News Nuggets | 3 July: USD LIBOR Ceases; MetaTrader Web Terminals Change Addresses

<p>US Dollar LIBOR Panel
Ceases</p><p>The US
dollar London Interbank Offered Rate (<a href="https://www.financemagnates.com/tag/libor/" target="_blank" rel="follow">LIBOR</a>) panel has officially been
discontinued, marking a significant shift in the global financial sector. According
to the UK’s FCA, as of 30 June 2023, the overnight and 12-month US dollar LIBOR
settings have ceased permanently, and the 1-, 3-, and 6-month US dollar LIBOR
settings are now published in a synthetic form. The LIBOR panel's final
cessation signifies the end of an era in banking, with synthetic LIBOR rates no
longer representative of the underlying markets.</p><p>The
synthetic US dollar LIBOR settings, now regulated under the Benchmarks
Regulation, will be calculated based on the relevant CME Term SOFR Reference
Rate plus the respective ISDA fixed spread adjustment until September 2024. </p><p>From July 2023,
all new use of synthetic US dollar LIBOR has been prohibited. Major
clearinghouses have since converted cleared derivative contracts previously
referencing US dollar LIBOR to risk-free rates. </p><p>MetaTrader Web Terminals
Move to New Address</p><p>The web
terminals for both MetaTrader 4 and MetaTrader 5 have relocated from the former
<a href="https://trade.mql5.com/trade" target="_blank" rel="nofollow">https://trade.mql5.com/trade</a> to the new address, <a href="https://metatraderweb.app/trade" target="_new">https://metatraderweb.app/trade</a>. MetaQuotes has informed that support
for the MetaTrader 5 Web version will discontinue from 1 August 2023, while the
MetaTrader 4 Web will persist.</p><p>Users of
the old <a href="https://www.financemagnates.com/tag/metatrader/" target="_blank" rel="follow">MetaTrader 5 Web</a> terminal are advised to request the new version of
MetaTrader 5 WebTerminal from their brokers. The newer version offers enhanced
functionality and efficiency and is compatible across various platforms such as
Linux, Mac, iOS, and Android OS. </p><p>Unlike the
older version, the new MetaTrader 5 WebTerminal enables a direct connection to
the specific broker, simplifying the login process.</p><p>FCA and CNMV Warnings on Unauthorized
Firms</p><p>The UK’s
<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA </a>has issued new warnings against unauthorized companies, including DEUS,
Diluxmoon, Igenius FX, VELOXTRADES, and Ultranovas. The FCA noted that these
companies are not authorized or registered to provide financial services and
cautioned the public about their activities.</p><p>Similarly,
Spain's National Securities Market Commission (CNMV) has also warned about
several entities, including EQUIPO JUANFE, SMART+, SBC SMARTFUND LIMITED, and
TRADECENTRIX. According to the CNMV, these entities are not registered in its
registry and, thus are not authorized to provide investment services or other
activities under its purview. </p><p>The FCA and
CNMV's warnings highlight the growing need for investor awareness and vigilance
in the financial sector.</p><p>ASIC Permanently Bans
David Sutton</p><p>The
Australian Securities and Investments Commission (<a href="https://www.financemagnates.com/tag/asic/" target="_blank" rel="follow">ASIC</a>) has permanently banned
Sydney-based director David Henty Sutton from providing any financial services.
This decision results from ASIC's concerns arising from Sutton's activities
in offering investment in unlisted shares via his company, McFaddens Securities
Pty Ltd, now known as APC Securities Pty Ltd.</p><p>Along with
banning Sutton, ASIC has canceled the Australian financial services license of
McFaddens Securities. The company was found to have misled investors in
Australia and overseas about investments. This decision underlines ASIC's
commitment to ensuring a fair and transparent financial market.</p><p>XS.com Appoints New Business
Development Manager</p><p>The retail
trading company XS.com informed yesterday (Sunday) that it onboarded Joanna
Atwi as a new Business Development Manager for the MENA region. </p><p>“I'm
excited to announce that I joined the XS.com family as Business Development
Manager, MENA,” Atwi commented in a LinkedIn post.</p><p>In the past,
Atwi worked for ICM.com, where she spent more than five years. Firstly, as
the Business Development Associate and last five months as the Business
Development Manager. Previously, she worked for Trust Capital S.A.L as the Sales
Executive.</p><p>Barclays Appoints New Head
of TMT</p><p><a href="https://www.financemagnates.com/tag/barclays/" target="_blank" rel="follow">Barclays
</a>has announced the appointment of Akihiko Yamada as the Managing Director and
Head of Technology, Media and Telecom (TMT) Investment Banking for Japan. Mr.
Yamada, with over 17 years of experience in TMT client coverage, has a profound
understanding of complex M&amp;A transactions and capital markets.</p><p>Previously
working with Bank of America and Goldman Sachs, Yamada brings a wealth of
knowledge and industry relationships to Barclays. As the TMT sector continues
to expand in Japan, Mr. Yamada's appointment further solidifies Barclays' focus
on growing their investment banking business across the Asia-Pacific region.</p><p>UBS Plans to Forego Credit
Suisse Backstop</p><p><a href="https://www.financemagnates.com/tag/ubs/" target="_blank" rel="follow">UBS Group
AG</a> is aiming to avoid using a $10 billion backstop for Credit Suisse amid a
backlash, according to a report by the Financial Times. The bank is
hopeful to announce that it will not call on the government backstop when it
publishes its second-quarter results on 31 August 2023.</p><p>In June,
UBS reached an agreement with the Swiss government for a guarantee of up to nine
billion Swiss francs ($10 billion) of losses that UBS might incur from the sale
of its rival's assets beyond five billion francs the lender is due to cover
itself. However, both UBS and the government are keen to refrain from using the
federal guarantee as much as possible to minimize potential losses and risks.</p>

This article was written by Finance Magnates Staff at www.financemagnates.com.