Cryptocurrency trading platform BitMEX has appointed former HKEX regulatory expert Angelina Kwan as Chief Operating Officer to drive the company’s growth while guiding the operator on its mission to offer advanced, innovative financial products for the global cryptocurrency industry.
Kuan is an industry veteran with 24 years of experience in leadership roles for financial products across Asia Pacific and the United States. Prior to joining BitMex, Kwan served as Managing Director and Head of Regulatory Compliance for Hong Kong Exchanges and Clearing Limited (HKEX).
Angelina Kwan has also spent eight years working at the Securities and Futures Commission of Hong Kong (SFC), where she gained a deep understanding of operations and regulatory strategy. Her career includes a number of roles in retail securities trading and asset management.
Arthur Hayes, Chief Executive Officer and co-founder of BitMEX, said:
“Welcoming Angelina — experienced in traditional finance and regulation — to the BitMEX team is a significant milestone not just for our company, but for the cryptocurrency industry as a whole. I believe Angelina’s decision to join us is a signal that the global markets are shifting focus to the rapidly-expanding domain of crypto-coins. Angelina’s vast experience in regulation, trading platforms, business development, restructuring, and investor and stakeholder relations will be pivotal as we continue the push towards mainstream cryptocurrency adoption and broaden our community.”
Angelina Kwan, BitMEX Chief Operating Officer, commented:
“My most memorable accomplishments — from successfully restructuring and relisting a bankrupt financial services company, spearheading the establishment of new operations or companies, to serving on a number of boards and committees — have been joining organizations that are at the cusp of making a major breakthrough, so it’s with a sense of great excitement that I take on the challenge of driving BitMEX to new market heights.”
“In addition to being a true market leader among trading platforms, BitMEX shares my value of gender inclusion, particularly in STEM fields. Cryptocurrency markets present an exciting new opportunity for women to get involved in the intersection of finance and technology, two fields in which they are chronically under-represented. BitMEX has made its commitment to meritocracy clear, and is sending the message that women with deep backgrounds in finance and business can execute at the highest level within cryptocurrency companies,” added Kwan.
The new COO of BitMEX is a Hong Kong Government-appointed member of the Women’s Commission, the Council for Sustainable Development, the Lord Wilson Heritage Trust and the Administrative Appeals Board; and the Director and Chairman of the Audit Committee of the Securities Industry Development Corporation of Malaysia, among many other roles.
Despite its earlier warnings the FSMA continues to receive new complaints of consumers who have invested in cryptocurrencies through these trading platforms. Hence, the FSMA repeats its warning against the fraudsters behind those platforms who are using cryptocurrencies to swindle consumers. The FSMA has also updated its list of cryptocurrency trading platforms vis-à-vis which it has identified signs of fraud.
Cryptocurrencies are the hype of the year. Fraudsters are well aware of that, and try to attract customers online through fake cryptocurrencies and huge profits. The only thing they actually do, however, is take the customers’ money and disappear. It is as simple as that.
Since its most recent warning the FSMA has continued to receive new customer complaints. The number of victims of cryptocurrency fraud clearly continues to increase. Consequently, the FSMA reiterates its warning against such fraudulent practices.
The FSMA has also updated its list of cryptocurrency trading platforms regarding which it has received questions/complaints from consumers and vis-à-vis which it has identified signs of fraud. Please find herewith the list of recently identified websites:
Important notice: this list of cryptocurrency trading platforms is based solely on the findings of the FSMA, in particular as a result of consumers’ reports. As such, it does not include all the companies which might be operating unlawfully in Belgium in that sector. Should you have any doubts, please do not hesitate to contact the FSMA directly via the consumer contact form on its website.
For more information about this type of fraud, the FSMA invites potential investors to consult its warning of 22 February 2018, which includes a particularly detailed and telling testimony by a victim of such a platform. Furthermore, the FSMA refers to the awareness campaign organized by the Belgian FPS Economy in collaboration with the FSMA and Wikifin: www.temooiomwaartezijn.be(link is external) / www.tropbeaupouretrevrai.be(link is external).
The Cyprus-based provider of trading technology for brokers, Tools for Brokers has announced the expansion of the range of services with its Trade Processor product. Now it will allow unlimited liquidity providers connections, order flows configuration and the abilities to switch between liquidities.
Released at the beginning of 2018, Trade Processor is a complete, customizable and secure system which can be integrated with MT4 and MT5 trading platforms and combines risk-free liquidity bridge and market-making order pool. The system is being constantly updated and is fed with new features. It allows to open up new opportunities for brokers.
According to the company, the trade processor is currently the only system which can accommodate unlimited numbers of liquidity providers and helps brokerages to simulate unlimited scenarios for controlling the flow of orders. It can function simultaneously with liquidity providers of crypto and fx, allowing brokerages to combine both asset type.
The whole system is very easy to use and customise for the end users. It also helps brokers to manage order flows and use the system to set rules for routing, changing the flow of orders from one liquidity provider to another. The settings for connecting to and managing liquidity are placed conveniently in Trade Processor’s interface.
Albina Zhdanova, Tools For Brokers COO commented on the new solutions:
“Trade Processor is a complex product that covers the most important aspects of brokerage. A transition to a new liquidity bridge is definitely a serious decision for a broker: it needs some groundwork. Still, from the first day of acquaintance with Trade Processor, we offer complete support 24 hours a day. Maintenance also includes training for the broker’s team and monitoring performance after installation – Tools For Brokers is ready to offer a complete package.”
After ADSS, iFOREX has rebrand itself. Announced yesterday, the CySEC licensed retail Fx and CFD brokerage group, has rebranded itself to Vestle and will also have a new website address vestle.com. iForex.com is one of the longest-tenured brands on the market with a strong presence in European markets.
Initially, the changes in the brand will be affected in Europe. In a direct message to clients informing about the rebranding to Vestle from iFOREX, it said that the changeover will happen is several stages beginning next week although the new website Vestle.com has been made live. In the first phase, Netherlands, Germany, Greece and English-speaking markets will see the changeover on July 1st. Next, iFOREX brand will be replaced in Spain, Poland, Italy and France. After the changeover is complete, the company will take down its iFOREX.EU website, which serves the European-based clients.
Looks likely that the changeover will happen only in Europe excluding Hungary, the Czech Republic and the Slovak Republic. iFOREX holds a separate licensed for Hungarian entity eBrókerházBefektetésiSzolgáltatóZrt., an investment firm authorized and supervised by the National Bank of Hungary. Outside Europe, iFOREX will continue to operate the iforex.com website, run by the group’s offshore BVI entity Formula Investment House Ltd.
The new website includes all the remarkable features such as advanced trading tools and cutting-edge trading platforms that have helped in gaining market popularity. It will maintain same regulations as it is the new trading name of iCFD Ltd., which is regulated by CySEC under license 143/11. Vestle will offer CFD trading on hundreds of instrument from numerous markets including Bitcoin. Vestle.com can be accessed through PC, smartphone or tablet and have access to a free app with smooth trading conditions.
Vestle will also provide free access to wide variety of educational materials and one-on-one trading coach to assist with all the queries related to the financial market. iFOREX group has over 22 years of experience in the market and offers services in 20 different languages. The changeover is aimed at making the company’s EU and non-EU operations look very distinct as the rules governing the EU/EEA brokers are set the change next week following new directives from European financial regulator ESMA.
oneZero Financial Systems, a provider of low-latency software for foreign exchange, commodities, crypto-currency and futures trading, has appointed Phil Weisberg as Strategic Advisor to better support institutional market participants.
Weisberg is an industry veteran with extensive institutional foreign exchange markets experience. He was most recently Chief Executive Officer of FXall and former Managing Director and Global Head of FX, Rates and Credit for Thomson Reuters. He also advises and invests in financial companies and founders through his advisory firm, Matzliach Capital.
Phil Weisberg commented on his appointment.
“As an early innovator and advocate for market ecosystems, I have watched the evolution of oneZero as an industry participant and have been impressed with the talent, passion, and integrity of their team. I have been truly impressed with the speed, reliability, and efficiency of their technology which can provide a competitive advantage for anyone they partner with. I am extremely pleased to join the company as an Advisor to help support oneZero’s rapid growth at this stage in their evolution as they expand their offerings. With the rapid change in global markets, I know oneZero is well-positioned and look forward to helping the company capitalize on its full potential and new opportunities”.
oneZero connects over 180 market participants through Liquidity Hub, which streams FX liquidity via FIX API into the most popular front-end trading platforms and custom-built trading systems. Its core technology solutions enable brokers, prime brokerages, and banks to centrally manage risk exposure, while allowing them to build customized liquidity pools for FX, CFD, and exchange-traded products.
Andrew Ralich, Chief Executive Officer of oneZero Financial Systems, said:
“We are thrilled to have Phil on our Advisory Board, given his focus on innovative financial markets and technologies and strong industry knowledge. Phil’s experience and perspective from scaling FXall over a decade and his unique market insights will be invaluable as we look to more fully leverage our core technology to support institutional market participants. We welcome his input and involvement.”
oneZero addresses a number of institutional trading needs, including low-latency trading environment, proven liquidity and reliable IT infrastructure and technical support, with its Liquidity Hub. Institutions can seamlessly deliver their liquidity to other end-customers through the hub, as well as manage their trading book and customize their liquidity through comprehensive credit, reporting and risk management tools.
oneZero is also a leading player in analytics and reporting as well as MetaTrader solutions ever since its institutional-level bridging technology to the MetaTrader 4 market in 2009. Now, its Liquidity Hub enables brokers to manage their MT4/MT5 businesses through an intuitive front end flexible enough to configure pricing and spreads, aggregate and route liquidity, and integrate with post-trade processors.
In an exclusive interview with The Industry Spread, Ralich said that with MT5, oneZero is “able to surface depth of market data, exchange-traded instruments and corporate action automation directly from the Hub.”
News and financial reporting giant, Thomson Reuters is making its big move in the cryptocurrency space with the launch of new price data feeds for virtual currencies. To be called as “Cryptocurrency Real Time Rates” is similar to what other benchmarks offers that leverage price data from several crypto exchanges.
The new product will provide institutional-grade resources and real-time data points to those trading in the cryptocurrency markets through a standardized reference rate and spot price index. The new data feed is made available through customized API on its flagship platform Eikon. The move signals the Thomson Reuters growing interests in the crypto space and also come at a time when the sector is witnessing heightened interest from the mainstream financial institutes. CME Group recently launched daily price benchmark for Ethereum, in partnership with cryptocurrency trading platform Crypto Facilities.
Initially, the data feed will include data from few cryptocurrency exchanges and trading platforms including bitFlyer and BITPoint about the pricing data for six coins with more exchanges to be added over time. The launch of Cryptocurrency Real Time Rates also signals that Reuters intention to include virtual currencies on its trading platform.
Michael Go, Head of FX Market Development, Asia Pacific at Thomson Reuters, said on the development: “The immense growth in the cryptocurrency market in the last decade highlights the strong momentum around this new technology and tradable asset class. Thomson Reuters Cryptocurrency Real Time Rates enhances our rate offering and helps create a transparent and efficient global marketplace, vital to the future stability of cryptocurrency trading to support the investor.”
Yuzo Kano, CEO and co-founder of bitFlyer, said: “As the world’s largest Cryptocurrency exchange, bitFlyer has made efforts to facilitate the development of cryptocurrency markets. We are the first company to obtain a license to trade cryptocurrencies in Japan, the US and Europe and we are delighted to be able to provide valuable data to customers worldwide through Thomson Reuters.”
Saxo Bank, a Copenhagen-based Foreign exchange and multi-asset broker, announced the reappointment of Vitali Butbaev as Chief Executive Officer of Central and Eastern Europe, reporting directly to Damian Bunce, Chief Client Officer of the company.
Having worked with Saxo Bank for 13 years in previous roles, Butbaev will now be responsible for the growth and development of the business and client base in the region. Based in Saxo Bank’s office in Prague, he is also tasked to align and executive the global strategic priorities of the broker.
Vitali Butbaev, CEO of Saxo Bank, Central and Eastern Europe, commented:
“I am very pleased to return to Saxo at a time when technology, regulation, and macro trends all play into Saxo’s core strengths. I had the pleasure of being part of the journey from the Bank’s more humble beginnings to an international fintech with clients in 170 countries. Saxo is really a quite unique combination of cutting-edge technology and good service from talented people. Saxo Bank’s core strength is delivering unparalleled access to global capital markets to traders and investors through market-leading trading platforms. And by delivering ‘Banking-as-a-Service’, Saxo has a strong offering to other banks and brokers that look to leverage Saxo’s technology to service their end-clients.”
Vitali Butbaev is a former Regional Head of CEE and Russia at Saxo Bank, having successfully led the company’s offices for seven years. He held a number of sales positions for the broker’s retail, high net-worth, and institutional clients.
Butbaev rejoined Saxo Bank as CEO of Central and Eastern Europe from Velstand Capital, where he was a Founder and Chief Executive Officer. He was also a Group Regional Director at the Presidents Institute.
Damian Bunce, Chief Client Officer of Saxo Bank, said:
“We are delighted to welcome Vitali back on board to grow and develop our business and client base in the CEE region. Vitali is an excellent senior hire with a wealth of experience and deep knowledge of the region. His leadership has been a big part of Saxo Bank’s success and we are confident that he is the right person to lead our growth journey in the CEE region going forward.”
The UK FCA regulated, one of the world’s biggest financial trading platforms, CMC Markets Institutional (LON: CMCX) has partnered with PrimeXM to expand its multi-asset liquidity offering through PrimeXM’s XCore. The X-Core’s innovative technology benefits a large number of financial institutes by providing them with liquidity through Tier 1 banks, prime brokers and other liquidity sources.
Through X-Core’s community, CMC Markets will able to offer a wide range of liquidity including currency pairs, indices, commodities and treasuries to various financial institutes at a ultra-low latency connectivity.
Commenting on the partnership, CEO of PrimeXM, Cristian Vlasceanu said: “Committed to our mission of connecting financial institutions to the global markets through cutting-edge innovations, we are happy to announce today our new partnership. At PrimeXM, we know that CMC Markets will add a great value to the XCore community and we are confident that our dedication to innovation by intelligence will continue to boost performance for our partners.”
Richard Elston, Head of Partners at CMC Markets Institutional said: “PrimeXM is recognised as a leading technology provider in the financial industry, making them a natural fit as a distribution partner for our own liquidity, including FX, CFDs and native spread bet instruments. Their low latency, institutional grade infrastructure will provide another reliable route which offers even more counterparties access to CMC Markets’ single source of high quality, multi-asset liquidity.”
The brokerage on Monday also announced the launch of a new product, CMC Pro, that will allow many customers to circumvent the controversial clampdown by the European regulators. The new product is designed for professional clients to continue using their existing leverage rates. Under the new ESMA guidelines, the retail clients will only have a maximum leverage of 1:30 in major FX pairs.
Those clients who want to reclassify themselves as professional clients can also gain additional benefits from the company. In order to become a professional trader, they must fulfil two of the three mentioned criteria:
Have carried out transactions of a significant size on a relevant market (10 per quarter over the previous four quarters), need to have a financial instrument portfolio that exceeds 500,000 euro and have experience in the financial sector for at least one year.
Group Commercial Director at CMC Markets, David Fineberg, commented: “Over the last ten years, we have seen tremendous changes in our industry, driven by technology and social media. It is right that regulators are now looking to protect less experienced and potentially vulnerable clients. We are seeing a change in consumer behaviour as clients are now demanding a personal, tailored service to suit their individual needs. We will continue to invest in our Next Generation trading platform to meet the requirements of our CMC Pro clients.”
Fortex Technologies, the leading institutional Fx trading solution provider that handles an average daily volume of $12 billion in currency, metals energy and CFD trades has announced the appointment of Victor Hendrix as Executive Vice-President, Global Infrastructure Sales. He will lead the company’s newest division XCLOUD.
XCLOUD is the global cloud server grid that offers liquidity-agnostic and broker-neutral trading infrastructure as a Service (IaaS) to support all trading platforms. It offers premium hosting and connectivity solutions from Equinix IBX data centres in New York NY4, Hong Kong HK3 and London LD5.
Mr Hendrix has served in Beeks Financial Cloud Group PLC (LON: BKS) as Global Director of Sales and Marketing for nearly 2 years before leaving the company in December 2017. Under his leadership, Beeks registered a strong growth in revenue that led to the successful listing of its public offering on the Alternative Investment Market of the London Stock Exchange. Prior to this, he was working at Brazos Fx Group as a proprietary FX trader and software project manager since 2005.
Commenting on his new role, Mr Henderix said:
“Fortex’s industry-leading technologies already include an award-winning ECN trading platform, web trading platform, and bridge order management software. Our newest opportunity is to deliver the message that XCLOUD® will offer brokers and traders alike the superior trading infrastructure and connectivity to the liquidity that they need and that our clients will have complete flexibility in their selection of Liquidity Provider(s) and bridge middleware technologies. XCLOUD® is not confined to Fortex ECN or Bridge OMX clients but rather is open to all FX participants, vendors and providers.”
Incidentally, Mr Henderix is not a forex industry veteran and before entering the Fx industry, his specialisation was Aeronautical Science and Aerospace Management. He has served as Air Traffic Control Specialist in both the U.S. Navy and the Federal Aviation Administration for 18 long years.
Daniel Chen, CEO of Fortex Technologies, commenting on the appointment said:
“Victor’s experience in FX trading, software and hardware, coupled with his proven track record of success in relationship building and revenue growth made his addition to the Fortex team an easy decision. His expertise and focus on quality brand recognition will be instrumental to the success and growth of the XCLOUD® global footprint.”