Travelex bonds slide as cyber attack chokes banks' forex sales - Reuters

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Travelex bonds slide as cyber attack chokes banks' forex sales - Reuters

Travelex bonds slide as cyber attack chokes banks' forex sales - Reuters

Posted: 10 Jan 2020 12:00 AM PST

LONDON, Jan 10 (Reuters) - The bonds of travel money provider Travelex fell to an eight-month low on Friday after a ratings agency warned about the potential financial hit from a cyber attack last week that crippled its systems.

Travelex's outstanding bonds maturing in May 2022 hit their lowest since April 2019 on Friday, dropping to a cash price of 97.02 after opening on Wednesday at 102.1.

The yield on this bond, which moves inversely to price and represents the company's borrowing costs, rose as high as 9.57% on Friday, also the highest in over nine months. Since Tuesday's close, the yield has jumped 2.7 percentage points.

Ratings agency Standard & Poor's on Thursday night placed the company on CreditWatch negative, meaning it could downgrade the lender's debt rating if it ends up recording a hefty financial hit from the incident.

Shares in Travelex parent Finablr have fallen 25% since Jan. 2 when hackers using a software virus forced the company to take its systems offline.

A spokeswoman for Travelex said the firm had no update on when the problems might be resolved.

The hack has severely hurt British banks' ability to sell foreign currencies to holidaymakers, with a majority of high street lenders relying on Travelex to provide forex online and in their branches.

Barclays, HSBC, Lloyds, Royal Bank of Scotland, and the banking arms of supermarket giants Tesco and Sainsbury's were all unable to provide online foreign exchange on Friday.

Several of the lenders including Barclays said supplies of foreign currency were running out in their branches as well.

None of them could provide a firm update on when they might be able to resume normal service.

British media reports said people claiming to be responsible for the hack have threatened to release sensitive Travelex customer data if a $6 million ransom is not paid.

Travelex, however, has denied that any data has been stolen and has not reported a breach to the Information Commissioner's Office (ICO).

"We are in contact with Travelex and giving advice on potential personal data issues following the recent ransomware attack. The company has not reported a data breach," a spokeswoman for the ICO said.

Reporting by Lawrence White and Abhinav Ramnarayan; Additional reporting by Noor Zainab Hussain and Iain Withers; Editing by Andrew Cawthorne

Our Standards:The Thomson Reuters Trust Principles.

Kenya Money Manager Plans $100 Million Forex-Focused Fund - BloombergQuint

Posted: 28 Jan 2020 02:20 AM PST

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How you can make money in 2020 in online forex trading - Pulse Live Kenya

Posted: 07 Jan 2020 12:00 AM PST

  •  In the last decade, the online forex trading scene in Kenya has been steadily growing, characterised by increased curiosity from the public looking for ways to make money online. 
  • According to a 2016 Capital Markets Authority (CMA) report, more than 50,000 traders were trading with offshore regulated and unregulated brokers.
  • EGM Securities intends to roll out forex trading across other counties outside Nairobi in 2020.

With a total volume of up to $5.3 trillion traded daily, the foreign exchange (FX) market is the largest, most liquid and most traded financial market in the world.

With such a large sized liquid market up for grabs, it's no wonder investors with deep pockets are lining up each day to exploit it to no end.

Kenyans haven't been left behind either and in the last decade the online forex trading scene in the country has been steadily growing, characterised by increased curiosity from the public looking for ways to make money online.

Paul Muthaura, CEO of the Capital Markets Authority.
Paul Muthaura, CEO of the Capital Markets Authority.

According to a 2016 Capital Markets Authority (CMA) report, more than 50,000 traders were trading with offshore regulated and unregulated brokers.

The reason for this is simple, until recently there were no reliable forex brokers in Kenya, so the only option Kenyan traders had in order to profit from the forex market was to use an offshore broker (a broker from a foreign country).

To ensure all transactions were above board and innocent Kenyans didn't lose their funds to unregulated/unscrupulous dealers, in 2016 the Capital Markets Authority developed a framework to regulate online forex trading.

Forex trading
Forex trading

The Online Foreign Exchange Trading regulations became effective in 2017 and this paved the way for players such as EGM Securities to begin offering their services in the Kenyan market.

Since then EGM Securities has been burning the midnight oil to debunk and bring online forex trading closer to Kenyans.

According to EGM Securities CEO Samuel Kiraka, working closely with the regulator ensures credibility, trust, and transparency.

Having CMA onboard also promotes investor protection through the separation of client funds with those of the non-dealing forex operator. Therefore, the traders can access their funds in case a broker shuts down, Kiraka explains.

So what's in store for Kenyans in online Forex trading in 2020

The trading board at the Nairobi Securities Exchange
The trading board at the Nairobi Securities Exchange

Mr Kiraka reckons 2020 will be a good year for local online forex traders as the EGM intends to roll out forex trading across other counties outside Nairobi.

The company has already received interests from people in major towns such as Mombasa, Nakuru, and Kisumu and plans are underway to establish offices in the regions to facilitate free seminars and training to build a community of well-informed traders.

By the looks of it, 2020 looks like a profitable year for Kenyans in online Forex trading.

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