Brokers News 

Clear vision of dealing with situation is a must, head of General Division of Drug Traders at CCC stated

“Unfortunately, the government does not a clear vision with specific procedures to enhance the pharmaceutical industry in Egypt, and therefore the pharmaceutical export sector is suffering” writes Daily News Egypt for dailynewsegypt.com. “In general, the pharmaceutical industry in Egypt is experiencing the most difficult time since the implementation of the floating of the Egyptian pound two years ago,” Ali Auf, head of General Division of Drug Traders at the Cairo Chamber of Commerce (CCC) stated to Daily News Egypt. This reflects the government’s poor communication and dealing of the sector’s…

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FXPRIMUS Celebrates 10-Year Anniversary with Exclusive Grand Gala and Car Giveaway

“Leading forex and CFD broker, FXPRIMUS, is delighted to announce its upcoming 10-year anniversary Gala in Malaysia” reports financemagnates.com. FXPRIMUS is a leading online broker providing trading services for forex, commodities, metals, energies, stocks and indices.The establishment of FXPRIMUS as a leading broker in the Asia-Pacific region allows us to celebrate yet another milestone in the continuing growth of the FXPRIMUS brand.” T&Cs apply.Vince De Castro, FXPRIMUS CMO, commented: “Our main aim was to give something back to our traders for their continued loyalty. Source: financemagnates.com Share This:

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Wolves dealing Butler to 76ers for Saric, Covington

“A person with knowledge of the situation says Butler is being traded to the 76ers in a package that will send Dario Saric and Robert Covington to the Timberwolves” reports foxsports.com. The trade will give Philadelphia a star trio, with Butler joining Joel Embiid and Ben Simmons.Butler told the Timberwolves in September he wanted to be traded, and it took weeks for the team to find a deal it would accept. Source: foxsports.com Share This:

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Brokers Markets News 

ASIC Cancels AGM Markets’ License Due to Unethical Conduct

“The Australian Securities and Investments Commission (ASIC) announced on Friday that it has canceled the Australian Financial Services (AFS) license of AGM Markets, a global online forex broker” writes Celeste Skinner for financemagnates.com. Earlier this year, ASIC warned consumers about AGM Markets, stating the broker was offering personal advice to retail investors that it was not authorized to do.To reduce the impact of the license cancellation on AGM’s clients, the broker’s license will continue until the end of this year – December 31, 2018. Source: financemagnates.com Share This:

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Commerzbank AG Fined $12 Million for Swap Dealing Violations

“Commerzbank has been registered with the CFTC as a Swap Dealer since the end of 2012” writes Celeste Skinner for financemagnates.com. Commerzbank itself will also have to submit annual reports to the CFTC. These will also be regarding swap dealer compliance and the firm’s remedial efforts.As a result, in addition to the fine, the Order requires Commerzbank to retain an outside consultant who will review the firm’s swap dealer compliance for two years. Source: financemagnates.com Share This:

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Binary Options Ban Renewed By ESMA

“It was always going to be the case that the regulator continued its prohibition of binary options trading” writes David Kimberley for financemagnates.com. As with leverage caps, amongst other restrictions on contracts-for-differences (CFDs) trading, ESMA has given no indication that its position has changed with regard to binary options.The European Securities and Markets Authority (ESMA), the regulator responsible for implementing the rules, announced on Friday that it would be renewing the ban on binary options for another three months.Any brokers still hoping for a repeal of the product intervention measures introduced…

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In China, response to pledged share meltdown stirs concern

“As defaults rose in loans backed by pledged shares, listed brokerages reported a 50 percent slump in third-quarter profit” writes Midwest Communications Inc for 95kqds.com. Those more clearly hurt by loss-making pledged share lending include brokerages such as First Capital Securities, Western Securities and Founder Securities.That sent the value of its pledged shares to near zero, hurting creditors, who must write off their loans to Zhonghong as losses.Southwest and its peers are caught in the slow-motion collapse in China of pledged share financing, in which companies’ major shareholders provide shares…

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Virtu Financial to Acquire Independent Broker ITG For $1 Billion

“High-speed trading firm Virtu Financial, Inc., has struck a deal with Investment Technology Group (ITG) and will be acquiring the firm in a deal worth around $1 billion dollars, ITG said today” reports financemagnates.com. The combination of Virtu and ITG will create an industry-leading financial technology franchise with true global capabilities and scale.” Earlier today, ITG published its financial results for the third quarter ended September 30, 2018.In the same session, shares of ITG were trading flat, despite the company also reporting better than expected third-quarter profit. Source: financemagnates.com Share This:

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Citi fined by SEC over handling of U.S.-listed shares of international companies

“The SEC said it is the second action against a depositary bank and sixth action against a bank or broker resulting from the SEC’s ongoing investigation into abusive ADR pre-release practices” writes D C for marketwatch.com. The SEC found that Citibank improperly provided ADRs to brokers in thousands of pre-release transactions when neither the broker nor its customers had the foreign shares needed to support those new ADRs. Source: marketwatch.com Share This:

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Salaries in the FX Industry are Exploding – is it Sustainable?

“Over the past year, the European Securities and Markets Authority (ESMA) has been shaking up the foreign exchange (forex) industry” reports financemagnates.com. Speaking to Finance Magnates, Reece Pawsey, the Co-Founder at FinTop Consulting, a recruitment agency specialising in the forex industry, said: “as a result, salaries have increased massively, especially in the UK market.Whilst this might make candidates nervous, particularly those just starting out in the industry, it has actually resulted in a positive thing for professionals – salaries are exploding.The average London Trader salary is 21.1% more than the…

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