Fazzaco Weekly Digest: Akshay Mehta's Promotion; ASIC Extends CFD Product Intervention Order; Florida-Based Companies and Individuals Fined by CFTC
Take a look at the latest happenings in this week's news digest from around the forex and fintech industry. Here are some of the top headlines from this past week.
1. Akshay Mehta Promoted as Business Development Manager at Fxview
Fazzaco learned that Fxview, a leading financial services and CFD broker, has promoted Akshay Mehta as the company's Business Development Manager.
As seen on his LinkedIn profile, Mehta joined Fxview in 2020, serving as its Senior Business Development Executive. In addition, he is the Co-Owner of Mehta Heights. Prior to that, he has spent over three years with Finvasia, a multinational organization that owns and operates over a dozen brands across financial services, technology, real estate and healthcare verticals.
2. ASIC Extends CFD Product Intervention Order for Five Years
ASIC has extended its product intervention order imposing conditions on the issue and distribution of contracts for difference (CFDs) for a further five years to 23 May 2027.
Since 29 March 2021, the product intervention order has strengthened protections by reducing CFD leverage available to retail clients and by targeting product features and sales practices that amplify retail clients' CFD losses. ASIC's extension of the product intervention order ensures that CFD protections in Australia remain in line with those in force in comparable markets elsewhere.
The Commodity Futures Trading Commission(CFTC) today announced the U.S. District Court for the Middle District of Florida entered an order for permanent injunction, monetary sanctions, and equitable relief against Alan Friedland of Florida and his Florida-based companies, Fintech Investment Group, Inc. (Fintech), and Compcoin LLC, for fraudulently soliciting customers to purchase a digital asset they falsely promised would allow customers to gain access to a proprietary foreign currency (forex) trading algorithm.
The order requires the defendants to pay $1,200,000 in restitution and a $600,000 civil monetary penalty. In addition, the order imposes a permanent ban on Friedland, Compcoin LLC, and Fintech from soliciting or trading in commodity interests or registering with the CFTC in any capacity.
4. Admirals Sees 43.9% Drop in 2021 Revenue
Admirals (formerly known as Admiral Markets), a global retail FX and CFDs broker, has released its financial report for the 2021, showing a significant drop in its revenue.
Specifically, the broker's annual revenue stood at €37 million, representing a 43.9% drop compared to the previous year's €66 million. Also, the company saw a 43% fall in its net trading income to €35.7 million. The figure was €62.2 million in 2020.
5. Societe Generale Securities Services Extends Partnership with SimCorp
SimCorp, an independent provider of SaaS (Software as a Service) investment management solutions, and Societe Generale Securities Services (SGSS) have announced an extension to their partnership until 2028 to promote front-to-back solutions dedicated to asset managers.
The new contract includes a broad scope of new activities, including additional Front Office and ESG functionalities for CrossWise, SGSS' front-to-back integrated suite leveraging on SimCorp Dimension's functionalities, the replacement of a legacy solution for middle office OTC and Clearing, as well as new regulations, CSDR and T2S.
6. CySEC Issues Warning Regarding Individuals Impersonating Its Representatives
The Cyprus Securities and Exchange Commission ("CySEC") would like to re-announce that, as it has been informed by a number of market participants, of the fact that persons fraudulently presenting themselves as CySEC Officers or representatives, are soliciting investors for fees in exchange for settlement of bogus compensation claims related to firms under CySEC supervision.
For that reason, CySEC would like to remind the public that it never sends unsolicited correspondence to investors or members of the public, nor doesit ever request any personal data, financial or otherwise.
7. Swissquote Becomes New Member of the OpenWealth Association
Swissquote, the Swiss leader in online banking, will become a new and active member of the OpenWealth Association as of April 2022. OpenWealth connects financial institutions through an open API standard for a global wealth management community. With this new membership, Swissquote significantly improves its services for institutional and private clients.
OpenWealth connects financial institutions, WealthTechs and other service providers and defines an open API standard for the wealth management community. The unified collaboration with standardised interfaces based on the Open Banking principle strengthens the Swiss financial centre as an ecosystem of innovation.
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