In a busy week for news, let’s take a look back at the standout stories from the forex, fintech and crypto worlds, in our best of the week segment.
eToro Acquires Marq Millions to Support Debit Card Launch
eToro, a global investment platform, this week announced the acquisition of Marq Millions Ltd to support the trading provider’s launch of its forthcoming debit card.
Marq Millions is an e-money business based in the United Kingdom. Following the acquisition, the e-money business is now trading as eToro Money, and it will be the card issuer for the company’s debit card.
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China Cracks Down on Illegal FX Trading, Arrests 150 People
As Finance Magnates covered this week, the Shanghai police have made more than 150 arrests from 4 illegal foreign exchange (forex) margin trading groups operating across 12 Chinese provinces and cities.
As reported by the local news agency CCTV.com, the police were investigating the illegal forex market activities for the last couple of months and made the arrests in a concentrated crackdown across Shanghai, Zhejiang, Guangdong, Sichuan, Hunan, and Henan.
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Credit Suisse to Merge Investment Banking, Trading Divisions
On Wednesday, it emerged that The Credit Suisse Group was expected to announce the merger of its investment banking unit and capital markets unit and also its risk and compliance units, thus reversing the splits made five years ago.
The Switzerland-headquartered bank made the announcement on Thursday along with its quarterly results.
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Chinese Central Bank Onboards Over 20 Firms to Test Digital Yuan
To accelerate the rollout of the digital yuan, the People’s Bank of China (PBoC) has partnered with over 20 companies in the country to test it in the real world.
The central bank first inked partnerships with four state-owned banks – Industrial and Commercial Bank of China (ICBC), China Construction Bank, Agricultural Bank of China, and Bank of China – three telecom companies – China Telecom, China Mobile, and China Unicom – and tech giant Huawei.
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ThinkMarkets Planning for a $300 Million Australian IPO
As Finance Magnates revealed this week, ThinkMarkets, an online forex, and contracts-for-differences (CFDs) broker is planning for a $300 million initial public offering (IPO) by the end of this year.
The listing is said to be done on the Australian Securities Exchange (ASX), the primary stock exchange of Australia and the broker is seeking to raise around $100 million with the public listing of its shares, with a market capitalization of $300 million.
The report also detailed that Citi’s equity desk has already started preparing for the IPO by onboarding fund managers.
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Do Crypto CFDs Need to be Reported Under MiFIR?
In a widely read Finance Magnates analysis, we delved into the crypto regulation uncertainty and looked at whether crypto CFDs need to be reported in Europe?
With expert analysis from Quinn Perrott, Co-CEO of TRAction, the regulation of crypto assets was discussed and explained in full with no stone left unturned.
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