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”.
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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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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.
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.
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.
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.
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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.
Charalambos Psimolophitis Chief Executive Officer of retail broker FxPro commented:
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, 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 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.
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.
Asian markets finished mixed today as President Trump issued an executive order declaring a national economic emergency that empowers the government to ban the technology and services of “foreign adversaries” deemed to pose unacceptable risks to national security. The Nikkei225 gives up 0.69 percent to 21,042 the Hang Seng benchmark in Hong Kong finished 0.24 percent higher at 28,336. The Shanghai Composite added 0.28 percent to 2,947 while in Singapore the FTSE Straits Times index finished 0.05 percent higher at 3,220. Australian stocks trading 11 points higher or 0.16% to 6,381.
In commodities markets, crude oil trades higher at 62.34 after mounting tensions in the Middle East. Brent oil adds one dollar at $72,16 per barrel. Gold consolidates at 1295 as it retreated from the recent high at 1303. Investors turned to safe assets amid escalation in US-China trade war. XAUUSD technical picture is bullish as the precious metal holds above the 50 and 100-day moving averages. Gold will find support at 1290 the 50-hour moving average and on the upside, resistance stands at 1307 the high from April 10th, 2019.
In cryptocurrencies market, bitcoin (BTCUSD) trades slightly lower at 7,930 as it eyes for a convincing break above the 8,000 resistance. The daily low for BTC was at 7,845 and the daily high at 8,379. BTCUSD immediate support stands at $7,503 level the 100-hour moving average and then at the 7,000 round figure. On the upside, strong resistance stands at 8,379 the high from the Asian session. On Monday the CME Bitcoin futures reached an all-time record high of 33.7k contracts. Ethereum (ETHUSD) is the outperformer in the cryptos universe today as it continues higher for the fifth day in a row and adds another 25 dollars to 253, on the upside the immediate resistance stands at 273 the high during the US session while the support stands at 200, Litecoin (LTCUSD) mirrors major cryptocurrencies higher at 98.40. The crypto market cap holds above $175.0B.
On the Lookout: In Australia, the ABS reported a mixed set of labor force data. The employment rose for the ninth straight month, up by 28,400 in April after a revised 27,700 increase in jobs in March, which was previously reported as a 25,700 increase in jobs. Fulltime jobs fell by 6,300, but part-time jobs rose by 34,700. Analysts had tipped an increase in total jobs of around 15,000.
In the US according to the Department of Commerce, in seasonally-adjusted terms, retail sales volumes slipped by 0.2% month-on-month to reach roughly $513bn, although excluding sales of automobiles they edged higher by 0.1%, helped by a jump in gasoline station sales. Economists had forecast a rise in total sales of 0.2% month-on-month and an increase of 0.7% excluding automobiles. The industrial output growth in the States missed forecasts by a wide margin last month as manufacturing added to a growing list of monthly declines.
In the America economic calendar, we await the US Jobless Claims, Housing Starts, Building Permits and Philly Fed Manufacturing Index, all will be released at 12:30GMT. At the same time, the Canadian ADP Jobs and Manufacturing Sales data will grab some attention.
Trading Perspective: In forex markets, the US dollar trades flat at 97,35 as traders digest the developments in US-Sine trade war. A stronger US dollar will likely increase the US trade deficit, adding risk that Trump administration continues to target those nations with a significant trade surplus with the US (China – Germany – Europe). The Aussie dollar continues its trip south for another day to 0.6912 after the disappointing labor figures. Kiwi also gives up some cents to 0.6549.
GBPUSD is the majors worst performer for one more day after the pair lost yesterday the 1.29 and trades down to 1.2845 due to Brexit uncertainty. The pair hit the daily low at 1.2839 and the daily high at 1.2851. On the downside, major support will be found at 1.2839 the low from Us session. On the upside, immediate resistance stands at 1.29 and then at the 100-day moving average around 1.2957.
In Sterling futures the open interest increased for the third session in a row, this time by almost 6.8K contracts, the volume also went up for yet another session by more than 15K contracts.
EURUSD trades some pips higher at 1.1207, getting a hand by US President Trump that he will delay the decision on the auto tariffs on the EU. The pair made the Asian high at 1.1210 and the low at 1.1201. Immediate support can be found at 1.1180 the 200 hours moving average while more solid support can be found at the yearly low at 1.1115. On the upside, the immediate resistance stands at 1.1236 the bottom of horizontal resistance line from the three-month trading range, while more offers will emerge at 1.1268 at the 50-day moving average.
In euro futures, the open interest shrunk for the fourth consecutive session on Wednesday, this time by more than 3K contracts. Volume rose by nearly 17.5K contracts, clinching the third build in a row.
USDJPY consolidates in mid 109 as traders turn their eyes to safe assets amid renewed China-USA trade worries. Today the pair hit the low at 109.33 and the high at 109.58. The pair will find support at 109.14 yesterdays low, on the upside immediate resistance for the pair stands at 110 round figure and then at 110.50 the 100-day moving average and then at 111.17 the 50-day moving average.
USDCAD is trading lower today at 1.3432 as higher crude oil prices, Canada’s main export item, seems to have added further strength in the Canadian Dollar (CAD). The pair will find immediate support at the 100-day moving average around 1.3335 while extra support stands at 1.3300 round figure. On the upside, immediate resistance stands at 1.3476 the high from yesterday, while a break above can escalate the rebound towards 1.35 round figure.
Deutsche Borse Group’s brokerage arm Eurex Exchange has partnered with trade infrastructure solutions provider Traiana which has facilitated Eurex to gain direct clearing connectivity access. Eurex exchange primarily deals with German and Swiss debt instruments and various European stocks and indices. As part of the deal between two parties, Traiana provides Eurex clients with end to end clearing solutions for OTC interest rate swaps on various trading venues. Traiana is a wholly owned subsidiary of American financial services provider CME Group. Traiana’s main focus is on trade life cycle and risk management solutions while it also providing infrastructure services to clients across the globe. Eurex clients can now submit traders executed on electronic trading venues for direct clearing and benefit from Traiana’s Credit risk hub which facilitates pre-trade checks for client orders placed on regulated trading venues and post trade checks for voice executed trades.
The verifications are mandatory regulatory requirements under MiFID II in Europe and Dodd-Frank in the United States. Traiana has claimed that clearing members at Eurex will be able to manage clients limits better now owing to gaining access for direct central clearing connectivity network. Eurex said this move for partnership was influenced by increasing demand from the market for Eurex’s OTC IRD clearing services. When speaking about the deal between Traiana and Eurex, Danny Chart, head of business development at Eurex clearing commented “Traiana’s clearing services are an essential part of the OTC clearing process and their efficient management of clearing workflows will allow our members and end clients to streamline processing IRS transactions on both a pre and post-trade basis”.
On same topic, Steve French, head of connectivity and messaging at Traiana stated “This connectivity agreement is well-timed for market participants keen to use our services to consolidate their OTC clearing processes and benefit from an increase in clearing activity at Eurex”. Aside from this deal, Eurex has been highly active this year focusing on expanding its income venues and features available to clients with most recent move being introduction of swap trades feature for US based end clients. This move was announced during early February this year and has been well received in US market with Citi Bank being one of its first and major clients to provide its users with swap rates using Eurex’s service. It should also be noted that Traiana made a similar deal earlier this year with Hong Kong Exchange. In this case, the exchange obtained direct central clearing connectivity with a focus on FX assets.
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