Top news of the day, May 29
1. China’s campaign to turn the tightly controlled yuan into a global currency is crossing a new threshold, as the government plans to make it easier for individuals and companies to invest overseas.
The latest initiative, expected to be announced in the next few weeks by the State Council, China’s cabinet, will allow individual Chinese and businesses to directly purchase stocks, bonds and real estate in foreign markets, removing limits on such transactions, according to Chinese officials with knowledge of the matter. Though initially limited to people and businesses in certain designated free-trade zones, the proposal can be scaled up over time, the officials said.
2.FXCM Inc. (NYSE:FXCM), a leading online provider of foreign exchange (FX) trading and related services, announced that Forex Trading, LLC, a subsidiary of FXCM Newco, LLC (“FXCM”) has signed a definitive agreement to sell FXCM Asia Limited (“FXCM Hong Kong”) to Rakuten Securities, Inc. (“Rakuten Sec”), a top 5 FX broker in Japan, and a subsidiary of Rakuten, Inc. (“Rakuten”) (TOKYO:4755), one of the world’s largest Internet services companies, for a total consideration of approximately $36 million.
3. Around the same time as Accenture’s call for the UK government to regulate bitcoin wallets, Citi suggested that officials should look into creating their own digital currency. This has been revealed in the Treasury’s release of a document entitled “Digital Currencies: Response to the Call for Information”
4. Following questions and testimonies from French consumers, the Autorité des Marchés Financiers (AMF) draws the public’s attention to the activities of 14 websites and operators that are not authorised to provide investment services on French territory.
5. Suspension of the Investment Dealer (Currency Derivatives Segment) Licence and the Investment Dealer (Full Service Dealer excluding underwriting) Licence and Global Business Licence of FX Primus Limited
Notice is hereby given in accordance with Section 27 (1) and 74(6)(a) of the Financial Services Act 2007 (the ‘Act’) that the Investment Dealer (Currency Derivatives Segment) Licence, the Investment Dealer (Full Service Dealer excluding underwriting) Licence and the Global Business Licence of FX Primus Limited (‘FXP’) have been suspended with immediate effect.
By OneStopBrokers
