Weekly Roundup: Saudis buy Dubai bourse, JPMorgan silences tipsters

abdelaziz Fathi

Now that the Christmas and New Year’s holidays are over, and traders are returning to their desks, let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage.

FX Market

The shifting world of FX Prime Brokerage: Expert views and trends

The FX Prime Brokerage (FXPB) industry is undergoing a significant transformation, marked by the consolidation among traditional prime brokers and the emergence of non-bank prime brokers (PBs) as key players. Read More

Saudis acquire 32.6% of Dubai’s commodities exchange to rebrand it Gulf Mercantile Exchange

Saudi Tadawul Group has entered into an agreement to acquire a 32.6% stake in DME Holdings Limited, the parent company of Dubai Mercantile Exchange (DME). Read More

TD Bank’s earnings from Charles Schwab to drop 30%

Canadian lender TD Bank Group anticipates a big decrease in earnings from its investment in the US financial services giant Charles Schwab Corp. Read More

Alpha Group’s profit jumps 140% YoY to £115 million

Foreign exchange service provider Alpha Group International plc (AIM: ALPH) was able to amass a total revenue of £110 million. This figure was up 27% over the twelve months through December 2020, which was reported at £98.3 million the previous year. Read More

Exness reports $3.6 trillion in December trading volumes

FX brokerage powerhouse Exness reported a decrease in its trading volumes for the second consecutive month as the previous year got off to a calm end while no events were able to whip up a market frenzy. Read More

JPMorgan hit with $18 Million for silencing whistleblowers

A subsidiary of JPMorgan Chase has agreed to pay an $18 million fine to the Securities and Exchange Commission (SEC) for violating whistleblower protection rules. This penalty ranks as one of the largest imposed by the regulator for breaches of this particular rule. Read More

Interactive Brokers 4Q2023 report shows how big options trading has become

Net revenues for the current quarter reached $1,139 million, and when adjusted, they amounted to $1,149 million. This indicates substantial growth compared to the year-ago quarter, where reported net revenues were $976 million and adjusted net revenues were $958 million. Read More

Robinhood fined $7.5 million over trading practices

No-fee trading app Robinhood has agreed to pay a $7.5 million fine and revamp its operational practices in a settlement with Massachusetts’ securities regulators. Read More

Saxo Bank joins FairXchange’s data-driven ecosystem of LPs

Saxo Bank has announced it has joined the expanding FairXchange ecosystem to enhance its data-driven dialogue with Liquidity Providers (LPs). Read More

Crypto Markets

SEC vs. Coinbase: Judge examines status of 13 crypto tokens

The U.S. Securities and Exchange Commission (SEC) and Coinbase presented their arguments regarding whether transactions of certain tokens on the popular exchange constitute securities in a court hearing. Read More

Binance set for court battle with SEC in high-stakes lawsuit

Binance, the world’s largest cryptocurrency exchange, is preparing for yet another legal faceoff with the U.S. Securities and Exchange Commission (SEC) in a Washington courtroom today. This hearing follows a recent one involving the SEC and another major crypto exchange, Coinbase. Read More

Crypto exchange HTX and its DAO hacked, Justin Sun assures users

Crypto exchange HTX (formerly known as Huobi Global), along with its decentralized autonomous organization (DAO), said they recovered from a Distributed Denial-of-Service (DDoS) attack that temporarily disrupted their services. Read More

Grayscale sees $2.2 billion outflows amid shift towards bitcoin ETFs

The fresh spot bitcoin ETF market in the United States has seen a total net inflow of nearly $1.2 billion in the first five days of trading. According to BitMEX Research data, both Fidelity and BlackRock have joined the “$1 billion-plus inflows club,” reflecting the strong investor interest in these products. Read More

Celsius and FTX move crypto to exchanges to repay creditors

Embattled crypto lender Celsius Network has been actively transferring Ethers to cryptocurrency exchanges, a move seen as part of its efforts to begin repaying creditors. Read More

OKX secures VASP license from Dubai’s VARA

OKX Middle East Fintech FZE, the Dubai-based subsidiary of cryptocurrency exchange and Web3 technology leader OKX, has announced the acquisition of a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. Read More

Bitcoin’s subdued price doesn’t necessarily mean failure in the ETF launch. Here’s why

Bitcoin (BTC) wrapped the week at $41,750, marking a 5.0% decline from the previous week, accompanied by a whirlwind of volatility driven by the approval of BTC Spot ETFs. In the aftermath of the SEC’s green light for the ETFs, Matteo Greco, Research Analyst at Fineqia International, provided insights into the classic “buy the rumor, sell the news” market behavior. Read More

Bitget risks reputation with launch of Spot P2P Market for early-stage tokens

Bitget has announced the launch of its Spot P2P Market aimed at facilitating early investments in tokens before their listing on major centralized exchanges. Read More

Binance launches crypto exchange services in Thailand

Binance, a joint venture between Binance and Thailand’s Gulf Innova, has officially launched its crypto exchange services to the public in Thailand. Read More

Tether refutes UN claims, Cantor Fitzgerald affirms USDT reserves

Tether has countered a United Nations (UN) report that highlighted the alleged use of its USDT stablecoin in illicit activities in East and Southeast Asia. Read More

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    Retail FX

    Afterprime enhances trade reporting with PrimeXM and TRAction

    “This collaboration has made setting up EMIR and MIFIR reporting for our CySEC entity a breeze, allowing us to maintain our focus on providing best-in-class pricing and top-notch customer service.”

    Market News

    US Market Stocks See a Dip Ahead of FOMC Minutes Announcement

    As the financial world eagerly awaits the release of the Federal Open Market Committee (FOMC) meeting minutes scheduled for today, the S&P 500 index begins trading slightly lower, marking a subtle shift in market sentiment following a prolonged rally.

    Fintech

    Adaptive proves that “the future of finance is in the cloud”

    “While workloads have migrated to the cloud over the past decade, some have doubted whether its latency and fault tolerance can match that of on-premises solutions – our joint testing on Google Cloud, proves that this is the case.”

    Retail FX

    Axi Select offers live trading amid “end of demo account prop firm model”

    “We genuinely empathize with the thousands of talented traders who will now be denied access to their allocated funds, and we encourage anyone using the demo trading registration model to question whether their prop firm partner will be able to continue as an ongoing concern given recent events. Unfortunately, this could be the beginning of the end for the demo account prop firm model.”

    Digital Assets

    Celsius founder Mashinsky agrees to shared lawyers with Sam Bankman-Fried

    Former Celsius CEO Alex Mashinsky has addressed potential conflicts of interest in his legal representation during a brief hearing in a New York courtroom.

    Digital Assets

    Sam Bankman-Fried captured in first jail photo

    Sam Bankman-Fried, the once-billionaire founder of FTX, has been spotted looking quite different with a new beard and a slimmer figure in a photo that’s been making rounds, reportedly taken inside New York’s Metropolitan Detention Centre.

    Market News

    Bitcoin stalls at $53,000 level, Ethereum reaches $3,000

    Bitcoin (BTC) faced renewed resistance at the crucial $53,000 level on Tuesday, indicating that the primary cryptocurrency is likely to continue consolidating before making its next decisive move.

    Digital Assets

    UK targets new laws for stablecoins and crypto staking within six months

    The United Kingdom is gearing up to enact fresh legislation regulating stablecoins and crypto staking within the next six months.

    Web3

    Masa’s Milestones Before Mainnet Launch

    Since its launch in August 2022, Masa, the premier decentralized network for personal data, has experienced rapid growth, securing over 1.2 million unique wallets and accumulating more than 23 million data points. Despite a bear market, the network has attracted over 40,000 node operators to its testnet within just 18 months.

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