Noteworthy News of Last Week
Forex Policy
Out of the noisy space of the broadcasting industry we bring news that matters.
During the last week of August, several significant partnerships, promotions, launches of different digital asset platforms, bans, and other important events occurred. This Forex Policy newsletter contains a summary of that news.?
FX Back Office is known for its tailored solutions for FX and CFDs brokers, integrating with major Forex platforms, VoIP services, and KYC systems.? Based in Limassol, Cyprus, FX Back Office provides CRM and partnership solutions for brokers. FX Back Office has promoted Nicole Demosthenous to Chief Operating Officer (COO). Nicole, who joined in 2020 as Head of Customer Support and later led Global Operations, will now drive innovation and enhance the company's automated solutions.?
Apex Trader Funding is speeding up payouts with a 48-hour approval promise and enhanced security. However, clients are now required to provide detailed video documentation of their transactions, raising privacy concerns and skepticism about the firm's 'two payouts per month' guarantee. The trading community is questioning whether these changes will be beneficial or problematic.
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Tickmill has announced two key promotions within its MENA team. Joseph Dahrieh has been promoted to Managing Director – MENA, bringing extensive experience from TradeCaptain.com and Amana Capital. Elie Tarabay, MBA, is now Head of Partnerships – MENA, previously serving as Senior Manager of Client Partnerships with a strong marketing and sales background. These changes coincide with Tickmill's impressive 54% growth in trading volumes in the MENA region, surpassing $135 billion in the first half of 2024.
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Forex4you (Markets4you) has exited Belarus, closing its Minsk office and suspending the forex4you.by website. With only six licensed brokers remaining and an 85% drop in client numbers over the past year, the move underscores the challenges facing Belarus's shrinking forex market. This follows MTBankFX's suspension of international operations, raising further concerns about market stability.
smartTrade Technologies has promoted Catherine Bran-Morales, MBA, to Head of Business Development for APAC. Previously Sales Director EMEA, Catherine has been key to the company’s growth. Her experience includes roles at Brad Institute, Construction Systems of America, and the City of Oakland. In her new role, she will drive smartTrade’s expansion in APAC, focusing on innovation and growth in multi-asset electronic and payment platforms.
The Hong Kong Securities and Futures Commission (SFC) has banned Charles Lam Chung Yiu, a former UBS AG associate director, for life. This decision comes after Lam's convictions for theft and money laundering, which led to a seven-year prison sentence. Lam was found guilty of diverting nearly $1.9 million from UBS and manipulating transactions for personal gain. The SFC's action underscores its commitment to maintaining high standards in the financial industry.
The Qatar Financial Centre (QFC) Authority has introduced the QFC Digital Assets Framework, aligning with Qatar National Vision 2030. This framework offers a legal structure for digital assets, covering tokenization, property rights, custody, and smart contracts. Developed with 37 organizations, it aims to boost regulatory clarity and confidence. Since October 2023, over 20 startups have joined the QFC Digital Assets Lab to innovate in this space.
Broadridge has appointed Brian Pomraning as Chief Product Officer for Trading and Connectivity Solutions. With over 25 years in financial services, Pomraning will lead global product management to enhance Broadridge's trading and connectivity offerings. His experience includes roles at Exegy, Barclays, J.P. Morgan, and Lehman Brothers, and he is expected to drive innovation and growth at Broadridge.