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Russian c-bank rules out proportional regulation of Forex brokers

FinanceFeeds – The Central Bank of Russia has earlier today published a document about the proportional regulation of the non-credit firms it regulates. The regulation of many such firms already has a proportional nature, the regulator explains. Put simply, the requirements for a company vary depending on its size (measured by number of clients, for instance) and the type of…

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Effex Capital, embroiled in FXCM’s US exit, finds it hard to challenge NFA publications

FinanceFeeds – What is the importance of a regulatory announcement? Can information in a press release hit a business as hard as an enforcement action? These are some of the questions that arise from the regulatory publications about the settlements with FXCM reached in February 2017. The havoc around the exit of FXCM from the US market following settlements with…

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GMO Internet announces launch of next-generation Internet banking business

FinanceFeeds – The next generation of financial services companies, which integrate novel tech means into more traditional services, is gradually growing in scale. In line with earlier announcements, GMO Internet Inc. (TYO:9449) and GMO Financial Holdings today unveil the launch of a new Internet banking business. The new business is launched by GMO Aozora Net Bank, in which GMO…

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US Courts must stop offering blanket protection to banks, victims of Ponzi scammer argue

FinanceFeeds – Several hundred investors in a Ponzi scheme run by notorious fraudster Renwick Haddow have sought to rebuff efforts by JPMorgan Chase & Co. (NYSE:JPM) and JPMorgan Chase Bank, N.A. to dismiss their complaint that the bank aided the scammer. Let’s recall that the plaintiffs – investors in the Bar Works entities, operated by Haddow, have pled causes…

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Alleged Bitcoin fraudster Patrick McDonnell fails to have case against him dismissed

FinanceFeeds – Patrick McDonnell, a defendant in a cryptocurrency fraud case launched by the United States Commodity Futures Trading Commission (CFTC) in January this year, has suffered a defeat, as the Court has rebuffed his motion to dismiss the case against him. As per the latest filings with the New York Eastern District Court, Judge Jack B. Weinstein affirmed…

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Senior management to be responsible for processes based on big data and AI, German regulator says

FinanceFeeds – There will be no black box excuses for the management of financial services companies in Germany, in case they want to shift the responsibility for a decision involving big data and artificial intelligence (BDAI) to machines rather than human beings, the Federal Financial Supervisory Authority of Germany stated in a report published earlier today. The report challenges the…

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Worldpay teams up with Mastercard to expand digital payments acceptance

FinanceFeeds – Digital payments continue to develop as payments technology company Worldpay Inc (NYSE:WP) and Mastercard Inc (NYSE:MA) have earlier today announced their plans to enter a global strategic partnership focused on expanding acceptance options and making digital payments more convenient and secure. Kevin McCarten, Chief Strategy and Marketing Officer at Worldpay, explained that the collaboration will leverage account-to-account payments…

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FSB develops framework for financial stability implications of crypto-assets

FinanceFeeds – Crypto-assets are once again high on the agenda of global regulators, as the Financial Stability Board (FSB) today published a report on the work of several standard-setting bodies on crypto-assets. The FSB has developed a framework, in collaboration with Committee on Payments and Market Infrastructures (CPMI), to monitor the financial stability implications of developments in crypto-asset markets. The…

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Sberbank says robots to be used for increasing productivity

FinanceFeeds – Replacement of human staff by robots is inevitable but this is not what robots are made for, according to Albert Efimov, Head of the Robotics Laboratory at Sberbank Rossii PAO (MCX:SBER). Mr Efimov was quoted by RIA Novosti as saying that the lab is building the robots to increase productivity at the bank. For instance, thanks to robots,…

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“Mind The Gap!” The life and times of a man on the move. Episode 3

FinanceFeeds – In this weekly series, I look back on what stood out, what was bemusing, amusing and interesting during my weekly travels, interesting findings within the FX industry and interaction with an ever-shrinking big wide world. This is purely observational and for your enjoyment.  Monday: The “Citi” of Cornwall Cornwall, is, without doubt, the most spectacular region of…

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