Interactive Brokers has entered a significant partnership with HSBC, aimed at enhancing the integration of banking and brokerage services globally. This new alliance will leverage Interactive Brokers' digital investment platform, WorldTrader, initially targeting HSBC customers in the UAE. WorldTrader will allow users to trade stocks, ETFs, and bonds across 25 markets and 77 exchanges via a user-friendly mobile app or online platform.
The collaboration represents a pivotal shift in banking services, incorporating advanced brokerage features through Interactive Brokers' secure and efficient technology. Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, highlighted the benefits of their robust trading tools, competitive pricing, and global market access, which continue to attract institutions seeking to optimize their offerings for clients.
Berlin-based fintech lemon.markets has raised €12 million in a funding round led by CommerzVentures, boosting its total funding to €28 million. The funds will accelerate the expansion of its Brokerage-as-a-Service platform, launched earlier this year with support from Deutsche Bank and BNP Paribas.
CEO Max Linden emphasized the company's goal to become a leading player in digital brokerage and custody services. The new investment will also support the development of partnerships and new products, leveraging licenses obtained from BaFin to offer a broad range of financial services. The brokerage and custody infrastructure market, projected to reach $63 billion in the next five years, positions lemon.markets for significant growth.
The launch of ForecastEx, a new prediction exchange by Interactive Brokers, has been postponed to later this summer due to administrative challenges, as confirmed by Steve Sanders, EVP of Marketing and Product Development. ForecastEx will allow trading on the probabilities of future US economic and global climate events.
Despite the delay, ForecastEx has received the necessary approvals from the Commodity Futures Trading Commission (CFTC) to operate as a contract market and derivative clearing organization. Initially set to launch on July 8, 2024, the platform aims to enable clients to trade by simply choosing YES or NO on forecast contracts related to various economic indicators and climate data.
Thomas Peterffy, Founder and Chairman of Interactive Brokers, has been developing ForecastEx for nearly a decade. Interactive Brokers is the first Futures Commission Merchant to join ForecastEx, which plans to engage more FCMs in the future. The specialized platform, IBKR ForecastTrader, will be available to eligible clients in the US, Hong Kong, and Singapore. Sanders expressed confidence in retail investors' ability to engage with these new investment instruments.
Clearstream Banking is enhancing its operational capabilities with the Cyprus Stock Exchange, effective August 5, 2024. This upgrade involves establishing a direct participant account at the Cyprus Stock Exchange, in collaboration with Citibank Europe PLC Greece Branch, to improve client asset protection and service efficiency.
The direct participant status will streamline settlement processes, provide direct access to the Cyprus Central Securities Depository (CSD), and reduce counterparty risks. As part of the transition, Clearstream will transfer all settled securities positions to a new omnibus account by August 2, 2024. Pending instructions and unmatched transactions will be canceled, with affected clients notified via MT548 messages for reconfirmation and settlement post-migration on August 5.
Clients are advised to submit their instructions early to ensure smooth processing during the transition, aiming to minimize disruptions and maintain service continuity.
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