Once again, we at the Finarm team supply you with a new news digest. This week has been lucky for some and unfortunate for others. We hope that after reading our digest, you will be on the lucky side!
TradeStation Finishes Recent Financial Quarter with a 19% Loss in Revenue
TradeStation declares a loss in trade-adjacent dividend as the reason for the downturn in revenue. TradeStation, a subsidiary of Monex Group, reports a dividend sum of $52.6 million compared to $62.64 million for the last interval they announced.
Additionally, the fiscal year with a fund decrease of 4.1%. Once again, trading-related revenue is declared as the cause of this. Moreover, only $44.1 million were raised by the company through trade-adjacent business compared to $51 million from the reported time interval.
Quarterly expenses for the company skyrocketed by 78% totaling $68.7 million.
All this led to a loss of $14.8 million for the fiscal quarter.
Abu Dhabi Fully Licenses Kraken
Kraken is declared by the Abu Dhabi Global Market (ADGM) to be the first-ever digital currency transaction service fully licensed in the UAE. It acts as the main digital resource authority within the Middle East and North Africa area.
It is reported that Kraken meets all the required metrics that a digital currency transfer company should according to the monetary administration of UAE. At the beginning of April, the Financial Services Regulatory Authority announced the need for a conference paper concerning DeFi. Even further back in the timeline, the regulatory body proposed big changes to how virtual currency should function within the capital markets structure.
Robinhood Hits New Lows Discontinues Contracts with 9% of Employees
The platform’s chief executive declares a 9% decrease in the workforce for the foreseeable future due to dropping interest.
Back in 2020, CEO Vlad Tenev announced that the company increased the number of employees from 700 to around 4000 due to the increasing popularity of its mobile app. Now, Vlad Tenev writes that the increase in the workforce has been an unfortunate mistake as it only complicated the workflow and made unnecessary layers that cost the company more than what is gained.
Initial shares of the company have been reported at $85, but the share prices have been sliding down ever since the company went online. Last July, the company saw a gradual decrease in share prices down to $38. Recently, Robinhood stock closed at $10.
Robinhood is expected to release a new quarterly report soon.
Nasdaq Discontinues Service in Russia
Nasdaq is limiting exchanges done from Russia to the USA and Scandinavian countries. The limitation is coming into force on the 29th of April.
Nasdaq is a Stock Exchange operator in the USA. The company also operates from a list of Scandinavian countries. Even Though Saxo Bank declared this limitation, the American branch has not yet publicly announced any limitation coming Russia’s way.
Within a Telegram chat, the Danish broker posted an announcement that Russian residents will be limited in access to market data coming from Nasdaq. Open positions for Russian residents are still going to be available until they are closed.
NAGA Increase Income by 63%
NAGA reported its total income as 18 million euros for the first quarter of 2022. Additionally, the EBITDA raised its income to 5 million euros from 3 million euros last year.
Previously, NAGA announced itself as a copy-trading service. Nowadays, the company has expanded into various financial services provisions. The firm is debating on supplying its clients with information divided up into three channels: neo brokerage, crypto buying, selling, and funds.
Furthermore, the company announced a branch in Estonia, NAGAX, which has already qualified for a local license. NAGAX is rumored to launch two new crypto projects within the near future.