FNG Exclusive… The exodus of a number of the senior and mid-level management team at soon-to-be-shut CFDs broker OvalX has started.

FNG has learned that Tobin Utley, who was Institutional Relationship Manager at OvalX, has moved to online financial trading and sports betting firm Spreadex. Spreadex, which in 2022 saw a 21% decline in profits, is mainly a retail trading firm but will now be looking to somewhat build out its institutional client base with the hiring of Mr. Utley.

Tobin Utley joined OvalX, then known as ETX Capital, in 2016. He previously worked at a variety of Retail FX/CFD brokers in mainly institutional client facing roles including City Index, Saxo Bank UK, Worldspreads, IG Group, and MF Global.

As was exclusively reported at FNG early last month, London based OvalX (formerly known as ETX Capital) agreed to sell its client base to rival broker Capital.com, after suffering losses which led its controlling shareholder Jump Capital to pull support of the company. The client sale agreement was later confirmed by OvalX, and the firm’s website now also confirms that “OvalX is winding down…”.