brokerage Archives - The Industry Spread

Niguel Brooks Appointed as Head of Infrastructure and Operations at HKEX

June 19, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: ASX, brokerage, Brokers, Capital Markets, DEC, HKEX, HKEX OTC Clear, investment, Niguel Brooks, Richard Leung, SGX

Hong Kong Exchange and Clearing announced earlier this week that it has hired Niguel Brooks as its new head of infrastructure and operations. The infrastructure and operations department is responsible for handling and managing all its application systems. In his new role as head of infra and ops, Brooks will be reporting to Richard Leung, Chief Technology Officer at HKEX.

Acting in the capacity of Leung’s deputy, Brooks will also be responsible for Hong Kong Exchange’s security and hosting services along with his duties as head of infra and ops. Nigel Brooks in an industry veteran with more than three decades of work experience, a major of part of which was spent serving key roles in two of world’s top stock exchanges.

Prior to joining Hong Kong Exchange, Brooks served as an advisor for Australian Securities Exchange –ASX, Sydney for a year and a half and served in Singapore stock exchange –SGX for a period of eight years. While in SGX, Brooks served in the capacity of Senior Vice President and was in charge of handling various departments such as Enterprise Architecture, Infrastructure, Technology Operations, Technology transformation and Board Committee of Inquiry. Brooks started his career in Digital Equipment Corporation which specialised in data center operations and providing network and software services where he served for 11 years. Post his tenure at DEC, Brooks spent the next 11 years serving as Senior Manager for Trading Applications Support and Development in Australian Securities Exchange.

Brooks joins HKEX just as Alfred Lai announced his resignation from the exchange group, having served the group for more than fourteen years. At the time of resignation, he served in the capacity of Managing Director for HKEX’s information technology division. When speaking about Alfred’s resignation, Leung commented, “On behalf of the company, I would like to thank Alfred for his considerable contributions and long service to HKEX. He has made significant contributions to the reliability of the IT operations at [our firm] during his tenure. We wish him a very happy retirement”. Leung also commented, “We are delighted to welcome Niguel to HKEX. His twenty years of international experience and his background in IT infrastructure and operations will be invaluable to us and I am very much looking forward to welcoming him to the team” on Brooks arrival at HKEX.

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Citigroup to Restructure Its FX Business Operations

June 19, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: banks, brokerage, Capital Markets, citigroup, financial services, FX hubs, FX Prime Brokerage, G10 group, investment, JP Morgan, UBS AG

US-based multinational investment banking and financial service provider Citigroup Inc recently made an announcement revealing its plans to merge two of its Forex related business operations into one single business operation. The banking giant announced that the decision to merge two units was agreed upon post its recent enterprise-wide review owing to a series of consumer scandals and as some of its business ventures failed to meet expected targets.

As per the announcement, the forex division, local markets, and G10 currency business units will be merged and will function as a single integrated department. The banking service provider hopes that this move of restructuring its business will make it easier for cross-selling of their products while bolstering the group’s risk management process at the same time.

As per data, Citigroup is the fifth largest currency trading firm in the global market as per market share coming after firms like JP Morgan and UBS. As per an internal memo of Citigroup published by Reuters recently, the co-heads of the market division were quoted commenting to their staff that, “We believe this more streamlined operating model will drive better client service, risk management, and profitability”. Despite the integration of various business units into a single department and similarities in the respective unit’s product offerings, the operating units will retain their current branding and offerings in the real world while sharing their technological resources. As part of this restructuring plan, the group’s banks will separate its G10 rates finance team from the newly merged forex business unit.

But, the G10 business operations from both banks and restructured forex unit will operate under the same unit leader which is a newly created post. The group is yet to make an announcement on who will head this unit. Two notable factors among various reasons for restructuring include the group’s FX prime brokerage unit losing nearly $180 million on loans to Asian hedge funds and the group’s institutional client business failing to meet annual targets in 2018. Citigroup has greatly enhanced its FX offerings this year post joining UBS AG to launch electronic currency trading and pricing platform in Singapore- one of Asia’s biggest FX hubs. The product offerings from this joint venture are expected to go live by the end of 2019 and is said to support 23 spot currencies, including all currencies from the G10 group.

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Standard Chartered to Launch FX Trading Engine in Singapore by 2020

June 4, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: Advanced markets, AML, brokerage, DMA, DMA/STP broker, e-trading platform, FCA, MAS, risk management, Standard Chartered Bank

Standard Chartered Bank plans to establish a Foreign Exchange (FX) e-trading and pricing engine in Singapore to be launched with support from the local regulator, Monetary Authority of Singapore (MAS), by Q1 2020.

The new Singapore FX e-trading infrastructure will provide clients in the region more convenient access to the liquidity of 130 currencies and more than 5,000 currency pairs in Spot, Forward, Swaps, Non-deliverable Forwards (NDFs) and Options, as well as commodities e-trading for both Precious and Base Metals.

Michele Wee, Head of Financial Markets Singapore, at Standard Chartered Bank said:

“Singapore continues to be the major FX hub in the world. E-trading take-up rates are very high amongst our clients; we have seen our FX e-trading volumes grow by 40% year-on-year. Through our new e-trading platform, clients in Asia can enjoy enhanced FX trading efficiency and improved liquidity. We can also offer them a more seamless experience and consistent pricing to meet their hedging requirements.

“Having recently fully consolidated our businesses into one entity in Singapore, this latest initiative underscores our continued commitment to working with Singapore to further develop the financial market and enhancing our FX offerings from our Singapore subsidiary. I am confident our collaboration with MAS will yield success and enable our clients to efficiently access Singapore liquidity.”

Gillian Tan, Executive Director, Financial Markets Development Department, at Monetary Authority of Singapore, said:

“We welcome Standard Chartered Bank’s decision to launch its new FX e-trading engine in Singapore. The move is aligned with our goal of enhancing liquidity, price discovery, and transparency in Singapore’s FX market by strengthening FX e-trading capabilities and market infrastructure. This new platform will enable Standard Chartered to seamlessly support its clients’ FX needs and contribute to the sustained growth and development of Singapore’s financial hub to serve growing regional needs for risk management.”

The new e-trading engine adds to Standard Chartered’s infrastructures in London, New York, and Tokyo.

In late 2018, Advanced Markets signed Standard Chartered Bank as a foreign exchange prime broker for its Direct Market Access (DMA/STP) liquidity infrastructure.

The bank has recently made the headlines for not so great news. The Financial Conduct Authority (FCA) fined Standard Chartered £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty for AML controls failings ever imposed by the FCA.

Think Markets Branches Out to South Africa with Capital Protection Offer

May 29, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: brokerage, Central Fund, CFD and FX Broker, Faizan Anees, Lloyds of London, monetary policy, Nauman Anees, Think Markets, trading platform

The UK based multi-national financial brokerage house Think Markets which is currently operating in England and Australia has now branched out to South Africa. As per the statement released by the brokerage house, the firm has now opened a branch in South Africa which is offering trading services in Forex assets and CFD’s (Contracts for Difference). Among the offerings in CFD’s, the assets are not just limited to instruments from South African market but also include financial vehicles from other markets such as single-stock CFDs, stock indices and commodities via its trading platform.

In order to increase the customer base in South Africa and capture significant market share in a short time frame, the firm is offerings South African Rand denominated currency pairs including but not limited to USD/ZAR, GBP/ZAR, and EUR/ZAR. The platform is also set to offer a wide range of CFD indices and equity derivates from the Johannesburg Stock Exchange that is highly preferred by traders and investors.

Given the turbulent times in the forex market and increased reports of financial scams which are found in African financial market, the firm has decided to further sweeten their offering by offering capital protection facility. This is a highly attractive option for investors given the fact that statement released by the firm has mentioned the limit of capital protection policy on investment for US$ 1 Million equivalent to over 14.4 Million ZARs and is the only trading firm in South Africa to offer the feature. What it means for retail traders and investors alike is that, even if the brokerage house – ThinkMarkets.com were to go into insolvency proceedings, the clients have protection on their invested capital for up to US$ 1 Million. This offering of capital protection is made possible via the firm’s deal with London based insurance giant – Lloyds of London. The brokerage firm makes this capital guarantee attractive for the clients as there is a second layer of protection provided by the insurance firm on their investment.

The second layer of protection is that investors can still avail the funds from insurance service provider even in case both insurance firm and brokerage house default. This will be made possible via the insurance provider’s Central Fund which is held separately. When speaking about the extension of their business to South African market, Nauman Anees, CEO and Co-Founder of ThinkMarkets.com commented, “Our Company’s ethos is built on sound regulations and the protection of our clients’ money and hence the $1 million cover reinforces that Think Markets is one of the safest places for CFD traders”. Speaking on same, Faizan Anees – Managing Director and Co-Founder of the brokerage house said, “We are very excited about our new operation in South Africa, we have been serving traders from this region for many years and have built strong and lasting relationships. And now, with the $1 million insurance and localised products on our platform, we are well positioned to become the preferred broker for traders”.

Please feel free to let us know what you think in the comments below.

UGL Exchange Promotes COO Alicia Ziomek to the Role of CEO

May 29, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: binary options, brokerage, CFD and FX Broker, Cyprus, cysec, ESMA, Evangelos Pourgourides LLC, FinanceMagnates, FX trading, trading platform, UGL Exchange

Cyprus based Forex broker UGL Exchange has released a statement stating that it has promoted Alicia Ziomek to the role of Chief Executive Officer effective immediately. Alicia is already a part of UGL family and has been working as Chief Operating Officer for the past one year. Alicia has nearly five years of experience in dealing with Capital Markets and joined UGL Exchange back in June 2018 as per information stated in her LinkedIn profile. In her Capacity as Chief of Operations, Alicia was responsible for overseeing daily operations of the firm across IT, Marketing, Sales and Finance departments.

As per a report published in Financemagnates website which was the first to report of promotion of Alicia as CEO, she continues to retain her role as Chief of Operations along with her current role of CEO of the firm for now. Prior to promotion of Alicia Ziomek as the firm’s CEO, OLGA Lampadaridou served as the firm’s CEO.

However, according to the information is her LinkedIn profile – Olga still retains her role as CEO. Neither the firm’s LinkedIn page nor, the report in Financemagnates website has any information regarding Olga’s resignation or transfer to different role or firm. We at theindustryspread.com have reached out to the firm regarding Olga’s role at the firm moving forward, but we are yet to get a reply on same. Prior to her tenure at UGL Exchange which began last year, Alicia served as the compliance officer for forex trading firm FXGlobe for a period of 7 months. And prior to FXGlobe, Alicia was a part of BDSwiss where she served as Head of Back Office for 8 months and was then promoted to Anti-Money Laundering & Compliance Officer role. Before her entry into Capital Markets sector, she pursued a career in law and served as Trainee Lawyer and Civil Litigator at law firm Evangelos Pourgourides LLC.

Ziomek has been a part of UGL exchange since its debut back in June 2018. The firm is registered and licensed as an investment firm under the regulatory authority of Cyprus more commonly known as CySEC ( The Crypus Securities and Exchange Commission) and specializes in providing brokerage and trading services for Forex assets. While Cyprus is considered as an ideal location by most players in the market for expanding and establishing a business in the European market, it is not easy for firms to succeed in the same. When it comes to FX business and dealer-broker activity, Cyprus has been growing increasingly strict off-late. This is further highlighted by a recent announcement made by CySEC via which it has stated that ESMA CFD and Binary Options rules apply to both EU and Non-EU clients regardless of their home/office location as long as their business is with a CySEC regulated financial firm.

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Iron Ore Prices Rally, AUD gets a lift

May 28, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Bitcoin, Brexit, brokerage, Cryptocurrencies, EU elections, FED, iron ore, monetary policy, RBA, Sino-U.S. trade talks, trading platform

Asian indices finished higher today as the China-U.S. trade dispute continues, with few signs a deal will be reached in the near-term. The Nikkei225 finished 0.37 percent higher to 21,260 the Hang Seng benchmark in Hong Kong finished 0.22 percent higher at 27,351. The Shanghai Composite finished 0.17 percent lower to 2,888 below the 100-day MA, while in Singapore the FTSE Straits Times index finished flat to 3,167. Australian equities rebounded on Tuesday, breaking a three-session slump. The market was boosted by gains in the Materials, Energy, Financial, IT and Telco sectors which outweighed weakness from utilities and property stocks. The ASX 200 (XJO) closed up 32 points or 0.5% to 6,484.

European session started lower today following news that EU is preparing to launch EDP against Italy in June, the DAX30 is 0.43 percent lower to 12,018 and CAC40 is 0.36 percent lower at 5,316 while the FTSE MIB in Milan is trading 0.98 percent lower at 20,163. The London Stock Exchange is adding 0.09 percent to 7,284 as traders return to desks today after the EU elections.

XAUUSD Hourly (H1) Chart

In commodities markets, crude oil consolidates to 58.80 after American Petroleum Institute data showed that U.S. crude stockpiles rose unexpectedly the previous week. Brent oil trades higher at $69,80 per barrel as major oil producers have yet to agree on adjustments on output. Gold started softly at the European session around 1283 zone. The precious metal is trading between 50 and 200-hour moving average turning the technical picture to neutral. Gold will find support at 1272 the low from the previous week while more bids will emerge at the 200-day moving average at 1255, on the upside resistance stands at 1296 the 100-day moving average.

In cryptocurrencies market, bitcoin (BTCUSD) continues the rally above 8,700, the daily low for BTC was at 8,644 and the daily high at 8,845. Immediate support for BTC stands now at $8,000 round figure, on the upside strong resistance stands at 8,845 the recent high. Ethereum (ETHUSD) also trades higher to 269, on the upside the immediate resistance stands at 273 the high during Asian session while the support stands at 263 and the 50 hour SMA, Litecoin (LTCUSD) also trades higher at 113.80. The crypto market cap holds above $175.0B.

On the Lookout: Iron ore price jumped by 4.2% to a five-year high of US$108 a tonne on supply concerns and a fall in stockpiles in China.

In Australia the weekly ANZ-Roy Morgan consumer confidence rating rose by 1.2% to 118.6 points, boosted by expectations the Reserve Bank will cut the cash rate next Tuesday to 1.25%.

In the America economic calendar, we await the US S&P/Case Shiller home price index is due to be released, along with consumer confidence and the Dallas Federal Reserve manufacturing index.

Trading Perspective: In fx markets, the US dollar trades flat to 97.65, The Aussie dollar trades higher at 0.6920 supported by better Australian consumer confidence data and the rally in iron ore prices. Kiwi also trades higher at 0.6550 level.

GBPUSD trades 0.17 percent lower to 1.2659 as the bearish momentum for Cable is still intact amid growing concerns over Brexit. The pair hit the daily low at 1.2653 and the daily high at 1.2701. On the upside immediate resistance now stands at 1.27 the high from Asian session while more sellers will emerge at the 200-hour moving average at 1.2713. Sterling shows persistent weakness amid UK political uncertainty and also on the back of risk aversion.

GBPUSD Hourly (H1) Chart

EURUSD also started 0.04 percent lower today to 1.1186 on trade tensions, patient Fed, German macro weakness, and EU elections. The pair managed to rebound fast from the lows during the previous week and breached all major hourly moving averages giving bulls the upper hand for the short term. On the upside, the immediate resistance stands at 1.12 the high from Asian session, while more offers will emerge at 1.1245 the 50-day moving average.

USDJPY is the loser of the day as the pair gives up 0.231 percent to 109.30 amid USD weakness across the board. Today the pair hit the low at 109.24 and the high at 109.62. The pair will find support at 109.20 Friday low, on the upside immediate resistance for the pair now stands at 110 and then at 110.54 the 100-day moving.

USDCAD trades at 1.3453 in the middle of the recent trading range. The pair will find immediate support at the 50-day moving average around 1.3392 while extra support stands at 1.3300 round figure. On the upside, immediate resistance stands at the 1.35 zone.

Arnab Nilim Appointed As Head of FX London Branch of Goldman Sachs Asset Management

May 28, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Alliance Bernstein, Arnab Nilim, banks, brokerage, Capital Markets, citigroup, financial services, Goldman Sachs, Goldman Sachs’s Asset Management, trading platform

The London branch of global investment banking giant Goldman Sachs’s Asset Management division now has a new head of FX. As per the statement released by the banking giant, Arnab Nilim an industry veteran with nearly two decades of experience in the finance industry has now been hired by the firm to serve as Managing Director and Head of Currency in the Asset management division. For his new role as Head of FX, Arnab has relocated from New York to London having resigned and cut all professional ties with his previous firm. Arnab’s LinkedIn profile also reflects his appointment at Goldman Sach’s London office which suggests he joined the firm earlier this month.

Prior to his appointment as Head of FX in Goldman Sachs’s Asset management division, Arnab served as SVP & Lead Currency Portfolio Manager at Alliance Bernstein in the New York office for more than 7 years having joined the firm back in March’ 12. Alliance Bernstein is yet another giant in the investment management sector on a global level while also known for its market research capabilities. The firm currently has assets worth nearly USD 500 Billion under management. Before his tenure at Alliance Bernstein, Arnab served as an EM currency/rates derivatives trader and Vice President for Citigroup for more than 7 years in their US office from January 2005 to February 2012. Prior to his long career in the financial sector, Arnab Nilim was a graduate of the University of California, Berkeley where he graduated with a Ph.D. focused on Stochastic Controls and Optimisation.

As per data in his LinkedIn profile, while at the University of California, Berkeley – Arnab was awarded the Leon Chua Award for best research in the field of non-linear science. Nilim’s migration to Goldman Sachs comes at a time when the global FX market is suffering from low volatility issues and geopolitical/economic power struggle. The firm was also severely hit by same as visible from the release of the firm Q4 data which showed that it was the worst Q4 of the decade and also suggested that the firm lost a significant amount of cash during last three months last year via a regulatory disclosure. However, Goldman Sachs is not alone in suffering loss as many other major brokers and trading venues have also reported dovish first-quarter results citing low volatility and lower levels of client activity as the reason for the drop in quarterly statement data.

Please feel free to let us know what you think in the comments below.

Integral Launches Institutional Market Data Service for Retail FX Brokers

May 22, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: brokerage, Charalambos Psimolophitis, Cryptocurrencies, Cryptocurrency exchange, ECN, FX Pro, Integral, Integral OCXTM, OCX, TrueFX Streaming

Integral, the Silicon Valley-based fintech solutions provider, launched its Institutional Market Data service for retail brokers looking to access live spot FX and crypto-asset prices sourced from tier-one banks and nonbank liquidity providers trading over Integral’s Open Currency Exchange (OCX) platform.

The TrueFX Streaming service provides event-driven indicative prices for mid-point, top-of-book and price at depth for large size trading of institutional customers across all the major currency pairs, emerging market spot FX currencies, and 14 major cryptocurrencies, from Mint Exchange. Built on Integral’s FX infrastructure, Mint Exchange sources its liquidity from 14 major cryptocurrency exchanges and 8 leading market makers.

The streaming service also enhances price verification, reference pricing for execution management, base price for core price generation, as well as historic algorithmic backtesting, according to the announcement.

Harpal Sandhu, Chief Executive Officer at Integral

Charalambos Psimolophitis Chief Executive Officer of retail broker FxPro commented:

“With the cost of FX market data priced at a premium, a true representation of where the inter-bank market is trading at depth has never been more important. TrueFX removes the layers, latency and adverse spreads facing brokers when accessing institutional prices for their global client base.”

Harpal Sandhu, Chief Executive Officer of Integral, said:

“The launch of TrueFX Streaming is in line with our philosophy of opening up the FX market to everyone. The solution provides a competitively priced and premium market data service to the retail broker community. As the market evolves, we will continue to expand our market leading position with additional product offerings based on our underlying technology and fault tolerant services.”

Most recently, Integral announced the addition of IS Prime’s liquidity to its institutional trading platform Integral OCXTM. The leading FX over-the-counter ECN connects to over 250 banks, brokers and asset managers. The partnership allows Integral to extend its multi-asset liquidity distribution of FX and Index Swaps.

ASIC-Regulated Fullerton Markets Launches Mobile Trading App

May 17, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: ASIC regulated, brokerage, Capital Markets, Fullerton Markets, investment, Mario Singh, PipProfit

Fullerton Markets, the ASIC-regulated foreign exchange broker, has launched its mobile app: PipProfit, a one-stop platform which aims to deliver improved convenience and seamless experiences to its global clientele.

Going by the name of PipProfit!, the app boasts features that allow users to carry out trading-related activities easily while keeping them informed of the latest news and events. Among other things, traders can look forward to sending deposit and withdrawal requests and accessing educational resources and timely market updates for profitable trading. Additionally, partners or Introducing Brokers will be able to onboard new clients more quickly and retrieve valuable business data and metrics pertaining to their clients’ performance and their business growth.

Mario Singh

Mario Singh, CEO of Fullerton Markets, said:

“The app was birthed with the vision of having our solutions be more accessible to a larger audience, while also making sure we better serve our existing clients. We realized that a mobile-friendly or mobile-responsive website was no longer enough. Our core services have to be fully hosted on mobile if we were to provide a richer experience for on-the-go, tech-savvy consumers. The statistics speak for themselves — interactions with brands today are twice as likely to happen on mobile than anywhere else, and 80% of smartphone users are more likely to purchase from companies with mobile apps that offer answers to their questions.”

App users will also enjoy new features such as an events module, which gives them access to a complete overview of activities organized by Fullerton Markets and allows them to immediately register for any event, check in, and upload images of their participation. Users will be alerted to event updates via mobile notifications.

“This comprehensive platform will serve as an important tool for our clients to transfer funds, track business performance and growth and stay updated on news and happenings that have an impact on their trading journey. Through PipProfit!, we hope to take customer engagement, expediency and the trading experience to the next level,” added Mario.

The app was launched a week prior to Fullerton Markets’ hosting an investment and trading summit at the Vanda Hotel in Da Nang, Vietnam on 25 May 2019. The event is part of the company’s ASEAN Tour 2019, and attendees will receive an updated, insightful overview of local and global markets to help them in their investment and trading decisions. CEO Singh will share some of his secrets to successful trading and present profitable strategies.

The company’s white label business has recently scored a Malaysian broker as a client, BeGold, whose clients now have access to the trading platform operated by Fullerton Markets and the benefits associated with the triple fund safeguards provided by the Fullerton Shield.

In October 2018, Fullerton Markets joined the network where members are able to deliver their liquidity to other end-customers through oneZero’s Liquidity Hub, as well as manage their trading book and customize their liquidity through comprehensive credit, reporting and risk management tools.

Xena Exchange Launches Crypto Analytics Tool

May 17, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: Anton Kravchenko, Bitcoin, Bitfinex, brokerage, CBDO, CMC Markets, Cryptocurrencies, Cryptocurrency exchange, financial services, investment, Julie Plavnik, Xena Exchange

The Xena Market Barometer is designed to keep a pulse on the market and optimize the trading process while reducing the number of monitors needed for efficient trading. The first eight indicators are already live and are free to use. In the next few months, Xena Exchange plans to expand the number of graphs available.

Xena Exchange announced the launch of Xena Market Barometer: a 360-degree analytics tool that aggregates data from the biggest digital-asset exchanges and represents it in unique graphs assembled in one place. The barometer combines numerous data sources and uses complicated processing algorithms to display information in an easy-to-understand format. Data sources are divided into three categories: live trades and order books from major cryptocurrency exchanges, blockchains, and media.

Collecting live data from Huobi, Coinbase Pro, Bitstamp, and Bitfinex. The first version can be used by active traders to assess the direction of possible price moves in the short term. Charts show support and resistance levels calculated using live order books and the profile of volumes traded at different price levels.

Anton Kravchenko, Chief Executive Officer, Xena Exchange, commented:

“Traders are overloaded with big data they need to interpret in the right way. They need to constantly switch from one monitor to another, searching for the right signal or pattern. This results in stress, and stress results in mistakes. The Xena Market Barometer is meant to make the analytics ergonomic and provide the trader with all the information they seek on one dashboard.”

Xena has recently launched a free desktop terminal designed to meet the information demands of professional traders looking to navigate the cryptocurrency markets.

In late 2018, Xena Exchange raised $3 million in a Series A funding round with the sole investor being Klever Internet Investments, a stage-agnostic venture capital fund based in Moscow.

Julie Plavnik, CBDO, Xena Exchange

Julie Plavnik, CBDO at Xena Exchange, has recently stated that CMC’s decision to exclude Bitfinex BTC rate from its weighted average calculation was a fair move.

“Actually, we do not support the ongoing negative discussion around Bitfinex, at least, until there are more details after its case investigation. However, it’s quite obvious, that the significant premium to BTC price existing on Bitfinex, if compared with other exchanges, is artificial as it’s caused by the panic among those traders wishing to immediately sell their USDTs out in avoidance of any potential losses. Given that CMC is supposed to provide the most accurate and objective data on the crypto market, today’s Bitfinex BTC rate should be viewed as misguiding, because it results from the current tricky situation around the exchange, rather than informed by general trends in the crypto space.”

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