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US Govt seeks extension of stay of CFTC action against traders accused of spoofing

FinanceFeeds – After a series of civil lawsuits were launched by the United States Commodity Futures Trading Commission (CFTC) against traders accused of using an unlawful trading practice known as spoofing early this year, some of these actions have been put on hold due to parallel criminal proceedings against the defendants. Such is the case involving James Vorley and…

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BoE warns that market participants keep accumulating Libor-linked sterling derivatives for periods after 2021

FinanceFeeds – The latest Financial Stability Report by the Financial Policy Committee (FPC) of the Bank of England underlines the financial stability risks around Libor. Let’s recall that in March last year, the FPC judged that continued reliance of financial markets on Libor benchmarks presented a risk to financial stability. That judgement reflected the scarcity of unsecured deposit transactions to…

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Hong Kong’s SFC to keep an eye on cryptocurrencies, ICOs

FinanceFeeds – The Securities and Futures Commission (SFC) of Hong Kong has earlier today posted its Annual report 2017-18, underlining its commitment to investor protection. The regulator stressed that new technologies provide convenience for investors but come with risks. “We keep a close watch on cryptocurrencies and initial coin offerings, intervening where appropriate”, the SFC said. In light of…

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IG gets EUR 500,000 fine in France over trade recommendations deficiencies, misleading info about CFDs, binary options

FinanceFeeds – Lack of clear labels about the source of trade recommendations and trade ideas, misleading information about investing in CFDs and binary options, as well as insufficient qualifications of people portrayed as financial analysts – these are some of the reasons for a EUR 500,000 fine being imposed on the French branch of IG Markets Limited. The French…

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Investment scams continue to gather pace in Australia

FinanceFeeds – The latest weekly numbers from Scamwatch, a body operated by the Australian Competition and Consumer Commission (ACCC), have just been released, with investment scams once again gaining pace. Investment schemes were among the top scams targeting Australians – during the week from June 18 to June 24, 2018, Australians reported losses of $1.18 million due to such…

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FX benchmark rate fixing case sees dispute about foreign currency retail transactions deepen

FinanceFeeds – A Forex benchmark rate fixing case targeting top banks like JPMorgan Chase & Co. (NYSE:JPM), JPMorgan Chase Bank, N.A., Barclays Capital, Inc., Citibank, N.A., Citigroup Inc (NYSE:C), Bank of America Corp (NYSE:BAC), Bank of America, N.A, HSBC Bank USA, N.A., and HSBC North America Holdings, Inc., is now focusing on the definition of “foreign currency retail transactions”….

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Canada’s investment industry organization prepares to regulate blockchain applications, digital assets

FinanceFeeds – The Investment Industry Regulatory Organization of Canada (IIROC) is the latest body to look more closely into blockchain and its applications. In a Notice summarizing the significant activities and initiatives that IIROC will focus on in its 2019 fiscal year: April 2018 – March 2019, IIROC says that as the pace of industry change continues to accelerate, and…

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Plus500 confirms transfer from AIM to Main Market of LSE

FinanceFeeds – In line with previous reports about plans by retail Forex broker Plus500 Ltd (LON:PLUS) to shift to LSE’s Main Market, the company has earlier today confirmed this transfer. Today’s announcement by Plus500 says that effective 8.00 am today, its entire ordinary share capital, being 114,888,377 ordinary shares of NIS0.01 each, of which 980,146 are held in treasury , will…

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Binary options fraudster Lee Elbaz needs access to mental health services, Counsel says

FinanceFeeds – Binary options fraudster Lee Elbaz, who has been under house arrest at her aunt’s house in San Francisco since September 2017, wants less restrictive conditions. On Monday, June 25, 2018, the defense counsel addressed the Maryland District Court, asking for a modification of the conditions of release of Elbaz. To prepare for trial and the motions hearing,…

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