The New York Stock Exchange (NYSE) has once again emerged as the global leader in initial public offering (IPO) proceeds for the first half of 2024, raising $12 billion as the IPO market shows signs of recovery after two sluggish years.New York confirms its growing advantage over London, which has struggled to compete for major debuts in recent years to the extent that UK companies prefer choosing Wall Street over Paternoster Square.NYSE Leads Global IPO Market in First Half of 2024The Big Board, owned by Intercontinental Exchange Inc. (NYSE: ICE), hosted seven of the ten largest US transactions in the period, including the two biggest IPOs: Viking Holdings (NYSE: VIK) and Amer Sports (NYSE: AS). The exchange also saw a resurgence in technology listings, with notable debuts from Rubrik (NYSE: RBRK), Reddit (NYSE: RDDT), and Ibotta (NYSE: IBTA)."We welcomed a reopening of the IPO window in the first six months of 2024, allowing companies from around the globe and across the economy to tap the public markets following two somewhat subdued years for new issuance," said Michael Harris, Global Head of Capital Markets at the NYSE.The exchange's strong performance in 2024 marks a significant turnaround, with IPO proceeds already surpassing the total raised in the past two years. This uptick suggests a renewed appetite for public offerings among both companies and investors.International firms continued to choose the NYSE as their listing venue, with Dublin-based Flutter Entertainment (NYSE: FLUT), operator of FanDuel, moving its primary listing to the exchange. The NYSE also maintained its lead in attracting companies transferring from other exchanges, with five firms making the switch in the first half, including Virtus Investment Partners (NYSE: VRTS) and Kforce (NYSE: KFRC).“In this environment, companies overwhelmingly chose the NYSE to list their shares, and the proceeds raised from their IPOs far outpaced the rest of the industry. As we move into the second half of the year, we look forward to welcoming many more leading companies to our unparalleled NYSE community,” Harris added.Corporate spinoffs further expanded the NYSE community, with General Electric splitting into GE Aerospace (NYSE: GE) and GE Vernova (NYSE: GEV), while 3M spun off its healthcare business as Solventum (NYSE: SOLV). These new entities represent a combined market value of $140 billion.London Falls BehindAs New York enters 2024 with a strong performance in IPOs, its biggest competitor, London, is falling behind. Finance Magnates reported a few months ago that Marex Group, a UK-based financial services platform, joined the ranks of companies that chose to list not on the native LSE, but in the United States, hoping for greater capital potential, liquidity, and investor interest. This move has added Marex to the growing list of UK-based firms seeking to go public in the US market.In 2023, the US dominated the IPO market, attracting the largest number of offerings in the Western world. Meanwhile, in London, IPOs fell by 36% over the same period. After a record year for London in 2021, where over $20 billion was raised through IPOs, the following two years saw drastic declines. These were so significant that the UK's IPO market did not exceed $1 billion last year.The latest EY study for Q1 2024 showed that the IPO market in London has rebounded, with three listings raising £283.8 million. However, this is still significantly less than in the US. This article was written by Damian Chmiel at www.financemagnates.com.

Capital.com, a global trading platform and fintech group, has announced a partnership with TradingView, a provider of charting and analytical tools. This partnership aims to enhance the trading experience for Capital.com’s clients by providing them with advanced financial visualization tools.Advanced Trading Analysis ToolsClients will now have access to several popular analysis tools, including Fibonacci, Gann, and Elliot. They will also benefit from more than 30 additional indicators for various trading strategies and over 35 drawing tools, including a ruler and emojis. "As a platform known for its exceptional UX and responsive technology, we are always looking for ways to enhance our clients' trading experience and decision-making,” Dana Massey, Chief Product Officer, Capital.com, said.“Through our partnership with TradingView, our clients will have access to the best charting tools in the market without having to navigate away from the Capital.com platform. This not only gives our clients added convenience and a seamless user experience but also helps them save precious time when they are in the middle of a trade."Enhancing Visual Trading ExperienceThe partnership allows for the monitoring of price action across multiple markets at once and offers a visual upgrade with customizable colors and layouts. Improved navigation and toolbar functionality are included. Clients can also save indicator templates and layouts across web and mobile platforms.Pierce Crosby, General Manager, TradingView, said: "Capital.com continues to deliver on top-notch product deployments for their users - and ours! We have been in partnership with their team for some years now and we are continually impressed by their consistent upgrades and rollouts.” “The latest upgrade allows clients to access the best of what our charting libraries has to offer, with the Capital.com product ecosystem. This complements the existing trading integration we have established to bring Capital.com's trading capabilities to the TradingView ecosystem." This article was written by Tareq Sikder at www.financemagnates.com.

French banking giant, BNP Paribas, has extended its partnership with CobaltFX, part of United Fintech, by expanding the latter’s Dynamic Credit solution to simplify and streamline the allocation of credit for FX transactions between banks and improve access to liquidity, according to an announcement today (Tuesday).Banks Adopting Dynamic CreditBNP Paribas first collaborated with CobaltFX, adopting the latter’s Dynamic Credit, a solution designed to optimize the allocation of credit for FX transactions, last year in May. Other than the French bank, London’s NatWest also deployed the solution.With the latest extension, BNP calculates Dynamic Credit across 12 Electronic Communication Networks, covering over 100 counterparty banks.“We see this as an important initiative to address regulatory and industry body concerns about the over-allocation and inefficiencies of credit distribution on dealer-to-dealer venues,” said Joe Nash, Head of Global Macro Digital at BNP Paribas. “Moreover, this approach, combined with CobaltFX Analytics, allows us to right-size our limit for each counterparty whilst improving market access with them.”A Strategic Expansion of PartnershipThe press release shared with Finance Magnates further highlighted that this strategic expansion underscores BNP Paribas's commitment to innovation and efficiency in credit allocation, enhancing market access for financial institutions worldwide.United Fintech acquired CobaltFX (then Cobalt) entirely at the end of 2022 from the previous owners, which included Citibank, Standard Chartered Bank, S&P Global, and Singapore Exchange. It was the fifth acquisition of Christian Frahm's venture, which aims to acquire and accelerate fintech startups. Under the new ownership, the company was rebranded and relaunched with its focus entirely on FX.Addressing the concerns over the over-allocation and inefficiencies of credit distribution on dealer-to-dealer venues, CobaltFX’s CEO, Darren Coote, said, "This systemic problem has been long overlooked, but there are a group of leaders in the industry that understand the benefits of this unique approach. We are very grateful for BNP's leadership in this regard.” This article was written by Arnab Shome at www.financemagnates.com.

ViewTrade, the US-based investment and trading technology solutions provider, has officially launched operations in Australia. The move aims to enhance global market access for Australian investors and potentially generate nearly $160 million in annual savings for the country's wealth industry.ViewTrade Expands to AustraliaThe company's expansion into Australia comes at a time when superannuation assets are projected to reach $9 trillion by 2041. ViewTrade wants to use its technology and operational solutions to address inefficiencies in legacy infrastructure, particularly in cross-border investing."Australia's promising market, with its incredible wealth management expertise and high growth potential, makes this an exciting venture for us. We're eager to collaborate with local partners, given the sophistication and talent in the market,” Tony Petrilli, CEO of ViewTrade, stated.We're pleased to announce that ViewTrade has officially launched in Australia! Our technology and operational solutions stand to unlock efficiencies for the Australian wealth industry, saving a potential USD $160 million annually. Read the press release: https://t.co/1Iq5Nvqvz6 pic.twitter.com/cI26IAQvD1— ViewTrade (@viewtrade) July 1, 2024At the end of 2023, ViewTrade held over $20 billion in assets under administration globally. Between 2020 and 2023, the company brokered 58.2 billion equity shares, $860.9 billion in equity orders, and 16.7 million option contracts in cross-border transactions.The new Sydney-based regional headquarters, operating as ViewTrade International Australia (VTIA), marks Australia as the 30th country where ViewTrade offers its suite of solutions. These include cross-border and multi-asset investments, custody, and funding for various financial institutions.VTIA Led by Three Experienced ExecutivesThree seasoned industry professionals are at the helm of the new unit. CEO Nigel Singh, who previously established Morgan Stanley's Private Wealth Management operation in Australia, leads the team. He is joined by COO Carl Brazendale, a veteran with experience at BNY Mellon's Pershing division and other global fintech providers, and Operations Manager Kerri Buggy, a former Morgan Stanley director.Singh highlighted the potential of the Australian market, citing its "huge financial services and wealth sector, exceptional talent pool, and strong yet balanced regulatory landscape.”“Our local Australian expertise and strong belief in the value and potential of the Australian financial services industry as a whole will position us strongly to succeed from day one,” Singh added.One of the latest collaborations established by ViewTrade is with the Israeli trading firm IBI Investment House in April. The collaboration aims to provide IBI clients with access to international trading markets through ViewTrade's NextGen platform. This article was written by Damian Chmiel at www.financemagnates.com.

The revenue of ActivTrades, a London-headquartered forex and CFDs broker, nosedived to £27.5 million in 2023 from the previous year’s £50.2 million, a decline of 45.2 percent. Further, the broker turned a net loss of £5.8 million, down from a profit of almost £16.3 million.A Struggling Year for ActivTradesThe latest Companies House filing by ActivTrades PLC shows that the company’s sales cost did not follow the revenue decline, staying at £2.8 million, compared to £2.9 million in 2022. However, administrative expenses last year increased by 17 percent to £34.4 million.Interestingly, the broker earned a windfall of £2.7 million as interest income, 350 percent higher than the previous year.“The notable rise in our expenses this year primarily stems from enhanced marketing efforts,” the filing stated. “We’ve been actively exploring new markets and expanding our customer base, which necessitated a higher investment in marketing activities.”Improvement in Customer MetricsThe strategy might have paid off, as the broker managed to identify 206,690 new potential clients in 2023, of which 14,623 became customers with funded accounts, a yearly rise of 80 percent. At the year's end, the broker had 27,943 active clients, an increase of 37 percent.Further, the monthly trading volume on the brokerage platform averaged $56.4 billion, a 9 percent increase.“The Group’s strategy is to retain its customer base through providing excellent customer service, as well as reaching out to more customers via direct marketing campaigns and promotions. The Group will continue to innovate and to provide new financial products for its customers,” the filing added.“As the customer base has become more spread out across the world and demand has continued to grow, the Group has established entities outside of its headquarters in London.”Indeed, apart from the UK operations, the ActivTrades brand is operated by entities in the Bahamas, Luxembourg, and Portugal. Another entity in Brazil is also readying to start trading. All these entities operate as subsidiaries of the UK entity, and their combined performances are reported in the consolidated financial statement.“Historically, the Group has had a high market share in occidental European countries,” the filing continued. “In the last few years, the Group has invested more heavily in acquiring clients from newer markets, particularly in Latin America, to develop the opportunities in these markets to their full potential.” This article was written by Arnab Shome at www.financemagnates.com.

Silvergate Capital Corp., the parent of the now-collapsed crypto-friendly Silvergate Bank, and its top former executives have agreed to pay a combined $63 million as civil penalties to settle charges with the federal and California regulators for internal management and disclosure failures, including its dealings with crypto exchange FTX.Hefty Fine for Years of NegligenceAs announced yesterday (Monday), California’s Department of Financial Protection & Innovation (DFPI) imposed a civil penalty of $20 million, with another $43 million imposed by the Federal Reserve Board. The Securities and Exchange Commission (SEC) imposed an additional penalty of $50 million, which will be offset by the other penalties.Collapsed in March 2023, Silvergate Bank made its name after it started to offer banking services to cryptocurrency companies in 2013. In its initial public offering (IPO) filing in November 2018, the bank revealed it had more than 500 crypto clients, and this number went up to more than 750 when it was listed on the New York Stock Exchange in 2019. It even had an internal settlement tool for crypto-related transactions.Furthermore, it had strong ties with the now-bankrupt crypto exchange FTX, which led to regulatory investigations into the bank.Heavy Charges Against the Operator and ExecutivesNow, the SEC has sued the bank operator, its former CEO Alan Lane, and its former COO Kathleen Fraher, with allegations of misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers, including FTX. Further, the former CFO Antonio Martino has been charged with misleading investors about losses from expected securities sales following FTX’s collapse.The allegations even highlighted that the bank failed to detect the $9 billion suspicious transfers made by major FTX customers.Except for Martino, others have agreed to settle the charges without admitting or denying the allegations. Martino has been charged with violating certain antifraud and books-and-records provisions of the federal securities laws, along with aiding and abetting certain of Silvergate’s violations.“At all times, but especially during moments of crises, public companies and their officers must speak truthfully to the investing public,” said Gurbir Grewal, Director of the SEC’s Division of Enforcement. “Here, we allege that Silvergate, Lane, and Fraher fell not only woefully, but also fraudulently, short in that regard.”“Rather than coming clean to investors about serious deficiencies in its compliance programs in the wake of the collapse of FTX, one of Silvergate’s largest banking customers, they doubled down in a way that misled investors about the soundness of the programs.” This article was written by Arnab Shome at www.financemagnates.com.

FXSpotStream, the provider of multibank price streaming services to clients supporting FX trading, reported a boost in the average trading volumes (ADV) for the month of June. The spot ADV soared 39% year-over-year, while other ADV skyrocketed 85% YoY from USD $14 billion.Double-Digit Growth Of this amount, the spot ADV rose 10% from USD $62.4 billion to USD $68.8 billion in June. Similarly, other ADV jumped 8% from USD $24 billion to USD $26 billion. The platform's total ADV was USD $94.8 billion, a 9.7% increase from USD $86.4 billion in May.Elsewhere, 360T's daily volumes closed at USD $2,589,269,266.9, a drop from USD $3,209,370,392.22 in the same period of May. However, this decline, which represents a 21% decrease, could partly be attributed to shorter trading days in June. On the Tokyo Financial Exchange's Click 365, the trading volume was 2,315,198, representing a 4.2% decline from the previous month and a 15.8% decline YoY. The daily average was 115, 760. Topping the list of the most traded items was the Mexican Peso-Japanese Yen, which had 655,124 in trading volume and 32,756 in the daily average. This amount marked a 24.6% and 23.1% month-on-month and year-over-year increase, respectively.Cboe ADV for JuneSimilarly, the numbers were negative on Cboe, where the spot volumes dropped 2% from USD $970,822 to $950,283. In contrast, the average daily volume rose 12% from USD $42,209 to USD $47,514. The trading days for May were 23, while that of June were 20 days.The demand for forex trading instruments soared in March, as FXSpotStream posted a record ADV for the month at $82.6 billion. The total ADV jumped 14% compared to the previous month, while the yearly increase was more than 23%. The record figures came after the platform experienced USD $73.6 billion and USD $72.3 billion total ADV for January and February, respectively, making it the strongest quarter. This article was written by Jared Kirui at www.financemagnates.com.

Singapore has issued the blockchain technology firm Paxos full approval, allowing the New York-based firm to offer digital payment token services through its entity, Paxos Digital Singapore Pte. Ltd. This approval from the Monetary Authority of Singapore (MAS) enables Paxos to issue stablecoins under the upcoming stablecoin regulatory framework.Paxos Expands Global Reach With this latest regulatory milestone, Paxos has expanded the number of markets where it is authorized to issue stablecoins, including the US and the UAE. The firm has chosen DBS Bank, Southeast Asia's largest bank by assets, as its primary banking partner for cash management and the custody of stablecoin reserves.Speaking about the approval, Walter Hessert, the Head of Strategy at Paxos, mentioned: "Stablecoins issued in accordance with standards set by a regulator like MAS - known for its rigorous regulatory standards - represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world."Last year, Paxos obtained an in-principle approval from the Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA), allowing the company to issue USD and other currency-based stablecoins. The approval also granted Paxos permission to offer crypto-brokerage and custody services through two regulated ADGM entities. The company mentioned that it also plans to expand the global presence of its USD-backed stablecoins.Global ExpansionIn Argentina, Paxos unveiled a yield-bearing stablecoin through crypto platforms Ripio, Buenbit, Manteca, and Plus Crypto. The new digital asset, dubbed Lift Dollar (USDL), aims to maintain its value to the dollar and offer users an opportunity to earn daily earnings from US government securities and cash equivalent assets.Additionally, Paxos has partnered with Chainlink to boost the adoption of PayPal USD (PYUSD), the USD-backed stablecoin issued by Paxos. This integration aims to provide market data for PYUSD on the blockchain, promoting its adoption for on-chain transactions. PYUSD is backed by dollar deposits, US treasuries, and cash equivalents and aims to facilitate payments. This article was written by Jared Kirui at www.financemagnates.com.

Interactive Brokers posted significant growth in its June 2024 performance metrics, highlighting a double-digit increase in daily average revenue trades (DARTs) and client equity. DARTs for the period were 2.469 million, representing a 26% increase from the previous year and a 5% rise from the prior month. Client Equity and Margin Loan BalancesClient equity reached $497.2 billion, a 36% increase year-over-year and a 2% uptick from the previous month. Additionally, client margin loan balances rose to $55.1 billion, marking a 32% increase from the previous year and a 4% rise from the prior month.Besides that, Interactive Brokers' number of client accounts grew to 2.92 million, a 28% increase year-over-year and a 2% rise from the previous month. On the other hand, client credit balances, including $4.1 billion in insured bank deposit sweeps, remained steady with an 8% year-over-year increase.Interactive Brokers reported an average commission per cleared commissionable order of $2.99, including exchange, clearing, and regulatory fees. For stocks, the average order size of 910 shares was $1.99, while for equity Options, the average order size of 6.9 contracts was $4.28.Still, the average order size for 3.2 contracts of futures was $4.61, and the commissions included options on futures. Exchange, clearing, and regulatory fees accounted for 57% of the total commissions.Other MetricsInteractive Brokers reported a mark-to-market gain of $489,000 on its US government securities portfolio for the quarter ended June 30. However, the value of the GLOBAL, reported in US dollars, decreased by 0.21% in June and by 0.22% for the quarter.Meanwhile, Interactive Brokers faces a $48 million loss after a recent incident involving a technical glitch on the New York Stock Exchange that caused Berkshire Hathaway's shares to plunge and triggered a chain of events. The brokerage giant was forced to cover its customers' trades after the NYSE declined to offer any compensation for the mishap.Berkshire Hathaway's class A shares, among others, plummeted from $622,000 to $185 per share due to a technical problem on the NYSE. This substantial drop reportedly halted trading and prompted significant buy orders from Interactive Brokers' customers, who anticipated a favorable fill price when trading resumed. This article was written by Jared Kirui at www.financemagnates.com.

Sony Corporation is preparing to launch a cryptocurrency exchange subsidiary by transforming the local trading platform WhaleFin, which it acquired last year. According to a press release today (Monday), WhaleFin has been rebranded as S.BLOX Co. The subsidiary aims to collaborate with Sony Group's other businesses to enhance its crypto trading services.S.BLOX Launch Date PendingThe rebranding effort includes a redesigned user interface and the introduction of a new mobile app aimed at improving user experience, as stated in the release. However, the specific launch date for the S.BLOX crypto exchange has not yet been disclosed.Initially, the entity behind the crypto trading platform was DeCurret, a Japanese exchange acquired by the Japanese subsidiary of Singapore's Amber Group in 2022. In August 2023, Sony's wholly-owned subsidiary Quetta Web Co. took over the platform, according to a 2022 press release.? SONY LAUNCHES S.BLOX CRYPTO EXCHANGE IN JAPANSony is launching S.BLOX, a rebranded version of Amber Japan, a crypto exchange it acquired last year.New users signing up through Nuro Mobile, Sony's mobile reseller, will receive ¥3,000 in Bitcoin.S.BLOX will integrate with… pic.twitter.com/SOJhG8Do6C— Mario Nawfal’s Roundtable (@RoundtableSpace) July 1, 2024Public Blockchain DevelopmentSony has been actively expanding its presence in Web3. In the previous year, Sony Network Communications, a division of the conglomerate, partnered with Japanese blockchain firm Startale Labs to develop Sony's own public blockchain network.Regarding leadership of the new crypto exchange, Sota Watanabe, founder and CEO of Startale Labs, mentioned on Monday that Startale's external director will head Sony's initiative, without elaborating further.In addition to its crypto ventures, Sony has also shown interest in non-fungible tokens (NFTs). The company filed a patent last year for more versatile use of NFTs as in-game assets, which it has branded as "super-fungible tokens." This article was written by Tareq Sikder at www.financemagnates.com.

Cryptocurrency firm Circle announced today (Monday) that it is now registered as an electronic money institution (EMI) in France. This registration grants Circle the license to become a compliant stablecoin issuer under the European Union's cryptocurrency regulations.Circle, known primarily for its USD Coin (USDC) stablecoin, received the e-money license from France’s banking industry regulator, the Autorité de Contrôle Prudentiel et de Résolution. This makes Circle the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.Circle Expands EU StablecoinsWith this approval, Circle will issue its USDC and Euro Coin (EURC) tokens in the EU, adhering to MiCA's stablecoin regulatory requirements. The company also announced the opening of Circle Mint in France, allowing businesses to mint and redeem Circle stablecoins.Stablecoins are a type of cryptocurrency pegged to traditional assets, like government-issued currencies such as the U.S. dollar. Investors use them to avoid the volatility seen in other cryptocurrencies like bitcoin. They are also a key tool for trading in and out of cryptocurrencies quickly, without relying on fiat currencies stored in bank accounts.Circle earns license to issue USDC and EURC under Europe's MiCA regulatory framework https://t.co/yx6KEu9epA— The Block (@TheBlock__) July 1, 2024Gaining MiCA ComplianceThe EU passed a comprehensive law last year governing cryptocurrency companies' operations. This law, known as MiCA, outlines rules for investor protections and platform security. MiCA officially took effect in May 2023, but stablecoin provisions were only approved last week. These provisions impose trading limitations on certain stablecoins, particularly US-denominated ones.According to MiCA, companies must stop issuing non-euro denominated stablecoins used as a “means of exchange” if they exceed 1 million transactions or 200 million euros per day.As a France-registered EMI, Circle can now offer its services, including minting and redeeming USDC via Circle Mint, to customers throughout the European Union. MiCA allows crypto businesses to offer services in one EU country and extend them to other markets within the bloc.“Our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance,” Jeremy Allaire, Co-Founder and CEO of Circle, said in a statement.The remaining MiCA obligations for crypto asset service providers will become applicable by December 30, 2024. After this date, crypto companies will have until July 2026 to achieve full compliance with MiCA. This article was written by Tareq Sikder at www.financemagnates.com.

A recent study that analyzed the decision-making process when traders open an account with a broker found that the key considerations include a broker's reputation, regulatory compliance, withdrawal, and deposit processes. A quest for favorable trading conditions when evaluating their decisions also drives traders.Exploring Broker Selection CriteriaThe study by FXStreet, which targeted traders who have an open account with at least one broker, determined that when traders embark on the journey of selecting a brokerage firm, their foremost concern is security. They seek assurances through various channels, such as reputation, regulatory compliance, and the efficiency of withdrawal processes. These factors are the basis upon which traders build trust in a broker. Traders often initiate their search based on recommendations from trusted peers or through targeted online and offline advertisements. This initial contact sparks their curiosity, prompting further investigation into the broker's credibility and user experiences.While the process of opening a brokerage account involves disclosing extensive personal information, traders generally find it straightforward. Despite some reservations about the necessity of certain data points, the overall ease of registration encourages them to proceed.During the evaluation phase, traders prioritize features that directly impact their sense of security and operational efficiency. Key considerations include the broker's reputation, regulatory standing, deposit and withdrawal options, and the quality of trading execution.Notably, a section of those surveyed also highlighted the proprietary trading model, terming it as a promising way of trading. One of the respondent told FXStreet: "Prop firms, which is just proprietary firms, you have to take a challenge with them. So I've got two accounts with instant funding and smart prop trader for 200,000 accounts with them and undergoing the evaluation with them to pass the test to unlock live funding for myself. If so, I'd be trading with their capital."Simplicity amidst ComplexityBefore committing significant funds, traders opt to test the brokerage platform. Many users start with a demo account to familiarize themselves with the interface, assess trading conditions like spreads and execution quality, and refine their strategies. This cautious approach ensures confidence before transitioning to live trading.Additionally, the study further disclosed that it is not uncommon for traders to maintain multiple brokerage accounts simultaneously. This practice allows them to capitalize on varying trading conditions offered by different brokers, such as competitive spreads, margin requirements, and user interfaces.As the financial landscape evolves, so too will traders' criteria for selecting brokerage partners. Factors like technological advancements, regulatory changes, and shifting market dynamics will continue to shape their decisions, emphasizing the enduring importance of security and reliability in their broker relationships. This article was written by Jared Kirui at www.financemagnates.com.

The Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) have announced the opening of registration for their Compliance Outreach Program for municipal market professionals. The event will take place on Wednesday, November 20, and Thursday, November 21, 2024. It will be held at the Byron Rogers Federal Building in Denver, Colorado. Both in-person and virtual attendance options are available.Regulatory Insights for Professionals“We are pleased to continue coordinating with the SEC and FINRA to continue an open dialogue with municipal advisors and dealers to address their top concerns and interests,” said MSRB Chief Regulatory and Policy Officer Ernesto Lanza.“This year’s program devotes time to both municipal advisors and dealers in the form of breakout sessions that will address unique issues and needs for all types of municipal market professionals, including small firms.”The program is open to the public and aims to provide municipal market participants with information on regulatory and compliance matters. Attendees will hear from staff of the SEC, MSRB, and FINRA.“The SEC looks forward to co-hosting this meaningful Compliance Outreach Program for municipal market participants,” said SEC Director of the Office of Municipal Securities, Dave Sanchez. “These panel discussions address important regulatory and guidance information—much of which includes novel ideas and perspective—that municipal market participants will find valuable both in their roles and as industry leaders.”SEC, MSRB, FINRA to Hold Hybrid Compliance Outreach Program https://t.co/ON0fsGuEIk— SECLaw.com - Securities Law Home Page (@SECLaw) July 1, 2024Engaging Municipal Market DiscussionsPanel discussions will cover several topics. These include compliance issues for municipal advisors and broker-dealers, exam and enforcement priorities, and a regulatory outlook. Other topics include net capital requirements, federal fiduciary duty, and post-trade monitoring. The event will also address other current issues in the municipal market.“The Compliance Outreach Program is a great opportunity to engage in dialogue that fosters effective regulation, improves compliance, and strengthens everyone’s understanding of the industry,” said Michael Solomon, Executive Vice President, Examinations and Membership Application Program at FINRA. This article was written by Tareq Sikder at www.financemagnates.com.

Robinhood has acquired Pluto Capital, an AI investment research platform, to strengthen its presence in the technology space. According to the company, this acquisition promises intelligent, data-driven investing for Robinhood users, mainly focusing on personalized investment strategies and real-time insights.Integrating AI-Powered Investment StrategiesBy integrating Pluto, Robinhood seeks to enhance its platform with advanced data analytics capabilities. Pluto's AI models can reportedly process and interpret market data and identify trends and opportunities. Robinhood mentioned that this capability will enable users to gain a competitive edge in the market.One of Pluto's standout features is its ability to customize investment strategies to individual user profiles. By analyzing factors such as risk tolerance, investment goals, and historical behavior, Pluto's algorithms generate customized recommendations. According to the firm, this personalization ensures that each investor's portfolio aligns perfectly with their unique financial goals and preferences.Additionally, the latest feature is expected to benefit Robinhood investors from Pluto's real-time updates and insights, enabling swift and confident decision-making. Pluto's AI-driven analysis ensures that customer portfolios are continually optimized for better outcomes, balancing growth and risk according to individual preferences.Real-Time Insights Jacob Sansbury, the Founder and CEO of Pluto, has a wealth of experience in Robinhood. Before founding Pluto, he led publisher and game developer SDK tools at NVIDIA's GeForce Now cloud gaming service. Notably, Jacob was the youngest engineer ever hired at Bridgewater, where he focused on quantitative finance and systematic investing.Speaking about the acquisition, Mayank Agarwal, Robinhood’s VP of Engineering, mentioned: "We are thrilled to welcome Pluto and Jacob Sansbury to Robinhood. They have built an impressive platform that is highly regarded in the financial services industry. Importantly, their expertise in artificial intelligence coupled with a mission-aligned passion to democratize finance will complement our team’s effort to bring AI-powered tools to our customers."Early last month, Robinhood announced its agreement to acquire Bitstamp, a global cryptocurrency exchange. Founded in 2011, Bitstamp has a presence in Luxembourg, the UK, Slovenia, Singapore, and the US. This agreement seeks to boost Robinhood Crypto's global expansion. Bitstamp has more than 50 active licenses globally and services customers in regions such as the EU, UK, US, and Asia.Additionally, this acquisition marked Robinhood's venture into the institutional business, leveraging Bitstamp's technology. Bitstamp's institutional offerings encompass white-label solutions, Bitstamp-as-a-service, institutional lending, and staking. This article was written by Jared Kirui at www.financemagnates.com.

The Finance Magnates Pacific Summit (FMPS) is shaping up as a premier event for professionals in the financial services industry. Held on August 27-29 in Sydney, Australia, this summit is poised to attract a diverse array of participants from across the globe, each eager to network, share insights, and explore new opportunities. Prospective attendees are set to benefit from a comprehensive content slate that includes keynote speeches, panels, discussions, and workshops led by some of the most influential figures in the industry. These sessions are designed to provide deep insights into the latest trends and developments, offering valuable knowledge that can be applied in various professional contexts. FMPS includes some of the biggest speakers from around the globe, whose aim is to ensure that participants leave with a better understanding of the challenges and opportunities facing the financial services sector today. If you have not already done so, the time to sign up for FMPS is now – follow the registration link today to reserve your seat. Network with the Industry’s Finest at FMPSNetworking is a core component of the FMPS, and the event is structured to facilitate meaningful interactions among attendees. From informal meet-and-greet sessions to organized networking events, including the events Networking Blitz Opening party, the event provides numerous opportunities for participants to connect with peers, potential clients, and industry leaders. These interactions can lead to fruitful collaborations, partnerships, and business deals, making the summit an invaluable experience for anyone looking to expand their professional network.Without a doubt one of the key highlights of the summit is the exhibition hall, where leading companies showcase their latest products, services, and innovations. This space serves as a hub for discovery, allowing attendees to explore cutting-edge technologies and solutions that can drive their businesses forward. Exhibitors benefit from the high level of exposure and the opportunity to engage directly with potential clients, partners, and investors.FMPS is not just about business however, as it also offers a platform for thought leadership and knowledge exchange. Through a series of carefully curated sessions, participants can gain insights into a wide range of topics, from regulatory changes and market trends to technological advancements and strategic business practices. These sessions are designed to provoke thought, inspire innovation, and equip attendees with the tools they need to navigate the complexities of the financial services industry. Stay tuned over the next few weeks for the rollout of the full agenda for FMPS.In addition to the formal sessions, the summit also offers numerous informal opportunities for learning and growth. Casual conversations over coffee, impromptu discussions in the exhibition hall, and networking events held in relaxed settings all contribute to a rich learning environment. These interactions often lead to the sharing of practical advice, real-world experiences, and innovative ideas that can be implemented in various professional contexts.Multiple Industry Verticals Take Centre StageFMPS is particularly notable for its inclusive approach, attracting a diverse range of participants from different sectors within the financial services industry. The event will cover the online trading, fintech, payments, and crypto space. Whether you are an industry or summit veteran or new to the industry, this event offers valuable insights and opportunities that can enhance your career and business prospects.Moreover, the event’s location in Australia adds to its appeal. As one of the world’s leading financial centers, Sydney provides a fitting backdrop for an event of this magnitude. The city’s rich history, vibrant culture and business environment create an ideal setting for networking and professional development. Participants can take advantage of their time in the city to explore the city, experience its many attractions, and immerse themselves in its unique atmosphere.FMPS also places a strong emphasis on innovation and future trends. With the financial services industry undergoing rapid transformation, staying ahead of the curve is crucial. The summit addresses this need by featuring sessions on the latest technological advancements, such as blockchain, artificial intelligence, and fintech innovations. Next month’s summit is a must-attend event for anyone involved in the financial services industry. Its comprehensive program, high-caliber speakers, and numerous networking opportunities make it an ideal platform for professional development and business growth. Whether you are looking to gain insights into the latest industry trends, explore new technologies, or connect with key players, FMPS offers a wealth of opportunities that can help you achieve your goals. This article was written by Jeff Patterson at www.financemagnates.com.

Italy's leverage trading market has emerged as one of the most valuable in Europe, with traders managing larger portfolios and utilizing higher margins per trade compared to their continental counterparts, according to a new report from financial services research firm Investment Trends.Italian Leverage Trading Market Outpaces European Peers in ValueThe 2024 Italy Leverage Trading Report reveals that Italian traders, with an average age of 51, are committing higher margins per trade and maintaining larger portfolio sizes than traders in other European countries."Italian traders are not just looking for financial opportunities; they seek reliability and cultural alignment in their trading platforms," said Lorenzo Vignati, Associate Research Director at Investment Trends. “Providers must recognize their unique needs and preferences to gain their trust.”According to data provided by Investment Trends, the average margin per trade for Italian traders is approximately €1,500. Although the number of Italian FX/CFD traders is one of the smallest in Europe, standing at around 32,000, their transactions have one of the highest average values.The UK remains the undisputed leader in this regard: the number of active traders is six times higher, and the average investment portfolio is only slightly smaller. The latest study additionally showed that Brits prefer to use their own research instead of relying on influencers or advisors.Only the French have fewer traders than the Italians. The local FX/CFD trading scene, however, has seen a more pronounced decline, returning to pre-COVID-19 levels. On the local market, investors clearly value stocks or ETFs more than the leveraged instruments market.Local Experience Is a MustThe report also highlights the importance of local presence for leverage trading providers in Italy. Establishing a local office, offering Italian language support, and providing culturally relevant customer service are crucial factors in fostering perceptions of being local and enhancing brand trust among traders. For example, at the end of March, the Trade.com decided to make such a move.Comparison websites play a significant role in the decision-making process for Italian traders, with 17% heavily relying on these platforms. The market is relatively concentrated, with the top five providers controlling nearly 60% of primary relationships."Driving sign-ups in this concentrated market requires a robust strategy encompassing online presence, user-friendly platforms, and strong financial backing," Vignati added. “Trading providers must ensure not only a local presence but also excel in platform usability and financial strength.”The report also identifies a potential area for differentiation among providers: satisfying the high demand for educational content and trading ideas. Providers offering relevant educational resources and trading alerts could position themselves as trustworthy sources and better support Italian traders' trading journeys.Investment Trends conducted the study between March and April 2024, surveying 1,286 FX/CFD traders in Italy. This is another in a series of country-oriented reports on the retail trading industry, following a similar study concerning the Middle Eastern market, specifically the United Arab Emirates (UAE), shared by the company last week. This article was written by Damian Chmiel at www.financemagnates.com.

The US-based trading platform Webull announced today (Monday) a partnership with Apex Fintech Solutions and Moment Technology to offer fixed-income trading to retail investors. This expands Webull's current product offerings, which were recently extended to include futures and commodities.Webull Launches Fixed-Income Trading for Retail InvestorsThe collaboration will enable Webull users to invest in fractional bonds starting from $100. According to the Webull’s press release, this is “significantly less” than the industry standard minimums of $1,000 to $5,000. This move aims to democratize access to an asset class traditionally dominated by institutional investors.The new feature will provide Webull customers with access to reference data and analytics on bonds, including information on price, yield, and coupon rates. This data is designed to help investors make more informed trading decisions."Webull is looking to drastically overhaul the fixed income experience for the retail investor," said Arianne Adams, Chief Strategy Officer and Head of Derivatives at Webull. "We are excited to continue expanding our product offerings to meet the evolving needs of our users in today's market."Thus, Webull joins a growing number of companies that are beginning to offer bond trading to their clients. Over a month ago, Public.com made a similar move by offering fractional bonds. Polish XTB is also preparing to introduce fixed-income products.It's worth noting that this is another expansion of Webull's product offerings over the past few months. At the beginning of March, the US-based company added futures and the most popular commodities to its portfolio. A month earlier, Webull partnered with TradingView, enabling its clients to trade directly from the popular provider's charts.Given the historically inverse relationship between bond and stock prices, the introduction of fixed-income trading on Webull's platform could offer users an opportunity to diversify their portfolios and hedge against market volatility. Initially available in the US, Webull plans to expand this offering globally in the future. "Together, we are delivering fixed-income market data and trading to investors with a level of access and sophistication that has previously been impossible,” Dylan Parker, CEO at Moment, added.Additionally, it's important to mention that in May, Webull launched "24-Hour Trading" on the Australian market, giving local traders access to 60 popular US stocks and ETFs throughout the day, from Monday to Friday. At the same time, a "Lite" version of the Webull trading app was also introduced. It is designed to provide access to the same features as the main app, but with a simplified user experience. This article was written by Damian Chmiel at www.financemagnates.com.

The German financial regulator Bafin has issued a warning about online trading platforms masquerading under the catchy slogan "Your Time to Shine!" These platforms, which are clones of popular trading platforms Pepperstone, Cmc-market, and Activtrades, are reportedly offering financial and investment services without proper authorization.Claiming Affiliation with Legitimate FirmsAccording to the regulator, the clone entities utilize the same structural and textual design across their websites, each falsely claiming affiliation with legitimate investment institutions. This fraudulent activity involves identity theft, targeting reputable licensed investment firms to deceive unsuspecting investors.The platforms in question operate under the websites: pepperstone.vip, cmc-market.live, and activtrades.live. BaFin has emphasized that any entity offering financial or investment services in Germany must obtain explicit permission. Additionally, the watchdog has urged investors to verify a company's authorization status through BaFin's official company database.This is the second time that BaFin has issued a warning regarding pepperstone.vip, the clone of retail broker Pepperstone. In May, the watchdog emphasized that Pepperstone GmbH, the legitimate licensed securities institution, is not associated with the operation of this website.More WarningsBaFin warned about the activities of two firms in March, including one supposedly facilitating the trading of Contract for Differences (CFDs). The regulator accused Taurumax.com, a firm purportedly headquartered in Frankfurt and Vienna, of offering financial and investment services without authorization.According to BaFin, Taurumax.com, which supposedly offers CFD trading services, is not authorized to provide financial and investment services in Germany. Despite claims of regulatory compliance, Taurumax.com's activities reportedly do not meet the standards set by BaFin.Elsewhere, the UK’s Financial Conduct Authority cautioned users against ten companies suspected of providing or promoting financial services without its authorization. Some of them include Global Sky Trading, Supermininfx.Ltd, Eliteglobalminers, Flowsglobal, And Legitimatefxpro.Com, And Solid-Trades Unit.According to German regulations, companies offering banking, financial, or investment services must obtain approval from BaFin to operate legally. These regulations seek to safeguard investors' interests and maintain the integrity of the financial sector. This article was written by Jared Kirui at www.financemagnates.com.

May marked a historic month for the crypto market after the SEC finally greenlit Ethereum exchange-traded funds (ETFs). After years of relentless pushback and tireless advocacy from pro-crypto activists, this approval presented a golden opportunity to market Ethereum in ways that have not been previously anticipated. The timing of this approval couldn’t be better. It comes at a moment when global financial markets are increasingly open to on-chain investments, such as the $11.7 billion capital inflow to Bitcoin ETFs since January 2024. This article explores how the Ethereum community can leverage these new circumstances to position ETH as a leading global investment vehicle.ETH Enters the Commodity MarketWith the SEC’s approval of Ethereum ETFs, ETH is now effectively recognized as a commodity. This institutional endorsement has launched Ethereum into a new level of financial credibility previously reserved for assets like gold and oil. Investment giants like BlackRock and VanEck, which have already established sizable positions in Bitcoin ETFs, are now setting their sights on ETH.This week, this day, has been a rollercoaster unlike any other I’ve seen. ETH is effectively deemed a Commodity as we’ve always known it to be. I’m proud to be on team @Coinbase, the trusted partner and custodian for many of the issuers who had 19b-4’s approved tonight. pic.twitter.com/nz1HHFbBSQ— paulgrewal.eth (@iampaulgrewal) May 23, 2024Fresh coverage of these new narratives by mainstream media is primed to catapult Ethereum out of its crypto-native niche. Already, ETH is becoming a mainstay in major business news outlets, even as political leaders like Donald Trump have utilized the Ethereum network to launch projects. Gone are the days when Ethereum market sentiment was determined solely by the attention span of crypto communities. We now face a future where Ethereum will be the subject of wider discussion as more attention settles on ETH as the most exciting crypto commodity.Investing in the "World Computer"The massive capital influx into Bitcoin following the BTC ETF approval on January 11, 2024, set a precedent that Ethereum is certain to follow. While Bitcoin is often seen as digital gold, Ethereum offers something uniquely compelling—it powers a decentralized “World Computer.” Bitcoin, by design, is primarily a digital currency meant for value exchange. Ethereum, on the other hand, introduced a new era of decentralized and secure networks powered by ETH, the world’s first programmable crypto. Since its inception, Ethereum’s smart contracts have advanced computing technology's capabilities, enabling applications in sectors ranging from encryption and trading to data verification and digital wallets. As I often tell people, "If fiat was a horse, Bitcoin is a train, and Ethereum is an airplane."In marketing ETH, the Ethereum community should bring these superior traits to the forefront by emphasizing that it is the real key to unlocking real-world applications of crypto technology.Hunter + Dog S1 are timeless. https://t.co/tJ82Ly5dtW— CollectTrumpCards (@CollectTrump) May 31, 2024Ethereum Is Reshaping Global Industries Ethereum’s smart contracts are actively reshaping both traditional and digital industries. In finance, Ethereum has pioneered the decentralized finance (DeFi) sector, which now boasts a market cap of $104.55 billion. We could also discuss how the millennia-old real estate market is being disrupted by the concept of tokenization, which has made housing markets more accessible and secure. Real-world assets (RWAs) are powered by the smart contract technology pioneered on Ethereum, rewriting the rules on the ownership and trade of landed properties while blurring the lines between virtual and physical items. Emerging technologies like decentralized physical infrastructure (DePIN) are merging physical and network infrastructures, unlocking new uses for a growing list of applications, including data networks and digital geographical mapping. Additionally, smart contracts are pushing the boundaries of artificial intelligence by enabling decentralized AI computing. It’s clear that the diverse applications of smart contracts highlight ETH’s utility, making it a highly sought-after crypto commodity over Bitcoin and even conventional commodities with limited use cases.enter the ether ? pic.twitter.com/YXgKQFP5Nr— VanEck (@vaneck_us) May 23, 2024Scaling Hurdles with Ethereum L2 networks, one of Ethereum’s biggest criticisms has been its scalability issues. The processing speed and usage costs of the Layer 1 Ethereum network have resulted in challenges to its widespread adoption despite the versatility of smart contract technology. However, the emergence of Ethereum Layer 2 (L2) networks, such as Arbitrum, Base, and zkSync, has mitigated these issues. These L2 networks, all powered by the native ETH token, enhance Ethereum’s scalability and efficiency, enabling the type of growth discussed earlier. They operate on top of the Ethereum blockchain, enhancing its efficiency by handling transactions off the main chain before settling them on the main network layer. This reduces congestion and lowers costs without compromising on security or decentralization, making Ethereum more accessible and user-friendly.Ether ETF Approved: Why Investing in Ether is Much More Sensible than Bitcoin in 5 PointsA thread ?1. Ether is Much Scarcer and Even Deflationary Compared to Bitcoin ?Unlike Bitcoin, transaction fees on the Ethereum blockchain do not go directly to miners (validators,… pic.twitter.com/1xDgWp8KD0— tobbykitty.eth ?? (@TobbyKitty) May 24, 2024 This adaptability ensures that Ethereum remains relevant as new technologies emerge. Perhaps this is Ethereum's strongest selling point in the post-ETF era: ETH’s ability to efficiently scale while retaining Bitcoin's core crypto values, along with its unique added benefits, makes it a formidable contender in the crypto commodity space. If the ETF approval was a validation of ETH’s maturity as an asset class, then it is time to remind the world why Ethereum has made it this far. This article was written by Tim Haldorsson at www.financemagnates.com.

A who’s who of Vanuatu’s financial industry and its regulators converged at Port Vila’s Warwick Le Lagon resort on June 27 to discuss the new licence for virtual asset service providers (VASP) and to review the jurisdiction’s best strategies to avoid global regulatory watch lists.This was the second Symposium organized by the Vanuatu Financial Services Commission, this time under the theme “Shaping tomorrow: Exploring the role of the financial dealers licence and virtual assets in national development.” The event was attended by the Honourable John Dahmasing Salong, Minister of Finance and Economic Management and by MP Andrew Solomon Napuat.VFSC's Commissioner, Branan Karae, opened the day by reviewing the past year’s progress. The biggest step was the VASP Bill, now ready to become law in the next parliamentary session, probably in September.Karae underlined his team's efforts to streamline the application process for Financial Dealer Licences (FDL). They are now processing at least two to three every month, for a total of about 75 since the new regulatory regime was introduced in 2022. And the numbers continue to grow. The VFSC also held a mini-symposium in Sydney in May to beef up its marketing efforts and applied for membership in the International Organization of Securities Commissions (IOSCO) to enhance its reputation.The Commissioner proudly introduced the newest Ni-Vanuatu woman in fintech, Jossiana Peter, a graduate in banking and finance from Macquarie University in Sydney, who will be the Virtual Assets Supervisor in his office.A New Licence for Virtual Asset Service ProvidersThe requirements for the upcoming VASP licence were detailed in a joint presentation by Joshua Tarinako, Managing Supervisor at VFSC, and Loretta Joseph, an Australian consultant for the VFSC who has been instrumental in drafting the new Bill.She noted that Vanuatu was “one of a few jurisdictions that have done something about virtual assets” in line with the requirements of the Financial Action Task Force (FATF), the global regulatory body for financial services.“This ensures that the innovation due to new technology, like decentralized finance and cryptocurrencies, will be shaped within legal boundaries in a way that fosters trust and stability in the digital economy. We tried to devise clear, logical legislation that doesn’t stifle innovation and specifies what operators can and cannot do,” said Loretta Joseph.Joshua Tarinako walked the audience through the requirements for the VASP licence, which is classified as Category D in the FDL program. The requirements share similarities with A, B and C licences, such as physical presence, management experience, quarterly reports and more.The Category D licence is divided into four subcategories, depending on the type of service provided: D1 for exchanges, D2 for custodians, D3 for virtual asset managers and D4 for banks. There’s also a time-limited 12-month “Fintech sandbox utility” status for VASP start-ups currently in testing their products.A process has been drafted for Initial Token Offerings, which Joseph described as “digital crowdfunding.” Proponents must submit a White Paper detailing their business plan, such as funding, product roadmap and conditions attached to their token. There will be a Purchaser Right with a 10-day “cooling-off period” to allow participants to change their minds.Once the law passes Parliament, the VFSC will provide more guidance on a range of topics to be defined, such as initial capital requirements for VASPs.Developing a “Culture of Compliance”A panel was held on international standard requirements from the FATF, the Asia-Pacific Group (APG) and the European Union (EU). These bodies keep watchlists of non-compliant jurisdictions with dire consequences for those targeted. Vanuatu has long been delisted by the FATF and APG but remains on two EU lists: one pertaining to money laundering controls and the other to tax practices.Rick McDonell, the former Executive Secretary of the FATF and APG, shared some pro tips on global compliance.He warned against upcoming re-assessments by these bodies, especially the FATF’s Recommendation 16. Known as the “travel rule,” it requires VASPs to verify the identities of originators and beneficiaries for any transaction over 1000 USD or EUR and to report any suspicious activity.“Many countries aren’t implementing the rules properly, while others are just doing a bad job, especially investigating and confiscating the proceeds of crime,” he added.“When the assessors come next time, they will look at how well you apply their standards. It’s a very intrusive process so your government and private sector will need to defend themselves against any lack of understanding (…) Make sure you have the statistics to show that you’re being compliant and to make a persuasive case, both in your submissions and when you meet face to face.”The next on-site visit will be in October 2026, but he recommended starting early with a “holistic effort” involving industry and government.When it comes to EU watchlists, McDonell pinpointed a “lack of coordination” and “miscommunication,” both of which could be solved through discussions at a high level.The Honourable Andrew Solomon Napuat, MP and chairperson of the FDL task force, detailed how he and five fellow MPs have been “knocking down doors” in the past year to push government agencies to work together on addressing EU listings.“This is not a single-agency issue. It’s a sovereign issue affecting all of us. Everyone must come together and gather all the technical knowledge we need to support our leaders at the political level,” he added.Panagiotis Nikolaou, advisor for the Cyprus SEC, shared his own experience in the matter. “We’ve seen countries rushing to complete requirements but we found that just ticking the boxes is not enough. It’s about developing a culture of compliance, not only to delist from EU lists but to make sure you don’t get on any watchlist anywhere ever again,” he emphasized.Vanuatu is on the right path according to McDonell, who led the first APG meeting many years ago. “The level of understanding is incredible. It’s an impressive improvement. Countries trying to build their financial sector need regulatory certainty and a good reputation, and those are on the rise in Vanuatu.”#Crypto is coming soon to #Vanuatu??! Our regulator (VFSC) announced the drafting of a new legislation on #DigitalAssets. The #fintech industry offers a path toward growth and prosperity for everyone in our country. So stay tuned for more good news! pic.twitter.com/xT2p19K9dS— Martin St-Hilaire ???? (@martinsth) March 7, 2023Building Local Knowledge through ImmigrationAnother panel addressed the difficulties foreign investors encounter when they start FDL businesses in Vanuatu.For Martin St-Hilaire, managing director at Titan FX, the biggest priorities are investing in education and relaxing immigration rules for foreign skilled workers – and the two are usually intertwined.“Knowledge industries, such as fintech, are our best chance to grow our economy. All it takes is an internet connection and an education. Unfortunately, Vanuatu has a schooling average of just 6.8 years and only 5% of our youth advance to post-secondary studies, so we can’t even fill all the currently open positions,” St-Hilaire explained.“Importing foreign skilled workers would not only fill the skill gap, it would provide mentors for the next generation of local knowledge workers. Foreigners are bringing both their skills and teaching capacity.”St-Hilaire pleaded for a “change of mindset” in which Vanuatus opens its borders to foreign workers, instead of scaring them away with cumbersome visa rules.In his view, the FDL program perfectly demonstrates his theory: “Each new FDL can pair a local with a foreign worker, who trains them, so we grow into two plus two, three plus three, and so on. Our sector already employs about 110 people, who, in turn, support their families and spend their earnings in the community. These jobs didn’t exist five years ago, so foreign workers didn’t take them away from anyone. We created a whole new industry from scratch by importing the skills we needed.”He stressed that the current immigration rules are “not protecting anything,” they’re only “damaging future opportunities for local kids.”St-Hilaire was joined by Howard Aru, the former CEO of the Vanuatu Foreign Investment Promotion Agency and current GM at the Vanuatu Chamber of Commerce, who seconded St-Hilaire’s call for “a change in thinking.”“I’ve been singing this song for 20 years. Hopefully more industries will follow fintech’s lead,” Aru stated. This article was written by Nicolas Ritoux at www.financemagnates.com.