News Nuggets | 31 August: CQG Trader Platform Retires; Twitter to Collect Biometric Data

<p>CQG Announces Retirement
of CQG Trader Platform</p><p>CQG, a trading
technology solutions provider, has announced that it will retire its <a href="https://www.financemagnates.com/tag/cqg/" target="_blank" rel="follow">CQG Trader
platform</a> later this year. Starting from 1 July, the platform will no longer
accept new users, directing them to use CQG Desktop instead. The company will
provide further information on the transition for current users.</p><p>The move
indicates a strategic shift for CQG, encouraging customers to transition to CQG
Desktop. While specifics about the retirement process are yet to be disclosed,
it is clear that CQG is aiming to streamline its offerings and focus on more
modern solutions for its customer base.</p><p>Twitter Expands Data
Collection Policy</p><p>X, formerly
known as <a href="https://www.financemagnates.com/tag/twitter/" target="_blank" rel="follow">Twitter</a>, is updating its privacy policy to include biometric data
collection based on user consent. This move is a part of X's broader strategy
to enhance safety, security, and identification on the platform. However, the
specifics of what constitutes biometric data were not disclosed.</p><p>The policy
change comes amid ongoing criticism of social media companies for their data
collection practices. Elon Musk, who purchased Twitter last year, has been
vocal about his goal to authenticate accounts and promote services that apply a
blue checkmark, thereby indicating that the user is more likely to be human and
has paid a subscription fee.</p><p>FCA Issues New Warnings against
Unauthorized Firms</p><p>The
Financial Conduct Authority (<a href="https://www.financemagnates.com/tag/fca/" target="_blank" rel="follow">FCA</a>) has released a series of warnings against
companies that are not authorized or registered by the regulatory body. These
warnings were published on 31 August, 2023, and target six different companies:
CAPTECINVLTD.COM, FUNDEDSIGNALTRADES, ALPHALUXSE, PINNACLE ASSETS, FX MONSTERS,
and Trade Rescue. The FCA advises the public to be cautious and to find out
more about the risks associated with dealing with unauthorized firms.</p><p>Liquidnet Becomes Plato
Partnership's First Strategic Partner</p><p>Plato
Partnership, a not-for-profit organization that brings efficiencies to
the equity marketplace, has welcomed <a href="https://www.financemagnates.com/tag/liquidnet/" target="_blank" rel="follow">Liquidnet </a>as its first Strategic Partner.
Liquidnet, known for its technology-driven <a href="https://www.financemagnates.com/terms/e/execution/">execution</a> services, will contribute
to Plato's key initiatives that aim to innovate the capital markets. </p><p>These
initiatives include the Plato Strategic Initiatives Group, Plato's Market
Innovator (MI3) program, and the Turquoise Plato Expert Group. Each of these
has specific aims, such as improving market structures and identifying
solutions for better trade execution.</p><p>Chris
Jackson, the Global Head of Equity Strategy at Liquidnet, expressed enthusiasm
for Plato's work and confirmed Liquidnet's commitment to leverage technology
for more efficient financial markets. </p><p>Corentine Poilvet-Clédière
Takes the Helm at LCH SA</p><p>LCH Group
has announced the appointment of Corentine Poilvet-Clédière as its
European-based clearing house's CEO of <a href="https://www.financemagnates.com/tag/lch-clearnet/" target="_blank" rel="follow">LCH SA</a>, effective 1 October 2023. She
will be succeeding Christophe Hémon, who has led the company since 2004.
Poilvet-Clédière brings over 15 years of experience in the financial markets,
having previously worked in strategic roles, including Head of RepoClear and
Collateral Management at LCH SA.</p><p>She will
report to Daniel Maguire, the CEO of LCH Group and LSEG Head of Post Trade.
Corentine's experience in the financial markets, including her central role in
regulatory strategy at the London Stock Exchange Group (LSEG), makes her a
strong fit for the role. </p><p>Sumsub Introduces Free
Compliance Solution</p><p>Sumsub, a
global verification platform, is offering a six-month free trial of its Travel
Rule <a href="https://www.financemagnates.com/terms/c/compliance/">compliance</a> solution for <a href="https://www.financemagnates.com/tag/crypto/" target="_blank" rel="follow">cryptocurrency organizations</a>. This comes right
before the UK enforces new Crypto Travel Rule legislation to combat money
laundering and terrorism financing. The Financial Action Task Force (FATF)
Recommendation 16 will now extend to virtual assets and Virtual Asset Service
Providers (VASPs), requiring them to exchange and verify identifying
information for all transfers.</p><p>US
organizations operating in the UK must now adhere to this expanded legislation.
The new rule mandates compliance for all transactions, regardless of the
amount, although special requirements are in place for transactions exceeding
€1,000. </p><p>Goldman Sachs Faces
Scrutiny Over Fintech Partnerships</p><p>US banking
regulators have raised concerns about Goldman Sachs' risk and compliance
oversight in its partnerships with fintech companies. A division of the bank's
transaction business has halted onboarding riskier fintech clients following a
warning by the Federal Reserve (Fed). The issues cited include insufficient due
diligence and monitoring processes for high-risk non-bank clients.</p><p>This
setback adds to the challenges <a href="https://www.financemagnates.com/tag/goldman-sachs/" target="_blank" rel="follow">Goldman Sachs</a> is facing in its attempt to expand
into new business areas under the CEO, David Solomon. The Federal Reserve's
criticism highlights the need for stricter compliance measures, especially as
Goldman aims to provide banking infrastructure to fintech startups like Stripe
and Wise.</p>

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