Simon Mugo
LeapRate Analyst

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading.
December 18, 2023 BY Simon Mugo

ESMA Report Indicates Investing Costs Fell Across the Eurozone

According to the ESMA's findings, there was a noticeable reduction in the average cost of investing in these products compared to the previous year. However, the report emphasises the ongoing disparity in costs among different EU countries. Enhanced transparency and potentially reduced expenses are attributed to more explicit fee information, a requirement under EU regulations.…

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Zenfinex logo
December 18, 2023 BY Simon Mugo

Zenfinex Raises $15 Million for Its Proprietary Trading Tech

Now operating its consumer services under the Taurex brand and its business-to-business services as Zenfinex, the group is planning a significant investment in its own technological developments following the recent influx of funds. The investments include the development of a new mobile app and an enhanced web platform, as shared with Finance Magnates. The launch…

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Euro notes
December 15, 2023 BY Simon Mugo

EURUSD Pair Falls As Euro Weakens on Disappointing PMI Data

The Preliminary HCOB Services PMI for December dropped to 48.1, a decline from November's 48.7, defying expectations of a slight rise to 49. This indicates that the activity in the Eurozone’s crucial services sector is shrinking more rapidly than it did in the previous month. Similarly, the Manufacturing PMI remained static at 44.2, contrary to…

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eToro booth
December 15, 2023 BY Simon Mugo

eToro Adds Almost 700 US Stocks to Its Tradable Assets Portfolio

The expansion not only offers a broader range of stock options to eToro's users but also aligns with the company's mission to provide cost-effective trading solutions. The users now have the chance to diversify their investment portfolios more robustly by adding these stocks. The expansion covers a variety of new stocks, thus broadening investment choices…

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BidX Markets
December 14, 2023 BY Simon Mugo

BidX Markets Offer Interest on Cash Holdings of up to 5.1%

This announcement from BidX Markets follows shortly after a warning issued by the UK’s Financial Conduct Authority (FCA) against investment platforms engaging in "double dipping" – a practice where platforms retain a portion of interest on client cash balances while charging an additional fee for cash management. Simon Blackledge, the CEO of BidX Markets, said:…

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TMX Group
December 14, 2023 BY Simon Mugo

TMX Group Acquires Remaining 78% Stake in VettaFi for $848 Million

Valued at 15.4 times its projected 2024 adjusted EBITDA, VettaFi boasts over 80% recurring revenue. TMX Group expects the acquisition to positively impact its adjusted earnings per share within the first year. The deal, financed through $1 billion in bank debt, is anticipated to be finalised in January 2024. John McKenzie, the CEO of TMX…

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Devexperts office
December 13, 2023 BY Simon Mugo

Devexperts Released Its 2024 Forecasts for Financial Brokerages

A key prediction for 2024 is expanding brokers’ services beyond just access to the US market. Brokers will likely offer global stock and ETF trading and diversify into various asset classes. This shift is partly a response to declining broker revenues due to the push for zero commissions during the pandemic and increasing operational expenses.…

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oneZero
December 13, 2023 BY Simon Mugo

oneZero’s CEO Announces Plan To Launch Innovative Tools in 2024

Andrew Ralich, the CEO of oneZero, highlights that these developments are part of four key themes planned for the next year. These include advancements in artificial intelligence (AI) for analysing foreign exchange (FX) data, strategies to capitalise on market flow, and adapting to the T+1 settlement shift in North America. Ralich emphasises the importance of…

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December 12, 2023 BY Simon Mugo

XTB Introduces Fractional Share Trading Within Its UAE Offering

Achraf Drid, CEO of XTB MENA, highlighted that fractional shares lower entry barriers for Middle Eastern customers interested in stock investments. XTB's goal is to cultivate an equity culture where private investors of any portfolio size can invest in companies they believe have significant growth potential. Before the introduction of fractional shares, certain high-value stocks…

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FCA
December 12, 2023 BY Simon Mugo

FCA Instructs Investment Firms To Stop “Double Dipping” by February

This concern emerged following an FCA survey involving 42 investment platforms, which revealed that a majority retain a portion of the interest accrued on customer cash balances. The FCA's findings indicate that 71% of these platforms keep some of the interest, with retention rates ranging from 10% to 100%, averaging around 50%. Additionally, 61% of…

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