Cryptocurrencies Archives - The Industry Spread

Daniel Matuszewski Resigns as Circle’s Head of Trading Division

August 6, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: Circle, Cryptocurrencies, Daniel Matuszewski

Chicago based cryptocurrency trading and investment service provider Circle made an announcement recently stating that its head of trading division is set to resign from the firm. Daniel Matuszewski, the current head of trading division of Circle is responsible for overseeing the firm’s OTC marketplace.

Circle which is partially backed by Goldman Sachs is most commonly known in the crypto community as the parent firm of stable coin USDC and is also one of the largest OTC service providers in cryptocurrency market handling assets worth US$24 Billion per year. While the statement from the firm stated that Daniel is cutting ties with the firm to pursue a new entrepreneurial opportunity in the cryptocurrency industry, it lacked further details on what the new project is about.

However, the firm also announced in its statement that Daniel will be succeeded by Nick Gustafson – former chief of OTC trading desk at Kraken, another US-based crypto trading service provider. Daniel joined the firm as head of trading division back in 2017 as a successor to Joshua Lim who served as head of treasury and trading operations at Circle prior to his resignation. However, this move comes at a critical juncture for the firm which is currently looking to expand its business on global scale outside the highly regulated US markets. As part of its expansion plans, the firm launched a new licensed subsidiary in Bermuda and has branched out into wide range of crypto business verticals such as Circle Invest – a division which facilitates clients to purchase 11 different Crypto coins and Circle Trade, an OTC marketplace which handles turnover of nearly US$2 Billion per month.

The firm also owns a cryptocurrency exchange – Poloniex which trades over 100 cryptocurrencies and also acquired a FINRA licensed alternative trading system/equity crowdfunding platform named Seed Invest. There are rumours in the market currently stating that the firm is looking to apply for a banking license as well. According to an internal memo of the firm seen by Coindesk, Daniel had stated that Circle trade – their OTC trading desk was born as result of an accident and was initially responsible for providing liquidity for Circle’s retail Bitcoin payments app. However, as the market share of the firm grew on a large scale they gained the ability to provide liquidity to a whole array of counterparties outside the internal needs of just crypto firm Circle putting them on path to large scale expansion and increasing their product portfolio. Daniel’s successor Nick served as VP of investment banking division at Jefferies and as director at UBS prior to his tenure at Kraken.

Please feel free to share your thoughts with us in the comments below.

Source: https://www.financemagnates.com/executives/moves/circle-parts-ways-with-trading-division-head-dan-matuszewski/

Australian Independent Reserve Wins Digital Currency Exchange of the Year

August 1, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: AUSTRAC, Bitcoin, crypto, Cryptocurrencies, Ethereum, Independent Reserve, Litecoin, Ripple

Independent Reserve, the leading Bitcoin and cryptocurrency exchange in Australia, has been awarded Digital Currency Exchange of the Year at this year’s inaugural Australian Blockchain Industry Awards.

The executive team, comprised by Lasanka Perera (COO), Adrian Przelozny (CEO and founder) and Roman Stefanidi (CTO), has worked to make significant progress with a succession of strategic partnerships and business growth for the crypto exchange.

Adrian Przelozny, CEO and founder of Independent Reserve, commented: “It’s a real privilege to stand alongside some of the incredible innovators in this year’s Australian Blockchain Industry Awards. Winning Digital Currency Exchange of the Year is testament to the hard work and consistent effort our team has put in to making Independent Reserve the top tier exchange that it is today. I’m extremely proud of what we’ve achieved so far, and I look forward to progressing this further. With cryptocurrency markets growing at a rapid rate across the world, it’s essential that we’re continually evolving our business and trading features on the platform to keep up with the pace of change.

In early 2019, Independent Reserve became the first operator within the crypto ecosystem in Australia to offer insurance coverage against theft or loss of any cryptocurrency that is held in an Independent Reserve trading account. The firm’s client base amounts to 100,000 users spread across Australia and New Zealand and services around 8,000 self-managed super funds (SMSFs).

The exchange also partnered with KPMG, the multinational professional services network and one of the Big Four accounting organizations, to create a crypto tax calculator developed by KPMG which plugs directly into users’ Independent Reserve accounts, allowing traders to estimate tax obligations on their portfolio.

Chief executive Przelozny added that the Australian-based crypto exchange launched in November 2018 , a blockchain innovation hub and coworking space in Sydney. Independent Reserve was founded in 2013 and allows Australians to buy, sell and invest in Bitcoin (XBT), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and other digital currencies, through its proprietary, institutional grade trading platform.

Independent Reserve counts with Mike Tilley (ex -CEO of Challenger Financial and Chairman of Latitude Financial), Martin Rogers (KTM Ventures) and Steve James (Seer Asset Management) as investors and board members. The operator collaborates with Australian financial watchdogs, such as AUSTRAC, to develop AML/CTF regulatory frameworks for the industry. Its pro-regulation stance has led the exchange to be an audited, gold Certified member of the Australian Digital Commerce Association (ADCA), which represents the cryptocurrency industry in Australia.

Dollar Rallies on Strong Sales Data, Pound Plummets

July 17, 2019 by Michael Moran Leave a Comment Filed Under: Market News, Market News - Asia Open Tagged: AUD/USD, Brexit, Cryptocurrencies, EUR-USD, financial services, Fintech, FX trading, GBP-USD, Retail Fx, Sino-U.S. trade talks, trading platform, USD/JPY

Summary: A strong rise in June US Headline and Core Retail Sales, up 0.4%, easily median forecasts of 0.1%, lifted the Dollar Index (USD/DXY) 0.47% to 97.391. The British Pound plummeted to April 2017 lows (1.23964) as risks build for a no-deal Brexit from the two top candidates for the UK prime ministership. A fall in Germany’s ZEW Economic Sentiment, due in part to the China-US trade conflict, pulled the Euro 0.44% lower against the Greenback to 1.12019, one-week lows. The Australian Dollar retreated to 0.7010 from 0.7040 yesterday, weighed by broad-based US Dollar strength and President Trump’s latest trade tariff threat. Trump said that he could impose additional tariffs on Chinese imports if he wants. And a trade agreement with China had a long way to go. USD/JPY rallied to 108.27 from 107.90 yesterday. EM currencies were mostly lower against the Greenback.
Wall Street stocks slipped at the close. The DOW was modestly lower at 27,325 (27,345) while the S&P 500 dipped 0.38% to 3,003 (3,014 yesterday). US bond yields rose with both the 2-and 10-year treasury rates up a couple of basis points.

Forex Factory – US Retail Sales – 17 July 2019

The UK’s Unemployment Rate matched expectations at 3.8% although Claims for Unemployment benefits rose to 38,000 against a median forecast of 18,900.

EUR/USD – slip-sliding away, the Single currency dipped further to 1.1208 (NY close) after a deterioration in sentiment from German investors. Dovish expectations from the ECB have prevented the Euro from taking advantage of US Dollar weakness earlier this week.

Forex Factory – UK Claimant Count Change (Unemployment Claims) – 17 July 2019Forex Factory – UK Claimant Count Change (Unemployment Claims) – 17 July 2019

GBP/USD – The British Pound extended it’s decline, falling to fresh 27-month lows against the Dollar to 1.23964 before settling at 1.2410. Leading candidates for UK leadership, Boris Johnson (Conservative) and Jeremy Corbyn (Labour) are both pushing for a hard Brexit stance. Sterling also fell against the Euro to the lowest this year.
AUD/USD – The Aussie gradually lost ground against the strengthening US Dollar, closing at 0.7010, down 0.37%. Trump’s latest tariff threat didn’t help the Australian Dollar. RBA meeting minutes released yesterday revealed that the Aussie central bank was willing to adjust policy “if needed” to support growth and inflation.

On the Lookout: Following two sets of better-than-expected US economic data, expectations of deep Fed rate cuts have been watered down. Meantime, data from Europe and the UK continue to underwhelm and pressurise their currencies. We go back to the theme that the Dollar is the best performer among an ugly bunch. Data releases and comments from officials from here on in will take on added significance. We are also in the middle of the Northern Hemisphere summer holiday break. Which leads to the lack of FX volatility. Expect that to pick up next month, after the Fed July 30-31 policy meet.
Today presents a data dump from the UK, Europe and the USA. Australia’s Westpac June Leading Index of Economic Activity is Asia’s only report. The UK reports on its June Headline and Core CPI (y/y), PPI input and output (June), and Retail Price Index. The Eurozone reports on its Final Headline and Core CPI for June (annual). Canadian Headline and Trimmed Means CPI and Manufacturing Sales kick of North American data. The US reports on its Building Permits, Housing Starts and the Fed’s Beige Book Economic Report.

Trading Perspective: The Dollar ended on a strong note, supported by both fundamental and technical factors. Market positioning has seen a chunk of Dollar long bets cut. A Fed rate cut of 0.25% at their July 30-31 meeting is virtually priced in. This lends support to further short-term Dollar strength. US bond yields have stabilised with the 10-year yield around 2.10%. Overlooked last night were comments by Chicago Fed President and FOMC member Charles Evans. Evans said that there was an argument for a 0.50 basis point decrease in interest rates before the end of the year to get inflation up. While Evans is a noted bear, and his view run contrary to another regional Fed head (Dallas’s Robert Kaplan), Fedspeak should also be monitored.
The latest COT/CFTC report (week ended 9 July) saw total net long Dollar bets much unchanged. The stronger-than-expected US Jobs (5 July) report renewed selling of EUR, GBP and JPY. We look at the breakdown in tomorrow’s commentary.

EUR/USD – The Euro slid back to an overnight and one week low at 1.12019 before a slight bounce to 1.1210 in early Asia. Immediate support can be found at 1.1200 followed by 1.1180. Immediate resistance lies at 1.1230 and 1.1260. Apart from overall US Dollar strength, the Euro has been pulled lower by the British Pound. Traders are also expecting the ECB to push rates, already in negative territory lower later this year. Overnight German 10-year Bund yields stood at -0.25%, unchanged from yesterday. While US 10-year rates climbed 2 basis points. Expect the Euro to stay under pressure with a likely range of 1.1200-1.1240. Prefer to buy dips.

DAILY FX – GBPUSD Chart – 17 July 2019

GBP/USD – “The Pound is sinking”, sang Paul McCartney in 1982. Sterling slumped to lows not seen since April 2017, lower than its flash-crash earlier this year. And the move has been more of a slower grind this time round. The British Pound crumpled under the building risk of the UK leaving the EU without a trade deal. Both leading candidates in the leadership race seem to be vying for who has a harder Brexit stance. Which traders see as leading the BOE to have to lower interest rates to stave off an economic disaster. GBP/USD has immediate support at 1.2390 (overnight low of 1.23964). The next support level can be found at 1.2360 followed by 1.2320. Look for a likely range of 1.2385-1.2485 today. Prefer to buy dips with a tight stop near current levels.
AUD/USD – The Australian Dollar retreated to just above 0.70 cents on the overall stronger US Dollar. RBA meeting minutes revealed the Australian central bank as dovish leaning. Trump’s latest tariff threats also weighed on the Battler. AUD/USD closed at 0.7010. Immediate support can be found at 0.7000 followed by 0.6970. Immediate resistance can be found at 0.7030 and 0.7050. The latest COT/CFTC report saw a further trimming of AUD shorts by speculators to -AUD 54,007 in the week ended 9 July from -AUD 58,735 the previous week. Look to trade a likely range today of 0.6990-0.7030. Prefer to sell rallies.

Happy trading all.

Catherine Coley to Join Binance as Its Chief Executive Officer for US Joint Venture

July 4, 2019 by Karthik Subramanian Leave a Comment Filed Under: Industry News Tagged: BAM, Binance, Changpeng Zhao, crypto, Cryptocurrencies, FX

As per a recent announcement made by cryptocurrency exchange Binance, the firm has managed to recruit a senior executive from Ripple to lead its American business operations. Catherine Coley, who was serving as head of Ripple’s institutional liquidity will be joining the crypto exchange’s newly opened US arm as its CEO. Considered as world’s largest cryptocurrency exchange in terms of volume activity, Binance has been steadily growing its business in global market despite cryptocurrency market facing a big hiccup during post 2017 cryptocurrency market crash. The newly opened US arm of Binance aims at specifically targeting and attracting American traders and Catherine will be responsible for overseeing the firm’s platform technology development and managing business operations in U.S.A. Catherine is a finance industry veteran with vast experience and knowledge in various verticals across the industry having served under multiple tier-1 firms covering an extensive range of finance assets from forex to hedge funds and cryptocurrencies.

Catherine Coley

Prior to joining Binance US, she served at San Francisco based crypto start up and parent firm of Ripple cryptocurrency is various roles handling various business operations such as custody agents, exchanges, market markers, fund managers, Institutional investors and OTC desks over the course of her two year long tenure at the firm. Prior to Ripple, Catherine served as Forex advisor at Silicon Valley Bank and served at Morgan Stanley for a period of nearly 5 years in their Forex division at Hong Kong and London. While serving in Morgan Stanley, Coley helped create, nurture and expand client relationships on global scale as one of key client contacts at the firm for Asian based currency analysis and market behaviour. Further, she built a client pipeline for the firm made up of Asia focused FX business among European hedge fund clients and asset managers as per details provided in her LinkedIn profile. The Malta based crypto exchange giant is currently gearing up for the formal launch of its US business division which is basically a new joint venture.

In order to ensure successful business operations at US, Changpeng Zhao– CEO of Binance announced earlier that it was closing off all current business operations at US and pulling off access to main Binance website in USA. Instead, Binance wants its US clients to migrate to this newly started business venture which will be operating as a separate business unit based out of US. To make this plan into reality and to hasten the process, Binance has partners with BAM trading services a US based fintech firm which is registered with US FinCEN to roll out the new venture dubbed – “Binance US” exclusively made for customers based in U.S.A. In order to gain high level of market share and see steady business growth the parent firm is said to be licensing its matching engine and wallet technologies in U.S.A. via partnership with many US based firms as partners who are expected to handle local regulatory compliance operations and activities. Gin Chao, strategy officer at Binance stated that the move to open a US based separate business unit was implemented to minimize risk of regulatory bodies overstepping their bounds given stringent measures that many such regulatory bodies are implementing these days. While official date for launch of this new firm has not yet been revealed, Gin commented that the US arm will launch and begin operations before the end of 2019.

Please feel free to let us know your thoughts in the comments below

Matthew Kulkin, DSIO Director, to Leave the CFTC

June 30, 2019 by industryspread Leave a Comment Filed Under: Regulatory Annoucements Tagged: CFTC, commodity trading advisors, Cryptocurrencies, derivatives markets, DSIO Director, market participants, Matthew Kulkin, trading venues, Tufts University

Washington, DC — The Commodity Futures Trading Commission (CFTC) announced today that Matthew Kulkin, Director of the CFTC’s Division of Swap Dealer & Intermediary Oversight (DSIO), will leave the agency later this summer.

Since 2017, Kulkin has led DSIO, the CFTC’s division that primarily oversees derivatives market intermediaries, including swap dealers, futures commission merchants, commodity pool operators, commodity trading advisors, introducing brokers, major swap participants, and retail foreign exchange dealers, as well as designated self-regulatory organizations.

Kulkin has been responsible for a number of significant measures intended to reduce regulatory burdens, streamline the CFTC’s regulatory framework, and remove impediments to new entrants into the derivatives markets.

CFTC Chairman J. Christopher Giancarlo
“Matt’s leadership has been instrumental in a number of the advancements we have made during my Chairmanship,” said CFTC Chairman J. Christopher Giancarlo. “I thank Matt for his hard work implementing our Project KISS initiative and taking steps to ensure the financial integrity, fitness, and fair business conduct of swap dealers and other market intermediaries. Matt has served the Commission with distinction and leaves a legacy of increased collegiality within the agency and with market participants among his many achievements.”
“I thank Chairman Giancarlo for the opportunity to serve at the CFTC during such an important time for global derivatives and capital markets. Under his steady leadership, we have been able to address a number of issues of great importance to market participants. I appreciate the collaborative approach taken by Chairman Giancarlo, our Commissioners, and my fellow Division and Office Directors to serve the markets and the American public,” said Kulkin. “It has been a sincere privilege to lead a DSIO team comprised of such talented and hardworking individuals. I will be forever grateful for their counsel and goodwill. I wish them all the best.”

Kulkin was directly responsible for a number of accomplishments, including:

Adoption of a permanent $8 billion swap dealer de minimis threshold, as well as an exception for swaps entered into by insured depository institutions in connection with loans;
Proposal and adoption of a number of Project KISS rulemakings that streamlined regulatory burdens for chief compliance officers, swap dealers, futures commission merchants, commodity pool operators, commodity trading advisors, and designated self-regulatory organizations;
Implementation of the Volcker Rule, including the proposed “Volcker 2.0” amendments, as well as the Economic Growth, Regulatory Relief, and Consumer Protection Act;
Substituted compliance determinations for foreign jurisdictions, including the European Union, Japan, and Australia;
Actions to prepare market participants in the event of a no-deal Brexit;
Staff relief to remove regulatory burdens preventing certain market participants, like prime brokers and proprietary trading firms, from providing liquidity for customers on registered trading venues;
Efforts related to cryptocurrencies and distributed ledger technology, including bitcoin futures contracts; and
Measures taken through the Working Group on Margin Requirements to prepare market participants for Phase 5 initial margin in September 2020.

Prior to his appointment, Kulkin was a partner at Steptoe & Johnson LLP, where he advised financial market participants on legislative and regulatory issues. He previously worked at Squire Patton Boggs LLP. While in private practice, Kulkin was the co-chairman of the DC Bar Derivatives, Securitization, and Project Finance Committee.

Kulkin received his J.D. from The George Washington University Law School, where he was a Thurgood Marshall Scholar. Kulkin received his B.A. from Tufts University.

USDCAD at Five-Month Low, BTC Fresh YTD High

June 27, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: BTC, Cryptocurrencies, USDCAD

Asian indices finished higher today as traders focus turn to G20 meeting in Osaka, Japan. The Nikkei225 finished 1.00 percent higher to 21,297 the Hang Seng benchmark in Hong Kong, finished 0.03 percent higher at 28,510. The Shanghai Composite finished 0.71 percent higher to 2,997, while in Singapore the FTSE Straits Times index finished 0.67 percent higher to 3,323. Australian equities snapped the two-day losing streak to end the session at intraday highs ahead of tomorrow’s G20 Summit in Japan. The ASX200 rose by 0.39 percent to 6666.3.

European equities are trading higher today as markets await the G20 meeting in Osaka Japan. DAX30 is adding 0.54 percent to 12,309, CAC40 is 0.02 percent higher at 5,503 while the FTSE MIB in Milan is trading 0.49 percent higher at 21,160. The London Stock Exchange is 0,11 percent higher to 7,424 amid Brexit uncertainty.

In commodities markets, crude oil consolidates above $59.0 after got a boost yesterday from better EIA report and an increase in geopolitical tensions around the globe. Brent oil trades flat at $66,12 per barrel as major oil producers have yet to agree on adjustments on output. Gold trades lower at 1,404 but holds above all the major daily moving averages, on the upside strong resistance will be met at 1,439 recent high.

In cryptocurrencies market, bitcoin (BTCUSD) makes another fresh yearly high above 13,000 and retreats back to 12,668 the daily low for BTC was at 11,477 and the daily high at 13,291. Immediate support for BTC stands now at $12,000 round figure while next support stands at 11,500. On the upside, strong resistance now stands at 13,291 today’s high while I expect extra pressure from sellers at 13,500 and then at 14,000. Ethereum (ETHUSD) on the other hand trades lower at 321, with capitalization now to 34.21 billion, on the upside the immediate resistance stands at 342.70 the daily high while the support stands at 300 the previous resistance which now turns into support, Litecoin (LTCUSD) also trades lower at 123. The crypto market cap now stands above $353.0 billion.

On the Lookout: Japan Foreign Investment in Japanese Stocks which dipped from the previous ¥-95.4B to ¥-313.4B on June 21. The Japan Large Retailers’ Sales data came in at -0.5%, better than forecasts of -1.2% for May.

In New Zealand, the ANZ Activity Outlook came in at 8% beating forecasts of 7.8% for June. The disappointment came from ANZ Business Confidence which came in at -38.1 worst than expected of -22.7 for June.

In macro news from America, we await the US weekly Jobless Claims, the first Quarter 2019 Final GDP revision and also the Personal Consumption Expenditure Prices will be released at 12:30 GMT before the Wall Street trading session. Later today the US Pending Home Sales will be published at 14:00 GMT.

Trading Perspective: In forex markets, USD trades higher at 96.36 after the comments from Fed members that calm the markets, the Aussie dollar continues higher for the sixth day at 0.6998, while Kiwi also trades higher at 0.6675 after the RBNZ hold rates.

GBPUSD Daily Chart

GBPUSD is trading slightly higher at 1.2688 as traders are still cautious around the Brexit developments. Major support now stands at 1.2652 the 200-hour moving average which if broken might accelerate the slide further towards 1.2600 round figure. On the upside, immediate resistance now stands at 1.2717 the 100-hour moving average while more offers will emerge at 1.2815 the 50-day moving average.

In Sterling futures markets the open interest increased by 1800 contracts while volume shrunk by 25,100 contracts.

EURUSD trades flat at 1.1370 as the pair rejected earlier this week at 1.14. The pair on Friday broke above the 200-day moving average and that attracted extra bids that pushed the pair up to 1.1390. Immediate resistance for the pair stands at 1.14 round figure. A convincing close above 1.14 can lead prices to 1.1450. Support now stands at 1.1344, the low from Tuesday, while more bids will emerge at 1.1260 the 100-day moving average.

In euro futures markets, the open interest shrunk by 410 contracts, while volume increased by 60.100 contracts.

USDJPY trades 0.14 percent higher today at 107.92 having hit the daily low at 107.63 and the daily high at 108.15. USDJPY pair will find support around 107.00 round figure and then at 106.70 the YTD low. On the upside, immediate resistance for the pair now stands at 108.15 the daily high.

USDCAD trades flat today at 1.3121 close to a five-month low, as the rally continues in 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 1.31 while extra support stands at 1.3068 the low from February 1st. The pair has reached oversold levels so a rebound can’t be ruled out. On the upside immediate resistance now stands at the 1.32 zone before an attempt to 1.3450 recent high from 31st May.

USDCAD Daily Chart

CMC Markets Creates And Launches Three Crypto Indices

June 27, 2019 by industryspread Leave a Comment Filed Under: Industry News Tagged: Bitcoin, Blockchain, CMC Markets, Crypto Index, Crypto Indices, Cryptocurrencies, digital currency, Ethereum, Ripple, trading

CMC Markets has introduced three new crypto indices to its trading offering, each made up of a different group of cryptocurrencies, as diversification provides broad exposure and mitigates risk of volatility in specific coins. ‘All Crypto Index’, ‘Major Crypto Index’ and ‘Emerging Crypto Index’ are now available for trading.

The leading retail FX and CFD provider has rolled out to its customers the ability to spread bet and trade CFDs on three new cryptocurrency indices bespoke to CMC, which gives the company full control over composition and absolute transparency in terms of pricing. The firm claims its crypto index spreads will be tighter than those of the individual underlying coins.

CMC Markets’ Major Crypto Index includes leading cryptocurrencies such as bitcoin, ripple, bitcoin cash, ethereum and litecoin, while the Emerging Crypto Index is based on dash, EOS, monero, NEO, stellar lumens, cardano and TRON. The All Crypto Index combines all of the above constituents and uses a bespoke weighting methodology to avoid dominance by any one coin.

David Fineberg, Group Commercial Director at CMC Markets
David Fineberg, Deputy Chief Executive Officer, commented:
“Cryptocurrencies are moving back into focus for many traders, given the price action seen in the first few months of the year. These new indices allow CMC Markets’ clients to gain exposure to a bundle of different coins, while doing this as a single transaction means order minimums and trading costs are also kept low. Our proprietary Next Generation trading platform ensures that we can easily cater to client demand with innovative products like this and will continue to ensure we are offering access to instruments which are most appealing for today’s trading community.”

The broker has recently updated its cryptocurrency offering to include seven new digital currencies – taking the total number of coins to twelve – and lowered the margins for professional clients across all their original cryptocurrencies as well as spreads for both retail and professional clients across all their original cryptocurrencies.

In April 2019, CMC Markets announced the ability to spread bet and trade CFDs on the US Fang Plus index, thus exposing customers to a balanced portfolio of highly-traded growth stocks from next-generation technology companies, including Facebook, Amazon, Netflix, Alibaba and Baidu.

Just ahead of releasing full-year results for FY 2019, CMC Markets announced a trading update on its overall performance, having noted a great reduction in client trading activity and challenging market conditions in the fourth quarter of 2018 heavily influenced by the implementation of the ESMA intervention measures on 1st August 2018. This measure has made a negative impact on revenue generation: down by 37 percent YoY at £110 million.

Please feel free to let us know your thoughts in the comments below.

Equities Rally on Dovish Central Banks

June 19, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Bitcoin, BOE, BOJ, Brexit, Capital Markets, Cryptocurrencies, Donald Trump presidency, economy, FED, financial services, FOMC, monetary policy, President Xi, trading platform

Asian indices finished higher today on dovish Central Banks ahead of Wednesday’s FOMC policy meeting. The Nikkei225 finished 1.72 percent higher to 21,333 the Hang Seng benchmark in Hong Kong, finished 2.29 percent higher at 28,136. The Shanghai Composite finished 1.19 percent higher to 2,922, while in Singapore the FTSE Straits Times index finished 1.47 percent higher to 3,286. Australian equities finished to fresh 11.5 year highs on Wednesday, with the ASX200 closed at 6648 after a gain of 1.2% or 78 points.

AUDUSD Daily Chart

European session started higher today in a quiet session amid renewed worries about trade relations between the US and China and a rise in geopolitical tensions. DAX30 is adding 0.77 percent to 11,999 CAC40 is 0.07 percent higher at 5,389 while the FTSE MIB in Milan is trading 0.35 percent lower at 20,552. The London Stock Exchange is 0,02 percent lower to 7,356 as the Brexit uncertainty continues.

In commodities markets, crude oil made an impressive rally yesterday during US session at 54.07 despite geopolitical tensions around the globe. Oil is down almost 18% from the high in late April, wiping out about half of its rally earlier this year, due to increased global trade worries. Brent oil also trades higher to $62,27 per barrel as major oil producers have yet to agree on adjustments on output. Gold trades flat at 1,345 as bulls are in full control. The precious metal holds above all the major daily moving averages and strong resistance will be met at 1,357 the yearly high.

In cryptocurrencies market, bitcoin (BTCUSD) continues higher today recovering some of yesterday losses, the daily low for BTC was at 8,930 and the daily high at 9,200. Immediate support for BTC stands now at $9,000 round figure while next support stands at 8,500 the previous week high. On the upside, strong resistance now stands at 9,477 the high from yesterday while I expect extra pressure from sellers at 9,600 and then at 10,000. Ethereum (ETHUSD) trades flat at 267, with capitalization now to 28.7 billion. On the upside, the immediate resistance stands at 287 the recent high while the support stands at 250 round figure, Litecoin (LTCUSD) adds 5 dollars to 134. The crypto market cap now stands above $283.0B.

On the Lookout: President Trump said he “had a very good telephone conversation” with China’s leader President Xi and that they will have “an extended meeting next week at the G20 [summit] in Japan”. This settled some concerns that both leaders might not meet.

Investors focus will be this week on the FOMC meeting today. The US central bank is expected to keep rates unchanged at 2.5% this week. The week also sees the Bank of Japan and Bank of England policy meetings.

In macro news from America, we await the Canadian Consumer Price Index (CPI) report to be released at 12:30GMT. The US EIA weekly crude stockpiles data will drop in at 14:30GMT. 11:00GMT – US MBA mortgage applications w.e. 14 June.

Trading Perspective: In forex markets, USD trades slightly flat at 97.67 ahead of the Fed policy meeting, while the Aussie dollar managed to rebound yesterday from the low around 0.68 to 0.6880 while Kiwi also trades higher at 0.6520.

GBPUSD trades flat at 1.2545 after the rebound yesterday from 1.25, as the bearish momentum for Cable is still intact amid growing concerns over the risk of no deal Brexit. Major support now stands at 1.25 round figure which if broken might accelerate the slide further towards 1.2480. On the upside immediate resistance now stands at 1.26 while more offers will emerge at 1.2641 the 50-hour moving average. Pound shows persistent weakness amid UK political uncertainty and also on the back of global risk aversion, so any uptick can match excess offers.

In Sterling futures markets the open interest increased by 143 contracts, volume reversed three consecutive drops and gained almost 21.7K contracts.

GBPUSD Daily Chart

EURUSD trades flat just below the 1.12 mark ahead of the important FOMC policy meeting. The pair trades below the 50-day moving average, on the upside the immediate resistance stands at 1.1232 the 100-hour moving, while more offers will emerge at 1.1270 the 100-day moving average. Support stands at 1.12 round figure, while more bids will emerge at 1.1150 two week lows.

In euro futures markets, the open interest rose by around 13K contracts on Tuesday, volume gained nearly 116.7K contracts.

USDJPY is under pressure today down to 108,33, as traders turn cautious ahead of the FOMC policy meeting. The pair hit the low at 108.21 and the high at 108.61. The pair will find support around 108.00. On the upside, immediate resistance for the pair now stands at 109 round figure. The USD price dynamics will continue to drive the pair’s momentum as traders focus shifts to FED next move later today.

In Yen futures markets, the open interest rose by around 3.7K contracts on Tuesday, volume followed suit, up by nearly 88K contracts.

USDCAD is pressured today down to 1.3377 as the sharp rebound in 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 200-day moving average around 1.3250 while extra support stands at 1.3200 round figure. On the upside, immediate resistance now stands at the 1.35 zone before an attempt to 1.3560 recent high from 31st May.

Gold Shines, Breaks above 1,354

June 14, 2019 by Nikolas Papas Leave a Comment Filed Under: Market News - European Open Tagged: Bitcoin, Blockchain, Brexit, Capital Markets, Cryptocurrencies, economy, FED, Gulf of Oman, monetary policy, trading platform, UK political proceedings

Asian indices finished mostly lower as trade worries resurface and the attack in two oil tankers in Gulf of Oman weighing on traders sentiment. The Nikkei225 finished 0.40 percent higher to 21,116 and the Hang Seng benchmark in Hong Kong finished 0.83 percent lower at 27,065. The Shanghai Composite finished 0.99 percent lower to 2,881, while in Singapore, the FTSE Straits Times index finished 0.32 percent lower to 3,210. Australian equities finished up 11 points or 0.2% to 6,554. Over the week, the index jumped 1.7%.

European session started lower today amid renewed worries about trade relations between the US and China and a rise in geopolitical tensions. DAX30 is giving up 0.88 percent to 12,062 CAC40 is 0.54 percent lower at 5,346 while the FTSE MIB in Milan is trading 0.32 percent lower at 20,634. The London Stock Exchange is 0.57 percent lower to 7,324 as the Brexit uncertainty continues.

XAUUSD Hourly (H1)

In commodities markets, crude oil consolidates higher at 52.10 after reports that two tankers have been attacked in the Gulf of Oman. Oil is down almost 18% from the high in late April, wiping out about half of its rally earlier this year due to increased global trade worries. Brent oil also trades lower to $61,33 per barrel as major oil producers have yet to agree on adjustments on output. Gold shines and trades higher to 1,356 hitting fresh yearly high, following the recent developments in the Gulf of Oman. The precious metal broke above the 50 and 100-hour moving averages yesterday turning the short-term technical picture to bullish. Gold will find support at the 1300 round figure and then at 1295, the 100-day moving average while more bids will emerge at the 50-day moving average at 1287. On the upside, resistance stands at 1368, the high from April 2018.

In cryptocurrencies market, bitcoin (BTCUSD) continues its trip north to the 8,200 mark. The daily low for BTC was at 8,168 and the daily high at 8,327. Immediate support for BTC stands now at the $8,000 round figure while the next support stands at 7411, the low from the recent trading range. On the upside, strong resistance now stands at 8,327, the high from Asian while I expect extra pressure from sellers at 8,500 and then at 8,700. Ethereum (ETHUSD) gives up four dollars to 254, with capitalization now to 27 billion, on the upside the immediate resistance stands at 287 the recent high while the support stands at 200 round figure, Litecoin (LTCUSD) consolidate retreats from yesterdays high at 128. The crypto market cap holds above $260.0B.

On the Lookout: Geopolitics are driving the markets today, International Energy Agency (IEA) Executive Director Faith Birol commented that recent attacks on tankers in the Gulf raised major concerns for global energy security and oil markets. In the UK, the first Conservative Party leadership contest revealed overwhelming support for Boris Johnson in his bid to become the next PM.

Later today, we await from North America the US retail sales, production and consumer sentiment data.

Trading Perspective: In fx markets, USD trades flat at 96.44 on speculation over Fed rate cut, while the Aussie dollar trades lower to 0.6899 as yesterday jobless rate remained steady at 5.2% in May. Kiwi also trades lower to 0.6545 level as downbeat manufacturing PMI figure flagged further RBNZ rate cuts.

GBPUSD is trading lower today breaking below the 1.27 as the bearish momentum for Cable is still intact amid growing concerns over Brexit. The pair hit the daily low at 1.2625 and the daily high at 1.2621. Major support now stands at 1.26 recent low. On the upside, immediate resistance now stands at 1.2753 the high from yesterday. Pound shows persistent weakness amid UK political uncertainty and also on the back of global risk aversion, so any uptick can match excess offers.

In Sterling futures markets the open interest shrunk by around 6.7K contracts, reversing the previous build. In the same line, the volume went down by just 646 contracts.

EURUSD started the day lower visiting new low around 1.1251. On the upside, the immediate resistance stands at 1.1340 the high from yesterday, while more offers will emerge at 1.1367 the 200-day moving average. Support stands at 1.1219 the 50-day moving average, while more bids will emerge at 1.12 round figure.

EURUSD Daily Chart

In euro futures markets, the open interest increased by 11.7K contracts on Thursday, volume, shrunk by around 307.2K contracts, the largest single-day drop so far this year.

USDJPY trades 0.15 percent lower to 108,21, today the pair hit the low at 108.15 for the second day in a row and the high at 108.39. The pair will find support at 107.84 recent low, on the upside immediate resistance for the pair now stands at 108.71 the high from yesterday. The USD price dynamics will continue to drive the pair’s momentum as traders focus shifts to FED’s next move.

USDCAD makes an attempt higher and trading as of writing at 1.3337 as the retreat in crude oil prices, Canada’s main export item seems to have added further weakness in the Canadian Dollar (CAD). The pair will find immediate support at the 200-day moving average around 1.3250 while extra support stands at the 1.3200 round figure. On the upside, immediate resistance stands at the 1.33 zone before an attempt to 1.3348 where the 100-day moving average stands.

Crypto Exchange Beaxy Launches in Exclusive Partnership With OneMarketData

June 12, 2019 by Ricardo Esteves Leave a Comment Filed Under: Industry News Tagged: AML, Artak Hamazaspyan, Beaxy Digital, Bitcoin, Cryptocurrencies, KingdomTrust, KYC, Onemarketdata, OneTick Surveillance, Ross Dubin, trading platform, TradingView

Another cryptocurrency trading platform was launched into the ecosystem following a development period of 24 months. Going by the name of Beaxy Digital LTD, the operator has already over 60,000 pre-registered users and is currently live to customers in 43 U.S. states and 185 countries.

OneMarketData, a leading provider of a comprehensive suite for time-series data management, real-time event processing, and analytics, powers Beaxy’s nine order types. The operator aims to onboard traditional traders, retail and institutional investors, as well as acquiring market share from traders on other cryptocurrency exchanges.

According to the announcement, the partnership with OneMarketData is an exclusive one, which makes Beaxy stand out from the crowd with a competitive edge against other cryptocurrency exchanges. Beaxy boasts transaction speeds of 225,000 per second per trading pair, an order of magnitude faster than any other current digital asset exchange.

Ross Dubin, Global Head of Sales of OneMarketData, said:

“Beaxy’s ambition to build a top of the line cryptocurrency exchange made them an obvious partner. After the matching engine was built, OneTick Surveillance was deployed. OneTick Surveillance is currently in use by global banks across multiple desks. It is used by the world’s largest options broker, the world’s largest algo operator, and one of the world’s most trusted stock exchanges to meet regulatory requirements across multiple asset classes and global jurisdictions. The result is a cryptocurrency exchange with technology on par with leading traditional exchanges that can meet global regulatory requirements.“

Its appeal to established market participants includes best-in-class security measures that are fully compliant with stock market financial regulations, rigorous AML / KYC vetting processes, and world-renowned partners. Enhanced security and custodianship of assets is ensured by U.S. based alternative asset custodian KingdomTrust, and KYC and AML services are provided by SaaS company Mati.

Artak Hamazaspyan, Chief Executive Officer at Beaxy Digital, commented:

“I couldn’t be happier with the product this incredible team has built. Through prioritizing user experience, security, regulatory guidance, and seamless functionality, I am confident we’ve built a best-in-class trading platform. Our implementation of OneMarketData’s OneTick technology has yielded impressive results, out-performing most engines in traditional financial markets and the cryptocurrency markets. We’re looking forward to providing every trader out there with a one-stop shop solution that will significantly erase the barriers to alternative asset adoption.”

The operator, which was founded in October 2017 and recently raised $8 million to expand operations in the United States, Europe, and integrate fiat deposits and withdrawals from around the globe, will now launch with advanced features such as TradingView charting within the exchange UI, profit/loss calculator, and the ability to manage multiple wallets per currency. The platform also features an in-platform portfolio management and tax reporting tool.