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Israel has increased airstrikes on the Rafah area

Israel has increased airstrikes on the Rafah area

Israel has increased airstrikes on the Rafah area.

The price of crude oil is still trading lower on a day at $82.20 that down around $-0.60 on the day..

Earlier today, Hamas official Abu Zuhri said:

  • Hamas will not be swayed by US pressure on issue of Gaza hostages.
  • Firm on demand that Israel and the Gaza war as part of any deal to release hostages.

The wonder is how many hostages are there to release?

Spot gold is a 1%, and in the process is extending back above its 100 hour moving average at $2335.14

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

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AUDUSD ups and downs as fundamental news keeps volatility high for the pair.

AUDUSD ups and downs as fundamental news keeps volatility high for the pair.

Earlier this week, Australian CPI for the quarter came in higher than expectations and that helped to push the AUDUSD pair to the upside. The price extended to the 200-day moving average and 200-bar moving average on the 4-hour chart near 0.6530 where sellers leaned.

The subsequent move to the downside move the price to a swing area between 0.6475 and 0.6486. The price also wrote below it’s 100 bar moving average on the 4-hour chart and 50% midpoint of the April trading range at 0.65028.

Today despite Australian and New Zealand the nonholiday, the AUDUSD resumed its upward momentum and took the price safely above its 200 bar moving averages on the top side.

Then US inflation became the focus, and the pair moved lower after higher core PCE in the US GDP report. The price has subsequently moved back below the 50% midpoint and 100 bar moving average at 0.65028. That level is now close resistance for traders and will represent a barometer for buyers and sellers. Stay below is more bearish. Move above and stay above would be more bullish.

Find out about all the ups and downs in the AUDUSD in the above video.

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

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Broadridge Expands Global Class Action with Key Appointments in Canada, UK

Broadridge Expands Global Class Action with Key Appointments in Canada, UK

Broadridge, a provider of investor communications and
technology solutions, has announced expansions within its Global
Class Action footprint. The company’s move comes amidst a notable surge in the
volume and complexity of class action cases worldwide.

Enhancing Team to Address Global Class Action Surge

In Canada, Broadridge has appointed Vicki Leonidis to the position of Relationship Manager, at Global
Class Action Broker Services, based in Ontario. With nearly a decade of
experience in managing relationships within the Canadian broker-dealer space, Leonidis
brings a wealth of knowledge to Broadridge’s class action business.

Her role will focus on enhancing services and oversight for
the company’s largest Canadian and international Global Securities Class Action
Broker Dealer clients. Leonidis will report to Brooks Robinson, Senior Manager
of Client Services, and will be pivotal in bolstering Broadridge’s presence in
the Canadian market.

Simultaneously, Broadridge has expanded its team in the
United Kingdom with the addition of Jean-Paul Joseph as Relationship Manager,
Global Class Action Custody Services, based in London. Joseph brings over a
decade of experience in servicing clients in the UK and Europe, having managed
key relationships in the Investment Management and Asset Services industry with
esteemed organizations such as Russell Investments, Fidelity, and CACEIS.

In his new role, Joseph will be responsible for cultivating
and managing Class Action relationships with custodians in the UK/Europe
region, reporting to Scott Olson, Senior Manager, of Global Class Action
Custody Services.

Japanese SBI Securities Partners with Broadridge for UK
Market Entry

In parallel, the
UK equities brokerage market is set for the entry of Japanese SBI Securities
,
as reported by Finance Magnates.
It has collaborated with Broadridge Financial Solutions to inaugurate its
services in the region. This partnership capitalizes on their existing
collaboration, wherein Broadridge already processes SBI Securities’ Japanese
equities transactions in Hong Kong and Singapore.

Leveraging Broadridge’s ASP cloud environment through its UK
subsidiary, SBI Shinsei International Limited, the firm aims to streamline
operations and elevate client services. Additionally, the adoption of
Broadridge’s Swift Service Bureau will automate Swift messaging workflows with
its custodian, enhancing efficiency in transaction processes.

This article was written by Tareq Sikder at www.financemagnates.com.

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EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation

EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation

In the next five years, professional football clubs
engaging in high-value financial transactions will need to verify the identity
of their customers in the EU. This is according to a new package of legislation approved by the EU
Parliament, including a cap of EUR 10,000 on cash payments to combat money laundering.

Mandatory Customer Identity Checks

The adoption of the new rules marks an important step
in the EU’s efforts to enhance transparency and security in its financial
systems, with far-reaching implications for various stakeholders.

One of the provisions of the new law is
the expansion of access to ownership information. Under this guideline, a
wide range of entities, including journalists, civil society organizations, and relevant authorities, will have direct and free access to ownership information stored in the databases of the EU member states.

Additionally, the regulations introduce enhanced due
diligence measures for various entities, such as banks, asset managers, and
real estate agents. Such entities will be required to conduct customer identity
checks and report any suspicious activities.

Limit on Cash Payments

To further control money laundering activities, the EU
has imposed a cap on cash payments, setting the limit at EUR 10,000. This
restriction applies to commercial and private transactions, with certain
exemptions for transactions between private individuals unrelated to
professional activities.

A significant development under the new regulations is the establishment of the Anti-Money Laundering and Terrorist Financing
Authority (AMLA) in Frankfurt. This agency will supervise compliance with anti-money laundering rules, particularly for financial
institutions. AMLA will serve as a central authority for supervisory bodies
in the EU and will monitor the implementation of financial
sanctions.

In January, the European Banking Authority extended its guidelines on money laundering and terrorist financing risk factors to crypto-asset service providers (CASPs). This action marked a crucial step in the EU’s efforts to combat illicit financial activities, particularly in the rapidly evolving cryptocurrency space.

The EBA’s guidelines highlighted specific risks faced by CASPs, emphasizing factors such as rapid transfers of crypto-assets and features that conceal user identity. The regulator urged CASPs to conduct thorough assessments of their customers, product offerings, delivery channels, and geographical locations to identify vulnerabilities.

In addition to extending guidelines to CASPs, the EBA has established comprehensive rules to regulate the stablecoin market.
These regulations aim to safeguard investors by ensuring stablecoin-backed
currencies maintain sufficient reserves to reduce potential crises and
enhance investor confidence.

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

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Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme

Cheetah Fund Investors Lose $9 Million in Alleged Fraudulent Scheme

The
Securities and Exchange Commission (SEC) has brought charges against Craig
Allen, the Founder and Manager of The Cheetah Fund, an Atlanta-based hedge
fund, for allegedly defrauding investors of millions of dollars.

The
complaint, filed in the United States District Court for the Northern District
of Georgia, has accused Allen of violating multiple securities laws and
regulations.

SEC Files Fraud Charges
against Atlanta Hedge Fund Manager

According
to the SEC’s allegations
, Allen misled investors about the Cheetah Fund’s
performance between January 2019 and January 2023, claiming exceptional returns
while in reality, the fund and a related company, C.M. Allen, incurred
substantial trading losses amounting to over $4.59 million.

The
complaint also stated that Allen falsely claimed the Cheetah Fund employed a
specific accounting firm for auditing and tax purposes.

As the
Cheetah Fund’s compensation structure was performance-based, Allen was only
entitled to receive compensation when the fund generated profits. However, the
SEC has alleged that despite the significant losses and minimal legitimate
earnings, Allen misappropriated at least $2.64 million from the fund and its
investors.

“The SEC
claims that, to date, Allen has returned only about $900,000 to Cheetah Fund
investors, resulting in investor losses of approximately $9 million,” the
regulator said.

The SEC seeks a permanent injunction, disgorgement with prejudgment interest, civil
penalties, and a permanent officer-and-director bar against Allen.
Additionally, the Commission aims to prohibit Allen from participating in the
issuance, purchase, offer, or sale of any security, with the exception of
transactions in his personal accounts.

SEC Maintains a High Level
of Activity

The
Securities and Exchange Commission continues to be one of the most proactive
financial regulators worldwide, consistently making headlines with new cases
and investigations.

Recently,
Uniswap Labs, the company behind the well-known decentralized finance
exchange Uniswap, has found itself in the crosshairs of the SEC. The regulator
is contemplating legal action against Uniswap Labs, although the specific
nature of the potential enforcement remains undisclosed.

In early
April, the SEC took action against Senvest Management LLC for non-compliance
with recordkeeping requirements. The charges, which resulted in penalties
exceeding $6.5 million
, underscore the importance of maintaining accurate and
complete records in the financial industry.

Moving back
to March, Genesis Global Capital, LLC reached a settlement with the SEC,
agreeing to pay a substantial penalty of $21 million. The charges stemmed from
allegations that the crypto lending platform had offered unregistered
securities to the public.

In the
midst of these high-profile cases, the SEC targeted two investment
advisory firms for making false and misleading claims regarding their use of
artificial intelligence in investment
processes
. The companies in question agreed to pay a combined settlement of
$400,000.

This article was written by Damian Chmiel at www.financemagnates.com.

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