Before we get to this past week’s top stories – all of which appeared first or exclusively at FNG – we’d like to thank our readers for helping us reach the milestone of 10,000 LinkedIn followers, which we hit this month (and we’re already powering well on the way to 11,000!).
From a standing start when we launched just three years ago, FNG now dominates the FX and CFD sector news scene, as the only site providing objective and complete coverage of everything going on in “the industry”. LinkedIn’s own Competitors stats tell the story, with FNG posts getting several x the engagement of any other “FX news” site.
The formula is simple – give our audience of high-net-worth traders and FX industry insiders what they really want, and not a bunch of promotional nonsense or way-off-topic articles copied from somewhere else.
And now, on to this past week’s top FX and CFD industry news stories…
Why was ThinkMarkets served with a court order to put $4.28 million back into a segregated client account?
Which Retail FX and CFDs broker is now an official sponsor of AC Milan?
What has led to a 29% share price drop at NAGA Group?
Which CEOs came and went this week (involving Eurotrader, IG Australia, Doto, and Admirals)?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: ThinkMarkets hit with $4.28M court order to return client funds. FNG Exclusive… FNG has learned that London/Australia based Retail FX and CFDs broker ThinkMarkets has been issued a court order by the Business and Property Courts of England and Wales – London Circuit Commercial Court, in the amount of USD $4.28 million. The court order follows a legal dispute that ThinkMarkets is having with a (now former) client from Turkey, Abdurrahman Suzgun.
CFI becomes Official Online Trading Partner of AC Milan. Leading MENA region online trading provider CFI has announced a landmark partnership with AC Milan, marking a significant addition to the group’s global partners. In this strategic initiative, CFI steps up as the Official Online Trading Partner of AC Milan, showcasing a shared commitment to excellence and innovation while seamlessly blending the worlds of finance and elite sports.
NAGA Group shares tumble 29% after Capex.com acquisition announcement. FNG Exclusive Analysis… The past four weeks have not been kind to NAGA Group. After the company found a “white knight” in rival Retail FX and CFDs broker Capex.com, which announced plans in mid December to acquire NAGA via a Reverse Merger (plus an injection of capital by Capex.com shareholders into the company), shares of NAGA Group (ETR:N4G) briefly rallied to above €1.12. However in the weeks that followed NAGA Group reported summary financial figures for 2023 which clearly did not impress the market, while NAGA’s subsidiary in Cyprus, NAGA Markets Europe Ltd, was hit with a €150,000 fine by Cypriot regulator CySEC.
Exclusive: CFDs broker Doto replaces CEO, halts onboarding EU clients. FNG Exclusive… FNG has learned that Doto, a relatively new entrant in the Retail FX and CFDs brokerage business, has made some changes which include the departure of CEO Demetrios Zamboglou and the addition of a new CEO from outside “the industry”, Victor Zimarev. The company has also stopped taking on new clients in its EU-facing CySEC licensed entity, Doto Europe Ltd. The “Open Account” function on the company’s doto.eu website now shows a message stating “The company currently is not onboarding new clients.”
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Admirals CEO Sergei Bogatenkov and Cyprus head Andreas Ioannou resign.
❑ Markets.com hires Marcelo Spina as COO.
❑ Exclusive: Matthew Davidson named CEO at IG Australia.
❑ ATFX appoints Linton White as Regional Head for Africa.
❑ Exclusive: Fred Gewirtz joins Scandinavian Capital Markets as Head of Institutional Liquidity.
❑ Exclusive: Ex Revolut/ActivTrades exec Lana Sinelnikova named UK Chief Compliance Officer at Kraken.
