What led to the mutual decision of Retail FX and CFDs broker ThinkMarkets, and former SPAC merger partner FG Acquisition Corp, to cancel ThinkMarkets’ IPO on the Toronto Stock Exchange?
Who did IG hire – outside of the company and the online trading industry – as its new CEO?
Where did the head of NAGA Pay Stelios Eleftheriou move?
Who Is the Latest IG Group Alum to Join Capital.com’s C-Suite?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Exclusive: ThinkMarkets IPO Canceled via FG Acquisition SPAC. Exclusive FNG… FNG has learned that Australia/London-based Retail FX and CFDs broker ThinkMarkets has decided to pull out of its planned merger with special purpose vehicle FG Acquisition Corp (TSE:FGAA.U), ending ThinkMarkets’ IPO attempt, at least for now. The transaction, first disclosed in mid-May, would have seen ThinkMarkets go public on the Toronto Stock Exchange at a valuation of about $160 million and would have brought more than $100 million in cash to ThinkMarkets’ coffers.
Exclusive: BidX Markets triples revenue in 2023 to £1m. Exclusive FNG… FNG has learned through regulatory filings that London-based, FCA-regulated multi-asset liquidity solutions provider BidX Markets has continued to grow its business in its second full year of operations in FY2023 (year ended on 31 May 2023), with its Revenue more than tripling from 2022. Revenue at BidX Markets reached £1.o5m in 2023, more than 3 times the company’s £297K revenue in 2022. BidX managed to grow profitably as Net Profit rose to £73K in 2023, up from £44k the previous year.
FP Markets Secures FX Broker License in Kenya. Online Forex and CFD broker FP Markets has been granted a non-trading forex broker license by the Capital Markets Authority (CMA) of Kenya for its locally incorporated subsidiary FP Markets Limited. The Kenyan regulation adds to FP Markets’ regulatory footprint in Africa, having received regulatory approval from South Africa’s Financial Conduct Authority (FSCA) in May 2022, as it continues to strengthen its global regulatory presence across multiple continents.
ACY Securities Launches Copy Trading Demo, Live Q1 2024 Multi-asset CFD broker ACY Securities has announced the launch of an upgraded version of Tradingcup that introduces innovative features, including an exclusive beta of a copy trading service, providing users with unparalleled opportunities to explore and improve their trading strategies. Looking ahead, ACY Securities is excited to share that full live copy trading functionality is scheduled to launch in Q1 2024.
Top FX industry executive moves reported on FNG this week included:
❑ IG Group appoints Breon Corcoran as CEO.
❑ Exclusive: The CEO of NAGA Pay, Stelios Eleftheriou, is leaving to join BVNK.
❑ Capital.com hires IG/LMAX alum John Austin as CSO.
❑ Exclusive: BidX Markets Head of Institutional Sales James Roddy is leaving.
❑ Exclusive: OneRoyal executive Syed Tanvir Ahmmed moves to Zara FX as Sales Director.
❑ Fedor Ragin on moving to executive position within Admirals Group.