SEC Charges Citigroup for
Recordkeeping Failures
The U.S.
Securities and Exchange Commission (SEC) has charged Citigroup Global Markets
Inc. (CGMI) for willful violations of federal recordkeeping requirements. The
SEC found that CGMI used an unverified method to calculate and record indirect
expenses related to its underwriting business from 2009 to 2019. The SEC
emphasized the importance of accurate recordkeeping for well-regulated markets
and vowed to continue enforcing federal securities laws.
“Underwriters
serve a critical role as gatekeepers in securities offerings. They perform
essential functions, including investor protection and also helping companies
access capital to grow and innovate,” Sanjay Wadhwa, the Deputy Director
of the SEC’s Division of Enforcement, commented.
Bybit Launches Revamped
Launchpad 3.0
Ben Zhou
Bybit has
unveiled its revamped Launchpad 3.0, a token launch platform that offers early
access to new and pre-listed tokens from promising projects. The platform aims
to connect project developers with potential investors and streamline the token
launch process. Bybit Launchpad 3.0 is open to users who have completed
Identity Verification Level 1 and have deposited Mantle (MNT) or Tether (USDT)
into their Bybit Wallet.
“Bybit
Launchpad 3.0 is bringing innovative blockchain projects to the forefront,”
Ben Zhou, the Co-Founder and CEO of Bybit, said. “We are providing direct
access to pre-listing rounds and facilitating the acquisition of new tokens.
These tokens then seamlessly transition to trading on Bybit’s trading platform.”
Warning Issued against
Gold Wise Imposter Website
New
Zealand’s Financial Markets Authority (FMA) has warned against
GoldWiseLimited.net, an imposter website offering forex and cryptocurrency
investments. The website falsely claims to be registered in New Zealand and has
no association with the now-inactive company Gold Wise Limited. Investors are
advised to exercise caution when dealing with this website.
IPC and Celoxica
Collaborate for Low-Latency Market Connectivity
IPC and
Celoxica have announced a collaboration to provide ultra-low latency market
connectivity and pre-trade risk management solutions to a Tier 1 Investment
Bank in Taiwan. The partnership aims to offer a fully managed, hosted
colocation solution that supports trading multiple asset classes with assured
ultra-low latency performance.
“We
are pleased to have the opportunity to collaborate with Celoxica on a fully
managed, ultra-low latency market connectivity and pre-trade risk management
trading solution that supports our customer’s speed to market with respect to
exchange, broker and client connectivity,” John Owens, the Director of
Global Exchange Relationship Management at IPC Systems, commented.
Nasdaq Announces CFO
Transition
Sarah Youngwood
Nasdaq has
announced the appointment of Sarah Youngwood as its new Executive Vice
President and Chief Financial Officer, effective 1 December 2023. Youngwood,
who has previously held key roles at UBS Group and JPMorgan Chase, will succeed
Ann Dennison. The transition is part of Nasdaq’s ongoing transformation and
aims to bring in expertise in technology transformation and global financial
institutions.
“I
would like to thank Ann for her eight years of service to Nasdaq and the
significant contributions she has made to the company, including transforming
our global Finance function and playing a key role in the announced acquisition
of Adenza, an important and transformative acquisition for the company,” Adena
Friedman, the Chair and Chief Executive Officer of Nasdaq, stated.
ASIC and RBA Issue Joint
Letter to ASX
The
Australian Securities and Investments Commission (ASIC) and the Reserve Bank of
Australia (RBA) have issued a joint letter outlining regulatory expectations
for ASX Clear and ASX Settlement. The letter focuses on the newly established
ASX Cash Equities Clearing and Settlement Advisory Group and aims to ensure
that ASX complies with regulatory expectations and obligations under the
Corporations Act.
“The
Advisory Group’s role in assisting ASX Clear and ASX Settlement on the CHESS
replacement program is vital to this process. Genuine collaboration between
ASX, the Advisory Group and industry will be necessary to achieve the best
outcome for the market, for listed companies and investors,” Joe Longo,
the Chairman of ASIC, said.
FCA Issues Warnings against Clone Firms
The UK’s Financial Conduct Authority (FCA) has issued warnings against two unauthorized firms targeting UK residents. The first firm, PTAH DAO (fnvtwe.com), is posing as a clone of an FCA-authorized firm. The second, Investor First Trade (investorfirst.trade), is also operating without FCA authorization and is a clone of a previously authorised FCA firm.
Both companies have been misleading people in the UK by claiming to be authorised, and the FCA advises the public to exercise caution when dealing with these entities.
PhonePe Enters Online
Stock Broking
Indian
payments firm PhonePe has launched a stock broking platform called
Share.Market. The platform aims to capitalize on PhonePe’s approximately 400
million user base and will compete with existing online stock broking platforms
in India.
Share.Market
will charge an onboarding fee of 199 rupees and offer free trades up to 400
rupees.
SEC Charges Citigroup for
Recordkeeping Failures
The U.S.
Securities and Exchange Commission (SEC) has charged Citigroup Global Markets
Inc. (CGMI) for willful violations of federal recordkeeping requirements. The
SEC found that CGMI used an unverified method to calculate and record indirect
expenses related to its underwriting business from 2009 to 2019. The SEC
emphasized the importance of accurate recordkeeping for well-regulated markets
and vowed to continue enforcing federal securities laws.
“Underwriters
serve a critical role as gatekeepers in securities offerings. They perform
essential functions, including investor protection and also helping companies
access capital to grow and innovate,” Sanjay Wadhwa, the Deputy Director
of the SEC’s Division of Enforcement, commented.
Bybit Launches Revamped
Launchpad 3.0
Ben Zhou
Bybit has
unveiled its revamped Launchpad 3.0, a token launch platform that offers early
access to new and pre-listed tokens from promising projects. The platform aims
to connect project developers with potential investors and streamline the token
launch process. Bybit Launchpad 3.0 is open to users who have completed
Identity Verification Level 1 and have deposited Mantle (MNT) or Tether (USDT)
into their Bybit Wallet.
“Bybit
Launchpad 3.0 is bringing innovative blockchain projects to the forefront,”
Ben Zhou, the Co-Founder and CEO of Bybit, said. “We are providing direct
access to pre-listing rounds and facilitating the acquisition of new tokens.
These tokens then seamlessly transition to trading on Bybit’s trading platform.”
Warning Issued against
Gold Wise Imposter Website
New
Zealand’s Financial Markets Authority (FMA) has warned against
GoldWiseLimited.net, an imposter website offering forex and cryptocurrency
investments. The website falsely claims to be registered in New Zealand and has
no association with the now-inactive company Gold Wise Limited. Investors are
advised to exercise caution when dealing with this website.
IPC and Celoxica
Collaborate for Low-Latency Market Connectivity
IPC and
Celoxica have announced a collaboration to provide ultra-low latency market
connectivity and pre-trade risk management solutions to a Tier 1 Investment
Bank in Taiwan. The partnership aims to offer a fully managed, hosted
colocation solution that supports trading multiple asset classes with assured
ultra-low latency performance.
“We
are pleased to have the opportunity to collaborate with Celoxica on a fully
managed, ultra-low latency market connectivity and pre-trade risk management
trading solution that supports our customer’s speed to market with respect to
exchange, broker and client connectivity,” John Owens, the Director of
Global Exchange Relationship Management at IPC Systems, commented.
Nasdaq Announces CFO
Transition
Sarah Youngwood
Nasdaq has
announced the appointment of Sarah Youngwood as its new Executive Vice
President and Chief Financial Officer, effective 1 December 2023. Youngwood,
who has previously held key roles at UBS Group and JPMorgan Chase, will succeed
Ann Dennison. The transition is part of Nasdaq’s ongoing transformation and
aims to bring in expertise in technology transformation and global financial
institutions.
“I
would like to thank Ann for her eight years of service to Nasdaq and the
significant contributions she has made to the company, including transforming
our global Finance function and playing a key role in the announced acquisition
of Adenza, an important and transformative acquisition for the company,” Adena
Friedman, the Chair and Chief Executive Officer of Nasdaq, stated.
ASIC and RBA Issue Joint
Letter to ASX
The
Australian Securities and Investments Commission (ASIC) and the Reserve Bank of
Australia (RBA) have issued a joint letter outlining regulatory expectations
for ASX Clear and ASX Settlement. The letter focuses on the newly established
ASX Cash Equities Clearing and Settlement Advisory Group and aims to ensure
that ASX complies with regulatory expectations and obligations under the
Corporations Act.
“The
Advisory Group’s role in assisting ASX Clear and ASX Settlement on the CHESS
replacement program is vital to this process. Genuine collaboration between
ASX, the Advisory Group and industry will be necessary to achieve the best
outcome for the market, for listed companies and investors,” Joe Longo,
the Chairman of ASIC, said.
FCA Issues Warnings against Clone Firms
The UK’s Financial Conduct Authority (FCA) has issued warnings against two unauthorized firms targeting UK residents. The first firm, PTAH DAO (fnvtwe.com), is posing as a clone of an FCA-authorized firm. The second, Investor First Trade (investorfirst.trade), is also operating without FCA authorization and is a clone of a previously authorised FCA firm.
Both companies have been misleading people in the UK by claiming to be authorised, and the FCA advises the public to exercise caution when dealing with these entities.
PhonePe Enters Online
Stock Broking
Indian
payments firm PhonePe has launched a stock broking platform called
Share.Market. The platform aims to capitalize on PhonePe’s approximately 400
million user base and will compete with existing online stock broking platforms
in India.
Share.Market
will charge an onboarding fee of 199 rupees and offer free trades up to 400
rupees.
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- Source: https://www.financemagnates.com//forex/news-nuggets-30-august-sec-charges-citigroup-fma-and-fca-warn-against-clone-websites/
