This past week was a notable one at FNG, with our Newsletter-Open and Click rates setting all-time highs as FNG reported exclusively on some of the biggest FX industry news stories of the week, if not the year – Australia based broker Axi being sold, the ever-hiring Eurotrader being granted an FCA license in the UK, and eToro’s erstwhile SPAC merger partner FinTech Acquisition V deciding to fold and return $250 million in investor funds.

Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:

Exclusive: Axi control sold via management buyout. FNG Exclusive… FNG has learned that ownership of Australia based Retail FX and CFDs broker Axi has changed hands, via a management buyout. Axi management, led by CEO Rajesh Yohannan, has acquired full control of Axi from Australia based investment firm RGT Capital. RGT Capital is a multi-family office investment firm run by its Chief Investment Officer, Adam Wilson. Mr. Wilson and RGT acquired control of Axi in 2016 from Axi (then known as AxiTrader) founder Goran Drapac, backing a new management team which had just been brought in to run the company.

Exclusive: Eurotrader gets FCA license. FNG Exclusive… FNG has learned that Retail FX and CFDs broker Eurotrader – which has been on somewhat of a hiring spree of late – is expanding its footprint geographically as well. We understand that Eurotrader has just been granted an FCA license for UK subsidiary Eurotrade Capital Ltd, enabling Eurotrader to begin providing services to residents in the all-important UK retail market.

Exclusive: eToro SPAC partner folds, to return $250M investor funds. FNG Exclusive… FNG has learned from regulatory filings made with the U.S. Securities and Exchange Commission that special purpose acquisition company (or “SPAC”) FinTech Acquisition Corp. V (NASDAQ:FTCV) will dissolve and liquidate, and return (virtually) all of the $250 million in funds it took in to investors. FinTech Acquisition Corp. V, set up by legendary financier and founder of Jefferson Bank and The Bancorp, Betsy Cohen, had agreed in March 2021 to merge with Retail FX and CFDs broker eToro, in a deal that would have brought eToro public at a valuation of more than $10 billion.

FCA warns trading app operators to review design features. The UK Financial Conduct Authority (FCA) has warned stock trading app operators to review design features, including those with game-like elements, which risk prompting consumers to take actions against their own interest. Features include sending frequent notifications with the latest market news and providing consumers with in-app points, badges and celebratory messages for making trades. The FCA has found that consumers using apps with these kind of features were more likely to invest in products beyond their risk appetite.

CFI Financial Group expands in Egypt via El Mahrousa acquisition. Reported First at FNG… Leading multi-asset brokerage CFI Financial Group has continued its international expansion strategy, announcing the acquisition of Egyptian local brokerage firm El Mahrousa. The acquisition is to bolster the position of CFI Financial Group in the region while strengthening its market share. Egypt has proven to have one of the most dynamic growth rates in the African continent.

Top FX industry executive moves reported at FNG this week included:

❑ Exclusive: NAGA hires Eurotrader exec Matthew Kent as Director Institutional Sales.

❑ Squared Financial appoints Andreas Lazarou as its new Chief Commercial Officer.

❑ United Fintech hires longtime Bloomberg exec Thomas Petersen as Head of Data Partnerships.

❑ StanChart appoints João Galvão as Regional Head, Trade Sales, Americas, Transaction Banking.