News Nuggets | 17 October: Komainu Adds Gate.io; New Features on Fortex's XForce

<p>
FCA Warns against Admiral Markets Clone Firm</p><p>The
Financial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>) has issued a warning about a clone firm
impersonating Admiral Markets, a legitimate FCA-authorized firm. The clone, known
as AdmiralsFX, has been contacting people and offering financial services
without authorization. The FCA has urged the public to avoid dealing with this
clone firm, as it does not offer the protections provided by the Financial
Ombudsman Service or the Financial Services Compensation Scheme. </p><blockquote><p lang="en" dir="ltr">Watch out for <a href="https://twitter.com/AdmiralsGlobal?ref_src=twsrc%5Etfw">@AdmiralsGlobal</a> <a href="https://twitter.com/hashtag/AdmiralMarkets?src=hash&amp;ref_src=twsrc%5Etfw">#AdmiralMarkets</a> <a href="https://twitter.com/hashtag/clone?src=hash&amp;ref_src=twsrc%5Etfw">#clone</a>! New <a href="https://twitter.com/TheFCA?ref_src=twsrc%5Etfw">@TheFCA</a> warning <a href="https://t.co/LGgTeJieh2">pic.twitter.com/LGgTeJieh2</a></p>— Damian Chmiel (@ChmielDk) <a href="https://twitter.com/ChmielDk/status/1714243192726417895?ref_src=twsrc%5Etfw">October 17, 2023</a></blockquote><p>The clone
firm has been using multiple email addresses and websites to scam people,
mixing these details with the genuine information of Admiral Markets to appear
credible.</p><p>Bank of America's Q3 2023
Financial Results</p><p>Bank of
America (<a href="https://www.financemagnates.com/tag/bofa/" target="_blank" rel="follow">BofA</a>) has released its financial results for the third quarter of 2023,
showing a 10% increase in net income to $7.8 billion. Revenue increased by 3%
to $25.2 billion, driven by higher interest rates and loan growth.</p><p>The bank
also saw a rise in noninterest income and a provision for credit losses of $1.2
billion. Bank of America's CEO, Brian Moynihan, stated that the company
generated strong earnings despite a slowing economy and was able to continue
investments in people and technology.</p><p>Marqeta Partners with
Scalapay for BNPL Services in Europe</p><p><a href="https://www.financemagnates.com/tag/marqeta/" target="_blank" rel="follow">Marqeta</a>, a
global modern card issuing platform, has partnered with Scalapay,
Southern Europe's leading Buy Now, Pay Later (BNPL) provider. The partnership
aims to create a more seamless payment experience for both merchants and
consumers. </p><p>According
to Marqeta's fall 2022 survey, 35% of respondents now use BNPL services more
than credit cards. The partnership will leverage Marqeta's Just-in-Time Funding
feature to create and fund virtual cards for approved Scalapay consumers instantly.</p><p>Stax Payments Acquires
APPS to Expand Payment Processing Capabilities</p><p>Stax
Payments, a leading <a href="https://www.financemagnates.com/tag/payment/" target="_blank" rel="follow">payment technology provider</a>, has acquired Atlantic-Pacific
Processing Systems (APPS) to create an end-to-end payment processing platform.
The acquisition will expand Stax's technology stack, offering flexible and
customizable options for payment processing. </p><p>The new
platform, to be called Stax Processing, will serve as the foundational layer
for fintech offerings and is expected to debut in Q4 2023. Members of the APPS
leadership team will join Stax, with APPS CEO Abe Maghaguian becoming Chief
Payments Officer at Stax.</p><p dir="ltr">Komainu Connect Adds Gate.io</p><p dir="ltr"><a href="https://www.financemagnates.com/cryptocurrency/komainu-enters-uk-crypto-custody-space-with-fca-registration/">Komainu</a>, a regulated digital asset custody provider, has added Gate.io, a major digital asset exchange, to its Komainu Connect collateral management platform. </p><p dir="ltr">Launched in April, Komainu Connect enhances security by allowing clients to store assets safely while trading on Gate.io, eliminating the need to transfer assets for a safer and more independent investment experience for Gate.io's institutional clients.</p><p dir="ltr">"We are delighted to add another leading exchange to our growing collateral management ecosystem," said Darren Jordan, the Head of Sales at Komainu. "With the addition of Gate.io and a healthy pipeline of participants, we will continue to provide a vibrant and evolving offering for our clients."</p><p dir="ltr">Fortex Introduces New Features on XForce</p><p dir="ltr"><a href="https://www.financemagnates.com/tag/fortex-technologies/">Fortex</a> has updated its XFORCE trading platform with an array of new features, which, according to the technology provider, will further empower traders.</p><p dir="ltr">The newly added features are the display of the asking price line and instrumental details, improved language UI, intuitive search for instruments on market watch, quick chart access, extended history search, and broker's contact email.</p><p dir="ltr">"Our primary goal is to provide our clients with the best trading experience possible," said Aris Christoforou, a spokesperson for Fortex. "These new features and updates in XFORCE are a testament to our dedication to innovation, ensuring that our platform remains at the forefront of the industry."</p><p dir="ltr">Broadridge Financial Solutions Brings NYFIX Fill Matching</p><p dir="ltr"><a href="https://www.financemagnates.com/tag/broadridge-financial-solutions/">Broadridge Financial Solutions</a> (NYSE: BR) unveils NYFIX Fill Matching, a real-time FIX-based reconciliation platform designed for asset managers with high-volume and high-touch orders, unique in its ability to match fills between brokers and asset managers in real-time.</p><p dir="ltr">"As the T+1 time compression makes end-of-day processing challenging, Broadridge's new Fill Matching Solution will rapidly identify trade discrepancies, enabling clients to address and fix these issues before the close of the trading day," said George Rosenberger, the Head of NYFIX, Broadridge Trading and Connectivity Solutions. </p><p dir="ltr">"By reducing this key friction point, Broadridge is continuing to streamline and modernize the front-to-middle office environment for our buy-side clients."</p><p dir="ltr">ZE PowerGroup Integrates Fenics Market Data's Solutions</p><p dir="ltr">Fenics Market Data, a division within BGC Group, announced today (Tuesday) its partnership with ZE PowerGroup. With this, ZE's clients, through its data management solution, ZEMA, will have access to the full suite of energy and commodities pricing data from Fenics.</p><p dir="ltr">"Delivering our unique datasets through a best-in-class data management tool such as ZEMA allows businesses to reduce manual intervention through enhanced data accuracy and consistency," Rich Winter, the Global Head at Fenics Market Data. "This leads to faster trade execution and risk assessment while improving risk mitigation and reporting capabilities, benefiting all counterparties involved in the trade cycle."</p><p dir="ltr">Goldman Sachs Fined by CME</p><p dir="ltr"><a href="https://www.financemagnates.com/tag/cme-group/">CME Group</a> has taken disciplinary action against Goldman Sachs, imposing a monetary penalty of $150,000. Although not detailed, the action came in response to a violation of written records of all performance bond calls.</p><p dir="ltr">Goldman Sachs agreed to the settlement by paying the fine but neither agreed nor denied the violations. "In accepting this settlement offer, the Committee agreed to waive the fine if no similar violation is found during the next risk-based examination," CME stated in a notice.</p>

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