New product/service launch

• Wealthfront , a robo advisory platform, announced the launch of 45 new stock collections based on investment themes, such as AI adopter, GenAI, and large-cap and high dividend payers. These collections allow investors to explore and invest in companies that are leading the way in AI adoption, developing GenAI technology, and paying high dividends. (August 17, 2023; Press release )

• Tradier , an online trading platform, announced the launch of Tradier Hub, which will allow users to access over 100 platforms and be part of a retail trading community. The Tradier Hub will be accessible free of charge and provide users with intraday education and market insights and engage with other professional traders in real time. (August 14, 2023; Press release )

Partnership

• Moomoo , an online trading platform managed by Futu Holdings , partnered with the New York Stock Exchange (NYSE). Through this partnership, Moomoo will leverage NYSE’s content and educate investors on financial products, trading and other industry insights. (August 24, 2023; Press release )

Geographic expansion

• Moomoo launched a trading platform in Canada. It has a broad range of offerings, including analytical tools, financial data, and market insights, allowing users to analyze global markets. Moomoo’s expansion into Canada marks its sixth international market after its entry into the US, Singapore, Australia, Japan, and Malaysia. (August 04, 2023; Press release )

Regulation/policy

• eToro , an Israel-based online trading platform, was sued by the Australian Securities and Investment Commission (ASIC) over its contract for difference (CFD) product, alleging breaches of design and distribution obligations and eToro’s license obligations to act efficiently, honestly, and fairly. ASIC alleges eToro’s target market for its CFD product was broadly defined resulting in significant risk of consumer harm on retail investors and its screening tests failing to screen clients as required. ASIC alleges that approximately 20,000 of eToro’s clients lost money trading CFDs between October 5, 2021, and June 14, 2023. (August 03, 2023; Press release , Financial Review , CoinDesk )

• Titan , a wealth management platform that uses digital and human advisors, has been charged by the Securities and Exchange Commission (SEC) for violating its amended marketing rule due to the misrepresentation of hypothetical performance of investments and various other compliance-related breaches, including misleading disclosures about custody of clients’ crypto assets and the use of improper “hedge clauses” in client agreements. Following the SEC's investigation, Titan agreed to a cease-and-desist order, a censure, and payment of USD 192,454 in disgorgement, prejudgment interest, and a civil penalty of USD 850,000, which will be distributed to affected customers. (August 21, 2023; Press release , Coingeek )