Category: Financial Services

financial buildings
December 06, 2024 BY Sam Boughedda

Hong Kong Monetary Authority Fines China CITIC Bank HK$4M

The regulator said the penalty comes after an investigation into deficiencies in CITIC's transaction monitoring systems between November 2015 and July 2018. The HKMA found that CITIC's automated transaction monitoring system had failed to generate alerts for suspicious transactions due to errors in detection and core model rules. Additionally, they state that CITIC also failed…

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FINRA
December 05, 2024 BY Sam Boughedda

FINRA Fines LifeSci Capital $900,000

The regulator said in a filing that the New York-based firm, specialising in underwriting, has also been censured and required to implement a supervisory system to address these shortcomings. The fine stems from LifeSci Capital's role as lead underwriter in the initial public offering of LifeSci Acquisition II Corp., a special purpose acquisition company (SPAC),…

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financial buildings
December 05, 2024 BY Sam Boughedda

Clear Street Gets FCA Approval, Launches in the UK

The company, which aims to modernise the brokerage ecosystem, has also been granted Category 1 Ring-dealing membership by the London Metal Exchange (LME), marking a significant milestone in its global expansion strategy. Clear Street’s ambition is to grow beyond North America into the UK, Europe, and other international markets.  According to Ed Tilly, President and…

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December 04, 2024 BY Sam Boughedda

BGC Group Sells Capitalab Business to Unlock Shareholder Value

The transaction, valued at $46 million, reflects a revenue multiple of approximately 7.5 times, underscoring the strategic significance of the deal. BGC Group explained in its press release that Capitalab specialises in rates portfolio compression and margin optimisation, critical components in streamlining trading operations.  BGC will retain its post-trade foreign exchange risk reduction business, previously…

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December 03, 2024 BY Sam Boughedda

TP ICAP and Amazon Web Services Announce 'Major Strategic Collaboration'

The two companies are set to collaborate to accelerate the development of Fusion, TP ICAP's cloud-based digital platform, designed to optimise transaction lifecycle management. It was revealed that AWS will deploy 45 specialised engineers to collaborate with TP ICAP's technology teams, leveraging data analytics and generative AI to significantly reduce product development timelines. The companies…

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Euronext
December 03, 2024 BY Sam Boughedda

Euronext Unveils Total Return Futures on FTSE MIB Index

The firm revealed in a press release Monday that the move expands its European derivatives offering, building on the success of its TRF on the CAC 40 Index launched in 2018. TRF is designed to replicate the economics of over-the-counter (OTC) total return swaps, offering a more transparent and cost-effective exchange-traded solution.  Euronext explained that…

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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…

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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…

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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…

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