What has led to FCA regulated Retail FX and CFDs broker London Capital Group (or, LCG) being put up for sale?
Which senior executives has London based prime-of-prime broker and liquidity solutions provider iSAM Securities hired in Asia, in a strategic move to head up growth in the APAC region?
Which well recognized online brokerage brand saw a whopping 77% decline in Revenue in 2023, leading to a large loss?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: FlowBank liquidators seeking buyer for LCG. FNG Exclusive… FNG has learned that the liquidators of bankrupt Swiss neobroker FlowBank have issued an updated circular to creditors, indicating that (among other things) they are currently seeking a potential acquiror for the bank’s 100% holding in FCA regulated FX and CFDs broker London Capital Group Limited (better known in the business as LCG).
Valutrades sees Revenues collapse down 77% in 2023, posts £3.8M loss. Following a quite successful 2022, FCA regulated FX and CFDs broker Valutrades saw a dramatic turnaround for the worse in 2023, with Revenues nearly evaporating entirely as the company posted a loss that ate up most of its shareholders’ equity. After a 47% rise in Revenues during 2022 to £6.5 million, Valutrades saw a whopping 77% decline in Revenues in 2023 to just to £1.5 million. The company’s 2022 profit of £735K turned into a £3.8 million loss in 2023, as the company’s Net Assets (i.e. Shareholders Equity) fell from £4.7 million to £1.7 million as at year-end 2023.
TRADE.com operator Trade Capital UK sees 18% increase in Revenue, 55% rise in Profit in 2023. Trade Capital UK (TCUK) Ltd, the UK based company which operates the TRADE.com Retail FX and CFDs brand, has released its financials for 2023 indicating continued growth on both the top and bottom line. TCUK posted Revenues of £892K in 2023, up by 18% from £759K in 2022. The company earned a net profit of £218K in 2023, versus £141K the previous year.
AvaTrade expands LATAM presence with Colombia SFC authorisation. Ireland and Israel based Retail FX and CFDs broker AvaTrade has announced that the company has received authorisation from the Financial Superintendence of Colombia (SFC) to operate within the country. The company said that this pivotal achievement underscores AvaTrade’s commitment to adhering to the highest regulatory standards and delivering a secure and transparent trading experience to Colombian clients.
B2Broker’s B2Copy integrates with Spotware’s cTrader trading platform. Leading trading platform developer Spotware Systems and broker tech provider B2Broker have announced the full integration of B2Broker’s advanced investment platform, B2Copy, with Spotware’s cTrader, the premium and first Open Trading Platform. This integration allows brokers and traders on cTrader to leverage both platforms’ cutting-edge features, providing an enhanced and more efficient copy trading experience.
Top FX industry executive moves reported at FNG this week included:
❑ iSAM Securities promotes Barry Flanigan to Head of Asia Pacific.
❑ iSAM Securities hires LMAX exec Quentin Miller as Head of Institutional Sales APAC.
❑ FX Back Office names Nicole Demosthenous as COO.
❑ TD Securities promotes Carl Hayes to Head of European Cash Equities.
❑ Standard Chartered names Jean Lu its CEO for China.
❑ HKEX appoints Johnson Chui as Managing Director, Head of Global Issuer Services.
