Forex Policy

Charles Schwab is set to offer direct cryptocurrency investments to its clients, as confirmed by incoming CEO Rick Wurster, CFA, CMT. 🏦📈 This move comes after Schwab clients have been engaging in crypto markets via ETFs, futures, and closed-end funds. Now, with regulatory changes expected soon, Schwab is ready to expand its offerings and dive directly into the crypto space. The company is aiming to be highly competitive and disruptive, positioning itself alongside industry giants like Fidelity and platforms such as Robinhood. ⚡ Wurster expressed confidence in the regulatory landscape changing soon, stating, “We’ve been waiting on a change in the regulatory environment … and we’re confident that will come in short order.” 🚀 Beyond this new venture, Schwab has been investing in the broader digital asset ecosystem. It has backed EDX Markets, a crypto exchange, and launched the Schwab Crypto Thematic Index (STCE) ETF, which tracks companies benefiting from blockchain and crypto innovations. 📊 #CharlesSchwab #CryptoInvesting #Blockchain #FinancialNews #CryptoAdoption #FutureOfFinance #CryptoETFs #DisruptiveInnovation #Investing

Mastercard has announced an ambitious plan to transform online shopping by 2030, aiming for a future where passwords, card numbers, and one-time codes are obsolete. Instead, the company will utilize secure on-device biometrics to enable seamless authentication while ensuring personal data remains safely stored on users’ devices. With online fraud rates seven times higher than in-person purchases, Mastercard is tackling security issues head-on with tokenization and biometric authentication. This innovation not only simplifies the checkout process but also reduces fraud risk by reimagining physical card designs. Mastercard’s tokenization technology has already improved transaction approval rates by up to 6%, creating an additional $2 billion in global sales potential each month. As the first payment network to phase out magnetic stripes, Mastercard is continuing its commitment to security and innovation, setting the stage for a frictionless, more secure payment ecosystem. This evolution promises to benefit both consumers and merchants by tackling the pressing issues of fraud and complexity in the digital payment space. #Innovation #DigitalPayments #Mastercard2030 #SecureTransactions #Fintech #Biometrics #TechEvolution #PaymentSolutions

Thunes has appointed Peter Cohen, a payments industry veteran, as its new Chief Compliance Officer (CCO). With over two decades of experience, including senior roles at Worldpay, European Merchant Services, and Triodos Bank, Cohen will lead the enhancement of Thunes' Fortress Compliance platform while supporting its global growth. CEO Floris de Kort highlighted Cohen’s expertise as a key asset in delivering secure and seamless payment solutions worldwide. 🌍 Thunes at a glance: ✅ Processes cross-border payments in 80+ currencies ✅ Operates across 133 countries ✅ Continues to attract top-tier industry talent This appointment follows the recent addition of another ex-Worldpay leader, Sigrid Hulsebosch, as CFO. Exciting times for Thunes! #LeadershipMoves #GlobalPayments #FintechLeadership

United Parcel Service (UPS) has been hit with a $45 million penalty after the SEC uncovered significant issues with how the company misrepresented the value of its UPS Freight unit. Rather than adhering to generally accepted accounting principles (GAAP), UPS relied on inflated external valuations, leading to misleading earnings reports in 2019 and 2020. The U.S. Securities and Exchange Commission revealed that UPS ignored its own analysis, which indicated that nearly $500 million of goodwill associated with Freight should have been written down. Instead, the company used an external consultant’s flawed valuation, which valued Freight at $2 billion—three times higher than its true worth. Despite having its own internal analysis and a term sheet showing Freight’s real value around $800 million, UPS continued to rely on inaccurate assumptions. As part of the settlement, UPS agreed to pay the $45M fine and implement new measures, including mandatory training for key employees and the appointment of an independent compliance consultant to review their financial practices. This penalty serves as a strong reminder of the importance of transparent and accurate financial reporting. #FinancialNews #SEC #UPS #Compliance #Accounting #BusinessEthics

The American Financial Exchange, LLC (AFX) has announced a partnership with Transaction Network Services (TNS) to enhance its data center operations with full management and hosting services. This collaboration will support AFX’s dynamic marketplace, which connects over 250 banks and financial institutions across the U.S. 🌐 Key Highlights: 💠AFX gains a fully managed Infrastructure-as-a-Service (IaaS) solution. 💠TNS brings its industry-leading expertise in infrastructure, connectivity, and market data. 💠The partnership enables AFX to better facilitate overnight interbank lending and borrowing with increased flexibility and independence. 💬 John Shay, CEO of AFX, stated: “With TNS, AFX gains more flexibility, enabling them to better serve America’s community and regional banks, providing them with the marketplace they deserve.” #AFX #TNS #FinancialMarkets #Infrastructure #Banking #Partnership #IaaS #FinancialSolutions

Euroclear has appointed Nils Jean-Mairet as the new Group CFO, effective December 1st. With extensive experience in corporate finance, strategy, and M&A, Nils is set to bring valuable insights and drive Euroclear’s ongoing transformation. 🌍📊 Previously a Senior Partner at McKinsey & Company, Nils led the European Financial Services Principal Investors Practice and has a deep understanding of the financial market infrastructure sector. His expertise will play a key role in accelerating the execution of Euroclear’s strategic plans. 💡 As a trained lawyer and MBA graduate, Nils offers a well-rounded leadership approach, completing the composition of Euroclear’s new Executive Committee. The company is now poised for continued growth and success. 🚀 Euroclear also bids farewell to Bernard Frenay, who steps into his new role as CEO of European Assets. Wishing him all the best in this next chapter! 🙌 #Leadership #Euroclear #CFO #Finance #CorporateStrategy #Growth

Hong Kong’s Securities and Futures Commission (SFC) has frozen assets totaling HKD 91 million across four brokerages, including Interactive Brokers Hong Kong. The freeze comes in the wake of suspected market manipulation and unauthorized trades carried out through compromised accounts between October 24 and November 6. The SFC has raised concerns over cybersecurity vulnerabilities affecting major trading platforms. The restriction notices issued by the SFC prevent the affected brokers, including Interactive Brokers, from dealing with specific assets without prior regulatory approval. Interactive Brokers is the only international firm under scrutiny in this case, with three other brokerages serving the local market. The SFC is working closely with Hong Kong's Cyber Security and Technology Crime Bureau, as well as the Commercial Crime Bureau, to investigate the suspected account hacks. This incident adds to a series of regulatory challenges for Interactive Brokers, which was previously fined HKD 4.5 million in 2018 for internal control failures, and more recently, settled a USD 475,000 fine from FINRA for mistakes in its stock lending program. #FinanceNews #TradingFreeze #CyberSecurity #HongKong #InteractiveBrokers #MarketManipulation #RegulatoryAction

BitGo Singapore has officially launched, offering regulated digital asset custody, trading, settlement, and token management services across the APAC region. This milestone follows the receipt of a Major Payment Institution License from the Monetary Authority of Singapore (MAS) (MAS), paving the way for the company’s expansion. With a platform that supports over 1,100 digital assets, BitGo provides 24/7 liquidity access directly from cold storage through API, UI, and voice trading. The introduction of the Go Network will also enhance operational efficiency by enabling instant fiat and crypto transfers, improving access to exchange liquidity without pre-funding. CEO Youngro Lee highlighted the significance of the launch, stating: “We are thrilled to offer APAC a best-in-class suite of digital asset solutions while maintaining the highest regulatory standards.” #BitGo #DigitalAssets #Blockchain #Cryptocurrency #FinTech #APAC #Singapore #CryptoInnovation

Centroid Solutions has officially integrated with Arqaam Capital, a leading UAE-based financial services firm. This collaboration opens the door for Centroid’s clients to access trading on major Gulf exchanges, including those in Abu Dhabi, Dubai, and Saudi Arabia. With this new partnership, Centroid clients can now offer equities trading from regional exchanges, marking the company’s second major GCC partnership in recent months, following their deal with SNB Capital. As trading in CFDs on local stocks continues to grow in popularity, this collaboration provides brokers with valuable new opportunities in the Gulf region. #FinancialServices #Trading #EquitiesTrading #RiskManagement #Finance #Brokers #MarketAccess

Gary Gensler, the 33rd Chair of the U.S. Securities and Exchange Commission (SEC), will step down from his position on January 20, 2025. Gensler, who took the reins of the SEC in April 2021 following the GameStop market events, leaves behind a remarkable legacy focused on investor protection, capital formation, and ensuring market integrity. Throughout his career, including his leadership at the U.S. Commodity Futures Trading Commission, MIT, and Goldman Sachs, Gensler has made significant contributions to reshaping financial regulations and strengthening the U.S. capital markets. As he prepares to leave the Commission, the finance world reflects on his dedication to securing a fairer and more transparent market for everyday Americans. #SEC #GaryGensler #Leadership #Finance #MarketReform #USMarkets