News Nuggets | 9 November: Broadridge Expands Globally; DoJ Indicts Wall Street Trader

<p>Broadridge Expands Shareholder Disclosure Solution </p><p>After its
successful implementation in Europe, <a href="https://www.financemagnates.com/tag/broadridge/" target="_blank" rel="follow">Broadridge Financial Solutions</a> has
announced the expansion of its Shareholder Disclosure solution to accommodate
the regulatory demands of the UK, Australia, and Hong Kong. </p><p>This
advancement utilizes blockchain and APIs to facilitate disclosure processes for
financial intermediaries, aligning with the distinct legal requirements of each
region. Broadridge aims to bolster governance and transparency within these
markets by centralizing operations on one platform.</p><p>"Financial
intermediary shareholder disclosure <a href="https://www.financemagnates.com/terms/o/obligations/">obligations</a> are not unique to European SRD
markets," said Demi Derem, General Manager of International Corporate
Governance, Digital Transformation and Market Innovation at Broadridge. "Our
latest service expansion allows financial intermediaries to meet their
shareholder disclosure obligations in the UK, Australia and Hong Kong. The
investments made to build out our industry leading shareholder disclosure
solution underlines our commitment to drive market-wide increased governance
and transparency."</p><p>FMA Enforces Interim Stop
Order</p><p>The
Financial Markets Authority (<a href="https://www.financemagnates.com/tag/fma/" target="_blank" rel="follow">FMA</a>) of New Zealand has enforced an interim stop
order on David McEwen and related entities, prohibiting them from offering
financial products or accepting new investments. </p><p>"The
FMA is concerned that Mr McEwen and entities associated with him may have been
making offers of financial products that: are false or misleading, or likely to
mislead or confuse; and contains a material misdescription or material error;
and do not comply with the Financial
Markets Conduct Act 2013 (FMC Act) or the regulations made under the FMC Act,"
the regulator noted.</p><p>This
decisive action, pending the potential for a permanent order, aims to safeguard
investors from misleading or non-compliant financial activities and underscores
the FMA's dedication to market integrity and investor protection.</p><p>Settlement Between
Parsonex Capital Markets and FINRA</p><p>Parsonex
Capital Markets, a financial firm, has submitted a letter of acceptance,
waiver, and consent (AWC) to settle alleged violations with <a href="https://www.financemagnates.com/tag/finra/" target="_blank" rel="follow">FINRA</a>. Without
admitting or denying the findings, Parsonex consents to the conclusion that it
omitted crucial legal and disciplinary history from its customer relationship
summary between June 2020 and February 2023. </p><p>Parsonex
Capital Markets has agreed to sanctions, including censure, a $10,000 fine, and
an undertaking to rectify the deficiencies within 30 days post-acceptance of
the AWC. </p><p>Wall Street Trader
Indicted</p><p>Jeyakumar
Nadarajah, a Director and Head Trader in <a href="https://www.financemagnates.com/tag/wall-street/" target="_blank" rel="follow">Wall Street</a>, has been indicted for
allegedly manipulating the US Treasuries market through a <a href="https://www.financemagnates.com/terms/s/spoofing/">spoofing</a> and layering
scheme. The indictment accuses him of placing deceptive orders to impact market
prices, calling attention to the ongoing battle against fraudulent activities
in the financial markets.</p><p>"Securities
fraud and manipulation, as alleged here, victimize investors and degrade the
integrity of our public securities markets," said Acting Assistant
Attorney General Nicole M. Argentieri of the Justice Department's Criminal
Division. "The department will continue to protect our financial systems
and investors by holding accountable those who violate our securities laws."</p><p>SimCorp Merges with Axioma</p><p><a href="https://www.financemagnates.com/tag/simcorp/" target="_blank" rel="follow">SimCorp </a>has
revealed its merger with Axioma, aiming to combine its strengths in risk
analytics and portfolio construction with SimCorp's investment management
platform. This merger is anticipated to offer comprehensive solutions across
the investment management spectrum, reflecting a strategic move to enhance
their market offerings globally.</p><p>"We
are excited about our joint future as a single company. Axioma's established
market leadership and dedicated focus on portfolio optimization and risk
management analytics, combined with SimCorp's strong platform and broader
capabilities, create a powerful client-first offering across the entire
investment management value chain," said Christian Kromann, the CEO of
SimCorp.</p><p>ADX Collaborates with ICE
Global Network</p><p>The Abu
Dhabi Securities Exchange (<a href="https://www.financemagnates.com/tag/adx/" target="_blank" rel="follow">ADX</a>) is set to enhance its global reach by
partnering with ICE Global Network, offering direct market access to worldwide
investors. This strategic move, a first for Middle Eastern financial markets,
will connect ADX to a broader investor community and contribute to the economic
growth of the UAE.</p><p>"ADX's
collaboration with ICE Global Network, widely used by financial institutions
and trading firms around the world, aligns with our strategic goal to enhance
connectivity in the market and demonstrates our commitment to facilitating
access for global investors in Europe, Asia and the US to one of the world's
fastest growing markets," said Abdulla Salem Alnuaimi, the Chief Executive
Officer of ADX.</p><p>SC Malaysia Cracks Down on
Unlicensed Activities</p><p><a href="https://www.financemagnates.com/tag/malaysia/" target="_blank" rel="follow">The
Securities Commission Malaysia</a> has charged Muhamad Fadzli Jamaludin for
conducting fund management business without a proper license. This enforcement
is part of SC's commitment to regulate capital market activities and protect
investors from unauthorized investment schemes.</p><p>"Fadzli
claimed trial to all three charges. Sessions Court judge Datin Sabariah Othman
granted bail at RM80,000 with one surety for all three charges. In addition, he
was also ordered to surrender his passport to the court and report to the SC on
a monthly basis until the completion of the trial," the Commission
explained.</p><p>OKX Appoints New General
Manager for MENA</p><p>OKX has
appointed Rifad Mahasneh as the General Manager for the MENA region,
emphasizing its growth and commitment to the rapidly expanding digital assets
and Web3 sector in the area. Mahasneh's role will focus on leading operations
and enhancing OKX's regional market presence.</p><p>"We're
thrilled to welcome Rifad as <a href="https://www.financemagnates.com/tag/okx/" target="_blank" rel="follow">OKX's </a>leader in MENA. With his extensive
background in digital assets, finance and growth, and years of local leadership
in the region, Rifad is a key strong addition to the team," Hong Fang, the
President at OKX, said. "With MENA being one of the fastest growing
markets globally for digital assets and Web3 adoption, this appointment is a
testament to our commitment to drive sustainable growth in this region."</p><p>Laser Digital Launches
Ethereum Adoption Fund</p><p>Laser
Digital, a subsidiary of <a href="https://www.financemagnates.com/tag/nomura/" target="_blank" rel="follow">Nomura</a>, has launched an Ethereum Adoption Fund
targeting institutional investors. The fund represents a strategic investment
in Ethereum, incorporating a yield enhancement strategy through staking, and is
part of a series aimed at encouraging digital asset adoption among
institutions.</p><p>"Technology
is a key driver of economic growth and transforms a large part of the economy
from being analogue to digital," Sebastien Guglietta, the Head of Laser
Digital Asset Management, commented on launching the fund. "Ethereum is
one of the enablers of this long-lasting transformational change. Hence, being
exposed to Ethereum in the long run is considered a solution to capture this
structural technology trend and the pace at which the Web 3.0 economy expands
its network effect."</p>

This article was written by Damian Chmiel at www.financemagnates.com.