ASIC Takes Action on
Sydney Adviser
On 5 July
2023, ASIC started legal proceedings against former Sydney financial adviser,
David Valvo, and his affiliated company, Your Financial Freedom Pty Ltd. The court
subsequently froze their assets, prevented Valvo from departing Australia, and
mandated the surrender of his passport.
Investigations
into the financial services and superannuation fees charged by both parties
between 2015 and 2021 are ongoing.
“The
orders were varied on 7 July and 4 August 2023 with Mr Valvo’s consent. The
matter is listed for a case management hearing on 29 September 2023,” ASIC
commented.
DMALINK Partners with
Danske Bank
DMALINK, an
EM-focused institutional FX ECN, enhances its Scandinavian currency offerings
by partnering with Danske Bank A/S. This partnership will let DMALINK’s
buy-side clients access specialized liquidity for Scandinavian currencies. Both
firms are excited about the partnership, noting its alignment with their growth
objectives.
“Scandinavian
currencies such as DKK, NOK, and SEK are important to our clients’ portfolio.
Users can access Danske Bank’s tailored pricing across pre-set liquidity pools,
underpinned by advanced analytics,” Michael Siwek, the Founding Partner
and Global Head of Sales at DMALINK, commented.
SoftBank’s Arm Targets
Mega IPO
SoftBank
Group Corp.’s Arm Holdings Ltd. is progressing towards what could be 2023’s
biggest initial public offering (IPO). The IPO, led by multiple renowned banks,
aims to capitalize on Arm’s potential in artificial intelligence computing. The
forthcoming debut could influence other companies’ IPO strategies and is
expected to boost SoftBank after its previous losses.
Arm
initially targeted raising between $8 billion and $10 billion in its IPO.
However, this goal might be adjusted downwards as SoftBank has chosen to retain
a larger portion of the company after acquiring Vision Fund’s share. According
to the documents, this purchase set Arm’s valuation at over $64 billion.
Marex Announces H1 2023
Results
Marex Group
plc showcased impressive results for the first half of 2023, marking a significant
growth in revenue and profitability. Benefiting from strategic investments and
acquisitions, Marex has expanded its global presence and improved margins.
The
acquired ED&F Man Capital Markets business is also performing well, and
Marex continues its focus on sustainable energy solutions.
Source: Marex
Eurex Introduces Daily
Options
Eurex will launch
Daily Options for the EURO STOXX 50 Index, addressing the rising institutional
demand for short-term expiry options. These new options will be settled based
on the day’s closing index price. This innovative solution caters to investors
aiming to adjust their strategies around specific market events.
“Particularly
against the backdrop of increasingly volatile markets, Daily Options are
another innovative solution for the professional market to efficiently manage
exposures in a regulated and transparent market environment,” Randolf
Roth, the Member of the Eurex Executive Board, said.
Bill St. Louis Heads
FINRA’s Enforcement
Bill St. Louis
FINRA has
appointed Bill St. Louis as its Head of Enforcement. St. Louis, who has
extensive experience within FINRA, will now oversee around 350 enforcement
staff across the US. Robert Cook, the CEO of FINRA, expressed confidence in St.
Louis’s capabilities and his commitment to maintaining market integrity.
“It is
a privilege to lead such a talented and expert group of Enforcement
professionals who are dedicated to FINRA’s mission of investor protection and
market integrity,” St. Louis commented. “I look forward to
strengthening FINRA’s Regulatory Operations, ensuring integrated oversight and
increasing safety in the market as we advance our important work through the
regulatory opportunities and challenges ahead.”
SFC Penalizes China
Industrial Securities
The
Securities and Futures Commission (SFC) fined China Industrial Securities
International Brokerage Limited $3.5 million for lapses in monitoring
suspicious trading and recording client orders. SFC’s investigations revealed
that the company didn’t effectively implement post-trade monitoring and failed
to comply with telephone order recording regulations.
SEC Charges Fintech
Adviser Titan
The SEC has
charged fintech investment adviser, Titan Global Capital Management USA, with
deceiving investors through its advertisement content. Titan agreed to pay over
$1 million without admitting guilt to settle the allegations. The charges
pertain to misleading statements on hypothetical performance metrics.
“The
Commission amended the marketing rule to allow for the use of hypothetical
performance metrics but only if advisers comply with requirements reasonably
designed to prevent fraud,” Osman Nawaz, the Chief of Enforcement’s
Complex Financial Instruments Unit at SEC, commented.
Auros Integrates AWS Nitro
Enclaves
Crypto
trading firm, Auros, announced its integration with AWS Nitro Enclaves to
fortify its on-chain trading security. This advanced security solution offers
isolated computing environments, bolstering the safety of Auros’ trade
executions and data. The move aims to shield Auros from potential threats,
ensuring the secure handling of sensitive data.
ASIC Takes Action on
Sydney Adviser
On 5 July
2023, ASIC started legal proceedings against former Sydney financial adviser,
David Valvo, and his affiliated company, Your Financial Freedom Pty Ltd. The court
subsequently froze their assets, prevented Valvo from departing Australia, and
mandated the surrender of his passport.
Investigations
into the financial services and superannuation fees charged by both parties
between 2015 and 2021 are ongoing.
“The
orders were varied on 7 July and 4 August 2023 with Mr Valvo’s consent. The
matter is listed for a case management hearing on 29 September 2023,” ASIC
commented.
DMALINK Partners with
Danske Bank
DMALINK, an
EM-focused institutional FX ECN, enhances its Scandinavian currency offerings
by partnering with Danske Bank A/S. This partnership will let DMALINK’s
buy-side clients access specialized liquidity for Scandinavian currencies. Both
firms are excited about the partnership, noting its alignment with their growth
objectives.
“Scandinavian
currencies such as DKK, NOK, and SEK are important to our clients’ portfolio.
Users can access Danske Bank’s tailored pricing across pre-set liquidity pools,
underpinned by advanced analytics,” Michael Siwek, the Founding Partner
and Global Head of Sales at DMALINK, commented.
SoftBank’s Arm Targets
Mega IPO
SoftBank
Group Corp.’s Arm Holdings Ltd. is progressing towards what could be 2023’s
biggest initial public offering (IPO). The IPO, led by multiple renowned banks,
aims to capitalize on Arm’s potential in artificial intelligence computing. The
forthcoming debut could influence other companies’ IPO strategies and is
expected to boost SoftBank after its previous losses.
Arm
initially targeted raising between $8 billion and $10 billion in its IPO.
However, this goal might be adjusted downwards as SoftBank has chosen to retain
a larger portion of the company after acquiring Vision Fund’s share. According
to the documents, this purchase set Arm’s valuation at over $64 billion.
Marex Announces H1 2023
Results
Marex Group
plc showcased impressive results for the first half of 2023, marking a significant
growth in revenue and profitability. Benefiting from strategic investments and
acquisitions, Marex has expanded its global presence and improved margins.
The
acquired ED&F Man Capital Markets business is also performing well, and
Marex continues its focus on sustainable energy solutions.
Source: Marex
Eurex Introduces Daily
Options
Eurex will launch
Daily Options for the EURO STOXX 50 Index, addressing the rising institutional
demand for short-term expiry options. These new options will be settled based
on the day’s closing index price. This innovative solution caters to investors
aiming to adjust their strategies around specific market events.
“Particularly
against the backdrop of increasingly volatile markets, Daily Options are
another innovative solution for the professional market to efficiently manage
exposures in a regulated and transparent market environment,” Randolf
Roth, the Member of the Eurex Executive Board, said.
Bill St. Louis Heads
FINRA’s Enforcement
Bill St. Louis
FINRA has
appointed Bill St. Louis as its Head of Enforcement. St. Louis, who has
extensive experience within FINRA, will now oversee around 350 enforcement
staff across the US. Robert Cook, the CEO of FINRA, expressed confidence in St.
Louis’s capabilities and his commitment to maintaining market integrity.
“It is
a privilege to lead such a talented and expert group of Enforcement
professionals who are dedicated to FINRA’s mission of investor protection and
market integrity,” St. Louis commented. “I look forward to
strengthening FINRA’s Regulatory Operations, ensuring integrated oversight and
increasing safety in the market as we advance our important work through the
regulatory opportunities and challenges ahead.”
SFC Penalizes China
Industrial Securities
The
Securities and Futures Commission (SFC) fined China Industrial Securities
International Brokerage Limited $3.5 million for lapses in monitoring
suspicious trading and recording client orders. SFC’s investigations revealed
that the company didn’t effectively implement post-trade monitoring and failed
to comply with telephone order recording regulations.
SEC Charges Fintech
Adviser Titan
The SEC has
charged fintech investment adviser, Titan Global Capital Management USA, with
deceiving investors through its advertisement content. Titan agreed to pay over
$1 million without admitting guilt to settle the allegations. The charges
pertain to misleading statements on hypothetical performance metrics.
“The
Commission amended the marketing rule to allow for the use of hypothetical
performance metrics but only if advisers comply with requirements reasonably
designed to prevent fraud,” Osman Nawaz, the Chief of Enforcement’s
Complex Financial Instruments Unit at SEC, commented.
Auros Integrates AWS Nitro
Enclaves
Crypto
trading firm, Auros, announced its integration with AWS Nitro Enclaves to
fortify its on-chain trading security. This advanced security solution offers
isolated computing environments, bolstering the safety of Auros’ trade
executions and data. The move aims to shield Auros from potential threats,
ensuring the secure handling of sensitive data.
