Category: News

Saxo Bank Removes SaxoTraderPRO Support for Old Windows Versions

Posted on by Adam Smith
Saxo Bank removes SaxoTraderPro from Windows

In a recent announcement, Saxo Bank, a renowned multi-asset investment specialist, has issued a warning to its white-label partners about the impending lack of support for its SaxoTraderPRO software on older Windows operating systems.

Starting from the upcoming update in November 2023, SaxoTraderPRO will not be compatible with Windows operating systems 8.1 and its predecessors. As a direct implication of this update, users operating on these versions will be rendered unable to use the SaxoTraderPRO software. For those affected, Saxo Bank suggests the use of their web-based platform as a viable alternative.

Additionally, users who choose not to make the transition to the new version of SaxoTraderPRO will encounter recurring notifications upon logging in, notifying them about the outdated version. It's essential to note that by Q2 2024, these older versions of the platform will be completely discontinued. Following this phase-out, logging in will be impossible without an update to the more recent version of the software.

Saxo Bank is taking proactive measures to ensure a smooth transition for its users. In the forthcoming weeks, account managers will be reaching out personally to those identified as SaxoTraderPRO users on non-supported operating systems.

The bank urges all its partners and users to take necessary actions timely to ensure uninterrupted access to their trading tools and services.

CONSOB Orders Blocking of Five Illegal Investment Websites

Posted on by Adam Smith
CONSOB

In a continued effort to protect investors and regulate financial activities, Italy’s Companies and Exchange Commission (CONSOB) has instructed internet service providers to block five unauthorized investment websites.

The targeted sites are:

  • Ether Arena Ltd (website www.orionusdeal.com and related page www.clientzone.orionusdeal.com);
  • “ImpresaMarkets” (website www.impresamarkets.com);
  • “Fx-vita” (website www.fx-vita.com, and related pages www.panel.fx-vita.com and www.trading.fx-vita.com);
  • “Keysreim” (website www.keysreim.io, and related pages www.client.keysreim.io and www.webtrader.keysreim.io);
  • “Bitbinx.ltd” (website www.bitbinx.ltd and related page www.trade.bitbinx.ltd).

These actions stem from the powers vested upon CONSOB by the “Decreto crescita” (Growth Decree; Law no. 58 of 28 June 2019, Article no. 36, paragraph 2-terdecies). This law empowers CONSOB to direct service providers to block access from Italy to platforms operating without the requisite financial authorizations.

Since the provision took effect in July 2019, CONSOB has sanctioned the blackout of 935 such fraudulent financial intermediary sites.

However, it's worth noting that the actual process of blocking access to these websites is currently underway. Due to technical complexities, the complete blackout could take several days to be effective.

In light of these measures, CONSOB has taken the opportunity to emphasize the significance of due diligence among investors. It urges individuals to exercise caution and make well-informed investment decisions. A pivotal part of this precaution involves verifying the authorization status of financial service providers and ensuring the publication of a prospectus for financial product offerings.

For added investor safety, CONSOB offers a "Watch for Scams!" section on their official website, www.consob.it. This resource aims to educate investors and help them identify potentially harmful financial schemes.

Spotware’s cTrader Platform Integrates Single Sign-On Feature with Skale CRM

Posted on by Adam Smith
cTrader platform

On Wednesday, trading technology solutions provider Spotware announced the integration of a Single Sign-On (SSO) feature in collaboration with Skale, a CRM and client portal specialist. This advanced functionality is aimed at enhancing the user experience with cTrader platform and improving broker retention rates.

Since their initial collaboration in 2020, Spotware and Skale have worked tirelessly to upgrade their integrated platforms, cTrader platform and Skale CRM. The newly introduced SSO feature facilitates a seamless user journey by enabling traders to register, perform KYC (Know Your Customer) verifications, and manage their funds without the need to switch between different platforms. This innovation is anticipated to elevate conversion and retention rates for brokers.

  • Speaking on the development, Spotware CEO, Ilia Iarovitcyn said, “We couldn't be happier about the upgraded integration of cTrader platform and Skale CRM with SSO from the box. For new broker clients, SSO will make the registration process far easier and swifter, while existing clients will benefit from improving their daily processes of authorization, deposit, and withdrawal."

Spotware’s cTrader platform is a renowned open trading platform, hosting over 4 million users globally, and offering expansive services for forex and CFDs across desktop, web, and mobile applications. Conversely, Skale, a prominent CRM software provider in the FX industry, offers solutions tailored to high-volume, multi-brand brokers, including advanced KYC procedures and an array of marketing tools.

  • David Nussbaum, the Founder & CEO of Skale, commented, “Our combined platform, cTrader x Skale, provides brokers with a complete solution for clients, whether trading on desktops, laptops, or mobiles. Converting mobile traffic is key for broker growth and we believe that the Skale client portal embedded in cTrader's native mobile trading app will open up significant opportunities for brokers looking to scale their business."

Available across cTrader Web, Desktop, and Mobile applications including Android and iOS, the SSO feature means traders can handle accounts and execute transactions directly from the app. This obviates the necessity for multiple logins and streamlines deposit and withdrawal processes, thereby enhancing user engagement and satisfaction.

The partnership of Spotware and Skale has continually evolved to meet the demands of the dynamic FX market. Recently, Skale partnered with CMC Markets Connect to leverage its CRM in providing clients with tools to enhance operational efficiency. Spotware has been no less dynamic, having introduced copy trading to its desktop platform, cTrader platform, and updating the mobile version with a ‘shared account’ feature, previously available on web and desktop versions.

Under the leadership of new CEO Ilia Iarovitcyn, who assumed the role in July after a six-year tenure in various capacities at the company, Spotware seeks to maintain its trajectory of innovation and growth in the coming years.

As the FX market landscape becomes increasingly competitive, the integration of SSO by Spotware and Skale stands as a testament to both companies’ commitment to leveraging technology in facilitating seamless trading experiences for users globally. The initiative underscores a broader industry trend toward streamlined, user-friendly solutions that prioritize client satisfaction and retention.

BDSwiss Faces €100,000 Fine Over Regulatory Violations with Offshore Entities

Posted on by Adam Smith
BDSwiss Review

The Cyprus Securities and Exchange Commission (CySEC) has fined BDSwiss Holding Ltd, a Cyprus Investment Firm (CIF), a hefty €100,000 for enabling offshore companies to mislead customers by referencing its CIF status. The hefty penalty comes after BDSwiss was found redirecting customers to offshore entities that were not regulated.

In 2021, FCA similarly banned the broker after a comprehensive investigation found UK clients were predominantly onboarded to groups regulated elsewhere.

The CySEC probe discovered that BDSwiss had allowed its offshore associates to capitalize on the CIF status to attract clients, offering them investment services in Contract for Differences (CFDs) without the necessary initial margin protection and requisite risk warnings. By doing so, the broker effectively circumvented the statutory requirements of a regulated CIF provider.

  • The fine of €100,000 imposed on BDSwiss is for breaching Article 42 of Regulation (EU) 600/2014, as specified in Paragraph 5 of DI87-09, during the year 2021. The violation involves activities leading to the avoidance of the requirements of paragraph 4(1)(a) (initial margin) and (e) (risk warning) of DI87-09 by enabling offshore entities associated with BDSwiss to refer to the CIF status, without the necessary customer protections in place.

A similar course of events led to broker's ban in the UK in 2021. BDSwiss Holding and its associated brands were prohibited from operating in the UK after the FCA discovered investors were being offered high-risk CFDs using social media endorsements. The FCA concluded that BDSwiss Group had misrepresented the fact that one of its entities was regulated in the UK to lend an air of legitimacy to the group as a whole.

This misrepresentation misled investors to believe that all of the firm's activities were regulated by the FCA, whereas the reality was quite different. The overseas firms associated with BDSwiss did not adhere to the FCA's restrictions concerning the marketing and sale of CFDs to retail consumers.

The broker operates several brands regulated by various international entities, including Seychelles’ Financial Services Commission, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission (FSC – Mauritius).

Interactive Brokers Introduces Nasdaq Copenhagen and Prague Stock Exchange Trading, Offers Fractional Trading

Posted on by Adam Smith
Interactive Brokers (IB) Review

Interactive Brokers (NASDAQ:IBKR), a leading electronic trading company, has expanded its services to allow clients worldwide to trade shares on Nasdaq Copenhagen (CPH) and the Prague Stock Exchange (PSE). In an announcement today, the broker revealed that fractional trading of eligible Nasdaq Copenhagen shares is now available. (Read our detailed review of Interactive Brokers)

Interactive Brokers caters to clients in more than 200 countries and territories, offering access to over 150 global markets. Their platform serves a diverse range of investors, including self-directed individuals, sophisticated traders, advisors, hedge funds, and institutional investors. Clients can invest in various asset classes such as stocks, options, futures, currencies, bonds, and funds. They also have the flexibility to fund and trade accounts in up to 26 different currencies, including the Danish Krone (DKK) and Czech Koruna (CZK).

Milan Galik, the Chief Executive Officer of Interactive Brokers, expressed the company's commitment to providing clients with an extensive range of investment options. He stated, "Clients seeking to diversify and capitalize on new trading opportunities across Europe and the world can now incorporate Danish and Czech stocks into their portfolios. They will benefit from Interactive Brokers' competitive costs and the convenience of trading various products from a unified platform."

Interactive Brokers maintains transparent trading costs. For Danish stocks, commissions range from 0.015% to 0.05% of the trade value, with a minimum of DKK 10.00 per order for tiered pricing based on monthly volume. Alternatively, fixed pricing incurs a commission of 0.05% of the trade value, with a minimum of DKK 49.00 per order. Regarding Czech stocks, fixed commissions amount to 0.15% of the trade value, with a minimum of CZK 70 per order.

UK Passes a Bill Recognising Crypto Trading as a Regulated Activity

Posted on by Adam Smith

The United Kingdom Parliament has taken a significant step towards becoming a crypto hub by adopting a new law that regulates digital assets and oversees crypto advertisements. The decision aims to position the country at the forefront of the rapidly evolving crypto industry.

UK Passes a Bill Recognising Crypto Trading as a Regulated Activity

The bill, known as the Financial Services and Markets Act 2023, has received Royal Assent from King Charles III on June 29, according to a press release issued by the government. The Act, which enables the regulation of crypto assets and stablecoins, has been hailed as a "Rocket Boost" to the UK economy, which has faced substantial challenges due to the COVID-19 pandemic and Brexit.

  • With the enactment of the Act, regulators such as the Financial Conduct Authority (FCA), the Bank of England, and the Payments Systems Regulator are now granted the authority to supervise and control financial activities involving digital assets and stablecoins. This move allows these regulatory bodies to implement new rules and safeguards in the digital sector to ensure their safe adoption in the UK.
  • The adoption of the Financial Services and Markets Act 2023 reflects the UK government's commitment to fostering innovation and creating a favorable environment for crypto-related businesses. By introducing comprehensive regulations, the government aims to strike a balance between protecting investors and consumers and supporting the growth of the crypto industry.
  • One of the key aspects covered by the new law is the supervision of crypto advertisements. Recognizing the increasing prevalence of crypto-related ads, the Act empowers regulators to monitor and regulate the content and dissemination of these advertisements. This measure aims to prevent misleading or deceptive promotions and to protect individuals from potential scams or fraudulent activities.
  • Moreover, the Act aims to provide clarity and legal certainty for businesses operating in the crypto space. By establishing a clear regulatory framework, the UK government seeks to attract crypto companies and talent, encouraging innovation and investment in the sector. (Learn more about UK financial Firms)

The decision to regulate digital assets and crypto ads aligns with the UK's broader strategy to leverage emerging technologies and maintain its position as a leading financial center. The government recognizes the transformative potential of blockchain technology and cryptocurrencies and aims to harness their benefits while mitigating associated risks.

As the crypto landscape continues to evolve, the UK's proactive approach to regulation positions it as a key player in the global digital economy. The new law sets the stage for a thriving and responsible crypto ecosystem, ensuring that the UK remains at the forefront of this groundbreaking industry.

MultiBank Group obtains CySEC CIF license for MEX Europe Ltd

Posted on by Adam Smith
MultiBank

Multinational Retail FX and CFDs broker, MultiBank Group, continues its global expansion with its recent receipt of a Cyprus Securities and Exchange Commission (CySEC) CIF license for its subsidiary, MEX Europe Ltd. The license, granted on May 22, 2023, marks another significant step in the broker's international growth strategy.

MEX Europe Ltd is set to manage the mexeurope.com website, focusing primarily on clientele within the European Union. To bolster this operation, the company is establishing an office in Limassol, Cyprus.

Chairman of MultiBank Group, Naser Taher, expressed immense pride in the acquisition of the CySEC license, acknowledging it as a reflection of the company's commitment to developing a world-class, regulated financial products and services ecosystem.

"MultiBank Group has been operating in the financial industry with an unblemished track record for over 20 years, and as such, it has built a reputation for providing the highest level of funds security, first-class financial services, award-winning technology, and products," Taher stated.

  • The unveiling of MEX Europe comes as MultiBank Group prepares to go public in 2023. The company has several innovative projects in the pipeline, including an inter-bank ECN trading platform for financial institutions and banks, a digital assets exchange regulated in Australia, a globally oriented digital payments processor, and an enhanced social trading application. The firm's aim is to create the world's first cross-asset ecosystem, bridging the gap between traditional and emerging forms of finance.
  • MultiBank Group last October secured licenses from the Securities and Commodities Authority (SCA) of the UAE and the Monetary Authority of Singapore (MAS). These recent acquisitions join an array of regulatory licenses from institutions such as ASIC, AUSTRAC, BaFin, FMA, FSC, CIMA, TFG, and VFSC. With 12 regulators, MultiBank Group assures a fully regulated and secure trading environment for its vast global clientele.

Last year, as part of its global expansion initiative, MultiBank Group moved its headquarters from Hong Kong to Dubai. The Group, comprising several entities, is heavily regulated across five continents by over 11 financial regulators, including those in Australia, Germany, Austria, Cyprus, Cayman Islands, UAE, BVI, Singapore, and Vanuatu.

With over 25 branches worldwide, an impeccable regulatory record, and a loyal customer base exceeding 1,000,000 users, MultiBank Group is poised to maintain its leading position in the global financial industry.

Spain’s CNMV Implements Marketing Restrictions and Margin Requirements for Leveraged Products

Posted on by Adam Smith
CNMV

The Comisión Nacional del Mercado de Valores (CNMV), Spain's financial watchdog, has introduced new marketing restrictions and margin requirements for leveraged products. The European Securities and Markets Authority (ESMA) has published an opinion on these product intervention measures, supporting the CNMV's efforts to protect retail investors.

Under the new regulations, the CNMV prohibits the offering of training, technical seminars, courses, or sessions related to leveraged products, excluding turbos, to retail investors. The aim is to prevent misleading or inappropriate marketing practices. Additionally, advertising communications on contracts for difference (CFDs) targeting retail clients are strictly forbidden, including the sponsorship of events or organizations. The CNMV has also implemented restrictions on remuneration policies and cash deposits by customers.

  • The CNMV's intervention measures specifically target certain futures and options, categorized as "other leveraged products." These products are defined as financial instruments where the maximum amount at risk exceeds the initial investment or is unknown at the time of subscription. However, turbo products are exempt from these measures, as the total amount at risk is equal to the amount invested.
  • The newly implemented measures require providers of high-risk products to close a retail client's open positions when the value of the positions is reduced to half the initial margin. This aligns with the existing measures for CFDs. Furthermore, these high-risk products will be subject to the same initial margin protection as CFDs, with a potential exception for products with non-crypto asset underlyings if the trading venue permits a lower initial margin requirement.

ESMA acknowledges that the CNMV's measures do not include a "negative balance protection" provision. Instead, the CNMV aims to mitigate the risk of negative balances by applying margin close-out protection and initial margin protection, ensuring consistent and prudent account-level closure of positions. However, ESMA highlights that the CNMV allows for a lower amount of initial margin compared to the existing measures for products subject to lower margin requirements by trading venues.

ESMA agrees with the CNMV's assessment that other leveraged products bear similarities to CFDs and acknowledges the risks associated with crypto assets. The EU regulator will closely monitor whether these products pose detrimental consequences for retail clients similar to those observed with CFDs.

The CNMV's proposed marketing ban aligns with the existing 2019 CFD Resolution enacted by ESMA. It prohibits the provision of payments or benefits related to the marketing, distribution, or sale of CFDs to retail clients. ESMA has previously supported this restriction.

ESMA encourages other National Competent Authorities (NCAs) within the European Union to monitor potential risks and consider similar measures in their jurisdictions. NCAs may take product intervention measures but are required to notify ESMA and other NCAs at least one month before the intended implementation unless urgent action is necessary.

The CNMV's proactive approach to protecting retail investors and addressing risks associated with leveraged products demonstrates its commitment to ensuring the stability and integrity of the Spanish financial markets.

Vienna Stock Exchange Integrates Stock, Indices, and Funds Data into TradingView

Posted on by Adam Smith
Vienna Stock Exchange Integrates Stock, Indices, and Funds Data into TradingView

The Vienna Stock Exchange has joined the growing list of TradingView data providers.

The Vienna Stock Exchange is one of the oldest in the world, being in business since 1771. It operates the Prague stocks exchange, provides infrastructure for other European exchanges (in Budapest, Ljubljana, and Zagreb), and strives to strengthen financial education in the region by organizing workshops and seminars every year.

The exchange provides liquidity and visibility to its listed companies, while investors get access to the global financial markets as well as the local market: to help market players evaluate the latter, the exchange launched its main index, the Austrian Traded Index (ATX). Today, the exchange lists 817 companies and keeps adding more.

And now, data from the Vienna Stock Exchange is accessible on TradingView: open the symbol search, type in the “VIE:” prefix, and see all the stocks, indices, funds, bonds, depositary receipts, and warrants available for analysis.

The TradingView platform reliably connects to hundreds of data feeds, with direct access to 1,357,880 instruments from all over the world.