Let’s take a look back at top stories that dominated the financial markets in our Weekly Round coverage. This week’s digest takes a deep dive into the most recent events and trends within the Forex, Fintech, and cryptocurrency.
FX Market
21 Republican representatives want to “End the Fed”
Representative Thomas Massie (R-KY), in a move backed by 20 more Republicans, has introduced the Federal Reserve Board Abolition Act, which intends to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks, as well as the Federal Reserve Act (the 1913 law that created the Federal Reserve System). Read More
N26 fined €9.2 million in Germany for money laundering concerns
Germany’s financial regulator, BaFin, has imposed a fine of €9.2 million ($10.00 million) on the online bank N26 for systematic delays in filing reports of suspected money laundering in 2022, the regulator announced on Tuesday. Read More
IC Markets taps TipRanks’ trading research tools
Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities. Read More
Swissquote joins Fortex Hub to expand liquidity distribution
ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services. Read More
Exclusive: Autochartist CEO Ilan Azbel Delivers Insight on AI at iFX EXPO LATAM 2024
In an insightful interview with FinanceFeeds at iFX EXPO LATAM 2024, Ilan Azbel, CEO of Autochartist, discussed the evolution of trading technology, effective trader engagement strategies, the integration of AI in trading analytics, and the cautious approach of regulated brokers towards its adoption. Read More
Robinhood enhances margin trading rates
Robinhood has significantly lowered its margin rates, which now vary based on a customer’s margin balance, with rates ranging from 5.7% to 6.75%. Read More
SEC’s Gensler reminds industry why T+1 is needed
The conversion of the U.S. securities market to a T+1 standard settlement cycle will take place on May 28, 2024, just a few days from now. Read More
ASIC orders TMGM to stop onboarding retail traders for 21 days
ASIC suspects that TMGM relies on an “inadequate retail investor questionnaire for compliance with its obligations” and lacks other controls in its onboarding process to assess whether clients are likely to be in its target markets. Read More
CFTC fines JP Morgan $200 million for not monitoring billions of orders
In 2021, in the course of onboarding a new trading exchange, J.P. Morgan discovered its surveillance of trading on multiple venues and trading systems was not operating correctly, resulting in gaps in J.P. Morgan’s trade surveillance on these venues. Read More
HSBC relocates US headquarters to The Spiral, New York
HSBC has opened its new U.S. headquarters at The Spiral, a renowned office building in New York City’s Hudson Yards neighborhood. Read More
Crypto Markets
Bakkt promotes Ray Kamrath to CCO of Crypto
Bakkt has promoted Ray Kamrath to Chief Commercial Officer of the company providing custody, trading, and onramps to the crypto space. Read More
BitGo offers custody of underlying assets of CoinDesk 20 Index
BitGo is set to offer custody of the underlying assets that make up the CoinDesk 20 Index through a partnership with CoinDesk Indices. Read More
Bitget appoints Gracy Chen as CEO
Bitget has appointed Gracy Chen as the new Chief Executive Officer (CEO) of the leading crypto exchange founded in 2018 and known for its copy trading feature. Read More
London Stock Exchange to list crypto ETPs for first time
The London Stock Exchange (LSE) will list crypto exchange-traded products (ETPs) for the first time later this month, following the approval of prospectuses from WisdomTree (WT) and 21Shares by the Financial Conduct Authority (FCA). Read More
Sam Bankman-Fried moves to low-security prison in California
Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is being transferred to a new prison facility, The Wall Street Journal reported. Read More
Coinbase resumes XRP trading in New York after nine-month hiatus
Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny. Read More
Court rules against YouTuber Ian Balina for selling Sparkster token
A U.S. federal judge has ruled in favor of the Securities and Exchange Commission (SEC) in a case against crypto YouTuber Ian Balina. The Texas court found that he violated securities laws by participating in and promoting an initial coin offering (ICO) of Sparkster (SPRK) tokens in 201. Read More
Elon Musk mourns Kabosu, Dogecoin responds with price jump
Dogecoin (DOGE) price climbed on Friday after the passing of Kabosu, the Shiba Inu who inspired the meme cryptocurrency. Read More
