenses as a virtual asset provider and investment business based on the island of Jersey, an offshore territory of Britain.The acquisition deal looks strategic as it would provide Zodia Markets with access to new licenses and open new markets. Zodia Markets can also expand its services to OTC settlements.Zodia Markets is the crypto exchange arm set up in 2021 by the British multinational lender, Standard Chartered, as a joint venture between its venture capital subsidiary and Hong Kong’s BC Technology Group. However, the services were shuttered earlier this year due to the struggling demand for cryptocurrency products.Last year, Zodia Markets closed its Series A funding round, raising $36 million. It also received virtual asset service provider registration in Ireland last year, a crypto asset registration from the UK’s Financial Conduct Authority in July 2022 and in-principal approval from Abu Dhabi Global Markets in September 2023.Standard Chartered’s Growing Presence in CryptoNotably, Zodia Custody is an unrelated entity that provides cryptocurrency custodial services and is jointly owned by Standard Chartered, SBI Holdings, Northern Trust, and National Australia Bank. Interestingly, Standard Chartered is also reportedly looking to launch a dedicated Bitcoin trading desk, which, if materialised, would make it one of the first financial institutions to be directly involved with spot crypto trading.Meanwhile, Brevan Howard Asset Management, the hedge fund of Alan Howard, is also focused on crypto as it listed several private holdings for sale in February, with the intention of reinvesting the earnings into its crypto subsidiary, Brevan Howard Digital. This article was written by Arnab Shome at www.financemagnates.com.