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BIS: Covid-19 And Market Power In Local Credit Markets: The Role Of Digitalization

Date 25/05/2022

Summary

Focus

Studying market power is important, as banks with greater market power tend to charge more from consumers. Although there are differences among a country's local credit markets, market power is typically assessed at the national level. The Covid-19 pandemic was an unexpected shock and affected regions differently. Has it changed banks' market power? Compared with more traditional banks, have more digitalised banks improved their positioning in terms of market power during the pandemic?

SEC Halts Alleged Ongoing $39 Million Fraud By Hedge Fund Adviser

Date 25/05/2022

The Securities and Exchange Commission today announced fraud charges against Detroit-based EIA All Weather Alpha Fund I Partners LLC (EIA) and its sole owner, Andrew M. Middlebrooks, for allegedly engaging in a multi-year scheme that included the misappropriation and misuse of investors’ funds. To halt this alleged ongoing fraud, the SEC sought, and on May 19, 2022 obtained, emergency relief from the U.S. District Court in the Eastern District of Michigan, including a temporary restraining order against EIA and Middlebrooks and an asset freeze against the defendants and named relief defendants.

LiquidityBook Hires Jonathan Cross To Spearhead EMEA Business Operations

Date 25/05/2022

LiquidityBook, a leading provider of cloud-native buy- and sell-side trading solutions, today announced the hire of Jonathan Cross as General Manager, EMEA. He will be based in the firm’s London office and report directly to CEO Kevin Samuel.

Building Tech To Make Crypto Mainstream, StarkWare Quadruples Valuation To $8b

Date 25/05/2022

• Series D valuation of $8 billion comes on the heels of a $2 billion valuation just six months ago.
• StarkWare processes more transactions than Bitcoin, and is the leading 'scaling' solution for crypto projects trying to overcome the fact that blockchain is congested, and expensive to use.
• Deal was closed in the thick of a crypto bear market. Company says this emphasizes high investor confidence in its tech, which is 'infrastructure we've all been waiting for to move to Web3.'

Statement Of CFTC Commissioner Christy Goldsmith Romero Regarding Charges Against Glencore International AG, Glencore Ltd., And Chemoil Corporation

Date 25/05/2022

Commodity Futures Trading Commissioner Christy Goldsmith Romero released the following statement regarding charges against Glencore International AG, Glencore Ltd., and Chemoil Corporation:

SEC Charges RiverSource Distributors With Improper Switching Of Variable Annuities

Date 25/05/2022

The Securities and Exchange Commission today announced settled charges against RiverSource Distributors Inc. for improper switching or replacing of variable annuities. This is the SEC’s first-ever enforcement proceeding under Section 11 of the Investment Company Act of 1940.

sinaracorp.com: BaFin Investigates High Wealth Group Ltd.

Date 25/05/2022

In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that High Wealth Group Ltd. has not been granted authorisation under the KWG to conduct banking business or provide financial services. The company is not supervised by BaFin and is not affiliated with the supervised company Sinara Financial Corporation (Europe) Ltd.

TMX Group CFO David Arnold To Present At The Deutsche Bank Global Financial Services Conference

Date 25/05/2022

TMX Group CFO David Arnold will present at the Deutsche Bank Global Financial Services Conference on Wednesday, June 1, 2022 at 4:00 p.m. – 4:45 p.m. ET at the Deutsche Bank Center in New York.

Joint Industry Call: Using The Internal Energy Market As A Tool To Manage This Crisis And An Asset To Build The Future

Date 25/05/2022

As the European Council meeting of 30 and 31 May approaches, we reach out to Heads of State and Government as well as to Energy Ministers to stress the importance of the Internal Energy Market in meeting the goals of the European Union of energy affordability, security of supply and decarbonisation. We urge Member States to consider its added value in managing the immediate effects of this crisis and in shaping the energy sector of the future.

Identity Theft Committed Against eToro (Europe) Ltd.: BaFin Issues Warning About The Website fxtoro.de

Date 25/05/2022

In accordance with section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), BaFin would like to make clear that FxToro AUS Capital Limited, as the presumed operator of the website fxtoro.de, has not been granted authorisation to conduct banking business or provide financial services under the KWG or to provide investment services and ancillary investment services under the German Investment Firm Act (Wertpapierinstitutsgesetz – WpIG). The company is not supervised by BaFin.