FX week in review: Autochartist sold, Doo Group in Cyprus, hires at CFI, iSAM, eToro, Saxo
M&A activity continued this week in the Retail FX and CFDs sector. After recently seeing the acquisitions of OANDA and Saxo Australia, now popular charting and trading tools provider Autochartist has been sold.
There were also a number of brokers expanding in new geos including Singapore/China based broker Doo Group opening a new Cyprus office, and XTB adding a new license in Chile.
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Top FX and CFDs industry news stories this week
oneZero expands broker solutions acquiring Autochartist. Trading tech solutions provider oneZero Financial Systems is starting to make use of the M&A war chest it raised late last year, announcing the acquisition of Autochartist, a leading provider of client engagement automation through market data-driven content. Financial terms of the transaction were not disclosed. Ilan Azbel, founder and CEO of Autochartist, will be staying on as a member of the oneZero team.
Doo Group opens new Cyprus office. Following our report from last November that Singapore based brokerage firm Doo Group had received a license from Cyprus financial regulator CySEC (for subsidiary Doo Financial Cyprus Limited), the company has now announced the formal opening of its new office in Limassol. Doo Financial Cyprus will serve the group’s EU clients from the Cyprus location, with Doo Financial EMEA headed by Costas Kappai, formerly Executive Director and General Manager of FXPrimus.
Exclusive: Flowbank bankruptcy will see just 70%-80% refund to third class claims. FNG Exclusive… FNG has learned that Walder Wyss Ltd, liquidator of bankrupt Swiss neobroker / neobank FlowBank, has issued an update to former clients and creditors of the company, providing more insight and data from its efforts to return client and creditor funds, and deal with some of Flowbank’s assets, including its ownership stake in FCA regulated broker London Capital Group (LCG).
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Top FX industry executive moves this week
❑ CFI hires Carla Nemr as Global Director of Business Development.
❑ iSAM Securities hires LSEG exec Caroline Xu as Sales Director in Hong Kong.
❑ Saxo Bank appoints Christian Grønning as its new Global Head of Communications.
❑ eToro hires IDB / Menora alum Eli Shwartz to head marketing strategy.
❑ Exclusive: Pepperstone EU Executive Director Stavros Vassiliades departs.
❑ Exclusive: Trading Competition firm BullRush hires Neal Pleasance as CMO.
❑ Aquis CEO Alasdair Haynes to step back from day-to-day running of business.
