Funding

• D1g1t , a wealth management platform, has raised an undisclosed amount in a combined equity and debt financing round, with the equity funding led by MissionOG with participation from CI Financial, NA Ventures (National Bank of Canada's venture arm), Illuminate Financial and others and the debt facility from CIBC Innovation Banking. The company plans to utilize the funds to support its platform expansion plans within the US. (September 27, 2023; Press release , Company blog )

Product update

• Wells Fargo announced the launch of Stock Fractions via Wells Fargo Mobile App, which allows users to trade fractional shares of up to 500 frequently traded US stocks. Stock Fraction requires users a minimum investment requirement of USD 10 and has waived off annual subscription fees. (September 14, 2023; Press release , Company blog )

Geographic expansion

• Moomoo , an online trading platform managed by Futu Holdings , announced the launch of its online brokerage platform facilitating trading of about 7,000 US equities and ETFs in Japan. Following its product launch on September 19, Moomoo is the first online platform to offer 24-hour everyday trading on over 300 selected US stocks and ETFs. (September 20, 2023; Press release )

Regulation/policy

• Robinhood , an online trading platform, entered into a share purchase agreement for over 55 million shares of its Class A common stock for an aggregate purchase price of over USD 605 million (~USD 10.96 per share) from the US Marshal Service (USMS) closing on August 31, 2023. The share purchase constitutes a settlement on a four-party dispute involving Sam Bankman-Fried, FTX, Blockfi, and Emergent Fidelity Technologies. (September 2, 2023; Business Insider , Yahoo finance , SEC filings )

• Goldman Sachs was charged a USD 6 million penalty by the Securities and Exchange Commission (SEC) for failing to provide complete and accurate securities trading information (i.e., blue sheet data). The SEC stated Goldman Sachs has breached disclosure requirements on securities trading information for close to a period of 10 years consisting of more than 22,000 deficient blue sheet submissions relating to at least 163 million transactions. (September 22, 2023; Press release )