Before we get to last week’s top stories – all of which appeared first or exclusively on FNG – we’d like to thank our readers for helping us reach the milestone 10,000 LinkedIn followerswhich we hit this month (and are already fueling well on our way to 11,000!).
From the beginning, when we started just three years ago, FNG now dominates the FX and CFD industry news scene, as the only site that provides objective and comprehensive coverage of everything happening in the ‘industry’. His LinkedIn Competitors The stats tell the story, with FNG posts getting several times the engagement of any other “FX news” site.
The formula is simple – give our audience of high net worth traders and forex industry experts what they really want, not a bunch of hype or off topic articles copied from somewhere else.
And now, on to the top FX and CFD industry news of the past week…
Why was ThinkMarkets served with a court order to return $4.28 million to a separate customer account?
Which retail FX and CFD broker is now an official sponsor of Milan?
What led to a 29% share price drop in NAGA Group?
Which CEOs came and went this week (Eurotrader, IG Australia, Doto and Admirals featured)?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Exclusive: ThinkMarkets Receives $4.28 Million Court Order to Return Client Funds. Exclusive FNG… FNG has learned that London/Australia based Retail FX and CFD broker ThinkMarkets has been issued a judgment by the Business and Property Courts of England and Wales – London Circuit Commercial Court in the amount of USD 4.28 million. The court order follows a legal dispute that ThinkMarkets has with a (now former) client from Turkey, Abdurrahman Suzgun.
CFI becomes Milan’s Official Online Trading Partner. The leading online trading provider in the MENA region, CFI, has announced a landmark partnership with AC Milan, marking a significant addition to the group’s global partners. In this strategic initiative, CFI steps up as the Official Online Trading Partner of AC Milan, demonstrating a shared commitment to excellence and innovation while seamlessly combining the worlds of finance and elite sports.
NAGA Group shares fall 29% after Capex.com acquisition announcement. Exclusive FNG analysis… The past four weeks have not been kind to the NAGA Group. After the company found a “white knight” in rival Retail FX and CFDs broker Capex.com, which announced plans in mid-December to acquire NAGA via a Reverse Merger (plus an injection of capital from Capex.com’s shareholders into the company), shares of NAGA Group (ETR:N4G) briefly rose above €1.12. However, in the weeks that followed NAGA Group reported summary financials for 2023, which clearly did not impress the market, while NAGA’s subsidiary in Cyprus, NAGA Markets Europe Ltd, was fined €150,000 by the Cypriot regulator CySEC.
Exclusive: CFDs broker Doto replaces CEO, stops entry to EU clients. Exclusive FNG… FNG has learned that Doto, a relative newcomer to the Retail FX and CFDs brokerage industry, has made some changes that include the departure of CEO Dimitrios Zampoglou and the addition of a new non-“industry” CEO, Victor Zimarev. The firm has also stopped accepting new clients at CySEC’s EU-facing licensed entity, Doto Europe Ltd. The “Open Account” function on the company’s doto.eu website now displays a message stating “The company is currently not onboarding new customers. “
Top FX industry executive moves reported on FNG this week included:
❑ Exclusive: The CEO of Admirals Sergei Bogatenkov and the head of Cyprus Andreas Ioannou resign.
❑ Markets.com hires Marcelo Spina as COO.
❑ Exclusive: Matthew Davidson appointed CEO at IG Australia.
❑ ATFX appoints Linton White as regional head for Africa.
❑ Exclusive: Fred Gewirtz joins Scandinavian Capital Markets as Head of Institutional Liquidity.
❑ Exclusive: Former Revolut/ActivTrades executive Lana Sinelnikova appointed Chief Compliance Officer at Kraken.