Fazzaco Weekly Digest: Russian C-Bank Orders Brokers to Suspend Short Selling; FxPro Reduces Spreads on FX Instruments; Tickmill's Exec Move

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. Central Bank of Russia Orders Brokers to Suspend Short Selling​

The Central Bank of Russia has issued a notice, ordering brokers to suspend short selling in the Russian financial market. The measures are effective February 24, 2022, 11am (Moscow time). The ban is valid until further notice.

In addition, the central bank said it would commence interventions in the Forex market. The regulator will also carry out operations for additional provisions of liquidity to the banking sector.

2. FxPro Reduces Spreads on FX Majors and Other Instruments

Due to increased volatility, FxPro has made significant improvements to its trading conditions, with spreads on all FX Majors, Indices, Metals & Energies reduced by up to 20%. This enables the broker's clients to trade with lower costs across a vast range of popular instruments.

In addition, the trading hours for RUB cross pairs has been extended by 6 hours, so traders can now trade USDRUB & EURRUB from 8 am – 10 pm (GMT) Monday – Friday.

3. Carla Nemr Promoted as Chief Business Development Officer at Tickmill​

Carla Nemr has announced her promotion to the role of Chief Business Development Officer at Tickmill, a multi-regulated Forex and CFD provider offering first-class products and services.

Nemr joined Tickmill in 2017 as the Head of global business development. Prior to that, she served as Regional Sales Manager at Amana Capital, another big brokerage name in the forex and CFDs market, for a couple of years.

4. JPMorgan's Metaverse and Crypto Exec Christine Moy Steps down After Around 20 Years

JPMorgan's top metaverse and crypto exec, Christine Moy, announced her departure from the bank for an unspecified opportunity last Tuesday. 

Her departure comes after nearly two decades at JPMorgan, and her most recent promotion included the titles global head of crypto and metaverse. She was an early advocate for the bank's adoption and use of cryptocurrencies and NFTs. 

5. CySEC Withdraws CIF License of Maxigrid Ltd​

The Cyprus Securities and Exchange Commission ('CySEC') decided to withdraw the Cyprus Investment Firm authorisation of Maxigrid Ltd ('the Company'), with Number 145/11.

CySEC reached to the above decision due to the Company's non-compliance with article 22(1) of the Investment Services and Activities and Regulated Markets Law of 2017, in fulfilling the condition of article 17(9) of the Law at all times, as this is further specified in paragraphs 4(1) and 6(1) of the Directive DI187-01 for the Safeguarding of Client Assets, Product Governance Obligations and Inducements, with regard to the safeguard of clients' funds, hereby no longer meeting the conditions under which its authorisation was granted.

6. FOREX.com Modifies Trading Terms in Light of Geopolitical Risk in Ukraine

FOREX.com is StoneX's retail Forex business. It has modified its trading conditions because of geopolitical risks in Ukraine.

According to the broker's warning, some trading on commodity markets such as wheat, corn and oats could be affected by volatility. These markets could be restricted or closed to phone calls, or limit down/limit upward.

7. Spotware Systems Appoints Aris Christoforou as Head Of Marketing​

Spotware Systems, a developer of trading platforms for brokers, has announced the appointment of Aris Christoforou as Head Of Marketing.

In his new role at Spotware, Christoforou's responsibilities will include leading the firm's ambitious business expansion and effective implementation of its consumer-led marketing strategy and goals, as well as continuing to spearhead client growth and development.