Where did Retail FX and CFDs broker CFI expand by acquiring a local broker?
What are CySEC’s new rules for digital onboarding of clients?
Which Cyprus based brokers received new licenses in the growing South Africa market?
What were the main drivers behind Robinhood’s record Revenue and Profit in Q2-2024?
What executive moves were seen at Taurex, Doo Group, Valutrades, 360T, Robinhood, Seeking Alpha, and The Trading Pit?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
CFI expands to Azerbaijan acquiring AzFinance. CFI, a global leader in online trading, has announced its entry into Azerbaijan through the acquisition of AzFinance İnveŞtisiya Şirkəti (AzFinance Investment Company). This milestone positions CFI as the first international company to establish a local presence in Azerbaijan, underscoring its commitment to serving the local markets, community, and neighboring countries. The move aligns with CFI’s vision to become the world’s leading brand for all things investing and trading.
CySEC outlines new rules on digital onboarding. The Cyprus Securities and Exchange Commission (CySEC) has published a Policy Statement on the enhancement of the non-face-to-face customer onboarding process with electronic methods to outline its new rules on digital onboarding. Obliged Entities may use remote onboarding solutions for the verification of identity of non-face-to-face customers, in accordance with a risk based approach.
Exness granted South Africa FSCA ODP license. Leading multi-asset retail broker Exness has announced that South Africa financial regulator The Financial Sector Conduct Authority (FSCA) has granted the company an ‘Over-the-Counter Derivative Provider’ (ODP) license in South Africa, broadening its license portfolio. The ODP license mandates stringent risk management protocols, and reporting standards, providing clients with an extra layer of protection in the trading environment. This enhanced regulatory status further reinforces Exness’ position as a trusted broker for local traders.
Exclusive: easyMarkets gets South Africa FSCA license. FNG Exclusive… FNG has learned that Cyprus based Retail FX and CFDs broker easyMarkets has obtained a Financial Sector Conduct Authority (FSCA) license for a new subsidiary of the company in South Africa. Other easyMarkets entities are already licensed by CySEC in Cyprus, ASIC in Australia, FSA in the Seychelles, and the FSC in the British Virgin Islands.
Robinhood sets Revenue and Profit records in Q2 2024 driven by Interest, Crypto Trading. US neobroker Robinhood Markets, Inc. (NASDAQ:HOOD) has reported its results for the second quarter of 2024, posting a second consecutive quarter of record Revenue and Profit as the company seems to be hitting on “all cylinders” in a very positive environment for brokers. The largest individual Revenue item for Robinhood is now actually Interest income, with net interest revenues increasing 22% year-over-year to $285 million.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Taurex hires MultiBank alum James Watts as Commercial Director.
❑ Exclusive: Doo Group Head of Institutional Clients Fraser Nelson departs.
❑ Exclusive: Valutrades’ Head of Dealing Samin Aref Zaher moves to SGX CurrencyNode.
❑ Exclusive: Cboe FX exec Rahul Bowry joins 360T to head APAC sales.
❑ Exclusive: Robinhood hires David Schwed to head brokerage information security.
❑ Exclusive: CME Group’s head of eFix Matching Kyle Jannece departs.
❑ Exclusive: Prop firm The Trading Pit sees departure of Head of Marketing Periklis Hanna.
❑ Exclusive: Seeking Alpha VP Marketing Mayer Reich departs.
