Brokers News 

After Bumpy August, Saxo Volumes Back to Normal

“For fixed income, the difference in trading volumes was negligible, with the broker reporting total trading volumes of $13.1 billion in August and $13.2 billion in September” writes David Kimberley for financemagnates.com. Retail broker Saxo Bank released its trading volumes for September on Monday.Saxo Bank reported a total currency trading volume of $118.6 billion last month, a 15 percent decline on August’s $139.1 billion.Back in August, Saxo Bank reported a trading volume of $43.3 billion in the commodities markets.In August, Saxo Bank reported $87.4 billion in stock trading. Source: financemagnates.com

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Brokers News 

FxNet Pays €60,000 to Settle Multiple Violations with CySEC

“The broker operates under the umbrella of its parent entity BelFX, which is licensed by the International Financial Services Commission (IFSC)” writes Aziz Abdel-qader for financemagnates.com. London Summit 2019 Launches the Latest Era in FX and Fintech – Join Now FxNet is an STP broker headquartered in Limassol, with some clients in Eastern Europe.CySEC has further explained that the financial penalty was also imposed for non-compliance with Article 36(1) (a) of the law, relating to conduct of business obligations when providing investment and ancillary services to clients. Source: financemagnates.com

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Brokers News 

Broker who scammed elderly N.J. couple out of $270K with phony investments sentenced to prison

“A broker from Essex County will serve three years in prison for convincing an elderly couple to $270,000 into an investment program that did not exist and using the money for himself, authorities said Friday” writes Attrino Tattrino Njadvancemedia for nj.com. When Siegel moved to another brokerage firm the following year, the couple again transferred their investments so Siegel could manage them, Grewal said.The Bureau of Securities asks people to call them before they invest to make sure the securities offered are properly registered. Source: nj.com

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Brokers News 

SoftBank leads new financing round in Brazil’s housing broker QuintoAndar

“SAO PAULO (Reuters) – Brazilian online housing broker QuintoAndar has raised $250 million in a new funding round led by Japan’s SoftBank Group International, the company said on Tuesday” writes Midwest Communications Inc for 95kqds.com. The broker has been valued at more than $1 billion in this funding round, a source with knowledge of the matter said.Besides SoftBank, which launched a $5 billion Latin America fund in March, San Francisco-based Dragoneer Investment Group is investing in the company. Source: 95kqds.com

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Brokers News 

Kin raises $47 million to broker homeowner insurance in disaster-prone areas

“In addition to its policy-writing Florida carrier, Kin is a registered managing general agent and brokerage in Texas, Georgia, and Alabama, operating from Chicago (with an office in Tampa Bay)” writes Kyle Wiggers for venturebeat.com. Umbrella policies — plans that supplement the liability coverage offered by homeowner insurance and personal auto insurance — come to around $100 for $1 million in additional coverage.Kin, a Chicago-based startup that aims to match customers in disaster-prone regions with home insurance policies, today announced that it’s raised $47 million in funding from August Capital,…

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Brokers News 

Former President Jimmy Carter offers to travel to North Korea to help Trump broker a nuclear deal with Kim Jong Un

“Carter’s visit helped to defuse the first North Korean nuclear crisis, paving the way for the Agreed Framework, in which North Korea agreed to give up its nuclear program in exchange for aid” writes Tom Porter for businessinsider.com. The nuclear summit between Trump and Kim came unstuck when Kim demanded an end to US sanctions. Source: businessinsider.com

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Brokers News 

How secure is your Tier 1 prime broker? The figures bare all

“How your Tier 1 bank handles it and how secure its systems are is paramount” reports financefeeds.com. According to the regulator, during the same period Barclays, Cahoot and Santander each suffered seven incidents while Lloyds Bank customers faced disruption on six occasions.FinanceFeeds followed this up with some London-based prime of prime brokerages, and it appears that most certainly, RBS has the lowest entry barriers and is actually willing to do business as a Tier 1 counterparty.Once upon a time, not very long ago, Tier 1 banks with large market shares…

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Brokers Markets News 

IG Partnership with IB Forest Park FX Reveals US Client Value

“And for those traders, IG will be a welcome addition to the market” writes David Kimberley for financemagnates.com. Having paid $40 million for the site, it makes sense that the broker is now trying to use it to attract new clients.Given Forest Park FX’s reputation for adding value to clients and our prior experience with them in Europe, they were always at the top of our list.” Working alongside the broker, FP will be providing its clients with market access through IG, cash back rebates for retail traders that use…

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Brokers Markets News 

FSCS’ payouts to customers of defunct broker LQD Markets total $2.89m

“The Special Administrators worked with their legal advisors and the FCA to make an application to modify the CASS rules” reports financefeeds.com. These claims have been sent to the FSCS to give clients an opportunity to assign their claims to the FSCS and make an application for compensation.Where necessary the Administrators have continued adjudicating on clients’ claims and responding to client queries specifically relating to the compensation process. Source: financefeeds.com

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