This week has been quite heavy with cryptocurrency news due to the new bull market forming. However, there have been some major updates in the traditional markets as well, mostly regarding the Q1 statistics and various regulatory amendments.
Let’s find out what are the most major news of this week in Forex, Stocks and Cryptocurrency markets alike.
Moscow Exchange sees a 9% drop in Forex trades
- 1 Moscow Exchange sees a 9% drop in Forex trades
- 2 Austria to adopt permanent ESMA regulations
- 3 JPMorgan, CitiGroup, and Barclays were fined for rigging the FX market
- 4 Revenue for Invast falls in April
- 5 France and Israel sign an agreement on regulation
- 6 Australian brokerage refunds oversee customers for the first time
- 7 Medvedev does not want Crypto Regulations in Russia
The Moscow Exchange has recently reported its daily Forex trade volumes over the first quarter of 2019. The MOEX has been in a lot of controversies for the past couple of months as well, due to restricted regulations, dismissed companies and increased fees and commissions on derivatives income.
Due to the fees increasing, MOEX saw around 6.1 billion RUB increase in revenue per year. But due to the increase in fees, the overall traded volume went down. So it could be said that the amendment was not very successful.
Austria to adopt permanent ESMA regulations
The FMA has recently proposed to adopt ESMA regulations permanently in the country following AMF’s decision two weeks ago.
The regulation has been going on for around 2 years now and it seems no end in sight. ESMA does not have the jurisdiction to implement a permanent version of their restrictions, therefore they are forced to simply extend the deadlines. However, it seems that their strategy has started to work as both AMF and FMA will be soon under their permanent control.
JPMorgan, CitiGroup, and Barclays were fined for rigging the FX market
This Tuesday was definitely one of the worst days for the CFOs of 3 large banks in the European Union. JPMorgan, Citigroup and, Barclays were all fined for interfering with the FX market and rigging it for their advantage.
The European Commission had found out that 2 cartels were formed in order to manipulate the Foreign exchange market. These cartels were caught red-handed trying to fire the costs of 11 currencies including 3 major ones such as the USD, EUR, and GBP.
Revenue for Invast falls in April
The Revenue for Invast Securities, a Japanese retail broker has gone down massively over the course of April, accounting to only ¥382 million in the first month of the second quarter of 2019.
According to the release, the operational revenue for the broker was around ¥382 million in March which makes it a nearly 11% decrease over the course of just one month. The amount deposited within the company has massively decreased alongside the revenue, which is obvious. But once the figures were released, it went down even further plunging the company into desperate revenue source seeking mode.
France and Israel sign an agreement on regulation
Cooperation on several key areas has been agreed upon by the financial regulators of France and Israel.
The Autorité des Marchés Financiers (AMF) of France and the Israeli Securities Authority (ISA) have recently announced their memorandum of understanding to cooperate in introducing a better regulated financial market.
The agreement was about the exchange of various data from the regulators. The data would be about various financial industries and their assets such as the blockchain, crypto-assets, artificial intelligence as well as researched trading habits of various demographics within the regions.
Australian brokerage refunds oversee customers for the first time
For the very first time are we seeing an Australian regulated forex brokerage offering refunds to its overseas customers. IFGM is the first financial company in the history of Australian financial markets to do such a thing. Although, it was not out of nowhere as an amendment had been made by the ASIC (Australian Securities and Investments Commission) a week before the refund decision.
The ASIC didn’t make a formal amendment to the regulation, but they did indeed inspired brokerages to be mindful of their foreign customers, or any customers outside of Australian. Due to the previous implementation of a data law by the local government, the ASIC quickly required some additional information from the brokers. And it seems like, IFGM may have had some pending refund requests that it squared away before providing said data.
Medvedev does not want Crypto Regulations in Russia
The ex-president and now Prime minister of the Russian Federation, Dimitry Medvedev has voiced his opinion about the regulatory framework for cryptocurrencies in Russia. The regulation is currently in its development phase as not too long ago the current president of Russia, Vladimir Putin set a deadline for the government to have it ready by the end of June.
According to the Prime Minister, due to the decrease in popularity for cryptocurrencies, they do not pose a threat to the country’s economy, nor the national safety. According to Medvedev, implementing regulation would don nothing but damage Russia’s future plans for a digital economy.