While last week’s Forex industry news was dominated by broker results, this week’s version was all about people. At FNG we brought you exclusive coverage of senior executive moves at Trading 212 (new CFO), Capital Index (new CEO), Zenfinex (also a new CEO), as well as reports of folks moving at Liquidity.net, CGS-CIMB, Gold-i, and NetDania, among others.
But there was still more:
❑ the first Retail FX broker to top $1 trillion in monthly trading volumes,
❑ a mass La Liga set of sponsorships by a leading Retail FX firm,
❑ new institutional FX firm launching in London,
❑ launch of an offshore bank by a known Retail FX broker,
and lots more.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Exclusive: FxPro goes live with offshore bank BankPro. FNG Exclusive… Further to our report from last month that Cyprus based Retail FX broker FxPro was “branching out” into online commercial banking with a new brand BankPro, FNG has learned that the group’s new brand and website (at bankpro.com) are now live and operational, although it is unclear if the new operation is actually onboarding live clients as yet. Signup to the service is only via BankPro’s downloadable mobile app. FxPro had earlier dipped its toe in the waters of online banking, launching the BnkPro private banking app in partnership with Currencycloud. However this is a much more ambitious, and capital intensive, operation.
Exclusive: CGS-CIMB Securities launching London institutional FX business, hiring Ben Robson and Harry Sutton. FNG Exclusive… FNG has learned that Asia focused broker CGS-CIMB Securities is expanding its footprint in the UK, hiring London based FX industry veterans Ben Robson and Harry Sutton to help launch an institutional FX operation. Singapore based CGS-CIMB Securities is one of the leading integrated financial service providers in Asia. It is a 50-50 joint venture between China Galaxy International Financial Holdings Limited, a wholly-owned subsidiary of China Galaxy Securities Co. Ltd., and Malaysia’s CIMB Group Sdn Bhd.
TradeStation to become publicly traded, NYSE-listed company. TradeStation Group, Inc and Quantum FinTech Acquisition Corporation (NYSE:QFTA), a special purpose acquisition company, announced today that they have executed a definitive business combination agreement through which TradeStation will become a publicly traded, NYSE-listed company under the ticker symbol “TRDE.” As FX News Group has reported, Monex, the owner of TradeStation, has recently confirmed that TradeStation had some ambitious plans in the United States. Today, the plans are detailed. TradeStation’s management team, including John Bartleman, President, Chief Executive Officer and member of TradeStation’s Board of Directors, will continue to lead the company following completion of the transaction.
Exness October data: volumes $1.042 trillion, 234,559 active traders. Following our exclusive report last week that Exness had indeed become the first Retail FX and CFDs broker to pass the magic trillion dollar monthly volume mark, we now have the final tally for October: Total volumes: $1.042 trillion, up 10% MoM over September’s $947 billion and 7% better than Exness’ previous best ever result of $975 billion in July 2021. Active traders: 234,559, up 1.1% over September’s 231,952. The trillion dollar figure should not really come as a surprise to FNG readers, as Exness’ trading volumes have been steadily moving up over the past 24 months toward that mark. For the first ten months of 2021, Exness averaged $855 billion in monthly client volumes, up by 51% over 2020’s $565 billion.
Top FX industry executive moves reported at FNG this week included:
Trevor Barwell