FX week in review: FOREX.com sues client, brokers boost Africa presence, Hantec Prime launch
Why did FOREX.com operator Gain Capital sue one of its clients for more than $700K?
How did brokers Vantage, XS.com and RaiseFX take steps to build their presence in Africa?
Which new hires joined FxPro, BDSwiss, and Hantec?
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:
GAIN Capital takes Forex trader to Court for taking advantage of order execution error. Gain Capital Group, LLC d/b/a FOREX.COM has filed a complaint against one of its clients – Justin LeBlanc. The complaint, seen by FX News Group, was filed on May 2, 2023, at the New York Southern District Court. GAIN seeks to recover ill-gotten trading proceeds of $712,135.90 that the trader allegedly obtained by knowingly and wrongfully exploiting an obvious order execution error on GAIN’s trading platform. GAIN alleges that the defendant was unfairly and unjustly enriched at GAIN’s expense.
Hantec Markets to launch Hantec Prime, adds Lee Holmes to head Institutional Sales. London based, FCA licensed Retail FX and CFDs broker Hantec Markets has announced that it has appointed Lee Holmes as the company’s new Head of Institutional Sales, in advance of the launch of Hantec Prime, the Institutional arm of Hantec Markets. Lee Holmes brings more than twelve years experience across the foreign exchange and derivatives markets landscape. Prior to joining Hantec Markets, Lee served as a member of the Executive Management of Infinox Global.
Vantage gains FSCA license to operate in South Africa. Global multi-asset broker Vantage has announced that it it has obtained a derivatives license issued by the Financial Sector Conduct Authority (FSCA) in South Africa. The new license marks a significant milestone for the company, to develop a more powerful presence in Africa, demonstrating its commitment to providing high-quality financial services to clients on the subcontinent, while remaining in compliance with the regulatory requirements set by the FSCA.
Plus500 shareholders slam proposed resolution on directors’ remuneration. Online trading company Plus500 Ltd (LON:PLUS) has just announced the results of today’s Annual General Meeting (AGM). Each of the resolutions proposed were voted on by way of a poll. All but one of the resolutions (namely resolution 22, which was an advisory vote) were passed by the requisite majorities. Nearly 75% of all votes were cast against the resolution to approve the directors’ remuneration report. Last year, the same resolution was also rejected by the majority of shareholders. The vote, however, is merely advisory.
Top FX industry executive moves reported at FNG this week included:
❑ Exclusive: RaiseFX hires INFINOX exec Dany Mawas as CCO.
❑ Exclusive: FxPro hires Amana Capital exec Ahmed Helmy for UAE BizDev.
❑ XS.com adds AvaTrade / Scope Markets alum Chanelle Tsoka for South Africa.
❑ GCEX appoints Tilman Schultz as Head of Partnerships.
❑ Exclusive: Analyst Richard Perry leaves INFINOX.
❑ BDSwiss hires Pepperstone exec Hassan Ibrahim to head MENA BusDev.
❑ Steve Reeves appointed Chair of the Equiti Capital UK Board.
❑ Tools for Brokers names Michael Levine as Head of UK office.