Before we get to last week’s top stories, we’re pleased to report that FXNewsGroup.com had another record month for visitors and page views in January – which continued into February and the best week of traffic in the last seven days!
Our #1 position in the FX & CFD industry news scene is probably best demonstrated by our social media dominance. FNG posts received a lot of x Engagement, and we got x many new follower sign ups, compared to any of the other “FX news” sites once again this month. Here are LinkedIn’s own “Competitor” stats:
Do you want your brand, content and message to really be seen and shared by your target audience?
Well, not on these other sites!
If you want to buy an award or publish some promotional article that no one reads or takes seriously – go talk to them.
But if you want your brand to be taken seriously among the hundreds of thousands of HNW traders and FX industry decision makers who visit FNG every month, then come talk to us.
And now to this past week’s top industry stories…
Which trading firms that are popular with the FX and CFD trading crowd have seen their respective trading platform providers win their software licenses?
How did CMC Markets shares react to an announcement that almost a fifth of staff would be laid off?
How much cash did XTB founder and shareholder Jakub Zablocki make after selling part of his stake in the company?
Which online broker CEOs were on the move this week, including Capital Index, Saxo UK, Admirals and PU Prime MENA?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Exclusive: Brands Company True Forex Funds Closed on MetaQuotes Move. Exclusive FNG… FNG has learned that Hungary-based online trading company True Forex Funds has ceased operations, at least temporarily, after MT4 / MT5 company MetaQuotes terminated its trading platform licenses. True Forex Funds becomes the second well-known name in the backer fund sector among FX and CFD traders to cease operations in recent months, after US and Canadian regulators shut down Canada’s My Forex Funds last September.
FPFX Terminates Funded Engineer Trademark Company License for Alleged Fraud Scheme. Boca Raton, Florida-based FPFX Technologies announced that it has terminated the license of its customer, Dubai-based commercial products company Funded Engineer (at fundedengineer.com), due to an apparent scheme to defraud FPFX Tech and falsification of payment information to consumers. FPFX Tech said that a periodic audit it conducted of Funded Engineer’s business activities revealed what FPFX Tech believes to be a multi-month scheme in which Funded Engineer created fake trading accounts, bypassed AML/KYC safeguards, engaged in in washing transactions and created virtual payments in order to inflate its payments business.
Shares in CMC Markets rose 18% on Monday after the layoffs were announced. Shares of U.K.-based online brokerage CMC Markets ( LON:CMCX ) surged 18% on Monday after the company reported it had begun a cost-cutting effort that would include about 200 layoffs — or about 17% of its of CMC’s global workforce. The rise in CMC’s share price is the second double-digit percent one-day jump it has already seen in 2024.
Exclusive: Jakub Zablocki cashes in $119 million in XTB stock after all-time high. Exclusive FNG… FNG has learned through regulatory filings made in Poland that Warsaw-based Retail FX and CFDs broker XTB SA (WSE:XTB) has seen co-founder and controlling shareholder Jakub Zablocki earn more than his holdings in the company, taking his ownership of XTB just over 50%. This actually marks Jakub Zablocki’s second major share sale in the past year, both through holding company XX ZW Investment Group SA.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: Saxo UK CEO Charles White-Thomson resigns.
❑ Exclusive: Capital Index CEO Trevor Barwell resigns.
❑ Exclusive: Prop trading firm The Trading Pit sees departure of CTO Prodromos Efthymiou.
❑ Admirals confirms the departures of the CEO and Management of the Cyprus office.
❑ Exness CCO Damian Bunce departs.
❑ Exclusive: Mohamed Elsergany returns to PU Prime as CEO of MENA.
❑ Exclusive: FXCM Cyprus hires Constantina Koniali from Markets.com as Compliance Officer.
❑ Exclusive: Mohanad Yakout returns to offshore CFDs broker PU Prime as Chief Markets Analyst.