Fazzaco Weekly Digest: Reasons for FX Market's Weekend Hiatus; IG Group CEO Resigns; New Crypto Tax Reporting Rules in U.S.

Last week, Fazzaco's comprehensive report revealed the average daily volume of FX trading from five major venues: Cboe FX, CLS, Euronext FX, FxSpotStream, and 360T, indicating a modest overall increase in July 2023. Additionally, some well-known financial service firms, including Admirals, UBS​, and JPX, also published their latest monthly, quarterly or annual data last week.

In terms of regulation, the U.S. Treasury Department unveiled a proposed rule that would require cryptocurrency brokers to report information on users' sales and exchanges of digital assets to the IRS, aiming to crack down on cryptocurrency tax evasion.

Moreover, executive moves in IG Group, Match-Trader​, Saxo Bank, Nasdaq​, and other companies have attracted widespread attention in the industry.

In the latest audio article, Fazzaco briefly explained 'Why Does the Forex Market Take the Weekend Off', addressing several readers' questions in this regard.

Furthermore, in order to assist traders better use MetaTrader, the most popular trading platform, Fozzy has detailed the problems of running it on the macOS system, along with corresponding solutions.

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

1. Listen to the Article: Why Does the Forex Market Take the Weekend Off?​

In the Genesis, God toiled for six days before resting on the seventh—a concept that morphed into the widely familiar weekend we know today. Most folks take a breather on both Saturday and Sunday, reuniting with families and recharging after five taxing workdays.

However, the forex market seems impervious to weekends, with currencies in perpetual price flux. Still, globally (except the Middle East), people typically shut down on both Saturday and Sunday. Financial institutions and individual investors alike hit pause on these two days. But the forex market's weekend hiatus isn't merely due to your broker clocking out.

2. IG Group CEO June Felix to Leave Office Due to Health Concerns

June Felix, the CEO of IG Group, a multinational online trading firm that offers CFDs and Forex, has stated today that she will resign effective immediately owing to health concerns. Since the beginning of July, CEO Charlie Rozes has served in an acting capacity while Felix has been out on medical leave.

According to the corporation, Rozes will stay in the position while a new CEO is expected to be named by the board of directors in the upcoming months.

3. Running MetaTrader on macOS: Challenges and Solutions​

MetaTrader is a popular trading platform used all over the world. It is available on both macOS and Windows operating systems, but there are some differences between the two platforms. 

There is no native MetaTrader version for macOS: the platform was not originally designed to work on Apple computers. Instead MetaQuotes recommend running it with Wine, either through CrossOver or PlayOnMac.

4. Biden Administration Unveils New Crypto Tax Reporting Rules

Cryptocurrency brokers, including exchanges and payment processors, would have to report new information on users' sales and exchanges of digital assets to the Internal Revenue Service (IRS) under a proposed U.S. Treasury Department rule published last Friday.

The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes.

5. Robinhood and Jump Trading Terminate Crypto Partnership​

Robinhood Markets Inc., the retail broker whose entry into crypto several years ago was powered by Chicago-based juggernaut Jump Trading, is no longer doing business with the firm.

Robinhood's no-fee crypto business depends on market-making firms to keep its billions of dollars in volume trading smoothly. But Jump has been reportedly backing away from the U.S. market amid heightened regulatory scrutiny.

6. July 2023 Witnesses Marginal Growth in Institutional FX Trading Volume

In July 2023, the institutional FX trading volumes across prominent platforms experienced a modest overall increase. A comprehensive report has revealed the Average Daily Volume (ADV) of FX trading volumes from five major venues: Cboe FX, CLS, Euronext FX, FxSpotStream, and 360T.

Each company reported a slight uptick in average daily FX trading volumes compared to the previous month. Notably, CLS exhibited the highest month-on-month (MoM) increase, with a growth rate of 3.15 percent, followed by 360T with 1.16 percent. FxSpotStream and Euronext FX also demonstrated a MoM rise of 0.36 percent and 0.13 percent, respectively. Furthermore, 360T observed a 0.045 percent increase in average daily FX trading volumes.

7. HashKey Becomes HK's First Licensed Retail Crypto Exchange, Begins BTC and ETH Trading​

HashKey Exchange is now live and operating as Hong Kong's first licensed retail cryptocurrency exchange. Initial fiat trading pairs on the exchange currently include BTC/USD, ETH/USD, and USDT/USD. The platform also enables direct bank transfers in USD and HKD.

In light of the city's efforts to foster growth in the virtual asset market, HashKey has begun accepting retail users and enabling direct trading of the two major crypto coins against fiat currencies.