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Detroit, the fourth largest city in America, filed for the largest municipal bankruptcy in U.S. history on Thursday after steep population and tax base declines sent it tumbling toward insolvency. The filing means that if the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.
In 2011, a Mr T Shavers of Texas (Lance Armstrong country) started asking for lenders (alont with ‘Bitcoin Savings and Trust'), under an alias known as ‘the Pirate', to fund his trading strategy. To encourage investors, the SEC claim the Pirate posted that he wanted to borrow money to finance a trading strategy that had risk free returns of 350% per annum.
Some interesting observations can be dissected from the recent Jacob Aaron piece New Scientist Bitcoin sells out as big business moves in. Jacob believes that by after meeting Bitcoin London invitees and linked with vague references to the latest Winklevii venture Bitcoiner's are now selling out on the founding principles of Bitcoin: A new generation of Bitcoiners is taking a different approach.
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The world of binary options is never static. This relatively new form of trading has been gaining popularity for years now and has offered traders opportunities to make some quick profits within a short period of time.
The retail forex market in the USA has been consolidating. Industry statistics from 2012 show there are now fewer brokers providing the required liquidity to the retail market, but the remaining brokers are generally growing their client account and asset totals. Several brokers have recently left the market completely.
Plus500, a global CFD broker, is going public. A leading broker, founded in Israel in 2008, Plus500 hopes to raise $50 million by posting an IPO on London's Alternative Investment Market (AIM).
Though constantly mocked for being perhaps the most lax financial regulatory body, the Cyprus Securities and Exchange Commission (CySEC) is continually working to discredit these rumors. CySec is the financial regulatory agency of the Republic of Cyprus. Since Cyprus became a member of the European Union in 2004, CySec has become part of European MiFID regulation, giving firms registered in Cyprus access to all European markets. Many overseas firms have since registered in Cyprus to take advantage of this regulatory regime.
Alpari US is in the headlines again. This is the second time in one year that the company has been cited for failing to supervise NFA (National Futures Association) compliance rules. In June 2012, the broker was accused for charging for forex trades and failing to produce timely reports to the NFA. The complaint was settled and the firm paid a fine of $200,000.