Just a week after introducing a new trading platform and several significant updates, prop firm Karma unexpectedly announced the cessation of its operations. Founder Eshan Balapatabendi claims he "had good intentions" but encountered "roadblocks" that made his business "unsustainable."The End of Karma Prop TradersKarma's rise and fall in the market was remarkably swift. Despite garnering positive reviews, the prop firm existed for only two months. Finance Magnates reported just a week ago that the company had partnered with Match-Trade Technologies to provide its clients with a new version of Match-Trader integrated with TradingView.In addition, the firm had announced five significant updates that were either being implemented or planned for the near future. This makes the decision to cease operations all the more surprising."I started Karma to build something transparent and sustainable," Balapatabendi commented on the official Discord channel. "Unfortunately, there were a lot of roadblocks in the way which has caused us to be unsustainable."Another firm gone, @karmaproptrader...Website no longer operating, Discord chats are closed. Drop your thoughts in comments ? pic.twitter.com/MS4JViTegP— TheTrustedProp (@TheTrustedProp) August 11, 2024What led to the firm's unsustainability? According to the Founder, there were two main reasons. The company initially relied on a promised tech solution from an unnamed provider, which failed to materialize. This delay drained costs for about four months.Secondly, after launching, Karma discovered that their risk checks were not implemented correctly. This oversight allowed traders who should have been denied to pass through Phase 1 and Phase 2, including potential cheaters. As a result, the company faced solvency problems."We did not catch the cheaters that were on our system," Balapatabendi added. "This caused cashflow issues which has now left us with no liquidity."This is not the only prop firm that has announced a closure recently. In mid-July, Funded Engineer reported its closure despite attempts at "strategic restructuring" to stay in the market.Allegedly, external entities expressed interest in acquiring Karma, but the founder declined. Currently, efforts are underway to ensure payouts to traders who generated their profits legitimately."I know people will hate me or think negatively. However, I truly did have good intentions. Sorry to everyone involved. I wish everyone the best in their trading journey ahead," Balapatabendi concluded.Why Prop Firms Are ClosingIn recent months, several other companies have also suspended their operations. In May, True Forex Funds decided to take a similar step as it struggled to stabilize its financial position, and in March, SI World exited the market. According to FunderPro, more than 50 proprietary trading firms might have disappeared from the market this year alone. Alex Zanutto, CEO and Co-Founder of FunderPro, points out that the traditional prop trading model is fundamentally flawed and unsustainable. Many firms operate on a virtual trading system where:Funded traders' trades never reach the real market, generating no actual profits.Firms can potentially manipulate markets to make traders fail challenges.Payouts come solely from challenge purchase fees, not real trading profits.“The issue plaguing the industry is the ‘sell as much as you can’ approach, often coupled with the promise of easy money. The reality is that trading requires hard work and time to master, and not everyone will succeed. Just as not everyone can qualify for the Olympics, not everyone is meant to be funded,” Zanutto commented. This article was written by Damian Chmiel at www.financemagnates.com.

Scope Markets is rebranding and presenting a new logo, Finance Magnates has learned exclusively. "The motivation is to align our core foundational focus of building a multi-brand financial services group," revealed Michael Ayres, CEO of Rostro Group, which includes Scope. Ayers added that the number of active clients increased by over 30% in 2024 while volumes grew by 150%.Scope Markets Aims to "Democratize Access to Financial Markets"Scope Markets has prepared a brand overhaul that aims to reflect the company's approach to offering clients more financial instruments and products. On one hand, Scope is focusing on "democratizing" access to investing, while on the other, it's adapting current offering to the increasing number of clients, which, according to the company, has reached record levels.As Ayres claims, the rebrand is the final step in completing the integration of Scope Markets into Rostro after its purchase in 2022, which comprises a regulated group of brokers with licenses held in Cyprus, Belize, Seychelles, South Africa, Kenya, and Mauritius."In line with our broader ambitions at Rostro to effect change in financial inclusion at a global level, we will be launching further enhancements to our internal product set and the wider customer experience," commented Ayres.What new features can clients expect? Some time ago, Scope Markets introduced unleveraged fractional stocks (executed as CFDs) via its Scope Invest account, providing exposure to 2,000 different stocks. The company is also implementing a new client onboarding system after expanding its in-house technology team."The rebrand ensures that the internal values we live by are also externally presented, both through our existing Scope Markets, Scope Prime and Rostro Group brands as well with the birth of additional commercial brands in 2025 and beyond," Ayres added.Finance Magnates sat down with Rostro's CEO to ask him about the latest rebranding, the Group's plans for the coming years, and how the industry is changing."We Have a Trading DNA as an Organization" How does the rebranding reflect Scope Markets' expansion plans or target markets?"We already serve clients in Africa, Asia, and Middle East, so our plan is really to deepen the extent of that coverage via these three core geographies. Our focus into 2025 is on capturing a greater market share within the regions where we are already well placed, building on the operational efforts and work carried out in 2023 and 2024, which has set a foundation for scalable and sustainable growth".Can you share any specific metrics or goals you hope to achieve this year and in 2025?"2024 has seen active clients grow of 32% and ADV grow of 147%, with the business on track to reach our annual targets in December. We expect to see both acquisition and activation metrics improve by a factor of 50%, which will then be tested and iterated through our in-house onboarding system, with data-driven fine-tuning to ensure we are working toward this outcome. "Our growth story so far has been pretty impressive, and especially given our strategic choice to look within and focus on the product and really narrow focus on a few large-scale key projects, rather than just create a wide net of initiatives and brand work with the assumption more is best".Since the beginning of 2023, Scope Markets has been part of the Rostro Group. Is the rebranding related to this acquisition? How has the Scope changed since then?"Absolutely! We could have attempted this last year, with a quick and colourful change and quicker route to market, but that was not what we wanted to deliver. The moment now marks the start of a new chapter for the wider Rostro Group, which through organic growth and also acquisition targets, will continue expanding on our multi-brand multi-product business model".Can you elaborate on the fractional share CFD products launched a few months ago? How have your clients received them so far?"This is just the start of a wide range of product rollouts that you will see. Our target markets in Africa, Asia, and Middle East, were only being partially served when it came to the fractional share offering and indeed when it came to getting cost effective access to equity markets, so we moved quickly to provide this via our own market making solution. Interest is gathering pace now, which will be fueled by this rebrand".Could you reveal which CFDs in Scope's offer are currently the most popular?"The market is still seeing XAU as the most in demand from both our retail and institutional clients, which is logical given the various economic and geopolitical factors driving the demand behind the haven product. From here we are seeing a diverse blend of US and EU indices, commodities and then G4 crosses, and most recently an increase in single stock activity in the likes of Tesla, Nvidia, Apple".What other product innovations can we expect from Scope Markets in the near future?"We are launching a fully reengineered onboarding solution, which provides a better experience for customers and essentially gets them to their goal of accessing our extensive range of markets quicker and easier. We have also built out our own client portal and back office for Scope Prime, which provides bespoke reporting to our broker, hedge fund, manager and regional bank customers. "You will have also seen earlier in the year the launch of our partnership with IRESS for DMA equities, which will have some additional coverage and value adds coming in Q4, plus one other additional institutional platform before year-end".What makes Rostro different to the market? What do you have planned for the long term?"We have a trading DNA as an organization. From our Founder, Roger Hambury, myself as CEO, our global executive team, and right the way through the spine of the business, we have a range of people who have sat on bank dealing desks, executed for hedge funds, provided seamless solutions for wealth managers, across equities, fixed income, rates, options, FX and cryptocurrencies. It means that we really grasp what the market is, and essentially that is the product we provide access to, via various channels and platforms. "Long term, we want to deliver on our vision of ensuring the end client comes first. We know the market provides for dynamic changes in customer needs, so we are built to ensure we can be agile in adopting new products and services, but in a scalable and operationally efficient manner". This article was written by Damian Chmiel at www.financemagnates.com.

William Mead announced on LinkedIn today (Monday) that he has taken on a new role as Head of Operations at IG Group.From Trading to OperationsMead previously worked at IG Group in various positions. From October 2019 to August 2024, he was the Head of Trading Operations. Before that, from January 2017 to October 2019, he served as the Global Head of Credit and Client Money. Both roles were based in London.He noted on the post: “I’m happy to share that I’m starting a new position as Head of Operations at IG Group.”Earlier in his career, Mead worked at Thales as a Bid and Project Manager from April 2008 to May 2011.IG Drops PayPal for UK UsersIG has announced on its community forum that PayPal will no longer be available as a payment method for UK users, as reported by Finance Magnates. This change follows discussions with the Financial Conduct Authority (FCA), prompting IG to update its payment options.UK users will need to use alternative methods to fund and withdraw from their accounts. IG recommends Apple Pay, noting its instant transactions and high authorization rates for a seamless experience.An IG administrator commented, “After discussions with the FCA, we have updated our payment methods. We recommend Apple Pay for its instant transactions and high authorization rates.”Users with questions about this change are encouraged to contact IG directly.In other news, IG Group’s three UK subsidiaries have released their FY23 financial results. According to Finance Magnates, two companies reported declines, while one saw improved profitability.IG Markets Limited saw trading revenue drop to £405.2 million from £453.6 million, with net profit decreasing to £171.3 million from £188.2 million due to inflation and market volatility. IG Index Limited reported a reduction in net trading revenue to £236.5 million and net profit falling to £102.5 million. Conversely, IG Trading and Investments, established in August 2022, achieved a net profit of £9.17 million, up from a near £800,000 loss, with total equity rising from £3.5 million to £20.7 million. This article was written by Tareq Sikder at www.financemagnates.com.

Web3 projects raised $1.9 billion during Q1, with funding flowing into the coffers of over 300 ventures, among them DeFi and GameFi apps, launchpads, infrastructure projects and RWA protocols. While deep-pocketed VCs like A16z, Pantera Capital and Galaxy Ventures are responsible for the lion’s share of investments, successful projects are themselves writing checks to fuel innovation in various areas. Web3 Players Invest in InnovationWhether it’s in the form of grant programs, hackathons or traditional equity-based deals, Web3 protocols are taking a proactive approach by allocating a percentage of their resources to bootstrapping promising concepts and talented founders. Take crypto bank Xend Finance, which is backed by both Binance and Google Launchpad. The platform, whose raison d’etre is Real-World Assets, launched its $RWA Hackathon on July 31, an initiative that seeks to reward projects building on its native Asset Chain. While $3 million worth of investment is on the table, Xend is also offering an assortment of cash prizes for developers. The Hackathon will run until October 3.And then there’s the Uniswap Foundation, the nonprofit organization behind leading decentralized exchange (DEX) Uniswap. In Q1, the Foundation committed $4.34 million in new grants and disbursed $2.79 million in previously committed grants, from a sizable treasury of $41.41 million. According to the Foundation, its grants program is designed “to create a long-lasting ecosystem made up of developers, researchers, and governance contributors,” with the ultimate goal of defining “the future of DeFi’s most important protocol.”Layer-3 blockchain project Orbs is another that is doubling as both a platform in its own right and a serial investor. Orbs, which brings CeFi-level execution to DeFi platforms to deliver a superior onchain trading experience, has made numerous investments – particularly in projects leveraging one of its four core products.These include Liquidity Hub, a decentralized optimization layer for DEXs, Perpetual Hub, a suite of services for intent-based onchain perpetual futures trading, and dTWAP and dLIMIT, protocols that let DEXs execute advanced CeFi-level orders.Several projects integrating one or more of the above have received strategic investment from Orbs, among them Fenix Finance, a DEX built on the Blast network, and BNB Chain-based exchange Thena, both of which have integrated Liquidity Hub to access deeper cross-chain liquidity.The L3 project has also invested $1 million in SYMMIO, a derivatives settlement layer that helped Orbs develop Perpetual Hub alongside IntentX. Interestingly, IntentX – a decentralized onchain OTC derivatives exchange – itself received funding from Orbs last year.It’s easy to see why Orbs is making strategic investments in projects that are helping to popularize its technology, and this activity has plenty of precedent in Web3. We only need to look at the big blockchains, many of which have their own dedicated foundations and treasuries expressly created to convince developers to build on their network. The Ethereum Support Program, to take one example, provides both financial and non-financial support to projects and entities (particularly those which are open-source) within the greater Ethereum community, with the goal of accelerating ecosystem growth. Last year, it bootstrapped just under 500 projects to the tune of over $61 million!With the Web3 space attracting increased attention from institutional investors in light of regulatory breakthroughs like the Bitcoin spot ETFs, it will be fascinating to see what the fundraising curve looks like in 12 months’ time. Whatever happens, a healthy portion of investment will surely continue to come from within. This article was written by FM Contributors at www.financemagnates.com.

FXIFY, a proprietary trading firm, specializes in providing trading capital to skilled individuals. However, it is facing regulatory changes from MetaQuotes, the company behind the MetaTrader trading platform. MetaQuotes has directed FXIFY to cease offering MetaTrader services to traders located in the United States.MetaTrader US Access EndsAs a result, FXIFY will migrate its US-based traders from MetaTrader to the DX platform. This shift marks the end of the remaining major combination of MetaTrader and US access in the industry.The industry is also anticipating a clean-up of the so-called "Platform5" gimmick. This change could affect several firms employing similar strategies.In addition to these regulatory shifts, FXIFY is preparing to launch FXIFY Futures. This new product aims to expand its offerings and attract more traders.MetaQuotes forces FXIFY to stop offering MetaTrader to US traders / IPs.The last remaining major MT + USA combo will migrate traders to DX.The industry-wide "Platform5" gimmick is likely to be cleaned up next.FXIFY Futures launch is imminent.FXIFY recently joined $3M / mo… pic.twitter.com/X8D69VOInq— FundTraders (@FundTraders) August 12, 2024Earlier, On May 1, 2024, FXIFY marked its first anniversary, as reported by Finance Magnates. During its initial year, the firm reported payments exceeding $8,700,000 to funded traders, handled over $1.7 trillion in trading volume across challenge and funded accounts, and recorded more than 80,000 account signups.Customer Management ChallengeAccording to the firm, it has recently joined the ranks of firms with a $3 million monthly payout and has secured a position in the top six of FX evaluation traffic. With its growth, payout volume, and increasing presence in the US market, FXIFY may need to address and refine some of its customer management practices to maintain its success and compliance.Finance Magnates reached out to FXIFY via Discord for comment on the recent development. FXIFY has not provided a response yet and deleted the inquiry. This article was written by Tareq Sikder at www.financemagnates.com.

Forex, or foreign exchange trading, is a complex market in which one exchanges the value of one currency for another. Having made it the largest financial market in the entire world, it's ultra-liquid and runs 24/7. Unlike any other traditional financial markets, the very concept of forex trading is based on having currency pairs at the core of transactions, profits, and losses.The Essence of Forex TradingEssentially, trading in the forex involves the simultaneous buying of one currency and selling of another through trading pairs, which form the basis of the forex market. Each trading pair comes with a base currency and a quote currency within it. For instance, the USD/CAD trading pair shows that USD is the United States Dollar. The value of the trading pair indicates how much of the quote currency is needed to purchase one unit of the base currency.Trading Pairs—Building Blocks of ForexWhile the concept of trading pairs may be a bit fuzzy for a beginner, it must be understood that every forex transaction is done in pairs. The foreign exchange market encompasses major pairs, minor pairs, and exotic pairs. Major pairs consist of the most traded currencies in the world that anybody could ever think of: EUR/USD, GBP/USD, USD/JPY. These usually have high liquidity and lower volatility, thus their favor with traders.The minor pairs would include major currencies but not the USD, such as EUR/GBP and AUD/NZD. One major currency combined with the currency of an emerging or smaller economy would constitute an exotic pair, for example, USD/SGD or EUR/TRY. Exotic pairs are normally less liquid and more volatile, associated with higher risk but also potential reward.In the Spotlight: USD to CAD, One of the Key Trading PairsOne of the most traded forex pairs is USD to CAD. The USD/CAD is a currency pair that rates the US dollar against the Canadian dollar and as such, is influenced by varying economic factors in both the United States and Canada. Such are affected by interest rate differentials, releases of economic data, and relevant geopolitical events.For instance, the value of the CAD is attached to the price of crude oil. The colour of this reasoning is simple: Canada exports oil. Hence, if the price of oil increases, the dollars may reinforce it and let down the USD/CAD rate. Contrasted with this, a fall in the price of oil weakens the CAD, leading to a high USD/CAD rate. This would have traders keeping a tab on trends in oil prices and economic indicators in both countries to always make very informed trading decisions involving the USD-to-CAD pair.How the Trading Pairs Affect Forex StrategiesOne has to understand the trading pairs in formulating a good Forex trading strategy. Each pair will behave differently due to liquidity, volatility, and economic factors that take place between the two currencies under consideration. Traders have to factor these in while choosing what pairs to trade or while developing strategies for trading.For instance, how USD/CAD could be traded may be different from how EUR/USD would. In contrast to the EUR/USD that is driven by offsetting economic indicators in the Eurozone area and the US, the USD/CAD seems to respond more to changes in oil prices and Canadian economic data. Accordingly, as the trader seeks a probability-based outcome of their trades, various technical analysis tools are used in an attempt to predict price movements in such pairs.Diversification Using Multiple Trading PairsDiversification is key to trading forex because of the risk management and elevation in the possibilities towards profitable ventures. It simply means that a trader can reduce his or her risk involved in trading only one pair of currencies by dealing in multiple pairs. In doing so, he will be spreading his risk across a number of different currencies and economic conditions. One can mitigate potential adverse movements in just one single currency pair this way.For instance, consider a trader who only trades in USD/CAD; then, he faces immense event risk because of the factors any exchange rate jump can have on it. On the other hand, trading other currency pairs such as EUR/USD or GBP/JPY offsets losses in one pair with profits from another, making it a more stable trading portfolio.ConclusionTrading on Forex means a lot of opportunities; it is in the trading pairs that this huge dynamic market finds its epicentre. A good grasp of how trading pairs work and their effects on trading strategies, therefore, continues to be the key to surviving the forex market. The USD to CAD pair, which involves the United States dollar and Canadian dollar, represents one such highly complex relationship between currencies and economic factors you need comprehensive analysis and strategic planning if you really hope for some positive returns from forex trading.Additional knowledge about various trading pairs within your Forex strategy not only gives you the broadening of horizons but also a chance for better management of risks and an opportunity at retaining steady returns. The more you get deeper into Forex trading, the more you'll realize that each pair has the story to tell, and knowing these stories is exactly the key towards becoming a successful trader. This article was written by FM Contributors at www.financemagnates.com.

Simona Wilkinson has shared news of her career transition on LinkedIn. She will now serve as the Head of Strategic Operations at Pepperstone. She noted: “After an incredible journey in HR, I'm thrilled to share that I’m embarking on a new chapter here at Pepperstone as the Head of Strategic Operations.”Strategic Operations Role FilledIn her new role, Wilkinson will handle strategic operations, leveraging her background in people management, process optimization, and organizational strategy. She has expressed a keen interest in this new direction.Wilkinson has been with Pepperstone for a period. She started as Senior People and Culture Partner for the UK & EMEA in January 2021, a role she held until July 2023. She then moved to the position of Regional Head of People & Culture for EMEA & LATAM at Pepperstone, starting in July 2023.Before joining Pepperstone, Wilkinson worked at JUUL Labs, Cochrane formerly known as The Cochrane Collaboration, and Iglu.com in various HR roles.She expressed her enthusiasm, stating: “A huge thank you to everyone who has supported me throughout my HR journey. Your guidance, mentorship, and encouragement have been invaluable, and I carry those lessons with me as I step into this new role. Here’s to new challenges, new growth, and an exciting future.”Launching 24-Hour TradingRecently, Pepperstone introduced 24-hour CFD trading on US shares through cTrader, MetaTrader, and TradingView, as reported by Finance Magnates. This new service allows traders to act on market-moving news and events outside of standard market hours.While stock markets have limited trading sessions, significant events like corporate earnings and geopolitical news often happen outside these hours. Pepperstone’s 24-hour CFD trading aims to help traders take advantage of such opportunities and reduce the risk of price gaps when markets reopen.The offering includes popular stocks like Nvidia, Tesla, and Apple, with fees starting at $0.02 per share and no minimum commission. This move aligns with discussions at the New York Stock Exchange about round-the-clock trading, reflecting a trend seen in cryptocurrency markets and enhanced by accessible trading platforms. Pepperstone claims to be the first to offer this service on cTrader and TradingView, in addition to MT5. This article was written by Tareq Sikder at www.financemagnates.com.

The publicly-listed cryptocurrency mining company from Wall Street (NASDAQ: ARBK) and the City (LSE: ARB) Argo Blockchain plc announced today (Monday), that it has fully repaid its $35 million loan from Galaxy Digital Holdings. This clears the debt four months ahead of the current schedule and nearly 18 months before the original repayment deadline.Argo Blockchain Clears $35 Million Galaxy Loan Ahead of ScheduleThe crypto mining firm began repaying the loan in May 2023, with the balance reduced to approximately $5.7 million as of June 30, 2024. Argo repaid $11.5 million in principal during 2023, with the remaining $23.5 million settled in 2024.Successfully repaying $35 million of high-interest rate debt ahead of schedule is a testament to Argo's financial discipline,” Argo's Chief Executive Officer, Thomas Chippas, commented. “We remain committed to optimizing our capital structure and driving long-term value for our shareholders."The loan dates back to late 2022, when Mike Novogratz's Galaxy saved a cryptocurrency miner from bankruptcy during a period when digital assets’ prices were low and mining companies were struggling to achieve profitability. As part of a strategic deal, Argo sold its Texas-based cryptocurrency mine, Helios, for $65 million and benefited from refinancing loans.The latest news on debt reduction came from March, when the company cut its debt by 60% as part of a new deal worth over $6 million. Now, Argo has managed to fully repay the remaining obligations.The early repayment strategy aligns with Argo's focus on strengthening its balance sheet and reducing financial liabilities. The company utilized a combination of operational cash flow, proceeds from equity raises, and sales of non-core assets to facilitate the repayment without significantly impacting its hash rate.This move is expected to yield visible savings in interest expenses. In 2023, Argo incurred $4.6 million in interest on the Galaxy debt, compared to $1.4 million through the repayment date of August 9, 2024.Reduced Losses but Lower ProductionIn the first quarter of 2024, Argo Blockchain reported notable financial improvements. The company's revenue rose to $16.8 million, marking a 4% increase from the previous quarter and a substantial 50% growth from the same period last year. Additionally, Argo significantly reduced its net loss to $3.2 million, achieving a threefold decrease. The mining margin also increased from $5.2 million to $6.4 million, resulting in a gross profit of $1.9 million, a recovery from a loss reported in the first quarter of 2023.Despite these financial gains, the company's latest production results reveal a downturn. In its recent monthly report for July, Argo mined only 48 Bitcoins, a decline of over 60% compared to last year's production, albeit a slight improvement from recent months. In a separate development towards the end of the last month, Argo announced a private placement agreement with an institutional investor, involving the issuance of 57,800,000 ordinary shares at £0.1125 each on the LSE. This agreement also includes warrants for an additional 57,800,000 shares at the same price, bolstering the company's financial position amidst fluctuating production outcomes. This article was written by Damian Chmiel at www.financemagnates.com.

IG Group Holdings (LSE: IGG) announced today (Monday) the commencement of a £75 million share repurchase program, marking the first tranche of its previously declared £150 million buyback initiative.IG Group Initiates New £75 Million Share Buyback ProgramThe London-based firm has engaged Morgan Stanley & Co. International Plc to execute the initial phase of the buyback, which is set to begin on August 12, 2024, and is expected to conclude by October 31, 2024. This move follows IG Group's July 25 announcement of its intention to repurchase up to £150 million worth of shares.The company outlines the buyback's sole purpose as reducing share capital. The program will operate within the parameters set by the authority granted to IG Group's Board at its annual general meeting in September 2023. Under this authority, the company is permitted to repurchase a maximum of 19,990,397 shares during the first tranche.The company announced its intention to initiate a new buyback program from the market along with its fiscal year 2024 results, which concluded on May 31. Its pre-tax profit stood at £400.8 million, marking an 11% decrease from the previous year, while the adjusted earnings fell by 7% to £456.3 million. After accounting for taxes, the firm recorded a profit of £307.7 million, down 15%, with the adjusted profit dropping 12% to £350.3 million.“I’ve... identified areas requiring change,” stated Breon Corcoran. “We have lots of work to do to take IG to the next level and address the challenges we face.”Headquartered in London, the company reported a total annual revenue of £987.3 million, reflecting a 3% year-over-year decline. The broker also saw its annual net trading revenue decrease by 10% to £844.9 million, attributed to diminished trading activities. The report noted a decrease in total active clients on its platform to 346,200 from 358,300, driven by less volatile market conditions. Additionally, the company welcomed 69,900 new traders, a decrease of 4%.The previous share buyback program of the same size began at the end of 2023 and lasted until the end of July 2024. Following the successful buyback of £150 million shares, IG decided to launch another program of exactly the same size.IG’s Executive UpdatesChris Old recently embarked on his role as the Head of Organic Growth at IG Group, a position he announced via LinkedIn last month. Old has been a part of IG Group for over six years, occupying various roles. His journey with the company started in 2021 as the SEO Manager for the UK, after which he progressed to SEO Manager for EMEA and then to SEO Lead for IG.com before attaining his current position. His prior experiences include roles at Truly Experiences Ltd and Cancer Research UK, enhancing his profile in the industry.Meanwhile, Tomas Ausra has transitioned from his role as Global Institutional Marketing Manager to become the Head of Marketing at IG Prime, the institutional arm of IG Group. Ausra has been with the company for nearly five years and will now oversee global brand marketing efforts for IG Prime. His key responsibilities will involve enhancing brand visibility, crafting marketing strategies, and driving profitability.Additionally, Charlie Rozes announced in July that he is set to become the CFO & Executive Director of BMS Group starting in November 2024. Rozes, who is currently based in London, will report directly to BMS Group CEO, Nick Cook. He will be succeeding Nick Moss upon his retirement. Rozes has previously held the position of Chief Financial Officer & Executive Director at IG Group since June 2020, where he spearheaded strategic initiatives that expanded the company's reach as a global multi-asset class online trading platform and digital content provider. This article was written by Damian Chmiel at www.financemagnates.com.

Turkey's Capital Markets Board (CMB) has released a list of crypto service providers seeking licensing under the new ‘Law on Amendments to the Capital Markets Law.’President Recep Tayyip Erdoğan signed the new legislation into law on July 2, following its unanimous approval by the Turkish Grand National Assembly. The law took effect immediately upon publication in the Official Gazette.Turkey’s Crypto Market BoomsThe new framework has drawn attention to Turkey’s growing digital asset market. According to Chainalysis, Turkey ranks as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion.The CMB’s website shows that 47 crypto companies have declared their intention to operate under the new law and have applied for licenses. This list includes major global crypto exchanges such as Binance, OKX, and Bitfinex.47 #crypto companies applied for the business license in Turkey. Including @binance and @okx pic.twitter.com/SftAX6MwPi— Yellow Capital (@yellow__capital) August 9, 2024Earlier, Binance announced changes to its services in Turkey to enhance transparency and regulatory compliance, as Finance Magnates reported. The company, which has been tracking regulatory developments in Turkey, aims to collaborate with regulators and support a regulatory framework for user protection. While Binance.com will remain accessible in Turkey, the Turkish language option will be phased out over three months, and marketing activities targeting Turkish users will cease.Full Authorization Still PendingThe CMB has noted that inclusion on the list does not indicate full authorization. These companies must still seek the CMB’s authorization separately once secondary crypto legislation is enacted.This secondary legislation, which has not yet been introduced to parliament, is expected to define key industry terms, such as "crypto assets," "crypto wallets," and "crypto asset buying and selling platforms." Turkish Minister of Treasury and Finance Mehmet Şimşek indicated in January that the draft of this legislation was nearing completion and that technical details were being reviewed. This article was written by Tareq Sikder at www.financemagnates.com.

In yet another busy week of executive moves, we feature noteworthy appointments, promotions, and exits from notable industry brands. Stay tuned as we cover interesting changes across the banking, forex, proprietary trading, and fintech space. Rightlander named Sarafina Wolde Gabriel as the new CEO; ABN AMRO appointed Chief Risk Officer, the Former Credit Suisse Executive; CME lost key FX Benchmark Risk Expert after Jannece announced departure; Robinhood named David Schwed as Chief Information Security Officer for Brokerage; Ex-IronFX and LCG Sales Veteran joined Taurex; EDXM named new APAC MD, the Former BitGo Digital Asset Sales Head; Doo Group’s Head of Institutional Clients Fraser Nelson bid farewell after two years.Taurex promoted Maria Meramveliotaki as Brand and Strategy Director; Periklis Hanna stepped down as Head of Marketing at The Trading Pit after a year; a new CCO joined Moomoo AU after CMC Markets and Tiger Brokers; Barclays named Ex-TD Securities' MD Stephen Stewart as Head of M&A Execution for Canada; Future FinTech appointed Hu Li as CEO, succeeding Shanchun Huang; Prop Firm Blueberry Funded was appointed new GM from PropTradeTech and Eightcap.Executive Moves of the WeekRightlander Names Sarafina Wolde Gabriel as New CEO: From Strategy to the TopRightlander, a company specializing in affiliate compliance and partner monitoring solutions, welcomed Sarafina Wolde Gabriel as the new CEO. Wolde Gabriel brings over 19 years of experience in digital marketing and affiliate compliance to her new role. She previously served as Rightlander's Chief Strategy Officer.During her tenure as Chief Strategy Officer, Gabriel was involved in developing the company's product offerings and building important partnerships. Before joining Rightlander, Gabriel worked for GeoComply as Senior Director of Global Markets, where she focused on expanding products and services in international markets and establishing relationships with industry contacts in fraud and compliance.Reveal more about Rightlander's appointment of Sarafina Wolde Gabriel as the new CEO. ABN AMRO Appoints Chief Risk Officer, Former Credit Suisse ExecutiveThe Supervisory Board of ABN AMRO proposed the appointment of Serena Fioravanti as Chief Risk Officer and member of the Executive Board, effective October 1. As the CRO, Fioravanti will oversee risk management and compliance at ABN AMRO. She has nearly 25 years of experience in the banking sector, concentrating on risk management, treasury, liquidity risk management, corporate finance, project management, and audit. She has held various roles in finance and risk management at Credit Suisse Group, including nearly four years as Chief Risk Officer on the executive board of Credit Suisse Switzerland AG for the past seventeen years.Learn more about ABN AMRO's appointment of Serena Fioravanti as Chief Risk Officer and member of the Executive Board.CME Loses Key FX Benchmark Risk Expert as Jannece Announces DepartureAfter ten years of developing the CME’s eFix Matching tool, which allows banks to net client fixing risk ahead of FX industry benchmark calculations, Head of Mid-Matching Kyle Jannece announced his departure this week.“After ten years managing the efforts behind the eFix Matching Service and guiding it to a market-leading position, the sun has set on my time with the product,” Jannece announced. “This will be my last week with the CME following eFix's success.”Discover more about Kyle Jannece's exit from CME. Robinhood Names David Schwed as Chief Information Security Officer for BrokerageRobinhood added David Schwed as the Chief Information Security Officer for the Brokerage division, according to an announcement Schwed made this week on LinkedIn. Until recently, Schwed was the Chief Operating Officer and later an Advisor at Halborn, a cybersecurity firm.Schwed is a technology expert who has worked for various companies throughout his career. Among them are Dfns, Lava Network, Utila, and Hexagate. The Empire State University alumnus has also worked for Citi, Galaxy Digital, and BNY.Show more about Robinhood's onboarding of David Schwed as Chief Information Security Officer for Brokerage.Ex-IronFX and LCG Sales Veteran Joins TaurexWith collaborations with six well-known brands in the Contracts for Difference (CFDs) industry under his belt, James Watts moved to Taurex, where he will serve as Commercial Director. He brings to the former Zenfinex over a decade and a half of experience gained at companies in Dubai and London.Watts joined Taurex after nearly three years as a senior executive officer at Evalect Group, a company associated with financial markets and FX options. He previously collaborated with several CFD brokers, supporting their sales departments. These included Multibank Group, AFX Group, London Capital Group (LCG), IronFX, and Alpari UK, where he spent the longest, almost four years.Find out more about James Watts' transition to Taurex and his new role.EDXM Names New APAC MD, Former BitGo Digital Asset Sales HeadKai Kono assumed the role of Managing Director, Head of APAC, at EDXM Global. In this new role, Kono will lead the company's international expansion efforts. Based in Singapore, EDXM Global operates with backing from EDX Markets, an entity established in 2022 by a group of major financial institutions, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, and Charles Schwab, among others.Prior to joining EDXM Global, Kono held several notable positions. He was recently the Founder and CEO of Spring Digital. Before that, he served as the Chief Executive Officer of Zodia Custody in Singapore and as the Managing Director for APAC in the same firm.Explore more about EDXM's onboarding of Kai Kono to the role of Managing Director.Doo Group’s Head of Institutional Clients Fraser Nelson Bids Farewell after Two YearsDoo Group's Head of Institutional Clients, Fraser Nelson, is leaving the company, according to an announcement he made on LinkedIn this week. Nelson joined the company as the Head of Business Development before being promoted to Head of Institutional Clients, a position he held for a year. “After two years of Excitement, Hard Work, Travel, and Growth, my time at Doo has come to an end,” Nelson wrote. “As I prepare to take the next steps in my career, I wanted to say thanks to the management team for the confidence in making me the number 3 hire outside of Asia, backing me to open offices and spearhead growth, believing in me to be the face of our Recruitment and Branding videos and empowering me to be the company's face and voice at Expos and Seminars.”Check out more about Fraser Nelson's exit from his role as Doo Group's Head of Institutional Clients.Taurex Promotes Maria Meramveliotaki as Brand and Strategy DirectorForex and CFD company Taurex picked Maria Meramveliotaki as the new Brand and Strategy Director. Based in Limassol, Cyprus, Meramveliotaki will, among other roles, execute the company's strategic plan and lead an in-house team to develop marketing strategies.Announcing her appointment on LinkedIn, Meramveliotaki said: “Stepping into a new chapter at Taurex—I've been promoted to Brand and Strategy Director! This role gives me a fantastic opportunity to align our strategic vision with our core principles and build a lasting brand.”Learn more about Taurex's promotion of Meramveliotaki as Brand and Strategy Director.Periklis Hanna Steps Down as Head of Marketing at The Trading Pit after a YearIn a notable exit this week, Periklis Hanna announced his resignation from the role of Head of Marketing at The Trading Pit. Before his tenure at the company, Hanna held several important positions in the marketing field. Previously, he worked as Head of Marketing and Operations at Wintrado Technologies AG and as a Digital Marketing and Business Development Executive at Digipro Education Limited. He also served as a Digital Marketing & Business Development Executive at Airtrans Group from March 2017 to March 2019.Discover more about Periklis Hanna's decision to step down from his role as the Head of Marketing at The Trading Pit after a year.New CCO Joins Moomoo AU after CMC Markets and Tiger BrokersMichael McCarthy joined Moomoo AU as Chief Commercial Officer. McCarthy will lead the company's strategic planning, market growth, and customer engagement efforts across Australia. Moomoo uses artificial intelligence to offer an investing platform for both beginners and experienced traders. It provides real-time data and a range of analytic tools to assist with share market navigation.“Moomoo’s innovative platform and dedication to customer success resonate with my own commitment to advancing financial literacy and market understanding,” McCarthy said. “I look forward to working with the talented team at Moomoo to drive growth and deliver exceptional value to our clients in Australia.”Read more about the appointment of Michael McCarthy as Moomoo's Chief Commercial Officer.Barclays Names Ex-TD Securities' MD Stephen Stewart as Head of M&A Execution in CanadaBarclays named Stephen Stewart, a Former TD Securities executive, as the Head of M&A Execution for Canada. In a statement published on Friday, the company said this hire aims to reinforce the bank's commitment to the region and brings a wealth of experience and leadership that promises to elevate its M&A operations across Canada.Stephen Stewart joined Barclays from TD Securities, where he spent over 15 years honing his investment banking skills, focusing on mergers and acquisitions. At TD, Stewart was the Managing Director at M&A and was instrumental in a series of landmark transactions.Learn more about Barclay's appointment of ex-TD Securities MD Stephen Stewart as Head of M&A Execution for Canada.Future FinTech Appoints Hu Li as CEO, Succeeding Shanchun HuangFuture FinTech Group appointed Hu Li as the new Chief Executive Officer, effective August 5, 2024. The company has welcomed the new appointment, saying it signals a commitment to expanding its global footprint and strengthening its position in the financial and digital technology sectors.Li, who has been with Future FinTech since 2019, steps into the CEO role with a wealth of experience in finance and management. His previous positions within the company include a recent role as CEO of FTFT International Securities and Futures Limited.Discover more about Future FinTech's appointment of Hu Li as CEO.Prop Firm Blueberry Funded Appoints New GM from PropTradeTech and EightcapMarcus Fetherston has been onboarded as the General Manager at Blueberry Funded, a proprietary trading firm operated by Blueberry Markets. Before joining Blueberry Funded, Fetherston held several positions in the financial sector. Most recently, he was the Director and Chief Product Officer at PropTradeTech, a role he occupied from March 2023 to June 2024.PropTradeTech is a Melbourne-based firm specializing in trading technology. Prior to PropTradeTech, Fetherston served as Director of Operations at Eightcap from September 2020 to March 2023. Eightcap is also headquartered in Melbourne and operates within the financial markets sector.Find out more about Prop Firm Blueberry Funded's appointment of Marcus Fetherston as the new General Manager. This article was written by Jared Kirui at www.financemagnates.com.

Barclays has appointed Stephen Stewart, a Former TD Securities executive, as the Head of M&A Execution for Canada. In a statement published today (Friday), the company said this hire aims to reinforce the bank's commitment to the region and brings a wealth of experience and leadership that promises to elevate its M&A operations across Canada.Investment Banking Expert Stephen Stewart joined Barclays from TD Securities, where he spent over 15 years honing his investment banking skills, focusing on mergers and acquisitions. At TD, Stewart held the position of Managing Director at M&A and was instrumental in a series of landmark transactions. His notable achievements reportedly include advising on high-profile deals such as Nuvei's US$6.3 billion take-private by Advent International and Neighbourly Pharmacy's $1.2 billion take-private by Persistence Capital Partners. Stewart was also responsible for advising Dream Global REIT on its $6.2 billion sale to Blackstone and Thomson Reuters on its $27 billion sale of Refinitiv to the London Stock Exchange. His leadership is expected to be a driving force in the continued growth of Barclays' Canadian M&A operations.Barclays expects Stewart's experience and deep client relationships to enhance its Canadian M&A platform and complement its broader Americas and Global M&A businesses. His dual reporting line to Ryan Voegeli, Head of Investment Banking for Canada, and Dan Grabos, Head of Americas M&A, underscores his pivotal role in the bank's North American strategy.Expanding Services in CanadaThe hire of Stephen Stewart is part of Barclays' broader strategy to invest in its Canadian platform. Geoffrey Belsher, the Chairman and Country Chief Executive Officer for Canada, emphasized the importance of this addition, stating: "This hire is further evidence of our unwavering commitment to Canada, and the addition of Stephen to the team will help us to further build upon our strong momentum."Meanwhile, TD Securities selected Paxos Settlement Service last year for Commodities in an initiative to adopt blockchain technology for trade settlements. This partnership reportedly marked the first instance of concurrent cash and commodity trade settlements using TD Securities in traditional and digital precious metals markets. This article was written by Jared Kirui at www.financemagnates.com.

In the bid to bolster Australian fintech at a global scale, regtech sets a unique case. This trend has been more apparent than ever not just for Australia but the broader Asia-Pacific (APAC) region in recent years. Regtech’s role and trajectory within Australia and APAC will be a key area of emphasis at the upcoming Finance Magnates Pacific Summit (FMPS).As the biggest event in APAC this year, look for a convergence of both B2B and B2C specialists, experts, thought leaders and more in Sydney, Australia on August 27-29. The marquee summit will be drawing thousands of attendees, with plenty of exhibitors, sponsors, and more. FMPS will feature two full days of curated content, part of a wide-reaching agenda that spans four industry verticals – fintech, payments, online trading, and crypto. The full-length agenda for FMPS is already live and participants are encouraged to familiarize themselves with what’s in store this August.One of the most hyped panels in the regtech space to take place this August will be the session, Ready to Scale? Regtech in Australia, A Global View. Indeed, regtech has grown in importance in recent years and is shaping up as a scalable opportunity for many within APAC.As a quick reminder, it is not too late to reserve your seat online for FMPS. Make sure to skip the queues on-site this August in Sydney and register today. Time is running out to be a part of FMPS so do not delay!Regtech in Focus at FMPS in SydneyDespite a growing need for robust and reliable compliance, the world’s third-largest regtech sector remains underfunded. This session is one to circle on the calendar, with an eye-opening fireside chat to get a grip on tomorrow’s regtech Aussie hub.The panel, Ready to Scale? Regtech in Australia, A Global View, will be taking place on Centre Stage, on August 28, 11:00-11:20. The panel will include two specialists who are no strangers to the regtech space: Dickie Currer, National Lead at Tech Australia Advocates, and Deborah Young, CEO at The RegTech Association.Panel attendees can take an immersive look into Australia’s regtech scene and find answers to some key questions currently facing the space. Participants can also expect to find where the alpha is in regtech, and what VCs are missing out on. Additional emphasis will be paid to what actually needs to happen for greater governmental support and harmonization.Of course, this brings up a number of considerations and questions, perhaps the most relevant being whether the local eco-system ready to work across global regulatory regimes. Thankfully there are no shortage of examples as experts can learn from other fintech hubs. This is one session you cannot afford to miss and one of the most important for regtech specialists in Australia. See you in Sydney in less than three weeks! This article was written by Jeff Patterson at www.financemagnates.com.

Future FinTech Group has appointed Hu Li as the new Chief Executive Officer, effective August 5, 2024. In a statement released today (Friday), the company welcomed the new appointment, saying it signals a commitment to expanding its global footprint and strengthening its position in the financial and digital technology sectors.Leadership TransitionLi, who has been with Future FinTech since 2019, steps into the CEO role with a wealth of experience in finance and management. His previous positions within the company include a recent role as CEO of FTFT International Securities and Futures Limited.Li's appointment followed the resignation of former CEO Shanchun Huang, who stepped down for personal reasons. In his new role, Li is expected to drive Future FinTech’s international expansion, manage its investment and financing activities, and steer the company through its ongoing transformation.Li’s leadership comes at a crucial time as Future FinTech seeks to capitalize on its diversified portfolio, which includes asset management, brokerage, investment banking services, cross-border payment operations, and supply chain finance."Mr. Hu Li is an excellent executive," said Foyou Li, Chairman of Future FinTech's Board. "He has made many outstanding contributions over the past five years and has played a pivotal role in transitioning the company into a fintech leader with a diversified portfolio of services."Future FinTech PortfolioUnder Li’s guidance, Future FinTech aims to leverage its digital and internet technology expertise to deliver stable, safe, and efficient financial services to a global clientele. The company’s portfolio spans multiple continents. The company has highlighted its expansion as a way to position itself to capture new opportunities in the rapidly evolving fintech landscape.With operations already established in key markets such as Hong Kong, the United Kingdom, China, and the United States, Future FinTech is poised for further growth. Li’s leadership will be crucial in navigating the challenges and seizing the opportunities that lie ahead in the global fintech industry.Commenting about his appointment, Li said: “I plan to continue to work shoulder to shoulder with the Future FinTech team to help the Company achieve sustainable development and accelerate the implementation of our global strategic growth plan. As CEO of Future FinTech, my mission is to lead the organization, set its goals and market strategies, and leverage my executive experience to the benefit of our customers, employees, and shareholders worldwide. This article was written by Jared Kirui at www.financemagnates.com.

The financial world is on edge as a massive unwinding of the carry trade continues to reverberate through global markets. This popular trading strategy, which involves borrowing in low-interest currencies like the Japanese yen and investing in higher-yielding assets, is experiencing a significant reversal that has caught many investors off guard.Yen Carry Trade Unwind Sends Ripples through Global MarketsThe Japanese yen has surged against major currencies in recent weeks, appreciating nearly 7% against the US dollar since mid-July. This rapid move has forced many traders to liquidate their carry trade positions, leading to increased volatility across various asset classes.At the beginning of last month, one dollar was worth more than 160 yen, the highest value in several decades. However, a month later, the same dollar was exchanged for only 142 yen, the lowest since the beginning of the year.Market experts are closely monitoring the situation, with some suggesting that the unwinding process may only be halfway complete. Historically, Japan's negative interest rates and a weakening yen made it an attractive proposition for investors seeking higher returns. By borrowing yen at low rates and investing in higher-yielding assets, traders could profit from both interest rate differentials and potential currency appreciation.“However, this dynamic has shifted dramatically in recent months,” explained Michał Stajniak, the Deputy Director of the XTB Analysis Department. “Speculation is rife that the Bank of Japan (BoJ) could raise interest rates as high as 1% in the coming months, while according to the market, the Federal Reserve is expected to cut rates by 100 basis points this year.”Central banks are now facing a challenging balancing act. The Federal Reserve, in particular, finds itself in a precarious position. While economic data might suggest the need for interest rate cuts, such moves could potentially exacerbate the carry trade unwind and lead to further market instability.Moreover, the persistence of carry trade unwinding is supported by the behavior of yen futures contracts. “The extreme short positioning in yen futures, which had ballooned to around 240,000 contracts, has contracted to 140,000. In contrast, long positions have surged to 65,000 from a mere few thousand in 2020,” continued Stajniak.?? How Big Is the Yen Carry Trade, Really? – Bloomberghttps://t.co/JuozkWGNPZ pic.twitter.com/4NT39vY0gG— Christophe Barraud?? (@C_Barraud) August 7, 2024Swiss Franc Tests Decade HighMeanwhile, the Swiss franc has also seen significant gains as investors seek safe-haven assets. This surge has prompted concerns from Swiss exporters, who fear that an overly strong currency could harm their competitiveness in global markets.“Although the largest number of carry trades took place on the USDJPY pair, it is also worth remembering that investors also used the franc and Chinese yuan in such transactions, so the current trend of reversal of the situation on the yen may also affect these currencies,” Stajniak added.At a time when the market fears a recession in the United States, geopolitical tensions have been as high as a tightrope for over two years, and significant volatility in the Japanese financial markets has scared investors, everyone is again looking at the Swiss franc as a potential safe haven in difficult times. Furthermore, analysts from State Street and Citigroup are convinced that the franc may become the new choice for investors specializing in carry trade, replacing the Japanese yen in the leading position. Although the CHF/JPY currency pair reached levels of 180.0 this year, testing multi-year highs, it has since corrected significantly and is currently testing this year's lows at the level of 170.0.Global Carry Trades See Massive Unwinding, JPMorgan ReportsA significant portion of global carry trades have been dismantled in recent months, according to a new analysis by JPMorgan Chase & Co. The bank's quantitative strategists estimate that approximately three-quarters of these trades have been unwound, marking a substantial shift in the financial landscape.JPMorgan's data reveals that returns across Group-of-10, emerging market, and global carry trade baskets have plummeted by roughly 10% since May, effectively erasing gains made earlier in the year. The pace of the selloff has been notably swift, occurring at twice the usual rate observed during carry trade drawdowns.The sharp rise in the JPY/USD is causing a massive unwind of Yen carry trade positions and contributing to the sharp decline in US stocks. For those who do not understand how this works, a brief explanation1) Many traders were borrowing Jap Yen (JPY) at low interest rates,… pic.twitter.com/sfi0Hva56M— Adam Khoo (@adamkhootrader) August 5, 2024“A substantial portion of these trades, estimated at $200–250 billion, has been unwound in recent weeks alone,” added Stajniak. “JPMorgan estimates that as much as three-quarters of carry trade positions have been closed, wiping out gains accumulated from the first half of this year.”Despite the significant unwinding, JPMorgan strategists caution that the global carry trade strategy currently offers limited appeal. “The yield on the basket has plummeted since the highs of 2023 and is not a sufficient compensation for holding EM high betas through US elections and the risk of further repricing of low yielders if US yields fall,” explained Meera Chandan, analyst at JPMorgan Chase & Co.The implications of this unwinding extend beyond the carry trade itself. Value strategies have seen appreciation, while foreign exchange rates' momentum has regained ground as currencies realign with interest rate directions.Carry Trade 101Imagine an investor borrows Japanese yen at a 0.1% interest rate and uses it to buy Australian dollars, which offer a 3% interest rate. If the exchange rate stays constant, the investor could potentially earn a 2.9% profit from the interest rate difference alone.While carry trades can be profitable, they come with significant risks:Currency fluctuations can quickly erase profits or lead to lossesChanges in interest rates can affect the trade's profitabilityEconomic and political factors can impact currency valuesMany traders use leverage to amplify potential returns from carry trades. While this can increase profits, it also magnifies risks. For example, using 20:1 leverage could turn a 3% interest rate differential into a 60% annual return—but losses would be equally amplified.Carry trades tend to perform well in stable economic environments with clear interest rate differentials between countries, low market volatility and strong risk appetite among investors. This article was written by Damian Chmiel at www.financemagnates.com.

Solitics, a leading provider of customer engagement based on real-time data, is revolutionising the way brokers operate by providing them with cutting-edge technology that adapts to their infrastructure, speeding time to value, and saving resources and complex development for IT and R&D teams.The company tackles data complexities head-on. By seamlessly connecting to distributed data sources, multiple accounts and processing millions of user activities in real time, Solitics offers unrivalled marketing automation solutions that support large-scale operations.Streamlining project timelinesBrokers leveraging Solitics’ technology are able to achieve significant overall savings in terms of both time and cost. Unlike traditional methods requiring extensive IT involvement, the company’s platform simplifies data integration while reducing project timelines significantly. This expedited process not only accelerates time-to-market but also enhances a broker’s ability to respond swiftly to meet the needs of its clients, which is particularly useful in a fast-paced trading environment. By eliminating the hurdles typically associated with data projects, Solitics provides solutions that help its clients focus on strategic initiatives and core business activities, rather than getting bogged down in technical details. In one case, a broker reported that the integration took just one tenth of the time they initially expected, demonstrating the remarkable efficiency and effectiveness of Solitics' platform. This real-world example underscores how this modern technology can enable brokers to operate more productively and remain competitive in a rapidly changing market. It also alleviates the key issues affecting the business from a technical and data perspective.Simplified and efficient deploymentCentral to Solitics' value proposition is the smart integration, processing and transformation of data into usable formats for marketing and product teams. Full integration is achievable within just 45 days. This is evident in its rapid deployment capabilities, reducing what would traditionally take years of development to a matter of weeks. The company excels in simplifying data projects by integrating multiple data sources and allowing real-time data synchronisation. AI is embedded into its data learning processes, creating a seamless user experience that allows for timely access to relevant data.The integration process involves Solitics accessing the various relevant raw data sources, with no need to adapt or change the infrastructure, learning the data structures, and streamlining the data to a single user interface, enabling businesses to quickly adopt and benefit from Solitics' innovative solutions without delay.Through this, key brokerage stakeholders are able to create, manage, and analyse impactful user journeys with maximum efficiency. For a broker’s technical team, the key benefit of saving vast amounts of time on development means they can refocus their efforts on main key areas.Instead of integrating tools and systems related to marketing automation and retention management, technical officers will be free to develop their firm’s core products and conduct strategic planning - maximising their project capabilities while minimising the overall workload.Enhanced engagement platform Solitics offers standout features that drive increased client engagement for businesses, with enhanced personalisation providing tailored user experiences and split-second responsiveness to data changes - ensuring that clients receive relevant and timely interactions.Automation further supports this by enabling consistent and effective client communications, allowing companies to maintain a high level of interaction without additional effort.By utilising market events and bespoke content in a customised manner, the platform significantly boosts engagement, creating meaningful and impactful client interactions for brokers. Businesses using Solitics have reported a more than 25% increase in their client retention rates, demonstrating its ability to deliver hyper-personalised and consistent client participation efforts in the most effective way.The core elements of the company’s ‘Engagement Platform' set it apart from competitors, offering fast time-to-value with integrated and responsive features that directly impact client satisfaction and business agility.Additionally, the system supports omni-channel communication, seamlessly integrating various communication channels to provide a unified client experience. This comprehensive approach saves brokerages substantial time and money by streamlining processes and reducing the need for multiple different systems.By offering a superior platform that combines the above key components, Solitics enables companies to enhance their operational performance, improve client satisfaction, and drive business growth in a competitive market. This unique combination of features makes it an invaluable partner.About SoliticsEstablished in 2013, Solitics is a leading technology provider specialising in real-time marketing automation and analytics solutions for institutional financial organisations, banks, global brokers, Fintech companies and iGaming industries. It has rapidly evolved into a powerhouse in the realm of customer engagement and data analytics as a strategic partner in forging meaningful connections with its customers. By leveraging cutting-edge technology and in-depth industry knowledge, Solitics enables its clients to stay one step ahead in the fast-paced financial market.Discover more about how Solitics’ innovative real-time solutions can drive customer value for your business by visiting this link. This article was written by FM Contributors at www.financemagnates.com.

Octa, a financial broker with globally recognised licenses, celebrates its 13th birthday this summer. In some cultures, the number 13 has a special significance. For example, the Chinese omit the thirteenth floor in multi-level buildings as unlucky. The Japanese, on the other hand, associate this number with good fortune. In a series of three articles, the experts at Octa will share 13 time-proven and well-tested tips—one for each year of the broker's successful track record in the financial markets. These recommendations aim to help you improve your trading outcomes and progress towards your financial goals. The number 13 may or may not possess supernatural qualities, but following these 13 recommendations will very likely bring you better results in trading! Below is the first of three articles. In this series, the experts at Octa share 13 practical recommendations based on the broker's 13 years of experience in the market. The first article outlines five crucial elements that will help you form a firm foundation for trading success.1. Acquiring theoretical knowledge to unlock new practical opportunitiesOcta continuously studies its clients’ experiences to gain first-hand insights into the traders' minds and finetune its products and services to their demands. A vast majority of Octa's clients who achieved consistent profits indicate continuous learning as one of the cornerstones of their success. They read trading content online, sign up for dedicated educational courses, and study the strategies of professional traders to keep up with the best practices. Another factor of success that many emerging traders underestimate is having a fluent knowledge of basic financial concepts. For example, you should learn to calculate your potential profits and losses for a given order based on the lot price and spread amount to be able to use risk management tools properly. Likewise, you need to know how the support and resistance levels work and what the candlestick patterns are to be able to identify potential entry points correctly. In trading, as in any other comprehensible system of knowledge, advanced techniques are unlocked step-by-step. Progressing along the learning curve is only possible if you start by mastering ground-level concepts. Octa offers various educational resources, including its YouTube channel, which boasts more than 1 million subscribers, and a broad scope of educational materials available within its proprietary trading platform, OctaTrader.2. Keeping your emotions under lock and keyMany professional traders compare their ideal mental state during a trading session to the workings of a robotic assembly line. Each movement is time-efficient, precise, and purposeful. Each sequence of actions leads to a measured, predictable result. There are no impulsive or chaotic moves, and nothing is left to chance. In a perfect world, your trading sessions would look like that, too. Alas, reality imposes its own—imperfect—conditions. One day, you may be tired after work. Another day, you feel fine, and your brain functions like clockwork—but the market is feverish with wild fluctuations, and your predictions fail time and again.This is where self-discipline and the right mindset come into play. You can't control the market environment, but you definitely can control your emotions—and make sure they don't undermine the efforts you put into achieving consistently positive results. 3. Establishing a solid risk management strategyIn trading, potential profits always have a reverse relation to risks. In other words, you can only achieve significant gains by exposing your capital to a proportionate degree. Risk management techniques are part of any successful trader's toolkit. The concept of risk in trading is based on risk tolerance—or the amount of loss you are prepared to handle. Your risk tolerance depends on your starting capital and long-term financial goals. In their turn, these factors define the choice of trading instruments.For example, if your goal is to obtain a supplementary source of income without delay, you may consider Forex trading, which allows traders with modest starting capital to gain regular income for day-to-day purposes. 4. Improving your time-efficiency Less experienced traders often spend an excessive amount of time comparing expert predictions and trying to validate their decisions. However, the vast field of trading information available online is very diverse in terms of quality and trustworthiness, so it's no wonder that obtaining valid and actionable trading advice becomes an uphill battle. To solve this problem, Octa embedded a dedicated feed with curated expert content into its proprietary trading platform, OctaTrader. This toolkit is called Space and is currently available for all OctaTrader clients across all regions of the broker's operation. With Space, OctaTrader now offers a customisable stream of actionable trading recommendations that you can transfer to your chart in a few clicks.5. Learning from the mistakes of othersIn trading, as in life, mistakes are inevitable. Given that, studying various lifehacks allows you to navigate the most notorious pitfalls and keep away from trouble. You don't have to make all the mistakes in the book and learn the hard way. Instead, you can choose a broker with extensive educational capabilities—and study typical client cases, reinforcing the acquired knowledge on your demo account if you need additional first-hand experience.ConclusionIn the next instalment of our three-piece mini-series presenting 13 crucial trading recommendations, we will give you a short list of the most impactful skills that allow successful traders to achieve consistency and turn trading into a steady source of supplementary income in a reasonable amount of time. About OctaOcta is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already used by clients from 180 countries with more than 42 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including the improvement of educational infrastructure and short-notice relief projects supporting local communities.Octa has won more than 70 awards since its foundation, including the ‘Best Forex Broker 2023’ award from AllForexRating and the ‘Best Mobile Trading Platform 2024’ award from Global Brand Magazine. This article was written by FM Contributors at www.financemagnates.com.

Gold and the USD are often intertwined. Amid the recent drama surrounding the US Federal Reserve and its indecisiveness regarding interest rate cuts, this topic is more poignant and relevant than ever. This saga provides the perfect segue to the upcoming Finance Magnates Pacific Summit (FMPS), taking place in just a few weeks on August 27-29 in Sydney, Australia. The landmark event will feature no shortage of trading and investing oriented content, including the relationship between Gold and the USD. FMPS will cater extensively towards a growing retail demographic of traders. This is reflective in a dedicated content stage towards this content, the Exchange Zone, offering unique panels, workshops, and sessions over a two-day period.Retail trading is not the only area of focus at FMPS however. Participants at the event can take also explore other content verticals, including the fintech, payments, and crypto space. Each of these verticals will be touched on across both the Exchange Zone and Centre Stage, part of the full-length agenda for the event.Online registration for FMPS will be ending soon. Make the most of this opportunity and reserve your seat online to skip the queues on-site this August in Sydney Make sure to register today for FMPS!Unravel the Fed Enigma this August at FMPSWith so many workshops and sessions in store for attendees this August, it can be overwhelming. Attendees are encouraged to explore the content agenda and map out their event ahead of time to make sure nothing is missed.One of the more anticipated workshops of the event will be the session, The USD, Gold and Interest Rates, taking place at the Exchange Zone on August 28, 12:10-12:30. The session will be hosted by Tim Waterer, Chief Market Analyst, at KCM Trade.Mr. Waterer is a renowned analyst in FX, stocks, indices, and commodities. Having previously spent time as an FX Trader, Head of Dealing and Head of Sales Trading, he has developed a wealth of knowledge which he uses to provide insightful and unique market analysis and commentary for clients and the wider investment community. This expertise has resulted in him making regular appearances in the media, some of which include the BBC, Reuters, Bloomberg, Channel News Asia, MarketWatch, Sky News, The Australian Financial Review and The Washington Post.Participants in the workshop can explore the most pertinent market dynamics surrounding both Gold, the USD, and their complex relationship. Indeed, during times of risk aversion, both can rise in tandem, however at other times they are seen as competing assets and have an inverse correlation. As we move towards a potential US interest rate cut, how will this monetary easing affect the USD and gold prices as we look ahead to 2025? This is one session you cannot afford to miss this August. See you in Sydney in a few short weeks! This article was written by Jeff Patterson at www.financemagnates.com.

Bitcoin.com, a pioneer in the Bitcoin and crypto space since 2015, has integrated into its wallet, games, news, and education platform a debit card that empowers users to spend their cryptocurrency seamlessly at any location Mastercard® is accepted. V-Card is now available in the Bitcoin.com app and on Bitcoin.com’s website here.“This is a game-changer for crypto self-custody holders who seek the flexibility and convenience of traditional financial systems without compromising their principles and without the risk of getting rugged by a CEX,” said Bitcoin.com CEO Corbin Fraser, referring to the numerous shuttered centralized cryptocurrency exchanges (CEXs) where millions of users have lost their funds due to hacks, bankruptcies, and fraud.About V-CardV-Card is designed to bridge the gap between digital currencies and traditional finance, allowing users of the self-custody, multichain Bitcoin.com Wallet app to top up their card with popular cryptocurrencies such as BTC, BCH, ETH, USDC, USDT, and Bitcoin.com’s ecosystem token VERSE. Once topped up, users can spend their balance at millions of merchants worldwide. The self-custody solution ensures users always retain access to their funds, protecting them from the failures of centralized cryptocurrency exchanges.Key Features of V-Card· Global Accessibility: Spend your cryptocurrency at over 37 million merchants and withdraw cash from ATMs around the world.· Enhanced Security: Enjoy peace of mind with features like card freezing, spending limits, and real-time transaction alerts.· Exclusive Rewards: The card will integrate special rewards and discounts for holders of Bitcoin.com’s VERSE token.· Additional Benefits for VERSE Holders: Purchasing the V-Card with VERSE entitles the buyer to a 33% discount on the card fee.About VerseVERSE, launched in December 2022, is Bitcoin.com’s rewards and utility token. By incentivizing and gamifying engagement, VERSE addresses the challenge of onboarding newcomers to the world of financial self-custody. VERSE encourages people to safely explore and benefit from the opportunities at the frontier of finance while also fueling the growth and expansion of the Bitcoin.com Verse ecosystem, which includes:· The multichain Bitcoin.com Wallet app with over 50 million self-custody wallets created.· An award-winning News platform with over 2.5 million monthly readers.· The cross-chain decentralized exchange Verse DEX that integrates Farming rewards.· Engaging dApps aimed at educating and safely onboarding users into the self-custody model including Verse Scratcher, Verse Clicker, and more.About Bitcoin.comSince its inception in 2015, Bitcoin.com has been at the forefront of introducing people to the world of cryptocurrency. The Bitcoin.com platform offers a wealth of educational resources, up-to-date news, and user-friendly, self-custodial products for buying, spending, trading, investing, and earning with crypto. This article was written by FM Contributors at www.financemagnates.com.

A U.S. judge orders FTX and Alameda Research to pay a whopping $12.7 billion to creditors, marking another chapter in the turbulent downfall of Sam Bankman-Fried’s empire. The world of cryptocurrency has never been short on drama, but the latest developments surrounding FTX and Alameda Research are taking things to a whole new level.United States District Judge Peter Castel has dropped the hammer, ordering the two cryptocurrency heavyweights to fork over a staggering $12.7 billion to their creditors. The full ruling can be read here.A Quick RecapLet’s rewind for a moment to understand how we got here. FTX and Alameda Research were once shining stars in the crypto universe, with Sam Bankman-Fried (or SBF, as he’s often called) at the helm. But as the saying goes, the bigger they are, the harder they fall. After a whirlwind rise, things started to unravel fast. Accusations of financial misconduct, mismanagement of funds, and a tangled web of interconnected dealings between FTX and Alameda Research led to a spectacular downfall.In short, if you need reminding of SBF’s shenanigans, feel free to browse our coverage here, and be sure to have popcorn and your favorite beverage at hand, because it makes Wolf of Wall Street look a little dull.FTX TRADING, ALAMEDA RESEARCH ORDERED TO PAY $12.7 BILLION, CFTC SAYS The order requires FTX and Alameda Research to pay $8.7 billion in restitution and $4 billion in disgorgement.— *Walter Bloomberg (@DeItaone) August 8, 2024The $12.7 billion that FTX and Alameda Research now have to pay is a direct consequence of their missteps. Creditors, who had invested heavily in the companies, were left holding the bag as the empire crumbled. Now, thanks to the judge’s ruling, they’re finally set to see some of their money returned—though it’s a mere fraction of the total losses.The Judge’s Ruling: Too Little, Too Late?The ruling is being hailed by some as a win for accountability in the murky world of cryptocurrency. After all, $12.7 billion is no small change, and the decision sends a clear message that even the biggest players in the crypto game can’t escape the consequences of their actions.But let’s not kid ourselves—this ruling isn’t going to magically make everything better. For many of FTX and Alameda Research’s creditors, this payout is too little, too late. The damage has already been done, and the ripple effects of this collapse are still being felt across the industry. In fact, the sheer scale of this payout underscores just how massive the fallout from FTX and Alameda’s implosion really is.What’s Next for FTX, Alameda Research, and the Crypto World? So, where does this leave FTX and Alameda Research? Well, in a word: done for. The $12.7 billion payout is a huge blow, and it’s likely to finish off both companies. But let’s be realistic—these companies were already in deep trouble long before this ruling came down. The real question is what impact this will have on the broader crypto ecosystem..@CFTC Obtains $12.7 Billion Judgment Against FTX and Alameda: https://t.co/S6irxpka58— CFTC (@CFTC) August 8, 2024For one thing, it’s likely to send shockwaves through the market, especially among other companies that might be teetering on the brink. If FTX and Alameda Research can fall this hard, who’s next? This ruling could very well be a wake-up call for the entire industry, forcing companies to take a long, hard look at their practices and tighten up their operations.A PR NightmareBut beyond the immediate financial impact, there’s also the question of public perception. The FTX-Alameda saga has been a public relations nightmare, and this latest development isn’t going to help. The crypto world has always struggled with issues of trust and legitimacy, and this ruling is another black eye for an industry that’s already viewed with suspicion by many.The Bigger Picture: What Does This Mean for Crypto's Future?At the end of the day, the $12.7 billion ruling against FTX and Alameda Research is about more than just two companies' misfortunes. It’s a stark reminder of the risks surrounding cryptocurrency, trading and working the markets in general. Crypto is still a place where fortunes can be made and lost in the blink of an eye.But, this ruling might also be a sign that the tide is starting to turn. As regulators and the legal system start to catch up with the fast-paced world of crypto, we could see more accountability and less of the “anything goes” mentality that has defined the industry so far. For FTX and Alameda Research, it’s a bitter pill to swallow. But for the crypto world as a whole, it might just be the wake-up call that was needed.For more hot takes on the trading world and other finance-adjacent news, check out our Trending section. This article was written by Louis Parks at www.financemagnates.com.