The Finance Magnates Annual Awards, powered by AWS, are honored to feature a distinguished panel of judges. Today, we introduce you to Pere Monguió, the co-CEO of FXStreet, and Peter Tatarnikov, the CEO of GFF CORP INC. Their extensive experience and commitment to the financial industry make them invaluable additions to our judging panel.Pere Monguió Pere oversees the editorial, analytical, and marketing areas at FXStreet. With over a decade of experience, he is dedicated to empowering independent traders with the insights and tools they need to navigate the financial markets.Role as a Judge:As a judge for the Finance Magnates Annual Awards, Pere brings a wealth of knowledge and a keen eye for quality and innovation. His insights will be invaluable in assessing the nominees and selecting the winners who have truly excelled in the financial industry. Professional Journey:For over ten years, Pere has been a guiding force in the financial services industry, passionately helping independent traders find their footing in the complex world of finance. At FXStreet, he ensures that users have access to high-quality, reliable information, showcasing his unwavering commitment to excellence in financial services.Educational Background:Pere holds a degree in Advertising and Public Relations from the Universitat Autònoma de Barcelona. This academic foundation provides him with a unique perspective on communication and marketing within the financial industry, enhancing his ability to understand and convey complex financial information effectively. Peter TatarnikovPeter has over 20 years of experience in the Forex industry. He started as a trading desk assistant and rose to become the CEO of GFF CORP INC. He is a respected commentator and has conducted over 200 seminars on Forex Trading.Roles as Judges:Peter’s extensive experience includes key roles at major Forex brokers, where he has demonstrated exceptional leadership and strategic vision. His insights will be invaluable in evaluating the nominees and selecting the winners who have truly excelled in the financial industry.Professional Journey:Peter started his career as a trading desk assistant in 1999 and quickly climbed the ranks to become Chief Dealer at a major European retail Forex broker by 2003. His vast knowledge and managerial skills led him to the role of COO at Forex Club USA in 2006, and by 2010, he had become the CEO. Over the years, Peter has conducted over 200 seminars on Forex trading, earning a reputation as a respected commentator and spokesperson for the retail FX industry.Career Highlights:Peter’s extensive experience includes key roles at major Forex brokers, where he has demonstrated exceptional leadership and strategic vision. His commitment to professionalism and dedication to the industry have earned him a reputation as a thought leader and influencer in the retail FX sector.Celebrating Excellence with Expert JudgesPere Monguió’s dedication to empowering traders and Peter Tatarnikov’s extensive experience in the Forex industry make them outstanding judges for the Finance Magnates Annual Awards. We are confident that their valuable insights will enhance the selection process and elevate the standards and prestige of our awards.As we look forward to this year's awards, their expertise will help us recognize and celebrate excellence in the financial industry. Nominations are still open, so don’t miss your chance to gain industry recognition and showcase your achievements. Nominate your brokerage today and be part of this prestigious event. For more information, visit awards.financemagnates.com.What are the Finance Magnates Annual Awards?The Finance Magnates Annual Awards, powered by AWS, is a prestigious event that recognizes excellence and innovation in the financial industry.How is the voting process conducted? The voting process is transparent and democratic, with 50% of the vote coming from the community and the other 50% from an esteemed panel of judges. Who are the judges for the Finance Magnates Annual Awards? The judges are industry experts with extensive experience, including Pere Monguió, Co-CEO of FXStreet, and Peter Tatarnikov, CEO of GFF CORP INC. Where can I find more information about the awards and the judges? For more information, visit awards.financemagnates.com and stay updated with the latest news about the awards. This article was written by Finance Magnates Staff at www.financemagnates.com.

The Cyprus Securities and Exchange Commission (CySEC) has imposed a hefty €740,000 fine on Exelcius Prime Ltd, the operator of the 1Market trading brand, for a series of regulatory breaches. The decision addresses violations spanning from unauthorized service provision to inadequate client protection measures.Regulatory Breaches Cost Exelcius Prime €740,000 in CySEC PenaltiesThe total fine of €740,000, one of the highest imposed by CySEC recently, comprises as many as 9 different violations. For example, CySEC's investigation revealed that Exelcius Prime offered investment advice without proper authorization, a violation that resulted in a €45,000 penalty. The regulator also identified significant governance issues, including insufficient time commitment from board members and a lack of collective experience at the director level, leading to an additional €60,000 fine.Organizational deficiencies formed a substantial portion of the sanctions. A €240,000 fine was imposed for failures in compliance procedures, product review processes, and outsourcing risk management. The company also failed to provide the required records to the regulator.Client protection emerged as a critical area of concern. CySEC fined Exelcius Prime €120,000 for inadequate conflict of interest management and €110,000 for failing to act in clients' best interests. The firm also faced penalties for misleading client communications and inappropriate product recommendations.The regulator's decision also highlighted the company's failure to properly assess product suitability for clients and its premature establishment of a branch in the Czech Republic without full disclosure to CySEC:€240,000: Poor organization, including bad policies and failure to review products.€120,000: Not managing conflicts of interest between employees and clients properly.€110,000: Failing to act in clients' best interests.€100,000: Giving unclear or misleading information to clients.€60,000: Problems with the company's board and management structure.€45,000: Offering investment advice without permission.€25,000: Not checking if products were right for clients.€20,000: Failing to assess if services were appropriate for clients.€20,000: Opening a branch in the Czech Republic without telling CySEC everything required.Exelcius Prime has not yet issued a public statement regarding the fines or any potential appeal of the decision. Interestingly, the fine was imposed at the beginning of March, but CySEC has only now decided to announce it. Earlier, at the end of July, the regulator reported a significantly smaller fine imposed in June of €3,500. It's important to note that Exelcius Prime, licensed by CySEC since 2018, is currently “Under examination for voluntary renunciation of the authorization.” Moreover, the 1Market domains under which the company provided its brokerage services are no longer available, just like the exelciusprime.com website. There are indications that the company has not been conducting active operations for some time.CySEC Imposes Increasingly Higher FinesConsidering that in 2023 CySEC imposed a total of €2.2 million in fines on financial firms, the penalty received by the 1Market operator represents one-third of this value.Recent actions, however, show that CySEC is “gaining momentum” and imposing more substantial financial penalties for serious violations, similar to regulators from other jurisdictions. An example is the €200,000 fine imposed on IC Markets in mid-July, which the regulator claims violated its license by offering financial leverage of 1000:1. The case has not been resolved, as the broker disagrees with the decision and intends to appeal.CySEC also published today (Wednesday) its latest report summarizing the compliance activities of regulated firms. The regulator identified several areas where regulated entities, including local investment firms and crypto service providers, need to improve their anti-money laundering and counter-terrorist financing (AML/CFT) practices. This article was written by Damian Chmiel at www.financemagnates.com.

The Financial Conduct Authority (FCA) has recently conducted an assessment of cryptocurrency firms to ensure their compliance with new financial promotion rules aimed at improving consumer understanding of crypto investment risks. These rules, which came into effect in October 2023, were introduced following consultation and legislative changes.FCA Scrutinizes Crypto FirmsThe review by the FCA concentrated on several key areas, including the implementation of personalized risk warnings, the enforcement of a 24-hour cooling-off period, proper client categorization, and conducting appropriateness assessments. This review is the first of its kind for all crypto firms marketing to UK consumers. The FCA recognizes that adapting to these new regulations may present challenges for firms.Many firms have sought additional clarity on the FCA's expectations regarding these rules. The FCA intends to work collaboratively with the industry to raise standards. The publication of this review is designed to help firms meet their obligations and support consumers in making informed decisions.The review found some firms demonstrating good practices, which are highlighted in the report. However, there were numerous instances where firms failed to meet the required standards. The FCA has engaged extensively with these firms to address and rectify the issues but notes that further improvements are needed.Crypto Firms Need ImprovementThe FCA advises all firms to review both the examples of good and poor practice provided, as well as the previously issued guidance. The report also noted that some firms have relied on industry comparisons to determine acceptable practices. Given the identified issues, the FCA expects firms to engage directly with the authority to enhance sector-wide standards.Firms responsible for financial promotions are required to have strong systems and controls in place to ensure compliance. The FCA has warned that failure to improve will result in regulatory action. Additionally, compliance with the financial promotions regime will be considered in any future authorization applications under the new financial services regulatory framework for cryptoassets.The FCA will continue to collaborate with the industry on this and other aspects of the evolving crypto regime. Firms must register with the FCA if they provide services that fall under money laundering regulations, such as cryptoasset exchanges, peer-to-peer providers, ICOs, and custodian wallet providers. This article was written by Tareq Sikder at www.financemagnates.com.

H2O Asset Management has agreed to pay €250 million to investors and exit the UK market following a damning investigation by the UK's Financial Conduct Authority (FCA). The regulator uncovered significant failures in the firm's investment practices, governance, and communications with authorities between April 2015 and November 2019.H2O's €250 Million Settlement Caps Years-Long Regulatory SagaThe FCA's investigation revealed that H2O failed to conduct proper due diligence on high-risk, illiquid investments related to Lars Windhorst's Tennor Group of companies and other entities he introduced. These investments, totaling approximately €1.643 billion by August 2020, proved difficult to sell, leading to the freezing of investor funds in 2020."H2O's job was to manage its funds properly and protect investors,” Steve Smart, joint Executive Director of Enforcement and Market Oversight at the FCA, stated. “It failed to do this and, to make matters worse, it repeatedly provided misleading information to the FCA."The regulator found that H2O breached multiple rules of the FCA's Principles for Businesses, including failing to conduct business with due skill, care, and diligence, inadequate organization and control of its affairs, and failing to be open and cooperative with the regulator.In a particularly serious breach, H2O provided false and misleading statements and documentation to the regulator, including fabricated records and meeting minutes. The FCA discovered that H2O had created multiple records of governance and oversight committee meetings that had never taken place, and provided numerous misleading due diligence reports that were prepared retrospectively rather than at the time of investment decisions.The Fine Could Be HigherWhile the FCA would typically impose a substantial fine for such serious breaches, it has instead agreed to H2O's €250 million payment to affected investors. A significant portion of this sum comes from a voluntary contribution by the H2O Group. Additionally, H2O has waived its rights to fees and investments totaling €320 million.“Through this settlement the FCA has secured money for affected investors and agreement that H2O will stop operating regulated business in the UK,” Smart added.BREAKING?:FCA said that French asset manager H2O will pay $273 Million to investors unable to access their funds since 2020. pic.twitter.com/rSGnRohdgQ— Money Guys (@MoneyyGuys) August 7, 2024As part of the settlement, H2O will apply to cancel its UK authorization by December 31, 2024, effectively ceasing its regulated business operations in the country. The firm has also agreed to implement significant enhancements to its governance, systems, and controls to prevent similar misconduct in the future.The French financial services regulator, Autorité des marchés financiers (AMF), which oversees the collective investments managed by H2O on a cross-border basis under the UCITS Directive, had previously issued a penalty to H2O, which is currently under appeal.Investors in H2O's funds, particularly those with assets in the side-pocketed funds created in 2020 to hold the illiquid investments, will be watching closely to see how quickly they can recover their trapped funds. The €250 million payment, along with any future recoveries, offers some hope of recompense for affected investors.The 2nd Highest Penalty Imposed by the FCAIt's worth noting that the penalty imposed on H2O is one of the highest in the history of the regulator. Until now, the record fine was £284 million, which Barclays received in 2015. As for the highest penalties imposed this year, both occurred in May. Citigroup had to pay £61.6 million for a trading mistake that cost much more, amounting to £1.4 million. At the same time, HSBC received a £6.28 million penalty for failures in customer treatment. From June 2017 to October 2018, HSBC's actions resulted in insufficient consideration of customers' circumstances. This article was written by Damian Chmiel at www.financemagnates.com.

Eugenia Mykulyak, Founder & Executive Director of B2PRIME spoke with FM events ahead of the upcoming Finance Magnates Pacific Summit (FMPS), taking place on August 27-29 in Sydney, Australia. The event is expected to draw the biggest brands, including B2Prime, who is playing an integral role in the summit. Ms. Mykulyak gave her perspective on FMPS, as well as her insights into B2Prime’s growing market penetration in the Asia-Pacific (APAC) region, and the broader trajectory of the retail trading industry.Every company or brand gets something different out of expos or events. How do you feel your company can directly benefit from attending FMPS this August?For us, expos like FMPS are invaluable. They provide a unique opportunity to connect with the right audience, which isn't always easy in the B2B space. Being a Prime of Prime multi-asset liquidity provider, these events help us forge new connections, explore partnerships, and uncover opportunities. With FMPS being held in Australia—a relatively new region for us—we're eager to learn about the local market and see how our solutions can meet the needs of businesses there.FMPS is making its inaugural splash in Australia. What are you hoping to see or get out of this year’s event?This is our first time participating in an event in Australia, so we see it as a fantastic chance to introduce our liquidity solutions to a new audience. We offer a diverse range of instruments across 6 asset classes, including FOREX, crypto, Equity Indices, Commodities, Precious Metals, and NDFs in CFD form—something not many provide. We also offer connectivity through OneZero Hub, Prime XM XCORE, FIX API, cTrader, and we have a bridge for MT4/MT5. Aside from this, 2024 has been big for us so far; we've expanded our supported instruments, increased leverage for our clients, gained a new license in Seychelles, secured initial approval from Dubai's VARA, and forged a strategic partnership with Spotware, the company behind market-leading platform, cTrader. So, we're excited to share these developments at the expo and see how they resonate with the participants.The APAC retail market has its own nuisances and strengths, perhaps none greater than a critical mass of talent and a developed infrastructure. Is operating in APAC or Australia a consideration for your brand or does this align with your company’s goals?This region's dynamic market and developed infrastructure are very attractive to us. As a global multi-asset and multi-market liquidity provider, we're always exploring opportunities to enter new regions, and expanding into the APAC market is definitely on our agenda. We believe FMPS will offer valuable insights into the local market and regulatory standards and help us step forward in the process. FMPS will be attracting the most recognizable and best-performing brands from multiple industries. How does your company plan to stand out in the crowd or put itself on the map in front of a regional, as well as global audience?I believe B2PRIME is already well-regarded both regionally and globally for our deep pool of multi-asset liquidity sourced from tier-1 providers, as well as our comprehensive connectivity options and compliance across several jurisdictions. Our liquidity is continually updated as we research the most-demanded instruments and ensure we are the first to offer them to clients. We are also constantly expanding our presence. At FMPS, we plan to emphasise these strengths and engage directly with potential and existing clients, as well as industry peers. Sharing insights, learning from others, and showcasing our latest innovations are key objectives for us. We're committed to demonstrating how our solutions can provide a competitive edge in a crowded market.The retail trading industry continues to move ahead in 2024, with the push for new clients and business ongoing. In what ways is your company equipped to handle any potential challenges or industry shakeups in H2 or beyond?The industry is definitely getting more and more mature each year, with competition growing, costs rising, and technology evolving quickly. But facing challenges is part of the business, so we see them as opportunities to prove our reliability and refine our approach. We make data-driven decisions and prioritise our clients’ feedback. For example, we recently increased leverage on major FOREX and Crypto pairs and added six high-demand crypto CFDs based on our clients’ requests to ensure they offer the most attractive options and conditions to their end users.In the B2B sector, the satisfaction of the end-users directly correlates with our success, and we've followed this principle since day one. Participating in global expos and discussions also keeps us in touch with the market and drives our innovation forward. This article was written by Finance Magnates Staff at www.financemagnates.com.

Cyprus Securities and Exchange Commission (CySEC) has identified several areas where regulated entities, including local investment firms and crypto services providers need to improve their anti-money laundering and counter-terrorist financing (AML/CFT) reporting practices.Cyprus Regulated Firms Need to Address Key Reporting IssuesIn a circular issued today (Wednesday), CySEC outlined common weaknesses found in Compliance Officers' Annual Reports and Internal Audit Reports for 2022, submitted by various financial entities under its supervision, including Cyprus Investment Firms (CIFs), Crypto Asset Service Providers (CASPs) and more.“Particularly, it was observed that the information provided in the Compliance Officers’ Annual Reports is merely the result of the inspections and reviews performed with no reference to the method of the inspections and reviews that were conducted,” CySEC commented.The regulator also noted that some reports lacked detailed descriptions of identified deficiencies in AML measures. CySEC argues in the document that general overviews are not enough. It wants to see specifics on weaknesses, their implications, and proposed remedial actions with implementation timelines.Another area of concern was inadequate information on high-risk customers. The regulator emphasized the need for comparative data on the number, origin, and type of high-risk clients, year-over-year. The circular also stressed the importance of thorough documentation on systems for ongoing account monitoring. Regulated entities should also present sufficient information on the next year's training program for the Compliance Officer and staff, and provide adequate information on the Compliance Officer's Department structure and duties. What is more, companies like CIFs and CASPS should ensure that Board of Directors' minutes include implementation timeframes for corrective measures addressing identified issues.CySEC Fights WindmillsThe regulator's findings are part of its annual risk-based assessment, which aims to ensure that financial institutions maintain strong defenses against money laundering and terrorist financing. This isn't the first time CySEC has highlighted this issue; a similar assessment was observed over three years ago. Although the regulator is taking action, these measures seem not to be producing the intended effects.CySEC warned that recurring weaknesses would undergo "rigorous compliance checks" and reminded entities of potential administrative sanctions for non-compliance. This is not just a threat, as such penalties have been paid in the past. For example, in February, CySEC fined Fintailor Investments €200,000 for potential breaches of regulations related to the prevention of money laundering. A few months earlier, Freedom Finance paid €50,000 in a similar case.The latest penalty imposed by the regulator, amounting to €200,000, was however not for breaches related to AML/CFT but for offering excessively high financial leverage. CySEC claimed that IC Markets offered clients leverage of 1000:1, significantly higher than European regulations allow. However, IC Markets denied the grounds of the regulator's decision, announcing plans to appeal. This article was written by Damian Chmiel at www.financemagnates.com.

In an unexpected twist of economic fate, Canada has swung to a trade surplus, largely thanks to significant increases in oil and gold exports. More famed for their maple syrup exports, Canada seems set to reap the rewards of shifts in the global economy. The news is sending ripples through global markets, presenting new opportunities and considerations for traders worldwide.Statistics Canada announced the country exported an additional C$638 million ($461 million) of goods and services than it imported in June, compared to a deficit of C$1.6 billion ($1.16 billion) in May. The relevant press release can be found here.“In June, crude oil and unwrought gold accounted for more than three-quarters of the increase in the value of total exports,” Statistics Canada’s release stated. Total exports were up 5.5% in June, mostly driven by crude oil and gold, while imports were up 1.9% with increased numbers of cars and trucks imported.Canada hits surprise trade surplus on energy, gold exports https://t.co/5X6h1tc4U8— BNN Bloomberg (@BNNBloomberg) August 6, 2024Oil's Slick RiseIn May, after 12 years and an investment of C$34 billion, Canada launched the Trans Mountain Pipeline expansion project (TMX), opening up the Asia-Pacific market to local crude oil producers and increasing export opportunities for the commodity.In addition, post-pandemic recovery efforts have reignited global oil demand, positioning Canadian crude at a competitive advantage. As international oil prices stabilize, Canadian exporters are seeing increased profits, contributing massively to the national trade surplus. “While prices for crude oil exports rose in June, volumes were the largest contributor to the increase,” the Statistics Canada release said. “The higher exported volumes were driven in part by higher exports of crude oil to Asian countries. The rise in exports destined to this part of the world reflects increased deliveries of crude oil from Western Canada via the Trans Mountain pipeline, whose expansion was recently completed.”Overall, exports of energy products, which account for over a fifth of Canada’s exports, rose 11.7%.Gold Glitters on the Global StageThe Canadian press have been reporting that the country’s gold exports have been consistently climbing for several months, as central banks, particularly China's, have been boosting their reserves of the precious metal in response to global economic uncertainties.In addition, as gold has seen a resurgence in value, and with inflation worries on the rise, investors are flocking to gold, boosting Canada's exports and solidifying its standing in the trade markets. Exports of metal and non-metallic products, a 10th of total exports, rose 11.8%.Opportunity Knocks?For traders, Canada’s newfound surplus spells opportunity. The influx of Canadian commodities could mean diversified portfolios and a chance to hedge against inflation with gold investments. Moreover, the stability in oil supplies could temper market volatility, offering a more predictable trading environment.Strategic Shift?Today, in the Daily (August 6): https://t.co/t4CCaG9Tno.Our new articles touch on the following topics: • International trade• Population and demography• Economic accounts• And more! pic.twitter.com/OZiVutjkWi— Statistics Canada (@StatCan_eng) August 6, 2024Investors might look towards Canadian markets for long-term positions, especially in sectors related to natural resources. Companies involved in the extraction, processing, and exporting of these commodities are likely to see increased interest, making them stocks to watch.Strengthening the LoonieA strong trade surplus generally bolsters a nation's currency. For Canada, this could mean a stronger Canadian dollar, which might impact international trade dynamics, especially with its largest trading partner, the U.S.Canada's trade shift could also recalibrate its trade relations, particularly with countries heavily reliant on oil and gold imports. This scenario might lead to new trade agreements or adjustments in existing ones, affecting global economic policies.Looking AheadWhile the current surplus is certainly beneficial, reliance on commodities like oil and gold carries risks, such as price volatility and market dependency. For a sustainable economic future, Canada might need to diversify its economic activities beyond just natural resources. As global attention turns towards sustainable practices, Canada’s focus on resource-heavy exports could face scrutiny. Balancing economic benefits with environmental sustainability will be crucial for maintaining long-term trade health and international relations.Canada's surprise trade surplus has certainly made traders and economists sit up and take notice. As the global economy continues to recalibrate in a post-pandemic world, Canada’s resource-rich landscape appears more attractive than ever. Whether this is a sustainable shift or a temporary boon remains to be seen, but for now, the prospects are golden.For those interested in discovering more about Canada’s maple syrup industry, follow this link. If you’re looking for more of the above, visit our Trending section. This article was written by Louis Parks at www.financemagnates.com.

The investment banking firm, Piper Sandler, has agreed to pay $16 million in civil penalties to settle investigations by U.S. regulators into its record-keeping practices. The settlement, announced on Tuesday, marks the latest development in a broader crackdown on Wall Street's communication compliance.Piper Sandler to Pay $16 Million in Regulatory Fines over Communication LapsesThe Minneapolis-based firm will pay $14 million to the Securities and Exchange Commission (SEC) and $2 million to the Commodity Futures Trading Commission (CFTC). These fines stem from probes into unapproved business-related communications conducted on messaging platforms.“The Company has reached agreements in principle with the staff of the SEC and with the staff of the CTFC to resolve investigations regarding compliance with recordkeeping requirements for business-related communications sent over unapproved electronic messaging channels,” the company commented in the newest filing. The information about the settlement appeared in the investment bank's latest revenue report for Q2 2024. It shows that the company's revenues reached $340 million, up from $290 million reported the previous year. As a result, net profit was $14.9 million, and earnings per common share (EPS) was $2.19, compared to $0.26 in Q2 2023.Last month, the CFTC also reached a historically significant settlement with the bankrupt cryptocurrency exchange FTX, valued at $12.7 billion. This settlement concludes a legal dispute lasting over a year and a half, which includes $8.7 billion in restitution and $4 billion in disgorgement.The Tip of the $1.7 Billion IcebergThe action against Piper Sandler is part of a multi-year initiative by the SEC to scrutinize how financial institutions document and preserve employee communications, particularly in light of the shift to remote work during the COVID-19 pandemic. Regulators require banks and investment firms to maintain comprehensive records of staff communications and generally prohibit the use of personal email, texts, and messaging applications for work-related matters.Since 2021, the SEC has imposed fines totaling over $1.7 billion on numerous firms for similar compliance failures. Major banks such as JPMorgan Chase and Wells Fargo have also faced penalties in this regulatory sweep.The penalty for JPMorgan was particularly large, amounting to nearly $350 million in March this year. However, it turned out that the alleged misconduct occurred over nearly a decade, from 2014 to 2023.The Piper Sandler case highlights the difficulties broker-dealers and investment advisers face in meeting record-keeping requirements amidst the rising prevalence of off-channel communications. Earlier this year, Oppenheimer settled similar charges with the SEC, agreeing to pay $12 million in civil penalties. Together with Oppenheimer, 15 other broker-dealers and investment advisers also received penalties at that time. This article was written by Damian Chmiel at www.financemagnates.com.

TP ICAP Group (LSE: TCAP), the world's largest interdealer broker, reported robust financial results for the first half of 2024 and announced plans for a third £30 million share buyback program.TP ICAP Reports Strong H1 2024 ResultsThe London-based firm saw its revenue increase by 3% in constant currency to £1.14 billion, driven by strong performances in its Energy & Commodities (E&C) and Parameta Solutions divisions. Adjusted earnings before interest and taxes (EBIT) rose 9% to £170 million, marking a record first-half profit for the company."Our focus on diversification is paying off,” Nicolas Breteau, CEO of TP ICAP, commented on the results. “Group revenue increased by 3% in constant currency, building on last year's strong performance. We delivered record H1 profits with adjusted EBIT up 9%.”The company's E&C division reported an 8% revenue increase, while Parameta Solutions, TP ICAP's market-leading OTC data business, saw a 10% growth in constant currency. The Global Broking segment maintained its market-leading position despite flat revenues compared to the previous year.TP ICAP's operations also include Liquidnet, a private trading operator that became part of the Group following an acquisition over three years ago. For Liquidnet, revenues grew by 8%, thanks to an increasing market share in the US and EMEA.“Liquidnet's enhanced operational gearing, coupled with market share gains, enabled the division to generate £24 million of EBIT or 14% of Group EBIT." Last month, the agency execution specialist revealed a new alliance with Boltzbit, an artificial intelligence company, to enhance its operations in the fixed-income primary markets and optimize the handling of new bond transactions.The first half's results were primarily boosted by the second quarter, as revenues had declined in the first quarter.Third £30M Share BuybackIn a separate move to further enhance shareholder value, TP ICAP announced it would commence its third £30 million share buyback program following the completion of its second buyback of the same amount. The company also declared an interim dividend of 4.8 pence per share, consistent with its dividend policy.“The Third Buyback highlights the Board's continued confidence in the future prospects of TP ICAP, reflects its strong financial position, and is consistent with its dynamic capital management strategy, which is a key priority,” the company commented.As of August 6, 2024, TP ICAP had repurchased 13,320,585 ordinary shares for a gross consideration of £28.9 million under its second buyback program. The third buyback will be conducted in compliance with relevant financial regulations and within pre-set parameters.In mid-March, TP ICAP strengthened its footprint in the Asia-Pacific area by acquiring Aotearoa Energy, a brokerage firm from New Zealand that focuses on gas, power, and carbon markets. This acquisition is in line with TP ICAP's ambitions to expand in both the regional market and the energy and commodities sectors. This article was written by Damian Chmiel at www.financemagnates.com.

StoneX Group (NASDAQ: SNEX) reported a significant increase in revenue for the third quarter of fiscal year 2024 (FY24), although net profit declined by 11%. However, income from FX trading and Contracts for Difference (CFDs) saw a rebound of approximately 6%.StoneX Group Boosts Revenue by 80%, but Profit DipsThe global financial services firm reported total revenues of $27.1 billion for the three-month period ending June 2024, an 80% increase from the previous quarter. Operating revenues grew to $913.7 million, an 18% increase from the same period last year, while net operating revenues reached a record $468.5 million, up 7% year-over-year. These indicators were driven by strong client engagement and increased transaction volumes across most business segments.However, net income for the quarter declined 11% to $61.9 million, with diluted earnings per share dropping 13% to $1.88. Despite this, StoneX maintained a solid return on equity of 15.7% for the quarter and 16.0% for the trailing twelve months, exceeding its 15% target."We achieved record net operating revenues this quarter as we experienced continued strong client engagement with increased volumes across nearly all of our operating segments and products despite low volatility and difficult trading conditions," Sean M. O'Connor, the Company's CEO, commented. "We believe our expanding global footprint and diversified product offering positions us to deliver superior service to our clients and returns to our shareholders."FX/CFDs Revenue and Volume on the RiseThe company's Institutional segment saw particular strength, with operating revenues rising 34% to $508.9 million. The Commercial segment also performed well, with revenues up 4% to $262.2 million.StoneX's Retail segment, which includes its CFDs business, also experienced a small increase in operating revenues, up 5% to $96.2 million compared to the previous quarter. Revenue from the FX/CFD segment alone stood at $76.5 million, growing by 6%. Compared to the first nine months of fiscal year 2023, the increase was 27%.Along with revenue, average daily trading volumes in this segment also grew, reaching $10.9 billion, compared to $10.5 billion reported in the previous quarter (up 3%).The financial services provider continues to expand its global presence, with its workforce growing to over 4,400 employees serving more than 54,000 commercial and institutional clients worldwide.$75,000 Fine from FINRAIn a less pleasant development, the Financial Industry Regulatory Authority (FINRA) has imposed sanctions on StoneX Financial Inc. for failing to meet best execution obligations on certain over-the-counter (OTC) securities orders.According to FINRA, the company has agreed to pay a $70,000 fine and $27,074.36 in restitution, plus interest, to affected customers.The regulatory action stems from StoneX Financial's conduct between July 2017 and March 2020, during which the firm failed to provide best execution for 1,674 orders in OTC securities received from other broker-dealers on behalf of their customers.FINRA found that StoneX Financial's market-making desk did not integrate OTC Link messages into its order management system, resulting in instances where customer orders were not executed at the best available price. The firm's manual process led to missed opportunities to obtain more favorable prices for customers. This article was written by Damian Chmiel at www.financemagnates.com.

The Supervisory Board of ABN AMRO has proposed the appointment of Serena Fioravanti as Chief Risk Officer (CRO) and member of the Executive Board (ExBo), effective October 1. This appointment is set to last for four years, concluding at the end of the Annual General Meeting in 2029. The appointment is pending formal approval from the European Central Bank (ECB). ABN AMRO will hold an extraordinary general meeting to introduce Fioravanti to the shareholders before finalizing the appointment.Banking Experience HighlightedAs 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. For the past seventeen years, 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.Fioravanti holds dual Swiss and Italian citizenship. She graduated summa cum laude in theoretical physics from the University of Rome and earned an MBA from INSEAD. Additionally, she serves on the Board of Directors of the Swiss Risk Association.ABN AMRO Completes BUXABN AMRO has finalized its acquisition of BUX, a European neobroker, about seven months after the deal was announced, as Finance Magnates reported. The completion was confirmed last month, followed regulatory approvals and transaction finalizations. ?ABN AMRO completes the acquisition of BUX, enhancing its digital trading capabilities. Check out the latest news:- https://t.co/P39l8cfOKK#Fintech #DigitalTrading #Acquisition pic.twitter.com/vXgq4chpDE— TheFinRate (@TheFinRate) July 3, 2024Despite the acquisition, BUX remains a separate entity but will display ABN AMRO's logo to signify support. This acquisition enhances ABN AMRO's presence in the retail investment sector, positioning the combined entity as the leading platform for new investors in the Netherlands. This article was written by Tareq Sikder at www.financemagnates.com.

Prop firms have gained an edge over traditional CFD brokers by capitalizing on different marketing strategies. Successful prop marketing teams have three skills: direct response marketing (think e-commerce, fast purchase, CAC dependent), influencer outreach, and community engagement.Compared to CFD BrokersNow, you are probably thinking these sound really similar. Isn't a direct response just lead generation? While there is overlap, they all have different goals, so let us dive into the definitions so we can then see why your proprietary or brokerage might be losing revenue due to holes in your marketing funnel.Direct Response Marketing: aims for an immediate and measurable response. A person visits the site, they buy, ad ROI is calculated. If the ad is breakeven/profitable, increase the budget; if not, pause and test something else.Big News! OANDA Prop Trader is now live in South Africa! Unlock virtual trading capital, cutting-edge tools, and top-notch support. Kickstart your trading journey today!Explore more - https://t.co/fzixK0SYe5#OANDA #SmarterTrading #SouthAfrica pic.twitter.com/wkl3bWCWRX— OANDA Prop Trader (@OANDAPropTrader) July 30, 2024Lead Generation: focuses on collecting client information as they register for an account. The goal is to nurture these leads into customers over time due to obstacles like KYC and the clients' different mindsets.But KYC isn’t that hard, it's just an ID check: surely that’s not the cause for the longer sales cycle. If you’re thinking this, you’re partially right (country risk level dependent). The main difference is the client’s mindset, and like all great marketing, that is the most important place to start.Understanding Your Customer ProfileThe successful rise of prop firms is due to two main factors: community-centric trading, which started with the crypto/NFT boom in 2021, and the evolving demands of beginner traders. Let’s look at these. The online community boom occurred in 2021 due to COVID + Crypto. Trading is lonely; you lose money, and you feel stupid. The Crypto Bros of 2021 changed that with the HODL mindset.This decision could have far reaching consequences with regards to how NFTs are marketed and resold as it may play a key role in determining if it is a security per the Howey Test. Must read. https://t.co/QodwOJqlcB#NFT #legal #law #crypto— lawyr.eth (web3 lawyer) (@ethlawyr) February 22, 2023Within the community (Discord, chat group, etc.), it's ok to lose if I can see everyone else losing; I’m even kind of proud of it. Because I believe in my community that it knows something others don’t, and there will always be another wave of winners or a success story that follows.Now, with this environment change came an adaptation of beginner demands. They want fast, easy financial freedom. They have seen people invest $100 and make $10k within 30 days. At the start, a beginner doesn’t understand spreads or 1000:1 leverage; they just want to know that “if I give them $100, I can potentially make x100.”This is when props started thriving: what successful props did really well was package the trading experience into a quick-sale product easily understood by novices seeking financial advancement. This is comparable to Apple’s iPod launch, which differentiated itself with the tagline “1,000 songs in your pocket” instead of the standard “5 GB Hard Drive.” This is why the direct response marketing skillset is key for prop firms.Exciting news!We’re launching The Futures Traders, a new futures firm focused on smooth operations and sustainability.Stay tuned for more details, including our website and dashboard preview!#FuturesTrading #TFTUpdates pic.twitter.com/FBmFmbbMsb— The Funded Trader (@thefundedtrader) July 26, 2024Now, I’m generalizing here because marketing is a game of percentages; 100% of beginner traders won’t fit this mold, but I’m saying an increasing percentage of them have shifted towards this mindset. This is why it is important to have a robust customer profile framework so that your angles and messaging are on target (most of the time).Trades Within an HourCFD brokers still attract traders who sign up and trade within an hour. The difference is that the broker's positioning predominately attracts clients who have an investment mindset; even if they trade like punters (gamblers), to them, they’re investing in a market insight or specialized strategy. Once they gain more confidence in their approach and trust in the broker, they will deposit more. This is why the lead generation skillset is important and must be backed with a robust lifecycle (email) and sales sequence. It is not about the first deposit; it's about the +$5k deposits coming after. Now that we’re aligned on customer profile and positioning, let us explore the other skills: influencer outreach (Prop) and trade Marketing (Broker). I won’t discuss affiliates as I find they’re evenly used across both..@TheTraderForge temporarily pauses its operations. Your thoughts!? ? pic.twitter.com/q8VVWRRADv— TheTrustedProp (@TheTrustedProp) July 17, 2024Influencer outreach involves partnering with popular personalities for instant credibility and access to their engaged following. Influencers are market savvy and know what their audience wants, requiring minimal promotion direction. The difficulty for the prop is it’s in a low-trust industry, so to establish these relationships, they must demonstrate reliability in their character (founders/staff) and operations. Everyone wants to work with the top brands but for the lesser-known firms, it’s a harder sell. Trade Marketing involves strategies to attract and support Introducing Brokers (IBs). IBs are typically good networkers but require assistance with promotions and assets that sell the value of the broker. IBs generally grow with the broker, almost like franchisees, so induction and nurturing are key for long-term success.Community Engagement (Prop) & Event Marketing (Broker) SkillsCommunity engagement for prop firms focuses on utilizing Discord/trading chat rooms as a sales funnel by showcasing promotions, client wins, payouts, and a hive of trader activity. Essentially all the fun things compliance won’t let us do in the broker space because they’re morale vampires (just kidding). It also creates loyal advocates who promote their networks and increases rebuying.?? NEW PLATFORM ??GFT adds TradeLocker ?• TradingView Charts directly integrated for a seamless Trading experience • On Chart Trading ✅• One of the most intuitive Trading Platforms • Mobile & Desktop versions available Available Now pic.twitter.com/gooXhYRkpb— Goat Funded Trader (@GoatFunded) July 17, 2024Event Marketing for brokers includes webinars, seminars, and in-person events. It is all about building trust and credibility by showing that brokers are real people engaging with a relatable customer profile. There is a different level of trust required for someone to hand over $10k compared to $100. These interactions enhance client loyalty and long-term engagement with the broker and offer stronger marketing materials as proof of promises. By understanding and leveraging these marketing skills, prop firms and CFD brokers can effectively attract and retain their target audiences, ultimately driving higher sales & active client growth. This article was written by Christopher Balanzategui at www.financemagnates.com.

Cryptocurrency exchange Binance has challenged a substantial $86 million tax show cause notice by India's tax authorities, Coindesk reported, citing sources familiar with the matter. This notice, a preliminary step in suspected tax evasion cases, marks a significant move by India's Directorate General of Goods and Services Tax Intelligence (DGGI) against the crypto exchange giant.Background of the NoticeIndia's DGGI, particularly the Ahmedabad chapter, issued the show cause notice to Binance last week. This action signified the authority's first formal accusation against Binance, alleging the collection of fees from Indian customers trading on its platform between July 2017 and March 2024. DGGI's actions previously targeted domestic crypto exchanges, making this an unprecedented move against a global entity. A spokesperson for Binance stated that the company is reviewing the details of the notice and is fully cooperating with the Indian tax authorities.This isn't the first time Binance has clashed with Indian regulators. In June 2024, the company faced a $2.2 million fine for providing services to Indian clients without adhering to anti-money laundering regulations. This fine came alongside the Financial Intelligence Unit's (FIU) approval of Binance as a registered entity. However, the ongoing DGGI investigation operates independently from the FIU's oversight.Potential OutcomesEarlier this month, similar allegations against Infosys were partially dropped after the company challenged the demand. Binance's case could follow a similar trajectory depending on the forthcoming legal proceedings and the company's defense.According to The Economic Times, Binance is reported to have earned over $476 million (40 billion rupees) in transaction fees, which were allegedly transferred to a Binance Group company, Seychelles-based Nest Services. These earnings are central to the DGGI's claim of tax evasion.The fees in question fall under Online Information and Database Access or Retrieval Services (OIDAR), which are services provided through the Internet without physical interaction between the provider and recipient. Despite these challenges, Binance vowed to continue complying with the domestic laws.In June, the exchange announced plans to re-enter India after the Financial Intelligence Unit fined it an estimated $2.25 million for allegedly breaching anti-money laundering laws. Binance was one of nine major global crypto exchanges blocked by FIU in an order mandating Apple and Google to remove local access to the platforms. This article was written by Jared Kirui at www.financemagnates.com.

Interactive Brokers has integrated Bursa Malaysia’s listed derivatives into its platform. This expansion enables clients to trade Crude Palm Oil Futures (FCPO) and FTSE Bursa Malaysia KLCI Futures (FKLI), promising a new dimension to their investment strategies.Expanded Market AccessAccording to the company, this addition enables traders to engage in these key Association of Southeast Asian Nations (ASEAN) market instruments alongside a range of other global financial products. Interactive Brokers has broadened its market access by incorporating Bursa Malaysia’s derivatives into its platform. This move allows clients to trade FCPO and FKLI futures, two significant instruments in the ASEAN market. The FCPO is an MYR-denominated contract on Bursa Malaysia Derivatives, which has served as a global price benchmark for the crude palm oil market since 1980. The contract is utilized by industry participants for risk management and by financial institutions to navigate price fluctuations. Similarly, the FTSE Bursa Malaysia KLCI Futures (FKLI) offers exposure to the FBM KLCI index to both institutional and retail investors.David Friedland, the Head of APAC at Interactive Brokers, emphasized the significance of this step: "The introduction of Bursa Malaysia-listed derivatives underscores our commitment to expanding the breadth of products available on our platform.”Future Plans and Platform Features This addition aligns with Interactive Brokers’ aim to enhance trading opportunities and strategies for its global clients. Besides the addition of FCPO and FKLI futures, Interactive Brokers has announced plans to incorporate other Bursa Malaysia products in the future. The firm continues to focus on providing comprehensive market access, advanced technology, and competitive pricing to cater to both self-directed and institutional investors. By integrating Bursa Malaysia’s derivatives, the firm aims to further equip its clients with sophisticated tools and strategies for effective investment management.Recently, Interactive Brokers reported strong financial results for the second quarter of 2024, showcasing a boost in earnings and revenues. For the period ended June 30, 2024, the brokerage firm registered diluted earnings per share of $1.65, representing a 37% jump from $1.20 in the corresponding period of the prior year.Elsewhere, Interactive Brokers partnered with HSBC to allow the lender's clients access to international trading markets via a unified platform. HSBC's customers in the UAE will have access to equities, ETFs, and bonds in up to 25 markets and 77 exchanges globally. This article was written by Jared Kirui at www.financemagnates.com.

Bitcoin Startup Lab has initiated the Bitcoin Olympics along with other Bitcoin industry leaders, the largest online Bitcoin hackathon to date. Running from August 1st to 27th, the event will culminate in an award ceremony at BTCON on September 4th, celebrating the achievements of participants and the collaborative efforts of Bitcoin Olympics Partners and the Bitcoin ecosystem.Event HighlightsBitcoin Startup Lab, in partnership with leading Bitcoin innovators, has established a projected prize pool of $500,000 for hackathon contestants, demonstrating their commitment to supporting innovators and founders in the early stages of their startups.The 2024 Bitcoin Olympics Hackathon is a non-profit initiative that ensures 100% of the prize money, funded by sponsors, is awarded directly to the winners. The goal is to create a prize pool to attract innovators globally to the Bitcoin ecosystem and foster the next wave of groundbreaking developments in the rapidly expanding Bitcoin space.Key features of the event include· Projected $500,000 Prize Pool: The largest prize pool in Bitcoin and Web3 this year.· Access to Leading Bitcoin Technologies: Participants will have the opportunity to learn about and build with top-tier Bitcoin tech and infrastructure.· Team Building Opportunities: Teams formed at the Bitcoin Olympics have historically progressed to create investment-ready startups, raising millions in pre-seed funding.· Educational Sessions: 100 Twitter Spaces featuring insights from leading innovators.· BTCON Celebration: The event will conclude with a showcase of the best Bitcoin innovations and the announcement of winners at BTCON.Participation and Community EngagementRegistering for the Online Bitcoin Olympics Hackathon: Participating in the largest online Bitcoin hackathon and competing for a share of the $500,000 prize pool.Attending BTCON: Users are encouraged to attend BTCON, the largest Bitcoin conference in South Korean history, to witness the forefront of Bitcoin innovation. Registration details are available online.The Bitcoin Startup Lab program and community: Users are invited to enroll in the 3-month program offered by Bitcoin Startup Lab to build a pre-seed investment-ready startup and become part of the leading innovation ecosystem on Bitcoin.According to the team, this initiative goes beyond mere competition; it represents a collective effort to spark the next wave of game changing innovation to build a sustainable global Bitcoin ecosystem.About Bitcoin Startup LabBitcoin Startup Lab (https://www.btcstartuplab.com/) is a premier platform to enable founders to build investment ready startups in record time. The Bitcoin Startup Lab supports innovators and entrepreneurs in developing groundbreaking startups by providing the resources, mentorship, and collaborative environment necessary to succeed. Through initiatives like the Bitcoin Olympics Hackathon, Bitcoin Startup Lab aims to build a sustainable and inclusive global Bitcoin community, driving the future of decentralized finance, blockchain, AI, and Metaverse technology. This article was written by FM Contributors at www.financemagnates.com.

easyMarkets, a global financial trading firm, has obtained a Financial Sector Conduct Authority (FSCA) license, marking a major milestone in its regulatory journey. The company has welcomed this achievement, terming it as a way to strengthen its commitment to the South African market. Strengthening Regulatory CredentialseasyMarkets' new FSCA license is an addition to the company's portfolio of international regulatory credentials. The firm holds licenses from CySEC in Cyprus, ASIC in Australia, FSA in the Seychelles, and the FSC in the British Virgin Islands. "Obtaining the FSCA license is a testament to easyMarkets' strict compliance with financial, operational, and ethical standards, underscoring our commitment to maintaining the integrity of South Africa's financial markets, Koula Lamprou, the CFO of easyMarkets, said. "This achievement solidifies our reputation and reinforces our reliability in the eyes of our clients and partners worldwide." The company expects the FSCA license to bring numerous benefits to traders in South Africa. It ensures that easyMarkets will offer services customized to local regulatory requirements, reportedly providing a secure and stable trading environment. South African traders will automatically be enrolled under the new FSCA license, ensuring their investments are protected under the entity's regulatory standards.Enhanced Trading ExperienceLast month, easyMarkets posted a strong performance for the second quarter, boosted by high trading volumes in Gold and Nasdaq. Gold prices jumped 20% in contrast to the same period last year. This attracted a notable investor interest.During the second quarter, Nasdaq predominantly attracted high trading volumes among easyMarkets clients, posting a 51% expansion. According to the company, this boost highlighted the relevance and appeal of the current market environment.Factoring in the bull market, the firm posted a substantial 45% decrease in crypto trading volumes from the first quarter. Several instruments also experienced remarkable price movements in the second quarter compared to the corresponding period of the prior year, with a 125% rise in Cocoa, a 20% increase in Gold, and a 6% boost in USDJPY. This article was written by Jared Kirui at www.financemagnates.com.

Tradeweb Markets reported a total trading volume of $40.5 trillion for July 2024, with an average daily volume (ADV) surging 43.5% year-over-year (YoY) to $1.82 trillion. US government bond ADV jumped 47.4% YoY to $206.1 billion. This positive performance was reportedly boosted by the rates sector. Rates Sector Leads GrowthAccording to the company, the trading platform experienced favorable market conditions and increased adoption across various client sectors during the period. The addition of r8fin positively impacted wholesale volumes. European government bond ADV also posted a 16.5% YoY rise to $42.9 billion, reportedly driven by political elections in Europe and the UK, as well as an active primary market in early July.The mortgage sector reported an ADV increase of 17.6% YoY to $196.8 billion. Robust roll trading activity and significant participation from fast-money accounts boosted the record activity, while specified pool trading volumes also increased YoY.Swaps and swaptions with maturities of one year or more experienced a 38.9% YoY ADV growth to $351.5 billion. Total rates derivatives ADV was up 85.7% YoY to $671.4 billion. This growth was driven by institutional client activity and market volatility due to global political uncertainties and active central bank discussions on rate movements.In the credit sector, fully electronic US credit ADV rose 38.3% YoY to $6.7 billion, while European credit ADV increased by 10.5% YoY to $2.1 billion. Tradeweb captured significant market shares in US high-grade and high-yield TRACE, reaching 17.8% and a record 9.1%, respectively.Municipal bonds ADVMunicipal bonds ADV increased by 21.6% YoY to $363 million, outperforming the broader market's 11% YoY growth. Tradeweb's institutional and retail volumes contributed to this robust performance. Credit derivatives ADV surged 44.0% YoY to $10.8 billion, driven by increased hedge fund and systematic account activity amidst heightened credit volatility.The equities sector showed mixed results. US ETF ADV dipped slightly by 1.7% YoY to $8.0 billion, whereas European ETF ADV rose by 9.3% YoY to $2.3 billion. Despite muted overall market volumes, Tradeweb's automated rules-based trading protocol saw increased client adoption in Europe.The money markets sector saw a significant rise in repo ADV, which climbed 25.3% YoY to $621.8 billion. Record global repo activity was driven by increased client activity on Tradeweb's electronic repo trading platform, influenced by quantitative tightening and shifts in market activity. This article was written by Jared Kirui at www.financemagnates.com.

The number of active customers on CMC Markets (LON: CMCX) went down more than 10,000 in FY24 from the previous year according to the company's latest annual results. However, this modest (less than 4%) fall was more than counterbalanced by an 18% increase in average revenue per active customer to £4,685. To put this in context, Plus500’s average revenue per client was approximately $3,115, which in itself was almost twice that of Interactive Brokers and well in excess of the roughly $570 per client earned by Saxo.CMC Markets’s Solid FY24 NumbersCMC is a leading global provider of online trading and investing, with a comprehensive retail, B2B and institutional offering across multiple asset classes. The firm’s headline figures for the year ending 31 March made for very pleasant reading for shareholders, particularly in light of previously downbeat guidance.Net operating income rose 15% to £332.8 million (a big improvement on its late March 2023 guidance of £290-£310 million), and trading revenue was up 11% to £259.1 million.While stockbroking and related services revenue net of rebates was down by £3.9 million—mainly due to a weaker Australian dollar—this was more than outweighed by a £22.3 million jump in ‘other income’ to £39.7 million.Cost Cutting EffortsCMC commenced a wide-reaching cost review programme in the last financial year. “The significance of this review cannot be overstated,” Albert Soleiman, chief financial officer at CMC Markets, told Finance Magnates. “We cut headcount by around 220 staff (making up approximately 18% of our global workforce) which was a difficult but necessary step.”The review is much wider than headcount and takes in all material spend in areas such as premises costs, vendor rationalisation and capital allocation to ensure the company continues to drive margin expansion, adds Soleiman.CMC’s Q1 2025 trading update reiterated that management remained focused on opportunities to drive additional cost efficiencies and deliver margin expansion, particularly in the institutional and B2B space.In the company’s latest annual report, CEO Peter Cruddas referred to ‘making great strides in a huge market segment of B2B and institutional business with limited competition from our peers’.Laurence Booth, head of capital markets at CMC Markets, told Finance magnates that the introduction of a fully integrated multi-asset, multi-currency platform is absolutely crucial to this strategy.“Not all clients have the same gaps in their product offering, so we endeavour to cover all bases,” he says. “We have a strong understanding of the D2C space and, therefore, stay ahead of trending demand for asset types. We have access to every asset class via the same infrastructure, so the operational leverage comes at little to no extra cost.”In common with many of its peers, CMC has done well from higher interest rates on its own cash as well at that of its customers – interest income accounted for £35 million last year.Adjusted profit before tax was £80 million (compared to £52.6 in 2023), and profit before tax was up 21% to £63.3 million.Increased Geographical ReachCMC has also increased the geographical diversity of its business, with 56% of net revenue generated outside the UK and Europe regions compared to 49% in 2023. Key developments in this regard include the launch of CMC Invest Singapore and the expansion of the Dubai subsidiary in the DIFC.One of the key factors in last year’s growth was the addition of new products across cash equities, index options, cryptocurrencies (including the enablement of cash crypto trading for Australian clients) and money market investments.“Cash equities is the number one requested asset class from institutional clients,” says Booth. “There is demand across a broader client spectrum for a one-stop financial hub versus a narrow CFD and spread betting offering. Having a multi-asset offering increases flow in the core business.”CMC has referred to its centralised treasury management division and its global treasury management system as key elements of its efficiency programme.“Treasury management services is the centralised function that manages and optimises FX, share inventory and cash as well as counterparty exposure,” explains Booth. “We process more than £15 billion of turnover per day, so even the slightest improvement results in meaningful gains. The optimised strategy has returned more than 25% versus our incumbent banking rates whilst reducing concentration with our counterparties.”One of the few negatives for the last financial year was a drop of £31.8 million in total segregated client money held by the group for trading clients to £517.6 million.In its Q1 2025 trading update, the firm says good progress is being made on its institutional and B2B strategy, as highlighted by the recent announcement of a partnership with Revolut. The initial onboarding of Revolut clients has commenced, and some clients are now live and trading.CMC ‘traded in line with management’s expectations during the first quarter of FY25’, and guidance remains unchanged with the expectation of net operating income of £320-£360 million for the full year. This article was written by Paul Golden at www.financemagnates.com.

HFM, a leading global online trading company under the HF Markets Group, has been awarded the prestigious “Global Broker of the Year 2024” by the World Business Achievers. This accolade highlights HFM’s exceptional trading conditions and commitment to providing top-tier services to traders worldwide.Elevating Trading StandardsThe World Business Achievers Awards recognize market leaders and innovators. HFM’s win underscores its position as a frontrunner in the online trading industry.A spokesperson for HFM expressed their pride: “Receiving the ‘Global Broker of the Year 2024’ award validates our efforts to offer outstanding trading conditions and customer service. Our high leverage, swap-free accounts, zero spreads on select instruments, and ultra-fast execution set us apart. These features empower our clients to achieve their trading goals efficiently.”Comprehensive Trading SolutionsHFM is dedicated to offering superior trading facilities and a secure environment. High leverage and swap-free accounts provide maximum market exposure, while zero spreads on some assets allow cost-free entry and exit from positions. Ultra-fast execution speeds minimize slippage, ensuring traders can seize market opportunities swiftly. Additionally, HFM facilitates quick deposits and withdrawals, enhancing fund management. This article was written by FM Contributors at www.financemagnates.com.

The latest advancements in prime of prime trading technology are transforming the financial landscape, unlocking new benchmarks in what is possible for performance and efficiency. In an exclusive Q&A session, Andy Biggs, Finalto’s Group Head of Risk & Trading, sheds light on the cutting-edge and award-winning technology that sets our firm apart in this highly competitive space. This conversation reveals how our bespoke, in-house developed technology is tailored to meet the unique demands of clients, ensuring unparalleled speed and precision in trading operations. As the market continues to change and become more saturated, the need for customised liquidity solutions and state-of-the-art technology is more important than ever for those looking to stand out from their peers. Our dedication to innovation ensures that we stay ahead in this fast-moving sector, offering clients the competitive edge they need in a rapidly shifting landscape.What sets your technology apart from others in the market?Our technology is built entirely in-house, tailored specifically for the prime of prime space, ensuring unparalleled performance and functionality.We find technology plays a crucial role because liquidity provision is not a one-size-fits-all model. As the landscape has evolved and technology has improved to enable a wider range of products, clients are increasingly looking for tailored liquidity that serves their needs, while also retaining access to a large, established and respected liquidity provider. How does speed factor into your technology's capabilities?Speed is paramount in today's increasingly responsive and dynamic markets. Our system, designed as a distributed system, handles hundreds of thousands of events per second, enabling lightning-fast decision-making. We prioritise speed without overwhelming clients' systems by offering throttling capabilities, ensuring a smooth flow of data.The speed at which a price is delivered and executed can make a big difference in performance and plays a central role in delivering sustainable pricing. The fact that high-frequency market makers can put out more than one quote per millisecond means that an LP’s ability to customise what they then pass on to the client is critical. And as some clients will want that kind of frequency while others have no need, we believe it’s important to tailor not only the pricing but also the ‘pressure’ on that flow, depending on the client’s needs.These days, in-house technology plays an important role in delivering speed of execution. So, in our opinion, hedge funds, money managers and brokers should look to LPs who have implemented their own technology. This will enable them to take a more precise approach to ensuring maximum speed of execution, without compromising on price.What smart features does your technology offer for hedge funds and money managers? A: Our platform boasts smart features tailored to the unique requirements of hedge funds and money managers, including complex account booking capabilities, empowering them to navigate the market with precision and efficiency.We use data as a powerful tool for tailoring and improving liquidity for specific clients, and liquidity providers should take a proactive approach to maximising the utility of the data it sits upon. At Finalto we use data in discussions with clients themselves, and with the institutions our data derives pricing from, to constantly make improvements and fix problems before they can become a bigger issue.How does your technology streamline trading processes for clients?Clients can trade thousands of products into just one account, streamlining operations and enhancing efficiency. Alternatively, our platform allows clients to segregate flow by account while maintaining a unified view of their assets and risk controls, providing flexibility without sacrificing oversight.As stated earlier, because client needs vary a lot and can change over time, having our own in-house tech means we can adapt and tailor our solutions to better fit the client’s needs, allowing them to streamline processes and get better outcomes.For further inquiries or to schedule a demo, please contact us here.At Finalto we're dedicated to revolutionising prime of prime trading with our state-of-the-art technology, designed to empower clients with speed, efficiency, and flexibility like never before. This article was written by FM Contributors at www.financemagnates.com.