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Friday, 30 December 2022
EUR/JPY Daily Outlook
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Thursday, 29 December 2022
Stocks making the biggest moves midday: Netflix, Cal-Maine Foods, Southwest and more
GBP/USD Mid-Day Outlook
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Wednesday, 28 December 2022
FTX diverted $200 million of customer money for two venture deals that caught the SEC's attention
GBP/JPY Daily Outlook
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Tuesday, 27 December 2022
Stocks making the biggest moves midday: Southwest, Peloton, Tesla, Herbalife and more
GBP/USD Daily Outlook
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Monday, 26 December 2022
India is standout nation in global gloom, caution ahead
The economy has so far staged a smart recovery after the bruising impact of Covid waves. Several indicators have pointed to growth getting back on track.
Sunday, 25 December 2022
Travel abroad is poised 'for a big comeback' in 2023 as Americans eye trips to Asia, Europe
Saturday, 24 December 2022
From $250,000 to $10,000 price calls: How market watchers got it wrong with bitcoin in 2022
Friday, 23 December 2022
Families can make a tax-free rollover from 529 plans to Roth individual retirement accounts starting in 2024
USD/JPY Daily Outlook
Daily Pivots: (S1) 131.78; (P) 132.24; (R1) 132.85; More… USD/JPY is still bounded in tight range above 130.55 and intraday bias remains neutral. Immediate focus remains on 55 week EMA (now at 131.76). Decisive break there will pave the way to next fibonacci level at 121.43. On the upside, above 133.61 support turned resistance will […]
The post USD/JPY Daily Outlook appeared first on Action Forex.
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USD/CHF Daily Outlook
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GBP/USD Daily Outlook
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Thursday, 22 December 2022
FTX's Gary Wang, Alameda's Caroline Ellison plead guilty to federal charges, cooperating with prosecutors
EUR/USD Daily Outlook
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GBP/USD Daily Outlook
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USD/CHF Daily Outlook
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USD/JPY Daily Outlook
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USD/CAD Daily Outlook
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Wednesday, 21 December 2022
Stocks making the biggest moves after hours: Under Armour, Micron Technology and more
USD/CHF Mid-Day Outlook
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Tuesday, 20 December 2022
Stocks making the biggest moves midday: Gilead Sciences, Moderna, Tesla and more
Monday, 19 December 2022
Sam Bankman-Fried will now surrender himself for extradition before Bahamian court Monday, says source
Technical analysis forex for Dec 19 to Dec 29 2022
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EUR/JPY Daily Outlook
Daily Pivots: (S1) 144.07; (P) 145.34; (R1) 146.05; More…. Intraday bias in EUR/JPY stays neutral for the moment. On the upside, break of 146.71 will resume the rise from 140.75 to retest 148.38 high. However, on the downside, break of 143.48 will suggest that corrective pattern from 148.38 is still extending. Bias will be back […]
The post EUR/JPY Daily Outlook appeared first on Action Forex.
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Sunday, 18 December 2022
EUR/AUD Weekly Outlook
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Saturday, 17 December 2022
Binance's native BNB token plunges to lowest since July as concerns mount about withdrawals, FTX ties
GBP/USD Mid-Day Outlook
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Friday, 16 December 2022
Goldman Sachs is planning to cut up to 8% of its employees in January
EUR/GBP Daily Outlook
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Thursday, 15 December 2022
Stocks making the biggest moves midday: Netflix, Snap, Warner Bros. Discovery, AT&T, Novavax and more
EUR/USD Daily Outlook
http://dlvr.it/SfP9Nj
Wednesday, 14 December 2022
Stocks making the biggest moves midday: SoFi Technologies, Charter Communications, Delta and more
USD/CAD Daily Outlook
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Tuesday, 13 December 2022
FTX spent $256 million on Bahamas real estate — now the island's government wants it back
GBP/JPY Daily Outlook
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Monday, 12 December 2022
Stocks making the biggest moves after hours: Oracle, Bank of Montreal and more
AUD/USD Daily Report
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Sunday, 11 December 2022
EUR/AUD Weekly Outlook
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Saturday, 10 December 2022
In FX Talent Wars, Demand Gives Candidates the Upper Hand
According to Glassdoor (which collates salary data submitted anonymously), the average base salary for an FX trader in the UK in November 2022 was £69,182 and additional cash compensation, including bonuses and commission, averaged £86,851. The equivalent figures for an FX analyst were £40,207 and £4,102, respectively.
The most in-demand roles within the institutional space are sales professionals that have a genuine transferable book of clients, followed by trade support roles, such as solutions and operations, observed Reece Pawsey, the Director FinTop Consulting. “Within the retail space the greatest demand is for multilingual sales and business development professionals, which typically consists of retention and conversion,” he said.
Unsurprisingly, there are insufficient numbers of candidates who meet the institutional profile, which has led to some brokers extending their search beyond individuals who bring business with them to those with experience but no transferable book of clients, or even more junior candidates. In the retail space, many candidates fit into either the retention or conversation category but lack the experience to generate new business.
According to Pawsey, brokers in the institutional space are now offering significantly higher base salaries than they were 12 months ago, unlike their retail counterparts, where salaries have remained largely the same. “As more new players enter the market it will become increasingly competitive with brokers competing for experienced candidates with a book of clients,” he said. “That being said, the suitability of these clients also depends on the spreads, products and additional solutions offered by the broker.”
Rebalancing of Roles
Michael Williams Associates has seen a consistent demand for both sales and trading roles explained the Managing Partner, Neil Price. “Following the transition of selected staff from London to the EU in line with the post-Brexit regulatory requirement over the last two years, we are now seeing firms rebalance – essentially moving from the establishment of new desks to expansion and upgrading,” he said.
The move towards digitisation of the FX business continues to drive the need for technical and quantitative experience, particularly in trading, which means that demand can outweigh the supply for specific skills, added Price.
In Cyprus, there is strong demand for MT4/MT5 administrators, experienced traders/dealers who are willing to work rotational shifts to cover all markets, and IT development profiles said Hayley Buckle, the Director of Recruitment at GRS Recruitment.
“Not only is the supply of talent looking for work very limited – the needs of the individuals have changed,” she explained. “Over the past few years with the implementation of hybrid and remote working, more people are looking for positions that will allow them to work from home. With wellbeing at the top of most individuals’ lists when job hunting, the benefits that companies offer have also changed to include gym memberships and on site massages, for example.”
Georgia Michaelides, a Senior Recruiter at Emerald Zebra refers to an ongoing requirement for compliance/AML, technology (specifically software development), business development and account management, marketing, and dealer roles.
“Compliance/AML candidates are particularly highly sought after,” she said. “Given CySEC’s stricter controls and fines, and what is happening in the financial world in general, companies are assessing their compliance programmes and enhancing them in order to meet regulatory guidelines.”
Crypto Cannibalism?
As we have previously reported high-profile figures have made the transition from FX to crypto in recent times, including the former Head of Electronic FX trading at Lloyds Bank. One of the most notable moves was made earlier this year by the Managing Director and Global Head of FX prime brokerage at Jefferies and the investment bank’s Global Head of FXPB distribution, who set up execution-only crypto ECN Crossover Markets.
“The attractiveness of working at a crypto company gives them an edge when competing for candidates within the FX talent pool,” said Donna Stephenson. “We have spoken to candidates that are actively seeking opportunities within the crypto space, from software engineers to executive directors that want to head up a CySEC licensed crypto asset service provider.”
Comparing average salaries and incentives for similar positions in FX and crypto is not easy. Glassdoor data suggests the national average salary for a crypto trader in the UK is £56,500, which rises to £80,200 when bonuses and commission are factored in. To put that in context, additional cash compensation alone for FX traders was more than £86,850.
However, Stephenson refers to rising salary expectations linked to the shortage of skilled and experienced people. “One of our crypto clients has stated that crypto software engineers are more expensive than FX engineers due to the complexity of the industry and that companies are paying up to 30% above the market rate, which we can confirm from recent experience.”
A further complicating factor, when it comes to a comparison of earnings, is that those working in the crypto sector often receive a significant portion of their salaries in cryptocurrency.
In today's crypto winter, where crypto layoffs and crypto company collapses like that of FTX, are dominating the news, the whole crypto sector itself is witnessing a drastic change unfurl. How that impacts the FX talent wars remains to be seen, FX jobs it seems, are for the long term. However, it would not be surprising to see a few more resumes in FX HR inboxes over the coming months and it will be interesting to see what the knock-on effect that will bring.
Passive Incentives
The lack of suitably qualified/experienced technology candidates actively seeking career moves has contributed to firms offering higher salaries to attract passive candidates: those individuals that are not necessarily looking to change employers but might consider a move to realise a higher salary. In Cyprus, this has translated into an increase in the salaries offered to a mid-level developer from €40-45,000 in 2020 to €50-70,000 this year.
Candidates are not only commanding higher salaries, but they are also factoring the culture of the company and its reputation into their decision-making process explains Donna Stephenson, the CEO of Emerald Zebra. Stephenson offers the following salary guide for FX positions, corroborated by other industry sources:
“Whilst salary is still king, the majority of employers have fixed their retention issues and now boast shiny new offices, new management teams, training, coaching and wellbeing programmes, signing on bonuses, lunch and refreshment facilities, team socials, and hybrid or flexible working,” she said.
This means that not only are there more jobs than candidates, but passive candidates are not easily tempted. Many employers have sought to address this by providing relocation assistance and work visa sponsorship.
Earlier this year, the Cypriot government introduced new tax incentive schemes, third-country work visas and spousal work visas to assist companies to attract candidates to relocate to Cyprus.
Katerina Andreou, the CEO of HR Innovate, which sees the greatest demand for affiliate roles, sales and retention, observed that staff turnover makes the recruitment process even more challenging.
Inflated Expectations?
Inflation is running high in both the UK (where the consumer prices index rose by 9.6% in the 12 months to October 2022) and Cyprus, where the October figure of 8.6% was the lowest since April. However, it is still almost double the amount it was for the same period of time last year.
Yet, while Pawsey reckons UK candidate salary expectations have not been significantly impacted by rising inflation rates, it’s a different story in the eastern Mediterranean where the cost of living in the forex hub of Limassol has dramatically increased, meaning a bigger salary is now a must.
“Most candidates are aware that there is a talent shortage and that – coupled with ever-increasing living costs – has meant salary expectations are definitely higher, as are general expectations regarding package benefits and working conditions,” said Andreou.
Terri Neofitou, the Country Director at Emerald Zebra, reckoned candidates are considering the stability as well as the value of a new role and are more likely to ask whether a prospective employer is a good career move for them.
“Questions include ‘is it a new role created due to the success or expansion of the team’ and ‘is it a replacement and if so, why,” said Neofitou. “There is also greater questioning of the job responsibilities and the company’s short and long-term goals.”
This article was written by Paul Golden at www.financemagnates.com.EUR/CHF Daily Outlook
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Friday, 9 December 2022
Crypto.com Releases Audited Proof of Reserves
Crypto.com, which was founded in 2016, has joined the train of cryptocurrency exchanges that have released their Proof of Reserves (PoR) in the aftermath of the collapse of one-time fastest-growing crypto exchange, FTX.
A PoR is an independent audit conducted by a third party that seeks to confirm a digital asset custodian truly holds the assets it claims it has in reserves to secure customers' funds.
On Friday, the Singapore-based exchange released its Proof of Reserves which was audited by Mazars Group, a top international audit, tax, and advisory firm. The auditor used advanced cryptographic procedures to confirm the availability and backing of its customer balances, Crypto.com explained.
The exchange also noted that its users can now verify that their crypto assets are fully backed 1:1 on its platform. The digital asset firm pointed out that Mazars Group compared its proven assets held in on-chain addresses with its customer balances.
As shared by Crypto.com, the asset-reserve rations for the major digital assets on its platform include BTC (102%), ETH (101%), USDC (102%), USDT (106%), USDT (106%) and XRP (101%). Others are Dogecoin (101%), Shiba Inu (102%), Link (101%), and Mana (102%).
https://t.co/vCNztABJoG releases Proof of Reserves audited results. Mazars Group compared the assets held in on-chain addresses proven to be controlled by https://t.co/vCNztABJoG with customer balances through an auditor-overseen live query of a production database as of Dec 7. pic.twitter.com/sXgvIe4ZMV
— Crypto.com (@cryptocom) December 9, 2022
Speaking on the development, Kris Marszalek, the CEO of Crypto.com, noted that “providing audited Proof of Reserves is an important step for the entire industry to increase transparency and begin the process of restoring trust.”
PoR and Other Crypto Exchanges
At the start of the week, another Singapore-based crypto exchange Bitget released its PoR which is based on the Merkle tree technique. The exchange launched the ‘Merkle Validator' tool for its users to audit their own accounts and verify the backing of their crypto deposits.
“The release of the Proof of Reserves and the Merkle tree data equips users with updated and informational insights on the financial status of Bitget and enhanced control on their assets stored on the platform, which is echoed in our commitment of maximum transparency and top-notch protection policies for users," Gracy Chen, the Managing Director of Bitget, explained.
Furthermore, in late November, leading cryptocurrency exchange Binance published its PoR for Bitcoin, promising to add the ones for Ether, USDT, USDC, BUSD, and BNB “soon”.
“So, in simple terms, when a user deposits one Bitcoin, Binance’s reserves increase by at least one Bitcoin to ensure client funds are fully backed. People will be able to check the site and see Binance’s Proof of Reserves, showing Binance’s reserve ratio alongside customer liabilities,” Binance explained.
This article was written by Solomon Oladipupo at www.financemagnates.com.USD/JPY Mid-Day Outlook
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Thursday, 8 December 2022
Stocks making the biggest moves after hours: Lululemon, Costco and more
Wednesday, 7 December 2022
Coinbase Expects 2022 Revenue to Tank by over 50%
Coinbase, an American cryptocurrency exchange, is expecting its revenue for the fiscal year 2022 to be “about roughly half or less” than its revenue in 2021, Brian Armstrong, the firm’s Chief Executive Officer, told Bloomberg on Wednesday.
The exchange also tweeted the same information, noting that the projection is in line with the outlook provided on our Q3 earnings call on Nov 3, 2022.
Our CEO recently sat down with David Rubenstein at Bloomberg. Brian indicated that he expects Coinbase FY2022 revenue to be less than half of FY2021 revenue. This view is consistent with the outlook provided on our Q3 earnings call on Nov 3, 2022.https://t.co/iCDO16bFf2
— Coinbase (@coinbase) December 7, 2022
Crypto Market Turmoil
This expectation of a sharp decline in the crypto exchange’s revenue comes on the heels of the collapse of top crypto firms this year and plummeting market prices of digital assets.
In early November, the collapse of the Bahamas-headquartered crypto exchange, FTX, sent shock waves across the crypto industry. The exchange, one-time one of the industry’s largest, is currently undergoing bankruptcy proceedings in the US and facing civil and criminal investigation in the Bahamas.
Check out the recent Finance Magnates London Summit 2022 session on the future of cryptocurrencies.
In the fall-out of FTX, American crypto lender BlockFi late last month filed for bankruptcy protection in the US. Earlier in the year, crypto lenders Celsius Network and Voyager Digital also filed for bankruptcy in the aftermath of the Terra-Luna collapse. Also, a British Virgin Islands court recently ordered the liquidation of erstwhile Singapore-based crypto hedge fund, Three Arrows Capital.
According to CoinMarketCap, the global crypto market capitalization currency stands at about $840.67 billion, down from over $2 trillion at the start of the year. In August, bitcoin deposits on exchanges hit a two-year low amidst crumbling cryptocurrency prices.
Worsening Revenue
While Coinbase doubled its revenue during the fourth quarter of 2021 to $2.5 billion, by the second quarter of 2022, the revenue dropped to $808.3 million, with over $1 billion posted in losses. At the end of the third quarter of the current fiscal year, its net revenue came in at $576 million, which is approximately a -29% decline.
According to financial markets data provider, Refinitiv, analysts expect Coinbase’s revenue to tank by 75% to $621.5 million at the end of the fourth quarter.
This article was written by Solomon Oladipupo at www.financemagnates.com.USD/CAD Daily Outlook
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Tuesday, 6 December 2022
EURCHF(M15)-
Pair:EURCHF(M15)-@: 0.98522, StopLoss: 0.98414, TakeProfit_1: 0.98693, TakeProfit_2: 0.98848, TakeProfit_3: 0.98957
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