News Nuggets | 20 November: FMA and Consob New Warnings; LSEG Appoints New CFO

<p>FMA NZ Warns against CapitalvestPRO</p><p>Financial Markets
Authority (<a href="https://www.financemagnates.com/tag/fma/" target="_blank" rel="follow">FMA</a>) of New Zealand has issued a warning about CapitalvestPRO, which
has the hallmarks of a scam. CapitalvestPRO falsely claims to be located and
registered in New Zealand, but does not appear in company records or the
Financial Service Providers Register. It offers financial services without
proper authorization from New Zealand or overseas regulators. The FMA warns
investors to be wary, as CapitalvestPRO does not appear to be a legitimate
company and lacks regulatory oversight.</p><p>The FMA
discovered the potential scam when investigating CapitalvestPRO's website and
stated address in New Zealand, which does not exist. The company also uses
multiple email addresses and a phone number to imply it operates in the country
falsely. The FMA warns the public to avoid interacting with CapitalvestPRO and
notifies investors to be vigilant against such financial scams.</p><p>Italy's
securities regulator CONSOB has ordered 5 new websites to be blocked for
offering financial services illegally without proper authorization. This brings
the total number of blocked scam websites to 970 since CONSOB was granted the
authority to black them out in 2019.</p><p>The Trading Pit Appoints
New Dealing Head</p><p>The
proprietary trading company, <a href="https://www.financemagnates.com/tag/the-trading-pit/" target="_blank" rel="follow">The Trading Pit</a>, has announced that Hakam Thajli joined
its ranks as the new Head of Dealing.</p><p>“I’m happy
to share that I’m starting a new position as Head of Dealing at The Trading Pit,”
Thajli commented on his LinkedIn profile.</p><p>In the
past, he worked for Orbex, Vinson Financial, and Falcon Brokers, starting his
career in finance over 20 years ago.</p><p>Interactive Brokers’
Platform Latest Build 10.26</p><p><a href="https://www.financemagnates.com/tag/interactive-brokers/" target="_blank" rel="follow">Interactive
Brokers</a> has released new features in Build 10.26 of its Trader Workstation
platform. Advisors can now choose static or dynamic allocations for models,
take advantage of tax loss harvesting across multiple securities and accounts,
easily roll futures contracts, and allocate trades by percentage of position
for account groups.</p><p>The update
provides more flexibility for advisors to manage client investments. The new
tax loss harvesting tool identifies losing positions across accounts to lower
taxes. The futures roll feature streamlines rolling contracts through a
combination order. Overall, the latest build aims to improve advisors'
efficiency through enhanced allocation controls and trading tools.</p><p>CONSOB Blacks Out 5
Abusive Websites</p><p>The latest
abusive websites claim to offer cryptocurrency, trading, and investment
services. <a href="https://www.financemagnates.com/tag/consob/" target="_blank" rel="follow">CONSOB </a>states the blackouts are ongoing due to technical procedures,
but prevent further potential frauds against Italian investors. CONSOB reminds
investors to carefully check licenses, prospectuses, and registration of any
company offering financial services.</p><p>The
regulator maintains a "Watch for Scams!" section on its website to
warn about fraudulent schemes. CONSOB continues monitoring activities to
protect investors by using its powers to block websites that pose threats. The
black-outs underscore the need for heightened diligence when evaluating
investment opportunities online</p><p>Astra Financial and WeLab
Launch Bank Saqu </p><p>Astra
Financial and WeLab have launched a new <a href="https://www.financemagnates.com/tag/digital-banking/" target="_blank" rel="follow">digital banking</a> service in Indonesia called Bank Saqu. Bank Saqu is designed to meet the needs of individuals and
SMEs with a solopreneur spirit. It provides tools to help customers easily
manage their finances, such as creating customized pockets for side-hustle
income and expenses. The launch aligns with Astra and WeLab's goals to drive
innovation in financial technology and increase financial inclusion in
Indonesia.</p><p>Bank Saqu
emerges at an opportune time, as a recent study predicts that 1 in 3
Indonesians will be solopreneurs by 2030. Astra Financial and WeLab aim for
Bank Saqu to contribute to the growth of the Indonesian banking industry
through its digital capabilities and collaboration between the two companies. </p><p>ASIC and RBA Acknowledge
ASX’s CHESS Solution Design Announcement</p><p><a href="https://www.financemagnates.com/tag/asic/" target="_blank" rel="follow">ASIC</a>, the
Australian financial watchdog, and the Rerserve Bank of Australia (RBA) have
acknowledged ASX's announcement of a new solution design to replace the CHESS
securities settlement system. The product-based solution and vendor were
recommended by an advisory group established to provide input on strategic
clearing and <a href="https://www.financemagnates.com/terms/s/settlement/">settlement</a> issues. </p><p>While
acknowledging the announcement as a foundational step, ASIC notes ASX still requires significant work to deliver the replacement on a
realistic timeline. ASIC and the RBA expect ASX to focus on engaging with the
market on the detailed design and address findings from past audits to avoid
repeating previous issues. group will provide ongoing advice throughout the process</p><p>New Commissioners Commence at ASIC</p><p>ASIC Chairman
Joe Longo welcomed new Commissioners Simone Constant and Alan Kirkland as they
began 5-year terms. The Treasurer had announced their appointments alongside
Kate O'Rourke to serve alongside Longo, Deputy Chair Sarah Court, and Deputy
Chair Karen Chester. Longo said the Commissioners' experience will support ASIC
in delivering on strategic priorities and maintaining consumer protection focus
amid cost of living pressures.</p><p>Constant
will initially focus on markets and superannuation, Kirkland on insurance,
credit, financial advice and investments, and O'Rourke on banking, payments,
audit, insolvency and registers. </p><p>LSEG Appoints Michel-Alain
Proch as Chief Financial Officer</p><p>The London
Stock Exchange Group (<a href="https://www.financemagnates.com/tag/lseg/" target="_blank" rel="follow">LSEG</a>) has appointed Michel-Alain Proch as its new Chief
Financial Officer (CFO). Proch will join LSEG on 26 February 2024 and
officially succeed Anna Manz on the Board on 1 March 2024. He brings experience
from CFO roles at global companies including Publicis Groupe, Ingenico, and
Atos.</p><p>LSEG CEO
David Schwimmer welcomed Proch, stating his expertise across financial
infrastructure and data solutions firms will be valuable as LSEG executes its
strategic growth. </p><p>UAE-Based Fuze Receives
Broker Dealer Licence from Dubai’s VARA</p><p>Fuze, a
digital assets company based in Abu Dhabi, has been granted a virtual assets
service provider licence by Dubai's Virtual Assets Regulatory Authority (<a href="https://www.financemagnates.com/tag/vara/" target="_blank" rel="follow">VARA</a>).
The VARA licence enables Fuze to offer regulated broker-dealer services for virtual
assets like <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a> and stablecoins.</p><p>In
September, Fuze raised $14 million and works with banks and enterprises to
embed digital asset capabilities. Its CEO, Mohammed Ali Yusuf said the VARA
licence allows Fuze to provide regulated infrastructure so businesses can
confidently adopt its services as Dubai grows as a digital assets hub. The
regulatory approval positions Fuze to expand its broker-dealer offerings in the
UAE's expanding virtual asset industry.</p>

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