FX week in review: eToro €1.3M fine, Robinhood in UK, MultiBank in Cyprus, XTX earns billions
Why was eToro assessed a €1.3 million fine in Italy?
What is Robinhood doing to prepare launching in the UK, its first foray outside of its US home market?
What are MultiBank’s plans after receiving a CySEC CIF license?
Which broker did former iS Prime Head of Asia Will Robbins now join?
We’ve got answers to these questions and a whole lot more – and it all appeared exclusively this week on FNG!
Some of the most read and commented-on FX industry news stories to appear over the past seven days on FNG included:
Italian Competition Authority imposes EUR 1.3M fine on eToro for misleading advertising. Italy’s Competition Authority AGCM today announced the imposition of EUR 1.3 million fine on online broker eToro for misleading advertising. According to the Authority, on the website www.etoro.com/it, the company suggests that shares can be traded without having to pay commissions. In reality, there are other costs of various kinds and operational constraints for consumers.
Robinhood planning UK launch, hiring for key positions in London. FNG has learned that popular US app-based neobroker Robinhood (NASDAQ:HOOD) is planning to launch in the UK market in the coming months. Robinhood is currently posting job listings for several key positions based in London on platforms such as LinkedIn, in areas including regulatory and operations. The company is apparently also engaging in a concerted search for a UK chief executive to run the business. The move comes just days after Robinhood rival Public.com launched in the UK.
Exclusive: MultiBank Group receives CySEC CIF license for MEX Europe Ltd. FNG Exclusive… FNG has learned that leading Retail FX and CFDs broker MultiBank Group has continued its international expansion, receiving a CySEC CIF license for subsidiary MEX Europe Ltd. The license was formally granted on May 22, 2023. MEX Europe Ltd will operate the mexeurope.com website for the brand, focusing on clients in the EU. The company is also establishing an office in Limassol, Cyprus to support the operation.
XTX Markets sees 2022 Revenues soar 68% to £2.5B, Profit tops £1B. London based market maker XTX Markets has released its financial results (for all of its UK based entities) for 2022, showing an incredible continued growth trajectory for the company. In FY2022, XTX Markets posted combined Revenue of £2.485 billion (£1.477bn in 2021) for its three UK entities, marking a 68% YoY increase from the previous year. Net profit for the group in 2022 came to £1.095 billion, versus £667 million in 2021 – a 64% increase.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: Former iS Prime Asia head Will Robbins joins Velocity Trade.
❑ Exclusive: LSEG eFX sales head Josh Cater joins Bloomberg.
❑ Exclusive: iS Prime liquidity manager Nik Wood joins Finalto.
❑ Jeffrey Triganza joins Vantage Markets Australia as Head of Market Analysis.
❑ DIGITEC hires BNY Mellon/LSEG alum Christopher Johnson to head new Singapore office.
❑ VT Markets hires Accuindex exec Eslam Elshafay to head MENA Ops.
❑ Hargreaves Lansdown issues statement on Chair succession.