Dutch neobroker BUX, now owned by ABN AMRO, announced today (Wednesday) the appointment of Nontya Mtshaulana as Chief Risk & Compliance Officer (CR&CO) and member of the Management Board. Her new role will be effective from 1 September 2024.Safeguarding Interests of Clients and StakeholdersAt BUX, she will lead the company’s risk, legal, and compliance efforts and ensure practices that safeguard the interests of clients and stakeholders.“BUX’s mission to make investing accessible, intuitive, and affordable for everyone aligns perfectly with my professional values, and I look forward to contributing to the company’s continued success by ensuring that our risk, legal, and compliance practices are best-in-class,” Mtshaulana said.An Experienced AuditorInterestingly, she will join BUX from ABN AMRO, the Dutch lender that recently completed the acquisition of the local neobroker. She has been a part of ABN AMRO for almost the past eight years and currently holds the role of Programme Manager of Sustainable Finance Regulations.Mtshaulana is a Chartered Accountant and CFA Charterholder and will bring over 15 years of experience to her new role at BUX. In her early professional years, she worked with PwC as a Senior Associate in Audit and then moved to the South African and Netherlands branches of PwC consecutively.“Her deep industry expertise and familiarity with ABN AMRO will be instrumental in our integration efforts and in achieving our long-term goals,” said Yorick Naeff, CEO of BUX. “The appointment of Nontya underscores our commitment to maintaining the highest standards in risk, legal, and compliance, reinforcing BUX’s position as a trusted platform for retail investors.”Established in 2013, BUX is headquartered in the Netherlands and offers services across Europe, including Belgium, France, Germany, Spain, Italy, Austria, and Ireland. According to the company, it has about 500,000 clients across Europe.ABN AMRO expanded its grip in the retail investment space by acquiring BUX. The acquisition positions the combined entity as one of the Netherlands' top platforms for new investors.Earlier this year, BUX also appointed Marcel Jongmans, with 30 years of experience in the financial services sector, as the board's new Chairperson. This article was written by Arnab Shome at www.financemagnates.com.

Global clearing house LCH, which was acquired by the London Stock Exchange Group (LSEG), has named Patrick Strobel its Chief Technology Officer. Strobel, who has been with LSEG as the Head of SwapClear and Regulatory Reporting Technology for more than three years, announced his latest career move today (Tuesday).Experience from Major BrandsAccording to Strobel's profile, he also held the role of Head of Securities Technology and UnaVista at the LSEG until 2022. The veteran executive has worked for other major industry brands in the past, including Liquidnet, Deutsche Bank, and JPMorgan. At Liquidnet, Strobel dedicated more than three years, rising from the role of the Head of Technology for EMEA and later serving as the Chief Technology Officer. Similarly, at Deutsche Bank, he joined as the Vice President for European Head of Equity Trading Analytics and later served as the Director. At JPMorgan, Strobel was the Equities Programme Trading Global Development Lead for almost four years.In another recent executive move involving LSEG, Adam Collins transitioned to the Capital Markets division of LSEG FX as the Head of Sales early this year. Collins announced this move after dedicating five years to LSEG's Refinitiv. In his new role, his primary focus will be on the foreign exchange market.Collins has more than 20 years of experience in the financial industry, with experience in FX hedging, options, trading systems, and financial markets. Before joining LSEG FX, he had been with Refinitiv since 2019 as the Head of Sales.LSEG Expands ServicesMeanwhile, Finalto Group recently integrated its Prime of Prime service with the LSEG's FX Matching venue. The entities mentioned that this initiative allows institutional clients to directly access FX Matching's liquidity pool, mitigate risks, and optimize their portfolios.Finalto provides trading solutions that enable clients to adapt their strategies to specific market trends and individual needs. The group's PoP service on FX Matching promises to enhance the institutional trading experience through liquidity solutions and trading capabilities. This article was written by Jared Kirui at www.financemagnates.com.

Two FTX's former executives who testified against the exchange's founder, Sam Bankman-Fried, have been scheduled for sentencing, Reuters reported. Nishad Singh and Gary Wang, once high-ranking figures within the now-bankrupt cryptocurrency exchange, will soon know their fates. FTX's Executives Await SentencingSingh, scheduled for sentencing on October 30, and Wang, on November 20, both pleaded guilty to fraud charges in Manhattan federal court. Their testimonies were important in the case against Bankman-Fried, who was sentenced to 25 years in prison for orchestrating an $8 billion fraud scheme. Prosecutors labeled it one of the largest financial frauds in US history. The sentences for Singh and Wang could be influenced by their cooperation with the authorities. US District Judge Lewis Kaplan will consider their assistance during the proceedings. This could reportedly result in more lenient punishments, acknowledging their roles in unveiling the massive fraud that brought FTX down.Bankman-Fried's conviction last year sent shockwaves through the cryptocurrency world. His actions not only led to the collapse of FTX but also shook investor confidence in the broader crypto market. The testimonies of Singh and Wang were crucial in securing the conviction, highlighting the inner workings and deceptive practices within the crypto exchange. The outcomes will not only impact the lives of Singh and Wang but also set a precedent for how cooperation in such high-profile cases might be rewarded or penalized.Sam Bankman-FriedIn March, Bankman-Fried was sentenced to 25 years in prison after being convicted of multiple counts of wire fraud and conspiracy that led to the collapse of FTX and caused billions of dollars of losses to investors. Prosecutors earlier sought a 40 to 50 years prison sentence for the disgraced crypto entrepreneur. Despite the verdict, Bankman-Fried's defense team vowed to appeal both the conviction and the sentence.Earlier, the judge also ordered Bankman-Fried to be remanded to a low- or medium-security prison in Northern California. This facility is reportedly near his parents' house, and the judge cited concerns for his security at a maximum-security prison due to his autism. However, federal officials recently initiated the process of transferring Bankman-Fried to a new prison despite his preference to remain in New York to assist in preparing his appeal. This article was written by Jared Kirui at www.financemagnates.com.

The Canadian Securities Administrators (CSA) has issued a warning about fraudulent "investment groups" proliferating on social media. These groups use platforms like Facebook and Instagram to lure unsuspecting investors with promises of high returns, only to leave them with significant losses. Tactics Used by ScammersCSA mentioned that these scams, commonly referred to as "pump and dump", exploit social media to deceive potential investors. Scammers start by heavily promoting a stock they own shares in, artificially inflating its price. Once enough investors buy in at the elevated price, the scammers sell their shares, causing the stock price to plummet and leaving new investors with substantial losses.One way the scam works is through private WhatsApp chats, where scammers promote their groups on social media and subsequently invite investors to encrypted group chats. Others use fake credentials, posing as registered professionals or claiming affiliation with legitimate companies or celebrities.According to the Canadian watchdog, other fraudsters use a shifting target model. Initially, they might discuss well-known stocks but later push investors towards riskier, less familiar stocks, often listed abroad in markets like Hong Kong.CSA has also determined that the unscrupulous individual could also use pressure tactics by aggressively persuading investors to commit large sums, including borrowing from friends and family.The CSA warns Canadians about fraudulent “investment groups” promoted on social media like Facebook and Instagram. These groups could be running a scam called a “pump and dump.” https://t.co/Lgfsde6lUt pic.twitter.com/tEHEVJBEgm— CSA_News (@CSA_News) July 9, 2024CSA Cautions InvestorsFollowing these findings, the regulator has urged users to safeguard against these scams by remaining cautious of unsolicited investment advice on social media. CSA has also urged users to conduct due diligence, including research on the background, qualifications, and disciplinary history of investment advisors using the CSA's National Registration Search.CSA's latest warning comes amid a reported surge in investment scams. In April, Finance Magnates reported, citing a report by Barclays, that the financial space had been rocked by a 29% surge in investment scams over the past year. These scams have reportedly affected the bank's current account customers, accounting for the highest proportion of money lost to fraudsters, with an average claim exceeding £14,000.Interestingly, 6 out of 10 investment scams now happen on social media platforms, where scammers promote unverified financial advertisements. Millennials and men are particularly vulnerable, with men's average investment scam claim rising to £16,306 and claims by young people aged 21-40 accounting for nearly half of all investment scams. This article was written by Jared Kirui at www.financemagnates.com.

The Finance Magnates Pacific Summit (FMPS:24) will be here before you know it, coming to Sydney Australia next month on August 27-29! The landmark event features some of the industry’s biggest name speakers, showcasing marquee talent from around the world as well as locally in the Asia-Pacific (APAC) region.FMPS will be ground zero for the biggest talking points, discussions, and engaging conversations. The event will be instrumental for connecting, networking, and learning from others. This includes the industry’s best-known brokers, speakers, experts, and more. Attendees can expect all of the above in abundance at FMPS, part of a celebration of the financial services space over two full days of exhibition. Overall, the event will cover four industry verticals in terms of focus, including the fintech, online trading, crypto, and payments space.FMPS is still on the lookout for qualified speakers, inviting all professionals, industry experts, and specialists to become a speaker at FMPS:24. We invite you apply to be a speaker or nominate a business leader who would bring valuable insights to our audience. Speaker applications can be done by accessing the following link.Becoming a speaker at an event as visible as FMPS comes with plenty of perks and benefits. These include the ability to share your expertise on APAC’s biggest stage. All speakers have the chance to not only present their insights and research but speak face-to-face with an engaged and dialed in audience. Speaking at FMPS is an unmissable opportunity to enhance your personal brand. Past events have been excellent ways to gain visibility and name recognition among your peers.The time to register for FMPS is now, so head on over to the sign-up page and reserve your seat today! Curated Content Track on Offer for AttendeesThe full list of speakers for FMPS can be accessed here, underscoring the wide range of talented individuals expected to be on-site in August. FMPS features two different content stages, where panels, workshops, keynote speeches, and more will take place over two days. Next month’s summit will include both the Centre and Exchange Stage, two unique forums where influential voices from across the industry gather for lively panel discussions, revealing and debating the trends that shape the industry. In particular, the Exchange Stage will be dedicated area for attendees to gain practical, data-backed insight from the event’s key speakers.This is one event you cannot afford to miss this August. See you in Sydney next month! This article was written by Jeff Patterson at www.financemagnates.com.

Sovereign Nature Initiative (SNI) has announced a collaboration with Unique Network and WalletConnect on Polkadot. Officially launching at Polkadot Decoded 2024, DOTphin will leverage NFTs to effect positive environmental change. This initiative was approved by strong community support through Polkadot OpenGov.Powered by dynamic NFTs, DOTphin is designed to enhance event engagement and deliver real-world ecological impact. The project transforms event participation into an interactive journey, aligning digital evolution with sustainability. As a result, events are more rewarding and user engagement is higher.DOTphin is an eco-linked dynamic multi-pass that supports biodiversity restoration. The avatar attached to each pass, represented as an NFT, evolves through a series of physical and digital events while bringing community engagement and sustainability support to the Polkadot ecosystem.The official launch of DOTphin will commence with the distribution of eco-badges to attendees at Polkadot Decoded 2024 on July 11. These serve as keys to claiming unique DOTphin NFTs. EthCC ticket holders can claim a free Decoded ticket and their first POAP which will unlock a multi-event, multi-month journey that will support marine conservation efforts.. As a project focused on sustainability, DOTphin aligns with Polkadot’s credentials as a green blockchain with a low carbon footprint. Targeted at environmentally-conscious users and investors, DOTphin demonstrates another use case for Polkadot technology while showcasing blockchain’s ability to have a positive environmental impact.Thanks to the dynamic design of DOTphin NFTs, each token evolves based on user engagement, creating a personalized and interactive experience. With funds channeled towards marine conservation, every digital interaction has a tangible ecological benefit. DOTphin holders can use the purpose-built REAL Portal to check the status of their NFT and follow activities.By integrating real-world species data with evolving NFTs, DOTphin aims to showcase how blockchain can drive positive ecological impact. In combining web3 technology with ecological stewardship, DOTphin is pioneering new use cases for NFTs and uniting like-minded individuals who can collaborate to achieve shared goals.DOTphin will officially launch at Decoded on July 11 and will continue through eight additional blockchain gatherings including sub0, Token 2049, and DevCon.About DOTphinDeveloped by Sovereign Nature Initiative (SNI) with the support of Unique Network and WalletConnect, DOTphin makes use of dynamic NFTs on Polkadot. This supports ecological conservation while rewarding engagement, allowing communities to collaborate to achieve positive real-world change. This article was written by FM Contributors at www.financemagnates.com.

Cryptocurrency exchange Bybit has rolled out its Mastercard debit card in Argentina, promising convenience and rewards with the new offering. According to a statement by the company today (Tuesday), this service will integrate digital assets with everyday transactions and promote financial inclusivity.Rapid Growth in Digital Assets"The introduction of the Bybit Card to Argentina signifies an important milestone for both Bybit and the local community. Argentina's rapid growth in digital assets has created a demand for innovative solutions that enhance financial inclusivity and convenience," said Joan Han, the Sales and Marketing Director of Bybit. "We are excited to bring the Bybit Card to Argentina, offering our users a unique opportunity to benefit from the growth of digital assets while enjoying the convenience of everyday spending."Mostranos tu diseño para Bybit Card de Argentina ?? ?Creá un diseño original para la Bybit Card de Argentina y compartilo con nosotros. Podés estar entre los 3 ganadores y ganarte 1,000 USD en bonos. ?Participa acá https://t.co/Y4aNPJVrlE#Bybit #TheCryptoArk pic.twitter.com/70BZW11YlR— Bybit Argentina⚡️ (@BybitArgentina) July 8, 2024To mark this launch, Bybit is offering a 10,000 ARS card bonus to new users who apply for the Bybit Card. Additionally, users can reportedly receive up to 10% cashback on all their expenses. Existing cardholders can also benefit from an extra 10% cashback when they add their Bybit Card to major local payment platforms like Mercado Pago.The Bybit Card is created to link digital finance and everyday transactions. Established in 2018, Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 33 million users globally.Bybit Expands OfferingsRecently, Bybit announced that Bybit Card will introduce Apple Pay to its users to enable customers to avoid handing their payment card to someone else, touching physical buttons, or exchanging cash.According to the exchange, customers can hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Each transaction is secured by authenticating with Face ID, Touch ID, or device passcode, as well as a one-time security code. Apple Pay is accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places.Last month, Bybit surpassed Coinbase to become the second-largest cryptocurrency exchange in terms of volume, according to a report published by Kaiko. The report highlighted that Bybit’s market share surged from 8% in October 2023 to 16% in June 2024, the highest growth rate among the top exchanges. This article was written by Jared Kirui at www.financemagnates.com.

Bullish, a regulated digital asset exchange, and Gold-i, a trading technology provider, have announced an integration of their platforms aimed at improving institutional cryptocurrency trading.Bullish Exchange and Gold-i Forge Partnership to Enhance Institutional Crypto TradingThe collaboration enables mutual clients to access Bullish's liquidity and execution services for major cryptocurrencies through Gold-i's MatrixNET platform, known for its aggregation and distribution capabilities."Our shared goal of helping customers access tight spreads, deep liquidity, and low latency execution makes Bullish’s integration with Gold-i a natural fit,” commented Tom Farley, CEO of Bullish.Bullish, which launched in November 2021, reports over $640 billion in total trading volume to date and executes over $1.6 billion in average daily volume in 2024. The exchange is regulated by the Gibraltar Financial Services Commission and audited by Deloitte.We are delighted to join @gold_itech’s network as a trusted trading partner and to create a streamlined pathway for institutions to access #Bullish’s capital-efficient product suite.— Bullish (@Bullish) July 9, 2024“Partnering with Bullish, a professional and entrepreneurial top tier institutional exchange aimed solely at this market, presents a great opportunity for Gold-i and our clients,” added Tom Higgins, CEO of Gold-i.The integration is now live and available to both companies' existing customers. This development could potentially impact how large-scale investors access and trade digital assets as the cryptocurrency market continues to evolve.Although Bullish may not be the first name that comes to mind for most people when discussing cryptocurrencies, it is an important player in the field. Since the end of last year, it has owned CoinDesk, a popular medium that writes about digital assets. Farley, the CEO of Bullish, was previously the president of the New York Stock Exchange. Until recently, he had ambitions to launch the cryptocurrency exchange on the trading floors of New York, but a terminated SPAC merger deal in December 2022 put an end to those plans. Even before its launch in 2021, the platform garnered significant attention and secured funding from various investors, including $75 million from SB Northstar LP, a business unit of the SoftBank Group.Gold-i Expands Cryptocurrency PartnershipsThe UK-based fintech company has been actively expanding its cryptocurrency partnerships to improve liquidity solutions for its clients. The firm has made several key integrations over the past two years, focusing on enhancing access to digital asset liquidity.In 2022, Gold-i integrated Binance into its Crypto Switch™ 2.0 platform, allowing clients to access the global exchange's substantial digital asset liquidity. This integration leverages Gold-i's technology for aggregation, liquidity management, and distribution of digital assets.Last year, Gold-i incorporated its Crypto Switch technology with Hidden Road, a credit network for global institutions. This integration utilizes Hidden Road's real-time API capabilities to enhance crypto liquidity aggregation and enable instantaneous trade settlements.Most recently, Gold-i announced a partnership with crypto liquidity provider Cypator. This collaboration aims to improve cryptocurrency liquidity access for retail brokers by integrating Cypator's liquidity pools with Gold-i's MatrixNET platform. This article was written by Damian Chmiel at www.financemagnates.com.

Proprietary trading, or prop trading, is sweeping the financial markets. Initially a niche market, the prop trading industry reached over $6.7 billion in 2020, with forecasts for a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. The escalating interest is evident, with the term "prop firm" seeing an astonishing 8,409% increase in Google searches between January 2020 and March 2024.Recognising traders' growing interest in prop trading and brokers' requirement for bespoke software solutions, B2Broker has developed B2Prop. This comprehensive turnkey solution is designed to facilitate businesses' setting up and expanding their proprietary trading firms from the ground up.What is B2Prop?B2Prop presents as an inclusive, challenge-based platform that accommodates businesses such as prop trading firms, crypto and forex brokers, and multi-asset brokerage houses. This platform aids these businesses in broadening their product array and attracting a larger audience. The development journey was mapped out with the best industry protocols and a thorough understanding of the market's needs.B2Prop offers businesses the potential to tailor trading challenges by focusing on specific metrics like profit objectives, risk constraints, and performance measures. These challenges can be multi-level and provide support for multiple currencies. Remarkably, B2Prop does not inflict extra costs based on the number of challenges, accounts, or steps included. Traders who excel in these challenges are rewarded with access to funded accounts and enticing profit-sharing models, which typically allow traders to keep 70-80% of their trading revenues. B2Prop smoothly integrates with top-tier trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader, with plans to integrate B2Trader, TradeLocker, and more in the foreseeable future. Furthermore, it equips businesses with dynamic dashboards that help track trader metrics from registration to the funded accounts stage, further validating the solution's efficacy and alignment with customer requirements.Multiple Financial Opportunities for BusinessesB2Prop introduces several ways for companies to enhance their revenue:Challenge FeesBusinesses can generate income from the fees levied on traders participating in proprietary trading challenges. Traders who cannot fulfil the challenge requirements usually make more than three attempts to buy and clear the challenge, further augmenting the firm's revenue.Profit SharingAccess to funded accounts is only granted to elite traders who successfully pass challenges. The firm funds these accounts but retains a portion of the profits accrued from the traders' activities, typically between 20% and 50%.Changeable Trading ConditionsCompanies have the leverage to customise trading conditions to suit their needs. By applying higher commissions, businesses can decrease the profits on funded trader accounts, resulting in lower payouts for the firm while still gaining from the differential.Adopting Successful StrategiesB2Prop works seamlessly with B2Broker's robust copy trading platform, B2Copy, unveiling another financial opportunity for companies. Trade account funding limits are adjustable, and the firm can mirror successful traders' strategies into its own accounts. This enables the firm to generate added profits without having to remunerate those traders.Full Turnkey Solution: Everything a Prop Firm Needs from the Get-GoB2Broker's B2Prop Turnkey is a comprehensive solution that allows corporations to construct a thriving proprietary trading firm. The heart of this package is the B2Core CRM, a hub for traders to register, purchase proprietary trading challenges, monitor their performance and manage their payments. Aside from this, it facilitates growth through its compatibility with various payment services, KYC solutions, introduction broker platforms, and more.Notably, the package includes the white-label cTrader platform, engineered specifically for proprietary trading firms. This platform amalgamates cTrader's superior features and extensive applicability with a cost-effective deployment model. Moreover, B2Prop can also synchronise with MT4 and MT5 servers if the company possesses the licence.Further, the turnkey package comes with B2BinPay, a crypto processing solution by B2Broker that can transact cryptocurrency payments and permit clients to fund their accounts with various coins and stablecoins across eight blockchain networks. Once clients have funded their accounts, they may acquire trading challenges. This versatility in payment options is a potential magnet for more traders.Another key component of the package is B2Copy. It empowers firms to replicate the strategies of successfully funded traders directly into their accounts, which equates to added profits sans the need to compensate the traders.B2Prop's turnkey solution embodies transparent pricing with three distinct monthly plans:Adjustable Trading Challenges with B2Core IntegrationB2Broker incorporated B2Prop into its B2Core platform to enable administrators to manage prop trading challenges efficiently. Administrators can now find the Prop Trading section under the Investment Platformmenu in the admin panel. This section includes the Challenges List page, allowing admins to easily create and manage prop trading challenges.Creating a new challenge involves administrators specifying the name and description of it and uploading an image that would represent the challenge on the front end. Then, admins can set the challenge parameters, which include plans, steps, initial account settings, key performance metrics (minimum trading days, maximum loss limits, profit targets), fee amount, fee currency, trading account amount, and trading account currency. Rules for disqualifying participants who cross the daily loss limit can also be in place. Once challenges are created, the administrators can monitor participant progress through the admin panel. It displays a list of active and past accounts along with their current challenge status (started, successful, or failed). Completed challenges can be marked, and funded accounts can be created for the participants. Traders can see a comprehensive list of available challenges, complete with images and key metrics. They can join a suitable challenge with a simple click and pay the necessary entry fee from their wallet. While in progress, participants can monitor vital metrics such as equity, maximum drawdown, and number of trades. The platform also provides them with day-by-day trade summaries, including P&L and volume details. Participants will receive an email notification upon challenge completion, which will include details about their prop trading account. They can also review their past challenges and find comprehensive results and trading data for each account.Redefining the Prop Trading Technology Standards B2Broker specialises in developing cutting-edge technology and liquidity solutions for the FinTech industry, and B2Propis expanding its turnkey product lineup. This ready-made solution makes it easy for businesses to get started quickly and easily with prop trading activities.Contact B2Broker to try the B2Prop demo and explore its capabilities. This article was written by FM Contributors at www.financemagnates.com.

Lubomir Kaneti has announced his new role as Chief Executive Officer at SparkMarkets, a company specializing in premium SAAS Trading Technology and Services. SparkMarkets offers products, including Turn-Key Brokerage Packages, Web & Mobile Trading Platforms, ERP/BO & CRM solutions, Crypto and Fiat Payment Integrations, and AI solutions for customer engagement.Executive Career HighlightsPrior to this appointment, Kaneti served as a Member of the Board of Advisors at Magnifina, where he provided strategic advice on business plans and strategies. He also held the position of Interim Chief Operations Officer at a start-up SEC-registered investment advisor firm, contributing to a 10% growth in Assets Under Management (AUM) during his tenure.Kaneti's experience includes a role as Chief Commercial Officer at Trading.com US, overseeing go-to-market strategy, business development, and sales activities. Previously, he served as Senior Managing Director at CX Futures Exchange, a subsidiary of Cantor Fitzgerald, where he led product development and trading strategies, achieving notable growth in volume and customer conversions.With over a decade of experience as Chief Operating Officer at FXDD, Kaneti contributed to a significant 150% revenue growth and secured a spot on Inc. 5000's list of fastest-growing companies.FXDD Enhances Trading ToolsFXDD has facilitated global trading access to indices like S&P 500 and Dow Jones, as well as commodities such as Gold and Oil, allowing traders to shape their trading strategies, as reported by Finance Magnates. Over decades, trading in commodities and indices has surged in popularity, attracting a diverse range of traders, from novices to seasoned professionals. These markets appeal due to their historical significance and dynamic supply-demand dynamics. They offer potential returns through price fluctuations in commodities like gold, oil, natural gas, and indices such as S&P 500 and Dow Jones.Earlier, FXDD integrated Autochartist. Autochartist enhances FXDD’s trading platform with real-time market insights, customizable search features, and a built-in price movement scanner. It also includes advanced risk management tools like Volatility Analysis, Risk Calculator Plugin, and extensive educational resources. This article was written by Tareq Sikder at www.financemagnates.com.

The cryptocurrency industry faced a barrage of security breaches in the second quarter of 2024, with total losses reaching $629.7 million across 49 incidents, according to a new report from blockchain security firm Cyvers. Despite the staggering figure, only 24% of stolen funds were recovered, highlighting the persistent challenges in safeguarding digital assets.Since the beginning of the year, cryptocurrency criminals have seized over $1.38 billion, most of which resulted from "access control breaches."Crypto Recovery Efforts Fall Short as Losses MountThe report reveals a significant shift in attack vectors, with centralized exchanges (CEX) emerging as the primary targets. Two major incidents accounted for over 57% of total losses."The dramatic 900% increase in CeFi losses compared to Q2 2023 signals a significant shift in attacker focus," Cyvers commented in the newest report. "This trend may be attributed to the concentration of assets in centralized platforms and potentially lax security measures in some exchanges."⚠️⚠️ @Cointelegraph reports on the alarming rise in crypto losses in Q2 2024. "A 900% increase in losses on centralized exchanges was the main factor driving the surge in stolen funds." Total losses doubled compared to Q2 2023, reaching over $600 million. Read More:… pic.twitter.com/Ck5nCDQfQe— Cyvers | Proactive Web3 Security (@Cyvers_) July 9, 2024While the total amount recovered rose by 42% compared to the same period last year, from $138.9 million to $197 million, it represents less than a quarter of the total losses.This means that barely one in four victims of cryptocurrency hacker attacks is able to recover their funds. Considering that in the first half of 2024, scammers seized nearly $1.4 billion, this indicates that over $1 billion remained in the pockets of the fraudsters, who have remained unpunished.A small consolation might be the fact that the total values seem to be lower than last year. According to the FBI's March report, in 2023, crypto fraudsters seized just under $4 billion.Access Control Breaches Drive 35% Surge in Crypto ExploitsThe report also highlights a notable change in hacker tactics, with a 35% increase in access control exploits. They refer to security incidents where attackers gain unauthorized access to systems, wallets, or accounts by exploiting weaknesses in authentication and authorization mechanisms.These breaches accounted for $491,311,000 in losses across 26 incidents, representing a substantial portion of the total $629,689,000 lost in Q2 2024. The DMM Exchange hack, which resulted in a $305 million loss, was reportedly due to a compromised private key, exemplifying this trend.?ALERT?We hear reports that @DMM_Bitcoin, a major Japanese crypto #exchange, reports a loss of $305M in $BTC due to a hack.In the blog at https://t.co/1wD0fpsJEI DMM Bitcoin revealed 4,502.9 $BTC transferred out of the exchange.They've implemented measures to prevent further…— ? Cyvers Alerts ? (@CyversAlerts) May 31, 2024"As the ecosystem becomes more interconnected, security audits need to be considered for improved cross-chain interactions," the Cyvers report added.Data from a report published by Cyvers align with statistics that blockchain security firm CertiK released last week. According to the report's findings, nearly $1.2 billion disappeared from the cryptocurrency market in the first six months. The only difference is that the report ranks phishing attacks first, not access control exploits.The surge in attacks has far-reaching economic implications beyond the direct losses. Market volatility triggered by major incidents has wiped billions in market capitalization across the crypto ecosystem. Additionally, the frequency and scale of attacks have led to sharp increases in crypto insurance premiums, adding to the operational costs of Web3 projects.“The Web3 ecosystem in Q2 2024 has faced substantial challenges from sophisticated cyberattacks. Projects and organizations must implement robust security measures, conduct continuous monitoring, and engage in proactive community efforts,” the report concluded. This article was written by Damian Chmiel at www.financemagnates.com.

Despite a second consecutive month of decline, retail investor Forex deposits in the US continue to maintain long-term highs. A significant drop was observed only in the case of Interactive Brokers, whose "total forex retail obligation" in May fell by 24%.Forex Deposits in the US Still Close to $550 MillionAccording to the latest data from the Commodity Futures Trading Commission (CFTC) for May 2024, the total value of FX deposits in the US amounted to $547,720,090, slipping by 0.01% from the $547,759,474 reported a month earlier.Although this marks the second consecutive month of decline from the recent record level of $549 million in March, the values, as shown in the chart below, remain at multi-month highs.Gain Capital continues to lead in terms of deposit size, with its total forex retail obligation reaching nearly $208 million, growing by 2% or $3.6 million. OANDA ranked second, with an increase of 2.4% or nominally $4.4 million. The strongest percentage growth was recorded by Trading.com, adding 9.5%. However, its total FX deposits are nominally the most modest, growing by just under $200,000 to $2.2 million.On the other hand, Interactive Brokers reported a very sharp decline, rarely seen in data reported to the CFTC.FX Deposits at Interactive Brokers Sharply DownThe latest data released by the US regulator shows that Interactive Brokers' deposits shrank by 23.5%, falling by over $8 million from $35.8 million reported in April to $27.4 million reported in May.The total forex retail obligation for Interactive Brokers had been gradually declining since September of last year and showed a stronger rebound in April. However, it appears that in May, it returned to continuing its previous trend.Regulatory Financial Reporting for RFEDs and FCMsThe CFTC mandates that Retail Foreign Exchange Dealers (RFEDs) and Futures Commission Merchants (FCMs) provide monthly reports detailing their financial status. These reports are required to cover critical financial indicators, including adjusted net capital, client assets, and the total amount of retail forex commitments. Retail forex commitments are defined as the total assets held on behalf of clients by FCMs or RFEDs, adjusted for any gains or losses that may have occurred.The requirement applies to all 62 registered RFEDs and FCMs, which includes prominent firms such as Charles Schwab, Gain Capital, IG, Interactive Brokers, OANDA, and Trading.com. These firms are required to make their financial commitments publicly available.A recent analysis by Finance Magnates highlighted that FCMs are increasingly investing in advanced front-end technologies. This investment aims to improve operational efficiencies and strengthen their competitive position in the highly competitive derivatives market. This article was written by Damian Chmiel at www.financemagnates.com.

The Financial Commission announced today that Vantage Trading has been approved as its newest Member. Vantage Trading, an online brokerage, joins the self-regulatory forum, reflecting growing interest in external dispute resolution (EDR) services within the FX industry.Client Protection with MembershipFollowing approval of its membership application, Vantage Trading gains status as an Approved Broker Member. This status grants the company and its clients access to various services and benefits, including protection up to €20,000 per complaint through the Financial Commission’s Compensation Fund.The Financial Commission serves as an impartial mediation platform for brokerages and their clients, facilitating resolution when direct agreement on disputes proves challenging. This service offers a faster alternative to traditional regulatory channels like arbitration or local courts, particularly for CFDs, forex, and cryptocurrency markets.Vantage Trading now joins a group of brokerages and independent service providers utilizing the Financial Commission's services, ensuring adherence to membership standards and commitment to client satisfaction.Vantage Trading operates globally as a multi-asset CFD broker, offering a wide array of financial instruments such as forex, stocks, commodities, indices, and ETFs. The company also provides educational resources, demo accounts, and round-the-clock customer support.Imposter Alert: Financial ScamEarlier, the Financial Commission updated its investigation into a recent scam involving fraudulent individuals posing as representatives of the organization, as reported by Finance Magnates. This deceptive scheme aimed to exploit traders by impersonating The Financial Commission and offering false promises of funds recovery and legal services for a fee. Previously, on 15 December 2023, The Financial Commission had issued a cautionary notice regarding these imposters. The investigation has revealed that these imposters target traders experiencing difficulties with unauthorized brokers, issuing fraudulent letters of guarantee and solicit fees under false pretenses. Furthermore, they have misrepresented themselves using contact information similar to legitimate digital asset wallet providers like Blockchain.com and Coinwallet to deceive victims into paying for non-existent services.The Financial Commission emphasizes that it does not engage in funds recovery or chargeback services, nor does it initiate contact with traders through cold calls or emails. Legitimate communications from The Financial Commission do not occur via messengers or social networks, and its services for traders of member brokers are always provided free of charge. This article was written by Tareq Sikder at www.financemagnates.com.

Data published by crypto analytics firm Kaiko last week demonstrated some surprises when it came to the rankings of centralized crypto exchanges, as determined by their respective global market shares. Arguably the most recognizable exchange names are Binance and Coinbase, but right now it’s Bybit that is catching attention, as the numbers showed it leapfrogging Coinbase to take the number two spot behind market leader Binance, while also significantly outperforming Binance in terms of market share changes. In detail, Bybit–which is headquartered in Singapore and was founded in 2018–has, from October last year to this June, seen its market share double from 8% to 16%, while Binance’s share has dropped over the same time period from 60% to 54%. Coinbase registered a modest 1% gain, rising overall from 7% to 8% (meaning, as respective market shares fluctuated, that Binance climbed above Coinbase in March), and OKX experienced a 2% gain from 5% to 7%. Simultaneously, Upbit dropped from 9% to 4%, and over fifteen smaller exchanges endured a collective drop from 13% to 10% of market share.Market Share of Volume, charts from KaikoThe standout shifts, then, are Bybit’s large gain coupled with Binance’s loss, raising questions about the driving forces behind these recent trends. Bybit COO Helen Liu responded to Finance Magnates’ questions on this topic by identifying Bybit’s innovative trading facilities as a key factor, explaining, “Bybit's growth was fueled by its industry-leading Unified Trading Account (UTA) and robust spot listing policy. UTA, central to Bybit's platform, streamlines asset transfers within exchanges, calculates margins across positions and balances, and optimizes capital efficiency and risk management. This system supports seamless trading across Spot and Derivatives markets, ensuring transparency and security.” And Liu added, “Bybit has streamlined its spot-listing process to swiftly capitalize on crypto market trends, offering competitive trading opportunities ahead of rivals.” It appears also that Bybit is focused on offering new products, with notable incoming developments including, according to Liu, a “Futures Combo bot” that “allows users to build a portfolio of long/short positions that automatically rebalances as the market moves”, and there is also the Bybit card, which “recently integrated with Google Pay and Apple Pay, meaning that our clients can use their crypto balances to pay for any fiat purchases they like, easily. The whole time, their idle funds automatically earn an attractive yield”. Furthermore, there are plans to roll out the card “in more countries in the near future”, and Liu also highlighted Bybit’s annual World Series of Trading event, a crypto trading competition offering substantial prizes.BTC and ETH Trading Makes Gains on Altcoins Returning to the initial data, we can also find some telling differences between Bybit and Binance when it comes to which coins make up the bulk of their trading volumes. On Bybit in 2023, altcoin trading made up a huge 82% of volume, and BTC and ETH were at only 10% and 7%, respectively. However, it’s a different story in 2024, with altcoin trade dropping to 44% of volume, and BTC and ETH now making up 31% and 22%, respectively. This comes as Binance has experienced the opposite, with–according to Kaiko’s report–“a stronger increase in altcoin volume”, while volumes on BTC and ETH combined have fallen from 59% to 43%. This seems relevant since altcoins have underperformed this year, while seasoned crypto traders discuss whether an altcoin season–a regular feature of past cycles when alts outperform BTC–might be incoming soon, or whether this cycle, now that BTC has spot ETFs and can attract institutional buyers, might unfold along different lines.NEW: Modus Advisors ($432m AUM) has a $4.8m #Bitcoin ETF holding in FBTCThat puts them in the top ~5% of holders by AUM% pic.twitter.com/RxiMOhyRNu— Julian Fahrer (@Julian__Fahrer) July 2, 2024Effectively Navigating Crypto TurbulenceThere are also questions around Binance’s clashes with regulators, along with its changes at the top as new CEO Richard Teng–formerly the Global Head of Regional Markets–stepped up while founder, former CEO, and all-round influential character Changpeng Zhao (widely known as CZ) was sentenced to four months in prison for money laundering violations. Perhaps–post-FTX and with Sam Bankman-Fried serving 25 years for fraud and conspiracy charges–the crypto world is acclimatized to courtroom drama, and CZ’s sentence is relatively light anyway, but still, it’s plausible that the Binance founder's legal wrangles could have affected public perceptions of the exchange he is synonymous with.What's more, as part of CZ and Binance's plea deal, the US Department of Justice last October announced that it was imposing a $4.3 billion settlement charge on Binance, which could have been interpreted in two ways. On the one hand, it’s one of the largest criminal fines in US history and at the time, Attorney General Merrick Garland stated that, “Binance prioritized its profits over the safety of the American people.” However, at the same time, the settlement signified closure on a period of turbulence and uncertainty, a perception further underlined by the change of CEO at the company as CZ departed.With regard to Binance, Helen Liu told Finance Magnates that “Bybit emphasizes collaboration with industry leaders to enhance crypto accessibility globally, avoiding adversarial relations”, but for the moment, Bybit appears to have navigated volatility in the crypto world more effectively than its competitors, with well-executed trading features apparently core to its growth. This article was written by Sam White at www.financemagnates.com.

The Cyprus Securities and Exchange Commission (CySEC) has announced the launch of a thematic review concerning the management of uninvested funds by Cyprus Investment Firms (CIFs) on behalf of clients. This review, referred to as 'the Exercise,' aims to evaluate how CIFs handle these funds, including matters such as the payment of interest or returns.Regulatory Compliance AssessmentThe primary objective of the Exercise is to assess CIFs' procedures in this regard to ensure compliance with applicable regulatory standards. Key areas under scrutiny will include the methods and operational frameworks employed by CIFs, the transparency of information provided to clients, and the internal controls CIFs have in place to meet regulatory obligations, particularly concerning marketing communications.CySEC emphasizes that the Exercise aligns with the regulatory framework, focusing on safeguarding investor interests and ensuring compliance.To conduct this review, CySEC will employ a desk-based methodology targeting a selected sample of CIFs. In the upcoming days, CySEC plans to distribute a detailed questionnaire to these CIFs, who must respond within a specified timeframe and furnish supporting documentation as required.Upon completion of the Exercise, CySEC will issue a comprehensive circular outlining its findings and any necessary actions resulting from the review process. This initiative underscores CySEC's commitment to upholding regulatory standards and enhancing investor protection within the Cyprus financial market.MiCA Regulation ImpactMeanwhile, CySEC has initiated a consultation seeking feedback on proposed fees and reporting requirements under the Markets in Crypto-Assets Regulation (MiCA). This consultation aims to gather stakeholders' perspectives to shape the regulatory framework. Responses are due by July 17, 2024, as reported by Finance Magnates.MiCA, effective from May 31, 2023, aims to establish a unified regulatory framework for crypto-assets in Europe, focusing on assets that are fungible but not financial instruments. The regulation categorizes crypto-assets into asset-referenced tokens (ARTs), electronic money tokens, and others. CySEC will supervise entities such as crypto-asset offerors and ART issuers, excluding credit institutions. This article was written by Tareq Sikder at www.financemagnates.com.

iFX EXPO Asia 2024 is heading back to Thailand for 2+ days of B2B networking at the world’s leading online trading event. Excitement is building for this year’s iFX EXPO Asia 2024 as the leading online trading expo returns to the bustling city of Bangkok for the third time. iFX EXPO Asia 2024, the world’s premier online trading B2B event, is heading back to Bangkok, bringing together 3,500+ industry leaders, experts, and professionals from 1,600+ companies around the world for 2+ days of networking, knowledge sharing, and business opportunities.Scheduled to take place between 16-18 September, 2024, at the prestigious Centara Grand & Bangkok Convention Centre, this year’s expo promises to be one of the largest and most successful events of its kind ever to be held in the Thai capital.Known for its vibrant economy and thriving fintech ecosystem, Thailand provides an ideal backdrop for this prominent event, with the country’s digital assets market projected to experience a revenue growth of 15.75% in 2025.*Excitement is already starting to build ahead of the showpiece exhibition, with the launch of the iFX EXPO Asia 2024 website officially kick starting the countdown to day one. The place to do business With the great and good from the world of online trading set to converge on Bangkok, iFX EXPO Asia 2024 is the must-attend event for brokers, IBs, PSPs, liquidity providers, tech companies, and other fintech-related businesses. Around 130+ exhibitors from 120+ countries will be in attendance, as leading lights from the industry join together under one roof to highlight their range of products and services to a truly diverse and engaged audience. It represents the ultimate online trading hub where deals are made between key market players and like-minded professionals. Having grown into a gold standard event garnering a strong reputation within the industry, iFX EXPO Asia provides every individual with the chance to network, exchange ideas, expand their business and explore exciting new possibilities.Stand out from the crowdAs one of the major gatherings on the calendar for 2024, iFX EXPO Asia is the prime destination where forex and fintech companies showcase their products and services on a major scale. Businesses can take full advantage of the prestige associated with the event by becoming an official exhibitor. Through booking a booth, companies are able to showcase their expertise and products, increase brand recognition, and generate new leads. Previous exhibitors include MetaQuotes, Solitics, cTrader, AdRoll, Deriv, ZuluTrade, to name but a few.Meanwhile, there are also numerous sponsorship opportunities available for those businesses looking to shine a brighter spotlight on their brands. Last year, XS.com, OpixTech, Equiti Capital, UEZ Markets, along with various other companies made full use of the sponsorship benefits on offer at iFX EXPO Asia.For interested parties who are looking to stand out from the competition, please visit this link for exhibitor and sponsorship enquiries.Exclusive access to unmatched contentThe 2024 edition of iFX EXPO Asia is not simply a networking hub, it also offers up a whole host of informative and insightful content, with 13+ hours of speaker sessions and panel discussions spread across two stages, Speaker Hall and Idea Hub, featuring a lineup of some of the most influential experts and visionary thinkers from across the industry.Last year’s expo saw so many insightful exchanges with key takeaways from every session. Popular talks included: “The Asian Century: Tech Trends In Online Trading”, “The Art of Gen Z: The Future of Brokerage” and “The Golden Hashtag: Affiliate Marketing in Asia”. With the speaker sessions set to return bigger and better than before, the event organisers are on the lookout for individuals keen to share their expertise, either as a speaker or as part of a panel group. For more information, please click here.Stay tuned for more details Keep up to date with all the latest information about iFX EXPO Asia 2024 in the lead up to the event. Don’t forget to check the iFX EXPO social media channels for exciting announcements as Bangkok gears up for one of Asia’s most successful ever B2B online trading expos. Visit the dedicated Facebook, Instagram and LinkedIn pages for regular updates. Secure your spot at iFX EXPO Asia 2024 by registering here.*FinTech - Thailand | Statista Market Forecast This article was written by FM Contributors at www.financemagnates.com.

Exness, a popular name in the forex and contracts for differences (CFDs) brokerage industry, has partnered with two new financial influencers, Argentina-based Adrian Nardelli and Colombia-based Bran De Salcedo. Both are now members of the broker’s Team Pro initiative.Expansion of Exness Team ProNardelli and Desalcedo have joined other trading influencers like Nicolas Palacios, Momen Medhat, Mohsin, Dennis Okari, and Kojo Forex, who were already part of Exness’ Team Pro.The latest partnership with Nardelli and Desalcedo highlights Exness’ continued push in the Spanish-speaking markets.Both Nardelli and Desalcedo run trading academies and have many social media followers. Nardelli has over 120k YouTube subscribers and almost 300k Instagram followers, while Desalcedo has 57k Instagram followers.Bolstering Presence in Emerging MarketsExness is one of the top retail brokers with an extensive presence in emerging markets like Asia, Africa, and Latin America. The broker strategically targeted these markets, where retail trading interest is constantly surging. It also obtained licenses in South Africa and Kenya while establishing its first Latin American presence with an office in Uruguay.The strategy succeeded as the brokerage platform's trading demand skyrocketed, peaking at $4.8 trillion last October. However, trading activities corrected from the peak and came down to $3.86 trillion in March 2024, which was the last time the broker publicly posted its trading metrics.By the end of March, the number of active traders on the brokerage platform also skyrocketed to 836,873. However, the broker did not share the geographical distribution of the traders.Exness’ Team Pro initiative was launched by Alfonso Cardalda, the broker’s Chief Marketing Officer. The program's goal was to enable retail traders to talk to influential traders and understand their market strategies. These expert traders are acting like Exness brand ambassadors. This article was written by Arnab Shome at www.financemagnates.com.

Criminals are increasingly targeting victims of previous scams with promises of financial recovery, according to recent warnings from Australian authorities. The National Anti-Scam Centre reports a 129% increase in such cases over the past six months, with total losses exceeding $2.9 million.ACCC Warns of Millions Lost in Six Months to Recovery FraudACCC Deputy Chair Catriona Lowe described these "money recovery scams" as "damaging and cruel," noting that criminals often prey on people who have already fallen victim to scams and are desperate to recover their losses. The scammers pose as trusted entities such as government agencies, lawyers, or charities, offering to recover stolen funds for an upfront fee.Australians aged 65 and older were identified as the most vulnerable group, reporting the highest number of incidents and suffering the largest average losses. Scammers often obtain information about previous victims by selling or sharing data on criminal networks.A separate report by Belgium's FSMA published this month showed that "recovery room" frauds increased by 59% compared to last year, making them one of the most common reasons for complaints and grievances to the regulator.“Criminals prey on people who have already been victims of a scam who hope to get their money back. They are another example of scammers’ willingness to exploit people’s desperation at a vulnerable moment,” added Lowe.The scam typically operates by contacting victims through various channels, including email, phone calls, social media, or text messages. Criminals may also use online advertisements to lure potential victims. They request personal information, upfront fees, or even remote access to devices under the guise of facilitating the recovery process.The National Anti-Scam Centre advises against using services claiming to recover stolen money and encourages victims to report incidents to the police and their financial institutions.Common Problem of Recovery ScamsAs it turns out, Australians are not the only ones exposed to fraudsters operating recovery scams. Similar practices occur virtually worldwide, and in recent months, regulators from New Zealand, among others, have warned about them.Scammers were impersonating the UK's Financial Conduct Authority (FCA) and contacting New Zealand residents, claiming they could help recover lost funds. The Reserve Bank of New Zealand (RBNZ) believes scammers specifically target those who have fallen victim to financial fraud, as they may be particularly vulnerable and desperate to recover their lost savings. This predatory technique gives scammers credibility by impersonating a real authority.The Hong Kong Financial Commission also highlighted this issue in February, when scammers impersonated institutional representatives to mimic legitimate digital wallets and deceive victims into paying for services.A case that made headlines at the end of last year involved several hundred Polish traders who were defrauded by recovery scammers for over 2 million dollars. The Warsaw regional prosecutor's office, along with the police central investigative bureau, announced that they had dismantled a gang of fraudsters posing as law firms, offering their services to retail investors previously cheated in the forex (FX) and crypto markets. This article was written by Damian Chmiel at www.financemagnates.com.

The merger of two brokerage brands, NAGA Group (XETRA: NG4) and CAPEX.com, has received the necessary regulatory approvals, an official announcement today (Tuesday) revealed.Final Milestone in the MergerThe merger of NAGA and CAPEX.com, operated by Key Way Group, was first announced in December 2023. In April, the deal received the green light from the shareholders of the publicly listed NAGA. With the final regulatory approvals, the companies expect to close the merger by the end of August 2024.“With the approval of the merger by the competent regulatory authorities and the associated consent to our plans for the two companies, we have reached a strategic milestone for the future growth of NAGA,” said Octavian Patrascu, CEO of The NAGA Group AG. “I am very much looking forward to further developing the joint company and setting new standards in our industry.”A Strategic DealThe merger was strategic as the two brokers will benefit from their expertise domains and market reach. With the merger, the two brokers expect to generate $250 million in revenue over the next three years and save about $10 million annually.The two platforms already have around 1.5 million registered users across more than 100 countries, and the roadmap of the merged entity aims to add over 5 million registered users by 2025/26.As part of the merger deal, Patrascu, the founder and CEO of CAPEX.com, was appointed as the Group CEO of the merged entity. Additionally, he injected $9 million into NAGA via a convertible bond, making him the company's largest shareholder.Interestingly, NAGA’s founder, Ben Bilski, also separated from the company three months after the merger was announced.Meanwhile, NAGA closed 2023 with €57.6 million in revenue, which declined by 32 percent, while its losses also deepened by 40 percent from €44.1 million to €60.9 million. The company also reduced 40 percent of its staff last year to save costs. This article was written by Arnab Shome at www.financemagnates.com.

In an industry where innovation can be challenging, 26 Degrees Global Markets (previously Invast Global) has launched Pairs CFDs, which allow the trading of index vs. index, commodity vs. commodity, or equity vs. equity, similar to forex pairs.A New Product in the Trading IndustryThe company announced the product today (Tuesday), claiming it is unique and that 26 Degrees is the first to offer it. Although the concept of Pairs CFDs has been around for a while, companies have just now started to offer such products.“No one else in the world is currently offering what we have developed,” said Gavin White, Group CEO at Invast Global. “Our extremely talented team has built the technology whereby brokers can potentially offer their clients 100’s of new and unique Pairs, traded as a single position.”Developed in-house by 26 Degrees, the new products will be offered only to broker-dealers, who can then market them to retail traders. The company has launched the product with 20 Pair CFDs and plans to add new instruments in response to client feedback.26 Degrees will provide the instrument via API from its trading servers in LD4, NY4, and TY3.“Those initial discussions we have had with some of our key broker clients have been extremely positive and provided a lot of valuable insights,” Riana Chaili, 26 Degrees’ EMEA CEO, added. Specifically, the ability for brokers to request bespoke new Pairs and, within a short period, be able to show their clients a price in a unique instrument was well received and highlighted the sophistication and efficiency of the product build.”Benefits Over Traditional InstrumentsThe company explained the advantages of Pairs CFDs, stating that these new products offer a simpler and more effective trading experience than traditional instruments. These products offer traders a single ratio of the two instrument prices, which move depending on the price fluctuations of the two separate legs, enabling them to manage risks with one trade instead of opening two separate positions.These Pairs CFDs can be constructed to enhance or reduce volatility, depending on the instruments' correlation. Further, according to the company, these products offer greater margin efficiency than trading them separately with two positions.“We believe this presents a significant opportunity for brokers to offer a bespoke suite of highly relevant Pairs instruments to their clients and stand out from their competitors,” White added. This article was written by Arnab Shome at www.financemagnates.com.