FX week in review: Axi Select prop trading, ThinkMarkets IPO delayed, OvalX in liquidation, 357 Group launch
This past week in FX and CFD industry news at FNG…
Axi launches Axi Select prop trading.
The ThinkMarkets IPO deadline was again pushed back, as SPAC merger partner FG Acquisition has been unable to raise outside cash.
OvalX has entered voluntary administration.
BUX/Stryk Cyprus office head Jean-Raphael Nahas leaves to start 357 Group.
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Axi launches $1M capital allocation program Axi Select. Leading Australia based Retail FX and CFD broker Axi has announced the launch of Axi Select, what the company is calling a groundbreaking capital allocation programme. The Axi Select programme is specifically crafted to empower traders by offering them a pathway to access capital funding up to $1,000,000 USD and facilitating their progression into professional trading. Setting a new precedent within the industry, Axi Select offers traders the exceptional advantage to join the program with zero registration fees, as well as the opportunity to earn up to 90% of their profits.
Exclusive: ThinkMarkets IPO deadline re-extended as FG fails to raise cash. FNG Exclusive… FNG has learned via regulatory filings made in Canada that Retail FX and CFDs broker ThinkMarkets has been unable to complete its planned IPO – via a merger with publicly traded FG Acquisition Corp – by the already-once-extended deadline of September 15, as FG has been unable to raise the necessary capital to go through with the transaction. The parties have agreed to once again extend the deadline to complete the deal, this time to November 30, 2023.
Exclusive: OvalX / ETX operator Monecor to be voluntarily liquidated by Cork Gully. FNG Exclusive… FNG has learned via regulatory filings made in the UK that Monecor (London) Limited, the FCA regulated company which operated the ETX Capital and later the OvalX Retail FX and CFD brokerage brands, will be wound up voluntarily under section 84(1)(b) of the UK Insolvency Act 1986. Stephen Cork and Mark Smith of Cork Gully LLP, licensed insolvency practitioners, are to be appointed as Joint Liquidators of the company.
Exclusive: Jean-Raphael Nahas leaves BUX/Stryk to start fintech advisory firm 357 Group. FNG Exclusive… FNG has learned that Jean-Raphael Nahas has left his position at neo-broker BUX, to start a new advisory firm targeting the online trading brokerage space in Cyprus, called 357 Group. 357 Group (with 357 being the country calling code for Cyprus), will look to consult to FX and CFD brokers (and others) in the areas of licensing, banking and client payment solutions, tech integration, brokerage building and branding.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Chris Hossain-Nelson joins Alchemy Prime to head Institutional Sales.
❑ Exclusive: Alexis Lambrou joins copy trading platform provider Pelican as Executive Director.
❑ Exclusive: M4Markets rehires Oscar Asly to head MENA, gets DFSA license.
❑ Equiti Group hires Plus500 Australia CFO Sean Hong as Global Head of Finance.
❑ Capital.com hires ADSS alum Sheena Kanabar as Compliance chief.
❑ Exclusive: Dealing exec Tasos Savva leaves Exinity for IC Markets.