Questrade cleared to offer CFDs

The Ontario Securities Commission (OSC) has given permission for an online broker to offer contracts for difference (CFDs) and other over-the-counter (OTC) foreign exchange contracts by providing upfront risk disclosure, rather than a prospectus. According to Thursday OSC Bulletin, the OSC has approved an application from Questrade Inc., granting relief from prospectus requirements in connection with the distribution of CFDs and OTC foreign exchange contracts, subject to various terms and conditions. James Langton The conditions include that the transactions comply with the rules of the Investment Industry Regulatory Organization of Canada (IIROC); that clients be provided with risk disclosure before entering into a transaction, and that they acknowledge receiving and reading that disclosure; among other things. The decision indicates that the firm believes requiring a prospectus in order to trade OTC contracts with retail clients “would not be appropriate since the disclosure of a great deal of the information required under a prospectus and under the reporting issuer regime is not material to a client seeking to enter into an OTC transaction.” Instead, it maintains that the information to be given to this sort of client “should principally focus on enhancing the client’s appreciation of product risk including counterparty risk”; adding that most OTC positions are opened and closed on the same day, and are marked to market and cash settled daily. The relief does not apply in Alberta, the decision notes, indicating that the Alberta Securities Commission (ASC) has concerns about relying on a passport system decision to allow a prospectus exemption for OTC contracts. So, the firm will make a separate application for relief in Alberta, if it wants to offer OTC contracts to clients there without a prospectus. Share this article and your comments with peers on social media CMC Markets preps to sell CFDs to retail investors CMC Markets to offer CFD trading to Canadian retail investors Facebook LinkedIn Twitter Questrade offers CFD trading Keywords CFDs — Contracts for differenceCompanies Ontario Securities Commission, Questrade Financial Group Inc. Related news read more

Isis delivers low-key nationwide launch

first_img Author HomeMoneyNews Isis delivers low-key nationwide launch Softcard is the new name for Isis AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 14 NOV 2013 Richard Handford Previous ArticleJolla partners with Yandex to distribute Android appsNext ArticleXamarin works closer with Microsoft on native iOS/Android apps Tags Isis rebrands to distance itself from extremist group with same namecenter_img US venture Isis has gone “nationwide” with its long-awaited NFC-based mobile payments service but information on the launch was short on detail and lacked any real indication of the scale of the rollout.The venture, which is backed by AT&T, Verizon Wireless and T-Mobile US, announced the latest version of its Android app was now in the Google Play store (there was no update on when Isis will make an iPhone ‘case’ available, enabling Apple users to access the service).The redesigned wallet app has a simpler UI and a toolbar that is easier to navigate. It enables users to pay using their NFC smartphone by storing virtual versions of their credit or prepaid cards, as well as coupons and merchant loyalty cards.Isis said consumers can use the wallet at retailers which accept contactless payments, such as Toys “R” Us, Jamba Juice and Coca Cola, as well as taking advantage of “hundreds of dollars’ worth of money-saving deals” with full details available in the wallet.No headline-grabbing number of merchants supporting the initiative today was highlighted. Instead, Isis noted in a press release that “Aite Group projects that hundreds of thousands of locations in the U.S. will have contactless-ready payment terminals by year end, making it the most broadly deployed mobile payments technology at the point of sale.”The venture gave three examples of offers, including My Coke Rewards which offers users their first three drinks for free.Or another offer for 20 per cent back on purchases made via a user’s American Express Serve account up to $200 in statement credits. The offer runs until end-January 2014.The venture also restated an offer to give away one million free smoothies with Jamba Juice that was originally made at last month’s NFC & Mobile Money Summit in New York.In addition to downloading the wallet app, users also need a free NFC SIM which will work with more than 40 smartphones available from the three operators.Acknowledging that consumer education is key to the success of Isis, a statement from the initative added that “customers who visit a carrier retail store to activate the Isis Mobile Wallet will receive hands-on support and education from store associates.”Back in October, Isis told the NFC & Mobile Money Summit 2013 that its launch was “just a few weeks” away and has now followed up on that promise. For further details on its plans check out this exclusive video interview. Money Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including… Read more Visa, Chevron aim to pump up their payments strategy Related Isislast_img read more

Miami-Dade searching for more hotels to isolate Covid-19 patients as cases surge

first_imgDoral Inn and Suites, Red Roof Inn Miami Airport and Mayor Carlos Gimenez (Google Maps, Office of the Mayor)As the number of confirmed cases of Covid-19 surges in Florida, Miami-Dade County is on the hunt for empty hotels it can lease to isolate patients.The county has already secured two hotels to house those who need to self-isolate but don’t have anywhere else to go, said Maurice Kemp, deputy mayor of Miami-Dade. It’s looking for additional properties near Covid-19 hotspots.Areas with a high number of cases include Allapattah, Brownsville, Little Havana, Cutler Bay and Homestead, the Miami Herald reported.Miami-Dade County Mayor Carlos Gimenez said on Thursday during a virtual press conference that the county is working with the Florida Department of Health to move patients to a limited number of hotel rooms. Hospitals are expected to refer people to the health department who have no other way to isolate, especially those who have been tested, have symptoms, but haven’t gotten their test results yet, Gimenez said.Miami-Dade is paying $117,600 per month for a 100-room hotel in Doral for those who need to be isolated, and $210,000 a month for a 212-room hotel near Miami International Airport for the homeless population, Kemp said. The county signed agreements in April for the two properties.The payment breaks down to about $40 per night, per room for the Doral Inn and Suites and about $33 a night for the Red Roof Inn Miami Airport. Baywood Hotels owns the Red Roof Inn, and the Doral Inn and Suites is tied to investor Alex Nahabetian.The Doral hotel was initially secured by the county to house first responders and health care workers who needed to isolate themselves, but only a handful of rooms are being used at one time, Kemp said.Yet, the need for self-isolation may be greater now more than ever. On Wednesday, the health department reported a record 5,508 newly confirmed cases of Covid-19 in Florida, and on Thursday, an additional 5,004 cases were reported. So far, the state has more than 114,000 confirmed cases and 3,327 deaths.Kemp said the county, hospitals and the department of health are working together to determine the criteria that would direct people to the hotel rooms.On Wednesday, Gimenez said the county’s phased reopening plan was on pause due to the rising number of cases. Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsCoronavirusHotelscenter_img Share via Shortlinklast_img read more

Theresa May requests Brexit extension to June 30

first_imgLONDON — Theresa May requested a further Brexit extension until June 30 to give the U.K. time to ratify any cross-party deal she is able to strike in the coming days.In a letter to European Council President Donald Tusk, the U.K. prime minister said that while it is not in the interests of either the U.K. or the EU that her country take part in the European Parliament election scheduled for May 23 to 26, she would undertake preparations for the poll as a “contingency.”EU27 leaders will meet in Brussels on Wednesday to agree their response. Unless they agree a further extension, May’s letter acknowledges, the legal default is that the U.K. will leave the EU at 11 p.m. on April 12 without a deal. Also On POLITICO Donald Tusk floats 1-year Brexit ‘flextension’ By David M. Herszenhorn In the letter May says the Brexit “impasse” in the House of Commons is “creating uncertainty and doing damage to faith in politics, while the European Union has a legitimate desire to move to decisions about its own future.” Her letter accepts the legal obligation to hold the election in the U.K. if the country is a member of the bloc on May 23.The prime minister said her talks with Labour Leader Jeremy Corbyn, as well as a broader “open invitation” to MPs who want to respect the 2016 referendum result show her government is “determined to bring this process to a resolution quickly.”May said that if a Brexit deal were ratified before June 30, the U.K. should be able to leave the EU sooner.“The Government will want to agree a timetable for ratification that allows the United Kingdom to withdraw from the European Union before 23 May 2019 and therefore cancel the European Parliament elections, but will continue to make responsible preparations to hold the elections should this not prove to be possible,” May said.U.K. officials say the country could cancel the poll as late as the day before, if necessary.The Czech Prime Minister Andrej Babiš — one of the leaders who will decide next week whether to grant the extension — welcomed the move. “No deal is no good for anybody,” he told POLITICO, “I still hope for an orderly Brexit and I remain open even for a longer extension, but it cannot happen without UK participation in European Parliament elections. In that sense I welcome Theresa May’s constructive approach on this issue.”last_img read more

Lear Elects Matt Simoncini CEO; Bob Rossiter to Step Down After 40 Years of Service

first_imgSOUTHFIELD, Mich. — Lear Corp. has announced that Matt Simoncini, senior vice president and chief financial officer, has been elected CEO and president effective Sept. 1. Simoncini also will join Lear’s board of directors on Sept. 1. In his new role, Simoncini will be responsible for the strategic direction and operational leadership of the company. AdvertisementClick Here to Read MoreAdvertisement Simoncini succeeds Bob Rossiter, who will step down as CEO, president and a director of Lear, also on Sept. 1. Rossiter will remain in an advisory role until May 2012 to assist with the transition. “Bob has been an exceptional leader and a driving force in building Lear Corp. into a world-class global enterprise with nearly $14 billion in annual sales and 200 facilities in 35 countries supported by 93,000 employees,” said Henry D. G. Wallace, non-executive chairman. “Bob fostered a culture of the highest business integrity, industry-leading customer service and support of the communities where Lear does business. On behalf of Lear’s Board of Directors and its customers, suppliers, employees and shareholders, I want to sincerely thank Bob for his dedicated service.”   “I have been involved in the CEO succession process with the board and I am very supportive of the selection of Matt Simoncini to succeed me,” said Rossiter. “I have worked closely with Matt over the years and I am confident that I am turning over Lear to very capable hands.” “Matt has worked at Lear and its predecessor companies for 15 years in positions of increasing responsibility, including a tour of duty in Europe. He is passionate about the business and he is an inspirational leader. Matt is very knowledgeable about Lear’s global operations, customers, products and employees, and he exemplifies the company’s core values of integrity, quality and customer service. He successfully led the company’s financial restructuring and has been instrumental in repositioning Lear for long-term success. Matt has been an exceptional chief financial officer, has led the company’s strategic planning efforts and he is now ready to assume the role as chief executive officer,” added Wallace.Advertisement Currently, Simoncini is senior vice president and chief financial officer of Lear Corp., a role he has held since September 2007. As SVP and CFO, he is responsible for Lear’s global finance operations, including external financial reporting, corporate business planning and analysis, corporate strategy and business development as well as information technology activities worldwide. In August 2006, he was named senior vice president of global finance and chief accounting officer where he was responsible for Lear’s worldwide operational finance, accounting and financial reporting. Prior to that, he was vice president of global finance, a position he had held since June 2004. Simoncini also served as Lear’s vice president of finance – Europe, as well as holding the vice president of Finance position for Lear’s Electrical & Electronics business and DaimlerChrysler division. Simoncini joined Lear from United Technologies Automotive (UTA) in April 1996 as director of finance for the Motors Division, with responsibility for the financial activities of the business unit. At the time of Lear’s acquisition of UTA, Simoncini was director of financial planning and analysis. Previous to UTA, Simoncini held financial and manufacturing positions with Varity Kelsey Hayes and Horizon Enterprises, including chief financial officer of Kelsey Hayes’ European Operations. Simoncini began his career at Touche Ross and is a certified public accountant.Advertisement “Lear is truly a great company, and I am honored to have been elected as CEO. Bob is leaving the company in a very strong competitive position, with positive earnings momentum, the best team in the industry and significant cash resources to fund future growth. I look forward to continuing to deliver superior quality and customer service and to sustaining Lear’s positive momentum,” Simoncini commented. Born and raised in Detroit, Simoncini earned a bachelor’s degree from Wayne State University and is a member of the Michigan Association of Certified Public Accountants. In addition to his responsibilities at Lear, he is a trustee for VIP Mentoring and also a member of the United Way for Southeastern Michigan Campaign Committee.last_img read more

Traxtion Group targets African rail market

first_imgAFRICA: The Sheltam group has been rebranded as Traxtion Group, following a 30% investment from Harith General Partners’ Pan African Infrastructure Development Fund 2.Traxtion Group aims to partner with locomotive and wagon manufacturers, track construction companies, consulting engineers and project developers in the African rail market. Chairman Brian Myerson said the business could also expand into the mining and industrial sectors.The newly launched Traxtion Leasing business will focus on product innovation and flexible financing, with maintenance support from Traxtion Sheltam. ‘Leasing companies need to be so much more than financiers, and at Traxtion Leasing we have the experience and understanding to bring product innovation to complement flexible funding solutions’, said Traxtion Leasing CEO Willem Goosen. ‘With the support of the outstanding maintenance expertise in Traxtion Sheltam it is a really exciting value proposition.’The Traxtion Projects business aims to combine Harith’s financing experience with the operational and freight market expertise of Traxtion Sheltam, to support operating concessions, upgrading projects and new infrastructure. ‘In addition to what this offering brings Africa, as a black-owned infrastructure fund we believe that Traxtion Leasing and Traxtion Projects are perfectly placed to support the South African government with its public-private partnership drive’, said Emile du Toit, Head of Pan African Infrastructure Development Fund 2.last_img read more

World’s First Wireless Ultra-Narrow Band Transceiver for IoT Applications

first_imgLeti, a technology research institute at CEA Tech, will demonstrate the world’s first wireless transceiver dedicated to ultra-narrow band (UNB) communications at the International Microwave Symposium (IMS 2017) in Honolulu, Hawaii, June 4-9.UNB (ultra-narrow band) is an enabling technology for low-cost and low-power wide-area (LPWA) networks. It is one of the core technologies employed by IoT network providers such as Sigfox and Telensa. Based on spectrally efficient modulations such as differential binary phase-shift keying (DBPSK) and Gaussian frequency-shift keying (GFSK), UNB simultaneously optimizes network capacity and maximizes the communication link budget.The single-chip sub-GHz transceiver developed by Leti is know as Foxy. Foxy is a 65nm CMOS device that pushes UNB technology beyond state of the art. It can achieve unprecedented bandwidths of 100 Hz, even while doubling the power efficiency of the downlink.In addition to the UNB device, Leti will present its latest developments in IC design dedicated to 5G communications in five talks during the IMS and RFIC conferences: José Luis Gonzalez will present Leti’s results on “Non-invasive mmW Built-in Test Techniques” at the 5G mm-Wave IC Front-end Co-Design with Antenna, Packaging and Testing for Future SOC Solutions workshop (WSC) on Sunday, June 4, from 8 am to 5 pm (Leti’s talk is WSC-7) Ayssar Serhan will present a paper, “A Fully-integrated SOI CMOS Complex-impedance Detector for Matching Network Tuning in LTE Power Amplifier” (100-4) on Sunday, June 4, during the Interactive Forum from 7:30 to 9:30 pm. Alexandre Giry will present Leti’s tunable power amplifiers on RF-SOI technology and front-end module solutions during the Front End Module (FEM) for 5G workshop (WME) on Monday, June 5 (Leti’s talk is WME-4). Florian Voineau (ST-Leti) will present a paper entitled “Broadband 55-95 GHz Microstrip to Waveguide Transition Based on a Dialectric Tip and a Tapered Double-ridged Waveguide Section” (WE1B-5) during the Transmission Lines and Transitions session (WE1B) on Wednesday, June 7, from 9:20 to 9:30 am.  Frédéric Hameau will present a paper entitled “A Highly Linear Bidirectional Phase Shifter Based on Vector Modulator for 60 GHz Applications” (TH3F-2) during the Millimeter-wave and Terahertz CMOS Circuit Techniques Session on Thursday, June 8, 1:30 to 3:10 pm Leti will demo the UNB transceiver at IMS booth #1937 from June 6-8, 2017.last_img read more

Jake Heenan extends Bristol Bears stay

first_imgThe 27-year-old, who can operate across the back row, joined Bristol from Connacht in 2018.The former New Zealand U20 captain won the Pro14 title in Galway alongside Director of Rugby Pat Lam and had made 29 appearances for the club since his arrival.Director of Rugby Pat Lam said: “Jake is a versatile player and has made some important contributions in the past two seasons.“His value to the team is second to none – Jake is consistent, a leader, and has huge respect from the players and staff.“After recovering from injury at the beginning of his time here, Jake has gone from strength to strength and established himself as a key operator within the group.“The more he has played, the better he has got, so we’re excited to see how he continues to develop and add more value over the next two years.”Heenan added: “I’m delighted to have extended my stay at Bristol Bears. I’ve thoroughly enjoyed working with Pat Lam once again and I’m really enjoying my rugby here.“There’s a really good group here and a real one team culture where everybody contributes on and off the field.“We are building an exciting squad and I’m looking forward to playing my part in the next stage of the club’s journey.”last_img read more

Ute center Matt Van Komen plans to enter basketball transfer portal

first_img How are fans coping in a world without sports? However, Carlson and Thioune were ahead of him all season, and the fact that all three are freshmen made Van Komen not hopeful about getting more time in the future.His most extensive action came in the 94-point win over Mississippi Valley State when everyone on the team got extensive minutes and he scored 12 points and grabbed six rebounds in 13 minutes of action. He also had four blocked shots in a win over Central Arkansas. He only scored three points the rest of the season, and his last action came on Feb. 8 in a home win over California. Earlier this week, Krystkowiak said his team was “at the magic spot” in terms of scholarships with 13, but if Van Komen decides to transfer, the Utes will have an extra one to possibly fill for next season. SALT LAKE CITY — Matt Van Komen, a 7-foot-4 freshmen center on the University of Utah basketball team, plans to enter the transfer portal, according to several sources.Van Komen was a backup center behind fellow freshmen Branden Carlson and Lahat Thioune this season. He played in just nine games and averaged 1.7 points and 1.7 rebounds.An all-state player for Pleasant Grove High School, Van Komen earned first-team all-state honors after averaging 16.6 points, 9.3 rebounds and 5.0 blocked shots per game in 2017-18.Early in the season, coach Larry Krystkowiak praised Van Komen at the annual “Night With the Runnin’ Utes” in mid-October, saying, “Maybe two weeks ago I was more inclined to think Matt might be a redshirt guy, but he just keeps getting better in practices.” Related Utah basketball coach Larry Krystkowiak is optimistic about future of Ute program with ‘100% of production’ back along with touted newcomerslast_img read more