Bi-Weekly Finanial Technology Sector Report
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Final Notice: Forex Capital Markets Limited
FINAL NOTICE To: Forex Capital Markets Limited (“FXCM Ltd”) FXCM Securities Limited (“FXCM Securities”) (together “FXCM UK”) Reference Number: 217689 171487 Address: Northern & Shell Building, 10 Lower Thames Street, 8th Floor, London EC3R 6AD Date: 24 February 2014 1. ACTION 1.1. For the reasons given in this notice, the Authority hereby imposes: (1) on FXCM Ltd, for breaches of Principle 6 (Customers’ interests) and the rules relating to best execution, a financial penalty of £3,200,000 plus any amount of the FXCM Ltd redress (being USD $9,828,677) that remains unclaimed by customers after 15 months from the date of this Final Notice (the “Unclaimed Redress”). (2) on FXCM Securities, a public censure for breaches of Principle 6 and rules relating to best execution; and (3) on FXCM UK, a joint financial penalty of £800,000 in relation to a breach of Principle 11 (Relations with regulators). 1.2. The Authority therefore imposes a combined penalty of £4,000,000 plus the Unclaimed Redress. 1.3. FXCM UK agreed to settle at an early stage of the Authority’s investigation. They therefore qualified for a 20% (stage 2) discount under the Authority’s executive settlement procedures. Were it not for this discount, the Authority would have imposed financial penalties of £4,000,000 (plus the Unclaimed Redress) and £1,000,000 for the breaches of Principle 6 and Principle 11 respectively. 1.4. FXCM UK has also agreed to pay redress to its customers amounting to up to USD $9,941,970. The Authority notes that the FXCM Group agreed to pay redress to US customers in August 2011 but at that stage did not treat its UK customers in the same way. -
Case 1:17-Cv-00916-RA Document 48 Filed 06/19/17 Page 1 of 74
Case 1:17-cv-00916-RA Document 48 Filed 06/19/17 Page 1 of 74 THE ROSEN LAW FIRM, P.A. Phillip Kim, Esq. (PK 9384) Laurence M. Rosen, Esq. (LR 5733) Joshua Baker, Esq. (JB 8288) 275 Madison Avenue, 34th Floor New York, New York 10016 Telephone: (212) 686-1060 Fax: (212) 202-3827 Email: [email protected] Email: [email protected] Email: [email protected] Lead Counsel for Lead Plaintiffs UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK In re Global Brokerage, Inc. f/k/a FXCM Inc. Master File No. 1: 17-cv-00916-RA Securities Litigation CONSOLIDATED SECURITIES CLASS ACTION COMPLAINT CLASS ACTION This Document Relates To: All Actions JURY TRIAL DEMANDED 1 Case 1:17-cv-00916-RA Document 48 Filed 06/19/17 Page 2 of 74 Lead Plaintiffs 683 Capital Partners, LP and Shipco Transport Inc. and named plaintiffs Sergey Regukh and Brian Armstrong (“Plaintiffs”), individually and on behalf of all other persons similarly situated, by Plaintiffs’ undersigned attorneys, for Plaintiffs’ consolidated complaint against Defendants (defined below), alleges the following based upon personal knowledge as to Plaintiffs and Plaintiffs’ own acts, and upon information and belief as to all other matters based on the investigation conducted by and through Plaintiffs’ attorneys, which included, among other things, a review of Securities and Exchange Commission (“SEC”) filings by Global Brokerage, Inc., f/k/a FXCM Inc. (“FXCM” or the “Company”)1, the Commodity Futures Trading Commission (“CFTC”)’s Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, Making Findings, and Imposing Remedial Sanctions dated February 6, 2017 (“CFTC Order”) which is attached hereto as Exhibit 1 and incorporated by reference herein, the National Futures Association (“NFA”)’s complaint dated February 6, 2017 (“NFA Complaint”) attached hereto as Exhibit 2 and incorporated by reference herein, as well as media and analyst reports about the Company. -
Desktop Research Reports
BANKSETA Research Chair in Digitalisation: Desktop Research Reports CONTRACT NUMBER 475.4710.644 START DATE 05 October 2018 END DATE 28 February 2020 TRANCHE TWO 30 June 2019 REASEARCH PROJECTS Desktop Research Projects: • Fintech Development in South Africa • Post School Education and Training and 4IR CONTACT DETAILS (RESEARCH Dr Surendra Thakur CHAIR IN DIGITILISATION): 031 3736991 Name, Telephone & Email [email protected] Approval and Sign-off 30 June 2019 ________________________ _______________ DUT (Date) ________________________ _______________ Head of Research: BANKSETA (Date) Contents BANKSETA Research Plan: Topic 1 ........................................................................................................................ 1 Analyse the state of current fintech development in South Africa and prepare a business case for the establishment or support for a fintech incubator working closely with the South African Reserve Bank on their approach to Fintech Development. ......................................................................................................... 1 Executive Summary ................................................................................................................................................ 2 Research Process ................................................................................................................................................... 2 Chapter 1: Understanding FinTechs ..................................................................................................................... -
Regulation of U.S. Currency Transactions
Reprinted with permission from Futures and Derivatives Law Report, Vol- ume 37, Issue 5, K2017 Thomson Reuters. Further reproduction without permission of the publisher is prohibited. For additional information about this publication, please visit www.legalsolutions.thomsonreuters.com. May 2017 ▪ Volume 37 ▪ Issue 5 REPORT REGULATION OF U.S. Notwithstanding the broad reach of the current U.S. regulatory regime governing CURRENCY foreign exchange, there are still issues that TRANSACTIONS are open to interpretation. For example, language in regulatory releases suggests By David Aron, P. Georgia Bullitt and Jed Doench that there is uncertainty about whether a physically-settled currency contract4 David Aron is Special Counsel in the Division of Market Oversight (“DMO”) could be recharacterized as a swap if it is at the Commodity Futures Trading Com- settled through an offsetting physically- mission (“CFTC”). P. Georgia Bullitt is settled contract rather than an exchange of a partner, and Jed Doench is an associ- the designated currencies. Such a charac- ate, in the Asset Management Group of Willkie Farr & Gallagher LLP.* terization would result in substantially dif- ferent regulatory and operational treat- Introduction ment, including with respect to mandatory Currency transactions, which prior to clearing, margin, trade execution on a the market disruption of 2008 were among designated contract market (“DCM”) or the least regulated transactions in the U.S. swap execution facility (“SEF”) and re- financial markets, are now highly regu- porting -
Bi-Weekly Finanial Technology Sector Report
Financial Technology Sector Summary Week of May 8, 2017 1 DEAL DASHBOARD Financial Technology (3) (1) (3) $11.7 Bn | 1,179 Deals Industry Stock Market Performance $347.2 Bn | 3,159 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume 160 Select Recent Financing Transactions Select Recent M&A Transactions Company Amount ($MM) 150 Target Acquirer EV ($MM) 140 $110.0 $675.0 130 $70.0 $30.0 120 $56.0 110 NA 100 $54.0 NA 90 $50.0 NA 80 5/5/16 6/20/16 8/3/16 9/16/16 11/1/16 12/15/16 1/30/17 3/15/17 4/28/17 $32.0 NA Aicai Payments Exchanges Financial Data, Content, Information Processors / $17.5 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $15.7 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500 (3) (3) Quarterly Financing Volume Quarterly M&A Volume $10 500 $120 876 1000 818 783 750 $8 $8.9 400 $100 800 $99.4 299 298 316 $97.8 276 $80 $6 300 $83.1 $81.6 600 $60 $4 200 400 $40 $3.0 $2 $2.6 $2.6 100 $20 200 $0 0 $0 0 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 5/5/17. 1) Refer to footnotes on page 5 for index composition. -
2018 FINTECH100 Leading Global Fintech Innovators 2017 FINTECH100
2018 FINTECH100 Leading Global Fintech Innovators 2017 FINTECH100 Leadin loba Fintec nnovators 1 1 2016 2017 Fintech100 Report FINTECH100 Leadin loba Fintec nnovators Company #00 1 | Fintech Innovators 2016 1 2015 Fintech100 Report FINTECH 100 Leading Global “ Fintech Innovators Report 2015 Company Description At a Glance Tag Line Located Year Founded Key People Website Specialisation Staff Enabler or Disruptor Key Investors Ownership Size User Engagement $ $ $ $ $ The 100 Leading Fintech Innovators Report 2016 Fintech100 Report The 50 Best Fintech Innovators Report 2014 Fintech100 Report 2 About the List The Fintech100 is a collaborative effort between H2 Ventures and KPMG. In its fifth year, the Fintech100 uncovers and evaluates the most innovative Fintech companies globally. The Fintech100 comprises a ‘Top 50’ and an ‘Emerging 50’ and highlights those companies globally that are taking advantage of technology and driving disruption within the financial services industry. A judging panel comprised of senior partners from H2 Ventures and KPMG has decided the final composition of the Fintech100 list. H2 Ventures H2 Ventures is a global thought leader in fintech venture capital investment. Founded by brothers Ben and Toby Heap, and based in Sydney, Australia, it invests alongside entrepreneurs and other investors in early stage fintech ventures. H2 Ventures is the manager of the H2 Accelerator – Australia’s only dedicated fintech accelerator – and operates out of Sydney’s dynamic Startup Hub. Twitter @H2_Ventures LinkedIn H2 Ventures Facebook H2 Ventures KPMG Global Fintech The financial services industry is transforming with the emergence of innovative, new products, channels and business models. This wave of disruption is primarily driven by evolving customer expectations, digitalisation, as well as continued regulatory and cost pressures. -
Bregal Responsible Investment Report
a Responsible Investment Report 2019-20 B Bregal Investments Responsible Investment Report 2019-20 Introduction Co-CEOs’ letter Covid-19 ESG approach Overview of funds 1 Prioritise 2 Invest 3 Contribute Philanthropy Update on 2018-19 report Fund case studies About Bregal Our commitment to responsible investing Bregal Investments is the private equity platform that forms At Bregal, Environmental, Social and Governance (ESG) issues are a fundamental part of the COFRA group, a privately held group of companies headquartered in Switzerland. The COFRA group also part of our decision to invest in companies, as well as our proactive ownership. includes a global fashion retail business (C&A), a real estate business (Redevco) and an asset management platform We believe that a company’s approach to ESG is a solid indicator of its prospects (Anthos Fund & Asset Management). of long-term, sustainable value creation. During our ownership, we work with Bregal Investments was founded in 2002 and has grown extensively since then, with more than €15 billion invested each company to address the material ESG issues relevant to their strategy to date. The firm focuses on transforming and growing businesses for future success, with its funds focusing and our investment case. on longer-term value creation. Typically these businesses have an enterprise value of under €500 million. This is our third annual Responsible Investment Report, in which we aim to demonstrate progress made and share examples of how we are collaborating with our portfolio companies to improve their ESG performance. Contents 1 2019-20 highlights Fund case studies 36 Philanthropy Front cover 2 A letter from our Co-CEOs 16 1 Prioritise 38 Update on 2018-19 report With data centres throughout the US and Europe, 4 Bregal’s response to Covid-19 26 2 Invest Connectria is a leader in IBM and public cloud (AWS & Azure) managed & professional services. -
Complaint for Injunctive and Other Equitable Relief and for Civil Monetary Penalties Under the Commodity Exchange Act
Case 4:13-cv-00382-RAS-DDB Document 1 Filed 07/09/13 Page 1 of 21 PageID #: 1 IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF TEXAS SHERMAN DIVISION U.S. COMMODITY FUTURES TRADING ) COMMISSION, ) ) Plaintiff, ) FILED UNDER SEAL ) v. ) ) CIVIL ACTION NO. 4:13cv382 RFF GP, LLC, KGW CAPITAL ) MANAGEMENT, LLC, and KEVIN G. ) WHITE, ) ) Defendants, ) ) REVELATION FOREX FUND, LP, ) MERIDIAN PROPANE LP, and ) W CORPORATE REAL ESTATE, LP d/b/a ) KGW REAL ESTATE, ) ) Relief Defendants. ) COMPLAINT FOR INJUNCTIVE AND OTHER EQUITABLE RELIEF AND FOR CIVIL MONETARY PENALTIES UNDER THE COMMODITY EXCHANGE ACT Plaintiff, U.S. Commodity Futures Trading Commission (the “Commission” or “CFTC”), alleges as follows: I. SUMMARY 1. From at least September 2011, through the present (the “Relevant Period”), Kevin G. White (“White”), individually, and while acting as an agent and controlling person of RFF GP, LLC (“RFF GP”) and KGW Capital Management, LLC (“KGW Capital”) (collectively “Defendants”), fraudulently solicited at least $5.8 million from at least 20 actual and prospective participants in a pooled investment vehicle (“pool participants”) established by Defendants for the purpose of trading in off-exchange agreements, contracts or transactions in foreign currency (“forex”) on a leveraged or margined basis. Case 4:13-cv-00382-RAS-DDB Document 1 Filed 07/09/13 Page 2 of 21 PageID #: 2 2. Of the at least $5.8 million the Defendants accepted for forex trading during the Relevant Period, Defendants misappropriated approximately $1.7 million for personal and other expenses. 3. Defendants solicited prospective pool participants through two websites, www.revelationforex.com and www.kgwcapital.com (collectively “websites”), written promotional materials, and at least one trade show presentation to invest in Revelation Forex Fund, LP (“RFF”), a self-described hedge fund and commodity pool, where pool participants’ funds would be pooled for the purpose of trading forex. -
In Re Global Brokerage, Inc. F/K/A FXCM Inc. Securities Litigation 17
Case 1:17-cv-00916-RA Document 111 Filed 04/06/18 Page 1 of 57 THE ROSEN LAW FIRM, P.A. Phillip Kim, Esq. (PK 9384) Laurence M. Rosen, Esq. (LR 5733) Joshua Baker, Esq. (JB 8288) 275 Madison Avenue, 34th Floor New York, New York 10016 Telephone: (212) 686-1060 Fax: (212) 202-3827 Email: [email protected] Email: [email protected] Email: [email protected] Lead Counsel for Lead Plaintiffs UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK In re Global Brokerage, Inc. f/k/a FXCM Inc. Master File No. 1: 17-cv-00916-RA Securities Litigation SECOND AMENDED CONSOLIDATED SECURITIES CLASS ACTION COMPLAINT CLASS ACTION This Document Relates To: All Actions JURY TRIAL DEMANDED Case 1:17-cv-00916-RA Document 111 Filed 04/06/18 Page 2 of 57 Lead Plaintiffs 683 Capital Partners, LP and Shipco Transport Inc. and named plaintiffs Sergey Regukh and Brian Armstrong (“Plaintiffs”), individually and on behalf of all other persons similarly situated, by Plaintiffs’ undersigned attorneys, for Plaintiffs’ second amended consolidated complaint against Defendants (defined below), alleges the following based upon personal knowledge as to Plaintiffs and Plaintiffs’ own acts, and upon information and belief as to all other matters based on the investigation conducted by and through Plaintiffs’ attorneys, which included, among other things, a review of Securities and Exchange Commission (“SEC”) filings by Global Brokerage, Inc., f/k/a FXCM Inc. (“FXCM” or the “Company”)1, the Commodity Futures Trading Commission (“CFTC”)’s Order Instituting Proceedings Pursuant to Sections 6(c) and 6(d) of the Commodity Exchange Act, Making Findings, and Imposing Remedial Sanctions dated February 6, 2017 (“CFTC Order”) which is attached hereto as Exhibit 1 and incorporated by reference herein, the National Futures Association (“NFA”)’s complaint dated February 6, 2017 (“NFA Complaint”) attached hereto as Exhibit 2 and incorporated by reference herein, documents received in response to a Freedom of Information Act request to the CFTC, as well as media and analyst reports about the Company. -
UNITED STATES BANKRUPTCY COURT Southern District of New York *SUBJECT to GENERAL and SPECIFIC NOTES to THESE SCHEDULES* SUMMARY
UNITED STATES BANKRUPTCY COURT Southern District of New York Refco Capital Markets, LTD Case Number: 05-60018 *SUBJECT TO GENERAL AND SPECIFIC NOTES TO THESE SCHEDULES* SUMMARY OF AMENDED SCHEDULES An asterisk (*) found in schedules herein indicates a change from the Debtor's original Schedules of Assets and Liabilities filed December 30, 2005. Any such change will also be indicated in the "Amended" column of the summary schedules with an "X". Indicate as to each schedule whether that schedule is attached and state the number of pages in each. Report the totals from Schedules A, B, C, D, E, F, I, and J in the boxes provided. Add the amounts from Schedules A and B to determine the total amount of the debtor's assets. Add the amounts from Schedules D, E, and F to determine the total amount of the debtor's liabilities. AMOUNTS SCHEDULED NAME OF SCHEDULE ATTACHED NO. OF SHEETS ASSETS LIABILITIES OTHER YES / NO A - REAL PROPERTY NO 0 $0 B - PERSONAL PROPERTY YES 30 $6,002,376,477 C - PROPERTY CLAIMED AS EXEMPT NO 0 D - CREDITORS HOLDING SECURED CLAIMS YES 2 $79,537,542 E - CREDITORS HOLDING UNSECURED YES 2 $0 PRIORITY CLAIMS F - CREDITORS HOLDING UNSECURED NON- YES 356 $5,366,962,476 PRIORITY CLAIMS G - EXECUTORY CONTRACTS AND UNEXPIRED YES 2 LEASES H - CODEBTORS YES 1 I - CURRENT INCOME OF INDIVIDUAL NO 0 N/A DEBTOR(S) J - CURRENT EXPENDITURES OF INDIVIDUAL NO 0 N/A DEBTOR(S) Total number of sheets of all Schedules 393 Total Assets > $6,002,376,477 $5,446,500,018 Total Liabilities > UNITED STATES BANKRUPTCY COURT Southern District of New York Refco Capital Markets, LTD Case Number: 05-60018 GENERAL NOTES PERTAINING TO SCHEDULES AND STATEMENTS FOR ALL DEBTORS On October 17, 2005 (the “Petition Date”), Refco Inc. -
Presentation to Performant Financial Corp
And….It’s Gone! Presentation on Plus 500 May 3rd, 2018 Presentation by: Justin Hughes & Steve Fullerton PHILADELPHIA FINANCIAL 1 of San Francisco, L.L.C. 2 Philadelphia Financial Introduction • Founded in 2004 by Justin Hughes and Jordan Hymowitz • Financials focused L/S equity manager based in San Francisco, CA • Covered financial services for 24 years • AUM over $600M The author is net short PLUS LN at the time of this presentation. In addition, the author’s officers, directors, employees and/or principals (collectively “Related Persons”) may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated in this presentation. PHILADELPHIA FINANCIAL 2 of San Francisco, L.L.C. 3 Short Idea Philosophy • In general, our best short ideas have been companies that rely on deceiving customers to make profits If deceiving clients, the company is likely deceiving investors as well If the business is ripping people off, that typically does not change when they are dealing with investors • FXCM Example: Filed a comment letter to the SEC on the retail FX industry in August 2011 Link: https://www.sec.gov/comments/s7-30-11/s73011-10.pdf Swiss Franc de-pegging led to massive client loses that pushed the company in breach of regulatory capital requirements in January 2015 The National Futures Association (NFA) banned FXCM in February 2017 from membership due to “numerous deceptive and abusive execution activities that were designed to benefit FXCM, to the detriment of its customers” PHILADELPHIA FINANCIAL 3 of San Francisco, L.L.C. -
The State of Growth Equity for Minority Business: a River of Capital Flowing Past Our Communities
The State of Growth Equity for Minority Business | 1 The State of Growth Equity for Minority Business: A river of capital flowing past our communities Marlene Orozco and Eutiquio “Tiq” Chapa The State of Growth Equity for Minority Business | 2 The NAIC (www.naicpe.com) was formed in 1971 as About this White Paper the American Association of MESBICs (AAMESBIC), Inc., under President Richard M. Nixon’s Black Capital- ism program, which sought to ease access to capital The National Association of Investment for diverse business. During the 1980s, AAMESBIC Companies, Inc. (NAIC) commissioned this report lobbied successfully for legislation that would allow alongside the report by Lawrence C. Manson, Jr., diverse firms to repurchase the preferred stock from “Access to Capital: Accelerating Growth of Diverse- the U.S. Small Business Administration (SBA) while and Women-Owned Businesses,” as part of a grant raising funds that were not SBA regulated. AAMESBIC from the Minority Business Development Agency firms began approaching pension funds and other (MBDA), an agency within the United States Depart- institutional investors to raise larger pools of capital. ment of Commerce. The grant seeks to facilitate the aggregation and deployment of $1 billion in growth In the next decade, the organization changed its name equity capital to ethnically Diverse- and Women- to the National Association of Investment Companies, Owned Business Enterprises (DWBEs). Inc. as most members had turned from reliance on the SBA to become independent, institutional private equi- ty firms. Today, the NAIC has a membership of more In this report, Marlene Orozco, Chief Executive Officer than 80 diverse private equity and hedge fund firms of Stratified Insights, LLC, a premier research managing more than $165 billion in assets.