FX and CFD industry news this week has been a very mixed bag of sports sponsorships, regulator warnings, executive moves and even bankruptcy proceedings involving what was once one of the most popular Australian-based brokers among Chinese CFD traders.
Which retail FX and CFDs broker is FC Barcelona’s new multi-regional sponsor?
Which leading agent is LaLiga’s new partner in Latin America as part of a major expansion plan in the region?
Which national regulatory authority issued warning advisories for XM and eToro?
Which longtime OANDA chief analyst left the company?
How much client money is tied up in the clearing process of ASIC licensed CFDs broker Prospero Markets?
Some of the most read and commented on FX/CFD industry news that appeared in the last seven days on FNG include:
Chinese CFDs broker EBC Financial sponsors FC Barcelona. Popular Spanish LaLiga club FC Barcelona and China-focused Retail FX and CFDs broker EBC Financial Group have announced a new 3.5-year multi-territory forex partnership. This partnership designates EBC as FC Barcelona’s Official Foreign Exchange Partner, with coverage spanning regions such as APAC, LATAM, the Middle East and Africa.
Exness aims to expand LaTam with LaLiga regional partner deal. Exness, one of the world’s largest online brokers, has announced a new agreement as the Official Regional Partner of the Spanish soccer league LaLiga in Latin America. Home to legendary clubs such as Real Madrid, Barcelona FC and Atlético Madrid, LaLiga unites hundreds of millions of football fans in Latin America alone. Building on the impressive popularity of LaLiga, this landmark sponsorship will strengthen Exness’ reach in this key strategic region. The partnership between LaLiga and Exness will span two seasons: 2023/2024 and 2024/2025.
Philippine SEC issues warnings against CFD brokers eToro and XM. The Philippines’ financial regulator Securities and Exchange Commission (SEC) issued two notices this month, warning traders against two retail FX and CFDs brokers, eToro and XM. The SEC said eToro and XM have launched promotional campaigns on various websites and social media apps to entice its target market, including Filipinos, to engage in trading activities using their respective platforms.
Prospero Markets liquidation order granted as broker owes clients $19 million. The Federal Court of Australia has granted a request by financial regulator ASIC to issue a formal winding-up order for (former) ASIC-licensed Retail FX and CFD broker Prospero Markets Pty Ltd. FNG exclusively reported in November that the Australian Federal Police (AFP ) raided the offices of Prospero Markets at its Melbourne headquarters as part of a wider action taken by the AFP against a China-based money laundering ring.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: OANDA Senior Market Analyst Craig Erlam departs.
❑ Exclusive: Former eToro deputy CEO Shalom Berkovitz steps down from UK board.
❑ Exclusive: ATFX hires Gary Fragoso as Growth Manager LATAM.
❑ COO Xuong Nguyen is leaving StoneX.
❑ Broadridge appoints Hope Jarkowski as its Chief Legal Officer.