Fazzaco Weekly Digest: iS Prime-ThinkMarkets Settle; SquaredFinancial Deputy CEO Leaves; External Fraudsters Emerging as Bigger Threat

​Last week, one of the longest-running legal disputes between brokers - a dispute over exclusivity agreement obligations between iS Prime and ThinkMarkets - was finally settled at the last minute before it went to trial.

In terms of risk management, a report on risk and economic crime noted that organizations are vulnerable to external fraud attacks such as cybercrime and customer fraud, which can cause serious damage to their reputation.

In addition, the development of the encryption industry remains grim, with another cryptocurrency company filing for bankruptcy.

Furthermore, financial institutions such as Tickmill and SquaredFinancial have announced their executive moves.

Here are the related details, as well as some of the most read forex and crypto currency industry news pieces and articles from Fazzaco over the past week.

1. SquaredFinancial Deputy CEO Husam Al Kurdi Leaves to Start New Venture​

Fazzaco learned that Husam Al Kurdi has parted ways with SquaredFinancial, Cyprus-based global investment gateway to a full range of financial products and services, where he served as Deputy Chief Executive Officer (CEO) for two years and five months, based on his LinkedIn profile.

Al Kurdi also resigned from the position of CEO at SquaredFinancial EU, which he joined in November 2019 and has been in the role since. He would put his heart into his own venture.

2. Listen to the Article: External Fraudsters Emerging as Bigger Threat to Financial Organizations

The risk landscape for financial institutions is getting tougher as they face environmental, geopolitical and market challenges. Fazzaco published an article last week revealing the shocking details of the Milton scam network behind EverFX, according to a BBC investigation.

Against this backdrop, how are financial institutions adapting to the growing trends of online trading, mobile trading and artificial intelligence technology that emerged earlier this year? Are they taking enough precautions to protect themselves and their clients? The World Health Organization declared on May 5th that the COVID-19 pandemic is no longer a public health emergency of international concern, signaling the start of a new era. But in a volatile economic environment, what policies and incentives are financial institutions adopting to stay ahead of the curve? And what kinds of fraud risks will they have to deal with in the coming years?

3. iS Prime and ThinkMarkets Settle Longstanding Dispute on Day before Trial​

iS Prime (formerly known as IS Prime), a leading provider of multi-asset execution and prime brokerage services, and ThinkMarkets, the multi-asset online brokerage, reached a last-minute settlement on Tuesday, bringing a longstanding lawsuit to a close.

In early 2017, iS Risk (formerly known as IS Prime Risk Services), iS Prime’s risk management unit, acquired Think Liquidity LLC, ThinkMarkets’ risk management service. In 2020, iS Prime accused ThinkMarkets of breaking their exclusive "liquidity agreement" reached during the acquisition by using the services of another broker or brokers from about September 18, 2018.

4. Admirals Names Matteo Paganini as Regional Revenue Officer for Europe

Admirals Group SA, an Estonia based Retail FX and CFDs broker, announced the appointment of Matteo Paganini as the new Regional Revenue Officer for the group's operations in Europe.

The new addition aims to bring consistent growth to Admirals operations in the European countries by streamlining operations and processes of the commercial team, technology and market ecosystem of Admirals.

5. Tickmill Sets up a New Office in Dubai​

Global multi-asset broker Tickmill continues expanding its MENA and global presence, opening a new office in Dubai.

Regulated by the Dubai Financial Services Authority (DFSA), the new office is located in the Emirates Financial Towers, and managed by Joseph Dahrieh, who serves as managing principal.

6. CFTC Releases Data: Interactive Brokers' Retail Forex Deposits in March 2023 Rose the Most

The Commodity Futures Trading Commission (CFTC) has published its monthly report for March 2023, revealing a month-on-month increase of 1.79 percent in retail FX deposits compared with the prior month.

The CFTC has published its monthly report, which covers data for FCMs that are registered as Retail Foreign Exchange Dealers (RFEDs) and those included as broker-dealers that hold retail Forex obligations in the United States, namely Gain Capital Group LLC, IG US LLC, Interactive Brokers LLC, OANDA Corporation, CHARLES SCHWAB Futures & Forex LLC and Trading.com Markets.

7. Crypto Exchange Bittrex Files for Bankruptcy​

Cryptocurrency exchange Bittrex Inc filed for bankruptcy protection on Monday, three weeks after the U.S. Securities and Exchange Commission (SEC) accused it of operating an unregistered securities exchange.

Seattle-based Bittrex ceased operations in the United States on April 30, and it said the bankruptcy filing would not impact Bittrex Global, which serves customers outside the United States. The company's non-U.S. operations are based in Liechtenstein.