News Nuggets | 13 November: Revolut Raises Fees; Lloyds Alerts on Crypto Scams

<p>Revolut Raises Fees</p><p>Revolut has
announced an increase in its monthly fees for Plus, Premium, and Metal
customers in the UK, bringing additional benefits for subscribers.
The Plus plan will rise to £3.99 from £2.99, the Premium to £7.99 from £6.99,
and the Metal plan will see a £2 increase to £14.99 per month. </p><p>Subscribers
can maintain their monthly fee by switching to annual
billing before a specified date. The updated plans will offer access to
lifestyle app subscriptions, potentially saving customers up to £1,730
annually, along with existing benefits such as global travel insurance and
higher limits for fee-free ATM withdrawals. </p><p>"We’re
launching a unique offering, which will bring together a carefully selected
bundle of lifestyle subscription services included with your Revolut Plan,” Tara
Massoudi, the General Manager of Premium Products at <a href="https://www.financemagnates.com/tag/revolut/" target="_blank" rel="follow">Revolut</a>, commented. </p><p>Lloyds Banking Group
Alerts on Crypto Scams</p><p><a href="https://www.financemagnates.com/tag/lloyds/" target="_blank" rel="follow">Lloyds
</a>Banking Group has indicated a worrying 23% rise in reported cryptocurrency
investment scams this year compared to the previous period, with victims losing
an average of £10,741 each.</p><p> A majority of these scams originate on social
media platforms like Instagram and Facebook, employing tactics such as false
advertisements and fake celebrity endorsements. The demographic most affected
falls within the 25 to 34 age bracket. </p><p>Lloyds Bank
notes that victims often use Revolut to make scam <a href="https://www.financemagnates.com/terms/p/payments/">payments</a>, which are
then quickly transferred elsewhere. Liz Ziegler from Lloyds Bank calls for
increased responsibility from social media companies to protect their users and
to assist in refunding defrauded customers.</p><p>CME Group Announces the New
Head of Growth</p><p><a href="https://www.financemagnates.com/tag/cme/" target="_blank" rel="follow">CME Group</a>
announced that after nearly ten years of being part of the London team, Phil
Hermon has been appointed as the Head of Growth and Execution for CME FX. He
previously held the position of the Global Lead for FX Futures and the EMA
Business Lead for OTC Products. </p><p>“I’m happy
to share that I’m starting a new position as Head of Growth and Execution at
CME Group,” Hermon commented on his LinkedIn profile.</p><p>He started
his career in financial markets in 2022 as an analyst at Goldman Sachs, then
spent five years serving as a Captain in the British Army. In 2008, he returned
to finance as the EU Head of Client Solutions for OTC Clearing at Morgan
Stanley. Before joining CME, he also spent a year at RBS Markets in the
Clearing and Prime Brokerage Sales department.</p><p>Torstone Technology Aligns
with DTCC</p><p><a href="https://www.financemagnates.com/tag/torstone-technology/" target="_blank" rel="follow">Torstone
Technology</a>, a post-trade securities and derivatives processing provider, has
achieved certification with DTCC’s Central Trade Manager, enhancing its Middle
Office product. This integration is particularly significant as the industry
prepares for a shorter T+1 settlement cycle in 2024. </p><p>The
collaboration with DTCC will offer clients automated central matching
capabilities and golden source Standing Settlement Instructions enrichment,
promising a more efficient and accurate post-trade process. </p><p>“We are
delighted to work with DTCC to offer the CTM trade matching service through our
platform to our clients in Asia, the Americas and Europe,” Brian Collings, the CEO
of Torstone Technology, commented. “With major post-trade structural changes on
the horizon, including T+1 for North American markets in 2024, Torstone
Technology provides a real-time, event-driven platform to support our clients’
requirements to meet the demands for efficiency and accuracy.”</p><p>Mizuho Financial Group
Optimistic on Profit Growth</p><p><a href="https://www.financemagnates.com/tag/mizuho/" target="_blank" rel="follow">Mizuho
Financial Group </a>has upgraded its annual profit forecast to 640 billion yen,
anticipating the highest earnings in eight years, driven by successful
investment banking, trading performance, and a favorable <a href="https://www.financemagnates.com/terms/e/exchange/">exchange</a> rate for the
yen. </p><p>The
Japanese banking giant has made strides in the U.S. investment banking sector,
including the acquisition of Greenhill &amp; Co. and participating in
high-profile IPOs. This reflects Mizuho’s strategic expansion into global
markets and its capacity to capitalize on international business opportunities.</p><p>Moscow Exchange Flourishes
in Q3 2023</p><p><a href="https://www.financemagnates.com/tag/moex/" target="_blank" rel="follow">The Moscow
Exchange</a> has posted a strong performance for Q3 2023, with a 60.9% increase in
fee and commission income and a 29.3% rise in adjusted net profit. The exchange
has introduced new strategies and updated its dividend policy, welcomed new
listings, and expanded its range of trading instruments. </p><p>Notable
achievements include the successful IPOs of Astra and Henderson, significant
growth in the bond market, and the expansion of soft commodity instruments. The
Moscow Exchange's efforts to refine its auction mechanisms and other measures
to stabilize pricing have contributed to its successful quarter.</p><p>SBI Digital Asset Holdings
and Authlete Strengthen Partnership</p><p>SBI Digital
Asset Holdings (<a href="https://www.financemagnates.com/tag/sbi/" target="_blank" rel="follow">SBI DAH</a>) and Authlete have signed a Memorandum of Understanding
to enhance their collaboration in digital identity solutions. This partnership
is set to explore the potential of digital identities and decentralized
identifiers, building on Authlete’s expertise in API security and SBI
DigiTrust’s Identity as a Service platform. </p><p>The
collaboration is expected to lead to innovative product development and
commercialization, reflecting the companies' commitment to advancing digital
identity security in the financial sector.</p><p>“Authlete’s
FAPI compliant SaaS component has enabled us to build a highly secure identity
management platform for financial institutions to trade digital assets
domestically and internationally with greater flexibility and operational
efficiency,” said Fernando Luis Vazquez Cao, the CEO of SBI DAH. </p>

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