Category: Financial Services

December 02, 2024 BY Sam Boughedda

JPMorgan Fined $2.4m By Monetary Authority of Singapore

The regulator said the bank failed to prevent misconduct by its relationship managers (RMs) during 24 over-the-counter (OTC) bond transactions between November 2018 and September 2019. The penalty follows a review of pricing and disclosure practices in Singapore's private banking sector. The misconduct is said to have involved RMs making inaccurate or incomplete disclosures to…

Read more
Expected US Rate Cuts Give Copper Price A Boost
December 02, 2024 BY Sam Boughedda

R.J. O'Brien & Associates Canada Fined By ICE Futures For Minor Violations

The penalty was issued under the exchange's Rule 21.02(e), which allows the Chief Regulatory Officer to impose summary fines of no more than $25,000 for minor violations without a formal disciplinary hearing. ICE Futures explained that the violation stemmed from improper cross trading in Canola Futures contracts. Specifically, R.J. O'Brien was found to have violated…

Read more
HKEX
December 02, 2024 BY Sam Boughedda

HKEX: Wilfred Yiu to Retire, Vanessa Lau to Become Sole COO

The company revealed that Wilfred Yiu, HKEX’s Deputy Chief Executive Officer, Co-Chief Operating Officer, and Co-Head of Markets, will retire at the end of December after nearly six years with the organisation.  HKEX said Yiu, who will also retire as Chief Executive of The Stock Exchange of Hong Kong Limited and Hong Kong Futures Exchange…

Read more
November 29, 2024 BY Sam Boughedda

Italian Regulator CONSOB Blocks 4 Financial Services Sites

The action, aimed at protecting investors from fraudulent activities, is part of CONSOB’s ongoing campaign against abusive financial intermediaries. The regulator often orders the black-out of unauthorised sites The targeted websites are: GOMARKETSLTD.net (including gomarketsltd.net and client.gomarketsltd.net) Fidus Invest (including idus-invest.com, panel.fidus-invest.com, and trade.webtrader-fx.com) First State Investments (Ireland) Limited (including fsinvest.cm, client.fsinvest.cm, and webtrader.fsinvest.cm) Financial…

Read more
November 29, 2024 BY Sam Boughedda

RPD Group Advice's Licence Cancelled By ASIC

The cancellation comes after the Australian Financial Complaints Authority (AFCA) issued a determination against RPD Group on 12 July 2024, which the company failed to honour. ASIC explained that on 13 November 2024, the CSLR compensated the affected consumer with $62,421.00 and notified ASIC, prompting the cancellation of RPD Group's licence on 21 November 2024.…

Read more
ActivTrades
November 29, 2024 BY Sam Boughedda

ActivTrades Secures New Regulatory License in Mauritius

Brokerage ActivTrades said Thursday that it has obtained a new regulatory licence from the Financial Services Commission (FSC) in Mauritius, bolstering its capacity to serve international clients.  The latest move is said to align with the firm’s ongoing expansion strategy and further enhance its position in key global markets. The Mauritius licence is the fifth…

Read more
FINRA
November 28, 2024 BY Sam Boughedda

Tastytrade Fined By FINRA

The Chicago-based brokerage, a FINRA member since 2016, was also censured as part of the settlement. Between July 2021 and July 2023, FINRA said Tastytrade failed to establish and maintain a supervisory system in compliance.  They added that the firm’s written supervisory procedures (WSPs) were said to have been inadequate, lacking clear processes for reviewing…

Read more
November 28, 2024 BY Sam Boughedda

UBS Picks Clearstream for Fund Distribution Support

It was explained in the Clearstream press release that through Clearstream’s Fund Centre platform, UBS aims to streamline processes, reduce costs linked to trailer fee collection, and optimise contract management. The move reflects the European fund distribution platform's growing reputation in the market, as its Fund Centre platform continues to expand Assets under Distribution (AuD)…

Read more
November 27, 2024 BY Sam Boughedda

Moomoo Financial Hit With $750,000 Fine by FINRA

The violations, which spanned several years, are said to have highlighted lapses in advertising practices, supervision, and privacy compliance. According to FINRA’s findings, retail trading platform Moomoo Financial paid social media influencers to promote its services but failed to ensure these promotions were "fair and balanced." FINRA said some influencer posts made misleading claims about…

Read more