State Street Corporation (NYSE: STT), a global custody bank and financial service provider for institutional investors, has acquired London-based FX analytics specialist BestX in a bid to enhance its services in the electronic foreign exchange markets. The financial terms of the deal were not disclosed.

BestX was founded by former Morgan Stanley executives in 2016 to offer post-trade transaction cost analysis for spot FX, forwards, NDFs and FX swaps. Later in 2017, the best execution firm has went live with pre-trade analysis functionality, as well as TCA for vanilla FX options.

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Chinese Bitcoin mining giant Bitmain Technologies has invested an undisclosed amount in Blockchain data storage company Lambda. The funding round propels Lambda into crypto-linked companies that received investments from Bitmain as part of its plans to expand and diversify its circle of influence in the nascent sector.

Lambda has already launched its own ICO earlier this month after completion of its private sale which included funding from FunCity Capital, BlockVC, BlueHill, Zhen Fund, Metropolis VC, Dfund, DATA Foundation and more.

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The startup uses the blockchain technology to provide decentralized applications data ... (read more)

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We have become accustomed to brokers sponsoring certain teams or sports, but today TradingView is opening a new page with NASCAR. The charting software company which owns one of the most sought-after products on part of traders of multiple asset classes ventures into the space with a race car sponsorship.

TradingView has committed to sponsor two cars during the 2018 Monster Energy NASCAR Cup Series season. The company’s contract includes two cars – No. 51 and No. 52. The debut of the charting technology provider is at the Bristol ... (read more)

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The U.S. Securities and Exchange Commission on Friday fined Citigroup and its U.S. broker-dealer subsidiary a total of $10.5 million for multiple regulatory failures related to a loan scheme that led the bank to cut profit by $475 million and fire at least a dozen of traders.

Citigroup, the third-largest U.S. bank by assets, was sued in two separate cases over violations involving its books and records, internal accounting controls and trader supervision, the SEC said.

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In the first action, the US regulator said that it has ordered the broker-dealer affiliate ... (read more)

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North American-based financial services provider BMO Capital Markets (BMO), in collaboration with a pension fund, conducted the first pilot that uses blockchain to automate the fixed income transactions in Canadian dollar.

Thanks to the technology that underpins cryptocurrencies, BMO was able to issue CDN$250MM 1-year floating rate Deposit Note which included Ontario Teachers fund as the buyer.

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In the release announcing the fixed income experiment, BMO said the trial marked an unprecedented scale of institutional collaboration between the financial and technology communities and represents a leap forward in improving ... (read more)

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The Financial Conduct Authority (FCA) has warned that cryptocurrency scams are using images of celebrities and London addresses from wealthy areas to trick investors into investing with dodgy companies.

The warning from the British regulator was first made earlier this year in June but it has reposted the warning on its website again today. This is because the watchdog has seen a rising number of investment scam reports, where companies are claiming to offer high returns.

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As cryptocurrencies aren’t regulated, investors need to be extra careful when ... (read more)

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As Finance Magnates reported in the beginning of the week, the founder and ex-CEO of Fastmatch, Dmitri Galinov, has filed a lawsuit against the company and its parent Euronext. In addition to claiming he has been unfairly dismissed, he is elaborating in the key points which led to the filing of the case in New York.

We are delving deeper into the court filing in the following lines. As usual, it is important for our readers to remember that the details below are merely allegations and nothing is proven until the court makes its final ruling on ... (read more)

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As Finance Magnates reported in the beginning of the week, the founder and ex-CEO of Fastmatch, Dmitri Galinov, has filed a lawsuit against the company and its parent Euronext. In addition to claiming he has been unfairly dismissed, he is elaborating in the key points which led to the filing of the case in New York.

We are delving deeper into the court filing in the following lines. As usual, it is important for our readers to remember that the details below are merely allegations and nothing is proven until the court makes its final ruling on ... (read more)

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