Foreign Exchange – Spectacles 17E 18E http://spectacles17e18e.org/ Sat, 27 Nov 2021 21:27:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://spectacles17e18e.org/wp-content/uploads/2021/07/icon-4-150x150.png Foreign Exchange – Spectacles 17E 18E http://spectacles17e18e.org/ 32 32 The SNB closely follows the development of the franc and stands ready to intervene – Maechler https://spectacles17e18e.org/the-snb-closely-follows-the-development-of-the-franc-and-stands-ready-to-intervene-maechler/ Sat, 27 Nov 2021 17:10:00 +0000 https://spectacles17e18e.org/the-snb-closely-follows-the-development-of-the-franc-and-stands-ready-to-intervene-maechler/ ZURICH, Nov. 27 (Reuters) – The Swiss National Bank (SNB) is monitoring the exchange rate of the Swiss franc “very closely” to monitor its impact on the economy and stands ready to intervene if necessary, said Andrea Maechler, member from the board of directors, to the RTS television channel. “At the SNB, we are always […]]]>

ZURICH, Nov. 27 (Reuters) – The Swiss National Bank (SNB) is monitoring the exchange rate of the Swiss franc “very closely” to monitor its impact on the economy and stands ready to intervene if necessary, said Andrea Maechler, member from the board of directors, to the RTS television channel.

“At the SNB, we are always ready to intervene in the foreign exchange markets if necessary,” Maechler said during the interview with the RTS TV show Forum. “We are not aiming for a specific exchange rate, nor a specific level or a specific rate against the euro or the dollar, but we are monitoring it very closely to see the impact on the economy.”

The Swiss franc hit its highest level against the euro in six years on Friday, with no sign of the currency interventions the SNB has often undertaken at such times in the past.

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Maechler said it was difficult for the economy to cope with sudden changes in the exchange rate, while incremental adjustments were more manageable.

“An exchange rate is a value against a foreign currency, so it also depends on the inflation we have here in Switzerland compared to the inflation abroad,” she said.

The SNB has seen inflationary pressures in the current environment, she said, but it remains to be seen if this is only temporary.

“Inflation signals that the economy is on the road to recovery. From that point of view, we see it with great optimism,” she said. “The question is how fast is this going up and right now we are seeing some inflationary pressure. The question is whether this is temporary or the start of a big bullish move.”

It is not for the central bank to react to “every shock,” she said, but rather to keep inflation within the SNB’s 0-2% target range over a medium-term horizon of two. at three years.

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Reporting by Silke Koltrowitz; written by Brenna Hughes Neghaiwi; edited by Nick Macfie

Our standards: Thomson Reuters Trust Principles.


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Foreign exchange student gives Logan County Football big playoff run a boost https://spectacles17e18e.org/foreign-exchange-student-gives-logan-county-football-big-playoff-run-a-boost/ Fri, 26 Nov 2021 05:00:00 +0000 https://spectacles17e18e.org/foreign-exchange-student-gives-logan-county-football-big-playoff-run-a-boost/ BOWLING GREEN, Ky. (WBKO) – Friday will be the first time the Logan County Cougars football team has competed for a chance at the Class 4A State Championship. It is also the first year of football for the player Mattia Giubilato. “July was the first time I picked up a soccer ball in my life,” […]]]>

BOWLING GREEN, Ky. (WBKO) – Friday will be the first time the Logan County Cougars football team has competed for a chance at the Class 4A State Championship. It is also the first year of football for the player Mattia Giubilato.

“July was the first time I picked up a soccer ball in my life,” Giubilato said. “When I wrote my exchange student papers, I said I played football because football in Italy is like they say it’s football here.”

Logan County kicker Giubilato came here from Piedmont, Italy, he said football made the transition much easier.

“First, that means you have 60 more friends, and without it the experience would probably be 50% of what it is now. “

From the second he saw him kick, head coach Todd Adler knew he had to have him on the squad.

“They (the host family) actually sent me videos of him kicking the house, and I was like, yeah bring him, make sure he s ‘leads Monday, “Adler said. “It was all the work from there. He loved her. We love to have it and it continues to improve every day.

Since arriving in the United States, Mattia has felt right at home in Kentucky.

“I like living here. It’s pretty. It’s really like a cool place. Said Giubilato.“ You know what I mean? I have formed a family that is very similar to mine in Italy. So I really didn’t crack the switch “

Her family, the Battens, are grateful for the program, as since joining the family, she doesn’t even consider Mattia to be an overseas student.

“If you had 5,000 kids lined up right now, we couldn’t have picked a better kid for our family” Her host dad Doug Batten said “I told my wife I said, you know, I mean, I hate to say it, but I’ll miss him when he’s gone, and he’s only been here for a week because he acts like a member of our family.

Logan County will face Boyle County in the state semifinals on Friday, coach Adler thinks Mattia is a big reason for that

“He goes out every day to work his profession and work to improve himself. He is the ultimate competitor. said Adler. “It was really a lot of fun to have on our football team for sure.”

After coming to America, his eyes were opened to so many other opportunities

“I never aspired to make a living. Before coming here, I was thinking in my life, for example, to find a job, to go to university or college. Mattia said. “But now I see so many similar paths in front of me, really, that these experiences really open up these, like, college football career, go back to Italy, I have so many ways I can take now. “

Giubilato is currently working on his return to the United States for his final year, but so far he has only one goal in mind.

“My big dream is to come back to Italy with a ring.”

Kick-off against Boyle County is scheduled for 7:30 p.m. EST.

Copyright 2021 WBKO. All rights reserved.


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Japan FSA to place new orders with Mizuho following system issues https://spectacles17e18e.org/japan-fsa-to-place-new-orders-with-mizuho-following-system-issues/ Sun, 21 Nov 2021 06:22:17 +0000 https://spectacles17e18e.org/japan-fsa-to-place-new-orders-with-mizuho-following-system-issues/ The FSA will issue a new Business Improvement Order this month regarding issues with Mizuho’s system, one of which has resulted in possible violations of AML rules. Access today Sign up for a 2 week free trial and get instant, unrestricted and unlimited access to Regulation Asia. FREE TRY Have you already taken your free […]]]>

The FSA will issue a new Business Improvement Order this month regarding issues with Mizuho’s system, one of which has resulted in possible violations of AML rules.

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Stocks falter as Wall Street heads to mixed weekly end | national news https://spectacles17e18e.org/stocks-falter-as-wall-street-heads-to-mixed-weekly-end-national-news/ Fri, 19 Nov 2021 15:31:24 +0000 https://spectacles17e18e.org/stocks-falter-as-wall-street-heads-to-mixed-weekly-end-national-news/ A forex trader watches monitors in the forex trading room at KEB Hana Bank headquarters in Seoul, South Korea on Friday, November 19, 2021. Asian stock markets were mostly up on Friday after Wall Street hit a record and that Japanese inflation has slowed. A foreign exchange trader walks past screens displaying the Korea Composite […]]]>

By DAMIAN J. TROISE Business Writer AP

Stocks faltered in morning Wall Street trading on Friday and major indices were on track for a mixed end to a choppy week.

The S&P 500 edged up less than 0.1% at 11:12 a.m. Eastern time. The Dow Jones Industrial Average lost 192 points, or 0.5%, to 35,678 and the Nasdaq rose 0.6%.

Small company stocks fell more than the broader market. The Russell 2000 fell 0.5%.

Tech stocks made strong gains. TurboTax maker Intuit jumped 9% after raising its earnings forecast for its fiscal year. Software maker Adobe grew 3.5%.

Several large communications also rose and helped offset losses elsewhere in the market. Facebook’s parent company, Meta, gained 1.8% and Netflix, 1.1%.

Moderna jumped 4.2% and Pfizer added 1.1% after the Food and Drug Administration has opened booster shots against coronaviruses of both societies to all adults.

Bond yields have fallen sharply. The 10-year Treasury yield fell to 1.52% from 1.59% Thursday night.

Falling bond yields have weighed on banks, which rely on higher yields to charge more lucrative interest on loans. Bank of America fell 2.6%.


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Trade stocks, ETFs, cryptos, etc. https://spectacles17e18e.org/trade-stocks-etfs-cryptos-etc/ Wed, 17 Nov 2021 22:30:45 +0000 https://spectacles17e18e.org/trade-stocks-etfs-cryptos-etc/ Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners. SoFi is a household name in personal finance. The fintech company was started in 2011 to help millennials refinance their student loans, […]]]>

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

SoFi is a household name in personal finance. The fintech company was started in 2011 to help millennials refinance their student loans, but has since expanded to all kinds of financial products.

Today, SoFi offers everything from private student loans, personal loans, mortgages and auto loan refinancing, to banking, credit cards, wealth management services, insurance and investments. In other words, it is apparently one stop shop or all of your money needs.

This review will focus on the investment arm of SoFi, which in itself offers plenty of options for making your money grow. SoFi Invest® is an all-in-one investment platform that gives users the ability to trade stocks, ETFs, cryptocurrencies, and allows users to buy fractions of shares and participate in introductions in stock market at IPO prices (before they trade on the stock exchange and the price goes up). SoFi investors also have access to a robo-advisor and tax-efficient IRAs to save for retirement.

Below, Select reviews SoFi Invest’s offerings to give you details about its investment options, features, and fees so you can decide if it’s right for your money.

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SoFi Invest Reviews

SoFi Invest®

  • Minimum deposit and balance

    Minimum deposit and balance requirements may vary depending on the investment vehicle chosen. No account minimum for active or automated investing, or for participating in IPOs. $ 5 minimum to own a fraction of a company share. $ 10 minimum to trade crypto

  • Costs

    The fees may vary depending on the chosen investment vehicle. Active investing does not incur any commission fees for trading stocks and ETFs (currency exchange and fund management fees may apply). Automated investing has no management fees

  • Premium

    Download the SoFi app and get up to $ 1,000 when you open an active SoFi Invest® brokerage account. Make your first crypto trade of $ 10 or more and earn $ 10 in bitcoin. SoFi covers up to $ 75 in transfer fees that your brokerage may charge when you transfer an account to SoFi

  • Investment vehicles

  • Investment options

    Stocks, bonds, ETFs, crypto, fractional shares and IPO participation

  • Educational resources

    Investors can create a personal watchlist that tracks their stocks to stay up to date and receive the latest investment news

Advantages

  • Minimum deposit of $ 0 for active and automated investment and IPO participation
  • Ability to trade cryptocurrencies, buy fractional shares and participate in IPOs before being traded on the public market
  • No commission fees for trading stocks and ETFs
  • No management fees for automated investing
  • Variety of bonuses offered
  • SoFi members have access to rate discounts on other SoFi products and exclusive events and experiences, as well as career services and access to financial advisors

The inconvenients

  • Minimum required for fractional shares ($ 5) and crypto trading ($ 10)
  • Currency exchange and fund management fees may apply in the event of an active investment

SoFi Invest investment options

With SoFi Invest®, you can choose stocks, ETFs and fractions of shares yourself, or have a portfolio built for you by a robo-advisor based on your risk tolerance.

Those who go the former can actively invest and profit from SoFi’s commission-free trading in stocks and ETFs (although trading and fund management fees may apply). No commission fees essentially means that SoFi will not charge you for buying or selling these types of securities on its platform.

Split Stocks, offered by SoFi, allow you to acquire an expensive stock without having to purchase an entire stock. As we mentioned above, active SoFi investors can also exchange cryptos (like Bitcoin and Ethereum) and buy shares of companies as they go public. Access to the IPO can not only diversify your portfolio, but it’s a benefit historically reserved for institutional investors (i.e. banks) and high net worth individuals.

While SoFi offers investors access to fractions of shares, cryptocurrencies, and IPOs, it does not offer some of the more standard investment options that savers often resort to, such as mutual funds, index funds, and bond funds (although you have access to ETFs which can work similarly). There are also no options, futures or currency swaps available on the SoFi platform.

If you want a more passive approach to investing, you can do so by SoFi automated investment and never pay an account management fee. The robo-advisor platform uses computer algorithms and market data to create and manage your investment portfolio from a wide range of low-cost ETFs. It will create a portfolio based on your risk tolerance, goals and investment schedule, and then automatically rebalance your investments on a quarterly basis.

And if you are looking to open an IRA for your retirement, SoFi offers you Traditional IRA, Roth, SEP and Rollover.

Characteristics

Costs

Minimum deposit and balance requirements vary depending on the SoFi investment vehicle you select. There is no minimum account for active or automated investing, or for participating in IPOs.

Active investors can also trade stocks and ETFs without a commission fee, but trading and fund management fees may apply. Passive investors using SoFi’s automated service have no management fees. There is a minimum of $ 5 for owning a fraction of a company’s stock and a minimum of $ 10 for trading crypto. SoFi also charges a markup of up to 1.25% on crypto transactions, at the time of writing.

At the end of the line

It’s hard to see what SoFi Invest® does not offer. It offers the option to actively trade or sit back and put your investments on autopilot. Investors can have access to crypto trading, as well as special perks such as the ability to buy IPOs and fractional shares. They can also choose to channel their money through SoFi’s various IRAs. New SoFi users can take advantage of its welcome bonuses, and first-time investors can rely on SoFi’s financial advisors to guide them through the process.

But if you want to invest your money in mutual funds or indexes, you will have to look elsewhere. Charles Schwab is a good place to turn, as it offers these funds to active traders, along with IRAs and two robo-advisor options. Read our full review of Charles Schwab.

Catch up on Select’s in-depth coverage of personal finances, technology and tools, well-being and more, and follow us on Facebook, Instagram and Twitter to stay up to date.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.



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Health ministry chief says Israel is still waiting for COVID vaccine doses for children https://spectacles17e18e.org/health-ministry-chief-says-israel-is-still-waiting-for-covid-vaccine-doses-for-children/ https://spectacles17e18e.org/health-ministry-chief-says-israel-is-still-waiting-for-covid-vaccine-doses-for-children/#respond Thu, 11 Nov 2021 18:09:50 +0000 https://spectacles17e18e.org/health-ministry-chief-says-israel-is-still-waiting-for-covid-vaccine-doses-for-children/ US-Israel-UAE-Bahraini naval exercise sends message to Iran, IDF official says Joint US-Israel-UAE-Bahraini naval exercise in Red Sea serves as direct response to Iranian navy presence and aggression in Middle Eastern waters, senior naval official said Israeli. “This presence is something that we need to push back as much as possible from the State of Israel, […]]]>

US-Israel-UAE-Bahraini naval exercise sends message to Iran, IDF official says

Joint US-Israel-UAE-Bahraini naval exercise in Red Sea serves as direct response to Iranian navy presence and aggression in Middle Eastern waters, senior naval official said Israeli.

“This presence is something that we need to push back as much as possible from the State of Israel, the Red Sea, areas that interfere with our freedom to navigate… to do that, we need to strengthen our partnerships,” said the senior officer to journalists, on condition of anonymity.

Since February, Iran and Israel have been accused of engaging in what analysts have called a naval “shadow war,” in which ships linked to each nation have been attacked in the waters around the Gulf. during direct exchanges.

Earlier today, the U.S. Central Command’s 5th Fleet announced that it had launched an exercise in the Red Sea with the navies of Israel, the United Arab Emirates and Bahrain, focusing on “visiting tactics, boarding, search and seizure ”.

The exercise, one of the first Israel has organized with the 5th Fleet, comes just over a year after Israel normalized relations with the United Arab Emirates and Bahrain under the Abrahamic Accords and a few months after Israel moved into the US military’s area of ​​responsibility. Central command centered on the East.

Although Israel has conducted exercises alongside the United Arab Emirates in the past, the exercise represents the first-ever public military cooperation between Israel and Bahrain.

“This is the first time, at sea, that we are exchanging know-how with Bahrain, with the Emirates on professional and operational techniques,” he said.

“The goal here is to expand the reach of the Israeli Navy’s operations – for the benefit of the State of Israel and the IDF – to expand our ability to detect [threats], to extend our radius of action, to prevent naval terror, and also to retaliate, when necessary, when necessary, against what the Iranians are doing, ”said the officer.

According to the senior navy official, the exercise is one of many that Israel and the 5th Fleet are planning to conduct.

“This exercise is part of a work plan, and you will see more in the coming year. They will not only be bilateral with the Americans. Since the 5th Fleet is working with countries that are part of the Abrahamic Accords, in this exercise Bahrain and the United Arab Emirates are participating, ”he said.


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FREEDOM HOLDING CORP. Management report and analysis of the financial position and operating results (Form 10-Q) https://spectacles17e18e.org/freedom-holding-corp-management-report-and-analysis-of-the-financial-position-and-operating-results-form-10-q/ https://spectacles17e18e.org/freedom-holding-corp-management-report-and-analysis-of-the-financial-position-and-operating-results-form-10-q/#respond Mon, 08 Nov 2021 11:04:06 +0000 https://spectacles17e18e.org/freedom-holding-corp-management-report-and-analysis-of-the-financial-position-and-operating-results-form-10-q/ The following discussion is intended to assist you in understanding our results of operations and our present financial condition. Our unaudited condensed consolidated financial statements and the accompanying notes included in this quarterly report on Form 10-Q contain additional information that should be referred to when reviewing this material and this document should be read […]]]>
The following discussion is intended to assist you in understanding our results
of operations and our present financial condition. Our unaudited condensed
consolidated financial statements and the accompanying notes included in this
quarterly report on Form 10-Q contain additional information that should be
referred to when reviewing this material and this document should be read in
conjunction with our financial statements and the related notes contained
elsewhere in this report and in our other filings with the SEC including our
annual report on Form 10-K filed with the SEC on June 15, 2021.



Special note on forward-looking information




Certain information included here in and the documents incorporated by reference
in this quarterly report on Form 10-Q, if any, contain statements within the
meaning of the safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995. All statements other than statements of historical fact are
statements that could be forward-looking. You can recognize these statements
through our use of words such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "forecast," "future," "intend," "likely," "may," "might,"
"plan," "potential," "predict," "project," "should," "strategy," "will,"
"would," other similar expressions and their negatives.



Forward-looking statements are subject to known and unknown risks, uncertainties
and other factors, many of which may be beyond our control, that could cause
actual results to differ materially from any future results, expressed or
implied, in forward looking statements. Such factors include but are not limited
to, the following:


General economic and political conditions globally and in the

        markets where we operate;
    ·   declines in global financial markets;
    ·   the impacts of the COVID-19 pandemic, including viral variants, future
        outbreaks and the effectiveness of measures implemented to contain its
        spread;
    ·   a lack of liquidity, e.g., access to funds or funds at reasonable rates
        for use in our businesses;

· Failure to meet regulatory capital or liquidity requirements;

Increased competition, including downward pressure on commissions and

costs;

Risks inherent in electronic brokerage, banking and market making

companies;

· Fluctuations in interest rates and foreign currency exchange rates;

Failure to protect or enforce our intellectual property rights in our

proprietary technology;

· The risks associated with being a “controlled company” within the meaning of

the rules of the Nasdaq;

· Loss of key management or inability to recruit and retain staff;

· Our ability to keep up with rapid technological change;

Information technology, trading platform and other system failures, cyber

        security threats and other disruptions;
    ·   losses caused by non-performance by third parties;





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Decrease in profitability in the event of loan default in our loans

portfolio increase;

· Losses (realized or unrealized) on our investments;

Our inability to integrate businesses we acquire or otherwise adapt to

the expansion and rapid growth of our business;

The risks inherent in the conduct of business in Russia and the other in development

        markets in which we do business;
    ·   the impact of tax laws and regulations, and their changes, in any of the
        jurisdictions in which we operate;

Non-compliance with laws and regulations in each of the jurisdictions in

that we operate, in particular those relating to securities and

banking sectors;

The solvency of our commercial, banking and margin counterparties

customers;

· Litigation and regulatory liability;

Unforeseen or catastrophic events, including the emergence of pandemics,

terrorist attacks, extreme weather events or other natural disasters,

military conflict and political discord; and

Other factors discussed in this report, as well as in our annual report on

        Form 10-K filed with the SEC on June 15, 2021.




Moreover, we operate in a very competitive and rapidly changing environment. New
risk factors emerge from time to time and it is not possible for our management
to predict all risk factors, nor can we assess the impact of all factors on our
business or the extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any forward-looking
statements.



You should not place undue reliance on forward-looking statements.
Forward-looking statements are based on the beliefs of management as well as
assumptions made by and information currently available to management and apply
only as of the date of this report or the respective dates of the documents from
which they incorporate by reference. Neither we nor any other person assumes any
responsibility for the accuracy or completeness of forward-looking statements.
Further, except to the extent required by law, we undertake no obligations to
update or revise any forward-looking statements, whether as a result of new
information, future events, a change in events, conditions, circumstances or
assumptions underlying such statements, or otherwise.



Overview



Freedom Holding Corp. is a holding company. Our operating subsidiaries provide
financial services including full-service retail securities brokerage, banking
services, investment education, securities trading, investment banking, retail
banking, underwriting services and market making activities in Eurasia. We are
headquartered in Almaty, Kazakhstan, with supporting administrative offices in
Russia, Cyprus and the United States of America.




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Our subsidiaries are participants on the Kazakhstan Stock Exchange (KASE),
Astana Stock Exchange (AIX), Moscow Exchange (MOEX), Saint-Petersburg Exchange
(SPBX), the Ukrainian Exchange (UX), the Republican Stock Exchange of Tashkent
(UZSE), the Uzbek Republican Currency Exchange (UZCE) and are members of the New
York Stock Exchange (NYSE) and Nasdaq Stock Exchange (Nasdaq). Our Cyprus office
provides our clients with operations support and access to the investment
opportunities, relative stability, and integrity of the U.S., European and Asian
securities markets, which under the regulatory regimes of many jurisdictions
where we operate, provide only limited or no direct investor access to
international securities markets.



Our business is directed toward providing an array of financial services to our
target retail audience which is individuals, businesses and financial
institutions, including other broker-dealers, seeking to diversify their
investment portfolios to manage economic risk associated with political,
regulatory, currency, banking, and national uncertainties. Clients are provided
online tools and retail locations to establish accounts and conduct securities
trading on transaction-based pricing. We market to our customer demographic
through a number of channels, including telemarketing, training seminars and
investment conferences, print and online advertising, social media, our mobile
app and search engine optimization.



All dollar amounts reflected under the headings “executive summary”, “results of operations”, “cash and capital resources” and “cash flow” in this MD&A on financial condition and results of operations (“MD&A”) are presented in thousands of we dollars unless the context indicates otherwise.



Executive Summary



Customer Base



We service more than 340,000 client accounts.  As of September 30, 2021, more
than 60% of those client accounts carried positive cash or asset account
balances. Internally, we designate "active accounts" as those in which at least
one transaction occurs per quarter. For the three months ended September 30,
2021, we had approximately 100,000 active accounts.



In addition to organic customer acquisition, we have accelerated our growth
through several strategic acquisitions which has enabled us to expand our market
reach, increase our client base and provide our clientele the convenience of
both a state-of-the-art proprietary electronic trading platform, Tradernet, and
103 retail brokerage and financial services offices located across Kazakhstan
(32), Kyrgyzstan (1), Russia (43), Uzbekistan (8), Ukraine (14), Cyprus (1),
Germany (2), Azerbaijan (1), UK(1) and USA (1) that provide an array of
financial services, and investment consulting and education. In Russia, 30 of
our brokerage and financial services offices also provide banking services
to
firm customers.



Significant events



During the quarter ended September 30, 2021, we exchanged approximately 11,500
shares of stock in the SPBX we held in our proprietary trading account for units
in the closed-end unit investment combined fund "SPB fund" (the "SPBX ETF"). In
September 2021 we sold all our SPBX ETF units to approximately 15,000 investors
for total consideration of $155,673.



S&P Rating



On August 2, 2021, S&P Global Ratings ("S&P") assigned its "B/Stable/B" issuer
credit rating to each of Freedom EU and Freedom Global and on October 29, 2021,
S&P upgraded to "B/Stable/B" from "B-/Stable/B" its issuer credit rating to
Freedom Bank KZ and upgraded its Kazakhstan national scale rating of Freedom
Bank KZ to "kzBB+" from "kzBB".




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 New Banking Products



Digital mortgage


Digital mortgage is a new product launched by Freedom Bank KZ in July 2021, that
allows customers in Kazakhstan to apply for and complete the residential
mortgage loan process online. This service significantly speeds up the mortgage
registration process. Moreover, there is no cost to the customer to complete the
initial online assessment. As of September 30, 2021, 312 digital mortgage loans
have been approved and issued in the aggregate amount of $11,079. Approval of
all loans is carried out by the Freedom Bank KZ. Since the launch of the digital
mortgage product, nearly 12,000 online assessments have been submitted through
the Freedom Bank KZ's digital mortgage portal.



Invest card



Freedom Bank KZ continues to develop its Invest card and has issued more than
3,000 limited cards for testing to select customer.  Invest cards offer features
unique to the Kazakhstani market, including the ability to quickly and
conveniently transfer money to and from a customer's investment accounts,
around-the-clock access to the customer's brokerage accounts, instant card
issuance upon approval, instant replenishment and payment for purchases without
commissions, and daily interest of up to 3% per annum in U.S. dollars on the
outstanding balance on the card.



Impact of COVID-19



The COVID-19 pandemic has affected the global financial markets. The pandemic
has resulted in unprecedented global market conditions that has led to
significant growth in our customer accounts, as well as increased activity from
our existing customers, resulting in higher fee and commission income. These
market conditions have also resulted in significant gains in our investment
portfolio.



We continue to monitor conditions surrounding COVID-19, as well as economic and
capital market conditions. We continue to follow the enhanced cleaning practices
and other measures employed in our offices and retail locations in response to
local health mandates. We have limited essential business travel and implemented
practices to ensure that exposed employees, or those displaying symptoms of
COVID-19, self-quarantine. In spring 2020, we transitioned the vast majority of
our workforce to work remotely, with only essential employees working in the
office. Where dictated by local health mandates, or as seems prudent to local
management, this practice continues. There have been no material disruptions to
our business or processes to date as a result of these changes.



While the overall impact of COVID-19 was largely positive for our business
during the quarters ended September 30, 2021 and 2020, its future impacts on our
business, operational and financial performance is uncertain. Developments such
as the duration and severity of future outbreaks of the same or different
strains of the disease, such as the delta variant, the effectiveness of vaccines
or new or additional measures implemented by governments, might impact our
customers and employees, the financial markets, the global economy and the
economies of the countries in which we operate. Because of these uncertainties,
we cannot determine the future impacts of the pandemic on our business.



Financial Results


During the three months ended September 30, 2021, we realized net income of
approximately $204.5 million and basic and diluted earnings per share of $3.44.
During the six months ended September 30, 2021, we realized net income of
approximately $256.2 million and basic and diluted earnings per share of $4.33.
During the three months ended September 30, 2020, we realized net income of
approximately $23.6 million and basic and diluted earnings per share of $0.40.
During the six months ended September 30, 2020, we realized net income of
approximately $47.8 million and basic and diluted earnings per share of $0.82.




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Results of Operations


Three months ended September 30, 2021, compared to the three months ended
September 30, 2020

The following comparison of our fiscal second quarter to fiscal second quarter financial results is not necessarily indicative of future results.



                                     Three months ended               Three months ended
                                     September 30, 2021               September 30, 2020
                                    Amount            %*             Amount            %*
Revenues:
Fee and commission income        $    116,534             37 %    $     54,277             78 %
Net gain on trading securities        175,252             56 %           8,302             12 %
Interest income                        20,063              6 %           4,948              7 %
Net gain on foreign exchange
operations                              1,622              1 %           3,020              4 %
Net loss on derivative                   (656 )            0 %            (837 )           (1 %)
Total revenue, net                    312,815            100 %          69,710            100 %

Expenses:

Fee and commission expense             22,968              7 %          20,001             29 %
Interest expense                       16,185              5 %           4,699              7 %
Operating expense                      36,569             12 %          15,867             23 %
Provision for impairment
losses                                    366              0 %           1,044              1 %
Other expense/(income), net               653              0 %             (68 )            0 %
Total expense                          76,741             24 %          41,563             60 %

Net income before income taxes        236,074             76 %          28,147             40 %
Income tax expense                    (31,562 )          (10 %)         (4,584 )           (7 %)
Net income                       $    204,512             66 %    $     23,563             34 %

Less: Net loss attributable to
non-controlling interest in
subsidiary                                (20 )            0 %            (127 )            0 %
Net income attributable to
common shareholders              $    204,532             66 %    $     23,690             34 %

Other comprehensive income
Foreign currency translation                                                              (16
adjustments, net of tax effect            930              0 %         (10,919 )              %)
Comprehensive income before
non-controlling interests             205,442             66 %          12,644             18 %
Less: Comprehensive loss
attributable to
non-controlling interest in
subsidiary                                (20 )            0 %            (127 )            0 %
Comprehensive income
attributable to common
shareholders                     $    205,462             66 %    $     12,771             18 %



* Reflects the percentage of total revenue, net.



Revenue


We earn income primarily from fees and commissions received from our retail brokerage and banking and investment banking clients, interest income and proprietary trading activities.



                       Three months ended           Three months ended
                       September 30, 2021           September 30, 2020                Change
                       Amount           %           Amount           %          Amount          %
Fee and
commission income   $    116,534          37 %   $     54,277          78 %    $  62,257         115 %
Net gain on
trading                                                                                        2,011 %
securities               175,252          56 %          8,302          12 %      166,950
Interest income           20,063           6 %          4,948           7 %       15,115         305 %
Net gain on
foreign exchange                                                                                 (46 %)
operations                 1,622           1 %          3,020           4 %       (1,398 )
Net loss on                                                            (1 %)
derivatives                 (656 )         0 %           (837 )                      181          22 %
Total revenue,
net                 $    312,815         100 %   $     69,710         100 %    $ 243,105         349 %





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During the three months ended September 30, 2021, we achieved a total turnover, net of $ 312,815, up 349% compared to the three months ended September 30, 2020.

 As discussed in more detail below under "Net Gain on Trading Securities"
$175,252 of total revenue, net during the three months ended September 30, 2021,
was realized from the sale of certain securities held in our proprietary trading
portfolio and from revaluation of securities we continued to hold in our
portfolio at September 30, 2021. We consider the sale of securities from our own
portfolio as an extraordinary event that we do not believe to be indicative
of a
trend in future periods.


Fee and commission income. Fee and commission income consisted principally of
broker fees from customer trading, related banking services, underwriting and
market making and consulting services. During the three months ended September
30, 2021, fee and commission income increased by $62,257, a 115% increase over
the three months ended September 30, 2020. This increase was primarily
attributable to a $57,318 increase in fees and commission from brokerage
services and related banking services.



The growth in fees and commissions for brokerage and related banking services is mainly attributable to growth in accounts receivable through acquisitions and organic growth, increased brokerage and banking activity of customer base, the expansion of our retail financial advisors and the increase in the volume of analyst reports written. available to our customers.

Net gain on trading securities. Net gain on trading securities reflects the
gains and losses from trading activities in our proprietary trading account. Net
gains or losses are comprised of realized and unrealized gains and losses. Gains
or losses are realized when we close a position in a security and realize a gain
or a loss on that position. Accounting principles generally accepted in the
United States ("U.S. GAAP") require that we reflect in our financial statements
unrealized gains and losses on all our securities trading positions that remain
open as of the end of each period. Fluctuations in unrealized gains or losses
from one period to another may result from factors within our control, such as
when we elect to close an open securities position, which would have the effect
of reducing our open positions and, thereby potentially reducing or increasing
the amount of unrealized gains or losses in a period. Changes in unrealized
gains and losses from period to period may also occur as a result of factors
beyond our control, such as fluctuations in the market prices of the open
securities positions we hold. This may adversely affect the ultimate value we
realize from these investments. Unrealized gains or losses in a particular
period may or may not be indicative of the gain or loss we will realize on a
securities position when the position is closed. As a result, we may realize
significant swings in gains and losses realized on our trading securities
year-over-year and quarter-to-quarter. You should not assume that a gain or loss
in any particular period is indicative of a trend or of the gain or loss we may
ultimately realize when we close a position.



See the following table for more information on our net gains and losses during the three months ended September 30, 2021 and 2020:



                                                Realized        Unrealized
                                                Net Gain         Net Gain        Net Gain
Quarter ended September 30, 2021               $   143,724     $      31,528     $ 175,252
Quarter ended September 30, 2020               $     5,883     $       2,419     $   8,302





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As described above, during the quarter ended September 30, 2021, we exchanged
approximately 11,500 shares of stock in the SPBX we held in our proprietary
trading account for units in the SPBX ETF. The main contributing factors to the
increase in net gain on trading securities during the three months ended
September 30, 2021, were the sale of those SPBX ETF units and an increase in
unrealized net gain resulting from the revaluation of securities held in our
proprietary trading account at September 30, 2021. We do not consider the
significant increases in realized and unrealized net gain on trading securities
to be indicative of a trend toward higher net gains on trading securities in the
future.


Interest income. During the three months ended September 30, 2021, and September 30, 2020, we recognized a $ 15,115, or a 305% increase in interest income. We have earned interest income from a number of sources, including securities trading, reverse repurchase transactions and client loans.




Interest income on trading securities consisted of interest earned from
investments in debt securities and dividends earned on equity securities held in
our proprietary trading account. We recognized a $14,017, or 316% increase in
interest income from trading securities during the three months ended September
30, 2021, because we increased (i) the total size of our trading portfolio and
(ii) the percentage of our investments in bonds.



We realised $ 706, or 538% increase in interest income on customer loans as a result of new loans issued by Freedom Bank KZ.

We also recognized a $ 414, i.e. a 150% increase in interest income from reverse repurchase transactions due to an increased volume of these transactions during the three months ended September 30, 2021.




Net loss on foreign exchange operations. Under U.S. GAAP, we are required to
revalue assets and liabilities denominated in foreign currencies into our
reporting currency, the U.S. dollar, which can result in gains or losses on
foreign exchange operations. During the three months ended September 30, 2021,
we realized a net gain on foreign exchange operations of $1,622 compared to a
net gain of $3,020 during the three months ended September 30, 2020.



During the three months ended September 30, 2021, the value of the Russian ruble
appreciated by 1% and Kazakhstani tenge depreciated by 1% against the U.S.
dollar, respectively. We realized a net gain on foreign exchange operations
affected by the purchase and sale of foreign currency of $1,686 as a result of
higher volume of currency exchange transactions.



Expense



                          Three months ended           Three months ended
                          September 30, 2021           September 30, 2020               Change
                          Amount           %*          Amount           %*        Amount        %*

Fee and commission
expense                      22,968          30 %         20,001          48 %      2,947          15 %
Interest expense             16,185          21 %          4,699          11 %     11,486         244 %
Operating expense            36,569          48 %         15,867          38 %     20,702         130 %
Provision for                                                                                     (65
impairment losses               366           0 %          1,044           3 %       (678 )           %)
Other
expense/(income),
net                             653           1 %            (68 )         0 %        721       1,060 %
Total expense          $     76,741         100 %   $     41,563         100 %   $ 35,178          85 %



* Reflects the percentage of total expenses, net.




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During the three months ended September 30, 2021, we incurred total expenses of
$76,741, an 85% increase compared to three months ended September 30, 2020.
Expenses increased with the increase of interest expense and the growth of our
business primarily in connection with increases in administrative costs and fees
from the growth in our revenue generating activities and integrating our
acquisition targets.



Fee and commission expense. Fee and commission expense increased by $2,947, or
15%, during the three months ended September 30, 2021. This included increases
in brokerage commissions to our prime brokers of $1,571, commissions paid for
bank services of $946, and exchange and clearing services of $521.



The increases in fees and commissions are the result of both the growth of our customer base and the increase in the transaction volume of our customers. In general, we expect fees and commissions to increase and decrease with increases and decreases in fee and commission income.




Interest expense. During the three months ended September 30, 2021, we incurred
a 244% increase in interest expense. The increased expense is primarily
attributable to an $8,691 increase in volume of short-term financing through
securities repurchase agreements, and a $2,704 increase in interest on customer
deposits.



We increased our volume of short-term financing through securities repurchase
agreements primarily in order to fund our investment portfolio. The increase in
interest on customer deposits and loans received was a result of a growth of
customer deposits. The increase was partially offset by a decrease in interest
expense on debt securities issued totaling $135.



Operating expenses. Operating expenses during the three months ended September
30, 2021, totaled $36,569, a $20,702 increase compared to the three months ended
September 30, 2020. This increase was primarily attributable to a $7,953
increase in payroll and bonus expense as a result expansion of our workforce
through acquisition and hiring, a $4,031 increase in stock compensation expense
resulting from issuing restricted stock grants to key employees in May 2021, a
$2,497 increase in advertising expenses, and a $1,352 increase in professional
services as a result of expansion of our business.



Income tax expense



We recognized net income before income tax of $236,074 and $28,147 during the
three months ended September 30, 2021, and September 30, 2020, respectively. Our
effective tax rate during the three months ended September 30, 2021, decreased
to 13.4%, from 16.3% during the three months ended September 30, 2020, as a
result of changes in the composition of the revenues we realized from our
operating activities, the tax treatment of those revenues in the various foreign
jurisdictions where our subsidiaries operate, and the incremental U.S. GILTI
tax.




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Noncontrolling interest



As of September 30, 2021, we owned a 9% interest in Freedom UA, the remaining
91% interest is owned by Askar Tashtitov, our president. In July 2021, as a
result of further restrictions in Ukraine on foreign ownership of Ukrainian
broker-dealers, we transferred an additional 23.88% of our interest in Freedom
UA to Mr. Tashtitov. Through a series of agreements entered into with Freedom UA
and Mr. Tashtitov in February 2019, we are obligated to guarantee the
performance of all Freedom UA obligations, provide Freedom UA adequate funding
to cover its operating losses and net capital requirements, provide management
competence and operational support and ongoing access to our significant assets,
technology resources and expertise in exchange for 90% of all net profits of
Freedom UA after tax, we account for Freedom UA as a variable interest entity.
We reflect our ownership of Freedom UA as a noncontrolling interest in our
consolidated statements of financial condition, consolidated statements of
comprehensive income, consolidated statements of changes in equity and
consolidated statements of cash flows. As a result, we recognized net loss
attributable to noncontrolling interest of $20 during three months ended
September 30, 2021, compared to a net loss attributable to noncontrolling
interest of $127 during September 30, 2020.



Comprehensive income



The functional currencies of our operating subsidiaries are the Russian ruble,
Kazakhstani tenge, European euro, U.S. dollar, Ukrainian hryvnia, Uzbekistani
som, Kyrgyzstani som, UK pound sterling and Azerbaijani manat. Our reporting
currency is the U.S. dollar. Pursuant to U.S. GAAP we are required to revalue
our assets from our functional currencies to our reporting currency for
financial reporting purposes. Due to the depreciation of the value of Russian
ruble by nearly 1% and appreciation on Kazakhstani tenge by nearly 1%,
respectively against the U.S. dollar during the periods covered in this report,
we realized a foreign currency translation gain of $930 during the three months
ended September 30, 2021, compared to a foreign currency translation loss of
$10,919 during the three months ended September 30, 2020.



Six months ended September 30, 2021, compared to the closed semester September 30, 2020

The following comparison of our fiscal second quarter to fiscal second quarter financial results is not necessarily indicative of future results.



                                      Six months ended                 Six months ended
                                     September 30, 2021               September 30, 2020
                                    Amount            %*             Amount            %*
Revenues:
Fee and commission income        $     213,940            49 %    $      97,616            77 %
Net gain on trading securities         185,152            42 %           17,386            14 %
Interest income                         38,140             9 %            9,197             7 %
Net gain on foreign exchange
operations                                 434             0 %            2,772             2 %
Net loss on derivative                    (715 )           0 %             (846 )           0 %
Total revenue, net               $     436,951           100 %    $     126,125           100 %

Expenses:
Fee and commission expense              44,832            10 %           29,790            24 %
Interest expense                        30,457             7 %            8,443             7 %
Operating expense                       66,888            15 %           30,293            24 %
Provision for impairment
losses                                     659             0 %              666             1 %
Other expense/(income), net                664             0 %              (95 )           0 %
Total expense                          143,500            33 %           69,097            55 %

Net income before income taxes         293,451            67 %           57,028            45 %
Income tax expense                     (37,231 )          (8 %)          (9,189 )          (7 %)
Net income                             256,220           (59 %)          47,839            38 %

Less: Net loss attributable to
non-controlling interest in
subsidiary                                 (72 )           0 %              296             0 %
Net income attributable to
common shareholders                    256,292            59 %           47,543            38 %

Other comprehensive income
Reclassification adjustment
relating to available-for-sale
securities disposed of in the
period, net of tax effect                    -             0 %               71             0 %
Foreign currency translation                                                               (2
adjustments, net of tax effect           4,230             1 %           (2,286 )             %)
Comprehensive income before
non-controlling interests              260,450            60 %           45,624            36 %
Less: Comprehensive loss
attributable to
non-controlling interest in
subsidiary                                 (72 )           0 %              296             0 %
Comprehensive income
attributable to common
shareholders                           260,522            60 %           45,328            36 %





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Revenue


We derive income primarily from fees and commissions received by our retail and banking brokerage and investment banking clients, interest income and proprietary trading activities.



                           Six months ended             Six months ended
                          September 30, 2021           September 30, 2020               Change
                          Amount           %           Amount           %         Amount         %
Fee and commission
income                 $     213,940         49 %   $      97,616         77 %   $ 116,324        119 %
Net gain on trading
securities                   185,152         42 %          17,386         14 %     167,766        965 %
Interest income               38,140          9 %           9,197          7 %      28,943        315 %
Net gain on foreign                                                                               (84 %)
exchange operations              434          0 %           2,772          2 %      (2,338 )
Net loss on
derivatives                     (715 )        0 %            (846 )       

0% 131 15% Total turnover, net $ 436,951 100% $ 126,125 100% $ 310,826 246%





During the six months ended September 30, 2021, we realized total net revenue of
$436,951, a 246% increase compared to six months ended September 30, 2020. As
discussed in more detail below under "Net Gain on Trading Securities" $185,152
of total revenue, net during the six months ended September 30, 2021, was
realized from the sale of certain securities held in our proprietary trading
portfolio and from revaluation of securities we continued to hold in our
portfolio at September 30, 2021. We consider the sale of securities from our own
portfolio as an extraordinary event that we do not believe to be indicative
of a
trend in future periods.



Fee and commission income.  Fee and commission income consisted principally of
broker fees from customer trading, related banking services, underwriting and
market making and consulting services. During the six months ended September 30,
2021, fee and commission income increased by $116,324, a 119% increase over the
six months ended September 30, 2020. This increase was primarily attributable to
a $107,986 increase in fees and commission from brokerage services and related
banking services.




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The growth in fees and commissions for brokerage and related banking services is primarily attributable to growth in accounts receivable through the acquisitions and expansion of our retail financial advisors and an increase in the volume of analytical reports. made available to our customers.

Net gain on trading securities. Net gain on trading securities reflects the
gains and losses from trading activities in our proprietary trading account. Net
gains or losses are comprised of realized and unrealized gains and losses. Gains
or losses are realized when we close a position in a security and realize a gain
or a loss on that position. U.S. GAAP require that we reflect in our financial
statements unrealized gains and losses on all our securities trading positions
that remain open as of the end of each period. Fluctuations in unrealized gains
or losses from one period to another may result from factors within our control,
such as when we elect to close an open securities position, which would have the
effect of reducing our open positions and, thereby potentially reducing or
increasing the amount of unrealized gains or losses in a period. Changes in
unrealized gains and losses from period to period may also occur as a result of
factors beyond our control, such as fluctuations in the market prices of the
open securities positions we hold. This may adversely affect the ultimate value
we realize from these investments. Unrealized gains or losses in a particular
period may or may not be indicative of the gain or loss we will realize on a
securities position when the position is closed. As a result, we may realize
significant swings in gains and losses realized on our trading securities
year-over-year and quarter-to-quarter. You should not assume that a gain or loss
in any particular period is indicative of a trend or of the gain or loss we may
ultimately realize when we close a position.



See the following table for more information on our net gains and losses during the six months ended. September 30, 2021 and 2020:



                                   Realized      Unrealized Net
                                   Net Gain           Gain           Net Gain

Quarter ended September 30, 2021 $ 149,536 $ 35,616 $ 185,152
Quarter ended September 30, 2020 $ 17,123 $

           263     $  17,386




The primary contributing factors to the increase in net gain on trading
securities during the six months ended September 30, 2021, was the sale of SPBX
ETF units we held in our proprietary trading account and higher unrealized net
gain as a result of revaluation of securities we continued to hold in our
proprietary accounts at September 30, 2021. As noted above, we do not consider
the significant increase in realized net gain on trading securities resulting
from the sale of SPBX ETF units and the increase in unrealized net gain from
revaluation of securities held in our portfolio at September 30, 2021, to be
indicative of a trend toward higher net gains on trading securities in the
future.



Interest income. During the six months ended September 30, 2021, and September
30, 2020, we recognized a $28,943, or 315% increase in interest income. We
earned interest income from trading securities, reverse repurchase transactions
and loans to customers.




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Interest income on trading securities consists of interest earned from
investments in debt securities and dividends earned on equity securities held in
our proprietary trading account. We recognized a $27,079, or 328% increase in
interest income from trading securities during the six months ended September
30, 2021 because we increased (i) the total size of our trading portfolio and
(ii) the percentage of our investments in bonds.



We recognized a $ 1,065, or 214% increase in interest income from reverse repurchase transactions because we engaged in a greater volume of these transactions during the six months ended September 30, 2021.

We also recognized a $ 778, a 270% increase in interest income on customer loans as a result of new loans issued by Freedom Bank KZ.




   Net loss on foreign exchange operations. Under U.S. GAAP, we are required to
revalue assets and liabilities denominated in foreign currencies into our
reporting currency, the U.S. dollar, which can result in gains or losses on
foreign exchange operations. During the six months ended September 30, 2021, we
realized a net gain on foreign exchange operations of $434 compared to a net
gain of $2,772 during the six months ended September 30, 2020.



During the six months ended September 30, 2021, the value of the Russian ruble
appreciated nearly by 4% against the U.S. dollar. The value of Kazakhstani tenge
depreciated by approximately 0.2% against the U.S. dollar. Due to a large
balance of USD denominated net assets held in our subsidiary Freedom RU, we
recognized a net loss on foreign exchange operations of $1,726. Our subsidiary
Freedom KZ also recognized a foreign currency exchange loss on USD denominated
trading securities in the amount of $547. Further, due to higher volume of cash
operations, we recognized a $2,641 gain on purchases and sales of foreign
currency.



Expense



                              Six months ended               Six months ended
                           September 30, 2021               September 30, 2020              Change
                          Amount            % *           Amount            % *        Amount       % *
Fee and commission
expense                $      44,832           31 %   $       29,790           43 %   $ 15,042         50 %
Interest expense              30,457           21 %            8,443           12 %     22,014        261 %
Operating expense             66,888           47 %           30,293           44 %     36,595        121 %
Provision for                                                                                          (1
impairment losses                659            0 %              666            1 %         (7 )          %)
Other                                                                                                (798
expense/(income),net             664            0 %              (95 )     
    0 %        759            %)
Total expense          $     143,500          100 %   $       69,097          100 %   $ 74,403        108 %



* Reflects the percentage of total expenses, net.

During the six months ended September 30, 2021, we incurred total expenses of
$143,500, a 108% increase compared to the six months ended September 30, 2020.
Expenses increased with the growth of our business primarily in connection with
increases in administrative costs and fees from the growth in our revenue
generating activities and integrating our acquisition targets.



Fee and commission expense. Fee and commission expense increased by $15,042, a
50% increase, during the six months ended September 30, 2021. This included
increases in brokerage commissions to our prime brokers of $11,190, commissions
paid to bank services of $2,321 and exchange and clearing services of $1,395.




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The increases in fees and commissions are the result of both the growth of our customer base and the increase in the transaction volume of our customers. In general, we expect fees and commissions to increase and decrease with increases and decreases in fee and commission income.




Interest expense. During the six months ended September 30, 2021, we incurred a
261% increase in interest expense. The increased expense was primarily
attributable to a $16,389 increase in volume of short-term financing through
securities repurchase agreements and a $5,415 increase in interest on customer
deposits.



We increased our volume of short-term financing through securities repurchase
agreements primarily in order to fund our investment portfolio. The increase in
interest on customer deposits and loans received was a result of a growth of
customer deposits.



Operating expenses. Operating expenses during the six months ended September 30,
2021, totaled $66,888, a $36,595 increase compared to the six months ended
September 30, 2020. This increase was primarily attributable to a $15,117
increase in payroll and bonus expense as a result expansion of our workforce
through acquisition and hiring, a $5,668 increase in stock compensation expense
resulting from issuing restricted stock grants to key employees in May 2021, an
increase of $4,511 in advertising expenses and a $3,017 increase in professional
services expense due to the growth of our business.



 Income tax expense. We recognized net income before income tax of $293,451 and
$57,028 during the six months ended September 30, 2021, and September 30, 2020,
respectively. Our effective tax rate during the six months ended September 30,
2021, decreased to 12.7%, from 16.1% during the six months ended September 30,
2020, as a result of changes in the composition of the revenues we realized from
our operating activities, the tax treatment of those revenues in the various
foreign jurisdictions where our subsidiaries operate, and the incremental U.S.
GILTI tax.



Comprehensive income. The functional currencies of our operating subsidiaries
are the Russian ruble, Kazakhstani tenge, European euro, U.S. dollar, Ukrainian
hryvnia, Uzbekistani som, Kyrgyzstani som, UK pound sterling and Azerbaijani
manat. Our reporting currency is the U.S. dollar. Pursuant to U.S. GAAP we are
required to revalue our assets from our functional currencies to our reporting
currency for financial reporting purposes. Due to the depreciation of the value
of Russian ruble by nearly 4% and depreciation on Kazakhstani tenge by nearly
0.2%, respectively against the U.S. dollar during the periods covered in this
report, we realized a foreign currency translation gain of $4,230 during the six
months ended September 30, 2021, compared to a foreign currency translation loss
of $2,286 during the six months ended September 30, 2020.



Liquidity and capital resources




Liquidity is a measurement of our ability to meet our potential cash
requirements for general business purposes. During the three months ended
September 30, 2021 and 2020, our operations were primarily funded through a
combination of existing cash on hand, cash generated from operations, returns
generated from our proprietary trading and proceeds from the sale of bonds
and
other borrowings.




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We regularly monitor and manage our leverage and liquidity risk through various
committees and processes we have established. We assess our leverage and
liquidity risk based on considerations and assumptions of market factors, as
well as other factors, including the amount of available liquid capital (i.e.,
the amount of cash and cash equivalents not invested in our operating business).
While we are confident in the risk management monitoring and processes we have
in place, a significant portion of our trading securities and cash and cash
equivalents are subject to collateralization agreements. This significantly
enhances our risk of loss in the event financial markets move against our
positions. When this occurs our liquidity, capitalization and business can be
negatively impacted. Certain market conditions can impact the liquidity of our
assets, potentially requiring us to hold positions longer than anticipated. Our
liquidity, capitalization, projected return on investment and results of
operations can be significantly impacted by market events over which we have no
control, and which can result in disruptions to our investment strategy for
our
assets.



We maintain a majority of our tangible assets in cash and securities that are
readily convertible to cash, including governmental and quasi-governmental debt
and highly liquid corporate equities and debt. Our financial instruments and
other inventory positions are stated at fair value and should generally be
readily marketable in most market conditions. As of September 30, 2021, and
March 31, 2021, we had:



                                            As of
                                September 30,       March 31,
                                    2021              2021
Cash and cash equivalents(1)   $       740,425     $   698,828
Trading securities             $       974,481     $   736,188
Total assets                   $     2,500,459     $ 2,018,645
Net liquid assets(2)           $     2,054,096     $ 1,519,719


_________

(1) From the $ 740,425 in cash and cash equivalents that we held at September 30, 2021,

    $164,240, or approximately 22%, were subject to reverse repurchase
    agreements. By comparison, at March 31, 2021, we had cash and cash
    equivalents of $698,828, of which $248,946, or approximately 36%, were
    subject to reverse repurchase agreements. The amount of cash and cash

equivalents is subject to minimum levels set by regulatory bodies to comply

with the required rules and regulations, including adequate capital and liquidity

level for each entity. (2) Includes cash and cash equivalents, trading securities, brokerage fees and

    other receivable and other assets.



From September 30, 2021, and March 31, 2021, we had a total liability of
$ 1,957,080 and $ 1,742,974, respectively, including trade debts of
$ 1,219,364 and $ 1,163,697, respectively.

We have funded our operating activities primarily from operating cash flows and from short and long term financing arrangements.

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Seychelles: Seychellois banks abandon foreign currency loans to Libor https://spectacles17e18e.org/seychelles-seychellois-banks-abandon-foreign-currency-loans-to-libor/ https://spectacles17e18e.org/seychelles-seychellois-banks-abandon-foreign-currency-loans-to-libor/#respond Thu, 04 Nov 2021 16:50:13 +0000 https://spectacles17e18e.org/seychelles-seychellois-banks-abandon-foreign-currency-loans-to-libor/ The contracts of around 185 clients with foreign currency loans in Seychelles will change as commercial banks move from LIBOR, one of the main benchmark interest rates used in the financial markets around the world, to alternative rates. . In existence for over 30 years, the London Inter-Bank Offered Rate (LIBOR) is regulated by the […]]]>

The contracts of around 185 clients with foreign currency loans in Seychelles will change as commercial banks move from LIBOR, one of the main benchmark interest rates used in the financial markets around the world, to alternative rates. .

In existence for over 30 years, the London Inter-Bank Offered Rate (LIBOR) is regulated by the Financial Conduct Authority (FCA) of the United Kingdom and administered by the Intercontinental Exchange Benchmark Administration.

ABSA Bank Seychelles, Mauritius Commercial Bank (MCB) and Nouvobanq have confirmed certain LIBOR exposures and are required to inform their clients of necessary adjustments in contracts. Banks have already started contacting their customers, explaining how they will be affected and what plans have been made to deal with the impact of the transition.

The Second Deputy Governor of the Central Bank of Seychelles, Jenifer Sullivan, told reporters on Thursday that the transition is not something that affects Seychelles only because it is a global problem.

“Banks have a plan to meet deadlines. An interest rate is a key part of a banking contract, and customers shouldn’t be worse off after the transition. client, a person should not be paying more interest than they previously were under the LIBOR contract, ”said Sullivan.

ABSA Bank Seychelles Head of Corporate Banking, Egbert Laurence, said that to be eligible for a foreign currency loan, the client must be able to earn in foreign currency.

“It is to avoid exchange risks. It is above all from the tourism sector that we receive clients who have a loan in foreign currency,” he continued.

In the future, banks will have the option to choose from other benchmark benchmarks that have been developed to potentially replace the current LIBOR.

LIBOR is derived from the rates at which a group of banks in the panel indicate that they are willing to lend to each other without collateral. Reference interest rates are an essential component of financial markets and LIBOR is the most widely used benchmark for short-term interest rates.

It is published daily in five different currencies – US dollar, euro, British pound, Swiss francs and Japanese yen, and in seven different durations, including day-to-day, 1 week, 1, 2, 3, 6 and 12 months. Financial institutions use published rates as a benchmark for various financial products and contracts, such as loans, bonds, and others.