News Nuggets | 16 November: Fortex Integrates with StoneX; XS.com Appoints Country Manager

<p>Fortex Integrates
Platforms with StoneX for Enhanced Liquidity</p><p>Fortex
integrated its XForce Trading Platform and XAggregator Liquidity Management
Platform with StoneX, offering clients new trading opportunities. The
integration introduces advanced tools and access to StoneX's
institutional-grade trading services and liquidity.</p><p><a href="https://www.financemagnates.com/tag/fortex/" target="_blank" rel="follow">Fortex</a> said
this provides enhanced liquidity, institutional-grade trading via StoneX's
expertise, and trusted liquidity, given StoneX's reputation. Fortex remains
dedicated to delivering innovative trading solutions and the industry's best
tools.</p><p>XS.com Appoints New
Vietnam Country Manager</p><p><a href="https://www.financemagnates.com/tag/xscom/" target="_blank" rel="follow">XS.com</a>, a
global <a href="https://www.financemagnates.com/terms/f/fintech/">fintech</a> and financial services provider, has appointed Hanna Chung as the Country Manager for Vietnam. Chung has over a decade of experience in financial
services and a proven track record of managing and expanding financial markets
in Vietnam.</p><p>Her
appointment comes as XS.com continues its global expansion, establishing a
presence in Vietnam's dynamic market. </p><p>"I
look forward to collaborating with clients, partners, and the XS.com team to
introduce innovative financial solutions to the Vietnamese market," Chung
commented.</p><p>Wedbush Securities Fined
$350,000 for Supervisory Failures</p><p>FINRA fined
Wedbush Securities $350,000 for supervisory failures regarding monitoring
customer fund transfers from June 2020 to February 2021. The firm failed to investigate red flags around fraudulent wire requests reasonably.</p><p>Wedbush's procedures did not specify steps to evaluate request legitimacy. This resulted
in approving hacker wire requests without confirmation. The company later updated
procedures to require verifying wires over certain amounts. </p><p>These supervisory failures violated <a href="https://www.financemagnates.com/tag/finra/" target="_blank" rel="follow">FINRA </a>Rules 3110 and 2010. Wedbush was censured
and agreed to certify the completion of supervisory system enhancements.</p><p>HSBC Goes Live on
Broadridge's Distributed Ledger Repo Platform</p><p>Global
fintech leader Broadridge announced that <a href="https://www.financemagnates.com/tag/hsbc/" target="_blank" rel="follow">HSBC</a> successfully went live on its
newly launched distributed ledger repo platform. The platform uses distributed
ledger technology and smart contracts to deliver major benefits like reduced
settlement costs, streamlined processes, and decreased operational risks.</p><p>HSBC is the
second client to go live since the sponsored repo solution launch in early
October. John Farrell, Americas Head of Markets Operations at HSBC, said the
platform will empower HSBC to enhance efficiencies, mitigate transaction
failure risks, and significantly lower settlement costs.</p><p>Digital Asset Custodian
Liminal Gets ADGM Approval</p><p>Liminal, a
digital asset custody and wallet infrastructure provider, received In-Principle
Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (<a href="https://www.financemagnates.com/tag/adgm/" target="_blank" rel="follow">ADGM)</a> to operate as a virtual asset custodian. This
reflects Liminal's commitment to meeting the growing demands of digital assets
while upholding high regulatory standards.</p><p>Receiving
the Financial Services Permission from FSRA will allow Liminal to extend its
custodial services as a trusted provider within ADGM and the broader Middle East and North Africa region. Liminal acknowledged FSRA's regulatory framework for fostering
innovation while ensuring consumer protection.</p><p>FCA Appoints Members to
Competition Decisions Committees</p><p>The Financial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA) </a>and
Prudential Regulation Authority (PSR) have recently enhanced their Competition
Decisions Committees (CDCs) with the appointment of Ulrike Hotopp and Claire Whyley. These committees are tasked with making key competition law decisions. Members are
selected based on their extensive expertise in competition and track record in evidence-based
decision-making.</p><p>Hotopp brings over 25 years of experience as an economist, having worked in both government and private sectors.
Whyley, on the other hand, is a seasoned professional in consumer research and policy, with a diverse background covering financial services, energy, retail, and more. Their appointments will enable
the CDCs to maintain high standards.</p><p>SEC Charges Trader Matthew
Melton with $1.5 Million Fraud</p><p>The <a href="https://www.financemagnates.com/tag/sec/" target="_blank" rel="follow">SEC</a>
charged algorithmic trader Matthew Melton with defrauding investors out of over
$1.5 million. Melton allegedly made false claims about the profitability of his
Price Physics trading algorithm and misappropriated investor funds.</p><p>The SEC
alleges that from 2018-2020, Melton raised over $3.4 million by claiming his
algorithm generated 12% monthly returns, but his trading was consistently
unprofitable. He allegedly misused investor funds for Ponzi-like payments
and personal expenses instead of trading. The SEC
charged the algorithmic trader with violations of federal securities laws and seeks
disgorgement, penalties, and an officer-and-director bar. The US Attorney's
Office announced parallel criminal charges.</p><p>Paxos Receives MAS
Approval for Stablecoin Entity in Singapore</p><p><a href="https://www.financemagnates.com/tag/paxos/" target="_blank" rel="follow">Paxos
</a>secured an in-principle approval from the Monetary Authority of Singapore (MAS) for
its new entity, Paxos Digital Singapore, to offer digital payment token
services. This entity will issue a new US dollar <a href="https://www.financemagnates.com/terms/s/stablecoin/">stablecoin</a> that
MAS acknowledged as compliant with its proposed stablecoin framework.</p><p>This is
Paxos' first expansion into Asia of a US dollar stablecoin platform. Paxos can
partner with clients to issue the stablecoin in Singapore upon full approval.
The firm upholds regulatory compliance and oversight standards, so this approval
represents significant progress toward mainstream stablecoin adoption.</p><p>ASIC and AFSA Sign the Updated
Memorandum of Understanding</p><p>The
Australian Securities and Investments Commission (<a href="https://www.financemagnates.com/tag/asic/" target="_blank" rel="follow">ASIC</a>) and Australian
Financial Security Authority (AFSA) signed a refreshed Memorandum of
Understanding (MoU) to continue cooperation.</p><p>The updated
MoU sets a framework for exchanging information and working together on
strategic priorities. It aligns with reforms stating that ASIC and AFSA should
cooperate regarding registered liquidators who are also registered trustees.
The MoU demonstrates their commitment to a whole-of-government approach to
promoting confidence in the financial system.</p><p>Updated Data for B3
Futures</p><p><a href="https://www.financemagnates.com/tag/tradingview/" target="_blank" rel="follow">TradingView
</a>has enhanced the futures data available from B3, a leading global exchange.
Users now have the flexibility to toggle between settlement and last prices on
charts to see the closing value. Previously, only the last trade prices were shown.</p><p>The update
also introduces back-adjusted continuous contracts and open interest data.
These features aid in analyzing historical performance and trading volume.
TradingView aims to provide maximum value from integrated market data. The
improved B3 futures feed offers helpful new capabilities to users.</p>

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