Moneycorp
Names Velizar Tarashev as Group CEO
Moneycorp
has tapped Velizar Tarashev, its Chief Financial Officer, to take over leadership of the cross-border payments business from Mark Horgan who is stepping down as Chief Executive
Officer after 12 years in the role. The London-based company announced
Tarashev’s appointment as Group CEO today (Wednesday) in a statement.
Moneycorp
in the statement noted that Horgan will remain with the company as the Deputy
Chairman of its Board. He is expected to take on in early
2024. On the other hand, the firm tasked Tarashev, who joined in 2021 Moneycorp after over a decade
at Barclays, with leading the company into its next
phase of growth.
“Velizar is
an established leader with an impressive track record of delivery,” Alan
Bowkett, Chairman of Moneycorp, said in the statement. “Since joining the
Group, Velizar has been instrumental in the development and implementation of
Moneycorp’s strategy, business model and culture, making him the perfect
candidate to take the Group forward.”
Nasdaq Unveils
Board of Directors for Its US Exchanges
Nasdaq has
published the name of the individuals elected to the board of directors for the US-based exchanges operated by the company.
Those elected are Kathlyn Beckles, Chief Legal Officer, Verisk Analytics, Inc., Tal
Cohen, the President of Markets Platforms, Nasdaq, Inc., and Michael Curran,
Retired Chairman, and the CEO of Boston Stock Exchange.
The others are
Anne Darling (Goldman Sachs), David Frear (former CFO, SiriusXM), Thomas Kloet
(TMX), Anita Lynch (Former Chief Data Officer, New Relic), David Rosato (Berkshire
Bank), Andrew Schultz (Susquehanna), and Elizabeth Wideman (Comcast Corp.).
UK Regulator
Consults on Code of Conduct for ESG Data Providers
The Financial
Conduct Authority (FCA) has convened an industry consultative meeting for a new
code of conduct for the environment, social, and governance data and rating
providers. The code consultation will take place for three months until October
5, the regulator announced today (Wednesday).
Specifically, the
HM Treasury is consulting on whether the FCA regulatory mandate should be
extended to include the ESG segment.
FCA appointed the
International Capital Market Association and the International Regulatory
Strategy Group in 2022 to convene an industry group that will develop the voluntary code.
Financial
Commission Approves DLS Markets as Newest Member
The
Financial Commission (FinCom) has accepted multi-asset broker DLS Markets as
its latest approved member. The independent external dispute resolution (EDR)
organization in a statement noted that DLS Markets’ membership takes effect from today
(Wednesday),
DLS Markets’ membership of the organization provides the firm and its customers with access to third-party dispute mediation services. The membership also comes
with deposit protection for up to €20,000 per complaint submitted to FinCom.
Meanwhile,
FinCom in recent months approved the membership applications of several
brokerages, including Vida Markets, ThreeTrader and Baxia Markets. On the
other hand, it also expelled a few such as BalansFX, Bold Prime and IdealFX.
LiteFinance Marks 18th
Anniversary
LiteFinance
commemorates 18 years of brokerage services, marked by ambitious goals and
a consistent focus on customer needs. This year, the company introduced a
quote forecasting tool and upgraded its ‘LiteFinance Investment’ mobile app,
enhancing its speed and functionality.
The company
continues to expand its portfolio of trading assets, including natural gas, new
cryptocurrencies, and CFDs on shares of large global corporations.
Seledtsov Expands Role at
Exness
Artem Seledtsov
Artem Seledtsov,
the Chief Business Development Officer at Exness, has announced the expansion
of his role to include the position of Chief Sales Officer. With the dual
roles, Seledtsov is set to drive business growth, build strategic partnerships,
and seize new opportunities, reinforcing Exness’ position in the market.
“I’m
excited to share that my existing position at Exness as the Chief Business
Development Officer has been extended with an additional role – the Chief Sales
Officer,” Seledstov commented.
Former LSE CFO Heads LME
Clearing
The London
Metal Exchange’s (LME) clearing house has appointed David Warren, the former CFO of the
London Stock Exchange, as chairman, effective 20 July 2023.
The
appointment comes as LME wrestles with a lawsuit and a drop in nickel trading
volumes. It follows an incident in March 2022 that saw nickel prices double
within hours, resulting in a billion-dollar trade cancellation.
Court Fines Ngai Ping Kuen
for Unlicensed Activity
The Eastern
Magistrates’ Court of Hong Kong convicted and fined Ben Ngai Ping Kuen for
engaging in unlicensed security dealing activities.
The court
found that between 2016 and 2017, Ngai convinced retail investors to invest in the
‘US-listed’ shares issued by First Asia Holdings Limited (FAH), promising a
substantial return on their investments.
The
Securities and Futures Commission (SFC) continues to urge investors to ensure
their brokers are properly licensed.
Eurex Reports June 2023
Figures
Eurex
Eurex,
Europe’s leading derivatives exchange, revealed a 14% decrease in total trading
volume for June 2023 compared to the previous year. All sectors saw decreases,
including interest rate derivatives, index derivatives, and equity derivatives.
Conversely,
notional outstanding volumes in OTC Clearing experienced an increase of 23%
year-on-year, driven by surges in interest rate swaps and overnight index
swaps. Additionally, Eurex Repo recorded substantial increases in daily GC
Pooling and Repo market volumes.
Marex Names New Group Chief Operating Officer
Marex has announced the appointment of Graham Francis as the Group’s Chief Operating Officer. He will oversee the company’s day-to-day operations and report to Marex’s CEO, Ian Lowitt.
Graham joined Marex from TP ICAP, where he was most recently the COO for the Global Broking business. Overall, he spent 15 years at TP ICAP. He also worked at Dresdner Bank, Lehman Brothers, and Linklaters.
Graham Francis, Group’s Chief Operating Officer at Marex
Commenting on the appointment, Marex’s CEO said: “His appointment reflects Marex’s significant growth trajectory and is a testament to our ambitions for the future. Graham brings deep experience within the sector, and I look forward to working with him to further improve and deliver on our growth strategy.”
LCH RepoClear SA Merges Two Services
LCH RepoClear SA has merged its RepoClear Euro debt service with its general collateral €GCPlus service. The merger will provide easy and quick access to alternative channels to access GC liquidity.
“The merger of our two services means that financial institutions will benefit from even greater netting opportunities, reduced margin requirements, and harmonized reporting and operational processes,” explained Emmanuel Rolland, COO RepoClear, Collateral and Liquidity Management. “The benefits of access to cleared liquidity and robust risk management have never been more apparent given recent market events, and we look forward to working with financial institutions as they look to RepoClear for that support.”
AllianceBernstein Gains DFSA License
AllianceBernstein, an investment firm with $700 million in assets under management (AUM), has received a Category 4 Licence from the Dubai Financial Services Authority (DFSA). As a part of its Middle East expansion, the company also appointed Jean-Paul Hobeika, Managing Director of Middle East Institutions.
Jean-Paul HOBEIKA, Managing Director at AllianceBernstein
“As we expand our global footprint, we remain steadfast in our commitment to delivering exceptional value to our clients. We are confident that with the opening of its new office in DIFC, AB is poised to become a leading player in the region’s financial industry,” said Hobeika.
BKN301 Opens Cairo Office
BKN301, a payment and Banking-as-a-Service provider in MENA, has expanded its presence in Egypt by opening a new office in Cairo. The move was strategic and in line with Egypt’s Vision 2030
“Our presence in the country will be a significant step forward in improving and transforming the way payments are used, particularly with our innovative solutions fuelling embedded fintech experiences with advanced payment capabilities,” said Stiven Muccioli, Founder and CEO of BKN301, said.
“We look forward to supporting the growth and development of the region’s fintech sector by providing our world-class payment services and further expanding our presence across other countries in the MENA region.”
Cairo, Egypt
Belgian Fintech Curvo Banks €500,000
Curvo, a fintech based in Belgium, has secured €500,000 in a seed funding round. The proceeds will be utilized for European expansion and enhancing its products for customers.
Launched in October 2021, Curvo offers retail investment opportunities through exchange-traded funds (ETFs) and other investment products.
“Our vision is to transform the way people engage with their finances and think about their future, and we’re delighted that our new business angels are joining us on our journey,” said Thomas Ketchell, co-founder of Curvo. “Thanks to this seed round investment, we’ll be able to reach even more people in Belgium and beyond, providing the tools they need to achieve their own financial well-being.”
Moneycorp
Names Velizar Tarashev as Group CEO
Moneycorp
has tapped Velizar Tarashev, its Chief Financial Officer, to take over leadership of the cross-border payments business from Mark Horgan who is stepping down as Chief Executive
Officer after 12 years in the role. The London-based company announced
Tarashev’s appointment as Group CEO today (Wednesday) in a statement.
Moneycorp
in the statement noted that Horgan will remain with the company as the Deputy
Chairman of its Board. He is expected to take on in early
2024. On the other hand, the firm tasked Tarashev, who joined in 2021 Moneycorp after over a decade
at Barclays, with leading the company into its next
phase of growth.
“Velizar is
an established leader with an impressive track record of delivery,” Alan
Bowkett, Chairman of Moneycorp, said in the statement. “Since joining the
Group, Velizar has been instrumental in the development and implementation of
Moneycorp’s strategy, business model and culture, making him the perfect
candidate to take the Group forward.”
Nasdaq Unveils
Board of Directors for Its US Exchanges
Nasdaq has
published the name of the individuals elected to the board of directors for the US-based exchanges operated by the company.
Those elected are Kathlyn Beckles, Chief Legal Officer, Verisk Analytics, Inc., Tal
Cohen, the President of Markets Platforms, Nasdaq, Inc., and Michael Curran,
Retired Chairman, and the CEO of Boston Stock Exchange.
The others are
Anne Darling (Goldman Sachs), David Frear (former CFO, SiriusXM), Thomas Kloet
(TMX), Anita Lynch (Former Chief Data Officer, New Relic), David Rosato (Berkshire
Bank), Andrew Schultz (Susquehanna), and Elizabeth Wideman (Comcast Corp.).
UK Regulator
Consults on Code of Conduct for ESG Data Providers
The Financial
Conduct Authority (FCA) has convened an industry consultative meeting for a new
code of conduct for the environment, social, and governance data and rating
providers. The code consultation will take place for three months until October
5, the regulator announced today (Wednesday).
Specifically, the
HM Treasury is consulting on whether the FCA regulatory mandate should be
extended to include the ESG segment.
FCA appointed the
International Capital Market Association and the International Regulatory
Strategy Group in 2022 to convene an industry group that will develop the voluntary code.
Financial
Commission Approves DLS Markets as Newest Member
The
Financial Commission (FinCom) has accepted multi-asset broker DLS Markets as
its latest approved member. The independent external dispute resolution (EDR)
organization in a statement noted that DLS Markets’ membership takes effect from today
(Wednesday),
DLS Markets’ membership of the organization provides the firm and its customers with access to third-party dispute mediation services. The membership also comes
with deposit protection for up to €20,000 per complaint submitted to FinCom.
Meanwhile,
FinCom in recent months approved the membership applications of several
brokerages, including Vida Markets, ThreeTrader and Baxia Markets. On the
other hand, it also expelled a few such as BalansFX, Bold Prime and IdealFX.
LiteFinance Marks 18th
Anniversary
LiteFinance
commemorates 18 years of brokerage services, marked by ambitious goals and
a consistent focus on customer needs. This year, the company introduced a
quote forecasting tool and upgraded its ‘LiteFinance Investment’ mobile app,
enhancing its speed and functionality.
The company
continues to expand its portfolio of trading assets, including natural gas, new
cryptocurrencies, and CFDs on shares of large global corporations.
Seledtsov Expands Role at
Exness
Artem Seledtsov
Artem Seledtsov,
the Chief Business Development Officer at Exness, has announced the expansion
of his role to include the position of Chief Sales Officer. With the dual
roles, Seledtsov is set to drive business growth, build strategic partnerships,
and seize new opportunities, reinforcing Exness’ position in the market.
“I’m
excited to share that my existing position at Exness as the Chief Business
Development Officer has been extended with an additional role – the Chief Sales
Officer,” Seledstov commented.
Former LSE CFO Heads LME
Clearing
The London
Metal Exchange’s (LME) clearing house has appointed David Warren, the former CFO of the
London Stock Exchange, as chairman, effective 20 July 2023.
The
appointment comes as LME wrestles with a lawsuit and a drop in nickel trading
volumes. It follows an incident in March 2022 that saw nickel prices double
within hours, resulting in a billion-dollar trade cancellation.
Court Fines Ngai Ping Kuen
for Unlicensed Activity
The Eastern
Magistrates’ Court of Hong Kong convicted and fined Ben Ngai Ping Kuen for
engaging in unlicensed security dealing activities.
The court
found that between 2016 and 2017, Ngai convinced retail investors to invest in the
‘US-listed’ shares issued by First Asia Holdings Limited (FAH), promising a
substantial return on their investments.
The
Securities and Futures Commission (SFC) continues to urge investors to ensure
their brokers are properly licensed.
Eurex Reports June 2023
Figures
Eurex
Eurex,
Europe’s leading derivatives exchange, revealed a 14% decrease in total trading
volume for June 2023 compared to the previous year. All sectors saw decreases,
including interest rate derivatives, index derivatives, and equity derivatives.
Conversely,
notional outstanding volumes in OTC Clearing experienced an increase of 23%
year-on-year, driven by surges in interest rate swaps and overnight index
swaps. Additionally, Eurex Repo recorded substantial increases in daily GC
Pooling and Repo market volumes.
Marex Names New Group Chief Operating Officer
Marex has announced the appointment of Graham Francis as the Group’s Chief Operating Officer. He will oversee the company’s day-to-day operations and report to Marex’s CEO, Ian Lowitt.
Graham joined Marex from TP ICAP, where he was most recently the COO for the Global Broking business. Overall, he spent 15 years at TP ICAP. He also worked at Dresdner Bank, Lehman Brothers, and Linklaters.
Graham Francis, Group’s Chief Operating Officer at Marex
Commenting on the appointment, Marex’s CEO said: “His appointment reflects Marex’s significant growth trajectory and is a testament to our ambitions for the future. Graham brings deep experience within the sector, and I look forward to working with him to further improve and deliver on our growth strategy.”
LCH RepoClear SA Merges Two Services
LCH RepoClear SA has merged its RepoClear Euro debt service with its general collateral €GCPlus service. The merger will provide easy and quick access to alternative channels to access GC liquidity.
“The merger of our two services means that financial institutions will benefit from even greater netting opportunities, reduced margin requirements, and harmonized reporting and operational processes,” explained Emmanuel Rolland, COO RepoClear, Collateral and Liquidity Management. “The benefits of access to cleared liquidity and robust risk management have never been more apparent given recent market events, and we look forward to working with financial institutions as they look to RepoClear for that support.”
AllianceBernstein Gains DFSA License
AllianceBernstein, an investment firm with $700 million in assets under management (AUM), has received a Category 4 Licence from the Dubai Financial Services Authority (DFSA). As a part of its Middle East expansion, the company also appointed Jean-Paul Hobeika, Managing Director of Middle East Institutions.
Jean-Paul HOBEIKA, Managing Director at AllianceBernstein
“As we expand our global footprint, we remain steadfast in our commitment to delivering exceptional value to our clients. We are confident that with the opening of its new office in DIFC, AB is poised to become a leading player in the region’s financial industry,” said Hobeika.
BKN301 Opens Cairo Office
BKN301, a payment and Banking-as-a-Service provider in MENA, has expanded its presence in Egypt by opening a new office in Cairo. The move was strategic and in line with Egypt’s Vision 2030
“Our presence in the country will be a significant step forward in improving and transforming the way payments are used, particularly with our innovative solutions fuelling embedded fintech experiences with advanced payment capabilities,” said Stiven Muccioli, Founder and CEO of BKN301, said.
“We look forward to supporting the growth and development of the region’s fintech sector by providing our world-class payment services and further expanding our presence across other countries in the MENA region.”
Cairo, Egypt
Belgian Fintech Curvo Banks €500,000
Curvo, a fintech based in Belgium, has secured €500,000 in a seed funding round. The proceeds will be utilized for European expansion and enhancing its products for customers.
Launched in October 2021, Curvo offers retail investment opportunities through exchange-traded funds (ETFs) and other investment products.
“Our vision is to transform the way people engage with their finances and think about their future, and we’re delighted that our new business angels are joining us on our journey,” said Thomas Ketchell, co-founder of Curvo. “Thanks to this seed round investment, we’ll be able to reach even more people in Belgium and beyond, providing the tools they need to achieve their own financial well-being.”
