Looking back at the most intriguing and popular industry news from the past week between 31st May and 4th June on LeapRate.
United Strategic International Group released details surrounding the re-appointment of former owner Soe Hein Min. According to a filing on Companies House, the London-based brokerage group has only recently rebranded itself from Union Standard International Group (USGFX) and has now welcomed Min to its board of directors. Soe Hein Min, a national of Burma, reportedly joined the board in the middle of the week.
Lisa Pollina decided to step down as Non-Executive Director of IG Group, a notification from London Stock Exchange said. The industry veteran was appointed in March 2021 and will step down on 1 September. Pollina has over 10 years experience on the Boards of the Ritchie Brothers Auctioneers, The Depository Trust and Clearing Corporation, and Two Harbors Investment Corp, among others.
FX technology provider Integral released its trading volumes across its trading platforms for May 2021. The company reported a rise in May following slight month-over-month decreases in April. Integral also registered a steady growth on yearly basis. The company registered average daily volumes (ADV) of $46.9 billion in May 2020. This represents an 8.3% MoM rise compared to April when it reached $43.3 billion.
United Fintech expanded its US operation with the hire of Mark Lawrence from Goldman Sachs as Director and Head of Americas. The new appointment is a major development for the fast-growth firm launched by Christian Frahm to help banks, hedge funds and asset managers to advance their transition to a digital world. Mark Lawrence has spent 14 years at Goldman Sachs in senior sales positions in London, New York and Hong Kong. He recently served as LATAM Head of EFICC (Electronic Fixed Income, Currencies and Commodities).
The UK Financial Conduct Authority announced the extension of the Temporary Registrations Regime (TRR) for existing cryptoasset businesses to 31 March 2022. The regime was put in place last year to allow cryptoasset firms that applied for registration before 16 December 2020 to continue trading while their applications are being assessed. The UK watchdog discovered that a large number of businesses are not meeting the standards, required under the Money Laundering Regulations. The FCA reported that this has led to an unprecedented number of businesses withdrawing their applications.
Eurex recently announced its next move in broadening its presence across Asia, as it launches options and futures on the MSCI China Hong Kong Listed Large Cap as well as the MSCI Hong Kong Listed Large Cap indexes. More prominently, the derivatives exchange has announced its launch of futures on the MSCI China Tech 100 Index, in response to the ever-increasing demand for trading and investment instruments around the Asia-Pacific area.
CySEC regulated Exclusive Capital has teamed up with technology partners, FXCubic and Liquidity Connect to enhance its new MT5 trading platform. Based in London and Cyprus, FXCubic is a fast-growing low latency and technology provider. Its bridge and aggregation solutions will connect Exclusive Capital’s platforms into a single aggregator. FXCubic’s technology will allow Exclusive Capital to manage their liquidity, execution and risk efficiently.
eToro Group Ltd. announced filing a draft registration statement with the US Securities and Exchange Commission for its merger with blank check company FinTech Acquisition Corp. V. The two companies submitted a draft registration statement on Form F-4 to the SEC, which is technically not an IPO prospectus.
CMC Markets Connect announced an upgrade of its tech stack to provide faster price construction and increase the range of asset classes available for trading. CMC Connect now gives its clients to an additional 60+ Spot FX pairs and precious metals. The Connect team has partnered with Quod Financial to utilise their AI/ML powered algorithms to upgrade existing infrastructure and improve speed. CMC and Quod’s technical in LD4 between Quod’s quoting servers & CMC’s trading engine optimises price feed management and allows CMC to provide consistently competitive pricing.
