In case you missed it

Maria Nikolova

FinanceFeeds takes a look at the top five industry news stories of the week, allowing you to catch up in case you missed anything.

January is drawing closer to its end but the flood of interesting news is incessant at FinanceFeeds, with the last week full of new developments. In case you are concerned you might have missed anything from the fintech and Forex industry, FinanceFeeds provides you with a summary of our top five articles from the past week.

Integration of Autochartist’s tools into SaxoTraderGO

On Monday, Saxo Bank announced a new collaboration with Autochartist offering an integration of Autochartist’s tools into SaxoTraderGO. FinanceFeeds spoke to Kim Cramer Larsson, Product Manager & Technical Analyst at Saxo Bank, and Ilan Azbel, CEO of Autochartist, to provide its readers with details about the integration and the new capabilities available to traders using Saxo’s multi-asset proprietary trading platform.

IG Group clarifies stance on binary options

After informing its affiliates of its intentions to no longer promote binary/digital 100 products, IG Group clarified its plans regarding binary options in an official announcement on Tuesday. Whereas the Sprints will not be available to new clients, they will still be available to current clients, the company said. The official position of the electronic trading giant concerning new regulations stays unchanged. IG notes that as it “continues to shift its strategic balance towards sophisticated trading and investing, Sprints no longer fits with the future direction of the business.”

ISPrime acquires ThinkLiquidity

IS Prime Risk Services Inc, the risk management unit of IS Prime, acquires the assets of North American risk management service providers for brokers Think Liquidity. On Wednesday, FinanceFeeds spoke to Raj Sitlani, Managing Partner at ISPrime in London, in order to explore the rationale behind the deal.

EUROPOL goes after binary options fraudsters

EUROPOL, the European Union’s federal law enforcement agency, joins the fight against binary options fraudsters. The agency has issued its perspective on how to deal with fraudulent binary options firms. Given that EUROPOL has powers to go back through the entire records of each brand and prosecute those involved, including binary options sales people, its efforts to stop this type of scam are set to be more effective than the blacklists and warnings published by national regulators.

Paul Orford, AMB Prime, talks Bots and Forex

In an insightful interview, Paul Orford, Head of Institutional Sales at AMB Prime, argues that the Forex industry is ready for Artificial Intelligence solutions on the tech front, although some challenges are present as to the legal structures in place. Regarding the perspective of human workforce being replaced by bots, Mr Orford reminds us that the destruction of the Spinning Jenny also damaged the employment prospects of workers within their industry.

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Luxembourg’s regulator warns on false regulation of Crypto Capital Profits

The regulator of Luxembourg’s financial markets, the Commission de Surveillance du Secteur Financier (CSSF), has warned that a firm claiming to be authorized under the name Crypto Capital Profits is in fact not licensed to carry out business from within its jurisdiction.

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FINRA fines Wedbush $900K over reporting violations

The Financial Industry Regulatory Authority continues to take disciplinary actions against financial services firms for providing inaccurate securities trading information.

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Bitkub investigated by Thai regulator in ‘wash trading’ case

Thailand’s Securities and Exchange Commission has targeted Bitkub over allegations of inaccurate reporting and wash trading on its cryptocurrency platform.

Crypto Insider secures approval to launch its services in France has registered its cryptocurrency services with the dual regulatory structure in France, which includes the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

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How to offer iOS compliant trading apps? Editorial by Chris Rowe

Webtraders are becoming increasingly important for FX and CFD brokers as more and more of their clients are trading using their mobiles. 

Institutional FX

SpiderRock deploys Eventus trade surveillance for futures and options offering

“As we have begun to provide direct market access as a routing broker and grown in our futures offering, which is subject to a different regulator, we wanted to make sure we chose a trade surveillance platform that has all the tools that we need, a format we can review easily, and capabilities to demonstrate to regulators that we have the proper trade surveillance procedures in place. Validus checks all the boxes for us.”

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Space and Time raises $20 million to grow its decentralized data warehouse

“We look forward to seeing the ways in which Space and Time will allow the business logic in centralized systems to be automated and connected directly to smart contracts.”

Digital Assets

Mastercard, hi app partner to issue cards with NFT avatars

In partnership with Mastercard, crypto and fiat financial app hi is launching what it calls “the world’s first debit card featuring NFT avatar customization.”

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Wirex to support government of Uzbekistan to adopt blockchain

“We’re excited to work alongside the Uzbekistan Direct Investment Fund in order to help the sector thrive, enrich the financial ecosystem there and set a benchmark for other countries, and ultimately expand.”