News Nuggets | 5 October: FXCM AU Renames to Stratos, ACY Hires Ex-Economy Minister

<p>FXCM Australia Renamed to
Stratos Trading</p><p>A few weeks
after the UK's and Cypriot branches of <a href="https://www.financemagnates.com/tag/fxcm/" target="_blank" rel="follow">FXCM </a>rebranded to Stratos Markets
Limited and Stratos Europe Ltd., the Australian subsidiary also changed its
official name. According to the registry of companies authorized by ASIC, the
company changed its name from FXCM Australia Pty. Ltd. to Stratos Trading Pty.
Ltd.</p><p>All
indications suggest that the change in the company serving as the broker's
operator does not affect the rebranding of FXCM. At least for now. FXCM
originated from the now-defunct Global Brokerage Inc., which declared
bankruptcy in 2017. The company's roots date to 1999 in New York, a global
financial hub.</p><p>ACY Securities Appoints Alchaar
as Chief Economist</p><p>ACY
Securities, a global multi-asset CFD broker, has welcomed Dr Nedal Alchaar as
the Chief Economist for their MENA team. Dr Alchaar is a renowned figure in
finance, economics, and academia, with a rich background that includes serving
as the Minister of Economy and Trade in Syria. </p><p>He has also
been an adjunct professor at George Washington University and has received
multiple accolades, including nominations for the Nobel Prize. ACY Securities
believes that Dr Alchaar's expertise will significantly benefit their clients
and keep the company at the forefront of industry innovation.</p><p>Colt Technology Identifies
Growth Avenues in AI</p><p>Colt
Technology Services has released a report highlighting new AI and digital
infrastructure growth opportunities. The study surveyed 755 IT leaders and
found that technologies like 5G, agile connectivity, and edge computing are
considered essential for AI adoption. </p><p>The report
also emphasized the increasing importance of On-Demand connectivity, with 89%
of respondents planning to use or already using this feature. The study
suggests that IT leaders are looking for diverse partners to expand their
knowledge in these areas, presenting opportunities for SaaS providers, hardware
vendors, and consultants.</p><p>CMCC Global Launches $100
Million Fund</p><p>The Hong
Kong-based venture capital firm CMCC Global has successfully raised $100
million for its new Titan Fund to support early-stage blockchain startups in
Asia. The fund attracted more than 30 investors, including significant names
like Winklevoss Capital and Jebsen Capital. </p><p>Martin
Baumann, the Co-Founder of CMCC Global, stated that the fund would focus heavily on
Hong Kong-based companies. The Titan Fund is CMCC Global's fourth fund despite a challenging funding environment in the crypto sector.</p><p>SIX Digital Exchange
Collaborates with Invest Direct for Private Markets</p><p><a href="https://www.financemagnates.com/tag/six/" target="_blank" rel="follow">SDX</a>, the
world's first fully regulated digital asset financial market infrastructure by SIX,
has entered discussions with Invest Direct, a Geneva-based startup specializing
in independent company assessments and investor matchmaking. The collaboration
aims to enhance transparency and standardization in SDX's private equity
offerings. Invest Direct's team, led by Frank Levy, will assist private
companies throughout their funding process, providing independent assessments
and connecting them with professional investors.</p><p>Cboe Global Markets Announces
September 2023 Trading Volume</p><p>Cboe Global
Markets, a leading derivatives and securities exchange network, has released
its trading volume statistics for September 2023. The report covers various
segments, including options, futures, and equities. Notably, the average daily
trading volume (ADV) for index options witnessed an increase of 14.3% compared to
September 2022. </p><p>However, US
equities on exchange experienced a decline of 16.2% in matched shares. The company
also provided insights into its third-quarter performance, highlighting new
volume records in its proprietary product suite.</p><p>FlexTrade Partners with
Axioma for Portfolio Optimization</p><p><a href="https://www.financemagnates.com/tag/flextrade/" target="_blank" rel="follow">FlexTrade</a>,
a trading solutions provider, has partnered with Axioma to integrate its
Portfolio Optimizer into FlexONE, FlexTrade's order and execution management
system. The integration aims to automate portfolio rebalancing based on various
criteria like risk tolerance and investment constraints. </p><p>Jose
Cortez, the VP of Buy-Side Sales at FlexTrade, stated that the partnership would
offer clients a more efficient workflow across trading, operations, and risk
management, enhancing the role of trading desks in risk management and
portfolio optimization.</p><p>Citigroup Outlines
Upcoming Organizational Changes</p><p>According
to a global memo sent to staff, Citigroup is undergoing its most significant
reorganization in decades. The memo, written by Sara Wechter, the bank's Chief
Human Resources Officer, indicates that roles will be reassessed, created, or
eliminated to fit the new structure. </p><p>The changes
are set to be announced in November. Employees whose roles are eliminated may
be eligible for severance pay and can apply for other positions within the
company.</p><p>Deutsche Bank Appoints New
Head of Human Resources</p><p><a href="https://www.financemagnates.com/tag/deutsche-bank/" target="_blank" rel="follow">Deutsche
Bank</a> has named Volker Steuer as its new Head of Human Resources. Steuer, who
has been with the bank for over 30 years, will report to Rebecca Short, a Member
of the Management Board and the Group's Chief Operating Officer. </p><p>The
appointment is part of Deutsche Bank's ongoing transformation, and Steuer aims
to focus on evolving the workforce to meet changing client expectations and
market conditions.</p><p>FCA's Regulatory Action against
Christopher Vincent Summers</p><p>The UK
Financial Conduct Authority (FCA) has prohibited Christopher Vincent Summers
from performing any regulated activities due to his criminal activities between
2014 and 2019. Summers was convicted of fraud and sentenced to six years in
prison. The Authority stated that Summers' actions demonstrated a severe lack
of honesty and integrity, making him unfit for any regulated activities.</p><p>Wirex Limited Revises
E-Money Contract Terms</p><p>In a separate
action, the <a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA </a>informed that Wirex Limited has committed to revising its e-money
contract terms under the Consumer Rights Act 2015. The firm will remove three
terms that were considered likely to be unfair to consumers. </p><p>These terms
are related to the firm's liability in case of account suspension, limitations
on compensation, and exclusion of commitments implied by law. The changes aim
to provide clearer and fairer conditions for consumers, effective from January
1, 2024.</p>

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