Scope Markets Names New Global Sales Director
Rostro-owned Scope Markets has strengthened its team with David Andres Restrepo as the Global Sales Director. He is based in London.
Restrepo joined Scope Markets from Eurotrader, where he was the Head of Global Sales for the last three years. Before that, he had a short five months stint at ActivTrades as the Head Of Business Development LATAM.
He entered the trading industry with his role at the now-shuttered OvalX (then ETX Capital). He joined the broker as the Financial Sales Executive in May 2014 and parted as the Head Of Business Development Manager IB/Affiliates at the end of 2019.
CME Group Fines Macquarie Futures
Derivatives exchange giant CME Group has slapped Macquarie Futures USA LLC, which provides execution and clearing coverage, with a fine of $20,000 for violating NYMEX rules.
[On May 24, 2023, a Panel of the NYMEX Business Conduct Committee ('Panel') found that on November 28, 2022, Macquarie carried a long contract position for its customer in December 2022 Henry Hub Natural Gas futures through expiration and failed to assess its customer's ability to take delivery and to ensure that the open positions in the physically delivered contract were liquidated in an orderly manner prior to the expiration of trading,] the official announcement stated.
[Additionally, the Panel found that when Macquarie transferred the positions to another participant capable of taking delivery, it failed to include the proper indicator such that the transactions cleared as transfers.] Though Macquarie had already settled the charges, it neither accepted nor denied the allegations.
CQG Brings New Features
CQG, a provider of high-performance technology solutions for traders, has brought new updates to its CQG One and CQG Desktop platforms. The new features include the ability to override limits vs. stops setting on order tickets, the ability to duplicate bracket orders, the addition of HMS info to fill reports, and adjustable hedge account balance details.
In addition, the CQG One platform's DOMTrader received order placement via mouse down vs. mouse up. [We hope that these updates help improve your trading workflow. We continually strive to improve your CQG One and CQG Desktop experience,] the announcement added.
Osaka Exchange Adds New
Japan's Osaka Exchange has expanded its offerings with the addition of six new derivatives products: Nikkei 225 micro Futures, Nikkei 225 mini Options, 3-Month TONA Futures, S&P/JPX 500 ESG Score Tilted Index Futures, FTSE JPX Net Zero Japan 500 Index Futures, and Nikkei 225 Climate Change 1.5℃ Target Index Futures.
[In recent years, a trend toward smaller investments in the cash equity market has increased demand for more precise risk management tools. Therefore, we have decided to introduce these two products, whose contract units are one-tenth of the existing [Nikkei 225 mini] and [Nikkei 225 Options,]to reduce the notional amount,] said Ryusuke Yokoyama, the President and CEO of Osaka Exchange.
[As a result, we will be able to offer a wider product lineup, from small-lot to large-lot. We expect that this will enable futures and options to be used by investors for various purposes, which will further revitalize the market.]
Derivaives Sharakah Invest in Fintect Beehive
Oman's Sharakah, a government-backed joint stock company, announced its investment into Beehive, a Dubai-headquartered peer-to-peer lending platform. With the strategic investment, the two companies will help the growth of the SME economy.
[This partnership with Beehive marks an important milestone for Sharakah in our mission to drive SME development in Oman and support the diversification of our economy,] said Ali bin Ahmed Muqaibal, the CEO of Sharakah.
[Through our collaboration with a reputed innovative fintech platform, we aim to contribute to the growth of the SME sector and provide fast, accessible finance to empower businesses. Together, we will create a favorable ecosystem that empowers small businesses and contributes to Oman's overall prosperity.]
Beehive allows businesses to borrow from OMR 20,000 on repayment terms between 6 and 36 months. Since its incorporation in 2014, the fintech has facilitated over AED1.5 billion to GCC-based SMEs. On top of that, Beehive's CEO revealed that the company facilitated over OMR 2 million in SME funding in the last six months of its operations in Oman.
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