Forex Policy

Ken Leech, the former co-chief investment officer (CIO) of Western Asset Management, has been charged with orchestrating a $600 million fraud scheme spanning multiple years. The U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) allege that Leech engaged in cherry-picking—a fraudulent practice in which favorable trades were allocated to selected portfolios, while unfavorable trades were assigned to others. According to the SEC, from January 2021 to October 2023, Leech manipulated trade allocations by delaying the allocation process, giving him the opportunity to observe price movements. This allowed him to assign first-day gains to favored portfolios and first-day losses to disfavored ones. The SEC claims that this scheme led to hundreds of millions of dollars in profits for favored clients, benefiting both Leech and his firm, while others suffered significant losses. The SEC charges assert that Leech violated his fiduciary duties, with his actions amounting to a staggering betrayal of the trust placed in him by his clients. As a result, the SEC is seeking penalties, disgorgement of profits, and other remedies, while the DOJ’s charges may lead to further legal repercussions. This case highlights the importance of ethical conduct and fiduciary responsibility in financial markets, serving as a stark reminder of the consequences when those duties are violated. As the investigation continues, it raises critical questions about the integrity of financial advisory practices and client trust. #FinanceNews #InvestmentFraud #SEC #DOJ #EthicsInFinance #FiduciaryDuty #FinancialScandal #MarketIntegrity

The Financial Conduct Authority (FCA) is setting a new standard for regulatory efficiency with the reduction of enforcement timelines by nearly 70%, as part of a bold five-year plan. This initiative is focused on enhancing the fight against financial crime, boosting consumer confidence, and fostering innovation within the financial industry. In a recent speech at TheCityUK National Conference, FCA’s Chief Operating Officer Emily Shepperd highlighted the importance of leveraging technology, including advanced data analytics, to streamline processes and improve outcomes. Under the new framework, the FCA has drastically shortened enforcement timelines, with cases now closing in just 13 months, compared to the previous average of 42 months. The FCA is now calling on industry stakeholders to collaborate in shaping a regulatory environment that promotes innovation and empowers consumers. The UK’s financial services sector continues to be a major economic contributor, generating £278 billion in 2023 alone, and the FCA’s strategy is designed to support sustainable growth while ensuring the integrity of the financial system. With a continued focus on tackling financial crime, the FCA is exploring innovative solutions such as digital identity tools to enhance anti-money laundering efforts. Through initiatives like the Regulatory Sandbox and AI Lab, the FCA is driving the future of financial regulation, ensuring that both businesses and consumers benefit from a safer, more efficient market. #FCA #FinancialCrime #Innovation #Regulation #ConsumerConfidence #FinancialServices #FinTech #DataAnalytics #AML #FinancialIndustry

Capitalize, a leading proprietary trading firm, is transforming the way traders access funding with its One-Step Evaluation program. This new initiative simplifies the traditional multi-stage process, offering traders a quicker and more efficient path to prove their skills and secure funding. The streamlined evaluation model allows traders to demonstrate their abilities and gain capital faster, without the usual delays. The program is available across various financial instruments, including forex, equities, and digital assets, giving traders the freedom to focus on refining their strategies and growing their portfolios. Capitalize also ensures exceptional customer support, with a dedicated team available to assist with any technical issues or account-related queries, providing a smooth trading experience from start to finish. #Trading #Forex #Equities #DigitalAssets #Capitalize #PropFirm #TraderSupport #Funding

SGX FX has significantly boosted its market presence by partnering with Sumitomo Mitsui Banking Corporation – SMBC Group, making SMBC the first Japanese mega bank to stream prices directly to SGX FX clients. This strategic collaboration is set to enhance liquidity and expand market access, particularly through SGX’s CurrencyNode platform. With SMBC’s extensive global operations across retail, corporate, and investment banking, this partnership opens the door for SGX FX clients to connect seamlessly to Japan’s financial markets. Jean-Philippe Malé, President of SGX FX, expressed excitement about the partnership, noting that it will provide global clients with superior access to one of Japan’s largest banking institutions. Meanwhile, Salim Zaman, Co-Head of SMBC’s Global Markets and Treasury Department, highlighted how this move aligns with SMBC's ongoing efforts to expand its eFX solutions and strengthen its presence in key financial hubs across Asia. This collaboration marks a pivotal moment in the evolution of the forex trading landscape, offering clients enhanced liquidity, deeper market access, and a wider range of trading opportunities. The future of forex trading just got a major boost! #Forex #Liquidity #MarketAccess #SGXFX #SMBC #FinanceNews #eFX #GlobalTrading

Sumsub has partnered with Elliptic, a leading crypto asset risk management provider, to enhance its crypto transaction monitoring and compliance solutions. This collaboration integrates Elliptic’s blockchain analytics with Sumsub’s global identity verification platform, offering businesses enhanced capabilities to detect fraud, assess transaction risks, and stay ahead of regulatory requirements. As the crypto industry faces growing threats, this partnership strengthens fraud detection, boosts transparency, and builds trust across the space. The integration allows clients in blockchain, fintech, and payments to streamline workflows, ensure compliance, and maintain control over sensitive data with the Bring Your Own Key (BYOK) model. Sumsub is also expanding its Local Data Processing (LDP) capabilities to the APAC region, ensuring compliance with evolving regulations in Singapore, Hong Kong, Indonesia, and the Philippines. James Smith, co-founder of Elliptic, highlighted the partnership’s role in strengthening the fight against financial crime in the crypto industry, while Ilya Brovin, Chief Growth Officer at Sumsub, emphasized that the integration sets a new standard for crypto compliance, helping businesses stay ahead of emerging threats. #CryptoCompliance #Blockchain #CryptoSecurity #FraudPrevention #Elliptic #Sumsub #FinTech #RegulatoryCompliance

Big changes at Lightyear as the UK-based neobroker announces Wander Rutgers as its new CEO, succeeding co-founder Martin Sokk, who remains CEO of the parent company. This leadership shift comes as Lightyear celebrates receiving its new UK FCA license, marking a pivotal moment in its expansion strategy. With this new license, Lightyear UK Ltd is set to directly offer Cash and Stocks & Shares ISAs, targeting further market growth in 2025. As competition intensifies in the UK online trading sector, Lightyear is positioned to challenge established players like Revolut and Robinhood. Wander Rutgers, who has served as Lightyear’s COO since 2022, brings valuable experience from his roles at Wise and Robinhood UK, making him a key figure in Lightyear’s next phase of development. #LeadershipChange #FCAApproval #Neobroker #Lightyear #OnlineTrading #Fintech #Investing #Leadership #UKMarket #FinancialServices

Justin Sun, the crypto entrepreneur behind the Tron blockchain, has joined World Liberty Financial (WLFI) as an adviser, marking a pivotal moment for the Trump family's crypto project. This partnership follows Sun's $30 million investment in WLFI tokens, making him the largest investor in the initiative. WLFI aims to make its mark in the DeFi space with US-dollar pegged stablecoins, offering much-needed stability in the crypto market. Despite facing fundraising challenges, Sun’s involvement provides a significant boost in both capital and credibility. He believes that decentralized financial systems can transform traditional finance, with America playing a crucial role in the blockchain revolution. While WLFI has secured a partnership with Aave to promote stablecoin adoption, it has faced regulatory hurdles, limiting token sales within the US. Nevertheless, with Sun’s bold vision and extensive experience in blockchain, WLFI is poised to become a major player in the future of decentralized finance. #CryptoNews #Finance #Blockchain #JustinSun #TrumpCrypto #Fintech #Stablecoins #DeFi #CryptoRevolution #DigitalFinance H.E. Justin Sun TRON DAO

EXANTE has announced the opening of its new office in the Dubai International Financial Centre (DIFC), marking a significant milestone in its global expansion journey. With its latest DFSA license (Ref: F007837), Exante is now ready to offer clients in the UAE access to 50+ global markets, over 1 million instruments, and a fully customizable trading platform. This move reflects Exante’s commitment to connecting investors with seamless, secure, and regulated trading solutions. The company now operates across five key jurisdictions, including Cyprus (CySEC), Malta (Malta Financial Services Authority (MFSA)), Hong Kong (Securities and Futures Commission (SFC)), the UK (FCA), and the UAE (Dubai Financial Services Authority (DFSA)). Leadership Insights 🔹 Ashraf Bajsair, Head of Regional Sales, Middle East: “Receiving regulatory approval in Dubai is a pivotal moment for Exante. The DIFC presence allows us to deliver innovative trading solutions to the UAE market while maintaining exceptional service and compliance standards.” 🔹 Gatis Eglitis, Co-Founder: “Our new Dubai office establishes Exante in one of the world’s most influential financial hubs. This milestone aligns with our mission to provide seamless, borderless access to global markets.” 🔹 Alexey Kirienko, CEO & Co-Founder: “This expansion goes beyond geography; it represents Exante’s dedication to empowering investors with global opportunities and delivering a personal client experience.” Exante invites clients and partners to visit the new DIFC office and explore unparalleled access to global financial markets. #Exante #GlobalExpansion #DubaiDIFC #Leadership #TradingSolutions #FinancialMarkets

In an exciting new collaboration, dxFeed and Tickblaze, a hybrid trading platform, have teamed up to eliminate barriers to market data access for global traders. This partnership integrates real-time market data for US stocks, futures, OTC forex, and cryptocurrencies directly into the Tickblaze platform, all at NO additional cost to traders. 💡 For retail traders, who have traditionally faced high data fees and technical challenges, this integration promises to enhance efficiency and accessibility. The collaboration ensures seamless access to critical data across multiple asset classes, making trading smarter and more cost-effective. It also provides a broker-neutral, multi-asset platform for both discretionary and automated trading. Sean Kozak, CEO of Tickblaze, commented, "Partnering with dxFeed allows us to provide real-time market data for stocks, futures, forex, and crypto right within the platform at no additional cost to our users." Dmitry Parilov, Managing Director of dxFeed, shared, "This partnership sets the standard for a new way to deliver data to traders." Through this collaboration, dxFeed and Tickblaze are setting the stage for more accessible, cost-effective, and efficient trading for all. #MarketData #TradingInnovation #dxFeed #Tickblaze #Fintech #RetailTrading #Crypto #Forex #Stocks #Futures #FinancialNews

Markets.com, part of the Finalto Group, has announced that it will no longer onboard retail clients from the UK. Attempting to access the platform from the region now results in a message stating that retail clients are no longer accepted. The move comes in response to increasing challenges posed by the UK’s regulatory landscape. Since 2018, the Financial Conduct Authority (FCA) has enforced strict leverage restrictions on retail trading. The situation has become even more complex with the introduction of the ‘Consumer Duty’ regulatory regime, which imposes significant bureaucratic hurdles on brokers. These include lengthy client warnings, approvals, and mandatory retention of all client communications to ensure compliance in the event of complaints. While Markets.com will continue to serve institutional and professional clients in the UK, its retail book is reportedly being prepared for a sale to another provider. #ForexNews #UKTrading #MarketsUpdate #FinancialRegulations