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Shortly after Apex Clearing, a defendant in the “Other Broker” tranche of the multi-district litigation concerning the January trading short squeeze, sought to dismiss the allegations against it, the plaintiffs in this lawsuit replied, reiterating their claims against Apex. The traders’ reply was filed in the Florida Southern District Court on November 5, 2021. According…

Read More “Traders claim Apex’s securities purchase shutdown is classic negligence” »

Less than a month after online trading company Robinhood revived its efforts to dismiss a multi-district litigation over the trading restrictions it imposed in January 2021, the traders who brought the lawsuit have responded to Robinhood’s arguments. The traders’ response was submitted at the Florida Southern District Court on November 5, 2021. According to the…

Read More “Robinhood’s trading restrictions go beyond contractual discretion, traders say” »

San Francisco and Dublin based Stripe, which builds payment infrastructure for the internet, has announced that Matt Huang has joined its board of directors. Matt Huang is co-founder and Managing Partner at crypto investment firm Paradigm. He was previously a partner at leading Silicon Valley VC firm Sequoia Capital where he focused on early-stage venture…

Read More “Stripe builds crypto capabilities adding Matt Huang to its BoD” »

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…

Read More “FX week in review: Exness tops $1 trillion, new CEOs (Capital Index, Zenfinex), BankPro launch” »

FNG Exclusive… FNG has learned that Spreadex founder and longtime CEO Jonathan Hufford has stepped down from his executive role at the company, handing the CEO reins over to longtime Spreadex executive David Mackenzie. Jonathan Hufford will remain on the Board as a Non-Executive Director. David Mackenzie joined Spreadex in 2003, and was appointed to…

Read More “Exclusive: Spreadex CEO Jonathan Hufford steps down, as revenues rise 41% in 2021” »

The Cyprus Securities and Exchange Commission (CySEC) today announced the withdrawal of the Cyprus Investment Firm authorisation with Number 174/12 of Sonaf Business Ltd. The withdrawal is done pursuant to section 8(1)(a) of the Investment Services and Activities and Regulated Markets Law of 2017 and section 4(7) of Directive DI87-05. CySEC notes that the regulatory…

Read More “CySEC withdraws CIF license of SonaFX operator” »

FNG Exclusive… Further to our recent exclusive reports that Bulgaria/UK based, FCA regulated online broker Trading 212 was rebuilding its management team – with the recent hires of former Tickmill CFO Mukid Chowdhury as CEO and longtime LCG executive George Mantilas as COO – FNG has learned that the company has continued to fill in…

Read More “Exclusive: Trading 212 hires Philip Parsons as CFO” »

Equiniti Group PLC (LON:EQN) today provided an update on its acquisition by Earth Private Holdings Ltd – a newly-formed company owned by funds managed or advised by Siris Capital Group, LLC. On 27 May 2021, the boards of EQ and Bidco announced they had reached agreement on the terms of a recommended cash offer for…

Read More “Equiniti acquisition by Earth Private Holdings secures FCA approval” »

The North American Securities Administrators Association (NASAA) today announced the results of a nationwide survey conducted by state securities regulators that provides a comprehensive look at broker-dealer industry policies and practices following the implementation of Regulation Best Interest (Reg BI) by the Securities and Exchange Commission. Melanie Senter Lubin, NASAA President and Maryland Securities Commissioner,…

Read More “Report shows many US broker-dealers cling to risky products despite Reg Best Interest” »

Euronext NV (EPA:ENX) has just reported its financial results for the third quarter of 2021, with FX revenues continuing to slide. FX trading reported revenue amounted to €5.6 million in the third quarter of 2021, down 4.2% from the equivalent quarter in 2020, reflecting lower trading volumes as FX markets recorded a low volatility quarter….

Read More “Euronext reports 4.2% Y/Y drop in FX trading revenue in Q3 2021” »