Updates Involving BGC and GTN; Fed Cuts Rates; FCA Warning List; Prop Trading Updates; Upcoming UK Payment Amendment

Fazzaco continued extensively covering the latest trends in forex, crypto, fintech, and prop trading last week. We also published the discussions regarding the upcoming UK PSR amendment, which might reshape the payment regulation landscape.

Below are news and articles for the Fazzaco's last week recap.

BGC Group and Investment Banks Launch FMX Futures Exchange

BGC Group, a Nasdaq-listed financial services firm, has announced the launch of FMX Futures Exchange, scheduled to go live on September 23, 2024. This new exchange is being introduced in collaboration with several prominent investment banks, including Bank of America, Barclays, and Goldman Sachs, who are also equity owners of FMX Holdings LLC.

UK FCA Issues Warning Against 53 Unauthorized Companies

The United Kingdom's Financial Conduct Authority (FCA) issued warnings against 53 new companies from Sept 9-13, 2024 that are soliciting customers in the UK jurisdiction without any licenses or are clones of authorized platforms.

Federal Reserve Halves Interest Rates Amid Economic Concerns

On Sept 18, the U.S. Federal Reserve implemented a notable half-percentage-point cut in interest rates, signaling the beginning of what many analysts foresee as a steady easing of monetary policy. This decision is largely driven by rising concerns about the health of the U.S. job market, with policymakers expressing a desire to stimulate economic activity amid signs of potential slowdown.

GTN Middle East Appoints New Chief Commercial Officer

In a strategic move to enhance its operations, fintech company GTN Middle East has announced the appointment of Zaid Aloul as Chief Commercial Officer. This decision aligns with the company's objective of driving commercial strategy and expansion across the Middle East and beyond. As CCO, Zaid will oversee crucial commercial activities, including launching new products, broadening asset classes, and increasing GTN's market share in a competitive landscape.

Prop Firm TradersWithEdge Re-Launches MetaTrader5

On September 16, the proprietary trading firm brought back the trading platform MetaTrader5 for its clients. TradersWithEdge stated via social media platform X, "MetaTrader 5 is Back at Traders With Edge!"

Along with the return of MT5, Traders With Edge also launched a challenge promotion campaign, where clients can enjoy a challenge buy-one-get-one-free offer for a limited time.

Payment Fraud in 2024 and the Upcoming UK PSR Amendment

Payment is without a doubt a crucial link of trading activities for both FX brokers and traders. Data shows that global losses from payment fraud reached a staggering $48 billion in 2023, with projections suggesting this figure could rise to $362 billion by 2028. In response to increasingly sophisticated fraud schemes, exacerbated by advancements in artificial intelligence, the UK's Payment Systems Regulator (PSR) has introduced new regulations - the PSR Amendment - set to take effect on October 7, 2024.