This week’s Forex Industry News was actually dominated by quite a number of brokers hiring in senior positions – GO Markets, iS Prime, GCEX, BDSwiss, Finalto, MultiBank, and more.

And as usual, all the moves were reported first at FNG!

We also had news of Equiti Group’s new office, Estonia based broker Admirals seeing its revenues collapse by 40% in the second half of 2022, and how ChatGPT (and AI in general) are affecting the trading and brokerage world – and what brokers need to know.

Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:

Equiti Group expands operations in the UAE with new Abu Dhabi office. Leading online broker Equiti Group has announced the opening of its 10th office globally, in the Etihad Towers in Abu Dhabi, after acquiring all the necessary approvals to become the first global Fintech broker with a physical office in the capital of the UAE. The Abu Dhabi office will provide personalized and state-of-the-art investment solutions and serve as an educational and knowledge-sharing hub in Abu Dhabi.

Admirals Group sees Revenues drop 40% in 2H-2022, posts net loss. Following a record setting first six months of the year in terms of both Revenues and Profits, Estonia based Retail FX and CFDs broker Admirals had a much more subdued second half of the year, posting a severe decline in Revenues and a (slight) six-month net loss. Overall, Admirals Group AS, the ultimate parent company operating the Admirals brand, posted Revenues of €26.0 million and a Net Loss of €0.5 million for the six month period ended December 31, 2022. Revenues were down 40% from the first half of the year’s €43 million at Admirals, and the Net Loss compares to a Net Profit of €24 million in the first six months of 2022.

How are ChatGPT and AI used in trading? One of the most searched terms lately on the Internet is ChatGPT, with everyone from writers to bankers to educators and also just good old regular folks trying to figure out what the advent of artificial intelligence means for them. And traders are no different. We’re pleased to speak today with Marc Despallieres, Chief Strategy and Trading Officer at Vantage about ChatGPT and AI in general, and what it means for the trading world at large. Here is what he had to say.

FX liquidity specialist DKK Partners opens Dubai office headed by Asia Salvatore. DKK Partners, a London based startup which specializes in emerging markets and foreign exchange liquidity, has announced that it has launched a Dubai operation to grow the business in the Middle East. The news comes following what the company called 60% growth in 2022, surpassing £100 million in revenue, up from £63 million the previous year. We would note that the company seems to include pass-through activity in Revenue, such that DKK’s £63.9 million in “Revenue” came alongside £63.1 million in Cost of Sales, with Net Profit of £365,000.

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

❑ Exclusive: MultiBank hires Marc Aspinall as Chief Commercial Officer.

❑ Exclusive: Sucden eFX head Peter Brooks leaves to join ADM.

❑ Exclusive: iS Prime hires Sucden exec Phil Kim as Head of Sales Asia.

❑ Exclusive: BDSwiss hires HFM exec Nicolas Morphitis as Head of Bus Dev.

❑ Finalto hires iS Prime alum Marco Maggioni as Sales Director.

❑ GCEX expands into APAC, hires Integral exec Sue Cheung to head Sales.

❑ GO Markets hires Pepperstone exec Peter Spanos as Head of Risk.