FX week in review: Finveo leaves UK, TrioMarkets CEO out, Swissquote and Exness record results

Gerald Segal 0 Comments August 13, 2023

This past week in the FX and CFDs industry…

For the second time in as many months an international Retail FX broker has decided to withdraw from the UK market, and relinquish its FCA license. Is a trend forming?

There were a number of C-level executive moves, record results reported by some of the leading names in the business, and a whole lot more – and it all appeared exclusively or first 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: Finveo relinquishes FCA license, CEO Iain Rogers departs. FNG Exclusive… FNG has learned that Retail FX and CFDs broker Finveo has relinquished its FCA license, and will no longer be operating in the UK market. The broker’s website finveo.co.uk now carries an “Under Construction” message. The group’s two most senior officers in the UK, CEO Iain Rogers and Head of Compliance Nelson Ejoh, have both left the company. Mr. Ejoh has since joined sports betting company Sporting Group as its new Head of Compliance and MLRO.

Swissquote reports record-high net revenues for H1 2023. Swissquote, Switzerland’s market leader in online banking, today posted a set of solid metrics for the first half of 2023. Net revenues reached CHF 265.6 million in the first half of 2023, an increase of 32.8% compared to the year-ago period. Non-transaction-based revenues (e.g. net interest income and custody fees) were the main contributors to the growth. In a context of low market volatility, these non- transaction-based revenues surpassed the level of transaction-based revenues (e.g. brokerage in- come) for the first time.

Exness posts record $3.91 trillion in client trading volumes for July 2023. Cyprus based multi asset broker Exness has continued its amazing growth trajectory into the second half of 2023, posting a best-ever month totaling $3.91 trillion in client trading volumes in July 2023. The $3.91T figure sightly topped the $3.88T in volumes that Exness saw in March 2023, its previous record. The mark also sets a new all-time record for any Retail FX and CFDs broker. Driving the trading volume record was another best set by Exness in terms of active clients during a month, at 571,348, topping June’s 531,511.

Axi becomes LATAM Regional Partner of La Liga club Girona FC. Leading Australia based Retail FX and CFDs broker Axi has become a new sponsor of Spanish La Liga club Girona FC, becoming Girona’s official LATAM Regional Partner. This collaboration makes the company Girona’s first regional partner, further strengthening the club’s presence in South America. It also marks Axi’s second soccer sponsorship focused on the South American market, after earlier this year unveiling a sponsorship deal with Brazilian club Esporte Clube Bahia.