News 

Who really cares about post-Brexit EU business? The FX industry should not. Op Ed

“Led by TheCityUK, which is a private-sector membership body and industry advocacy group promoting the financial and related professional services industry of the United Kingdom” reports financefeeds.com. The very Tier 1 banks that operate from London and form the largest FX market providers in the world, are multinational.FX is a liquid and highly profitable business with very low operating costs for a large bank.This is the real core business of these banks, not retail banking with physical branches, which has become a dinosaur. Source: financefeeds.com Share This:

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News Oil 

Despite rising oil prices, one OPEC producer has announced new measures to protect foreign reserves

“But the dos Santos family still retains some influence over the country’s economy, with the former president’s son Jose Filomeno chairman of the country’s sovereign wealth fund” writes unknown author for cnbc.com. The falling price of oil in recent years has been blamed for Angola’s depleted foreign reserves.This week, the Angolan central bank opted to hold interest rates at 18 percent. Source: cnbc.com Share This:

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Brokers News 

Op Ed: Where to license your FX brokerage in 2018 – Stick with the established and avoid the bogus

“It is a myth that it is cheaper and easier to set up a brokerage in an offshore region or Cyprus” writes Haris Constantinou for financefeeds.com. The CySec license is just for marketing, not really for your business activity.” That sentence in itself is enough to ring the alarm bell.FinanceFeeds spoke to a prime brokerage division of a large bank in London this week. Source: financefeeds.com Share This:

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Brokers Crypto News 

FBI implicates several FX brokerages in BTC-e investigation. Here is why cryptocurrency is a sure fire way to destroy your brokerage

“This week, the Federal Bureau of Investigation (FBI) in the United States has implicated two FX brokerages in its investigation of defunct Bitcoin venue BTC-e” reports financefeeds.com. We are aware of several other brokers, largely in Russia and Cyprus, that have experienced significant losses recently from Bitcoin trading.Last week, FinanceFeeds reported that one particular well known retail FX brokerage had suffered a loss of approximately $40 million as a result of Bitcoin trading, and now cannot pay its affiliates. Source: financefeeds.com Share This:

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Crypto Markets News 

Russia’s FinMin: crypto FX should only be traded by professionals

“MOSCOW (Reuters) – Russian Finance Minister Anton Siluanov said on Monday that cryptocurrencies should be traded only by professional investors, not in the mainstream” reports businessinsider.com. “Professional market participants should work with crypto-currencies, not ordinary people,” Siluanov said in an interview with Rossiya 24, a Russian state TV channel.Russian authorities agreed in October to regulate the cryptocurrency market and pledged to set out how this regulation would work by the end of the year. Source: businessinsider.com Share This:

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News 

Leverate Sells Legacy FX, New Owner Allnew Investments Acquires CySEC License

“The new company of Legacy FX is aiming to provide forex and CFDs to European clients” reports financemagnates.com. Allnew Investments purchased the company from the technology provider back in 2016 and has been patiently awaiting Cyprus Securities and Exchange Commission (CySEC) authorization before relaunching the brand. Source: financemagnates.com Share This:

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News 

FCA Takes Action Against Illegal FX Investment Operation

“The FCA continues its quest to put an end to illegal investment operations that are taking place against the confines of its rules and regulations” reports financemagnates.com. Moreover, the High Court issued injunctions that prohibit any further illegal activities by these individuals.However, the funds associated with this case were apparently never invested in the FX market or any other form of investment whatsoever. Source: financemagnates.com Share This:

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Markets News 

FX Cartel traders could not have foreseen criminality of their actions, according to defense counsel

“The US Government has argued that the actions of the FX traders had direct and foreseeable effects on the United States” reports financefeeds.com. In particular, the government and the ex-traders disagree over whether the FX actions taken by Christopher Ashton, Rohan Ramchandani, and Richard Usher were horizontally or vertically aligned.Hence, according to the defense counsel, the actions of the defendants were not criminal. Source: financefeeds.com Share This:

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News 

G10FX : 4 Key Themes To Drive FX Performances In 2018 – EUR/USD could rise – Credit Agricole

“A potential spike in risk-aversion on the back of tighter global financial conditions and rampant protectionism, which may put risk-correlated G10 FX in a vulnerable position; 4” writes Yohay S Google for forexcrunch.com. The intensifying global divergence FX trade, based on the diverging outlook for G10 central banks in 2018; 2.Global investment portfolios being rebalanced in favour of EUR should in our view propel EUR/USD towards 1.23 in Q418 and 1.27 in Q419, CACIB projects. Source: forexcrunch.com Share This:

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