The UK Financial Conduct Authority suspended Wirecard’s UK subsidiary and left thousands of people in the UK unable to access their money. The UK regulator froze Wirecard Card Solutions’ UK lincense to protect the company’s clients following the German-based parent company Wirecard AG filing for insolvency on Thursday last week after accounting firm Ernst & Young found that €1.9 billion were missing from the company’s accounts. The Wirecard scandal prompted Germany to give company accounting responsibilities to the market regulator BaFin. The German government has decided to terminate its relationship with Financial Reporting Enforcement Panel or “Deutsche Prüfstelle für Rechnungslegung” (DPR), a quasi-government entity that investigates accounting issues on behalf of public authorities. The DPR has been examining financial reporting of publicly listed companies since 2005 and reportedly audited Wirecard in 2019 but failed to “notice” the company’s issues.
Boutique FX broker consultancy SugarCane Capital announced its collaboration with automated FX market analytics provider Just. The partnership is aims to ensure SugarCane’s clients have absolute visibility over the charges levied by liquidity providers when making foreign exchange transactions, allowing transaction costs to be minimised. It is often difficult for clients to understand exactly how much they are being charged on each trade, per currency or instrument with fast-moving underlying market. Just has developed technology that delivers high levels of transparency and empowers customers with an audit trail showing exactly what costs they are incurring across providers, currency pairs and instruments.
Business Choice Partners Group Limited appeared on New Zealand Financial Markets Authority’s warning list. The New Zealand watchdog found that Business Choice Partners Group Limited claims to be recognized by the ‘national financial regulatory commission of Australia and New Zealand’, while in fact, there are no such regulatory bodies. The company’s websites also alleges to be operated by BCP Group Limited. BCP Group Limited, however, is not associated with the websites.
DEX obtained a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) in the United Arab Emirates. The FSP authorizes regulated operation of Multilateral Trading Facility (MTF) and Custody platform by DEX using virtual assets serving retail customers, investors, trading companies and institutions around the world. The platform will facilitate buying and selling of virtual assets with all major international and local currencies in the UAE / GCC markets
London-based broker ActivTrades announced that it has registered a 73% YoY increase in the number of new client accounts in the second quarter of 2020. The jump in new accounts came amidst the Covid-19 crisis, which has seen trading volumes climb and sparked a surge in volatility on markets. ActivTrades rolled out various new products in the last few weeks, most notably CFDs on more than 100 new shares around the world, including Zoom Video Communications, the popular video conferencing company, and Cash products on stock indices such as the Brazilian Mini Ibovespa index and MDAX® – the international midcap index of Deutsche Börse.
Many businesses have seen their revenues drop significantly during these challenging times, as lockdown measures continue to disrupt business operations across the world. ATFX oversaw a seamless staff transition to remote working due to the existing infrastructure they had in place to support such an arrangement. The Forex broker has just announced the launch of its optimal Recur Live Chat solution to facilitate customer-specific targets that can help them learn more about customer expectations. The live chat box will provide ATFX with another channel to reach out to their customers since the technology can be leveraged to increase customer engagement with timely tips and offers. Moreover, the new live chat box complements the customer service team by providing the quickest response to clients.
The Swiss Stock Exchange’s Stage Program now includes UBS as its new research partner and Finanz und Wirtschaft as a new provider for factsheets. Baader Helvea and Zürcher Kantonalbank will continue to be involved as research partners. The Stage Program was launched in September 2016 and it aims to raise the visibility of listed small and medium-sized companies and to help a growing number of listed companies expand their presence in the capital market and with important stakeholders. Since its launch, the program has seen growing interest.
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