Looking back on this Super Sunday weekend for our friends in the USA, this was indeed a Super week in the FX and CFDs world, with news covering M&A, restructuring, executive moves, broker results, regulatory action, sports sponsorship deals, and more.

What led to Capital.com’s acquisition of OvalX’s client base?

How is OANDA restructuring its European operations?

Where did Invaxa CEO Marios Antoniou move to?

Answers to these questions, and a whole lot more, appeared first or exclusively this past week at FNG. Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:

Reported First at FNG… Capital.com confirms OvalX clients acquisition, hires ex IG exec Niamh Byrne. Following our earlier FNG Exclusive report that London based online broker OvalX (formerly known as ETX Capital) was finalizing the sale of its client base to rival broker Capital.com, a formal announcement has been made by the parties confirming the transaction. Capital.com also confirmed that it has onboarded yet another former IG Group (LON:IGG) executive to its management team, hiring Niamh Byrne as Capital.com’s new Head of UK and Ireland.

OANDA announces changes to its retail trading operations in Europe. Online trading company OANDA announced today a strategic change in its retail trading operations in Europe. OANDA is planning to exit Malta and consolidate its operations in the European market under one regulated entity and transfer its business to OANDA TMS Brokers S.A. registered in Warsaw, Poland (OANDA TMS). OANDA TMS is fully owned by the OANDA Group, supervised by the Polish Financial Supervision Authority and participates in the Investor Compensation Scheme operated by the National Depository for Securities S.A. (KDPW).

NAGA reports profitable start to 2023 on strong copy trading activity. Social and copy trading focused online broker NAGA Group AG (ETR:N4G) has issued a brief trading update, indicating that the company’s cost cutting efforts have helped it begin 2023 profitably. After FNG analysis revealed that NAGA Revenues fell by 43% to €20 million for the last six months of 2022 closing out a money-losing year (note that NAGA has not yet released its official FY2022 results), NAGA has indicated that year-to-date the company generated group Revenues of close to €6 million (which we assume covers the first six weeks of 2023), whilst expenses were kept at around €4.5 million.

Plus500 secures licence from Dubai Financial Services Authority. Global multi‐asset fintech group Plus500 Ltd (LON:PLUS) today announced that it has obtained a licence from the Dubai Financial Services Authority (DFSA) in the high growth market of the United Arab Emirates. This new licence, which is effective immediately, offers a major growth opportunity for Plus500, by allowing the Group to expand its offering to customers across the UAE.

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

❑ Exclusive: Marios Antoniou leaves Invaxa, becomes COO at M4Markets.

❑ Exclusive: BDSwiss continues international focus naming Marc Suárez as Marketing Manager LATAM.

❑ Exclusive: Olivia Mottershead leaves LMAX for Institutional Sales role at Rostro.

❑ Praxis hires ex IronFX and SafeCharge exec Guy Karsenti as CTO.

❑ Ahmed Negm joins XS.com as Head of Market Research.

❑ XS.com adds IQ Option HR exec Stephanie Michael as Global Head of HR.