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Nasdaq has announced a partnership with cryptocurrency exchange Gemini that will utilize state-of-the-art surveillance technology to detect possible manipulation and fraud. Cameron and Tyler Winklevoss own and operate Gemini, with many analysts expecting the collaboration to mark a first step toward Nasdaq providing full-blown crypto offerings. Nasdaq President and CEO Adena Friedman added to that speculation, saying that the company “would consider becoming a crypto exchange over time” once regulation is smoothed out and the space “matures.” A number of traditional U.S. brokers including E*TRADE, Interactive Brokers and Lightspeed Trading already offer crypto trading through CME and CBOE bitcoin futures contracts. Industry innovator Robinhood has just taken a deeper dive into digital currencies, offering direct bitcoin and ethereum trading in California, Montana, Missouri and Massachusetts. London-based IG Group has issued a statement criticizing new European Securities and Markets Authority (ESMA) regulations
that will reduce leverage on major currency pairs traded in the European Union to 30:1 from current margin levels that run as high as 200:1. The Draconian rules, directed at retail trading accounts, will also lower leverage on non-major pairs to 20:1. The broker expects a 10% reduction in fiscal year 2019 revenues as a result of those actions. The statement also revealed interesting facts about the broker’s clientele. IG Group stated that account holders categorized as sophisticated traders or professionals “generated over 30% of the company’s U.K. and EU revenue in the three-month period to 26 March 2018.” In addition, the company estimates that “clients who generate over half of its current U.K. and EU revenue will be classified as elective professional,” which is important because the designation will avoid ESMA’s leverage restrictions. CMC Markets announced the launch of CMC Pro, a new product designed to preserve higher leverage for clients affected by ESMA margin restrictions going into effect later this year. The offering will encourage retail account holders to reclassify as professionals, avoiding restrictive margin rules directed at the lower-skilled clients. If accepted to the program, professional clients can trade currency pairs utilizing leverage as high as 1,500:1. U.K. rivals that include City Index, Saxo Bank and London Capital Group are likely to develop competing programs and policies that steer retail clients toward professional status. Current account holders need to meet three requirements to obtain professional status: They must have completed 10 large trades per quarter over the past four quarters in relevant markets. Their financial instrument portfolio must exceed 500,000 euros (currently over $600,000 in U.S. dollars). They must show active or past employment in the financial sector, with at least one year in a “relevant professional position.” CMC Markets’ professional clients will enjoy a number of unique perks, including a personal account manager, priority access to new broker offerings and a rebate/reward program. The company also intends to provide sophisticated traders with special events and live programs that feature guest speakers and proprietary chart analysis. GAIN Capital Holdings, Inc. (GCAP), parent of Forex.Com and London’s City Index, reported $106.9 million in first quarter revenues, a healthy 79% year-over-year increase. Average daily volume for the group’s retail customers rose 31% to $12.4 billion, with high volatility during the quarter’s first half accounting for the lion’s share of increased activity. The company also reported a 24% rise in new direct accounts, reflecting continued rapid growth in the forex industry. GAIN provides introducing broker programs for dozens of smaller forex operations in over 140 countries, including London’s Barclays Trading Hub. The firm acquired FXCM‘s U.S. customer base in 2017 after a CFTC settlement forced the broker to abandon operations on this side of the Atlantic. The transaction added about 40,000 accounts, making GAIN the largest retail forex provider in the U.S.
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