FX week in review: Capital.com names CEO, NAGA record results, M4Markets funding
Who replaced Jon Squires as the new CEO of Retail FX/CFDs broker Capital.com – as well as sister brands Currency.com and Shares.com?
What did NAGA’s record month of April look like?
Which brokers raised new funding?
What are Swissquote’s plans for a new global Headquarters?
Answers to these questions, and a whole lot more, appeared first or exclusively this past week at FNG. Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Former IG CEO Peter Hetherington replaces Jon Squires as CEO of Capital.com. Reported First at FNG… Further to our exclusive report from early May that Jon Squires was resigning as CEO of Retail FX/CFDs broker Capital.com (as well as sister company, crypto exchange Currency.com), the company has now announced the appointment of Peter Hetherington as its new Group Chief Executive Officer (CEO). Subject to regulatory approval, Peter will assume his new role from 16 May, 2022. Based in London, Peter Hetherington will lead the group of companies comprising Capital.com and Currency.com. The Group said it will soon add Shares.com, a dedicated share dealing platform, to its group of companies.
M4Markets raises “significant capital” from Cyprus and Dubai based investors. Cyprus based, offshore Retail FX and CFDs broker M4Markets has announced that the company has raised capital through the sale of a “significant stake” to new strategic investors. The company didn’t specify the amount raised, the size of the stake sold, or who the investors actually are. M4Markets said that the new capital will be used to accelerate growth by enhancing M4Market’s products and services through additional advanced technology and automation solutions, improving the corporate governance and ESG frameworks and bringing in additional financial services experienced professionals.
NAGA Group reports record monthly profits for April 2022. NAGA Group AG (ETR:N4G), operator of social trading focused neo-brokerage NAGA.com, crypto platform NAGAX and neo-banking app NAGA Pay, has released a Trading Update indicating that the company saw record monthly profits during the month of April 2022. The company attributed its results to more efficient user acquisition funnels through increased brand awareness. Already, NAGA has seen more brokerage sales in year-to-date 2022 than in the entire first half of 2021.
Swissquote wins right to build new 60m Headquarters tower in Gland, Switzerland. Leading Switzerland based online banking and brokerage firm Swissquote (SWX:SQN) has announced that it welcomes the acceptance of the “La Crétaux” land-use plan. In a weekend vote of local citizenry, a majority of 57.5 % of the votes (2,216 yes versus 1,587 no) from the population of Gland, Switzerland has accepted the La Crétaux land-use plan. The plan allows Swissquote to build a new headquarters campus near its current location, which will include a 60 meter office tower.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: BDSwiss CMO Drosoula Hadjisavva resigns.
❑ Exclusive: Capital.com hires Dana Massey as Chief Product Officer.
❑ Exclusive: ATFX UK hires longtime ETX Capital exec Chris Hawkes as Head of Risk.
❑ Exclusive: Saxo UK hires Lloyds exec Joanna Moberly as Head of Legal.
❑ Market maker Solid adds Darren Barker to head Business Development.