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Joe Biden to order studies on regulating, issuing cryptocurrency: Source
U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 Treasury, and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 currency, a source familiar with the matter said on Monday.
The White House last year said it was considering a wide-ranging oversight of the cryptocurrency market – including an executive order – to deal with the growing threat of ransomware and other cybercrime.
Biden’s order sets a 180-day deadline for a series of reports on “the future of money” and the role that cryptocurrencies will play in the evolving landscape.
“We could see a significant shift in policy in 180 days. This is a likely step toward the creation of a central bank digital currency,” the source said, citing significant momentum behind such a move within the Biden administration.
However, the reports being ordered could still raise concerns about such a move, or conclude that it would require congressional approval, the source cautioned.
The Biden order, likely to come on Wednesday, comes amid heightened concern about the use of cryptocurrencies by Russian elites to circumvent Western sanctions that have cut Russia off from large portions of the global economy, and moves by China and other economies to create their cryptocurrencies.
The Financial Crimes Enforcement Network (FinCEN) on Monday warned financial institutions to watch out for potential attempts by Russian entities to evade sanctions imposed by Washington over Moscow’s invasion of Ukraine.
Biden’s order will ask the Justice Department to look at whether a new law is needed to create a new currency, with the Federal Trade Commission, the Consumer Financial Protection Commission, and other agencies to study the impact on consumers.
Other studies will be ordered on the impact of a cryptocurrency on competitiveness, the market and technical infrastructure needed, and the environmental impact of bitcoin mining, the source said.
U.S. Treasury Secretary Janet Yellen last year warned about an “explosion of risk” from digital markets, including the misuse of cryptocurrencies, but said new financial technologies could also help fight crime and reduce inequality.
Joe Biden to order studies on regulating, issuing cryptocurrency: Source
U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury, and other agencies to study the legal and economic ramifications of creating टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 a U.S. central bank digital currency, a source familiar with the matter said on Monday.
The White House last year said it was considering a wide-ranging oversight of the cryptocurrency market – including an executive order – to deal with the growing threat of ransomware and other cybercrime.
Biden’s order sets a 180-day deadline for a series of reports on “the future of money” and the role that cryptocurrencies will play in the evolving landscape.
“We could see a significant shift in policy in 180 days. This is a likely step toward टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 the creation of a central bank digital currency,” the source said, citing significant momentum behind such a move within the Biden administration.
However, the reports being ordered could still raise concerns about such a move, or conclude that it would require congressional approval, the source cautioned.
The Biden order, likely to come on Wednesday, comes amid heightened concern about the use of cryptocurrencies by Russian elites to circumvent Western sanctions that have cut Russia off from large portions of the global economy, and moves by China and other economies to create their cryptocurrencies.
The Financial Crimes Enforcement Network (FinCEN) on Monday warned financial institutions to watch out for potential attempts by Russian entities to evade sanctions imposed by Washington over Moscow’s invasion of Ukraine.
Biden’s order will ask the Justice Department टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 to look at whether a new law is needed to create a new currency, with the Federal Trade Commission, टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 the Consumer Financial Protection Commission, and other agencies to study the impact on consumers.
Other studies will be ordered on the impact of a cryptocurrency on competitiveness, the market and technical infrastructure needed, and the environmental impact of bitcoin mining, the source said.
U.S. Treasury Secretary Janet Yellen last year warned about an “explosion of risk” from digital markets, including the misuse of cryptocurrencies, but said new financial technologies could also help fight crime and reduce inequality.
SEC WILL NOT PROHIBIT PAYMENT FOR ORDER FLOW
The U.S. Securities and Exchange Commission (SEC) reportedly will not seek to ban payment for order flow (PFOF), despite earlier indications that SEC Chair Gary Gensler had टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 been inclined to issue such a prohibition. A notable winner from this apparent decision is online broker Robinhood Markets, Inc. (HOOD), whose business model is based on In the immediate wake of the report in Bloomberg News, published before the market open on Sept. 22, 2022, shares of Robinhood hit a high of $11.07, up by 11.6% from the prior close. However, by late morning the stock was trading at around $9.94, टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 reducing the gain to about 0.2%. For the year to date in 2022, Robinhood’s shares are down by roughly 46%.
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KEY TAKEAWAYS
The SEC is not going to seek a ban on payment for order flow (PFOF) at this time, according to a report in Bloomberg on Sept. 22, 2022 This represents a win for online broker Robinhood (HOOD), but its shares have sunk after an early rally.
Robinhood has paid large fines in the past to the SEC and FINRA over PFOF and other practices.
What Is Payment for Order Flow टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 Some market makers and exchanges will compensate brokerage firms for routing trades to them. In general, the more trades that market makers and exchanges execute, the greater will be their trading profits. Payment for order flow (PFOF) effectively transfers part of these trading profits to the brokerage firms where these orders originated.
Importance of PFOF to Robinhood
A key element of Robinhood’s business model is attracting clients with the promise that they will not have to pay commissions on trades. Instead, Robinhood relies on PFOF as its primary source of revenue. Critics of the practice allege that PFOF represents hidden charges ultimately borne by the investor in the form of poorer executions (that is, in the form of higher prices when buying and lower prices when selling). Robinhood and the market maker that receives most of its order flow disputed this charge in a 2021 Congressional hearing, claiming that Robinhood clients actually get better execution than is offered by the exchanges.
Robinhood Fined Over Practices
In December 2020, Robinhood agreed to pay a $65 million fine to settle charges raised by the SEC. The SEC had found “repeated misstatements that failed to disclose the firm’s receipt of payments from trading firms for routing customer orders to them, and with failing to satisfy its duty to seek the best reasonably available terms to execute customer orders. This enforcement action was related to actions taken by Robinhood between 2015 and late 2018.
In June 2021, the Financial Industry Regulatory Authority imposed penalties totaling $69.6 million on Robinhood. FINRA found that: “during certain periods since September 2016, the firm has negligently communicated false and misleading information to its customers. The false and misleading information concerned a variety of critical issues.” However, PFOF and trade executions were not among the issues covered by FINRA’s complaint.
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Gold Prices Creep Higher as USD Retreats, Hawkish Fed Caps Gains
Gold prices rose slightly on Wednesday, extending mild gains into a third session as pressure from the dollar abated, although hawkish signals from Federal Reserve officials prevented further gains Spot gold rose 0.1% to $1,653.49 an ounce, while gold futures rose 0.2% to $1,658.90 an ounce by 19:20 ET (23:20 GMT). Both instruments spent a second day above the key support level of $1,650, tracking a decline in the dollar The dollar index is trading down over 1% this week, as risk appetite improved on a series of strong earnings on Wall Street. But the greenback appeared to have curbed its losses on Tuesday following a series of hawkish comments from Fed officials Minneapolis Fed President Neel Kashkari said the Fed may push its benchmark rate above 4.75% if underlying inflation does not cool. His comments come just a few days after data showed U.S. inflation remained stubbornly near.
Atlanta Fed President Raphael Bostic Also Stressed on The Need to Bring Inflation Under Control, Citing Pressure on The Labor Market From Rising Rates And Prices.
U.S. Treasury yields rose after Bostic and Kashkari’s comments, as traders feared more hawkish moves from the Fed. Markets are also pricing in a nearly 100% chance that the Fed will hike rates by 75 basis points for a fourth consecutive meeting in November Bullion prices tumbled from two-year highs hit earlier this year as rising interest rates greatly increased the opportunity cost of holding gold. This source of pressure is expected to persist in the near-term, given that the Fed has shown no intention of wanting to pause rate hikes Among industrial metals, copper prices rose slightly on Wednesday after logging three straight sessions of declines on concerns over slowing demand. But the outlook for industrial टॉप 6 एफएक्स ट्रेडिंग सिग्नल सर्विसेज 2023 metals was dampened this week after major miners Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) both flagged slowing metal demand in the near-term The world’s two largest miners said slowing economic growth and heightened geopolitical tensions are likely to disrupt supply chains and keep metal demand depressed.
Copper futures rose 0.1% to $3.3655 a pound, but are trading down 1.7% so far this week. China’s signal that it will not scale back its zero-COVID policy was the biggest source of selling pressure on the red metal, as were growing fears of a U.S. recession.
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