Warning Savings protection Warning The AMF and the ACPR warn the public against the activities of several entities offering investments in Forex and in crypto-assets derivatives in France without being authorized to do so

1.3 Wed 30/09/2020 - 12:00 Reference texts Articles 318-44, 321-77, 321-81 and 323-39 of the General Regulation Articles 47, 48 and 92 of Delegated Regulation (EU) 231/2013 of the European Parliament and of the Council of 19 December 2012 …

According to information available to BaFin, the operator is providing financial and investment services on this website without the required authorisation.

The U.S. Treasury Department’s adoption of artificial intelligence (AI) to combat financial crime has led to a massive leap in fraud detection. The treasury managed to recover $1 billion in check fraud in fiscal 2024 alone, nearly three times what it recovered the previous year. Treasury officials credited machine learning AI for the success, which also helped detect and prevent more than $4 billion in fraud overall during the year—a six-fold increase from the prior fiscal year. Renata Miskell, a senior Treasury official, called the impact of AI “transformative,” noting that it has increased their ability to detect and prevent fraud by uncovering hidden patterns and anomalies within vast amounts of data. Treasury officials began using AI to target financial crime in late 2022, following practices already in place by many banks and credit card companies. Unlike generative AI models like ChatGPT, which generate text and images, the Treasury’s fraud detection relies on machine learning, a branch of AI that excels at analyzing data and identifying suspicious activity much faster than humans could. This is crucial for an agency responsible for handling $7 trillion in payments annually, including Social Security, tax refunds, and federal paychecks. With the rise in fraud, particularly during the COVID-19 pandemic, AI has become essential in protecting taxpayer dollars from scammers. The treasury’s efforts come amid growing concerns about AI-related risks in finance. Secretary Janet Yellen and other officials warned that AI could also be exploited by bad actors, posing new dangers to the financial system. However, Miskell clarified that a human always reviews flagged transactions before determining if they constitute fraud, ensuring AI improves fraud detection without replacing human oversight. Miskell added the feds continue to expand use of AI and is working with state agencies to upgrade fraud detection tools, particularly to combat issues like unemployment insurance fraud. The Treasury is not alone in its adoption of AI for financial oversight. In September 2023, the Internal Revenue Service (IRS) announced its own use of AI to identify tax evasion schemes, particularly within hedge funds and law firms.

This week we tracked more than 85 tech funding deals worth over €774 million, and over 15 exits, M&A transactions, rumours, and related news stories across Europe.  In addition to this week's top financials, we've also indexed the most important/industry-related news items you need to know about. If email is more your thing, you can always subscribe to our newsletter and receive a more robust version of this round-up delivered to your inbox. Either way, let's get you up to speed. ? Notable and big funding rounds ?? Nuclera raises $75M Series C for eProtein discovery system ?? Cleantech Aira closes a €63M investment ?? Energy services startup Hometree raises £50M mezzanine facility to lead UK home decarbonisation ?? EIB invests €34M in Vay's teledriving tech expansion in Europe ??‍?? Noteworthy acquisitions and mergers ?? UK-based Surfboard acquired by customer intelligence platform Dialpad ?? Shiftmove acquires Optimum Automotive ?? UK crypto outfit Ziglu buys retail arm of Gibraltar-based crypto payments firm ?? Pan-European cybersecurity giant Conscia expands with PlanNet21 acquisition ? Interesting moves from investors ? Mountside Ventures pioneers VC accelerator programme for early-stage managers ? 20VC's 3rd Fund skyrockets to $400M, backed by MIT Investment and RIT Capital Partners ?? Apollo launches its first climate private equity wealth fund in Spain ? BPF invests €50M in Indico VC Fund II ? Dutch MoD unveils new €100M ‘SecFund’ to support homegrown companies working towards a safer Netherlands ? node.vc closes €71M fund for Nordic entrepreneurs ?️ In other (important) news ?? Entrepreneurs and investors launch EU Inc. in a push for a single pan-European startup entity ?Q3 2024’s Seed deal boom: Europe’s top tech startups to watch ?? Health tech and life sciences lead the way for UK VC investment in Q3 ? The fintech funding landscape: Top 10 seed deals of 2024 so far ? Recommended reads and listens ⌚ Pocuter launches Kickstarter for Spectra smartwatch: A blend of high-end features and maker possibilities ??​​ Germany-based startup A4ord offers a solution to appointment scheduling woes ? Glovo becomes the first industry app to merge social media features with food discovery ? Sweav launches first Private Equity community in the Netherlands ? European tech startups to watch ??RTDT Laboratories raises €160,000 to optimise wind turbine fleet operation ?? MELIUS Cyber raises £500,000 for cyber risk detection platform ?? WhiteBridge raises $500,000 for AI-powered reputation management ?? SuperLight Photonics secures seed investment from Hamamatsu Ventures ?? Circuland raises €750,000 for green construction tech ?? HRtech startup Wrksense raises €825,000 pre-seed ?? TheStorage secures €1M to decarbonize industrial heat

Gold prices surged past $2700/oz fueled by expectations of global rate cuts and escalating geopolitical tensions in the Middle East. The London Bullion Market Association’s bullish prediction of $2941/oz gold price in 12 months. Technically, gold is overbought, but the threat of an Israeli strike on Iran could limit downside risks. Most Read: S&P 500, Nasdaq 100 – Wall Street Indexes Rise as TSMC Leads Chip Stock Rally, Where to Next? Gold prices advanced further overnight gaining acceptance above the $2700/oz as global rate cut bets intensified. The killing of Hamas Political Bureau leader and of the masterminds behind the October 7 attacks Yahya Sinwar had raised expectations of an escalation in the Middle East conflict, but the precious metal was already well on its way to fresh highs. Currently, a mix of factors is fueling the gold rally. Despite the strengthening US dollar, gold prices continue to climb. Economic data from the UK and the ECB’s interest rate meeting have boosted expectations for rate cuts worldwide, enhancing gold’s attractiveness. Lower global interest rates reduce the opportunity cost of holding this non-yielding precious metal and could keep the rally moving forward.  A bullish take from the London Bullion Market Association who conducted a poll recently further adds credence to the idea that Gold prices may not be done just yet. The poll was to predict the price of Gold in 12 months time with the association seeing prices at $2941/oz.  The US election is nearing as well and uncertainty continues around the next US President. This could be another reason the appeal of safe haven continues to grow.   Technical Analysis Gold (XAU/USD) From a technical analysis standpoint, Gold has been difficult to analyze with the lack of price action.  Gold bears may have been hoping for some headwinds from US data but that has not materialized as housing data disappointed. This has led to some USD weakness, which in theory should aid Gold prices. .  The concern for bulls lies in the fact that the RSI is now in overbought territory on the four-hour, daily and weekly charts. That coupled with the potential for profit taking before the end of the day leaves me slightly concerned. However, the threat of a retaliatory strike by Israel on Iran has strengthened as Israeli officials commented today a strike is imminent. This is something that could limit downside ahead of the weekend and into next week as well.  Immediate support rests at 2700 before the 2685 and 2673 handles come into focus.  Conversely, looking at the upside and immediate resistance rests at today’s high print around 2717 before 2725 and 2750 come into focus.  GOLD (XAU/USD) Four-Hour (H4) Chart, October 18, 2024 Source: TradingView (click to enlarge) Support 2700 2685 2673 Resistance 2717 2725 2750 Follow Zain on Twitter/X for Additional Market News and Insights @zvawda

CloneFraudsters copy the details of firms we authorise to try and convince people that their firm is genuine. Find out why you shouldn’t deal with this clone firm. Almost all firms and individuals must be authorised by us to carry out or promote financial services in the UK. This firm is not authorised by us but has been contacting people pretending to be an authorised firm. This is what we call a clone firm. Search our Warning List for other unauthorised and clone firms we're aware of. Clone firm details Fraudsters are using the following details to scam people: Name: sandabvba.com (Clone of Previously Authorised PSD Agent) Address: 67 Lombard St, London, EC3V 9AJ 24 Church Road, London, SE19 2ET Telephone: 02038052432, 02039098911 Email: info@sandabvba.com Website: https://sandabvba.com/ Scammers may give out other false details, including email addresses, telephone numbers, postal addresses and Firm Reference Numbers. They may mix these details with the genuine details of authorised firms. They may also change their contact details over time. FCA authorised firm details This is the genuine, authorised firm that the fraudsters are claiming to work for. It has no connection with the clone firm. The correct details are: Firm Name: S & A bvba Firm Reference Number: 509056 Address: Torhoutsesteenweg 112 Oostende West Vlaanderen, 84 00, BELGIUM Telephone: +3259250713 Email: samvelartenyan@mail.ru What this means for you If you deal with this firm, you won't have access to the Financial Ombudsman Service if you have a complaint. You also won't be protected by the Financial Services Compensation Scheme (FSCS) if things go wrong. This means it's unlikely you'd get your money back if the firm goes out of business. How to protect yourself You should only deal with financial firms that are authorised by us. If a financial firm is authorised by us, it gives you greater protection if things go wrong. You can check our Financial Services Register to make sure a firm is authorised and has permission for the service it's offering you. You'll also be able to find: information on how you're protected contact details for authorised firms If you're contacted unexpectedly by a financial business or individual, make sure you reply using the contact details on the FS Register. Find out more about how to protect yourself from scams. Report a clone firm If you think you've been approached by an unauthorised or clone firm, call us on 0800 111 6768, or use our contact form.

The prime brokerage industry is back to its best. After a few turbulent years stemming from market volatility, rising interest rates, geopolitical turmoil, inflation, soaring energy prices, client performance, fee pressures, a mini banking crisis, looming regulation, constant tweaking of risk models, rising client complexities and the notorious Archegos saga… well, things are looking up.Not that the seemingly never-ending list of aforementioned market occurrences had noticeably hindered the prime business. The ‘one thing after another’ era was a thorn in the side for a segment that is particularly sensitive to market forces impacting its clients’ appetites for lending and other prime services. But the headwinds have subsided, and the tailwinds have finally arrived in the form of new fund launches, a rise in allocations and increasing returns for funds, not to mention the continuing emergence of multi-strategy hedge funds. Prime brokerage is an industry which thrives off its clients’ growth, and that’s exactly what we’re seeing now.“Year-to-date, we’re seeing for the first time in many years a notable uptick in new fund launches and spin outs from bigger places,” says Jack Seibald, managing director, co-head of Marex prime services and outsourced trading. “Within that, there’s more billion-dollar and above launches in the last twelve months than there were in the preceding several years. That’s adding a level of interest in the sector again by allocators. From our cap intro team, we’re certainly seeing from the allocator community renewed interest in hedge funds.”According to Coalition Greenwich, the top dozen investment banks offering prime services saw revenues rise to a record $20.4 billion in 2023. Meanwhile, with regards to equities, revenue deriving from prime brokerage compared to trading shifted from a 30% versus 70% ratio a decade ago, to 40% to 60% in 2023.Dominic Rieb-Smith, managing director, international head, prime services sales, JP Morgan, refers to the past year as “a standout”. Meanwhile, Patrick Travers, head of distribution at Clear Street, says he agrees with the sentiment around it being a good 12 months for prime brokers: “From our perspective, the markets have remained strong with pockets of volatility which tend to allow for investment opportunities and increased balance activities which are key drivers across the equity finance landscape.”In addition to the billion dollar-plus launches, CIBC Mellon also points out to us the noteworthy increase in scheduled fund launches with assets under management of $500 million or greater – up almost two-fold on what was observed in 2023.Penny Novick, global co-head of prime brokerage at Morgan Stanley, picks up on this point, stating: “With heightened dispersion across equity markets, hedge funds continue to see strong opportunities to generate alpha globally, which has led to increased levels of gross exposure being deployed across the fundamental long/short universe. “Additionally, multi-manager hedge funds have continued to win the lion’s share of the new capital coming into the industry as they have been rewarded for their ability to mitigate risk while still delivering positive alpha to their investors. The positive performance combined with markets trading at all-time highs and elevated gross leverage across the hedge fund client base has meant prime brokerage balances have reached peak levels.“Views from the allocator universe towards the broader hedge fund industry also remain positive, and while this hasn’t necessarily led to net inflows to the industry as a whole up to this point, the forward-looking expectations based on our recent Investor Survey would point to increased allocations to hedge funds in the next 6-12 months, which we expect will also have a positive impact on the prime brokerage business.”We spoke to around a dozen primes across this feature, and anecdotally, there were also countless examples of growth, including – but not limited to – an uptick in growth in Europe, something backed up by a recent IFR article titled ‘Europe’s hedge fund industry is taking off after lost decade’, while there was also positive news out of APAC and opportunities highlighted in the Middle East and Australia.And the purple patch isn’t confined solely to the largest players, the chasing pack, or the plucky young upstarts – the overall PB pie is growing, meaning everyone’s slice is now more lucrative than ever before. Bigger and betterJust five years ago when JP Morgan surpassed $500 billion in prime brokerage balances, the bank’s head of global head of prime finance, Jonathan Cossey, quipped: “Next stop, one trillion!”. Well, fast forward to 2024 and the PB behemoth and its counterparts in the ‘big three’ are all reportedly around that coveted milestone.Data from Convergence tracking the top 25 prime brokers showed their market share grew from 83.3% in April 2023, to 92% in 2024. Goldman Sachs, Morgan Stanley and JP Morgan all increased their market share substantially, despite the former two seeing drops in the number of funds they have relationships with. According to Convergence data, JP Morgan saw both new client additions and a double-digit market share percentage growth.“I think the last 12 months for us in particular have been standout,” says Rieb-Smith, which has logged its best score in our sister title Global Custodian’s Prime Brokerage Survey since at least 2016. “In terms of client demand and what we have to offer, I think we’re really unique and we have benefited from that.”Part of this has been down to the continuing rise of multi-strategy (multi-strat) funds which have very sophisticated and specific demands which can only be met by certain service providers with scale and a broad offering covering a range of asset classes.On the topic, Rieb-Smith adds: “We’re in an environment where you’ve seen the macro community morph into multi-strats (because they’ve gone into equity strategies whether that be volume, capital markets and ultimately quant). Then you’ve got the quants who have started to look at fixed income products. These could be systematic, macro, or systematic credit funds, but you’ve seen more and more of those firms evolve into what look like multi-strat strategies. There are also the multi manager platforms that, in order to be fully diversified and attract the capital that they’re after, have become multi asset and therefore could be bucketed as multi-strat.“If you look at what those firms need in terms of prime-related services, well, cash PB and synthetics are just the basics. Those are the relatively commoditised parts of the business. There aren’t many banks that are organised the same way as JP Morgan, whereby my team in prime financial services sales are responsible for marketing not only all those prime finance related products, but all our clearing products as well.”“When you go through these really volatile periods of time, if the multi-managers that are really well diversified do come out stronger than monoline hedge funds, then there is an argument for investors. That’s why the money’s with them and they will probably attract even more capital. They are now trading in all these other asset classes. They need a financing platform to support all of that. We’re one of the only providers that can do all of that for them. So you can see how this growth and momentum just starts to really build over time.”JP Morgan’s rival Morgan Stanley have been serial outperformers in the aforementioned Prime Brokerage Survey for some years now – picking up the Best Prime Broker accolade in 2022 and an Overall Excellence Honour in 2023 – and 2024 was no different, beating the global average by 44 basis points. The bank also highlights to us how “as a global multi-asset class prime broker, we are structured to deliver the widest range of services regardless of strategy type or product complexity”.“At Morgan Stanley prime brokerage, we continue to be focused on growing our market share with existing clients by leveraging our unique integrated investment bank and firm strategy to deliver holistically across advisory, financing and sales and trading as well as our ability to tap into wealth and asset management channels to provide solutions to our hedge fund clients,” explains Novick. “Additionally, we remain vigilant in working with emerging talent early and providing them differentiated resources across consulting capital introductions, talent management, technology and client service to help these new entrants launch their businesses successfully.”The big three can sometimes be passed over when it comes to media coverage of the prime brokerage sector, simply because of how far out in front they are with regards to market share – believed to be somewhere between 40-60% depending on metrics and who you talk to – but their capabilities and service levels are not dropping and there are still billions of dollars being invested between them into the technology underpinning these units. The challengersBut the growth of the overall pie is also benefitting players outside of the top three, as the headline of this piece suggests.Ever since the exits of Credit Suisse and Nomura from the business – along with Deutsche Bank’s sale to BNP Paribas back in 2019 – the prime brokerage landscape has been dramatically shaken up to the benefit of those remaining in the business.Over the past year, each of the top 25 primes have increased their market share – according to Convergence – with 16 of those experiencing double-digit percentage growth.Some of the larger funds who were contemplating their next move following an exit of their previous provider moved up the table to the big three – which they likely already had relationships with already – while others switched to some of the ascending players in the industry.In addition to this – and somewhat because of these new funds – there has been a trend of the biggest prime brokers offboarding clients or limiting access for numerous funds, leading to many mid-tier PBs looking to move upstream and ambitiously add clients who have either fallen foul of exiting primes or been offboarded. “You had a flurry at the time, and then it slowed down, but we’re still seeing trickles of that business two years later,” explains Seibald, referring to the exits of other primes. On the topic of offboarded clients, he adds: “Emerging and mid-sized managers continue to be, for the most part, ignored/shunned by the bulge bracket prime brokers as the largest participants have been able to build their books with more desirable, larger revenue producing funds that found themselves in need of alternative banks following the demise/exit from the business of several of the largest players. “This has created an ongoing opportunity for mid-tier prime brokers, particularly those with broad asset class and geographical capabilities comparable to those of the bulge bracket banks. This is an ongoing pattern that we suspect will continue for some time.”Some of the aspiring players are present in the Prime Brokerage Survey, with outperforming scores set by players including Pershing, CIBC Mellon, Marex, Cantor and TD Securities. Clear Street is also continuing to make waves, despite being a much newer player on the scene.For Marex – previously TD Cowen – a new chapter has begun under a new owner, and the transaction has been relatively seamless with the prime broker retaining its team members, and even adding talent. Seibald added that under Marex, the prime brokerage unit is starting to explore opportunities in segments of the market it previously had little to no exposure to, but where Marex is a prominent participant, specifically, commodities and futures.Seibald’s team is joining in the upstream movers by some of the players named above, along with the likes of BTIG, Interactive Brokers, JonesTrading, and near to a dozen of the largest banks. It should be noted that in a market which has experienced provider exits, the shedding of less profitable clients and with looming increased capital requirements – don’t underestimate the lure of staying power and commitment to the business.Multi-strat growthAlong with the opportunities from wanting clients, it’s really been the rise of multi-strategy hedge funds which continues to benefit the industry, particularly players with diversified capabilities across all of the asset classes and securities, as well as in the futures and commodity space. This trend, and shift away from an equity-centric sector, has cemented these prime brokerage divisions as the jewel in the investment banking crown for many of the largest players in financial services.“A lot of the really big funds have taken in a lot of the assets that are coming into the marketplace,” says Aaron Steinberg, head of prime services at BNY Pershing, “A lot of that money from the institutional allocators, has been funnelled to a number of very large multi strategy and or multi manager platforms that those investors are just more comfortable with. There’s been a consolidation of where the assets are in the marketplace, and the biggest of the funds have gotten bigger. “We started to see a little bit of what I imagined was going to be the evolution of that market, which is a number of strong portfolio managers from those multi manager platforms coming out, launching their own funds. And we’ve seen some significant launches this year in that space. We’ll probably continue to see that trend.”With two fewer major players in the space, the competition has been heating up and requires significant investment. Some of the banks behind the big three have been aggressively looking to capitalise on the continuing trend, with lots of positive noise around Bank of America, Citi, BNP Paribas and Barclays. It’s no easy thing to service these funds though, with significant investments, talent and scale required.Outside of competing on capabilities, tech and the ability to service a range of strategies, one thing that shouldn’t be underestimated is the importance of client service. It’s for this reason that the category is such an important mainstay of the Prime Brokerage Survey and while not the ‘sexiest’ attribute of a prime broker to talk about in this fast-moving world, it is critical none-the-less.“If you read some of the more recent Global Custodian surveys over the past few years, specifically as it relates to our business, one of the things that is stood out is the high level of client service,” adds Steinberg. “As all firms are looking to create more automation and create a stronger technological base and frankly, reduce overhead costs, something that’s gotten lost in that is that prime brokerage has traditionally been a high level of touch client service model. “That’s what drives clients’ ability to get the services they need, not only from the prime broker, but from the broader bank itself. A lot of the clients that we’re talking to – again, the big multi-platform, multi strategy funds – they want to have enough counterparties where they can invest how they want to when changes happen in regulation – whether it’s around RWA or whether balance sheet changes for a specific bank or there’s buying opportunities, but they also want to be really valuable to those counterparties as a whole and in total. And so, they want to be more to their counterparties, and we want to be more for our clients.”Travers concurs: “With regards to the sell-side and prime brokerage specifically, we are all in client service on a daily basis,” he says. “The premise of what we do day in day out is to facilitate our clients’ needs and enhance their business every day. Regarding the client service team, we find that the best way to differentiate our technology offering is to have best in class client service personnel.”Challenges ahead?It’s not all sunshine and rainbows in the prime brokerage world, however. Looming regulatory issues and the ever-increasing complexities of the business have led to constantly evolving risk management systems.Among the major changes is the Basel III ‘endgame’ update, the widely anticipated capital requirements hike for Global Systemically Important Banks (G-SIBs). Last year, US regulators unveiled the new capital rules for lenders, with G-SIBs seeing an increase by an aggregate of 16%.The requirements align the US with Basel III standards which were agreed following the 2008 crisis with capital, leverage and liquidity requirements rolled out in the ensuing years, as the latest reforms look to end the reliance on internal models in the US for estimating risk and introduce standardised frameworks. While there is no exact timeline on the final ruleset being published and implemented, banks are preparing now and certain prime brokers have become increasingly sensitive to strategies with more punitive RWA and capital treatment. Additionally, in February, the Federal Reserve Board released four new hypothetical elements as a means to analyse different risks within the banking system. Two of these scenarios include two sets of market shocks which observe the hypothetical failure of each bank’s five largest hedge fund exposures under unique market conditions. This analysis will bring to light the results of a hypothetical major market disruption and the implications of it. Most recently, Bloomberg reported that the Bank of England is also reviewing lenders’ practices within their prime brokerage business as part of a long-running review into their exposure to hedge funds and other non-banks.The arrival on the radars of various regulators stems from the fallout of the collapse of Archegos Capital in 2021, where its various prime brokers – of which there were many – were not fully aware of the size of the fund’s positions with other banks, and as the Bank of International Settlements put it, they thereby underestimated its overall leverage and impact on the markets in which it was active.The silver lining was a complete reassessment of client relationships within the prime businesses of the biggest players and a wake-up call which was spun as ‘good’. However, the downside has been increased regulatory scrutiny.“We’ve seen many of our competitors adjust and ‘revisit’ both their counterparty credit and risk policies following past events in the marketplace,” says Travers, though Clear Street had no involvement in the Archegos saga. “We believe that a robust risk and credit policy coupled with a stringent KYC policy will be key to avoiding another market event specifically within the prime brokerage space.”ABN Amro adds: “The post-Archegos stabilisation trend is also evident with central clearing of OTC products, increased capital requirements and introduction of UMR. This has led the business scope for prime brokers to expand to full collateral management optimisation across multiple industry areas, with the largest benefit to UMR impacted clients. In addition, there is also interest in more efficient financing solutions, such as repo paired with custody.”Of course, there are multiple other market structure developments and regulations for prime brokers to contend with from markets moving to reduced settlement cycles to new cyber security requirements. Ultimately, in 2024, the headwinds should only be a footnote to the main story – and that is around an industry reaping the rewards of a patient approach through some frankly wild years post-Covid. There was a phrase used throughout our outreach that the biggest are getting bigger – with regards to hedge funds – but that growth also relates to the entirety of the prime brokerage business. What this means is a likely increased investment and focus on these units from the largest players as this lucrative business begins to grow as an increasingly prominent part of each organisation. But they aren’t the only benefactors – it’s been a big year for primes of all shapes and sizes, and all those left in the market have lofty ambitions for the future.The post The prime brokerage pie is growing, which means bigger slices for everyone appeared first on The TRADE.

Investing.com — Bank of America analysts on Thursday reiterated a Buy rating on Nvidia (NASDAQ:) stock and lifted the price target from $165 to $190, implying nearly 40% upside from current levels. BofA also hiked its 2025 and 2026 pro forma earnings per share (EPS) estimates by 13% and 20%, respectively. The bank believes that Nvidia, which holds an 80-85% market share, is facing “generational opportunity” in a total addressable market (TAM) exceeding $400 billion, a significant jump from the current year’s projections. Analysts said their bullish stance on the stock has been bolstered by several recent industry developments – TSMC’s recent blowout report, AMD’s AI event, and strong Blackwell demand, among others – as well as the company’s robust competitive positioning. Moreover, they highlight Nvidia’s underestimated enterprise partnerships with major firms like Accenture (NYSE:), ServiceNow (NYSE:), and Oracle (NYSE:), as well as its software offerings. “NVDA’s engagements span multiple verticals, and offerings such as AI Foundry, AI Hubs, NIMs are key levers to its AI leadership, not only on the hardware side but also on systems/ecosystems side,” they noted. BofA projects that Nvidia’s free cash flow (FCF) at 45-50% margin remains underappreciated, as it is nearly double the average of the so-called “Magnificent Seven” tech giants. “In $ terms, NVDA could take in $200bn+ of FCF over the next two years, rivaling that of AAPL and providing growth optionality,” analysts said. In its bull case scenario, BofA suggests that Nvidia could outperform expectations if the networking segment mix reaches 17-18%, driven by the ramp-up of its Spectrum switch and potential market share gains in Ethernet. This could conceptually lead to sales exceeding $200 billion in the fiscal year 2026. Furthermore, there is potential for gross margins to improve toward the mid-70% range, factoring in system mix shifts and better yields from the Blackwell product line. !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js'); Source link The post Nvidia facing a ‘generational’ opportunity, stock has nearly 40% upside left: BofA By Investing.com first appeared on Forex Trader Hub.

Apple's iPhone 16 and iPhone 16 Pro boast much-improved battery life, but for some users, the opposite has been the case.According to a pretty large number of posts on Apple's official forums and Reddit (via MacRumors), battery life has been pretty abysmal for some iPhone 16 and 16 Pro owners running iOS 18. The complaints actually started earlier, while iOS 18 was still in beta, but the issue apparently hasn't been fixed, bringing a new wave of dissatisfied users now that iOS 18 is widely available. SEE ALSO: iPhone 16 vs. iPhone 15: How are they different? Most users who experienced the issue say their phones have simply drained very fast while being idle, or while doing fairly undemanding tasks like playing music. "Listened to music for the first 2.5 hours of my day (with less than 45 minutes screen time) and realized my battery was at 68 percent," said one user on Reddit. "I’m comparing my activity to my previous iPhone 14 I have to my girlfriend. She is at 78 percent while I’m at 45 percent. Something not going right here," said another. Featured Video For You 5 reasons iPhone 16 is the best upgrade for you It's worth noting, however, that some users aren't experiencing these problems, and some (but not all) said that upgrading to the iOS 18.1 beta remedied the issue. Fortunately, this type of bug is quite common with new iOS releases; we've seen similar issues resolved after a software update. Now it's up to Apple to look into this one and fix it.

What is the role of Artificial Intelligence in compliance? What about Machine Learning? Are you using ChatGPT? These questions are but three of the many questions we will explore in this cutting-edge podcast series, Compliance and AI, hosted by Tom Fox, the award-winning Voice of Compliance. In this episode, Matt Kelly leads the Everything Compliance quartet of Susan Divers, Jonathan Marks, Karen Moore and Tom Fox through a look at Compliance and AI from the prism of the 2024 Evaluation of...By: Thomas Fox - Compliance Evangelist

Swift has announced that 90% of cross-border payments made via its network now reach the destination bank within an hour. The company highlighted that transaction speeds for all but two of the top 40 countries on its network—by payment volume—exceed the G20’s target for 75% of international payments to achieve end-to-end processing within one hour by 2027. Notably, six regions are processing international payments faster than a year ago. However, Swift’s latest data emphasizes the need for industry and regulatory collaboration to address delays that occur after funds reach the beneficiary bank but before they are credited to the end customer’s account. Currently, there is significant variation in processing speeds at the domestic stage across these 40 countries, with 43% of cross-border payments over Swift reaching the customer’s account within an hour. Countries meeting the G20 targets have implemented real-time systems, operating 24/7 with advanced back-office processes and minimal restrictions on incoming payments. Conversely, countries with slower processing times face challenges such as limited market infrastructure hours, regulatory hurdles, and local practices that may require payment verification from customers. Swift’s figures underscore the company’s progress towards instant, frictionless transactions, improving transparency and certainty for its network of over 11,500 financial institutions. The data shows that 86% of all payments on Swift are conducted directly between two institutions or with a single intermediary. Additionally, Swift noted improvements in payment speeds to several regions, including the Eurozone, where 92% of payments now settle within an hour (+3%), the Middle East (88%, +1.8%), and Africa (87%, +1.5%). These gains reflect Swift’s ongoing commitment to enhancing the global financial system and cross-border payment access. Swift GPI and Payment Pre-validation behind improvements Thierry Chilosi, Chief Business Officer at Swift, said: “We’re very encouraged by how the global financial industry has united behind meeting the G20’s targets for enhancing cross-border payments, demonstrating the crucial role international transactions play in facilitating economic growth. Significant improvements have been made in the areas of speed, access, transparency and predictability, through our suite of friction-removing tools and services such as Swift GPI and Payment Pre-validation. “We’re committed to continuing to collaborate with our community to create a fast, trusted and secure end to end cross-border payments experience through standardization efforts, including supporting the industry transition to the ISO 20022 global standard. But to really push on as a community and to achieve the G20’s goals, we all – the industry and global policymakers – need to focus our efforts firmly on the domestic beneficiary leg of transactions so that an enhanced experience can be enjoyed by every customer. Swift is committed to continuing to support these efforts.” Swift is a global, member-owned cooperative and the leading provider of secure financial messaging services. We offer a platform for messaging, standardized communication, and a range of products and services to support access, integration, identification, analysis, and regulatory compliance. Connecting over 11,500 banks, securities organizations, market infrastructures, and corporate customers across more than 200 countries, Swift facilitates the secure exchange of standardized financial messages. While we do not hold funds or manage accounts, we enable our global community to communicate reliably, supporting both international and local financial flows, as well as global trade. Swift plans to conduct live trials for digital assets Swift recently announced plans to conduct live trials for digital asset and currency transactions across its global network, which connects over 11,500 financial institutions worldwide. Starting next year, the trials are set to take place in North America, Europe, and Asia, the first time SWIFT pilots real-world transactions involving digital assets and currencies. SWIFT has previously tested blockchain transactions in controlled environments. However, the upcoming trials will use an upgraded infrastructure capable of handling both digital and traditional currency transactions across borders. The trials seek to show how financial institutions can transact seamlessly between different types of assets and currencies using their existing SWIFT connections. The initiative builds on SWIFT’s recent experiments with web3 services firm Chainlink, where they showed how SWIFT could act as a single access point for multiple public and private blockchain networks, including those used for tokenized assets and central bank digital currencies (CBDCs). SWIFT also plans to launch a new platform within the next one to two years to connect central bank digital currencies (CBDCs) currently under development with the existing financial system. With around 90% of the world’s central banks exploring digital versions of their currencies, there is a push not to fall behind the advancements made by bitcoin and other cryptocurrencies. However, technological complexities pose a challenge. SWIFT highlighted that the network’s latest trial, which included a diverse group of 38 central banks, commercial banks, and settlement platforms. The joint effort focused on interoperability among different CBDCs, even if they are built on varying technologies. The trial also explored the potential for CBDCs to be used in complex trade or foreign exchange payments and for transactions to be automated, which could expedite processes and reduce costs. The successful results have prompted SWIFT to consider productizing the new platform within the next 12-24 months, moving from experimental stages to reality.

On 17 October 2024, the G7 Cyber Expert Group (G7 CEG) issued a public statement (dated 25 September 2024) highlighting the potential cybersecurity risks associated with developments in quantum computing and recommending steps for financial authorities and institutions to take to address those risks. The statement notes that an initial set of quantum-resilient encryption standards was released by the National Institute of Standards and Technology (NIST) last month. Additional standards from NIST and other standard-setting bodies are expected in the future. The G7 CEG strongly encourages financial authorities and institutions to start taking steps to build resilience against quantum computing risks these include: Developing a better understanding of the issue, the risks involved, and strategies for mitigating those risks. Financial entities may consider outreach to vendors, third parties, and other subject matter experts to better understand the risks of quantum computing and potential technology solutions, with a particular focus on cryptographic risks. Issues they may want to focus on include the timelines for quantum technology development, the evolution of the threat landscape, and existing and emerging quantum resilience technologies and approaches. Financial entities should consider processes to track developments in these areas as they change over time. Assessing quantum computing risks in their areas of responsibility. Financial entities should develop a sound understanding of quantum computing risks to their particular areas of responsibility, whether that is an individual company or a jurisdiction. The intention is to identify the level of effort the entity should dedicate toward the issue and the specific area(s) where it should focus. Developing a plan for mitigating quantum computing risks. Financial entities should consider establishing governance processes, identifying key stakeholders and their roles and responsibilities, and establishing milestones for key actions based on the anticipated deployment of a cryptographically relevant quantum computer.

Threat actors are leveraging fake Google Meet web pages as part of an ongoing malware campaign dubbed ClickFix to deliver infostealers targeting Windows and macOS systems. "This tactic involves displaying fake error messages in web browsers to deceive users into copying and executing a given malicious PowerShell code, finally infecting their systems," French cybersecurity company Sekoia said in

The move aims to protect consumers and ensure that BNPL providers operate fairly and responsibly. On Thursday, the UK government launched a consultation on draft legislation to regulate the BNPL market. The proposed regulations seek to provide consumers with clear information, prevent unaffordable borrowing, and establish strong consumer rights. The FCA welcomed the government’s consultation and reiterated its long-standing call for BNPL products to be brought within its regulatory remit. “BNPL can provide benefits for consumers by giving them more payment options and support merchants in selling their goods and services. But as with other credit products, there are also risks and the potential for harm,” said the FCA. The proposed regulatory regime will include requirements for BNPL providers to conduct affordability checks, provide clear information to consumers, and adhere to the Consumer Duty. Borrowers will also have the right to take complaints to the Financial Ombudsman Service. Once the legislation and FCA rules are finalised, BNPL firms will need to apply for authorisation. The FCA intends to introduce a temporary permissions regime to allow firms to continue operating while their applications are being processed. The government and FCA expect the new regulations to come into effect within 12 months of the legislation being passed. The post UK Government Plans to Curb BNPL Risks with Regulations appeared first on LeapRate.

The Mexican Peso (MXN) trades marginally higher in its most heavily-traded pairs on Friday after bottoming out of its three-day down slope on Thursday.

Decentralized finance (DeFi) has emerged as one of the most significant drivers of cryptocurrency ownership in recent years. As more users explore decentralized platforms for lending, borrowing, and earning interest on their crypto assets, DeFi is reshaping how people interact with financial systems. The appeal of decentralized, peer-to-peer transactions without traditional intermediaries like banks has attracted millions to the crypto space, fueling a surge in crypto ownership worldwide. According to The Block, the total value locked (TVL) in DeFi protocols surpassed $200 billion in 2021, marking a notable shift in how individuals manage their assets.DeFi and the Democratization of FinanceDeFi’s rapid growth is often credited with democratizing access to financial services. Through decentralized applications (dApps), users can access a variety of financial tools traditionally reserved for institutional investors, such as lending, staking, and liquidity provision. Platforms like Aave, Compound, and Uniswap allow users to earn interest, trade tokens, and borrow against their crypto holdings without the need for a centralized financial institution. This access has proven especially valuable in regions where banking infrastructure is limited or unreliable.In 2022, it was reported that over 100 million people worldwide had engaged with DeFi platforms, with the majority of adoption occurring in developing countries. This has driven an increase in crypto ownership as individuals turn to digital assets to replace or complement traditional financial services, further enhancing financial inclusion on a global scale.Crypto Wallets and OwnershipCentral to the DeFi boom is the role of crypto wallets and you can find some of the best at bestcryptowallet.com, which are essential for users to participate in decentralized applications. Crypto wallets, like MetaMask or Trust Wallet, allow users to securely store their digital assets and interact with DeFi protocols. These wallets are the gateway to the decentralized world, enabling users to lend, borrow, trade, and earn crypto directly from their wallets.As the number of DeFi participants grows, so does the demand for crypto wallets. A report from Blockchain.com revealed that crypto wallet downloads exceeded 70 million by the end of 2022, driven in large part by the explosion of DeFi activity. The security and control offered by crypto wallets, and in this case, DeFi wallets, empower users to take full ownership of their digital assets, a key factor in the increasing adoption of both DeFi and crypto ownership.Yield Farming and Earning Passive IncomeOne of the most appealing aspects of DeFi is the ability to earn passive income through yield farming, where users provide liquidity to DeFi platforms in exchange for rewards. By staking their tokens into liquidity pools, users receive interest and additional tokens, often significantly higher than what traditional banks offer in savings accounts. The prospect of earning substantial yields has enticed many individuals to acquire cryptocurrencies and participate in DeFi protocols.For example, during the peak of the 2021 DeFi boom, annual percentage yields (APYs) in certain protocols reached upwards of 1,000%, far exceeding any returns offered by conventional finance. These lucrative opportunities have played a major role in driving up the number of crypto owners, as yield farming has become a popular way to generate wealth within the DeFi ecosystem.NFTs in DeFi: Expanding the EcosystemNon-fungible tokens (NFTs) have also begun to integrate with DeFi platforms, further expanding the ecosystem and driving crypto adoption. NFTs, which represent ownership of unique digital assets, have found use cases in DeFi for collateralization and staking. Certain platforms allow users to use their NFTs as collateral for loans or to stake NFTs to earn rewards, blending digital art and finance into a novel financial product.This fusion of NFTs and DeFi has brought new audiences into the crypto space, many of whom may have been initially drawn to digital collectibles but have since engaged with the broader DeFi ecosystem. The increasing integration of NFTs with DeFi protocols is expected to continue fueling the growth of both markets.Institutional Interest and Market GrowthDeFi is no longer the exclusive domain of retail investors. Institutional interest in decentralized finance has grown significantly, with major firms exploring ways to integrate DeFi into their operations. Hedge funds, asset managers, and venture capital firms are now investing heavily in DeFi projects, recognizing the potential for decentralized finance to disrupt traditional financial systems.In 2021 alone, institutional capital flowing into DeFi protocols increased by over 700%, according to DeFi Pulse. This institutional backing has added credibility to the DeFi space, attracting more retail investors and pushing the boundaries of crypto ownership beyond niche markets. As traditional financial institutions continue to explore DeFi, the market is expected to grow further, contributing to a broader rise in crypto adoption.Challenges and Opportunities AheadDespite its rapid growth, DeFi still faces significant challenges. Regulatory uncertainty remains a major hurdle, as governments and financial regulators around the world struggle to develop frameworks that can effectively oversee decentralized platforms. Security issues, such as smart contract vulnerabilities and exploits, have also plagued the DeFi sector, with billions of dollars lost to hacks in recent years.However, these challenges also present opportunities for innovation. As the DeFi ecosystem matures, new solutions for security and regulation are likely to emerge, further solidifying DeFi’s position in the global financial landscape. Additionally, improvements in blockchain scalability, interoperability, and user experience will help to attract more users and drive crypto ownership to new heights. This article was written by FM Contributors at www.financemagnates.com.

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