The dawn of the new football season in Europe has brought with it a number of new partnerships and sponsorships from Retail FX and CFDs brokers, with firms such as CFI, Axi, Spreadex, Equiti, ZERO Markets, and TrioMarkets inking new deals. Sports sponsorship has become an increasingly important branding tool in recent years for brokers.
Also this week at FNG…
Why was CySEC licensed broker FXTB fined £276K – by the UK’s FCA?
Why did Copenhagen based broker Saxo Bank stop publishing its monthly client trading volumes – a practice it had been religiously following since 2014?
Who acquired Germany based, BaFin licensed CFDs broker FXFlat?
What “significant step” did Australia based broker ACY Securities say it took toward an IPO of its parent company ACYLogix?
Which prop firm shut down, after stating that its executing broker Eightcap will no longer be supporting MT4 and MT5 for prop trading?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
New sports sponsorships released this week by Retail FX and CFDs brokers include:
FCA imposes £276,100 fine on FXTB for unfair customer treatment practices. The UK Financial Conduct Authority (FCA) has fined Cypriot CFD broker Forex TB Limited (FXTB) £276,100 for failing to treat its customers fairly, and for providing investment advice without being authorised to do so. FXTB pressured customers to put their money at risk through CFD trading, even encouraging them to borrow money from friends or family in some cases.
Exclusive: Saxo Bank stops reporting client trading volumes. FNG Exclusive… FNG has learned that Copenhagen based Retail FX and CFDs broker Saxo Bank has decided to stop reporting its monthly client trading volume data. The company has also removed all historical trading volume data from its Investor Relations website page. The move coincides with Saxo Bank hiring investment bank Goldman Sachs to pursue an IPO or sale of the company.
Exclusive: Trading 212 acquires FXFlat. FNG Exclusive… FNG has learned that London/Sofia based online broker Trading 212 has acquired Germany based Retail FX and CFDs broker FXFlat. The parties did not disclose the financial terms of the transaction. FXFlat is a Ratingen, Germany based Retail FX and CFDs broker, licensed by German financial regulator BaFin, and focused mainly on the German, French, and Dutch retail markets.
ACY Securities parent ACYLogix targets IPO, unveils LogixTrader platform. Australia based Retail FX and CFDs broker ACY Securities has announced the launch of a new proprietary trading platform, LogixTrader. The company said that this new trading platform, built from the ground up, marks a significant milestone in ACY Securities’ journey and represents a significant step towards the IPO plans of its holding company, ACYLogix.
Exclusive: Funds for Traders shuts after Eightcap cuts MT4/MT5 for prop firms. FNG Exclusive… FNG has learned that Netherlands based retail prop trading firm Funds for Traders (at website fundsfortraders.com) is shutting down. The company’s website is now showing a message stating that the company’s executing broker, Eightcap, has informed Funds for Traders that Eightcap will no longer be supporting the MT4 and MT5 trading platforms for prop trading. Funds for Traders explained that this means that the company can no longer offer these platforms to its users.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Scope Markets hires Fraser Nelson as Global Head of Business Development.
❑ Exclusive: Eightcap names Rositsa Radovanova as General Manager Europe.
❑ Exclusive: Finstek hires T4B exec Sergei Gruzin as CCO.
❑ GTN hires Saxo Bank alum Ahmad Abouardini as MENA Relationship Manager.
❑ Robinhood hires ex Lyft tech head Jeff Pinner as CTO.
❑ Exclusive: William Mead named Head of Operations at IG Group.
❑ Exclusive: UBS Executive Director of FX Sales Richard Turner moves to HSBC.
❑ Exclusive: Simona Wilkinson named Head of Strategic Operations at Pepperstone UK.
❑ Exclusive: Prop firm The Trading Pit’s Head of Dealing Hakam Thalji joins SquaredFinancial.
