What new deal emerged last week for UK online trading and investment house Hargreaves Lansdown? How did the Hargreaves board react, after rejecting an earlier offer from the same group of private equity firms just a month ago?
Why has HYCM, a recent management buyout retail FX and CFD broker, withdrawn its Cyprus Securities and Exchange Commission licence?
What top executive moves have been made by Hantec Markets, Scope Prime and LMAX among others?
Some of the most read and commented on FX/CFD industry news that appeared in the last seven days on FNG include:
Shares in Hargreaves Lansdown are up 5% after the board decided to “engage” in an increased offer. Shares in British online brokerage Hargreaves Lansdown plc ( LON:HL ) traded sharply higher on Tuesday after an increased takeover bid for the company appeared ahead of Wednesday’s deadline. The original offer for Hargreaves of 985p. per share was made in late May by a consortium of private equity suitors including CVC Capital, Nordic Capital and the Abu Dhabi Investment Authority. This time, the board noted that it “decided to cooperate” with the consortium and provide confirmatory due diligence access to prospective buyers.
CySEC revokes license of Forex broker HYCM. The Cyprus Securities and Exchange Commission (CYC) announced today the withdrawal of the authorization of the Cypriot investment company (CIF) of HYCM (Europe) Ltd. CySEC made the decision at its meeting on 10 June 2024. The withdrawal is in accordance with Article 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and Article 4(7) of Directive DI87- 05 and is due to the company’s decision to expressly renounce its license.
CMC Markets Revenues top previous guidance at £333m for FY2024, up 15% YoY. After a rather slow FY2023 and initial poor guidance for FY2024 that sent its shares tumbling late last year, London-based online trading firm CMC Markets plc ( LON:CMCX ) completed a fairly impressive recovery in the second half of its fiscal 2024 (March 31 year-end) to record healthy increases in both Revenue and Profit for the year. Overall, revenue at CMC Markets reached £332.8m in 2024, up 15% from £288.4m in 2023.
Saxo Bank is looking at strategic opportunities for its APAC presence. Copenhagen-based Retail FX and CFDs broker Saxo Bank A/S has decided to launch a review of strategic opportunities for its presence in the Asia Pacific. The overhaul is being carried out to accelerate Saxo’s growth in the region. Following discussions with potential partners, Saxo will seek to establish new partnerships with strong organizations in Asia, where the current offices in Australia, Japan and Hong Kong can form an integral part of the partnerships.
Top FX industry executive moves reported on FNG this week included:
❑ Hantec Markets hires INFINOX executive Raj Naik as Head of Marketing.
❑ Exclusive: Blockchain expert Luke Dorney joins LMAX as Head of Custody.
❑ Offshore broker Scope Prime adds ACY/IC Markets alum Andrew Taylor as head of APAC.
❑ Exclusive: Curex CEO Kevin Cudahy joins LSEG.
❑ Exclusive: Currenex CEO Michael Porzio moves to Bloomberg to sell electronic FX solutions.
❑ Exclusive: Reactive Markets adds Integral/360T alum Silvia Wong to head APAC BizDev.
❑ Exclusive: BGC exec Richard Brunt joins TraditionData as CRO.