Fazzaco Weekly Digest: Swissquote Expands into Cyprus; Interactive Brokers Partners with Finteh TOGGLE AI; IG Group's Greg Adams Joins Capital.com
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 week.
1. PAMM Solutions of Major FX Brokers in 2022 Explained - Find the Best Way of Funds Management
Emerging new trading tactics offered by different FX brokers in recent years have resulted in a growth of interest in the forex markets, where both rookie and skilled traders can make additional passive income or even find a new full-time job.
The PAMM account is one of the most popular and advanced approaches. PAMM is an abbreviation for Percent Allocation Management Module, and those who provide the service are known as PAMM brokers. MAM (Multi-Account Manager) is a system that is closely related to PAMM, however it is often specifically created for fund managers.
The European Securities and Markets Authorities (ESMA) has issued a reporting template, regarding the collection of data from investment firms with cross border activity, to their retail clients (and clients treated as professionals on request according to Section II of Annex II of MiFID II), analysed per each Member State.
In view of the above, CySEC wishes to inform CIFs on the release of the new Form, CBRT-CIF.
3. Low-Fee Trading Wave Hits Forex Brokerage - A Struggle for Survival or Win-Win Strategy?
Last October, Switzerland based retail FX brokerage group Dukascopy lowered its volume commission rates. That's only been two months since its Japan subsidiary reduced the transaction fee for MT4 trading accounts.
This April, FxPro made significant enhancements to their trading conditions, with spreads on all FX majors lowered by up to 20%.
In July, Admirals informed their clients of reducing spreads and minimum trading volumes, while expanding trading hours; and FXCM reduced spreads by as much as 54% on major currency pairs.
4. Binance to Delist and Cease Trading on Several Margin Trading Pairs
Cryptocurrency exchange Binance will delist and cease trading on several margin trading pairs on December 22, 2022, including:
Cross Margin Pairs: BNX/BTC, BNX/BUSD, BNX/USDT, DREP/BUSD, DREP/USDT, LOKA/BUSD, LOKA/USDT, MOB/BUSD, MOB/USDT
Isolated Margin Pairs: TORN/BTC, TORN/BUSD, TORN/USDT
5. Swissquote Announces Its Foray into Cyprus with CIF License
The leading provider of online financial services Swissquote has secured the Cyprus Investment Firm (CIF) license from the Cyprus Securities and Exchange Commission (CySEC) via the broker's Cyprus based subsidiary, Swissquote Capital Markets Ltd (CY).
"Very happy to share this new milestone in Swissquote's young history. We received our license from CySec (Cyprus Securities and Exchange Commission) and are ready to start operations in the New Year. Swissquote Capital Markets will be the name of this new entity of the Group," Muamar Behnam, Swissquote Managing Director and Head of Sales, a board member of Swissquote Capital Markets Ltd (CY), posted on social media.
6. Interactive Brokers Expands Its Collaboration with Fintech TOGGLE AI
TOGGLE AI, the intelligent investing dashboard, introduced a first-of-its-kind collaboration with Interactive Brokers (IBKR) to offer every IBKR user a complimentary TOGGLE Copilot membership.
"We're excited to expand our collaboration with TOGGLE AI and offer their award-winning investing tools to every Interactive Brokers client," said Yochai Korn, Managing Director at Interactive Brokers. "Providing all of our users with cutting-edge tools like TOGGLE is a natural continuation of our efforts to offer traders the resources needed to make informed investing decisions."
7. Greg Adams Leaves IG Group after 17 Years for Capital.com as Head of Risk
Capital.com, the Forex and CFD broker, has onboarded Greg Adams as the company's Head of Risk, according to Greg's LinkedIn post.
Greg has joined the broker in November 2022, based on his LinkedIn profile. Prior to Capital.com, he has spent seventeen years at IG Group, a global online trading company providing CFDs and Forex. During this period, he has held various risk roles, including Head of Risk Assurance, Head of Credit Risk, Risk Manager, Senior Risk Analyst, etc.
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