FX week in review: Daman Markets launch, Swissquote COO, CFI-TipRanks MT5 app
Some very interesting items this week, and a peek into how brokers have been doing lately, as we close out a fairly busy Q3 in the world of FX and CFD brokerage news. And as always, all the key stories were reported first or exclusively here at FNG.
Who is behind the launch of a new UAE-licensed, MENA-focused Retail FX and CFDs broker called Daman Markets?
Who did Switzerland online trading leader Swissquote name as its new Chief Operating Officer (COO), to replace Lino Finini who is retiring?
What new MT5 plugin was unveiled by leading online broker CFI, and investment research outfit TipRanks?
Which FCA-licensed brokers reported a nice increase in Revenues, Profits, and activity for 2022?
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Daman Markets launches as new UAE/GCC focused MT5 CFDs broker. UAE based financial services company Daman Securities, a wholly owned subsidiary of Daman Investments, has announced that it is now able to offer over-the-counter margined derivative contracts including Contracts for Difference (CFDs) and spot foreign exchange (Forex) trading, under the brand name Daman Markets. The new brand, Daman Markets, will focus on serving the growing CFD and forex trading community in the Middle East region.
CFI partners with TipRanks to launch a new MetaTrader plug-in. Leading global trading provider CFI has announced that it has successfully launched a new MetaTrader plug-in developed by TipRanks. The new plug-in enables CFI’s MT5 users to access TipRanks’ powerful stock screener tool, as well as to drill down into analyst recommendations. CFI is the first broker in the world to incorporate TipRanks via MetaTrader. Now, CFI’s clients in over 100 countries can now explore top-level stock research tools to find market-beating stocks, receiving a superior trading experience that places them one step ahead of the pack.
Exclusive: Finalto sees 57% rise in 2022 Revenue to $80 million. FNG Exclusive… FNG has learned via various regulatory filings that leading institutional trading services and liquidity solutions firm Finalto had a very good first year under its new ownership group at Gopher Investments. Following a fairly slow 2021, Finalto saw Revenues increase by 57% in 2022 to $79.8 million across its various businesses, as the company moved from operating at breakeven in 2021 to a $6.0 million profit in 2022.
Exclusive: Valutrades sees 47% Revenue jump in 2022 to £6.5M. FNG Exclusive… FNG has learned that FCA regulated FX and CFDs broker Valutrades has seen an increase in activity for the third year in a row, with Revenues climbing by 47% to £6.5 million in 2022, up from £4.4 million in 2022. Valutrades also turned a tidy profit of £735K, versus a £472K loss the prior year. However retail client funds held at Valutrades fell by 26%, from £4.5 million as at year-end 2021 to £3.4 million in 2022.
Exclusive: Spreadex sees 25% rise in 2023 Revenues to £88.8M. FNG Exclusive… FNG has learned via regulatory filings that St Albans, Hertfordshire based financial spread betting and sports betting firm Spreadex saw a leap in activity in fiscal 2023 (Spreadex has a May 31 fiscal year end), leading to a 25% rise in Revenues and a similar (26%) jump in Profit for the year. Overall, Revenue at Spreadex totaled £88.8 million (USD $109 million) in 2023, up as noted by 25% from £71.2 million in 2022. Net profit for 2023 came in at £28.2 million, up 26% from £22.5 million the previous year.
Top FX industry executive moves reported at FNG this week included:
❑ Nestor Verrier to succeed Lino Finini as Swissquote Chief Operating Officer.
❑ Exclusive: ACY Securities hires Admirals exec Amjad Bakir to head MENA partnerships.
❑ Crypto Finance AG names Stijn Vander Straeten as CEO, replacing Jan Brzezek.
❑ Cornerstone FS hires Henry Hatton as new Sales Director.
❑ SmartStream appoints Akber Jaffer as CEO.
❑ Brian Steele joins DTCC as Managing Director, President, Clearing & Securities Services.