FX week in review: Germany CFDs tax relief, Freetrade loss, Devexperts CEO change
It was a week of across-the-spectrum news in the FX and CFDs trading industry – tax law changes, regulatory moves, broker results, management changes, and lots more.
What new tax law (or, more correctly, repealing of a tax law put into place in 2020) is likely to provide a serious push forward to the CFDs brokerage industry in Germany?
What did FNG uncover regarding a larger-than-previously-reported loss at UK neobroker Freetrade?
Who is trading tech provider Devexperts’ new CEO?
With which B2B provider did former TrioMarkets CEO Andrey Kalashnikov land? And in what new role?
Some of the most read and commented-on FX/CFD industry news stories to appear over the past seven days on FNG included:
Exclusive: Germany repealing punitive CFDs tax rule, retroactive to 2020. FNG Exclusive… FNG has learned that Germany will be reversing a 2020 tax law that has kept many German retail traders out of the CFDs trading market – and which should draw in many more German retail clients into CFD brokerages moving forward.
Exclusive: Freetrade loss totaled £13.9M in 2023. FNG Exclusive… FNG has learned via regulatory filings that the 2023 Net Loss at UK based neobroker Freetrade was £13.9 million (USD $18 million), significantly larger than the £8.3 million loss the company advertised when it “released its 2023 results” via a media note distributed via CNBC back in April.
CySEC stops accepting new applications for Crypto-Asset Service Providers. The Cyprus Securities and Exchange Commission (CySEC) has announced that from today onwards applications for registration of Crypto-Asset Service Providers (CASPs) will no longer be accepted. The move is in accordance with the provisions of National Rules in view of the implementation of the Regulation (EU) 2023/1114 for Markets in Crypto-Assets on 30 December 2024.
Exclusive: FlowBank liquidators allowing direct sale of securities until Nov 15. FNG Exclusive… FNG has learned that the liquidators of bankrupt Swiss neobank / neobroker FlowBank have been in contact with former clients of the company, encouraging them to sell any securities sitting in their accounts in order to expedite client refunds.
Top FX industry executive moves reported at FNG this week included:
❑ Ben Hurley replaces Michael Babushkin as CEO of Devexperts.
❑ Exclusive: Adam Saward joins EC Markets.
❑ Andrey Kalashnikov joins Match-Trade Technologies as Head of Match2Pay.
❑ SGX FX hires EBS Direct head Hugh Whelan to run liquidity and data strategy.
❑ Amar Kuchinad replaces Dmitry Tokarev as CEO of crypto custody provider Copper.co.
❑ Exclusive: Tauro Markets onboards Marc Suárez as Marketing Manager.
