Directa SIM Joins Spectrum Markets
Italian retail broker Directa SIM has become the latest member of IG-owned Spectrum Markets, a pan-European trading venue for securitized derivatives. It will be a direct member of Spectrum Markets, meaning it can use proprietary technology to act as its own settlement agent.
Directa has over 61,000 active accounts with combined customer assets of about €3.5 billion.
Spectrum Markets CEO, Nicky Maan
“Spectrum’s philosophy has always been about finding a better way to do things for retail investors, and this is an ethos that we really share with Directa, so they are a very natural partner for us, and we’re delighted to have such a respected and pioneering retail broker joining the venue,” said Nicky Maan, CEO at Spectrum Markets.
AsiaNext Gains Singapore License
AsiaNext, an institution-focused digital asset exchange, has received a Recognised Market Operator (RMO) license from the Monetary Authority of Singapore (MAS). The platform also holds an in-principle approval for a Capital Markets Services (CMS) license.
With the new license, AsiaNext can operate as an organized market for securities and collective investment schemes.
Chong Kok Kee, the CEO at AsiaNext
“Since our inception, the team has worked tirelessly to construct an institutional-grade exchange based on stringent compliance and risk management standards that govern our entire organization as well as the multi-asset classes that will be traded on our venue,” said Chong Kok Kee, the CEO at AsiaNext.
Malaysia’s SC Continues Crackdown
Malaysia’s Securities Commission (SC) has added two more potential clones of legitimate financial services platforms to its Investors Alert list. The names are United Global Malaysia and Bill Morrisons Sdn Bhd.
The fresh listing came days after the Southeast Asian regulator flagged five platforms for suspicious activities within its jurisdictions.
HK Revkes Axial Capital Management Limited’s Licence
The Securities and Futures Commission (SFC) has found Axial Capital Management Limited (Axial) in violation of repeated compliance violations and thus revoked its license. The regulator also suspended the license of Axial’s responsible officer (RO), Eugene Chung, for five years.
According to the SFC, the company did not maintain the mandatory required liquid capital of $100,000 for a consecutive period of 19 months, from 28 March 2019 to 16 October 2020. Although the company was aware of the lapse, it informed the regulator about it after 18 months.
“The SFC is of the view that Axial’s conduct was not only in breach of the SFO, the FRR, and the Code of Conduct, but also amounted to flouting the FRR regime. Under the circumstances, the conduct of Axial fell far short of the standards expected of licensed intermediaries,” the SFC’s announcement stated.
Goldman Sachs Joins Eurex
Goldman Sachs has become a new member of the lifted FX Futures business of Eurex, a European owned by the Deutsche Börse Group. Goldman Sachs has joined as a trading and clearing member and also a liquidity provider for off-book transactions.
“We are delighted to see Goldman Sachs offering their global client base access to our listed FX derivatives suite,” said Jens Quiram, Global Head of FIC Derivatives & Repo Sales at Eurex. “Goldman Sachs’ engagement both as clearing member and liquidity provider will enable even more clients to benefit from listed FX liquidity at Eurex.”
Joseph Nehorai, Global Co-Head of Futures at Goldman Sachs, said: “With block trades and EFPs, we can offer access to OTC liquidity while transacting in a listed instrument. Increasing funding and capital costs evolving in FX markets are leading to a growing appetite to move towards listed FX derivatives. This enables the buy-side community to enjoy the advantages of OTC trading and centrally cleared derivatives.”
Directa SIM Joins Spectrum Markets
Italian retail broker Directa SIM has become the latest member of IG-owned Spectrum Markets, a pan-European trading venue for securitized derivatives. It will be a direct member of Spectrum Markets, meaning it can use proprietary technology to act as its own settlement agent.
Directa has over 61,000 active accounts with combined customer assets of about €3.5 billion.
Spectrum Markets CEO, Nicky Maan
“Spectrum’s philosophy has always been about finding a better way to do things for retail investors, and this is an ethos that we really share with Directa, so they are a very natural partner for us, and we’re delighted to have such a respected and pioneering retail broker joining the venue,” said Nicky Maan, CEO at Spectrum Markets.
AsiaNext Gains Singapore License
AsiaNext, an institution-focused digital asset exchange, has received a Recognised Market Operator (RMO) license from the Monetary Authority of Singapore (MAS). The platform also holds an in-principle approval for a Capital Markets Services (CMS) license.
With the new license, AsiaNext can operate as an organized market for securities and collective investment schemes.
Chong Kok Kee, the CEO at AsiaNext
“Since our inception, the team has worked tirelessly to construct an institutional-grade exchange based on stringent compliance and risk management standards that govern our entire organization as well as the multi-asset classes that will be traded on our venue,” said Chong Kok Kee, the CEO at AsiaNext.
Malaysia’s SC Continues Crackdown
Malaysia’s Securities Commission (SC) has added two more potential clones of legitimate financial services platforms to its Investors Alert list. The names are United Global Malaysia and Bill Morrisons Sdn Bhd.
The fresh listing came days after the Southeast Asian regulator flagged five platforms for suspicious activities within its jurisdictions.
HK Revkes Axial Capital Management Limited’s Licence
The Securities and Futures Commission (SFC) has found Axial Capital Management Limited (Axial) in violation of repeated compliance violations and thus revoked its license. The regulator also suspended the license of Axial’s responsible officer (RO), Eugene Chung, for five years.
According to the SFC, the company did not maintain the mandatory required liquid capital of $100,000 for a consecutive period of 19 months, from 28 March 2019 to 16 October 2020. Although the company was aware of the lapse, it informed the regulator about it after 18 months.
“The SFC is of the view that Axial’s conduct was not only in breach of the SFO, the FRR, and the Code of Conduct, but also amounted to flouting the FRR regime. Under the circumstances, the conduct of Axial fell far short of the standards expected of licensed intermediaries,” the SFC’s announcement stated.
Goldman Sachs Joins Eurex
Goldman Sachs has become a new member of the lifted FX Futures business of Eurex, a European owned by the Deutsche Börse Group. Goldman Sachs has joined as a trading and clearing member and also a liquidity provider for off-book transactions.
“We are delighted to see Goldman Sachs offering their global client base access to our listed FX derivatives suite,” said Jens Quiram, Global Head of FIC Derivatives & Repo Sales at Eurex. “Goldman Sachs’ engagement both as clearing member and liquidity provider will enable even more clients to benefit from listed FX liquidity at Eurex.”
Joseph Nehorai, Global Co-Head of Futures at Goldman Sachs, said: “With block trades and EFPs, we can offer access to OTC liquidity while transacting in a listed instrument. Increasing funding and capital costs evolving in FX markets are leading to a growing appetite to move towards listed FX derivatives. This enables the buy-side community to enjoy the advantages of OTC trading and centrally cleared derivatives.”
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- Source: https://www.financemagnates.com//forex/news-nuggets-11-september-new-spectrum-markets-member-asianexts-singapore-license/
