Category: Financial Services

October 01, 2024 BY Sam Boughedda

CME Group Set to Launch Yen- and U.S. Dollar-Denominated Micro Nikkei Futures

These new micro-sized contracts, valued at 50 yen and $0.50, respectively, "will allow traders to capture Japanese benchmark trading opportunities with greater precision and will add to CME Group's existing suite of standard and E-mini Nikkei contracts," said CME Group. They will complement CME Group's existing suite of standard and E-mini Nikkei contracts. "The addition…

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September 30, 2024 BY Sam Boughedda

CME Group to Launch Spodumene Futures Contract

This expansion of its battery metals suite aims to provide the market with enhanced hedging capabilities and better price risk management tools. "The spodumene futures contract launch with the CME Group marks a significant step forward for the lithium market," commented Raju Daswani, Chief Executive Officer at Fastmarkets. "With this contract, the industry gains a tool…

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FCA
September 27, 2024 BY Sam Boughedda

FCA Proposes New Rules to Protect Customers of Payments Firms

The FCA explained that while the use of payment firms has grown in recent years, it "continues to see poor safeguarding practices from firms," putting customers at risk of losing their money. While funds held by these firms are not directly protected by the Financial Services Compensation Scheme (FSCS), firms are required to have safeguards…

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Visa
September 27, 2024 BY Sam Boughedda

Visa to Acquire AI Payments Protection Firm Featurespace

The acquisition is aimed at strengthening Visa's portfolio of fraud detection and its ability to combat fraud and financial crime. Featurespace, founded at Cambridge University, utilises advanced algorithms to analyse transaction data and detect even sophisticated fraud attempts. "Since its inception out of Cambridge University's engineering department, Featurespace has developed innovative algorithmic-based solutions to analyze…

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Stripe obtains $600M funding at $95B valuation
September 27, 2024 BY Sam Boughedda

Stripe Expansion Aims to Accelerate Canadian Business Growth

The company said in its press release that the expansion reflects the city's growth as a tech hub and reinforces Stripe's commitment to the Canadian market. The company has seen significant growth in Canada over the past few years, with payment volume from Canadian businesses increasing by more than 50% between 2021 and 2023. Stripe…

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SEC
September 26, 2024 BY Sam Boughedda

Merrill Lynch and Harvest Volatility Management Hit with $9.3m Penalty By SEC for Ignoring Client Instructions

According to the SEC's complaint, Harvest, as the primary investment adviser and portfolio manager for the Collateral Yield Enhancement Strategy (CYES), allowed numerous client accounts to exceed their designated investment limits. It led to higher fees, increased market exposure, and ultimately, investment losses for clients. Merrill Lynch, which introduced clients to Harvest and received a…

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September 24, 2024 BY Sam Boughedda

NinjaTrader Ordered to Pay Over $980,000 for Supervision Failures

The CFTC found that NinjaTrader, which operates out of Deer Park, Illinois, failed to implement sufficient policies and procedures to manage accounts in emergency situations, particularly in response to a statutory restraining order issued in a previous fraud case. It is also alleged to have not exercised sufficient oversight over its employees' handling of accounts.…

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FCA
September 23, 2024 BY Sam Boughedda

PayAfrique.com's Small Payment Institution Registration Cancelled by FCA

The FCA took the action due to PayAfrique.com's failure to comply with regulatory obligations. Specifically, the regulator said the company failed to submit annual reports (Returns) for the past two years (2022 and 2023) despite its repeated requests. "The Authority has concluded, on the basis of the facts and matters described above, that by failing…

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