News Nuggets | 11 September: New Spectrum Markets Member; AsiaNext's Singapore License

<p>CySEC Informs on Russian
'Forced Transfers'</p><p>The Cyprus
Securities and Exchange Commission (<a href="https://www.financemagnates.com/tag/cysec/" target="_blank" rel="follow">CySEC</a>) has issued a circular regarding new
Russian Federation Federal Laws that affect the transfer of Russian securities.
The laws allow for the transfer of securities from non-Russian custodians to
Russian custodians under certain conditions. </p><p>CySEC has
requested regulated entities to provide information on customers who have
proceeded with these 'Forced Transfers.' The deadline for this information is 25
September 2023.</p><p>Spain's CNMV Issues New
Warnings on Unregistered Entities</p><p>The
National Securities Market Commission (<a href="https://www.financemagnates.com/tag/cnmv/" target="_blank" rel="follow">CNMV</a>) in Spain has issued warnings
against several entities for operating without proper authorization. These
entities include Proinvest, NinjaTrader, Equitiz, and others. </p><p>According
to the CNMV, these institutions are not registered and, therefore, are not
authorized to provide investment services. The warning serves as a cautionary
note to potential investors and market participants to steer clear of these
entities.</p><p>Progmat to
Boost Digital Asset Market in Japan</p><p>Major
financial institutions in Japan, including Mitsubishi UFJ Trust and Banking
Corporation and Mizuho Trust &amp; Banking Co., Ltd., have allied themselves to establish Progmat, Inc. </p><p>This new
company aims to develop a <a href="https://www.financemagnates.com/tag/crypto/" target="_blank" rel="follow">digital asset</a> issuance and management platform.
The Digital Asset Co-Creation Consortium (DCC), managed by Progmat, Inc., has
214 member companies. The alliance aims to improve market convenience and
enhance the competitiveness of the digital asset market in Japan.</p><p>Charlie Walker Appointed
as Deputy CEO of LSE</p><p>The London
Stock Exchange Group (<a href="https://www.financemagnates.com/tag/lseg/" target="_blank" rel="follow">LSEG</a>) has announced the appointment of Charlie Walker as
the deputy CEO of its main exchange. Walker will report to Julia Hoggett, the
CEO of the London Stock Exchange plc. </p><p>The
appointment comes amid ongoing reforms aimed at making the market more
appealing to investors and companies looking to list.</p><p>UBS to Cut Wealth
Management Jobs in Asia</p><p><a href="https://www.financemagnates.com/tag/ubs/" target="_blank" rel="follow">UBS </a>Group
is planning to cut jobs in its wealth management sector in Asia, following its
acquisition of Credit Suisse. The cuts are a response to the reduced client
activity and China's slowing economy. </p><p>The bank
plans to eliminate several hundred roles, primarily those acquired through its absorption of Credit
Suisse, in Hong Kong and Singapore. However, the majority of private bankers in
Australia and India will be retained</p><p>Directa SIM Joins Spectrum Markets
</p><p>Italian retail broker, Directa SIM has become the latest member of IG-owned <a href="https://www.financemagnates.com/tag/spectrum-markets/">Spectrum Markets</a>, a pan-European trading venue for securitized derivatives. It will be a direct member of Spectrum Markets, meaning it can use proprietary technology to act as its own settlement agent.
</p><p>Directa has over 61,000 active accounts with combined customer assets of about €3.5 billion.
</p><p>“Spectrum’s philosophy has always been about finding a better way to do things for retail investors, and this is an ethos that we really share with Directa, so they are a very natural partner for us, and we’re delighted to have such a respected and pioneering retail broker joining the venue,” said Nicky Maan, the CEO at Spectrum Markets.
</p><p>AsiaNext Gains Singapore License
</p><p>AsiaNext, an institution-focused digital asset exchange, has received a Recognised Market Operator (RMO) license from the <a href="https://www.financemagnates.com/tag/monetary-authority-of-singapore/">Monetary Authority of Singapore</a> (MAS). The platform also holds an in-principle approval for a Capital Markets Services (CMS) license.
</p><p>With the new license, AsiaNext can operate as an organized market for securities and collective investment schemes.
</p><p>“Since our inception, the team has worked tirelessly to construct an institutional-grade exchange based on stringent compliance and risk management standards that govern our entire organization as well as the multi-asset classes that will be traded on our venue,” said Chong Kok Kee, the CEO at AsiaNext.</p><p>Malaysia’s SC Continues Crackdown
</p><p>Malaysia’s Securities Commission (SC) has added two more potential clones of legitimate financial services platforms to its Investors Alert list. The names are United Global Malaysia and Bill Morrisons Sdn Bhd.
</p><p>The fresh listing came days after the Southeast Asian regulator <a href="https://www.financemagnates.com/forex/news-nuggets-7-september-fortex-adds-cbcx-markets-new-etoro-uk-finance-head/">flagged five platforms</a> for suspicious activities within its jurisdictions.</p><p>HK Revokes Axial Capital Management Limited’s Licence
</p><p>The <a href="https://www.financemagnates.com/forex/hong-kongs-sfc-charges-24-in-ramp-and-dump-stock-investment-schemes/">Securities and Futures Commission</a> (SFC) has found Axial Capital Management Limited (Axial) in violation of repeated compliance violations and thus revoked its license. The regulator also suspended the license of Axial’s responsible officer (RO), Eugene Chung, for five years.
</p><p>According to the SFC, the company did not maintain the mandatory required liquid capital of $100,000 for a consecutive period of 19 months, from 28 March 2019 to 16 October 2020. Although the company was aware of the lapse, it informed the regulator about it after 18 months.
</p><p>“The SFC is of the view that Axial’s conduct was not only in breach of the SFO, the FRR, and the Code of Conduct, but also amounted to flouting the FRR regime. Under the circumstances, the conduct of Axial fell far short of the standards expected of licensed intermediaries,” the SFC’s announcement stated.</p><p>Goldman Sachs Joins Eurex
</p><p>Goldman Sachs has become a new member of the lifted FX Futures business of <a href="https://www.financemagnates.com/tag/eurex/">Eurex</a>, a European owned by the Deutsche Börse Group. Goldman Sachs has joined as a trading and clearing member and also a liquidity provider for off-book transactions.
</p><p>“We are delighted to see Goldman Sachs offering their global client base access to our listed FX derivatives suite,” said Jens Quiram, the Global Head of FIC Derivatives &amp; Repo Sales at Eurex. “Goldman Sachs’ engagement both as clearing member and liquidity provider will enable even more clients to benefit from listed FX liquidity at Eurex.”
</p><p>Joseph Nehorai, the Global Co-Head of Futures at Goldman Sachs, said: “With block trades and EFPs, we can offer access to OTC liquidity while transacting in a listed instrument. Increasing funding and capital costs evolving in FX markets are leading to a growing appetite to move towards listed FX derivatives. This enables the buy-side community to enjoy the advantages of OTC trading and centrally cleared derivatives.”</p>

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