Which countries did Saxo Bank list in a memo to its institutional partners saying it was stopping onboarding clients from certain geographies?
What led to a 45% drop in revenue and a big net loss at retail FX and CFDs brokerage ActivTrades?
What AI-based company did Robinhood just buy?
What (further) board changes took place at Estonia-based Admirals brokerage?
Some of the most read and commented on FX/CFD industry news that appeared in the last seven days on FNG include:
Saxo Bank informs its partners about changes in country presence. Exclusive FNG… FNG has learned that multi-asset investment specialist Saxo Bank has published a notice to its partners about a major change to Saxo’s service. After careful consideration, Saxo has taken the decision to discontinue client onboarding in certain countries, effective July 1, 2024. This decision is in line with Saxo’s overall risk appetite and aims to improve operational efficiency while respecting the regulatory requirements.
ActivTrades sees revenue drop 45% in 2023 as resources divert to StreamBank. London-based Retail FX and CFDs broker ActivTrades has released its financial results for 2023, indicating a continued slide in both top and bottom line results that began in the second half of 2022. After reporting a record first half 2022 Revenue £32m but then Second Half 2022 Revenue of just £18m, ActivTrades continued its downward trend in 2023 reporting full year 2023 revenue of just £27.5m (US$35m), down 45% from 50 £.2m in 2022. The drop in revenue was accompanied by a Net Loss of £5.8m in 2023 at ActivTrades, from profits of £16.3m the previous year.
Robinhood acquires AI-powered investment research platform Pluto. Robinhood Markets, Inc. today announced the acquisition of Pluto Capital Inc., an artificial intelligence (AI) investment research platform. Pluto founder and CEO Jacob Sansbury has joined the Robinhood team to accelerate our product roadmap and help integrate AI-powered capabilities across the Robinhood platform.
Copy trading provider Pelican integrates with DXtrade CFDs platform. Copy trading provider Pelican has announced a new partnership with Devexperts’ DXtrade, the trading platform that powers both big names and start-up FX, CFD and crypto brokers. Pelican copy trading will work natively within the DXtrade platform, providing traders with a best-in-class multi-asset copy engine. DXtrade users can access the Pelican Network (+9,000 signals) through the DXtrade platform.
Top FX industry executive moves reported on FNG this week included:
❑ Dany Mawas promoted to Markets.com CCO.
❑ Admirals Group adds Eduard Kelvet and Lauri Reinberg to its board of directors.
❑ Exclusive: Capital.com hires Revolut exec Tarek Mahassen as Head of Risk.
❑ Exclusive: Former TopFX executive Rami Fleifel joins MetaQuotes as Sales Director.
❑ Exclusive: CMC Markets Chief Marketing Officer Grant Ellis moves to Finalto.
❑ Exclusive: XS.com adds SwissFS exec Rami Sami as Senior BizDev Director.
❑ GCEX Dubai appoints Saeed Al Darmaki as a Non-Executive Director.
❑ OANDA marketing director Sylwester Jezierski moves to AvaTrade.
❑ Exclusive: Patricia Lyn Dixon joins Capital.com from Amazon as Global Head of Programmatic.