Australia's main stock exchange operator faces a sweeping transformation after regulators found it prioritized shareholder returns over the stability of critical market infrastructure, leading to repeated system failures and governance breakdowns.Australian Securities and Investments Commission’s (ASIC) inquiry, initiated in June following system outages, uncovered what the three-member panel described as a fundamental imbalance between ASX's commercial interests and its role as steward of systemically important financial infrastructure. The panel conducted 140 stakeholder interviews and reviewed nearly 10,000 documents.Dividend Payouts Came at Infrastructure's ExpenseASX paid out 88% of underlying profit and 95% of statutory profit as dividends over the past five years, while deferring technology upgrades and under-investing in systems and staff, the interim report found. That focus on constraining costs benefited shareholders but left the exchange operator struggling with outdated platforms and inadequate contingency arrangements."ASX has paid the price of low operational and capital expenditure over many years," the panel wrote. The approach contributed to several serious incidents over the past five years, including a November outage that halted trading and a December settlement system failure.Financial objectives over the past 20 years "heavily influenced" decision-making in ways that compromised the resilience of critical infrastructure, according to the report. Shareholder expectations remain anchored to past performance, creating what the panel called "a real and unresolved tension" between investors, customers and regulators.ASIC Chairman Joe Longo called the reform package a "circuit-breaker" for an exchange operator that "underestimate[d] the full extent of change required". The regulator will work with the RBA to establish a joint supervisory team with dedicated oversight of ASX's transformation efforts.Boards Lack Independence to Oversee Critical FunctionsCurrent governance arrangements fail to give clearing and settlement facility boards adequate independence from ASX Limited's commercial pressures, the inquiry found. Directors from the parent company sit on subsidiary boards, and the clearing entities rely entirely on group resources without transparent financial accounts showing their true costs and revenues.ASX agreed to restructure those boards to include only independent directors with no current or past ties to ASX Limited. The clearing and settlement subsidiaries will also gain dedicated resources, budget authority and audited financial statements under the reform package."This is most clearly illustrated with respect to the CS Facility Licensees," the panel wrote, noting that boards lacked "sufficient clarity, focus, independence and dedicated resources" to fulfill their obligations.$150 Million Capital Charge ImposedASX Limited must accumulate an additional $150 million in net tangible assets by June 30, 2027, to reflect elevated risks from persistent governance weaknesses, technology under-investment and capability deficiencies. The capital charge will remain in place until regulators confirm ASX has achieved key milestones in its reset transformation program.The measure aims to strengthen ASX's financial position to respond to risks that may materialize while incentivizing timely and effective remediation. It comes as the exchange operator already faces heightened scrutiny from regulators over its operational resilience.ASIC and the RBA also committed to reviewing their supervisory model for clearing and settlement facilities, acknowledging that "existing regulatory practices have not been effective" in driving desired outcomes. The panel's final report is due by March 31, 2026. This article was written by Damian Chmiel at www.financemagnates.com.

New Zealand's Financial Markets Authority (FMA) is investigating Christchurch-based Chance Voight Investment Corporation and affiliated entities, after securing court approval to place six of the firm's companies under interim liquidation.The investigation targets the investment operation of Bernard Whimp, who gained notoriety over a decade ago for making unsolicited "low-ball" offers to shareholders in major companies, including Contact Energy and Fletcher Building. Those controversial offers drew criticism for allegedly preying on naive investors who didn't understand the true value of their shares.Three PwC partners - Malcolm Hollis, John Fisk and Lara Bennett - took over as interim liquidators on December 10 for six entities: Chance Voight Investment Corporation Limited, Chance Voight Investment Partners Limited, CVI Securities Limited, CVI Financial Limited, CVI Partners Mortgage Fund Limited, and CVI Partners Mortgage Income Fund Limited.The FMA confirmed the probe targets the investment firm, its subsidiaries, and individuals connected to the Chance Voight Group, but won't elaborate on specifics due to court suppression orders and an FMA confidentiality order.Whimp Vows to Fight LiquidationBernard Whimp told The Post NZ he plans to challenge the liquidation proceedings. "Absolutely we are challenging the liquidation," he said, calling the regulator's action a "fantastic 'dog' act."Whimp added that he would provide more commentary in coming days, stating: "Leaders must lead at all times and in all circumstances, for me it's just another D-Day on the Normandy beaches."The Chance Voight probe adds to a growing list of enforcement actions in New Zealand's financial sector. The country has seen a sharp uptick in financial misconduct cases, with fraud complaints jumping 40% as the Serious Fraud Office handled 174 million dollars in cases across COVID relief schemes, kickback corruption and public sector theft.Past Regulatory Battles and Hedge Fund AmbitionsWhimp's history with regulators stretches back years. The Securities Commission (predecessor to the FMA) previously ordered him to correct misleading offers and secured court injunctions to stop share transfers to limited partnerships he controlled.In 2021, Whimp launched Chance Voight Investment Partners, promoting it as a hedge fund targeting bargains in the Australian sharemarket. He aimed to attract "eligible" investors with high investment knowledge to participate in "unregulated offers," promising to compound investor capital at 20% annually or better.The investigation got murkier when a Chance Voight subsidiary acquired Patterson Wealth Partners Limited, a licensed financial advice provider in November, just weeks before the liquidation proceedings.Regulatory Pressure Mounts in New ZealandScammers have become increasingly sophisticated in targeting New Zealanders. A total of 265 million dollars was drained from victims through schemes that exploit both online payment systems and personal banking details. Fraudsters have also adapted newer tactics, with fake Facebook celebrities stealing real money on WhatsApp by impersonating prominent financial figures using AI-generated videos.Meanwhile, two "investors" fooled 55 people from New Zealand for seven years, with a married couple convincing victims from the local community that they were experienced traders while actually using new funds to pay earlier investors and cover personal expenses.Chance Voight Investment Corporation is based in Cone Street in Rangiora near Christchurch. The Companies Office lists 33 shareholders including a trustee company, Whimp, and several private investors. This article was written by Damian Chmiel at www.financemagnates.com.

After more than a year and a half in live operation, cTrader’s integration with TradingView has demonstrated its reliability, confirming the true Open Trading Platform™ approach. This official integration is powered by a special adapter developed by Spotware, making cTrader one of the first to offer such functionality. Spotware’s innovative solution enabled cTrader brokers, such as IC Markets, BlackBull, FxPro and others, to be among the first to access this new feature, enhancing their competitive standing by offering traders highly relevant and in-demand tools.How it worksThe integration is enabled through a dedicated adapter developed exclusively by Spotware, ensuring a stable link between the TradingView interface and the cTrader backend. Brokers can seamlessly add an additional trading interface without altering their existing infrastructure. Spotware handles the adapter deployment and configuration, allowing orders initiated in TradingView to be processed by the cTrader backend, using the broker’s established setup, risk controls and connectivity.Staying ahead via seamless integrationThis solution allows brokers to meet client expectations, expand their technology stack and remain at the forefront of a highly competitive market, all while preserving their workflows. cTrader serves as the central execution platform, ensuring operational efficiency and providing a premium trading experience.cTrader offers broker-aligned capabilities with a wide range of features tailored to the needs of the industry. The technical partnership with TradingView amplifies cTrader’s extensive set of integrations, ensuring seamless connectivity with multiple established FX/CFD solutions, such as CRMs, liquidity providers and analytics systems.Ilia Iarovitcyn, CEO at Spotware, commented: “Driven by the Open Trading Platform™ approach, Spotware consistently delivers flexible, client-focused solutions that respond to the dynamic demands of the industry. By staying ahead of emerging trends, Spotware provides brokers with timely, relevant tools that help them to strengthen their position in the market. This focus on continuous improvement and operational excellence enables brokers to deliver a premium trading experience while adapting to the fast-paced changes of the market, reflecting Spotware's commitment to providing exceptional client experience.”About cTradercTrader is a multi-asset FX/CFD trading platform built on the Traders First™ principles to serve traders, brokers and prop firms with cutting-edge features and lightning-fast execution. With advanced native charts, built-in social trading and free cloud execution for trading algorithms, cTrader delivers a powerful, premium trading experience. As an Open Trading Platform™, it offers over 100 third-party integrations via APIs and plugins. cTrader Store allows developers to monetise trading algorithms and reach over 11 million traders, while helping brokers grow through IB-focused solutions and seamless onboarding. This article was written by FM Contributors at www.financemagnates.com.

Plus500 (LON: PLUS) has entered Indonesia by acquiring a locally regulated broker, Global Intra Berjangka, which stopped offering services in 2023. Following the acquisition, the London-listed broker is regulated by Bappebti, Indonesia’s futures and commodities trading regulatory agency.A New Market for Plus500According to the regulatory registry, Plus500 is offering its services in Indonesia through a locally registered domain.Its offerings in Southeast Asian countries appear to be contracts for differences (CFDs) and other standard instruments that it offers in most other markets.Global Intra Berjangka, a brand that has since been diluted, also appears to have offered forex and commodities trading to retail traders in the country. However, the broker’s website, which is still live, notes that it stopped onboarding new clients in January 2023.Plus500’s expansion into Indonesia comes at a time when the broker has been expanding into new markets. A few months ago, it established its first representative office in Colombia and is also seeking a local licence in Chile.The broker also bought an Indian derivatives broker earlier this year for $20 million.Another Lucrative Market for CFD BrokersIndonesia has a population of more than 283 million, according to the World Bank, and is the largest economy in Southeast Asia. The country is also part of the Asia-Pacific region, one of the most active markets for brokerages today.Plus500 is not the only CFD broker to enter the Indonesian market. Last year, Poland-headquartered XTB also entered the country by acquiring a local broker. Doo Financial also received an Indonesian licence last year.However, most other CFD brokers offer services through offshore units, working with local affiliates and introducing brokers.Recently, Robinhood announced plans for the largest Southeast Asian market and agreed to acquire two Indonesian financial firms, which are expected to close sometime in the first half of next year. The fintech plans to target around 17 million cryptocurrency traders and 19 million capital market investors in the country. This article was written by Arnab Shome at www.financemagnates.com.

PU Prime, a global multi-licensed online brokerage, today officially unveiled itsOfficial Verification Hub, a feature designed to elevate trust, security and transparency across the trading ecosystem. This launch reinforces PU Prime’s position as an industry innovator and a trusted partner for traders worldwide.With this Verification Tool, traders gain a single, authoritative source to verify all official PU Prime channels, including websites, social media accounts, and contact points. Beyond that, the tool also reinforces a safer trading environment by inviting the community to actively report suspicious pages and verify questionable channels.Key highlights:Empowering Traders Through Trust: By centralizing verified PU Prime channels, the tool equips users to navigate the market confidently while reducing risks associated with impersonation and scams.Visionary Community Engagement: Beyond security tools, it’s the first step in a broader initiative to involve the global trading community in safeguarding the industry, creating a collaborative network across the community.Driving Industry Standards: PU Prime aims to strengthen integrity within the industry, showing that innovation can go hand in hand with responsibility and proactive user protection.PU Prime highlighted that trust plays an essential role in every trading journey. With the Official Verification Tool, Traders can now instantly verify official PU Prime channels and participate in building a more secure, informed, and confident trading ecosystem. The tool represents PU Prime’s ongoing vision: More Than Trading — empowering every trader, safeguarding every decision.About PU PrimeFounded in 2015, PU Prime is a leading global fintech company and trusted CFD broker. Today, it offers regulated financial products across forex, commodities, indices, shares, and bonds. Operating in over 190 countries with more than 40 million app downloads, PU Prime provides innovative trading platforms and an integrated copy trading feature, empowering traders worldwide to achieve financial success with confidence.For media enquiries, please contact: media@puprime.com This article was written by FM Contributors at www.financemagnates.com.

The FED’s week hasn’t brought any surprises to the market. The Federal Reserve had expectedly moved the interest rate down for one quarter a point, with 3 members voting against the decision, out of 10. Jerome Powell, the existing FED’s governor, had confirmed another rate cut in 2026, after which, the FED would probably take a break, as the employment situation looks stable, and the next focus in the dual-mandate of the FED would be to focus on inflation.However, traders are already starting to discount the dovishness of a supposed new FED’s president Kevin Hassett, who is known for his dovish rethorics. He had mentioned earlier this week that there might be even more than 3 rate cuts.Euro, Yen and other major currencies are driven by hawkish narratives, in comparison to the US dollar. For example, the yield of 30-year bonds of Germany had reached yet another peak.Other than declining the interest rates, the FED had announced buybacks of short-term bonds (T-bills) for about 40 billion monthly, which pushes down the real interest rate and brings some liquidity to the markets: that’s considered mildly positive news for stocks, metals and crypto.The US stocks indices, however, struggle to maintain the momentum, whereas metals display a solid rally, having driven Gold above $4300, and silver to the new historical high. Platinum and palladium have set new intermediate-term highs too.Bitcoin struggles to keep the momentum, having locked in a relatively narrow trading range near 92000 - 93000 price area. After the substantial outflow from Bitcoin ETFs and the rotation from crypto back to fiat assets, Bitcoin tries to find some demand back.So far, the main driving narrative now is the differential between US and European assets, in favor of the latter. Chinese stocks also attract a significant amount of capital flows and hedge funds prepare for a rally, as Bloomberg experts say. Let’s dive into potential opportunities, given the information above.DAXDAX is setting up for the breakout of the massive consolidation pattern, having been built since June 2025. Despite the end of dovish monetary policy in the EU, inflation keeps steady around 2.3%. German bond yields have reached another peak, and stocks might attract some capital flows too, as yields are not expected to continue rising.European stocks look like a balanced decision given the pressure on the US dollar and overheated AI sector. Before breaking to the new peak, DAX is supposed to test the 20-day moving average, as the probability of immediate continuation is relatively low.HANG SENGThe Hang Seng index is locked in a consolidation, right above the 200-day moving average.The market loses volatility, and in order to find a trigger for the move, it may need to test the strategic support zone below (200-day moving average).That’s the common pattern for the triangular formation - it might be shaken to both sides with quick price impacts before determining the direction.The logical destination for the move would be the 24500 area: after testing this area, the market may reverse higher and find a buying pressure as shown at the chart below. This article was written by FM Contributors at www.financemagnates.com.

oneZero marketing head exitsAs the year winds down, leadership reshuffles remain active. Talia Geberovich, previously Head of Marketing and Communications at oneZero, left the company to launch her own consulting startup. The new venture focuses on providing marketing leadership, consulting, and project management services for B2B startups and scale-ups aiming to enhance growth and refine market positioning. Before joining oneZero, she served as Director of Marketing and Communications for Europe and Asia at Tradeweb and as Marketing Director at the London-based software company Aptem.Find out more about the departure of Talia Geberovich from oneZero.Conor Canny named Finalto MENA CEOAt the same time, Finalto received a Category 5 license from the UAE Securities and Commodities Authority, enabling the company to operate within the country’s regulatory framework. The license allows Finalto to offer its services to professional and institutional clients in the UAE.Alongside the approval, Conor Canny was appointed as Finalto’s CEO for the MENA region. He described the new license as a major milestone for the firm in the Middle East, highlighting its role in strengthening Finalto’s presence in the UAE.Learn more about Finalto's new approval and Conor Canny appointment for MENA CEO role.OpenFX enlists new Head of Trading and RiskElsewhere, OpenFX strengthened its institutional operations with the appointment of Alex Rowles as Head of Trading and Risk. Rowles brings extensive market experience to the role as the company expands amid growing regulatory and operational scrutiny in areas such as cross-border payments and stablecoin transactions.The firm has also added new talent across other functions, naming Sourav Karmakar as INR Product Lead and Ethan Mackie to Product Operations. Karmakar previously served as Associate Vice President for Growth Product and Revenue, while Mackie was formerly Manager in the Office of the Chief Product Officer at US-based global payments company Thredd.Display more about OpenFX's latest appointments.CFI names new Global Head of OperationsCFI Financial Group has promoted Charbel Saleh to Global Head of Business Operations. Saleh joined the company last year as Business Development Project Partner and has now taken on a broader leadership role within the organization.The promotion is part of CFI’s efforts to strengthen its management structure and support its global operational growth. In his new position, Saleh will oversee core business and strategic operations, focusing on efficiency, client service, and internal process alignment.Highlight more about the promotion of Charbel Saleh to Global Head of Business Operations.OANDA adds ex-IG Group risk executive to boardLastly, OANDA has appointed Paweł Latocha as Head of Operational Risk for the OANDA Group and named him to the management board of its Polish subsidiary, OANDA TMS. His appointment strengthens the firm’s senior leadership in Europe, particularly within its risk management function.The company's Supervisory Board approved Latocha’s adequacy assessment for the board role on November 27. He joins a five-member management board headed by President Marcin Niewiadomski, who also serves as OANDA’s Head of Europe.Show more about OANDA's onboarding of Paweł Latocha as Head of Operational Risk. This article was written by Jared Kirui at www.financemagnates.com.

Tradu, FXCM to slash jobs citing agentic AIAs the year winds down, this week still delivered plenty for brokers. FXCM and Tradu’s parent company is preparing to cut more than 100 jobs. Sources familiar with the matter said the layoffs will affect multiple departments and locations, marking one of the largest workforce reductions for the group in recent years.However, CEO Brendan Callan attributed the cuts to operational efficiencies driven by agentic AI, though some industry observers suggested that recent financial performance could also be a contributing factor.Finalto wins UAE license, names new MENA CEONot every firm is in cost-cutting mode. Finalto was granted a license in the UAE, enabling the firm to operate under the local regulatory framework and serve professional and institutional clients in the country.Conor Canny has been appointed CEO for MENA at Finalto. He described the license as a major milestone for the group in the Middle East, saying it will help deepen its commitment to the UAE by expanding client access to its global liquidity and technology solutions.Rostro also gets UAE nod, adds equity CFDsAnother UAE approval went to Rostro Group, the owner of retail broker Scope. The Category 5 license from the UAE Securities and Commodities Authority allows the Dubai-based holding company to expand its brokerage and trading services across the country and the wider Gulf region. Rostro can now offer more than 60 regional contracts for difference on equities, as well as proprietary CFD indices that track the performance of the Dubai and Abu Dhabi stock markets.Afrimarkets loses South Africa licenseIn Africa, the picture looks quite different. Afrimarkets Capital was permanently stripped of its financial services provider license in South Africa, following a misconduct investigation by the Financial Sector Conduct Authority.According to the watchdog, Afrimarkets misappropriated client funds, offered advice to customers without the necessary authorization, and supplied false or misleading information both to clients and to the authority itself.​NAGA announced 10-to-1 reverse stock splitMeanwhile, NAGA Group announced a 10‑to‑1 reverse stock split. The company said the move is intended to bring its share price more in line with comparable firms and to bolster its appeal to institutional and international investors.NAGA’s management described the reverse split as a technical step aimed at improving market perception and trading flexibility. CEO Octavian Patrascu noted that, despite operational restructuring and a stronger financial position over the past two years, the company’s share price has not reflected these improvements.Do prop traders trust YouTube for peer experience?FXStreet recently reported the results of a survey of proprietary traders in 10 markets across North and South America, Africa, Asia and Europe. One key finding was that even when a firm is recommended by someone they trust, traders still tend to seek additional opinions before making a commitment.Michael Burry of The Big Short fame gives first interview in over 10 years and says, “Bitcoin is not worth anything. It’s the tulip bulb of our time.” pic.twitter.com/ge1zteSVqS— Documenting ₿itcoin ? (@DocumentingBTC) December 4, 2025Many respondents said YouTube is their main source of reassurance because they want to hear about other traders’ experiences with specific firms and often review both video content and comments, alongside feedback on platforms such as X and Reddit. The growing importance of YouTube in the trading ecosystem has also been underscored by moves such as Spotware Systems launching an official channel aimed at connecting industry professionals through real stories and clear conversations.Prop space still struggles with credibilityIn prop trading, trust is the one metric you can’t see on a dashboard. Kathy Lien told Finance Magnates that her goal with PropTraderEdge.com is to raise the standard of education across the prop trading space.The refreshed site is positioned as a hub for funded traders, focusing on market navigation, risk management and trading psychology through a mix of long-form analysis, short video content, verified trader interviews and prop firm payout updates.The project comes amid ongoing concerns about transparency and payout reliability in a prop trading industry that has grown rapidly since the pandemic.My Forex Funds regains Canadian assetsA prop trading comeback story may be inching closer for My Forex Funds. The firm, that abruptly halted its services in August 2023, announced that a Canadian court approved the transfer of its assets in the country back to the company. The firm had previously lost access to these assets amid regulatory and legal action. In a post on X, My Forex Funds said it is in the process of regaining full control over its assets, data and systems, describing the Canadian asset handover as the third step in an internal road map that could eventually lead to a relaunch. The company did not provide a timeline or firm commitment on when or whether trading services will resume.Tokenized stock volumes jump 450% after earningsElsewhere, tokenized US stocks are quietly becoming one of the busiest corners. Recent research from Bitget indicates that activity in tokenized stocks jumped by 450% during the latest earnings season, pointing to a potential shift in market behavior. According to the data, spot trading volumes in tokenized stocks rose 452% month on month, while futures volumes increased by 4,468% over the same period. These moves suggest that both speculative traders and longer-term investors are increasingly using tokenised stock instruments.One-third of eToro trades in 24/5 extended market hoursExtended trading is no longer an add-on at eToro—it’s where a third of stock orders land. The company mentioned that about one-third of stock trading takes place outside traditional market hours. The milestone comes less than a month after eToro extended 24/5 trading to all S&P 500 and Nasdaq 100 constituents, following an initial rollout in July that covered 100 leading US equities. Trading on the platform is available from Sunday 8:05 p.m. to Friday 4:00 p.m. ET, enabling users in regions such as Europe and Asia to trade names like Apple, Tesla and Nvidia during their local daytime hours.Belarus blocks major crypto exchangesIn crypto, a fresh wave of restrictions is emerging out of Belarus. The country has started blocking access to several major global cryptocurrency exchanges, including Bybit, OKX, BingX and Bitget, based on data from the national internet‑filtering authority BelGIE. The move follows a decision by the Ministry of Information and prevents local users from reaching these platforms. The affected exchanges have previously acted as informal crypto on‑ and off‑ramps for client deposits and withdrawals used by many forex and CFD brokers.Apple faces leadership shake-upLastly Apple is losing a surprising number of senior voices just as it leans harder into AI. At the tech giant several long-serving executives and senior figures heading for the exit. The changes come ahead of the appointment of the company’s next CEO.Apple chip chief weighs exit amid leadership exodus https://t.co/fOOTsjLWog— Rory Bernier (@RoryCrave) December 8, 2025In recent weeks, key leaders across artificial intelligence strategy, human‑interface design, legal affairs, environmental and social initiatives, and operations have announced plans to depart or retire. This article was written by Jared Kirui at www.financemagnates.com.

At this year’s FMLS:25 in London, the “Craft Stage” was packed for a spirited debate on the future of proprietary trading. Moderated by Yam Yehoshua, the Editor-in-Chief of Finance Magnates, the panel featured four veteran voices at the crossroads of brokerage, technology, and marketing: Brian Griffin, CEO of Fuze Traders; Gil Ben-Hur, Founder of 5% Group; Alexis Droussiotis, the Head of Match-Trader at Match-Trader Technologies; and Christian Görgen, Marketing Consultant at FYI.LTD.Their verdict on the prop trading landscape in 2026: the sector’s exuberance is giving way to consolidation, professionalism, and an urgent quest for trust.From Hype to Hard Economics“The word I’d use is hype,” Görgen said bluntly, describing the surge of prop trading brands that have emerged in recent years. But as the panel agreed, enthusiasm alone no longer sustains a business.Griffin, who has operated several prop firms himself, laid out the stark new economics of entry: “If you started a prop firm two, two and a half, three years ago, you could simply set up with, you know, a front end and some form of dashboard. Now, I think the costs of entry are significant.”That barrier, he argued, reflects the price of waning confidence after too many short-lived operations left traders burnt. For panelists, rebuilding credibility is the defining theme for 2026. Trust as the New CurrencyAccording to Ben-Hur, “There's a lot of space for new companies that come and propose new ideas to this industry. When I mentioned before that I think the industry needs to be more mature and growing, I would expect that a new company will not just take more of the same and embrace technology and do something that many other companies are doing, but also propose new values, new ideas, and new models for being funded.”Many companies have recently shut down, leaving those still active with the challenge of rebuilding industry trust. However, restoring that trust requires significant investment, as affiliate partners are now demanding high revenue shares — often between 20% and 70% — making it difficult for newcomers without strong marketing capabilities or distinctive offerings to compete.More from FMLS: FMLS:25: MetaQuotes Launches New MT5 Matching Engine, Promising Speed and Broker Control“There's not a lot of, especially new prop trading firms that use turnkey solutions. They completely overlook the marketing side of things. They buy the technology, they discuss the RM systems, platforms, liquidity, but marketing is never really part of the discussion.”Technology Tiers and Rising SophisticationDroussiotis broke the market into three layers: top-tier firms developing their own technology; mid-tier firms assembling best-of-breed tech stacks; and newer entrants relying on turnkey white-label solutions.“So, depending on each of the tiers, there's a different, let's say, barrier to entry. There's a different one to all three. I understand.”Ben-Hur warned against the illusion that technology alone can substitute for originality. “The business is saturated,” he said. “To stand out, firms must bring new ideas and funding models — not more of the same.”Risk: The Industry’s Defining ChallengeIf one theme dominated, it was risk management, repeatedly cited as the line between durability and downfall. Ben-Hur emphasized that managing risk is central to the firm’s daily operations, noting that an internal initiative is training all departments, including marketing, to identify and exclude traders who use manipulative or exploitative strategies. He added that greater industry maturity is needed, as some proprietary firms still view payouts as routine expenses rather than part of structured risk management.“The prop firm business model, as it is today, it's statistical, and you need to mitigate the risk by a lot of means, specifically data. The main challenge is how to filter out the toxic players and still provide good terms for what we call the genuine traders, the ones that really want to participate in trading as a genuine trader.”“We've created a mindset project in the company that says that risk is everywhere, because every department in the company can contribute to mitigate risk, even marketing.”Droussiotis explained that technology plays a crucial role in detecting misuse, noting that it is the firm’s risk management system—rather than the trading platform—that identifies abusive behavior. He said the company relies on funded-phase liquidity models to limit payouts and flag potential arbitrage or hedging activity.Futures, Platforms, and the Post-MetaQuotes PivotThe panel discussed MetaQuotes’ withdrawal from the proprietary trading sector, which prompted firms to seek alternative platform providers. Ben-Hur noted that the shift attracted new clients to his company after some providers were left unable to serve their existing users.Droussiotis saw a silver lining: “When MetaQuotes pulled out, what happened was and what I'm seeing continuing is that prop firms had to use alternative trading platforms. And the benefit out of this was that they actually understood other trading platforms as well.”“So where do I see it going? Prop firms understanding that using a few trading platforms could be to their benefit rather than focusing on just one.”In the U.S., he added, many traders moved into futures trading — a trend Ben-Hur said reflects regulatory friction. “For American traders, regulation makes life hard. Futures offer them an easier, more familiar option.”The Trader’s Edge — and Prop’s Lasting Value“Overall for beginners, it's also a less painful experience if you start trading as a prop trader compared to as a CFD trader where you lose large capital in the first couple of weeks. That's usually the experience of someone who's new to trading. So with prop trading, I think it can be a learning curve, which is easier and less pricey as well,” Görgen opined.Droussiotis called it “a gentler learning curve,” and Görgen praised its psychological angle — trading real funds for low cost.You may also like: “Retail Brokers Know the Client, Institutional Players Know the Flow,” Insights from FMLS:25Gil noted that proprietary trading firms offer clear value to traders by providing low-cost access, practical experience, and a sense of community that traditional brokers often cannot due to regulatory constraints. He added that prop firms have played a major role in expanding the retail trading ecosystem by serving as an entry point for large numbers of new traders.For Ben-Hur, the broader contribution is systemic. “Props have become the gateway to retail trading. We’re bringing the masses in — people who never had the resources or confidence before. That’s our biggest impact.”Prop and Brokers: Complement or Competition?In closing, the audience asked a provocative question — would prop firms replace brokers? The panel was unanimous: no.“The old guys, they stay here. And I think the prop firms are just bringing many, many more masses of new clients and they will eventually grow up to be broker clients. I think we contribute to this ecosystem quite a lot in a very beneficial way.”Griffin argued that while all brokers could benefit from offering proprietary trading programs, not every prop firm is suited to become a broker. Ben-Hur added that prop firms play a complementary role by introducing new traders who often progress to become brokerage clients, contributing to a balanced industry ecosystem. This article was written by Jared Kirui at www.financemagnates.com.

The UK Financial Conduct Authority has published final guidance to help financial firms, including retail CFD brokers, address bullying, harassment, and violence. The regulator said firms had asked for additional support after it changed its rules in July.Rule Changes Clarify Non Financial MisconductThe rule changes set clearer expectations for how firms should handle non-financial misconduct. They also aligned requirements for banks and non-banks. The FCA said the aim was to give firms the confidence to act, improve consistency, and clarify when such behaviour becomes a breach.[#highlighted-links#] James Alleyne, a partner at Kingsley Napley LLP, said the FCA “has long signalled its intention to raise standards.” He added that firms may welcome clarity on fitness assessments and the boundary “between the private and professional lives of staff.” He said it remains uncertain whether the FCA will enforce directly on misconduct or rely on firms, noting that “only time will tell.”Consultation Support Confirms Industry AgreementAccording to the FCA, 95% of consultation respondents supported publishing detailed guidance. The document outlines how firms can apply minimum behaviour standards and what they should consider when assessing whether an individual is fit and proper.Firms’ Accountability Clarified, Trivial Allegations ExcludedThe FCA made several adjustments after feedback, including new examples and flow charts, closer alignment with employment law, and clarification that accountability depends on a manager’s knowledge and authority. The guidance also states that firms are not expected to investigate trivial allegations or breach privacy rules.Implementation Set for First September Next YearThe regulator said some firms asked for more detailed examples but noted that it cannot cover every scenario. It said the primary responsibility for preventing and managing misconduct remains with firms. The new rules and guidance will take effect on the first of September next year.Francesca Lopez, senior associate in the Employment team at Kingsley Napley, said firms have until next year to prepare. She explained that there is time to update policies on bullying, discrimination, and harassment and to ensure whistleblowing channels work. She said training will be important so staff understand unacceptable behaviour and managers can identify serious issues. She also said regulatory attention may have wider “reputation implications.” This article was written by Tareq Sikder at www.financemagnates.com.

INFINOX Capital Limited closed its 2025 financial year with the profit for the financial year rising 17% to £912,230 despite a drop in revenue following its exit from the retail trading segment.Profitability Maintained Despite Lower TurnoverAccording to the company’s latest filings, turnover for the year was £2,321,255, a 37% decline compared to £3,689,208 in 2024. The decline reflected the completion of INFINOX’s move away from retail operations and its focus on the institutional market under the IXO Prime brand.The shift also helped the company sustain high margins. Cost of sales totaled £132,539 (2024: £376,684), resulting in a gross profit of £2,188,716, down from £3,312,524 in the previous year. Administrative expenses fell by 16% to £1,909,403, compared with £2,427,691 in 2024.You may also like: This Broker’s UK Arm Made 141 Pounds in 2025Besides that, the operating profit for the year was £280,684, compared with £884,833 a year earlier. Profit before tax also stood at £280,684, while the company recognized a deferred tax credit of £631,546 million, which lifted total comprehensive income to £912,230 million, slightly above the previous year’s £896,498.Directors described the results as satisfactory and said the company remains confident about its long-term position within the institutional trading sector. “The business remains well capitalized to take advantage of future opportunities,” the annual report stated.IXO Prime Expansion and OutlookThe directors said the company will continue developing the IXO Prime brand, which offers liquidity and institutional services to brokers, money managers, professional clients, and fintech companies. The business will remain focused on strengthening its institutional offerings rather than expanding back into retail.Key performance indicators also showed client assets under management at £4.99 million, compared with £5.40 million in the previous year. The company expects to build on its institutional presence and operational efficiency through the IXO Prime platform in the coming year. Recently, the institutional division of Infinox suspended new institutional trading activities for several CFD brokers due to suspicious activity and potential breaches of market conduct standards. It also halted withdrawals for at least one broker.“The fact is that we identified trading activity that was manipulative, abusive, and incompatible with the expected standards of fairness and transparency,” an Infinox representative informed FinanceMagnates.com.The firm maintained that it acted swiftly to protect its platform’s integrity, its clients’ interests, and its reputation as a trusted global provider, adding that it will not tolerate manipulation, corruption, exploitation, or bad-faith trading and will continue to defend its values, clients, and market standing with determination. This article was written by Jared Kirui at www.financemagnates.com.

Crypto exchange Binance has added new features to its application programming interface, signaling that the platform may be preparing to introduce stock trading capabilities.In 2021, Binance launched tokenized stock trading, allowing users to buy digital versions of stocks like Tesla and Apple. The service was halted a few months later after regulators raised concerns about compliance and investor protection. The brief initiative highlighted both demand for tokenized equities and the challenges of offering them within existing financial rules.New API FeaturesThe new API updates include an endpoint for signing a TradFi-Perps agreement contract and two endpoints for checking weekly trading schedules and current session information. Analysts say the changes indicate Binance may be preparing to offer perpetual futures trading. The session-based schedule also suggests trading could follow regular market hours instead of the 24/7 format typical of cryptocurrencies.Market ContextBinance’s activity comes as other firms move into tokenized stocks. Reports on Friday indicate that Coinbase is close to launching its own tokenized stock and prediction market offerings.Regulatory ConcernsThe growth of tokenized stocks has prompted regulatory concerns. Earlier this month, market maker Citadel Securities urged the US Securities and Exchange Commission to tighten rules on tokenized stock trading on decentralized finance platforms. Citadel said such platforms likely qualify as an “exchange” or “broker-dealer” and warned that allowing unregulated platforms “would create two separate regulatory regimes for the trading of the same security.”Binance API update hints at stock perpetual contracts as exchanges eye TradFi markets https://t.co/K1cqv4vC7c— The Block (@TheBlock__) December 11, 2025Industry PerspectiveThe World Federation of Exchanges called tokenization “likely a natural evolution in capital markets” and “pro-innovation,” but warned it “must be done in a responsible way that does not put investors or market integrity at risk,” Cointelegraph reported.Tokenized stocks have expanded into both centralized exchanges and DeFi platforms. By the end of June, more than 60 tokenized stocks had launched on Solana-based DeFi platforms, as well as on Kraken and Bybit. This article was written by Tareq Sikder at www.financemagnates.com.

Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. The interview, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, explored Exness’ plans in Africa, the local trading environment, and the company's growth strategy across the region.A new chapter for Exness in Cape TownExness has held a local license in South Africa since 2020. What started as a small office has now grown into a full regional hub.Backed by two FSCA licences, Paul Margarites explains that Exness’ move into a larger Cape Town office reflects its long-term commitment to South Africa. The strengthened regulatory footing, combined with an expanded physical presence, allows the company to deepen its engagement with traders across the country and the wider region. The Cape Town office now has around 50 staff members, with additional hires expected.“We want to invest in the continent,” Margarites said, adding that, “South Africa offers strong talent and a stable base for growth.”? Watch the complete interview Why South Africa stands outMargarites shared several reasons why South Africa has become one of the strongest spots for retail trading:Strong regulationReliable local infrastructureHigh mobile use and quick digital adoption.A young, tech-driven population.He explained that South Africa is now viewed as a rising trading hub, joining more established ones such as London and Singapore. The country’s stable rules and apparent oversight also place it ahead of many other developing markets.Local needs, local insightOne of the key points Margarites emphasised is the need to understand each African country on its own terms. While the continent is large and varied, specific trends cross borders, especially in digital behaviour and mobile use.For example, South Africans often trade more in local indices than in those of nearby countries. These minor differences shape how brokers should build their product line and service models.This is why Exness invests in local teams, which help relay market needs back to the global group.Younger traders driving growthAnother strong trend in the region is the rise of younger traders. Margarites noted that many new users now search for and learn about products on Instagram and other social media platforms rather than on websites or via Google.This change in habits has shaped how brokers approach education, support, and engagement.Must Read: How is Exness empowering South Africa’s young digital affiliate force?Africa: A Region with many personalitiesMargarites discussed Africa as a whole, noting that the continent's diverse languages, cultures, and needs contribute to its complexity. However, he also pointed out that specific patterns and user interests are often consistent across many countries. He likened this situation to Europe, where, despite differences between countries, shared habits still bind them.Growth plans for Sub-Saharan AfricaExness aims to continue expanding in a stable and safe manner. The company currently holds licenses in Kenya and South Africa, which are considered two of the most advanced markets from a regulatory perspective.Margarites described Africa as a long-term commitment for Exness, with continued focus on regulation, compliance, and sustainable growth.Standing out in a growing, competitive spaceAs more global brokers enter South Africa, competition is intensifying. Margarites explained how Exness sets itself apart:Better-than-market conditionsA transparent modelLocal support from staff in the market.He believes this blend of a global product and a local approach gives Exness a strong edge.? Watch the complete interviewLooking aheadThe opening of the new Cape Town office marks an essential step in Exness' journey in Africa. The brand plans to keep investing in people, local knowledge, and long-term growth across sub-Saharan markets.Read more about Exness: This article was written by Finance Magnates Staff at www.financemagnates.com.

The Belgian Financial Services and Markets Authority has reported a rise in fraudulent WhatsApp groups offering so-called “exclusive investment tips.” Fraudsters use these groups to promote fake trading apps and manipulate share prices. They often pose as well-known institutions, including Saxo Bank and JP Morgan.Back in August, the FSMA warned of a rise in fraudulent investment schemes on social media platforms, including Facebook and Instagram. Scammers use misleading ads to lure users into WhatsApp groups claiming to offer exclusive investment advice. These ads often impersonate well-known banks, media outlets, or public figures. Inside the groups, individuals may be pressured to provide personal data, buy specific shares, or download fake trading apps.FSMA Warns of WhatsApp Investment ScamsThe FSMA said it has published several warnings but noted the phenomenon “is still on the rise on social media.” Consumers are typically targeted through social media advertisements, often on Facebook or Instagram. These ads claim that the groups provide exclusive financial analyses and profitable investment tips. Many ads use the logos and names of well-known banks and news services without permission.Once added to the groups, consumers are contacted by individuals posing as prominent economists or CEOs of investment firms. The FSMA highlighted that these are cases of identity theft. Inside the groups, members are encouraged to join lotteries, likely to collect personal data, and urged to buy specific U.S. listed shares, apparently as part of “pump and dump” operations. Fake cryptocurrency trading apps are also promoted.FSMA Lists Unlawful Investment Websites BelgiumThe FSMA identified several other institutions whose names were misused, including Appollo Global Management, Axiom Investors, Candriam, Harbor Financing, Schwartz School of Business, and Stifel Strategie Consulting Partners. The regulator emphasized that these groups have no connection to any authorized institution.The FSMA has added these websites to its list of companies operating unlawfully in Belgium and advised consumers to verify providers through its “Check your provider” page. This article was written by Tareq Sikder at www.financemagnates.com.

Finalto, an award-winning multi-asset liquidity provider and fintech specialist, is pleased to announce that it has been granted a Category 5 licence by the UAE Securities & Commodities Authority (SCA). This significant milestone further strengthens Finalto’s global regulatory framework and reinforces the company’s commitment to serving professional and institutional clients in one of the world’s most dynamic and fast-growing regions.Finalto combines global reach with deep local expertise, delivering flexible solutions that seamlessly connect institutions to global markets. The group has built its reputation on providing outstanding trading and risk-management capabilities, supported by teams of specialists across major international financial centres.As Finalto continues to evolve as a globally recognised and highly regulated financial services leader, the addition of the UAE SCA Category 5 licence marks a key step in its strategic expansion. The licence enables the firm to enhance its presence across the Middle East while offering clients in the region a trusted and transparent partner.Conor Canny, CEO Finalto MENA, commented: “Securing the Category 5 licence is a major milestone for Finalto in the Middle East. It allows us to deepen our commitment to the UAE by facilitating clients’ access to our global liquidity and technology solutions. The UAE is an innovation-driven financial hub, and we are excited to support clients here with the highest standards of service, transparency and governance.”Paul Groves, UK CEO at Finalto, added: “This licence reflects our continued investment in global growth and regulatory strength. The UAE is a key strategic market for us, and this development allows our teams to deliver even greater value to clients across the region. We look forward to expanding our partnerships and offering access to tailored, multi-asset solutions that meet the evolving needs of institutions operating in this dynamic landscape.”At Finalto, clients are viewed as long-term partners. The group rejects a one-size-fits-all approach, instead working collaboratively to develop customised, sustainable relationships that support strategic growth. Finalto’s global pricing distribution is designed to deliver consistent execution and reliable liquidity, providing partners with confidence and stability in a rapidly changing market environment.How can Finalto support your business?The team looks forward to meeting clients and partners across the region, exploring tailored solutions that align with individual strategies while unlocking genuine multi-asset exposure across global markets.About FinaltoFinalto is an innovative prime brokerage that provides bespoke liquidity and fintech solutions. Our award-winning technology and expertise enable us to deliver effective, flexible service to a wide range of institutional clients globally, personalised to suit their needs. We deliver best-in-class pricing, execution and prime broker solutions across multiple assets, including CFDs on Equities, Indices, Commodities, Cryptos and rolling spot FX, Precious and Base Metals, and bespoke products such as NDFs.Service available only to Professional clients and varies per jurisdiction – Trading involves significant risk of loss. This article was written by FM Contributors at www.financemagnates.com.

Investors wanted fireworks from Broadcom’s AI business, but a misunderstood CEO comment helped send the stock spinning.Broadcom’s AI Buzz Goes Quiet and Investors Hit the Sell ButtonBroadcom (AVGO) delivered earnings that, in another era, would have inspired applause. Revenue beat expectations, full-year figures impressed, and the company spent the call reminding the market that it remains a key supplier in the artificial intelligence (AI) infrastructure boom. Yet the stock sank after hours as investors decided the AI narrative lacked sparkle.3 REASONS $AVGO EARNINGS REACTION WENT NEGATIVE1. The backlog quality suddenly looked less securedMany investors treated the OpenAI relationship like a typical binding hyperscaler contract but Broadcom’s “multiyear journey” language in the Q&A made it sound more like a general… pic.twitter.com/kqm8xad149— Shay Boloor (@StockSavvyShay) December 11, 2025Following the initial earnings release, Broadcom posted results that topped Wall Street predictions, but investors reacted coolly. The reason was simple. The AI numbers did not land with the explosive force that traders had built up in their minds. Shares moved lower after the report as analysts looked for signs that the company’s AI trajectory was accelerating fast enough to justify its premium.Broadcom investors had been leaning heavily on the expectation that AI would drive the next leg of growth. Instead, the pace landed closer to solid than spectacular. The stock fell as traders questioned whether the company’s AI engines were revving at the speed they expected. Investors were specifically scanning for stronger AI product momentum and did not find what they wanted.A Strong Quarter Cannot Outrun an AI-Obsessed MarketThe paradox of Broadcom’s latest report is that the business performed well. By rational standards, better than well. But the market no longer lives on rational standards, especially when AI is involved. Nothing short of fireworks will do.[#highlighted-links#] Revenue associated with AI projects did increase, but not in the way that sent pulse rates soaring across trading desks. The company has become central to the AI data center buildout, and the expectation was that this quarter would reflect a sharp upward jolt. Instead, investors saw a steady climb. Steady is the enemy of hype.$AVGOSeems like this is the reason for the Broadcom reversal after hours…- NonAI revenue was guided to be flat YoY at $4.1B, street didn’t like that- They signed a big deal with OpenAI but said to expect “nothing in 2026,” once again creating fears about if OpenAI can live… https://t.co/zpihhpkPY5 pic.twitter.com/ezHsaSodjJ— amit (@amitisinvesting) December 11, 2025This sentiment appears to be at the heart of the sell-off. For many shareholders, Broadcom’s valuation was built on the promise that AI demand would blast the company into a new orbit. When the numbers looked respectable instead of meteoric, the reaction was swift.The CEO Said One Thing, the Market Heard AnotherThen came the second act. According to reporting, part of the stock’s downward swing was linked to confusion on the earnings call. CEO Hock Tan made comments that some investors interpreted as cautionary about future AI revenue. However, Broadcom was quick to clarify that this interpretation was not accurate and claimed the statement was misunderstood.The damage, however, was done. Markets are not known for their patience. A brief moment of uncertainty became a catalyst. Even though Tan had not been pulling back expectations, the initial misinterpretation fed into an already jittery post-report mood.It was a perfect lesson in real-time market psychology. Investors were already tense about AI growth. A misunderstood comment lit the fuse. The rest happened quickly.AI Fatigue or Just Sky-High ExpectationsIf there is a moral to this story, it is that AI stocks now walk a tightrope. They must not only perform well, they must perform mythically well. Broadcom offered strong results by any reasonable standard, yet the market’s reaction aligned with the idea that AI must deliver exponential returns every quarter.Globex short for another W ✅TY Broadcom for blowing earnings ? pic.twitter.com/itGyz4c1bq— RIPS (@RIPS) December 11, 2025Investors are no longer content with solid numbers when it comes to AI. They want confirmation that the tech will keep expanding at a blistering pace. When the data is incremental instead of sensational, sell orders follow.At the same time, these events show how quickly misunderstandings can distort a narrative. In a market that trades on speed and imagination, a few words can transform confidence into doubt.Where Broadcom Goes from HereBroadcom remains deeply embedded in AI infrastructure. Demand is not falling. The story is not broken. What has changed is the level of scrutiny. Every hint of hesitation, real or imagined, triggers a reaction.If the company’s future AI revenue delivers on the scale its customers are planning, this moment will be remembered as an overreaction. But for now, investors are signaling that AI optimism must be earned quarter by quarter, line by line, clarification by clarification.Broadcom’s latest results show strength. The market wanted spectacle. The gap between the two was the difference between a rally and a slide. This article was written by Louis Parks at www.financemagnates.com.

Four prediction market platforms received regulatory relief from the Commodity Futures Trading Commission (CFTC) on Thursday, freeing them from swap data reporting obligations that typically apply to derivatives traders.The CFTC's Division of Market Oversight and Division of Clearing and Risk issued no-action letters to Polymarket US, LedgerX (operating as MIAX Derivatives Exchange), PredictIt operator Aristotle Exchange, and Gemini's newly launched Gemini Titan platform. The letters exempt these registered entities from requirements to report binary option transactions to swap data repositories, citing the limited applicability of traditional swap reporting rules to exchange-traded event contracts.CFTC Requires Full Collateralization The relief comes with strings attached. Each platform must ensure that all event contracts remain fully collateralized, meaning traders deposit enough funds upfront to cover their maximum possible loss on any position. This requirement puts prediction markets closer to exchange-traded futures than over-the-counter swaps, which typically involve bilateral credit arrangements.Platforms must also publish time and sales data for all transactions promptly after execution, including trade timestamps, contract details, quantities, and prices. While this transparency measure falls short of real-time swap data repository reporting, it gives market participants and regulators visibility into trading activity..@CFTC Staff Issues No-Action Letters Regarding Event Contracts: https://t.co/oelx60JIap— CFTC (@CFTC) December 11, 2025The CFTC's letters don't change underlying law or address whether these contracts comply with other statutory requirements. The staff emphasized that the exemptions apply only to specific reporting regulations and don't excuse compliance with broader Commodity Exchange Act provisions.Removing Intermediation BarriersTwo of the letters - those issued to Polymarket US and LedgerX - specifically remove earlier restrictions that prohibited futures commission merchants from intermediating trades. The December 11 modifications allow registered brokers to clear event contracts on behalf of customers, expanding market access beyond direct platform users.The CFTC granted these amendments after both platforms amended their operating rules to permit FCM participation. The change brings Polymarket US and LedgerX in line with no-action relief previously granted to other prediction market operators, which didn't include intermediation restrictions.The latest reporting relief comes shortly after the CFTC unveiled a new CEO-level advisory body bringing together major prediction markets and digital asset firms, underscoring how event contracts and crypto infrastructure are now central to the agency’s modernization agenda. The group included, among others, the CEO of Polymarket and Gemini.Industry Growth Drives Regulatory AttentionThe regulatory accommodations arrive as prediction markets experience explosive growth. Kalshi and Polymarket combined for roughly $7.4 billion in trading volume during October 2025, with Kalshi alone processing $4.4 billion in transactions. Those figures surpass Polymarket's cumulative volume from its first four years of operation.Gemini's entry into the sector through its Titan platform adds another regulated competitor to a market previously dominated by Kalshi and Polymarket. The exchange secured CFTC approval to operate as a designated contract market earlier this month, allowing U.S. customers to trade event contracts using existing dollar balances.Prediction markets let users bet on real-world outcomes ranging from election results to economic data releases. The contracts function as binary options, paying out to holders of winning positions while leaving counterparties with nothing. Why Kalshi and Robinhood Are Not in This RoundKalshi currently operates under a different regulatory pathway and has previously received its own CFTC approvals around event contracts, while Robinhood’s core brokerage and trading offerings fall under a mix of securities and derivatives oversight that is separate from the swap-reporting issues addressed here. The absence of their names in these letters does not imply any change in their status. It simply reflects that this batch of no-action relief was targeted at a specific group of registered entities that approached the CFTC staff with swap data reporting concerns for particular event-style swaps.Despite their classification as swaps under the Commodity Exchange Act, the platforms argued these products share more characteristics with exchange-traded derivatives than over-the-counter instruments.The CFTC noted its no-action positions mirror similar exemptions granted to other prediction market operators since 2017. Staff retain authority to modify, suspend or terminate the relief at their discretion. This article was written by Damian Chmiel at www.financemagnates.com.

A US court yesterday (Thursday) sentenced Do Kwon, the co-founder of Terraform Labs, to 15 years in prison after he pleaded guilty to wire fraud and conspiracy to defraud investors. The collapse of Terraform Labs wiped out $40 billion in investors’ money.Another Crypto Mogul Goes to PrisonAccording to the order of Judge Paul Engelmayer at the US District Court for the Southern District of New York, Kwon will receive credit for time served in the US and 17 months of pre-extradition custody.Before the sentencing, the judge also heard from some of the victims of Terraform. Kwon also testified in court before the sentencing.“I would like everyone to know that I have spent all my time thinking about what I could have done, and what I can do,” Kwon said before the sentencing. “It’s been four years since the crash, three years since I’ve seen my family. I’d like to [do] my penance in my home country.”Do Kwon: I would like everyone to know that I have spent all my time thinking what I could have done, and what I can do. It's been four years since the crash, three years since I've seen my family. I'd like to my penance in my home country.— Inner City Press (@innercitypress) December 11, 2025He is also facing fraud charges in South Korea, his home country.The Collapse that Dented the Crypto IndustryKwon was known for founding Terraform Labs. However, the project’s two cryptocurrencies, TerraUSD and Luna, collapsed in 2022, erasing about $37 billion in value. The fall of the algorithmic stablecoin led to the closure and downfall of several other cryptocurrency companies.In 2023, Kwon and an associate were arrested in Montenegro while trying to travel to Dubai using fake travel documents. He was then extradited to the US, while South Korea was also trying to push his extradition. In June, Terraform Labs and Kwon agreed to a settlement with the US Securities and Exchange Commission (SEC), committing to pay around $4.5 billion in recovery and civil penalties. Kwon personally agreed to pay at least $204.3 million.At first, the US regulator sought $5.3 billion in settlement. However, the defendants’ legal team countered with an offer of $1 million in civil penalties and no recovery or injunction.Additionally, Kwon and Terraform Labs were permanently banned from buying or selling crypto asset securities, including tokens in the Terra ecosystem.Earlier this year, Terraform Labs filed for bankruptcy in Delaware, United States. In the court filing, the defunct company reported liabilities between $100 million and $500 million, with estimated assets in the same range.After the sentencing, Kwon joined FTX founder and former CEO Sam Bankman-Fried, who received a 25-year prison sentence. This article was written by Arnab Shome at www.financemagnates.com.

smartTrade Technologies is set to acquire kACE Financial in a deal valued at up to $119 million, marking a major step in its plan to unify multi-asset trading and payments within one platform. The French fintech, known for its electronic trading infrastructure, will fold kACE’s derivatives pricing and analytics into its ecosystem, expanding its reach across FX, fixed income, and digital assets.Unifying Trading and PaymentsThe acquisition aims to strengthen smartTrade’s ambition to meet client demand for integrated, cross-asset workflows from analytics to execution. The combined platform will cover foreign exchange—including spot, forwards, swaps, and options—alongside fixed income, rates, cryptocurrencies, money markets, and structured products.The new entity plans to speed up innovation through a deeper shift toward cloud services and AI-driven analytics. smartTrade will integrate kACE’s pricing and workflow tools into a SaaS model aimed at faster client onboarding, enhanced scalability, and lower infrastructure costs.David Vincent, the CEO and Co-Founder at smartTrade, commented: “This is a transformational moment for our joint clients. kACE brings a world-class team and sophisticated FX derivatives technology that is highly complementary to our existing multi-asset trading and payments offering.”“By integrating kACE’s deep derivatives expertise and cutting-edge analytics, we can now deliver even greater value to clients through a truly end-to-end solution that offers a clear competitive advantage.”Delivering Value to ShareholdersOn the seller’s side, BGC Group said the transaction supports its strategy of unlocking shareholder value and investing in high-growth technology platforms. The company expects an upfront payment of $80 million plus up to $39 million in performance-linked consideration.Read more: NAGA’s Stock to Shrink Tenfold in Reverse Split, Closing Gap With PeersCo-CEO Sean Windeatt said the deal “positions kACE to enter an exciting new chapter as part of smartTrade” while allowing BGC to concentrate on scaling its Fenics platforms.“This transaction delivers significant value for our shareholders and positions kACE to enter an exciting new chapter as part of smartTrade.” The transaction is set to close by the end of 2025, subject to customary approvals. TA Associates will remain the majority investor in the combined smartTrade–kACE group, which now aims to redefine the landscape of multi-asset trading through a seamless, end-to-end digital infrastructure.Recently, smartTrade Technologies migrated its trading infrastructure to Amazon Web Services as part of a broader modernization push under a new internal initiative called MetaCloud, which is designed to support hybrid cloud deployment while boosting flexibility, scalability, and automation across its trading and payments platforms. This article was written by Jared Kirui at www.financemagnates.com.

Talia Geberovich, the Head of Marketing and Communications at OneZero, left the firm to start her new startup focusing on marketing consulting and for B2B firms. “I’m happy to share that I now offer fractional marketing leadership and execution, consulting and project management for B2B scale-ups and start-ups seeking to accelerate growth, refine positioning, or level up their marketing engine,” she posted on LinkedIn on Thursday. Experienced Marketing SpecialistGeberovich is an experienced marketing expert with previous experience serving as the Director of Marketing and Communications for Europe and Asia at Tradeweb. She also served as the Marketing Director for the London-based software firm Aptem.In another recent appointment, Trading technology provider oneZero recently appointed Adam Collins as Head of Institutional Sales for the Americas and EMEA. In this position, he leads the company’s institutional sales strategy and its execution across both regions.Collins joined oneZero from LSEG FX, Capital Markets, where he served as EMEA Head of FX Sales. He previously held senior sales roles at Refinitiv, overseeing sales for FX, fixed income, equities, commodities, and various trading products, including Refinitiv EIKON and FXT.Other Recent Executive MovesAnother recently executive move saw OpenFX boost its institutional operations with the appointment of Alex Rowles as its new Head of Trading and Risk. The hire brough a seasoned markets specialist on board at a time when cross-border payments and stablecoin flows are facing increased regulatory and operational scrutiny.More executive moves: OpenFX Taps LMAX Group's Former Commercial Director Alex Rowles as Head of Trading and RiskMeanwhile, oneZero recently announced the launch of its Swap Curve Manager, a tool designed to transform FX swap pricing for regional banks. The new product focuses on enhancing how these institutions manage and price FX swaps.According to the company, Swap Curve Manager addresses the longstanding issue of banks’ reliance on external and third-party systems for swap pricing. By reducing this dependence, the solution is intended to give traders greater control over their pricing processes. This article was written by Jared Kirui at www.financemagnates.com.