Brokers News 

XTB Warns of Scammers Representing Brokerage in Saudi Arabia

“An epidemic of scams continues to ripple through the FX industry, this time affecting Polish retail brokerage company X-Trade Brokers (XTB)” reports financemagnates.com. In the latest example of scammers trying to deceive, multiple individuals were falsely claiming to represent XTB Limited in Saudi Arabia, a region the group has no ties with.This is the group’s first instance of such a scam afflicting the brokerage in Saudi Arabia however – this includes individuals working for CBF Trade or Dulcimar SA UK Ltd. Source: financemagnates.com Share This:

Read More
Brokers Markets News Stocks 

Vanguard Action to Make ETF Investing More Affordable

“Against this backdrop, below we highlight some of the commission-free ETFs (that have a low expense ratio too) available on the market across the providers” writes Partner Content for investopedia.com. However, ETF issuers have been trying to make this less-priced investing medium even cheaper. Source: investopedia.com Share This:

Read More
Brokers News Stocks 

E*TRADE Stock Up Double Digits on Rate, Trading Increases: Zacks

“E*TRADE stock has been surging ever since the company reported first quarter results, and Zacks Investment Research thinks more is to come for the New York-based online brokerage” writes Donna Fuscaldo for investopedia.com. Read Investopedia’s TradeStation review to explore your options.] “With a rise in rates, brokerage firms are likely to engage in more investment activities.As brokerage firms earn interest income on uninvested cash in customer accounts, the rate hikes will enable these firms to invest at higher rates,” wrote Zacks. Source: investopedia.com Share This:

Read More
Brokers News 

Wells Fargo considers combining wealth management divisions

“During the bank’s investor day conference in March, Jon Weiss, head of wealth and investment management, said Wells Fargo is exploring ways to increase efficiency among the bank’s wealth businesses” writes unknown author for cnbc.com. The two divisions — the private client group overseen by David Kowach and wealth brokerage services overseen by Jay Welker — have long overlapped.Wells Fargo said Monday it is considering restructuring and possibly combining two of its retail brokerage businesses, a move to increase efficiency among the two legacy units.Wealth brokerage services, which employs brokers…

Read More
Brokers News 

Leverate’s Global Head of Sales Ben Richter moves on to lead EuropeFX’s Australian division

“Mr Richter has been appointed Head of Australia at Cyprus retail FX brokerage EuropeFX, signaling the end of his tenure at brokerage technology provide Leverate” reports financefeeds.com. Joining EuropeFX represents a return to the retail FX brokerage sector for Mr Richter, who has spent the past two and a half years at Leverate, where he commenced his tenure as Head of Institutional Sales in January 2016, being promoted to Head of Global Sales in September 2017. Indeed, having worked at length on such a project, Mr Richter’s remit to drive…

Read More
Brokers News 

Chinese Bank Unit to Pay Over Money-Laundering Compliance

“Photo: Reuters U.S. authorities and financial industry regulators penalized the New York-based brokerage unit of a large Chinese bank for failures in its anti-money laundering compliance program, imposing millions in fines” writes Samuel Rubenfeld for wsj.com. The brokerage also agreed to pay the SEC $860,000 without admitting or denying the commission’s findings.Industrial and Commercial Bank of China Financial Services LLC, or ICBCFS, cleared and settled billions of penny-stock shares without a sufficient compliance program, according to findings from the Securities and Exchange Commission and the self-regulator Financial Industry Regulatory Authority.The…

Read More
Brokers Crypto News 

Brokerage Firm Sequant Capital Partners with Crypto Exchange HitBTC

“UK-based brokerage firm Sequant Capital has entered into a strategic partnership with the cryptocurrency exchange HitBTC. This partnership will allow the clients of the brokerage firm to have better accessibility of the crypto market” reports financemagnates.com. Sequant Capital is a regulatory compliant exchange registered with the Financial Conduct Authority in the United Kingdom.Moreover, the professional traders in of HitBTC will also get direct market access to crypto assets through Sequant Capita.HitBTC is one of the top ten cryptocurrency exchanges in the world in terms of trading volume.Mentioning this partnership, Sequant…

Read More
Brokers News 

E*TRADE Earnings Estimates Move Higher on Back of Strong Q1

“During the quarter, E*TRADE saw a 3% increase in net new brokerage accounts, adding 59,685, and net new brokerage assets of $5.3 billion” writes Donna Fuscaldo for investopedia.com. According to Zacks Investment Research, E*TRADE’s earnings and comments about the remainder of the year resulted in several analysts revising their estimates.Meanwhile, the stock is actually trading at a discount to its industry when we factor in earnings growth.”. Wall Street, according to Zacks Investment Research, had expected the brokerage to weigh in with EPS of $0.79 and revenue of $690 million. Source: investopedia.com…

Read More