Fazzaco Weekly Digest: When Finance Meets ChatGPT; FXCM Launches Two New Platforms; Executive Moves Last Week
Take a look at the latest happenings in last week's news digest from around the forex, fintech and crypto industry. Here are some of the top headlines from last week.
1. Fazzaco AI Forum: Voices from Brokerages and Fintech Leaders - When Finance Meets ChatGPT
The financial and technology sectors have always been rich with innovative intersections and collaborations. The proliferation of generative AI like ChatGPT has naturally attracted the interest and attention of financial institutions. But just as many sci-fi novels have portrayed, an overly advanced AI always leads to disastrous consequences for humans. As this technology gradually takes shape in reality, people inevitably begin to worry: are we heading towards a brighter utopian future of AI, or are we falling into a damp and gloomy nightmare of "high-tech, low-life" cyberpunk?
Welcome to "Fazzaco AI Forum"! Today, we have invited leading brokers and fintechs across the forex market to join us in discussing the challenges and opportunities that generative AI technologies, represented by ChatGPT, bring to the financial industry, and the speculation and controversy they have sparked.
2. Exness Achieves Multiple Records in Trading Volumes for March 2023
Exness, the global leader in multi-asset trading, released its trading data for March 2023, which showed that its trading volume has climbed for four consecutive months, with multiple metrics hitting record highs.
Trading volumes on Exness's platform for the month reached $3.88 trillion, an increase of 27% compared to $3.05 trillion in the prior month and a significant increase of 56% compared to $2.45 trillion in the same period of last year. This increase can be attributed to a rise in volatility driven by central banks' policy announcements, which has encouraged speculators to pile back into the market.
3. FXCM Launches Two New Platforms as It Eyes Expansion
FXCM, a leading online forex trading and CFD broker, has launched a new trading platform and progressive web application (PWA) to support its clients with more tool s and services. The two new platforms add to FXCM's existing proprietary trading platforms, Trading Station Desktop, its flagship trading platform and Trading Station Mobile, its native mobile application for IOS and Android.
The new web-based platform, created by FXCM in partnership with trading technology solutions provider Adaptive Financial Consulting, aims to provide a larger number of instruments and a progressive web application (PWA) which gives greater access globally to FXCM's products and services.
Currently, competition among companies is intensifying, and it hinges on the strength of technological and expertise capacities, which ultimately, however, boils down to a competition for talents. Further, AI tech brings challenges such as job displacement. Hence it is even more necessary for enterprises to rely on top-notch personnel to maintain competency. And a key channel to acquire talent is recruitment.
Fazzaco is one of the perfect places for forex brokers and fintechs that seek to post their job openings. As a leading financial info hub, Fazzaco is committed to building an extensive network connecting all participants across forex, fintech sectors. As part of the ongoing growth of the business, the platform is delighted to inform you that it now offers the opportunity to help institutional customers promote job vacancies every Friday.
5. Listen to the Article: Frequent Executive Turnover at iS Prime - A Coincidence or A Major Shakeup?
iS Prime, a leading provider of multi-asset execution and prime brokerage services, has recently undergone a series of executive changes. The reason behind these moves is unclear, but they are not uncommon in the financial industry.
But first, we need to back up a little further to this January when iSAM rebranded itself, as covered by Fazzaco, changing its name from ISAM Capital Markets to iSAM Securities. The rebranding seems to aim at creating a consistent brand story that includes its sub-brands iS Prime, iS Prime Hong Kong, and iS Risk.
6. Saxo Bank Securities and TRUSTDOCK Team up to Simplify Account Opening
Saxo Bank Securities, the Japanese unit of Copenhagen-based multi-asset trading and investing platform Saxo Bank, has entered a strategic partnership with TRUSTDOCK Co., Ltd, eKYC solutions provider for ID verification in Asia.
Within the partnership, Saxo Bank Securities introduced TRUSTDOCK Co., Ltd’s online identity verification service TRUSTDOCK.
7. Goldman Sachs Fined $15M by CFTC for Violations of Swap Business Conduct Standards
The Commodity Futures Trading Commission issued an order simultaneously filing and settling charges against Goldman Sachs & Co. LLC (Goldman) for violations of the CFTC's Business Conduct Standards applicable to swap dealers. Specifically, the CFTC found that Goldman failed to disclose dozens of pre-trade-mid-market marks (PTMMM), in violation of Regulation 23.431, and failed to communicate to clients in a fair and balanced manner based on principles of fair dealing and good faith, in violation of Regulation 23.433.
Goldman admits that for nearly all "same-day" swaps executed in 2015 and 2016, it either failed to disclose any PTMMM or failed to disclose an accurate PTMMM, and that this conduct violated a CFTC regulation.
Executive Moves in Forex and Fintech Firms Last Week:
Simon Peter Massabni Promoted to Country Director for North Africa at Exness
OvalX Spreadbetting Sales Head Mark Foulds Moves to Alvar Financial Services
Felipe Gallino Joins B2Broker as BD Manager from Crypto.com
Wedbush Securities Expands into FX Prime Brokerage, Taps Michael Stone as SVP
Wells Fargo's CEO of CSBB Mary Mack to Retire, Saul Van Beurden to Succeed
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