In case you missed it

Maria Nikolova

FinanceFeeds takes a look back at the top five stories from the past week, offering you a chance to catch up in case you missed anything.

The past week has been hectic for the Forex and fintech industry – we saw more developments around FXCM, new rules proposed for binary options regulations, new technology image loom for Cyprus and a new report published for Alpari UK.

In case you are worried you might have missed any interesting story from the past week, read below.

Drew Niv is no longer director at FXCM UK

The latest updates to the UK Companies House and the FCA Register show that Drew Niv is no longer a director at Forex Capital Markets Limited (FXCM UK). Mr Niv, who was barred from NFA membership in the United States, is also no longer a partner at Lucid Markets LLP. Thus, his status on the UK Financial Services Register is now “Inactive”.

Forex.com provides details on FXCM US accounts transition

GAIN Capital’s Forex.com website now features a dedicated section for FXCM US retail clients, providing them with details about the upcoming transfer. The clients are advised to examine the trading conditions and services provided by Forex.com. They are informed of the choice of platforms (ForexTrader and MetaTrader 4), the spreads, and the pricing. On Friday, February 24, 2017, all existing balances and positions will be automatically transferred to the new Forex.com accounts.

Fourth Progress Report on Alpari UK is out

The Joint Special Administrators (JSAs) of Alpari UK have published their 4th progress report on Alpari UK Ltd, which went into administration following the “Black Thursday” events in January 2015.

According to the latest report, to date, 94,375 clients have access to the Claims Portal, whereas 16,278 clients have agreed their claim representing 96.2% by value of clients with a claim into the Client Money Pool (CMP). A final distribution from the CMP is expected before July 24, 2017.

Cyprus to change binary options regulations

The Cyprus Securities and Exchange Commission (CySEC) has drafted proposals to change regulations for Cyprus Investment Firms (CIFs) offering binary options. The new rules seek to secure that CIFs will “meet their obligations in acting in the best interest of their clients”. The changes cover disclosure of information, trading methodology and even the nature of binary options. For instance, under the new rules, the Tenor must be for a period of at least 5 minutes.

STP’s new meaning in Cyprus

Cyprus, which already has an established reputation for the FX industry, is now demonstrating aspirations toward becoming a global hub for financial technology, with proposals for the development and operation of the Science and Technology Park – abbreviated as STP. The Government of the Republic of Cyprus has voiced its support for setting up the Science and Technology Park, as a basic infrastructure for the promotion of applied research, innovation and technology, including digital, information and communication technologies in Cyprus.

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Institutional FX

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Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

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Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

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Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

Digital Assets

Crypto Is An Invaluable Tool In The Fight Against Financial Oppression  

Crypto has proven itself to be much more than just a hot investment. Indeed, some say it’s poised to play a critical role in the future of finance

Executive Moves

Parameta appoints Head of Benchmark and Indices with a focus on ESG and rates

The firm said building out its benchmarks & indices offering will now be a core priority, with a particular focus on the ESG and rates space.

Digital Assets

WunderTrading brings automated crypto trading to United States

“Among developed countries, Americans are the heaviest users of cryptocurrencies, with 13% having invested in cryptocurrencies over the past year.”

Retail FX

ACY Securities sponsors child safety and family welfare charity Barnardos Australia

Sponsoring Barnardos will give ACY Securities and its employees an opportunity to do volunteer work through different outreach programs.

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