EU
Regulators Step Back from Credit Suisse Writedowns
European
authorities emphasized their separation from Switzerland’s move to eliminate
$17 billion of Credit Suisse’s bonds following the bank’s bailout, asserting
they would prioritize writing down shareholders’ investments. In an interview
with CNBC, Dominique Laboureix, the Chair of the EU’s Single Resolution
Board, conveyed a distinct message to investors.
“In [a
banking] resolution here, in the European context, we would follow the
hierarchy, and we wanted to tell it very clearly to the investors, to avoid to
be misunderstood: we have no choice but to respect this hierarchy,” Laboureix
said.
LINE and
Mizuho Stop New Bank Project
LINE
Corporation and Mizuho Financial Group have announced their joint decision to
cease the development of a new ‘smartphone bank’. The project, spearheaded by
LINE Bank Preparatory Company, aimed to combine Mizuho Bank’s vast banking
expertise with LINE’s user-friendly UI/UX and over 94 million active users to
create an unprecedented banking experience within the LINE app.
However,
due to recent trends in financial digital transformation and growing concerns
over service security, both companies have agreed that the project would
require more time and investment than initially anticipated to meet customer
expectations.
Gemini to
Launch Crypto Derivatives Trading Platform
Cameron Winklevoss. Source: LinkedIn
Gemini,
the cryptocurrency exchange owned by the Winklevoss twins, is
examining possibilities to launch an international crypto derivatives trading
platform, according to The Information report from Wednesday.
The new
platform from Gemini would offer trading in perpetual futures. Derivatives of
this type are banned in the United States for retail investors due to their
somewhat risky nature. Making them available in another jurisdiction would
allow Gemini to offer users a product with no expiration date and the possibility
of high leverage.
Read the
full story here.
Nordnet Expands Google Cloud Partnership
Nordnet, a pan-Nordic digital savings and investments platform, has expanded its partnership with Google Cloud by five years, aiming to drive innovation and accelerate its transition to the cloud.
The company leverages Google Cloud’s secure infrastructure and data analytics and expects to offer most of its online services under cloud technology by 2025. Nordnet’s 1.7 million customers.
“The transition to the cloud has made us more agile when handling complex workloads and creating new or improved customer experiences,” said Elias Lindholm, the CTO at Nordnet.
Japan Exchange Group Gets Minority Stake in BOOSTRY
Japan Exchange Group has acquired a 5 percent stake in BOOSTRY, a decentralized finance platform, from Nomura. With this, Nomura now holds 51 percent of BOOSTRY, while NRI and SBI have 34 and 10 percent, respectively, stakes.
BOOSTRY, operated by a consortium of 15 companies, issue security tokens for securitized products and corporate bonds. Each company in the consortium performs a specific service, eliminating the chance of a monopoly in the industry.
Saxo to Launch New Marketing Portal
Denmark-headquartered Saxo Bank announced the expected rollout of a new marketing portal within SaxoPartnerConnect in the second half of April. With the new launch, Saxo will decommission the existing marketing portal, WebConnect. The fresh portal will consist of both new content as well as relevant content from the existing portal.
Saxo has been developing SaxoPartnerConnect since 2020 as the new flagship that can serve all types of partners. It is optimized for handling a client base with client screeners as well as bulk modules for corporate actions and case management.
Axi Expands Manchester City Sponsorship Deal
Australia-headquartered FX/CFDs broker, Axi (previously AxiTrader) announced the extension of its sports partnership with the top English football club, Manchester City FC. It has also expanded its sponsorship rights to include Manchester City women’s team.
Axi originally became a sponsor of Manchester City FC in September 2020, which coincided with its branding overhaul.
Louis Cooper, Chief Commercial Officer at Axi
Louis Cooper, the Chief Commercial Officer at Axi, said: “From a commercial perspective, the relationship has been extremely successful. Our alignment on a global scale with Manchester City’s brand and global fanbase has elevated our position in the marketplace.”
Read the full story here.
Crypto Exchange Beaxy Shutters
Beaxy has shuttered its operations after over three years of launching, following a lawsuit from the US Securities and Exchange (SEC) that charged the platform and its executives for operating an unregistered exchange, brokerage and clearing agency.
The lawsuit alleged that Artak Hamazaspyan, the crypto exchange’s Founder, and his company, Beaxy Digital Limited, for raising $8 million in an unregistered offering of the Beaxy token (BXY). The securities regulator further alleged that Hamazaspyan “misappropriated at least $900,000 for personal use, including gambling.”
Today we charged the crypto asset trading platform https://t.co/ykFkM2s0wY and its executives for failing to register as a national securities exchange, broker, and clearing agency, and we charged market makers operating on the Beaxy Platform as unregistered dealers.
— U.S. Securities and Exchange Commission (@SECGov) March 29, 2023
Read the full report here.
EU
Regulators Step Back from Credit Suisse Writedowns
European
authorities emphasized their separation from Switzerland’s move to eliminate
$17 billion of Credit Suisse’s bonds following the bank’s bailout, asserting
they would prioritize writing down shareholders’ investments. In an interview
with CNBC, Dominique Laboureix, the Chair of the EU’s Single Resolution
Board, conveyed a distinct message to investors.
“In [a
banking] resolution here, in the European context, we would follow the
hierarchy, and we wanted to tell it very clearly to the investors, to avoid to
be misunderstood: we have no choice but to respect this hierarchy,” Laboureix
said.
LINE and
Mizuho Stop New Bank Project
LINE
Corporation and Mizuho Financial Group have announced their joint decision to
cease the development of a new ‘smartphone bank’. The project, spearheaded by
LINE Bank Preparatory Company, aimed to combine Mizuho Bank’s vast banking
expertise with LINE’s user-friendly UI/UX and over 94 million active users to
create an unprecedented banking experience within the LINE app.
However,
due to recent trends in financial digital transformation and growing concerns
over service security, both companies have agreed that the project would
require more time and investment than initially anticipated to meet customer
expectations.
Gemini to
Launch Crypto Derivatives Trading Platform
Cameron Winklevoss. Source: LinkedIn
Gemini,
the cryptocurrency exchange owned by the Winklevoss twins, is
examining possibilities to launch an international crypto derivatives trading
platform, according to The Information report from Wednesday.
The new
platform from Gemini would offer trading in perpetual futures. Derivatives of
this type are banned in the United States for retail investors due to their
somewhat risky nature. Making them available in another jurisdiction would
allow Gemini to offer users a product with no expiration date and the possibility
of high leverage.
Read the
full story here.
Nordnet Expands Google Cloud Partnership
Nordnet, a pan-Nordic digital savings and investments platform, has expanded its partnership with Google Cloud by five years, aiming to drive innovation and accelerate its transition to the cloud.
The company leverages Google Cloud’s secure infrastructure and data analytics and expects to offer most of its online services under cloud technology by 2025. Nordnet’s 1.7 million customers.
“The transition to the cloud has made us more agile when handling complex workloads and creating new or improved customer experiences,” said Elias Lindholm, the CTO at Nordnet.
Japan Exchange Group Gets Minority Stake in BOOSTRY
Japan Exchange Group has acquired a 5 percent stake in BOOSTRY, a decentralized finance platform, from Nomura. With this, Nomura now holds 51 percent of BOOSTRY, while NRI and SBI have 34 and 10 percent, respectively, stakes.
BOOSTRY, operated by a consortium of 15 companies, issue security tokens for securitized products and corporate bonds. Each company in the consortium performs a specific service, eliminating the chance of a monopoly in the industry.
Saxo to Launch New Marketing Portal
Denmark-headquartered Saxo Bank announced the expected rollout of a new marketing portal within SaxoPartnerConnect in the second half of April. With the new launch, Saxo will decommission the existing marketing portal, WebConnect. The fresh portal will consist of both new content as well as relevant content from the existing portal.
Saxo has been developing SaxoPartnerConnect since 2020 as the new flagship that can serve all types of partners. It is optimized for handling a client base with client screeners as well as bulk modules for corporate actions and case management.
Axi Expands Manchester City Sponsorship Deal
Australia-headquartered FX/CFDs broker, Axi (previously AxiTrader) announced the extension of its sports partnership with the top English football club, Manchester City FC. It has also expanded its sponsorship rights to include Manchester City women’s team.
Axi originally became a sponsor of Manchester City FC in September 2020, which coincided with its branding overhaul.
Louis Cooper, Chief Commercial Officer at Axi
Louis Cooper, the Chief Commercial Officer at Axi, said: “From a commercial perspective, the relationship has been extremely successful. Our alignment on a global scale with Manchester City’s brand and global fanbase has elevated our position in the marketplace.”
Read the full story here.
Crypto Exchange Beaxy Shutters
Beaxy has shuttered its operations after over three years of launching, following a lawsuit from the US Securities and Exchange (SEC) that charged the platform and its executives for operating an unregistered exchange, brokerage and clearing agency.
The lawsuit alleged that Artak Hamazaspyan, the crypto exchange’s Founder, and his company, Beaxy Digital Limited, for raising $8 million in an unregistered offering of the Beaxy token (BXY). The securities regulator further alleged that Hamazaspyan “misappropriated at least $900,000 for personal use, including gambling.”
Today we charged the crypto asset trading platform https://t.co/ykFkM2s0wY and its executives for failing to register as a national securities exchange, broker, and clearing agency, and we charged market makers operating on the Beaxy Platform as unregistered dealers.
— U.S. Securities and Exchange Commission (@SECGov) March 29, 2023
Read the full report here.