Once again, Retail FX and CFD trading industry news headlines this week were dominated by the prop trading firms, and the changing relationships between the props and the online brokers they use, as well as with the firms that create the trading platforms used by prop trading firm clients.
But there was still a lot more…
Which FCA, CySEC, and UAE licensed Retail FX and CFDs broker was acquired this week, in a management buyout?
What longstanding lawsuit brought by OANDA against rival StoneX (operator of the Forex.com and City Index brands) was dismissed by an Illinois court?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: HYCM control sold via management buyout. FNG Exclusive… FNG has learned that ownership of the Retail FX and CFDs brokerage brand HYCM is changing hands, in a management buyout that is still in process. Buying control of HYCM are Roger Bach and Stavros Lambouris, two longtime senior managers within the HYCM Group. The brokerage used to be known as Henyep and as HY Markets, rebranding fully as HYCM in 2016,
Eightcap says “business as usual”, remains excited for the future of prop industry. Australia based Retail FX and CFDs broker Eightcap has come out with a statement, saying that previous reports (including here on FNG) that it was cutting brokerage service to all prop trading firms is misleading, and that it remains excited for the future of the CFD, Forex and Prop industries.
Prop trading firm Funding Pips halts services. Following the recent service shutdowns experienced by Dubai based prop trading outfit Funded Engineer, and Hungary based True Forex Funds, another Dubai based firm called Funding Pips has also been effectively shut down. In a notice posted on its website, Funding Pips states that Cyprus based MT4/MT5 developer MetaQuotes abruptly halted its services, due to active US accounts. The notice stated that Funding Pips’ partnered broker (ed: BlackBull Markets) didn’t terminate the partnership, but were in fact forced (by MetaQuotes) to let them go.
Funded Engineer delays relaunch, switches to broker Blueberry Markets. FNG Exclusive… FNG has learned that Dubai based prop trading firm Funded Engineer is delaying the relaunch of its services, after its software licenses were terminated by its tech provider FPFX Technologies last week. FNG has also learned that Funded Engineer – in addition to reportedly switching to its own in-house tech and platform – is switching the broker that it uses for all client trades, from Purple Trading Seychelles to Australia based broker Blueberry Markets, via its offshore arm Blueberry Markets (V) domiciled in Vanuatu.
Court dismisses OANDA’s patent infringement claims against StoneX. The Illinois Northern District Court has dismissed a patent infringement lawsuit brought by OANDA against StoneX. The relevant judgment was signed by the Honorable John J. Tharp, Jr on February 14, 2024. Plaintiff OANDA Corporation and defendant StoneX Group, Inc. are both providers of online foreign currency trading and information services. OANDA has sued StoneX for patent infringement pursuant to 35 U.S.C. § 1 et seq, alleging that StoneX’s trading platform infringes three of OANDA’s patents. The Court found that OANDA’s arguments were not persuasive.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Isabella Mannucci leaves Trade Nation for LaTAM BizDev position at ATC Brokers.
❑ Exclusive: ATFX MENA hires ThinkMarkets/Amana alum Aditya Singh as Director Institutional BD and Product.
❑ Exclusive: TRAction hires ex 1Market/UFX exec Melina Theodorou to head Legal.
❑ Options Technology appoints Marlena Efstratopoulou as Chief Information Security Officer.
❑ NatWest appoints Paul Thwaite as Group CEO.
