Your Bourse Appoints Heads for Operations, Customer Success, and Engineering Teams

<p>Your Bourse, a London-based technology provider to forex and contract for difference (CFD) brokers, recently appointed new heads to spearhead various units in its organization.</p><p>These are Valter Timanov as Head of Operations, Maria Porandaikina as Head of Customer Success, and Sergey Rudenko as Head of Engineering.</p><p>Your Bourse disclosed this in a press statement shared with Finance Magnates on Thursday.</p><p>While Timanov joined Your Bourse from <a href="https://www.financemagnates.com/tag/online-broker/" target="_blank">online brokerage firm</a> Just2Trade Online where he was the Chief Technology Officer, Porandaikina came from MetaTrader4/5 tech solution developer, Brokeree Solutions, where she was Head of Customer Success.</p><p>On his part, Rudenko was once a developer for Your Bourse. He had previously worked with the technology provider between March 2016 and April 2018. He also once worked with Your Bourse's Co-Founder Andrey Vedikhin while they were at top forex broker Alpari.</p><p>“I am thrilled to re-join and be part of Your Bourse as we look to adopt best practices in software engineering, optimize our team structure and establish technical standards,” Rudenko noted, speaking on his appointment. </p><p>Your Bourse noted that Rudenko is bringing “extensive knowledge of modern software development practices to support Your Bourse’s leadership team.”</p><p>“These recent appointments will enable Your Bourse to transform development procedures to accelerate innovation plans with clear focus on customer satisfaction from their growing client base,” Your Bourse said in a statement shared with Finance Magnates.</p><p>Speaking on the new appointment, Elina Pedersen, Your Bourse’s Co-Chief Executive Officer and Chief Revenue Officer, noted that the appointed leaders will enable the company’s 'ambitious growth plans.'</p><p>“These are significant hires for Your Bourse and demonstrate our commitment to deliver ongoing enhancements to our Platform-as-as-Service and the best customer experience in the industry,” Pedersen said.</p><p>Career Experience</p><p>According to his LinkedIn profile, Timanov joined Your Bourse in July and is based in Limassol, Cyprus.</p><p>Timanov was once the Head of the Investment Department for <a href="https://www.financemagnates.com/forex/brokers/just2trade-integrates-your-bourses-solution-as-main-liquidity-provider/" target="_blank">Just2Trade’s office</a> in Cyprus. He served the broker between 2017 and 2018. He was also once the Technical Manager at WhoTrades, and a Software Engineer at FINAM Investments. </p><p>On her part, Porandaikina was once a SharePoint Consultant at SkillUnion Limited and Information Technology Help Desk Analyst at Japan Tobacco International.</p><p>On his part, Rudenko has worked as a .NET developer at London Capital Group, Alpari and Engineers of Information LLC.</p><p>Meanwhile, Kate Rutkovskaya, the Chief Operating Officer of Your Bourse, earlier this month <a href="https://www.financemagnates.com/executives/your-bourses-coo-kate-rutkovskaya-announces-her-resignation/" target="_blank">resigned from her position</a>. The C-suite executive spent two years and four months in the capacity before her exit from the company. She spent almost three years there.</p><p>“Kate has resigned to start her own project in the field of mindfulness and with her amazing set of leadership, management and resourcing skills, I'm sure it will be a great success," Pedersen told Finance Magnates.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

View Details

ThinkMarkets Adds 5 New Crypto CFDs to Portfolio

. ThinkMarkets, a multi-asset online broker, has added five new decentralized finance (DeFi) tokens to the line-up of cryptocurrency contracts for difference (CFDs) customers can trade on its platf...

View Details

Denmark’s FSA Orders Saxo Bank to Dump Crypto Holdings

Denmark’s financial markets supervisor has demanded that Saxo Bank dump its cryptocurrency holdings. The Danish Financial Supervisory Authority (FSA) stated this in a statement released today (Wednesday), noting that the multi-asset broker’s trading in digital assets for its own accounts falls outside the investment bank’s “lawful area of activity.”

Danish Watchdog Frowns at Saxo Bank

As a bank that specializes in online trading and investment, Saxo Bank offers a wide range of financial products and services, including online trading in stocks, bonds, commodities, forex, contracts for difference, fiat currencies and cryptocurrencies.

According to the FSA, the Copenhagen-based investment bank hedges its crypto assets to match the market risk associated with its digital asset products. However, the regulator noted that trading in crypto is not part of the supported activities listed in Appendix 1 of the Danish Financial Business Act.

“Unregulated trading of crypto assets can create distrust in the financial system, and the Danish FSA finds that legitimising trading in crypto-assets would be unjustified,” the financial watchdog explained. “Thus, the activity cannot be accepted as an ancillary banking activity for reasons of financial stability, cf. section 24 of the Danish Financial Business Act.”

Furthermore, the regulator pointed out that because the European Union’s recently passed crypto regulation, Markets in Crypto-Assets (MiCA), will only come into enforcement in its entirety on December 30, 2024, crypto trading among financial institutions “remains unregulated for the time being.”

"We naturally take the decision of the Financial Supervisory Authority into account and will read it thoroughly to consider how we otherwise respond to it," Saxo Bank said in a statement shared with Finance Magnates, pointing out that its customers get exposure to cryptocurrencies without owning them.

"With regards to this, we have held a very limited portfolio of cryptocurrencies, solely to hedge a very marginal proportion of risk associated with the facilitation of crypto assets. The vast majority of this exposure is mitigated through exchange-traded and cleared products," the Danish investment bank elaborated. "Therefore, the FSA's decision will have a very limited impact on our business, and our client will not experience any significant changes.”

Saxo Bank’s FX Volume Drops 8% in June

Meanwhile, Saxo Bank on Wednesday released its monthly trading volumes for June 2023, reporting an 8% decline in its forex trading volumes. The volume came in at $119.5 billion, with the daily average falling by 5% to $5.4 billion.

However, compared to the same month last year, the drop in total forex volume in June 2023 is much more significant: the volume went down by 22% from $152.5 billion. Similarly, the daily average volume plummeted by 21% from $6.9 billion.

Since the start of 2022, Saxo Bank’s monthly forex trading volumes have been undulating, finally sinking to $102.8 billion in April, which is the lowest volume since December 2021. However, the volume later picked up, jumping by 27% to $130.5 billion in May, only to drop again last month.

Across all markets, Saxo Bank’s trading volumes weakened by 4% to $391.7 billion, with the monthly volumes from its trading activities in commodities and fixed income slumping by 21% and 13% to $32.1 billion and $6.6 billion, respectively. On the contrary, trading volume in equities strengthened by 2%, rising from $228.2 billion in May to $233.5 billion last month.

New COO at Marex; LCH RepoClear's service merger; read today's news nuggets.

View Details