Why has FCA regulated Retail FX and CFDs broker LCG placed strict restrictions on its license and operations?
What did FlowBank shareholders have to say and what action are they considering after Swiss regulator FINMA placed the Geneva-based neobank and neobroker into receivership and liquidation?
What has led to a round of layoffs at London-based online broker Valutrades, including some of the company’s senior executives?
How is IG rebranding its US operations?
What executive moves were reported last week involving Capital.com, LP Prime, MultiBank, Doo Prime and ATFX, among others?
Some of the most read and commented on FX/CFD industry news that appeared in the last seven days on FNG include:
Exclusive: LCG has FCA license restrictions imposed following FlowBank’s bankruptcy. Exclusive FNG… FNG has learned that Retail FX and CFDs broker London Capital Group Ltd (commonly referred to as LCG, on the website lcg.com) has placed strict restrictions on its FCA license and activities. LCG is run from London by CEO Dave Worsfold and Managing Director Matt Basi. The company is owned by Swiss-based Neobroker / neobank FlowBank SA, which was founded by former LCG CEO Charles-Henri Sabet.
Exclusive: FlowBank shareholders consider legal action to oppose bankruptcy filing. Exclusive FNG … FNG has learned that the management and shareholders of Swiss neobank/neobroker FlowBank plan to take legal action against the country’s financial regulator FINMA, to oppose the company’s forced bankruptcy and liquidation. Two weeks ago, FINMA announced that it was withdrawing FlowBank’s banking license and effectively shutting down the company, stating that FlowBank no longer had the minimum required capital for its business activities, amid fears that the bank was over-indebted.
Exclusive: Valutrades layoffs include head of BizDev Lauren Connor. Exclusive FNG… FCA-regulated Retail FX and CFDs broker Valutrades is in the process of completing a round of redundancies at its London offices, FNG has learned, as the firm tries to cut costs that are rising fast in the face of inflation. The current round of layoffs includes longtime Valutrades employee and the company’s Chief Business Development Officer, Lauren Connor, who has been with Valutrades since 2015.
IG US rebrands Forex trading platform to tastyfx. Forex broker IG US has announced the rebranding of its brokerage technology and platform to tastyfx, bringing a more aligned experience to its US-based clients and bringing FX trading closer to the tasty family of products. tastyfx will offer a forex-focused brand for specialist US clients as a source of forex trading and content with fast technology, zero commissions and supportive customer service.
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: Capital.com appoints Campbell MacPherson as managing director of its Australian subsidiary.
❑ Marios Antoniou leaves M4Markets to become CEO of LP Prime.
❑ Exclusive: MultiBank CSO Ruslan Abuzant departs.
❑ Former Doto/CFI executive Dimitrios Zaboglou joins BlockFills as UAE GM.
❑ Exclusive: Former Barclays Bank chief executive Tim Throsby joins XTX Markets board.
❑ Exclusive: Sales Director Ahmed Gomaa is leaving Doo Prime.
❑ FX industry veteran John Bogue joins ATFX as Director of Institutional Operations.