SocGen pleads guilty to client money offences in Australia LeapRate

July 01, 2020 BY Steffy Bogdanova

SocGen pleads guilty to client money offences in Australia

Each of the offences carries a maximum penalty of approximately $45,000. These offences are regarded as serious misconduct. The legislation has been put in place to protect investors and enhance the confidence and integrity in Australia’s financial markets. The need for the additional license condition which ASIC placed on SocGen’s Australian branch follows the company’s…

June 30, 2020 BY Steffy Bogdanova

ASIC bans former Forex Capital Trading account manager for three years

ASIC also discovered that Marsh made misleading statements to clients. He promised they would make profits trading with Forex CT when actually CFD is a relatively high-risk investment. Marsh also promised that risk the of trading losses is reduced if clients made increased deposits in their trading accounts while in reality increasing deposits is placing…

As the internalization of RMB grows, it challenges the US dollar

June 29, 2020 BY Steffy Bogdanova

The internalization of RMB grows, threatens to leave US dollar behind

The US national debt has reportedly exceeded 26 trillion US dollars. Analysts have indicated that the fast increase in US Treasury bonds may leave an impact on the fiscal budget and consequently exacerbate the current financial crisis. The United States’ management of the negative impact on its economy will show if the dollar can endure.…

Deutsche Bank and Olam International execute Asia’s first FX Forward with ESG performance targets

June 26, 2020 BY Steffy Bogdanova

Deutsche Bank and Olam International execute Asia’s first ESG-linked FX Forward

Olam’s Managing Director and Group CFO, N. Muthukumar said: Olam is delighted to partner with Deutsche Bank to implement Asia’s first ESG FX solution. This innovative facility provides us with a hedge on our currency risk exposure and enables Olam to lock-in a discount when we meet pre-set ESG targets that are aligned with our…

June 25, 2020 BY Steffy Bogdanova

Options deploys colocation expansion in Australia

Options enables trading at hundreds of venues across the globe with fully managed colocation services available along with the company’s application management solution, incorporating hosting with rapid time to market, TCO reduction, and best-in-class resiliency and security. The announcement comes after additional expansion of Options’ business operations across New Zealand, Australia and Asia. Options’ Chief…

June 24, 2020 BY Steffy Bogdanova

Dukascopy reduces leverage on Hong Kong CFDs

Dukascopy Bank announced earlier this month the expansion of its arsenal of funding methods available to clients with the addition of Ether (ETH). The addition is the second 2nd crypto-currency after the bank launched Bitcoin (BTC) in October 2018. The cryptocurrencies can be used to deposit and withdraw funds from a trading account opened as…

June 24, 2020 BY Steffy Bogdanova

New Zealand FMA adds WDC Markets, Intrgroup and others to its warning list

The New Zealand watchdog found that WDC Markets are withholding client funds a the company is not a registered financial service provider in New Zealand. WDC Markets is also listed in the warning list of the Spanish National Securities Market Commission. The FMA alleges that Intrgroup and its associated website may be operating a scam. Other overseas regulators…

June 23, 2020 BY Steffy Bogdanova

Former Melbourne director of Quantum charged with insider trading

The Australian regulator ASIC alleged that at the time Kimelman was in possession of inside information concerning the intention by Quantum (now Nova Minerals Limited) to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada. At the time of the alleged offences, the charges of insider…

CBA welcomes Square Peg and Zetta as strategic partners for new digital service

June 23, 2020 BY Steffy Bogdanova

CBA and Colonial First State sued for breached of the conflicted remuneration ban

The Australian regulator alleges that the arrangements between CBA and CFSIL breached the ban on conflicted remuneration as the arrangements could influence the choice of financial product recommended by CBA to retail clients or the financial product advice. ASIC is looking for civil penalties against CBA and CFSIL. The maximum penalty could go up to…

June 23, 2020 BY Steffy Bogdanova

New Zealand FMA files proceedings against CLSAP NZ for anti-money laundering breaches

The FMA has filed action against the company in High Court at Auckland and is seeking monetary penalty. Nick Kynoch, FMA General Counsel, said: The anti-money laundering legislation is a cornerstone to protecting the integrity of New Zealand’s financial system and it’s imperative that financial services firms ensure they are compliant. The regime has been…

Tag: APAC