Who is behind the launch of new Cyprus-based FX technology provider FX Finyard? Who joined Finyard (from XM/Trading.com and Exness)?
Who got EU BUX neobroker? What happened to BUX’s Stryk CFD brokerage arm in Cyprus?
What new proposals for CFD marketing is pan-European regulator ESMA putting on the table?
What new venture has just been launched by former OneRoyal CMO Vince De Castro?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Exclusive: Finyard Launches, Hires Rachel Demosthenous (XM CMO) and Sergey Yarovoy (Exness Affiliates). Exclusive FNG… FNG has learned that a new tech startup catering to the Retail FX and CFDs brokerage industry has launched in Cyprus, called Finyard. And the company has begun to staff, including the addition of a number of well-known and experienced senior executives, from a number of the largest brokerage groups based in Cyprus. Joining Finyard as Chief Marketing Officer (CMO) is Rachel Demosthenous (pictured above). Rachel spent the last five years as CMO of Retail FX broker XM and sister brand Trading.com. She previously worked as CMO for London Capital Group and as Marketing Director at easyMarkets.
ABN Amro buys EU neobroker BUX. Amsterdam-based banking group ABN Amro (AMS:ABN) has announced that it has reached an agreement to acquire BUX, one of Europe’s fastest growing new brokers. With this acquisition, ABN AMRO said it aims to strengthen its footprint in the retail investment space and substantially improve its digital offering. The parties did not disclose the price paid for BUX. BUX was founded in 2013 and is also based in Amsterdam. The company has grown into one of Europe’s leading new brokers with 500,000 customers, operating in eight markets, although BUX exited the lucrative UK retail market earlier this year.
ESMA is pushing for clear product labeling in CFD marketing materials. The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, has published a discussion paper on the digitization of retail investment services and related investor protection factors. The regulator notes that it is important to ensure that (digital) marketing practices and advertising remain compliant with relevant regulations by ensuring that these messages are fair, clear and not misleading. One of the aspects of clear and fair presentation is the comprehensible and clear wording and presentation of the offer of investment companies, including in relation to financial instruments.
Exclusive: OneRoyal CMO Vince De Castro is leaving to start De Castro Media. Exclusive FNG… FNG has learned that Vince De Castro has left his position as Chief Marketing Officer (CMO) of Cyprus-based Retail FX and CFDs broker OneRoyal to start a new digital marketing company called De Castro Media. Vince De Castro had joined OneRoyal last year, as he also exclusively reported here at FNG at the time, after serving in senior marketing positions at a number of other brokers including NAGA, FXPrimus, Orbex and easyMarkets, dating back more than 10 years.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: Equity Group promotes Kinan Hassino to Director of Sales.
❑ Alex Pusco’s StreamBank sees the departure of CEO Steve Pateman.
❑ Webull appoints Arianne Adams as Chief Strategy Officer.
❑ Corpay Cross-Border Names Andrew Shortreid SVP Global Institutional Sales.
❑ Options appoints Claire McKillen as new Vice President, Financial Controller.