FX week in review: Capital.com expands UK, NAGA adjusts results, FXCM hires CMO
What steps has Capital.com taken to expand its operations and footprint in the UK Forex and CFDs market?
What did NAGA Group CEO Ben Bilski have to say about the steep drop in his company’s share price, after NAGA said it was going to restate its 2021 and 2022 results / forecast?
Who did FXCM hire as its new CMO?
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:
Exclusive: Capital.com to expand UK business, injects £2.5M. FNG Exclusive… FNG has learned that Retail FX and CFDs broker Capital.com is planning to make a big push to (further) increase its UK business in the coming months. To help backstop and support this growth, the Capital.com group has injected a further £2.5 million (USD $3.0 million) of capital into the UK arm of the group, Capital Com (UK) Limited, more than doubling the company’s core capital to £4.7 million.
CEO Ben Bilski on 32% drop in NAGA Group shares. After social trading focused online broker NAGA Group (ETR:N4G) reported late Tuesday that it was going to revise its 2021 and 2022 forecast figures based in part on new IFRS accounting standards for reporting crypto holdings, the company’s stock went into something of a nosedive, dropping by 32%. NAGA CEO Ben Bilski took to social media to both defend his company and strategy. His words seemed to have some effect on the market, with NAGA shares climbing a little part of the way back on Wednesday, up 6% to €1.69 per share.
Exclusive: BUX UK CEO Salim Sebbata on expanding its CFDs business. FNG Exclusive Interview… One name in the online finance business that seems to be increasingly popping up on our radar screen is Amsterdam based neobroker BUX. With BUX recently taking some steps to build up its office in Cyprus and its CFDs business (no coincidence) – including the rebranding of its CFDs trading app to Stryk – we thought that this would be a good time to catch up with BUX UK CEO Salim Sebbata, and see what he has to say about it all.
GCEX launches 24/7 FX trading. GCEX, the London based institutional-focused digital assets and FX brokerage established by former CFH Clearing co-founder Lars Holst, has announced that it is launching always-open 24/7 FX trading for institutional and professional clients. This mirrors its digital assets offering, which provides 24/7 crypto trading. GCEX is regulated by the FCA in the UK and the FSA in Denmark, and recently announced provisional regulatory approval by the Virtual Assets Regulatory Authority in Dubai (VARA) to operate as a crypto exchange.
Top FX industry executive moves reported at FNG this week included:
❑ FXCM appoints Paul Gyles as CMO.
❑ Exclusive: BDSwiss hires KMPG Principal Andreas Andreou as CFO.
❑ Exclusive: Finstek hires Khaled Yousry as head of new Egypt office.
❑ Exclusive: Sucden eFX/Commodities exec Kirsty Gillies returns to UBS.
❑ State Street names Brenda Tsai its Global CMO.