FX week in review: ActivTrades loses suit, Exinity launch, TeraFX Dubai license

Gerald Segal 0 Comments June 27, 2020

As the first half of a very wild 2020 in the Retail FX sector is drawing to a close, the last full work week of 1H-2020 did not disappoint with a variety of stories covering lawsuits (one won by a Retail FX dealer, and one lost), executive moves, reorganizations, new license grants and the launch of a new brand.

And several of this week’s key FX industry news stories were again seen first or exclusively on FNG!

Some of the top forex industry news items to appear on the pages of FNG this week included:

Exclusive: ActivTrades hit with £76K judgement for unfair dismissal of CO. FNG Exclusive… FNG has learned that London-based retail FX and CFDs broker ActivTrades has lost a UK employment tribunal hearing regarding the dismissal of the company’s former Compliance Officer, Lana Sinelnikova (pictured at left).

Lana Sinelnikova was fired by ActivTrades in 2018. She is now Compliance Director of TradeTech Alpha (the financials arm of Playtech). While the tribunal ruled mainly in Ms. Sinelnikova’s favor on the main parts of her claims of being unfairly dismissed by ActivTrades, the tribunal did not uphold her claims of direct sex discrimination.

Andrey Dashin folds Alpari, FXTM into new Exinity brand. Reported first at FNG… Serial retail FX entrepreneur Andrey Dashin has announced the launch of a new company and brand called Exinity Group. The announcement indicated that Exinity will comprise the various retail businesses owned by Dashin which includes Alpari International, ForexTime (FXTM) and its soon-to-be-launched new retail offering under the Exinity name. Mr. Dashin has named one of his longtime lieutenants, Olga Rybalkina, as Exinity Group’s Chief Executive Officer. Ms. Rybalkina has been acting as CEO of Dashin’s Cyprus-based FXTM brand for the past few years.

Exclusive: TeraFX gets Dubai DFSA license. FNG Exclusive… FNG has learned that FCA regulated financial services company Tera Europe Limited, which operates the TeraFX (terafx.com) retail FX and CFDs brokerage brand, has received a Draft License Notice from Dubai financial regulator DFSA. The license will allow TeraFX to expand to Dubai, and engage in providing trading in a range of securities from a new Dubai International Financial Centre (DIFC) branch. TeraFX is controlled by Turkish businessman and former politician Oğuz Tezmen, and his son Emre Tezmen.

FXCM wins UK suit over Swiss Franc stop loss. More than five years after the fact, a number of lawsuits targeting Forex brokers over what happened in the FX markets on January 15, 2015 are finally making their way through the courts. And, most (if not all) of them are being decided in favor of the brokers. FXCM was victorious in a lawsuit brought against the company by one of its former clients, Target Rich International Ltd. A UK judge dismissed Target Rich’s lawsuit against FXCM. Target Rich was seeking to recoup more than $591,000 in losses from FXCM stemming from the Swiss Franc flash crash.