FOREX NEWS & BLOG

CySEC’s €6.4 Million Insider Trading Fine Overturned by Court: Report

CySEC’s €6.4 Million Insider Trading Fine Overturned by Court: Report

July 7, 2025 11:26 pm |

A Cypriot court has annulled more than €6.4 million in fines
issued by the Cyprus Securities and Exchange Commission (CySEC) against Greek
business siblings Ioannis and Amalia Vardinogiannis, CyprusMail reported.

Years-Long Insider Trading Case

The ruling ended a years-long insider trading case that
collapsed due to legal flaws in CySEC‘s handling of the investigation. The
Administrative Court accepted the appeals brought by both siblings and ruled
that CySEC’s board had been improperly constituted during critical phases of
the probe.

As a result, the court found that decisions taken during
that time were legally void. CySEC had fined Ioannis Vardinogiannis €6,388,300
and Amalia Vardinogiannis €50,000, alleging the pair benefited from a 2007
share deal using insider information.

On March 29, 2007, Amalia acquired over 19 million shares at
€0.09 each and sold them three months later for €0.42 per share, generating
profits exceeding €6.3 million.

The regulator claimed Amalia acted on behalf of
her brother and that the trade was made based on non-public information
regarding the company’s operations in the shipping sector and changes in
shareholding.

Procedural Issues by the Appellants

CySEC considered this a violation of insider trading laws. However,
the court focused on procedural issues raised by the appellants. Their legal
team argued that CySEC’s decisions were made by a body whose composition had
already been declared invalid in unrelated rulings.

The court agreed, stating that any decisions made under the
flawed composition could not stand. “In light of the above, the claim regarding
the flawed constitution is accepted,” the court noted, adding that it was
unnecessary to review other objections.

The court formally annulled the penalties and ordered the
state to pay €1,700 plus VAT in legal costs to each of the appellants. The
ruling underscores the legal risks financial regulators face when internal
processes fall short, even in cases involving serious market abuse allegations.

You may also like: Robinhood’s Tokenized Stocks Face EU Scrutiny as OpenAI Distances Itself: Report

This article was written by Jared Kirui at www.financemagnates.com.

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Tariff TACO bingo: April 9, July 9, now August 1

Tariff TACO bingo: April 9, July 9, now August 1

July 7, 2025 10:53 pm |

When Trump first announced his tariff war he nominated the date to eb April 9.

After markets collapsed he shifted the date to July 9, earning him the ‘TACO’ nickname (for ‘Trump Always Chickens Out’).

The deadline has now shifted to August 1.

While many dub him TACO, there are those that defend his approach saying it’s a genius negotiating tactic. Whichever it is, our experience of Smoot-Hawley suggests tariffs are not a positive for trade.

From back in early April

This article was written by Eamonn Sheridan at www.forexlive.com.

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Forexlive Americas FX news wrap: Trump rolls out higher tariffs for Aug 1 for 7 countries

Forexlive Americas FX news wrap: Trump rolls out higher tariffs for Aug 1 for 7 countries

July 7, 2025 10:17 pm |

Markets:

  • Gold up $4 to $3339
  • WTI crude oil up $1.00 to $68.00
  • US 10-year yields up 4.5 bps to 4.39%
  • S&P 500 down 0.9%
  • USD leads, JPY lags

The market sniffed out some trouble around Trump’s rollout of a fresh round of tariff levels and deadlines early and that led to an initial USD rally. Some of that was faded (or all in the case of GBP) in time for the European close. However the announcement of 25% tariffs on Japan and South Korea for Aug 1 sparked a new round of risk aversion and USD buying that continued with 5 more names added to the list. Presumably there are still 5 more to go as media reports indicated there would be a dozen letters sent out.

The second round of USD buying sent the euro to a session low of 1.1688 but there were some solid bids at that level and it bounced to 1.1720 last. Elsewhere, the earlier USD extremes also held.

The exception was the yen, which was soft all day in a steady grind to 146.10 from 144.25 in early Asian trading.

Another notable spot was oil, which fell $2 early on the OPEC production boost only to finish $1 higher. That’s a classic post-OPEC squeeze with some talk now circulating indicating that production was never curbed as much as purported anyway, as global inventories continue to appear tight.

As the US tariffs were rolled out, gold steadily climbed higher and it ultimately erased a $35 decline from Asian trading to finish higher.

Eyes are on the RBA next with AUD/USD trading near 0.6500. The pair softened inot the decision and struggled to mount any kind of a rebound. A 25 bps cuts is largely priced in and the announcement is due at 12:30 am ET.

This article was written by Adam Button at www.forexlive.com.

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Economic calendar in Asia Tuesday, July 8, 2025 – RBA day! 25bp rate cut widely expected

Economic calendar in Asia Tuesday, July 8, 2025 – RBA day! 25bp rate cut widely expected

July 7, 2025 9:18 pm |

The Reserve Bank of Australia is widely expected to cut its cash rate by 25bp topday:

Its not a unanimous expectation:

FWIW I’m expecting the 25bp rate cut.

The Statement is due at 2.30pm Sydney time:

  • 0430 GMT/0030 US Eastern time
  • This snapshot from the ForexLive economic data calendar, access it here.
  • The times in the left-most column are GMT.
  • The numbers in the right-most column are the ‘prior’ (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.

This article was written by Eamonn Sheridan at www.forexlive.com.

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Major indices closed lower as markets react to increase tariff fear

Major indices closed lower as markets react to increase tariff fear

July 7, 2025 8:42 pm |

Major indices move lower as investors react to the news that Pres. Trump will look to raise tariffs on August 1.

A series of letters went out to Japan and South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar that tariffs would increase effective August 1 if trade deals are not advanced by then.

For Japan and South Korea, imported goods from each country would be at 25% tariff. Other tariff rates vary with Kazakhstan at 25%, Malaysia at 25% South Africa at 30%, Myanmar at 40% and Laos at 40%.

Shares were already lower on the day but saw additional pressure after the announcements.

The final numbers are showing:

  • Dow Industrial Average fell -422.17 or -0.9% at 44406.36.
  • S&P index fell -49.37 points or -0.79% at 6229.98.
  • NASDAQ index fell -188.59 points or -0.92% at 20412.52..

The small-cap Russell 2000 fare the worst with a -34.81 point decline or -1.55% at 2214.22..

Shares up Tesla fell by -6.79% after Elon Musk said that he was starting a third political party. Pres. Trump said that Musk is going off the rails, and interestingly, he announced tariffs of 30% against his home country of South Africa.

Some of the big losers today included:

  • Tesla (TSLA): -6.80%

  • Arm (ARM): -5.29%

  • Stellantis NV (STLA): -4.95%

  • First Solar (FSLR): -4.31%

  • GameStop Corp (GME): -4.15%

  • ARK Genomic Revolution (ARKG): -4.12%

  • Super Micro Computer (SMCI): -2.99%

  • Papa John’s (PZZA): -2.96%

  • Chipotle Mexican Grill (CMG): -2.81%

  • FedEx (FDX): -2.53%

  • Qualcomm (QCOM): -2.50%

  • General Mills (GIS): -2.47%

  • Rivian Automotive (RIVN): -2.45%

  • Taiwan Semiconductor (TSM): -2.42%

Some companies that advanced in the down day included:

  • Roblox (RBLX): +4.03%

  • SoFi Technologies (SOFI): +3.69%

  • Palantir (PLTR): +3.54%

  • DoorDash (DASH): +3.39%

  • Uber Technologies (UBER): +3.25%

  • Dollar Tree (DLTR): +2.28%

  • Snowflake (SNOW): +1.92%

  • Lockheed Martin (LMT): +1.45%

  • Charles Schwab (SCHW): +1.26%

  • Boeing (BA): +1.20%

  • Walmart (WMT): +1.01%

  • Fortinet (FTNT): +0.94%

This article was written by Greg Michalowski at www.forexlive.com.

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Dollar moves higher. Yields higher. Stocks lower on tariff news.

Dollar moves higher. Yields higher. Stocks lower on tariff news.

July 7, 2025 8:29 pm |

After Pres. Trump. A 25% tariff on all Japanese products sent to the US separate from all Sectoral tariffs, the USD has moved higher. yield are higher and stocks are lower. The new tariffs will go into effect on August 1.

  • USDJPY has moved to a new session highs as it continues its trend day to the upside. The price is within a swing area between 145.919 and 146.288. The high price just reached 146.08.
  • EURUSD: The EURUSD has moved to new lows for the day and in the process moved below the swing low from earlier today at 1.1716 which was also the swing low from last Thursday’s trade. Getting below that level opens the door for key support between 1.1663 and 1.1691. That area was home to swing lows and swing highs going back to 2021, before moving sharply to the downside.

Looking at the US debt market, yields have moved higher:

  • 2-year yield 3.888%, +0.6 basis points
  • 5 year yield 3.956%, +2.3 basis points.
  • 10 year yield 4.385%, +4.5 basis points
  • 30 year yield 4.922%, +6.6 basis points.

Looking at the major US indices:

  • Dow is down -464.0-1.04% at 44363
  • S&P is down -50.58 points or -0.81% at 6227.91
  • NASDAQ index minus 172.60.0 -0.84% at 20428

The small-cap Russell 2000 is the hardest hit today with a decline of -31.44 points or -1.40% at 2217.52.

The tariff decision does come with a small “kick the can down the road” to August 1. At least it buys more time for a deal versus the July 9 deadline. Needless to say, it should once again lead to negotiations.

The USDCHF is now trading to a new high for the day too. Looking at the hourly chart, the price has also moved above the high from last Thursday at 0.7986. The 38.2% retracement of the move down from the June 19 high comes in at 0.8002.

This article was written by Greg Michalowski at www.forexlive.com.

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Robinhood’s Tokenized Stocks Face EU Scrutiny as OpenAI Distances Itself: Report

Robinhood’s Tokenized Stocks Face EU Scrutiny as OpenAI Distances Itself: Report

July 7, 2025 7:47 pm |

Robinhood’s attempt to tokenize equity in high-profile
firms like OpenAI and SpaceX has come under scrutiny in the European Union,
following a sharp warning from OpenAI and a regulatory inquiry from Lithuania’s
central bank. The move now places the brokerage’s new product under legal and
reputational pressure less than a week after launch.

According to CNBC, the Bank of Lithuania confirmed on Monday that it had
contacted Robinhood seeking “clarifications” over the structure of its newly
launched OpenAI and SpaceX stock tokens.

OpenAI Rejects Links to Robinhood’s Token Product

Robinhood launched the blockchain-based stock token product on June 30, allowing EU users to invest in shares of both public and
private companies. However, shortly after the announcement, OpenAI issued a
statement distancing itself from the product and warning that the tokens do not
represent equity in the company.

In response to OpenAI’s remarks, Robinhood stated that
its tokenized offering provides retail investors with indirect exposure to
private markets and is backed by the company’s ownership stake through a
special purpose vehicle.

Robinhood holds both a brokerage and crypto asset
service provider license in the EU, granted by the Bank of Lithuania, making
the country its lead regulatory authority in the bloc.

The case could serve as
an early test of how European regulators respond to the growing trend of asset
tokenization, particularly when tied to private companies that have not
consented to the use of their names or equity in such products.

Regulatory Oversight Tightens as Tokenization Expands

As scrutiny builds, the future of Robinhood’s stock
token strategy and broader investor trust in tokenized shares could hinge on
how the company navigates its obligations to regulators and the companies it
claims to offer exposure.

Last week, Robinhood announced its plans to offer
tokenized stocks in Europe. The commission-free broker joined two mega crypto
exchanges, Kraken, Gemini and Bybit, who also announced their entry into the
space around the same time.

Related: Tokenized Stocks Mania: Two Mega Crypto Exchanges Enter the Space Nearly 2 Hours Apart

This article was written by Jared Kirui at www.financemagnates.com.

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