Wow!
Before we get to this week’s top FX and CFD industry news, we’re pleased to report record visitor statistics here at FNG for the month of February.
While in the past we’ve shared data with our audience about FNG’s social media dominance in the FX news space, this month it’s just raw visitor data. Our traffic growth is certainly being helped by the upheaval in the retail brand arena and the ensuing fallout between companies and trading platform brokers – with all the top stories being reported first or exclusively here on FNG.
But there was much more, with major industry news such as the sale of HYCM, the departures of the CEOs of Skilling’s and Capital Index, and almost every other senior move in the business appearing exclusively on FNG (before being later copied to other sites , of course).
So we would like to take this opportunity to thank you, our dear readers, for visiting FNG every day for all the news that matters in the field of FX and CFDs. We will continue to work hard to continue to earn your trust.
And now to this week’s top stories…
What did Blueberry Markets CEO Dean Hyde say about his company’s decision to end all trading MT4 and MT5 operations?
Which retail FX and CFD brokers saw a drop in client trading volume in February – with one broker seeing lowest FX trading volumes in 8+ years?
Which European financial regulator has issued a scathing warning against prop-trading firms – possibly the first step in a regulatory crackdown on the industry?
What executive moves occurred this week at Skilling, CFI, CPT Markets, VT Markets and Monaxa?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Blueberry Markets is terminating all MT4/MT5 prop company activities. It was first reported on FNG… Australia-based Retail FX and CFD broker Blueberry Markets is ending its Data and Platform Services Offering, which was designed to serve the support industry by leveraging its infrastructure. Blueberry Markets provided Data and Platform Services to trading firms by providing access to MetaQuotes demo servers and pricing data.
Saxo Bank FX trading volumes fall to 8+ year low in February 2024. After recently posting one of its worst financial periods in recent years with a net loss in 2H 2023, the Retail FX and CFDs broker based in Copenhagen, Saxo Bank isn’t exactly enjoying a strong start to 2024. After a fairly quiet January, trading volumes at Saxo Bank fell 5% MoM in February 2024 to $358.3 billion, down from $375.5 billion dollars last month. So far in 2024, Saxo’s client trading volumes are averaging $367 billion per month, down 8% from the 2023 average of $399 billion.
Belgium’s FSMA warns consumers against prop selling companies. The Belgian Financial Services and Markets Authority (FSMA) today issued a warning about the risks associated with the activities of so-called prop trading firms. FSMA said it is receiving more and more inquiries about such companies. Many studies have shown that the gaming element in prop trading can lead to overconfidence and recklessness among users, both in shadow investing and in real trading in which they use their own money.
Robinhood inks deal with Rich Paul’s KLUTCH Sports for collaborations. American startup Robinhood (NASDAQ:HOOD) announced that it has signed a new strategic partnership with KLUTCH Sports Group, under which KLUTCH Sports and its real estate division will serve as Robinhood’s agency of record for partnerships in the sports and entertainment industries. of entertainment. In addition, Rich Paul, the founder and CEO of KLUTCH Sports, has been named a strategic brand advisor at Robinhood.
FCA sends letter to Dear CEO warning of AML failings. The UK financial regulator, the Financial Conduct Authority (FCA) has today warned a number of financial firms about common weaknesses it has identified in the firms’ financial crime controls. The FCA said it had written to CEOs of ‘Schedule 1’ firms setting out our findings from its recent assessments of how firms comply with money laundering regulations. There are approximately 1,000 Schedule 1 registered firms, which are not authorized or subject to wider FCA regulation.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: Skilling CEO Michael Kammerman resigns.
❑ Omar Khaled moves from MultiBank to CFI to lead Marketing.
❑ Exclusive: Panda’s Vice President of Sales & Marketing Thomas Kareklas is leaving for Voiso.
❑ Exclusive: CPT Markets hires INFINOX executive Razvan Rotaru as head of institutional sales.
❑ Exclusive: VT Markets hires Equiti executive Ahmad Qutaishat as MENA Sales Director.
❑ Exclusive: Offshore CFDs broker Monaxa hires Delia Claudia Bercea as head of LaTAM.