FX week in review: City Index rebrand, record institutional volumes, exec moves galore
What’s in store for City Index’s rebrand? And, where did they decide to test their new look first?
What drove institutional FX venues to record activity levels in March, and throughout Q1-2022?
Why did Saxo Bank end up in a spot of trouble with the Danish regulator FSA?
Who is the latest senior management team member to leave ADSS?
Which senior executive moves happened at Exness, TopFX, CAPEX.com, NetDania, Admirals, Tavira, and OneRoyal?
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: City Index Australia rebrands with new logo/look ahead of global rollout. FNG Exclusive… FNG has learned that CFDs and spreadbetting broker City Index has unveiled a new look and logo for its operations in Australia, ahead of a planned global rollout later this year. City Index is a unit of US-based brokerage firm StoneX Group Inc (NASDAQ:SNEX), acquired by StoneX in 2020 as part of its purchase of Gain Capital and the Forex.com Retail FX brand. Gain Capital bought City Index in 2014. City Index operates mainly in the UK online trading market, with Australia being its #2 (and only other major) market.
Institutional FX volumes continue to climb in March 2022, records set. Following a very good start to the year in January and February, trading volumes at leading institutional FX trading venues continued to rise in March 2022, with a number of ECNs setting all-time (or close to it) records. Each of the institutional ECNs surveyed – FXSpotStream, Cboe FX, EuronextFX and 360T – reported month-over-month increases for the third consecutive month, ranging from 360T’s 12.2% increase to an all-time record at FXSpotStream with an ADV of over $70 billion.
Saxo Bank comments on Danish FSA’s police report. Multi-asset investment specialist Saxo Bank has issued a comment on the Danish FSA’s police report of Saxo Bank A / S for incomplete transaction reports. On March 29, 2022, the Danish Financial Supervisory Authority (FSA) confirmed it had reported Saxo Bank to the police for not having complied with the bank’s obligation to ensure complete and accurate reporting of transactions in accordance with MiFIR in a timely manner in the period from MiFIR’s entry into force on 3 January 2018 to 30 June 2021.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: ADSS Group COO Dave Worsfold resigns.
❑ Exclusive: Exness promotes Artem Seledtsov to Chief Business Development Officer.
❑ Exclusive: Andrew Gibson joins Tavira Dubai to build FX/CFDs business.
❑ OneRoyal adds Exinity/FXTM alum Thomas Selby as Chief Sales Officer.
❑ Rasmus Bagger-Petersen promoted to Co-CEO at United Fintech’s NetDania.
❑ Exclusive: Admirals hires Noor exec Sami Hamed as CEO Jordan.
❑ CAPEX.com hires Fadi Reyad as Market Analyst for the MENA Region.
❑ Exclusive: Rachelle Matta returns to TopFX as Retention head.