FX week in review: BDSwiss and TopTrader fined, broker activity slows in Q2
Why did Cyprus regulator CySEC issue 6-figure fines against Retail FX and CFD brokers BDSwiss and TopTrader?
What did XTB and CMC Markets have to say about slowing trading activity in Q2-2023?
Who did Robinhood hire to lead its new about-to-launch UK operation?
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
CySEC imposes €100,000 fine on BDSwiss. The Board of the Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of a fine of €100,000 on Cyprus investment firm BDSwiss Holding Ltd. BDSwiss enabled offshore companies with which it was associated, to refer on the CIF’s status, as a Cyprus Investment Firm, licensed by CySEC, to attract clients to whom they offered investment services in CFDs.
CySEC imposes €400,000 fine on Goldenburg Group. The Board of the Cyprus Securities and Exchange Commission (CySEC) today announced the imposition of an administrative fine of €400,000 on Cyprus investment firm (CIF) Goldenburg Group Ltd. The fine stems from the company’s violations of the Investment Services and Activities and Regulated Markets Law of 2017 and the Regulation (EU) 1286/2014.
XTB revenues (-46%) and profits (-61%) slow down in Q2-2023 after record Q1. After posting record Revenues and Profits in a quite torrid Q1, activity slowed down somewhat in Q2 at Poland based Retail FX and CFDs broker XTB (WSE:XTB), yet the company still posted very strong results for the first half of the year. This decrease is mainly the result of lower volatility in the financial and commodity markets in Q2 2023, compensated in part by the constantly increasing number of new clients (increase by 65.5% y/y), combined with their high transactional activity.
CMC Markets registers decline in client trading and investing activity in Q1 2024. CMC Markets Plc (LON:CMCX), a leading global provider of online retail and institutional (B2B) platform technology, today issued a trading update for the period from 1 April 2023 to 30 June 2023 (Q1 2024). Consistent with the Group’s expectations announced in June, quiet market conditions in the first quarter have resulted in a decline in client trading and investing activity of 15-20% year on year.
Top FX industry executive moves reported at FNG this week included:
❑ Robinhood hires Freetrade EU head Jordan Sinclair as new UK CEO.
❑ Exclusive: BrokerTec exec Natasha Uberoi joins Nomura to head eFX Sales Americas.
❑ Exclusive: Vong Andreou leaves M4Markets for Bus Dev position at Doo Group.
❑ Exclusive: Moneta Markets hires TopFX exec Juan Mora Daring as Country Manager LATAM.
❑ Finery Markets hires LMAX alum Tom Gould as Director of Strategic Partnerships.
❑ Tradefeedr hires Georgia Frett as Head of Client Engagement.
❑ XS.com adds Exness exec Nadine Bautista as Philippines Country Manager.