Quite a variety of FX and CFDs industry news this past week, ranging from IPO talks to mergers and acquisitions to broker results and a number of management reshuffles at top retail and institutional names.
What valuation is eToro targeting in an IPO that the company is considering in either the US or the UK?
Which licensed broker did Swissquote acquire?
What were the two C-Suite management changes that took place this week at IG Group?
Why is Capital.com Discontinuing UK Customer Onboarding?
Which retail trading company has stopped payments to customers? And why?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
eToro is aiming for a $3.5B+ valuation in an IPO in London or New York. eToro CEO Yoni Assia told UK business news website the Financial Times (ft.com) over the weekend that the company is considering going public in an IPO this year after seeing client trading volumes increase in recent years. weeks at “levels of activity not seen since 2021.” According to Assia, the company is aiming for a valuation of at least $3.5 billion – well below the $10 billion valuation at which eToro sought to go public in 2021-2022 through a SPAC merger.
Swissquote Sees Record Revenue and Profits in 2H2023, Acquires Optimatrade. Leading Swiss-based online banking and trading provider Swissquote (SWX:SQN) has released its final financials for 2023, confirming a strong 2023 with Revenue, Profit and Client Assets at record levels as it heads towards 2024 with positive momentum. Swissquote also announced the acquisition of Optimatrade Investment Partners (Pty) Ltd, a company based in Cape Town, South Africa.
Capital.com stops onboarding UK customers. London-based Retail FX and CFDs broker Capital.com has posted a note on its UK website that it has taken the decision to stop onboarding new UK clients for the time being. The memo states that the company has “grown rapidly” as a business and Capital.com wants to ensure that all of its systems, controls, products and services are delivered to the high standards required by customers, management, shareholders and regulatory authorities.
Exclusive: Prop The Funded Trader halts payments amid ‘self-imposed internal audit’ Exclusive FNG… FNG has learned that trading company The Funded Trader has stopped payments to its clients. Miami-based The Funded Trader is one of the leading trading firms serving retail clients who were forced to stop using their MetaTrader trading platforms (MT4 and MT5) amid a crackdown by MetaTrader developer MetaQuotes on brokers (and importers) who take over the US. retail customers, without being duly authorized to do so. However, the transition to new platforms (and often new execution brokers) has not been smooth sailing for all support firms.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: Saxo Bank CMO Emil Valdemar Madsen leaves for Mindshare.
❑ Charlie Rozes (CFO and former CEO) will leave IG Group.
❑ United Fintech management reshuffle: new CFO, CCO, CEO Athena.
❑ Hannah Robson joins iSAM Securities as Sales Director.
❑ Advanced Markets Vice President Anya Aratovskaya is leaving for FOUNT Global.
❑ Spotex hires Integral alum Stuart Peck for institutional sales.
❑ Exclusive: oneZero promotes Nikolas Aresti to Operations Manager.
❑ MahiMarkets adds B2Broker alum Omar Al-Ali as head of new Dubai office.
❑ Exclusive: IG Group Head of Marketing Partnerships Aneira Henery-Morley is leaving.