Brokers Markets News 

Arqaam ranks first in October with EGP 4bn trading value

“The total value traded recorded EGP 44.2bn, while the total volume traded reached 5.5m securities executed over 471,000 transactions last month” writes Alyaa Stohy for dailynewssegypt.com. With a slight difference, Arqaam Securities Brokerage came in the first place among brokerage companies in October with a substantial trading value that amounted to EGP 4bn, accounting for 11.5% of the total volume of market transactions during the month.Total market capitalisation reached EGP 727.7bn at the end of the period, representing an increase of 1.72% over the last month.Beltone Securities Brokerage advanced one…

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Brokers Markets News 

Is your brokerage technology stable? UK government looks at high penalties for institutional IT failures

“It only takes a brief look at the incredible level of development that the UK has undergone over the past 20 years in terms of financial technology infrastructure” reports financefeeds.com. During the past few years, some of the most well recognized financial markets regulatory authorities in important regions for the FX industry have turned their attention purely to the OTC derivatives product range that most retail FX brokerages offer.Now, however, despite its gray suited lack of understanding of the architecture of financial systems, Britain’s Financial Conduct Authority (FCA) is considering…

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Brokers Markets News Stocks 

Charles Schwab’s daughter called her dad for investing advice at 22 and was ‘disappointed’ when he didn’t give her a hot stock tip

“It is not about the hot stock, it’s about participating in the markets, in the equity markets” writes Tanza Loudenback for businessinsider.com. Her father, Charles Schwab, is the founder and namesake of one of America’s largest brokerage firms.But it wasn’t until Schwab-Pomerantz was in her early 20s that the company found its stride and she turned to her dad for investing advice. It’s really easy, and offers great diversification and low cost,” Schwab told CNBC. Today, Charles Schwab oversees $3.72 trillion in client assets, spread across millions of brokerage accounts,…

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Brokers News Stocks 

Charles Schwab is eliminating online commissions for trading in US stocks

“Charles Schwab said on Tuesday that it is ending commissions for online trading in U.S. stocks, exchange-traded funds and options, the culmination of a years-long fee battle in the brokerage industry” writes Maggie Fitzgerald for cnbc.com. Rival brokerage firm TD Ameritrade plummeted more than 20% for its worst day in 13 years. Source: cnbc.com

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Brokers Crypto News Platforms 

Crypto Exchange Coindirect Launches OTC Brokerage in South Africa

“As industry news outlet CoinInsider reported on Sept. 27, the platform creates a vast liquidity pool by integrating with global platforms, allows for Bitcoin (BTC) price locks after a confirmation and for instant processing with no fees or slippage” writes Adrian Zmudzinski for cointelegraph.com. The exchange’s COO Nic Haralambous added: “During our first two years in the industry we have paid close attention to which users are driving the volume of crypto trading.Our approach is to bring cryptocurrency to as many users as possible, however, the data shows that a…

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Brokers Crypto News 

Crypto Brokerage Tagomi Makes Shorting Bitcoin and Ether Easier

“New York-based cryptocurrency brokerage and trading platform Tagomi allows its users to lend or borrow Bitcoin (BTC) and Ether (ETH) to facilitate long or short trades” writes Adrian Zmudzinski for cointelegraph.com. Per the report, to short crypto assets, traders currently have to “call a host of brokers and trading desks to find the best rates for borrowing and risk the market moving against them during the time it takes to put on a trade.” Tagomi’s chief operating officer Kevin Johnson commented on the difficulty of applying such strategies to crypto:…

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Brokers News 

A startup real estate broker that puts a twist on commissions just raised $2 million in seed funding led by an early Compass investor

“Prevu, an online real estate broker that began operations in New York City in 2017, just raised $2 million in a seed round led by Corigin Ventures, which was also an early investor in $6.4 billion brokerage Compass” writes Alex Nicoll for businessinsider.com. Prevu is exclusively for home buyers, and says it offers up to a 66% rebate on the 3% commission typically collected by a buyer’s agent.The rebate means agents make less per transaction, but the company said that their average agent makes 36 deals a year. Source: businessinsider.com

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Brokers News 

Brokerage Charles Schwab says to cut about 600 jobs

“(Reuters) – Discount brokerage company Charles Schwab Corp is cutting about 600 jobs after an internal review, a company spokeswoman confirmed on Tuesday” writes Midwest Communications Inc for 95kqds.com. The Wall Street Journal reported on Tuesday that the company planned to eliminate nearly 3% of its workforce.The company, which provides brokerage and financial advisory services, reported an 8% year-on-year jump in second-quarter net income at $937 million. Source: 95kqds.com

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Brokers News 

Fawry to launch Insurance Brokerage Service for micro products early 2020

“The company plans to launch a new service early 2020, namely the micro insurance brokerage service” writes Alyaa Stohy for dailynewssegypt.com. The spread of mobile phones and the internet helps provide comprehensive digital payment services.How would Fawry benefit from digital transformation and financial technology in developing the non-banking financial sector?. And what are the chances of achieving digital transformation in Egypt?. Electronic payment systems in government departments has evolved considerably during the past period and will witness a more gradual and significant progression in the future. Source: dailynewssegypt.com

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