FX week in review: ETX rebrands, Exness $2T volumes, hires at BUX, StoneX, PLUGIT
This past week saw a wide variety of FX and CFD industry news, ranging from the rebranding of one of the oldest names in the online brokerage industry, to management hires and promotions at brokers and B2B service and tech providers.
How will ETX Capital now be known?
Who is the new COO at neobroker BUX?
Which startup crypto exchange is actively hiring talent from the FX brokerage world?
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:
Exclusive: ETX Capital rebrands as OvalX. FNG Exclusive… FNG has learned that one of the longest serving brands in the online trading industry is no more, with ETX Capital rebranding over the weekend to become OvalX. Visitors to etxcapital.com are now redirected to the broker’s new website, ovalx.com. The company has also raised an additional £4.1 million (USD $5.2 million) in capital from its shareholders, led by Switzerland based Guru Capital SA. Guru and its partners have injected more than £8.5 million in additional capital into ETX/OvalX since mid 2021.
Exness trading volumes slow 5% in May but remain above $2 trillion. Leading multi-asset broker Exness continued its very strong start to the year, with the company reporting client trading volumes of $2.004 trillion for May 2022 – its third consecutive month with volumes above the magic $2T level. May’s volumes were actually 5% below April’s $2.105 trillion, which followed March’s record of $2.48 trillion at Exness, but still registered as the third best month in the company’s history.
Exclusive: Startup crypto exchange XBO hires NAGA exec Pawel Cichowski as Head of Dealing. FNG Exclusive… FNG has learned that a new Cyprus and Israel based crypto exchange startup called XBO (at website xbo.com) has been staffing up, with the hires coming mainly from the Retail FX and CFDs world. Most notably, XBO has just hired NAGA Group’s Chief Dealer and Head of Dealing Pawel Cichowski as the company’s Head of Dealing. Pawel Cichowski joined NAGA in 2020, as was also exclusively reported here at FNG, after working for eight years in the dealing room at FxPro.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Spotware promotes ex T4B exec Andreas Masouras to Head of Sales.
❑ Exclusive: StoneX hires ThinkMarkets exec Alexander Velez as Partnerships Ops Manager.
❑ Exclusive: PLUGIT hires Antelope/Refinitiv alum Maria Pittashi as Business Strategy Manager.
❑ smartTrade names Michael Henssler as President and COO.
❑ BUX hires ABN exec Niek van Rens as COO.
❑ IG announces management changes at tastytrade.
❑ XTB confirms Management Board for new 3-year term.